companies that export export to only one market. we have to drive that number up so that those companies export to two or three markets. the budget increase will allow ita to increase their presence in emerging high-growth markets like china, india, and brazil. the budget increase will enable ita to develop a comprehensive strategy to identify market opportunities in fast-growing sectors like environmental goods and services, renewable energy, health care, and biotechnology. ita is not waiting for extra funds to step on the gas pedal. next month, we are launching a 12 month program to help create jobs in america by identifying new markets for existing exports, increasing the number of foreign buyers at u.s. trade shows, and working with private sector partners to increase exports. finally, by getting more clean energy markets -- -- by getting more clean energy companies involved in foreign markets. we will work with companies that have a proven track record. our commercial service staff go out and find buyers and distributors for am

companies that export export to only one market. we have to drive that number up so that those companies export to two or three markets. the budget increase will allow ita to increase their presence in emerging high-growth markets like china, india, and brazil. the budget increase will enable ita to develop a comprehensive strategy to identify market opportunities in fast-growing sectors like environmental goods and services, renewable energy, health care, and biotechnology. ita is not waiting for extra funds to step on the gas pedal. next month, we are launching a 12 month program to help create jobs in america by identifying new markets for existing exports, increasing the number of foreign buyers at u.s. trade shows, and working with private sector partners to increase exports. finally, by getting more clean energy markets -- -- by getting more clean energy companies involved in foreign markets. we will work with companies that have a proven track record. our commercial service staff go out and find buyers and distributors for am

companies that export export to only one market.ree markets. the budget increase will allow ita to increase their presence in emerging high-growth markets like china, india, and brazil. the budget increase will enable ita to develop a comprehensive strategy to identify market opportunities in fast-growing sectors like environmental goods and services, renewable energy, health care, and biotechnology. ita is not waiting for extra funds to step on the gas pedal. next month, we are launching a 12 month program to help create jobs in america by identifying new markets for existing exports, increasing the number of foreign buyers at u.s. trade shows, and working with private sector partners to increase exports. finally, by getting more clean energy markets -- -- by getting more clean energy companies involved in foreign markets. we will work with companies that have a proven track record. our commercial service staff go out and find buyers and distributors for american products and services. if you are an american firm and want to sell y

kcompanies that do export, export to only one country.sometimes say they're familiar with dealing with say exporting to canada but they really are unsure about asia. or if they export to europe, they don't know how to export to latin america. because the culture, the language, the laws are different. but it's, we think they're prime, ready, and that's what we need to do. and if we look at the united states as a whole, too many of our united states companies don't export compared to the percentage of companies in other countries. we are under performing as an exporting nation. >> but here is the rub. the chamber says that the goal of doubling exports over five years can only be achieved if in fact the administration moves ahead on some of the free trade initiatives that have lagged under this administration. you've got bilateral deals negotiated with panama, colombia, and south korea that have not been submitted to congress and secretary locke told me the obama administration is still not ready to move. >> the administration is not interes

led growth desire to continue that export led growth. in a country that haven't had an export led growth and have been substantial borrowers, desire to reduce their borrowing. and their is an adding up problem, and i think it is quite serious adding problem. and we do need some policy reorientation. if we are going to maximize to things. if are going to maximize the adequacy of demand and its location in the global economy, to push, to push growth forward. and if we are going to maintain support for the global open trading system and maintain resistance to protectionism. you know, one of the last points he made in his writings before he died, was paul santos and emphasize that strong and robust as it was, the principal, some of the most important qualifications to the standard economic arguments for free trade went to situations in which they were significantly unemployed resources and aggregate demand shortfalls, and went to situations in which mercantile policies were being pursued in some parts of the world. so i think this rebalancin

we also exported toxic mortgages and in the since we have not exported so many of our toxic mortgages about 40% of them the downturn in the united states would have been worse. but we made -- the export of our problems and we've now created a global crisis. this crisis is a very clear meeting u.s.a. label. now one of the consequences of that has been it has undermined you might say our credibility, our role of leadership because people use to turn to the united states and they would say we ought to imitate american institutions, american policies. you knew what you were doing is what they said. they don't think that anymore. and that and the fact that asia is growing and the markets are growing much faster than we are is leading to a more you might say jeal economic, geopolitical balance. and you see that in the forcefulness with which some of the emerging markets are responding in a global negotiations. they are much more reluctant to listen to the preaching of the united states. the united states, a secretary treasury would go to china and say whether their finger and say you ought

