i this finance and it is democratizing finance. i will turn it over. >> please feel free to send up more. you are listening to the commonwealth club radio program with robert shiller talking about his book "finance and the good society." some of the questions, which could not tell whether occupy wall street inspires you lowered scares you. >> i think it is a bigger movement a continuation of arabs bring. it was found in a madrid and after that russia with street demonstrations and it is a democratic movement and discovery that protests can bring down government with big changes. they bring up good dissatisfaction with the inequality people have said people don't care. we know that they do. they want to make a change. put some of them seem to say my students i think they'd do something just as important to fix it from the inside. so occupy wall street protested as if they were not seized. >> there is the same the problem was socialist is socialism but there is the notion the book lays out the idealistic roles board members, us ceos,

our report found that unregulated government export finance exceeds all export finance activity in the g7 combined. let me just repeat that. our report found unregulated financing exceeded all the support of the g7 combined. our study estimated that roughly $100 billion in unregulated oecd export financing and an additional 60 billion from the big countries. and my guess is that our estimate is still too low. because this activity is so pick, i know we've only scratched the service. export finance is a little bit like the wild west; rules are loosely followed, if at all. our research showed that oecd regulated financing has dropped from two-thirds to one-third of export finance in the last decade, and it's continuing to fall. that's why the united states is working to build a new international architecture to bring more of this activity into the light. to reduce trade-distorting export finance that creates a less efficient and less stable international trading system. when president obama and vice president chi met in february 2012, they directed the u.s. and china we've expanded our w

euro zone finance ministers rush >>> bank bailout. euro zone finance ministers rush to rebuild financial institutions in spain and patch up europe's latest trouble spot. the people responsible for the finances of euro zone countries are looking into spain's books and don't like what they see. the region's finance ministers met to find a way to help spanish banks and stop the spread of the crisis they share. >> reporter: euro zone finance ministers seem to wake up every day to a new threat. they've already bailed out partners in greece, ireland and portugal. now they're following up on the demand from g-20 leaders to take quick measures to fix their latest problem. spanish government leaders expect to ask the european union to prop up its banks by monday. the finance ministers agreed that the european commission and the spanish government discuss the scale and the conditions of that. they decided to work out the details before they meet again next month. >> we have con foi dense that spain will ensure a swift process. independent audit

so that ratio of workers to beneficiaries is important for social security financing. and that ratio is in the process of dropping. we had had a 3.3 workers to support each beneficiary in 2007. now we're down to 2.8. and we'll be down to 2.0 by 2035. part of that is longevity increases, but the immediate factor is fertility patterns. we have a baby boom generation prior to 2035. under our current progss, the combined trust funds would be depleted in 2033. that's three years earlier than in last year's report. each year the trustees estimate the deficit. usually expressed as a percentage of the tax base and this year our projection is 2.67% of worker wages over the next 75 years. now that sounds arkansas cane, but that means you have a 12.4% payroll tax rate now. if you added 2.67 points to that, you would have the program in balance for 75 years or if you had an equal subtraction in benefits. that's an average figure. it's a substantial increase from last year's projection. last year we were at 2.22%. it may not sound like a big difference, but by social security norms

our report found that unregulated government export finance exceeds all export finance activity in the g7 combined. let me repeat that. all report -- our report found on regular financing exceeded all export of the g7 combined. roughly $100 billion in unregulated oecd export financing, and an additional 60 billion from other countries but my guess is it is still to know. because the second is so okay, i know it has only scratched the surface. -- is okay. it is like the wild west. the rules are loosely followed, if at all. our research showed the oecd regulate financing is dropped from two-thirds to one-third of export finance in the last decade. and it's continuing to fall. that's why united states is working to build a new international architecture, to bring what is activity into flight. to reduce trade destroying export finance that credulous efficient and less stable international trading system. when president obama and vice president xi met in 2012, they directed the u.s. and china to begin work on a new rule space and transparent framework. since then we've expanded on working g

unregulated government export finance the seeds all export finance activity with the g7 combined. -- exceeds all export finance activity with the g7 combined. there was an additional 60 billion from the countries. my guess is the estimate is still too low. export finance is a little bit like the wild west. this has dropped from 2/3 two 1/3 of export finance and the last decade. it is continuing to fall. this is why the united states is working to build a new international architecture. they directed the u.s. and china to begin work on a new space and transparent framework. this is diplomatic speak for we are making progress. the plan is for an agreement to be reached by the end of 2014. it is critically important to american workers that would create this framework. the conditions that allow them to have such a powerful impact last year are transient. the rapid rise is not. for the foreseeable future, our economic competitors will support their industries that have served. they will continue to try to create their own national champions. this is the new order of things. how america r