and exporting. both hour radical deregulation model, but also within the crisis and the contingent worldwide. and you explain some of the instruments like the international monetary fund, the world bank conditionality is that were imposed on the developing countries to be regulate, to liberalize the financial sector's etc. the world trade organization was used in a similar way or even commission report describes the problems with that. so now we have those institutions and those rules in post and then a world wide crisis as a result. what is the world wide response that's needed as far as trying -- because we exported a crisis and it came from us, what is the u.s. role, the global role in dealing with the global nature of this crisis? >> guest: let me first talk a little bit about the global consequences. as you said, we exported our deregulation philosophy. we also exported our toxic mortgages. and in the sense that we haven't exported so many of our toxic mortgages, about 40% of them, the downturn

i'm putting up a graph of what our exports are doing.ook 11 years to double the exports during pretty strong -- pretty strong economic times in global growth. my question is, there is common ground for that on this panel and in the congress. so what is the president's plan to double exports over the next five years? >> i am going to ask the secretary to respond, however. i hope that members give time for the secretary to respond within the three minutes. it's not fair to the new our members will not get a chance to ask questions. please be brief with the secretary so that we can make certain that we get answers. >> i am glad to hear what you said about exports. i think it is a realistic objective. the world is growing fast -- faster, and because companies are very good at competing in a range of things that the world needs, it is a very realistic objective. it requires us to work together to pass strong trade agreements that will expand opportunities in those foreign markets. we cannot let other countries go and compete markets away from

as you said, we exported our deregulation philosophy and also exported the toxic mortgages. the things we had not exported so many of them the downturn would have been worse. but we exported our problems and have now created a global crisis. we have a very clear made in the u.s.a. label. you might say it has undermined our credibility credibility, the rules of leadership because people would say we ought to imitate american institutions and policies and do what you are doing. is what they said. they don't think that's any more. the fact that asia is growing much faster than we are, is really that meeting to hit a geopolitical balance. you see that in the forceful immense of which the markets are responding with global negotiations. they are much more reluctant to listen to the preaching of the united states. the secretary of treasury would go to china to drag their fingers and say you ought to liberalize the financial markets like we did. they had a robust debate in those countries. they said nothing to. now they say much more loudly, no think you because we were worried. no

we have doubled or tripled our exports. we turned a trade deficit into a trade surplus. we even have a manufacturing surplus with our nafta countries. unrelated to exports, but related to your view of going forward -- i noticed in your testimony -- your gdp growth percentages are higher than the blue-chip this year, but lower next year, and much lower next year than what the white house forecasts. i know there is always a rage. is there a reason why you see significantly lower growth than blue-chip? >> yes, there is a reason. to make it explicit -- up until very recently, we have been assuming that the bush tax cuts would probably sunset as scheduled on january 1, 2011. if that is not the case, and some of those tax cuts are extended, we would see somewhat faster growth in our forecast. . . so coming up with the plan, if it is credible, with making material difference to the outcome here >> can go back to why the tax cuts are before america? i am kidding. with consumer demand, it is hard to know what families are thinking about. they are worried about their jobs and a lo

if we could export, if the world were beating a path to our door we would export. what do we have that everyone wants from america, that they can afford? with unions and red tape it costs too much to make anything here in america. then the justice department wants to investigates the college football play off system. you got to be kidding me. we are looking currently for a new place to try the harry bat guy and our administration is going after college football? i could care less if it fell into a giant sinkhole. this is what you are planning on doing? there are not enough drugs on earth to make me feel happy today. the real state of the union is not looking good. i will tell you again, the g.d.p. is coming up. things are looking great. watch in the next few weeks what we will show you especially tomorrow. on some of the games being played. don't be fooled by this. if i'm wrong, there's no harm, no foul, if you are prepared. my grandfather used to say "prepare for the worst, hope for the best." that's all i'm asking. and yesterday in the headlines, a company in swi

and as a consequence, they know they have to get themselves away from an export-driven economy. they are completely consistent on this. they're going to move very, very fast. 36%, 37% of the chinese economy is consumption. everybody said they want to move that to 50% within five years. that means the united states becomes less indispensable for china. >> the chinese market is vital importance to him and will continue to grow. >> if china revalued its currency, would it help the u.s. economy? >> anything would help presumably. and i've heard reports that they could revalue by 5% or so this year. that will certainly help. that will move in the right direction. but that would not be the only motive for china to do that. and not really driven right now by any sense of how this would play in the united states or with the united states. there's much more worried about their own domestic and international agenda of which the united states is only one component. >> some of the west called china's increasing assertiveness triumphalism. is that a strong word? >> i think the chinese do wan

could that derail any of that export profitability you see in 2010? >> well, slightly, but not-- not enough to derail it. i think you can still have a good 12% growth, even with a stronger dollar. >> tom: earlier you mentioned a search for yield and that has led a lot of people to take what's called credit risk, basically the io. >> risk of high yield or junk bondss. you have a couple of picks. j and k one of the etfs that invests in junk bonds and a high-yield exchange traded fund. what do you like in this area of fixed income? >> after the fed tightens, generally you would think fixed income would sell off. you don't want to be in long-term government bonds but with junk bonds, the fed doesn't tighten unless the economy is really doing well. and that means there's less out there for the bonds and they're still yielding around 12%, and the jnx is 70%. 70% of the holdings are in the industrial area. >> tom: we just have 20 seconds here left. analogy mortgage, nly, what are your hopes for this stock in the upper teens? >> it's yielding 17%. you can't d

in south korea, it was the banking stocks that led exporters there. speaking of banks, i want to talk about dbs, putting in very strong numbers. 67% rise in the q4 profits. 493 million singapore dollars. so easily beating expect ages. part of the reason for that is a soft fee in commission income jumped quite a bit, 36%. low growth is very important for banks and specifically, housing loans up about 7% from singapore in hong kong, as well. the results, though, however, clouded by its exposure and the nonperforming loans jumped 43%. a big part of that had to do with dubai world. i sat down with the ceo and asked him about dubai and the new changes when it comes to capital adequacy and, of course, the results. >> we're pleased with the results because of two reasons. one, there is strong growth. we showed top growth in the line in revenue. and that speaks to the fact that underlying businesses have been doing would it well. given the economic environment is actually pretty poch. and the good news is that interest margins or total interest earnings went

and china has become a very, very important exporter destination for the countries of the americas. so part of the answer is we want to encourage countries to export, we want to come encourage countries to grow, to be more dynamic to create jobs, and to become more engaged in the international community. so we don't see that necessarily as damaging to our interests; quite the contrary, successful societies and economies are in our interest. what we would have to worry about would be incursions' of countries like iran. and it's not quite clear what may be some of their own objectives might be in the region. but generally speaking, latin america engaged with the rest of the world -- this is why the chileans have been so successful. the chileans have i think something like 57 free trade agreements with countries across the world, and their economy has grown enormously and the art reduced since 1990 poverty rates from 40% 12%. it's an engagement with the world which we have welcome. thank you very much. >> the engagement with iran -- can i just ask one thing? >> sure. >> the engagement

is this plunge in the euro exporting that deflation to the u.s.? as rick santelli said, it's not that the dollar's strong, it's that the euro is hemorrhaging, but look at the impact on gold and the metals markets and what is it going to mean for the economy? is this massive deflation coming out of europe? >> well, let's start with president obama's plan to increased exports. it's certainly going to be hurt dramatically by the increase in the value of the dollar in the last six weeks so that's going to be a problem. i also think that david brought up a very interesting point as far as the rest of eastern europe and so on. it will halt any expansion of the e.u. and the euro zone so those countries will be negatively impacted. as far as the united states goes, it's not helpful to have the dollar strengthen that the point. it will certainly crimp our exports and as far as deflation goes, yeah, that's a concern along with what's happening in japan. >> so, yeah, those are good points. >> rick santelli. i was lookinging at the greek debt to gdp ratios and

we recognize that the world has changed and export growth and therefore demand from the export side will be less than it was earlier, and so the issue arises, we do not have any doubt that on the supply side we have the capacity to grow 9%. the challenges for us, where is the demand going to come from? it will not come from exports to the same extent. our internal thinking is that that demand should come from enhanced domestic investment, and that investment should be in infrastructure, because that is the biggest supply constraints affecting india in the medium term. how do we do that? i do not think we images that -- envisaged that in -- doing it by a huge increase in public investment, i do not think the fiscal situation would stand that. the strategy is to rely on public-private partnership. use public money where private money would not come in, or rural infrastructure, all kinds of things that are important for the rural economy but to use the available public money to leverage private investment through every restructuring of projects and arrangements and we're doing that from tel

many are looking to export their cars beyond chinese borders. according to law, only car companies on a government approved list can export large numbers of cars or legally sell them within chin. the market for these electric cars is so large there's a growing litany of companies that want to get on the government approved list. many of them were not electric car manufacturers but are looking for a piece of the market. if all goes well for the car makers, china's roads will change from being dominated by large cars to vehicles like this. i'm jimmy wang for time.com. >>> we would like to go beyond the headlines and look at invasion in the auto industry. we have a correspondent for the economist and co-author of zoom, the global race for the car of the future. >> good to be with you. >> is it fair to say, the auto industry is in the midst of a revolution, then? >> one has to be careful forecasting revolutions when it comes to cars and energy. for 100 years, we have had gasoline as the principle technology. i think we have a period of tremendous in

we need to export more. we need this new growth model which needs to be a model in our case based on sitting in investment and exports, rather than financial government. i just wanted to echo something jean-claude said on this issue of confidence. it is wrong to say that there is somehow a choice for some countries between the early deficit reduction and job creation. sometimes there's plea isn't the choice. if we don't get on the steps toward deficit reduction we have seen in the case agrees with this can lead and the pain that it can cause. a think there is a great danger, particularly the crisis face of the difficulty whereas the leaders were saying we mustn't put off-limits to be done. politicians, let's just put these decisions of. it is a very fun thing to do, as many economists can say. the deficit crisis actually replaced the beverage prices that we have seen. what people are saying about private finance. we have huge experience in the u.k. some great successes, but there is danger that what should b

to be sure and we need export controls, but we need to listen. oci is an important issue going forward. i know the roles in coming out. it is not directly mentioned in the qdr. but i think the rules in implementation of that reform act is a critical issue for the industry going forward. and i think there's some things that need to be done here. and i do worry here that we need to set a rules that provide greater certainty to industry. we need to carve out the most sensitive task from these contracts on the demand side and lay out a policy that says while it's good to have ominous contracts on the support side, those ominous contracts are creating these conflict situations. i think we need some merger guidance here on what happens when you have a company with a lot of support services buying a company with products. and i believe we really need to look for some guidance here to say that we're going to have structural solutions in those kinds of mergers. firewalls don't work. finally we need a set of regs. i don't think it makes any more sense to g

like america exporting goods to taiwan? >> that's exactly right.wan, can't get any better than that, i love it. >> reporter: marlin steel is the exception, just about 1% of american companies export to foreign countries. >> tonight, we saet a goal on exports. >> reporter: analysts say that's possible but only if congress acts aggressively. his congress is trying. marlin steel is trying to export without financial risk because if the customers don't pay their bill, under a new program, uncle sam will. greenblat says fantastic, but he wishes that congress would fix what's broken. >> right now, as 20 million in korea, panama, and colombia that we should be selling to because we don't have free trade agreements. >> reporter: that phrase "free trade" many are not aware of that because they don't play by the rules. want to talk about china? >> i'd love nothing more. >> reporter: many economists say china keeps its currency exchange rate artificially low which makes american exports more expensive and china's goods a whole lot cheaper. is china a currency

as to exports, very small percentage of small business owners are exports.re very supportive of administration efforts on that front. they named the administrator for small business. they are really making some efforts to improve that. and we're very supportive of them. >> so how can the federal government better support u.s. exports by small businesses? is it a question of trade policy or is it a question of trade promotion? >> i think it's probably both. promotion is also huge and financing. it's another big aspect for small businesses that are trying to expert out of it. >> -- export out of it. >> host: does the promotion -- how does that work? >> guest: it's going to adopt a change. they've given a huge increase to the congress department for exports promotion. hopefully we're going to see more coming out of federal government. >> host: the next call as we talk about small business and the economy and proposals that are circulates to stimulate and support small business hiring. charlie, independent. >> caller: good morning. >> host: good morning. >> call

. >> our economy will rely increasingly on export manufacturing industry.oyota, whirls release, and others employed a third of the work force in my area in manufacturing. what did the government do to will improve the performance of our export oriented manufacturing sector to make it more successful in the future for the benefit of the soldier? >> we recognize the importance of manufacturing where between them the aerospace automotive and railway sectors in the area directly employed 32,000 people and account for 10.3 billion pounds of economic output. this support manufacturing and we have an advanced manufacturing package for support, skill and manufacturing advisory service and we look forward to strong growth in this sector ahead. >> william a.. >> we wish the prime minister well in his endeavor in northern ireland because we want to see the evolution of police and justice complete and progress in northern ireland continue and i join the leader of the house in passing tribute to daniel cooper and riflemen peter aldridge who have joined the lengthening l

i'm putting up a graph of what our exports are doing.t took 11 years to double the exports during pretty strong -- pretty strong economic times in global growth. my question is, there is common ground for that on this panel and in the congress. so what is the president's plan to double exports over the next five years? >> i am going to ask the secretary to respond, however. i hope that members give time for the secretary to respond within the three minutes. it's not fair to the new our members will not get a chance to ask questions. please be brief with the secretary so that we can make certain that we get answers. >> i am glad to hear what you said about exports. i think it is a realistic objective. the world is growing fast -- faster, and because companies are very good at competing in a range of things that the world needs, it is a very realistic objective. ns)@@@@@@ @ nn n@ @ @ @ @ @ @ @ market share around the world. i think you're right to emphasize it. exports have been doing quite well recently, but we want to make sure that we a

if we just increased our exports to asia by a percentage point, by a fraction, it would mean hundreds of thousands, maybe millions of jobs, here in the united states. and it's easily doable and that's why we are going to be putting a much bigger emphasis on export promotion over the next several years and that includes, by the way, export promotion not just for large companies but also for medium sized and small companies because one of the challenges -- i was up in ma'am new hampshire yesterday and you saw this terrific new company started up. it only has 13, 14 employees at this point. but it has a new manufacturing technique for the component parts in l.e. dechlt light bulbs, could potentially lower the price of l.e.d. light bulbs, cut them in half. and these folks, they potentially could market not only just here in the united states but this is a technology that could end up being sent all around the world. but they don't have the money to set up their own foreign office in beijing to navigate through the bureaucracy. they have to have some help being over there. so that's one of

we've been selling quite well to the rest of the world over the past year exports are our strength. that's much harder to continue to doing if the dollar strengthens. the dollar is strengthening because the major other currency the euro is in a certain amount of volatility. the dollar gets stronger that's not good for the ex-sports, doesn't help our growth. the big wild card is problems in the financial sector. our big banks don't have a lot of capital. they're not well provisioned against a further major shock. we thought we were in the recovery phase. if this scenario plays out with the trade unions in the streets and gasoline shortages and that impacts banks in europe, that impacts our banks and impacts our recovery. >> there are two issues here. i'll jump on simon's one issue. that's the banks. european banks are much more vulnerable than american banks. they're not only exposed in their own home markets as we were in terms of exotic instruments but they're overexposed in eastern europe. they own 80% of eastern you're opponent banks which are faltering. >> brown: that's still...

in the technologies of tomorrow, then we're going to be importing those technologies instead of exporting them. we will fall behind. >> ifill: southern company subsidiary georgia power would build the new reactors and benefit from the new government subsidy. >> if we're going to be serious about limiting greenhouse gas emissions, nuclear's going to have to be part of that. >> ifill: but environmental groups like greenpeace maintain nuclear production is not worth the risk. >> splitting atoms is an inherently dangerous activity and should be treated that way. >> ifill: beginning with his state of the union address, the president has made clear he plans to break with environmentalists on the issue of nuclear power production. >> we need more production, more efficiency, more incentives. and that means building a new generation of safe, clean nuclear power plants in this country. >> ifill: on this point, at least, mr. obama, has earned some tentative support from republicans like senate minority leader mitch mcconnell. >> there are some areas of potential agreement-- nuclear power, offshore

the president laid out a goal for increasing exports, doubling exports in five years and this initiativewill leal the path to get there. he has spoken to the winners in the illinois primary, and with that, julie i would be happy to take your question. >> the presidents of this morning he would be open to compromise on health care. what are the areas specifically he will be willing to compromise on? >> welcome as the president has said before he has very specific principles he has laid out. he feels we've got a far way in the house and senate. we've made more progress than any administration in history when it comes to health care but he's not a legislative technician. he's not bring to get into the nitty gritty of with the best way forward is at this point. he's hoping that legislators on capitol hill will work to iron out their differences. >> evin he said he wasn't specific enough in the negotiations on health care so will he be getting more specific? >> the president as you know has been active in these negotiations in the sense he's making sure folks in the senate and house have a cl

turning to us -- export markets and export gains and volumes are around 10% to be sustained for 2010.in 2011 is likely to occur as u.s. and overseas policymakers exit from their fiscal and monetary stimulus. in manufacturing, some 20% of unemployment in 2006 was directly or indirectly related to exports. i expect that share to grow over the next two years. capital equipment and industrial supplies exports likely will continue to do well, while consumers will represent a rising share of overseas demand. now let me turn to some of the obstacles to hiring. i think worries about the sustainability of the recovery are legitimate, as they often are early in a recovery. that is maybe holding hiring back. the fallout from the bursting of the housing and credit bubbles has intensified such concerns. i think it remains a essential to pursue policies oriented towards reducing housing imbalances, reducing debt and improving the functioning of financial markets and financial institutions. in addition, i think there are four specific obstacles to hiring today -- rising benefit costs, mismatches bet

and this represents a tremendous export opportunity and potential. the second aspect that was productivity is increased is the need to reinvigorate the afghan agribusiness, or the ability to get the supply chain in place to allow the domestic market needs to be met, and at the same time to create export opportunities. probably the most significant step that has been taken recently is the establishment of a juice factory in kabul. this juice factor essentially takes apples and pomegranates on contracts with farmers, over 50,000 farmers, contract with his particular juice factory. they take the fruit and they basically create a juice concentrate which is then exported all over the world. employs 300 people for nine months, and they have a vision of expanding this facility with the assistance of usaid and usda to a place where individual juice cartons can be developed towards the afghan market itself, which could be a 100 million-dollar market. this was a very interesting opportunity for me to also meet with the afghan farmers who are curtly contracting

we recognize that the world has changed and export growth and therefore demand from the export side willside we have the capacity to grow 9%. the challenges for us, where is the demand going to come from? it will not come from exports to the same extent. our internal thinking is that that demand should come from enhanced domestic investment, and that investment should be in infrastructure, because that is the biggest supply constraints affecting india in the medium term. how do we do that? i do not think we images that -- envisaged that in -- doing it by a huge increase in public investment, i do not think the fiscal situation would stand that. the strategy is to rely on public-private partnership. use public money where private money would not come in, or rural infrastructure, all kinds of things that are important for the rural economy but to use the available public money to leverage private investment through every restructuring of projects and arrangements and we're doing that from telecom to roads and shipping, ports, airports, railway movement and so on. the strategies are differe

led growth desire to continue that export led growth and the countries that haven't had export led growth and has been substantial borrowers desire to reduce their borrowing. and there isn't adding up problem and i think it's quite serious. and we do need some policy reorientation. .. >> one of his last points he made in the writings were he died, paul samuelson amp sized the principal, some of the moat important qualification for the standard a economic arguments of for free tread went to situations in which there were significantly unemployed resources, with and aggregate demand short falls, and went with to situations in which merchant policies were being pursued in some parts of the world. i think the rebalancing issue is important both as the lingo in a conjunct choral con tect. >> i'd like to bring the conversation to dominik straus. there are two issues that you might want to stress, the first one he discussed which is very interesting new initiative who is actually mandated by the g20 leaders themselves. you're supposed to produce some estimates of the compatibility, the adding up

i would say probably more of an export buy just now. we think there are some decent valuations still in consumer world. but, you know, we're still concerned about u.s. retail. unemployment is remaining stub bornly high. every company we talked to just now is the ones reporting good earns are very cautious about adding jobs. even some of the headline data we have seen, such as growth, is being driven by private sector wealth and labor strength. we stay cautious there. we think ultimately that sector will take hold, but we're not seeing it yet. >> hey, steve, our previous guest, douglas isles, a says china is not playing an increasingly larger role when the comes to influencing investors. are you concerned about the tightening we're seeing in the mainland? >> we're quite concerned. douglas is a good friend of mine. he's a lot closer now to what's happening in asia than i am. clearly, the whole world is watching what's happening with chinese policy. that has been accommodating and stimulating. whenever we see chinese authorities getting co

the creation of real jobs going back to work and exportered.ney >> i'd be happy to hear more details. we are working very hard to ensure that's not the case in bank that's we supervisor. >> is it possible that you could be personal with some of these people? >> certainly. >> i'll take you up on that >> the committee will be in recess. in member that wants to ask questions, we'll call on them. . .

it follows investigations after which the british government banned exports of such devices to iraq and afghanistan. the foreign office is concerned they might pose a risk to u.k. or friendly forces. serious questions are now being raised about why the british government didn't act sooner to stop them from being sold. >> it's used by the thai army to search for bombs. 4,000 people have been killed in southern thailand since the muslim insurgency began in 2004 so lives depend on it. after the investigation last month amid a growing clamor of concern the thai prime minister ordered tests on this so-called bomb detector known as the gt-200. he announced the results. the device had performed so badly he banned the purchase of any more. the authorities are reported to have spent over $20 million on the device. the average price of $30,000 each. to the man who sells the gt-200 it's been a winner, and it's clearly helped gary to a certain lifestyle. he's been keen to show off to his internet friends. he's declined to speak to us. and through his lawyers has threatened to sue if we suggest that

turning to us -- export markets and export gains and volumes are around 10% to be sustained for 2010.s year and canada will probably grow more strongly than the u.s. although slower growth in 2011 is likely to occur as u.s. and overseas policymakers exit from their fiscal and monetary stimulus. in manufacturing, some 20% of unemployment in 2006 was directly or indirectly related to exports. i expect that share to grow over the next two years. capital equipment and industrial supplies exports likely will continue to do well, while consumers will represent a rising share of overseas demand. now let me turn to some of the obstacles to hiring. i think worries about the sustainability of the recovery are legitimate, as they often are early in a recovery. that is maybe holding hiring back. the fallout from the bursting of the housing and credit bubbles has intensified such concerns. i think it remains a essential to pursue policies oriented towards reducing housing imbalances, reducing debt and improving the functioning of financial markets and financial institutions. in addition, i think t

and i will call on developing countries, developed countries, importing and exporting countries, to showhe good wills to put aside differences so that they work together to finalize within this year. and as we finalize, that is a very good condition for us to promote the agriculture yield in the world. >> can you stop your subsidies and open up trade in agriculture products? do you see that happening? can there be a targ senate five -- a target? five years, 10 years? >> these issues have been with us quite a while. i fear there is no easy answer, that it's going to take a while to work it out. that's where i go back to productivity and technology. because i think part of the issue is getting more equalization and output around the world in certain crops. we have a huge disparity now. in africa an acre produces 17% of what an acre in the united states produces. when you have that kind of disparity, you get those protectionist tendencies. so i think working on equalizing that is one of the areas that can really help in terms of stabilizing from the standpoint of countries turning inward an

that is why we will put a much bigger emphasis on export promotion "or the next several years.ncludes medium and small size companies as well asÑi lare ones. i was in new hampshire yesterday. use of a terrifict( neg =5a9eì(+ tq had jus. it only has 13 or 14 employees. rng techniques for the component parts in l.e.d. light bulbs, potentially could lower the price of l.e.d. lights pope's in half. these folksñr could potentially market not just in theçóñr u.t#t this is a technology that could end up being sent around a world. çóÑi >> michael bennett, colorado. >> thanks for coming, mr. president. you spoke to the state of the union very well about a number of the challenges we face as a country, which are serious. even before we were dragged into the recession since the great depression, this is the first time middle-class family in, excelled. there were no net jobs created since 1998. household wealth was the same at the end of the decade as it was at the beginning. an education system that is not working well enough for our children. 1.4 trillion dollar deficit and 12 trillion

maybe we can export our way out of it, but exports are just 13% of the economy.e way to recover through recessions is to renewed growth and consumer spending. but consumer spending has been forced onto in the workout, at least for now, by heavy debt. -- has been forced onto a lower path, at least for now, by heavy debt. that is the fundamental bind we are in and that is why i think it is -- is a major reason why i think we are likely to see a couple of rough years ahead. host: clifton on the line for independence, you're on the line. caller: it should have a question mark of their eyes to how joblessness -- as to -- it should have a question mark up there as to how joblessness will change america. it already has changed america. if you look at michigan and hard joblessness has gone up there with the production of the big three, which we have bailed out, and the banks that we have built out -- bailed out. who is paying for all of this expense when you have so much joblessness in america and you have no tax dollars coming in from what used to be called middle-class

exports.t's virtually the only major mark where we've had rapidly growing -- it's the only one where -- >> politically. >> it's the only market where -- >> jobs shipped overseas, china's a target. you can get -- make a lot of hay out of an argument that china's more an enemy than a friend, economically. >> we -- no, you can't. we have high unemployment in the country because of mismanaged poll sfriz washingticies from w including the housing bubble. if the president wants to ramp up exports we can't do it without china. >> dan, that is so wrong, dan, when the president got up there at the -- when the president got up there in the state of the union address and started talking about driving this economy by selling exports, he had nothing. the best jobs program now is to give the chinese to stop manipulating the currency, stop engaging from a massive export subsidy. if smith and ricardo were around, they'd be screaming at you because, what china does is not free trade, it's mercantilism. >> dan,

but they are ian export powerhouse.ates an imbalance. as much as i admire german ñrachievement, you have to keepi things in balance. çóa very tight fiscal policy is not the best policy for their neighbors. in europe is grappling with the issue over how much the big countries, germany and france, should do for themselves or how much they should integrate into an economy where you share the responsibilities and policies and you try to bring everyone with youçó, or less like we do n the united states. host: there isÑi an article in the open group financial times at" this morning. let increase out of the eurozone and then lettingñr them back int a competitive rate. guest: i think this particular piece just shows you the difficulties that europe is in. there's no mechanism to leave the eurozone. if there were to adopt this proposal, which is to take back then go back to it a year later, i think it would be complete chaos. Ñiif that option is really off e table, then we are looking at a big fiscal adjustment by greece, perhap

we've got to be in favor of competition and exports and trade.do not want to be looking backwards. we cannot just go back to the new deal and try to grab all the same policies of the 1930's and think somehow they would work in the 21st century. so blanche is exactly right that sometimes we get ideologically bogged down. i just want to find out what works. and i know that you do, too, and i know the people in arkansas do, too. but when you're talking to the folks in arkansas, you also have to remind them that what works is not just going back and doing the same things that we were doing before. and, yes, there is going to be some transition time. if we had a serious financial it -- if we have a serious financial regulatory reform package, will the banks squawk? yes. will they say that this is not the -- -- this is the reason that we are not lending? yes. the problem is we know right now they are not lending, and paying out big bonuses. and we know that the existing regulatory system does not work. so we should not be spooked by this notion that, w

that's one the things that we want to focus on in the coming year is making sure that our export/export banks, our trade offices that we are assists not just the big guys, although we do want to help them, but also the medium sized and small business that is have innovative products that could be marketed if they got a little bit of help and push from the united states government. >> michael bennett from colorado. >> thanks for coming, mr. president. good to see you. you talked about a number of the challenges that we face in the country which is serious. even before we were driven into the worst recession since the great depression, the last period of economic growth is the first time middle-class family fell, no net job created since 1998, household wealth the same at the end of the deck -- decade as the beginning. and on to have of everything else, $12 trillion of debt. we were saying that the other day in colorado, and talking about our kids would have to pay this back if we don't make the decision my father karl line, who was 10, she said just so you know, i'm not paying that back.

what is the exportable industry of the future in america?ere's no question the largest area there is going to by in the rebuilding the america's energy infrastructure. we have a huge investment in all of the technologies of -- of traditional technologies. we're beginning to grow our investments in renewables, investment in rebuilding america's energy infrastructure, would help us with respect to security, make us less dependent on oil, create a lot of american jobs, especially contracting and manufacturing jobs, insulating homes, all of those programs, i think really, really do well. the other area that's likely to do extremely well is an area called advanced manufacturing. advanced manufacturing means the use of computers to make very, very sophisticated, high-end mechanical things. a country that does this particularly well, is germany, and, by the way, germany right now has a huge credit surplus. we could do the same. >> and that is likely, we can take our displaced workers in the united states, somehow train -- i mean, you're trained as