the government organizes that and financing. same funds or other similar finance plans, educating children should be possible. >> poverty, violence, and war are some of the hurdles standing between children and access to quality education. and denying children access to schools has become a new tactic in conflict regions. countries like afghanistan have seen radical islamists increasingly attacking girls' schools. a around 61 million children in developing and emerging nations do not attend school. and 28 million children are living in areas of armed conflict. germany and other countries which provide support for developing countries have recognized the new challenges in conflict areas like pakistan and afghanistan and adjusted their aid programs. >> our involvement in afghanistan is bound up with preparations for the troop withdrawal. security in afghanistan is dependent on the country's development. development and security are two sides of the same coin. >> some 13 billion in euros will be needed to achieve the unesco goal of

the part of benefiting finance reform is increased disclosure, public financing, which will level the playing field as far as contributions, and expenditure limits. these provisions undermine all of that. first of all, i am glad that you are willing to eliminate the campaign overhead expenses. that would create a situation where you are undermining expenditures limits as well as taking away from campaigns competitively warning legal services. reducing the campaign spending and contributions reports -- i am a treasurer for debt -- for an assembly campaign. i have to report 90 days before the campaign, expenditures of $1,000 or more. the last few days, all spoke -- i have to fax a hard copy. it is not a problem. it is easy to do. who is benefiting by reducing disclosure requirements? third, in terms of the amount of people who can contribute more than $1,500, i doubt very much that you will find very many. again, who is benefiting by removing or changing the requirement? i thought this was especially curious. eliminating the requirement that applicants for public finance cannot make mor

i oppose any weakening of transparency and disclosure in san francisco campaign finance laws. i urge san francisco adopt major provisions of the california disclose act, which is before the assembly right now. it would fight back against unlimited hidden spending on campaigns by letting voters know who is really paying for an advertisement, and that is the crucial difference. there would be no more hiding behind nice-sounding committee names. it would require that each political advertisement showed its three largest actual contributors, no matter how many committees or groups that the contributors had previously passed their contributions through. this would apply to any kind of political ad, whether it is tv, radio, whatever -- what this is here is an example -- that is as it is now on the state -- it was the committee to stop hidden taxes. that sounds nice, and it shows a picture of allegedly the legislators hiding in a back room and trying to raise our taxes on us, but it was chevron, american beverage association, and philip morris, and that past. supervisor campos: thank

to disclose his transgressions but to promote his next crime wave and to bring in congressman to finance his next crime way when he goes in front of congress they're like jamie you missed a lot of money trading on inside information of mark manipulation last month when it got for us this month well congressman i plan to do some asymmetric trading for my london desk and throw the markets of global under the bus and you can profit from it in the following way wink wink and i'll be back here to shake my tush a little bit and give you some more money for your re-election campaign because i'm an inveterate liar now max speaking of our investigative journalism we did go to london in order to investigate the crime wave there and you came down with the actual war reporting incident on the front line of these financial wars and where we're on the eurostar station arbor and i remember distinctly looking at this little girl who was covered in pox and thinking to myself why did they let that little pox ridden girl on this train that's a health hazard little did i know in a few days i myself would co

when next we delve into the world of finance on the money with it all about is coming right up. hello and welcome to the business of business. petersburg international economic panel discussion. our panel included high ranking. economic studies. russia banking. financial markets. president chief executive officer. chief economist special advisor to the president of european bank for reconstruction and development and. chief executive of the london stock exchange also on the front row we have. news editor in chief of business. go to you first. has the european currency the euro already had its moment. right well i don't think so not yet we've had some crises and then a policy response i think that's what people mean by lehman moment a moment in which you stare over the abyss and then after that with his name on the team emergency meetings and everyone keeps staring over at the abyss where we had the l.t.r. oh and some people thought that that solve the crisis but basically i think the problem is the euro project is half baked i don't mean that in a pejorative sense but i'm going

that's actually trying to use the principles of finance against itself in a way. actually becoming a shareholder and trying to trying to. sort of disrupt a system like that there's a lot of limitations to that. i think the thing i'm most excited about with their financial activism is stuff around actually what i call hybrid radicals getting people to actually bypass the system almost becoming entrepreneurs so i guess hybrids between campaigners and entrepreneurs who start to develop say alternative currencies the. terms of banking systems and thereby disrupt the system those are the main the main categories i guess all right now one idea you recently came up with bret is with called the safe deposit box that wiki leaks for finance tells about it i guess what i realize was. over the years i've actually made a few points the whistleblower one of the biggest problems they face is actually sort of the internal internal cultures in finance where you're kind of you're not encouraged to disclose and. if you do you sort of socially shunned there's still lots of sort of fr

we spun out the finance company, traded it as a finance company on the new york stock exchange we created charities and the lawyers and accountants created a sliver of ownership that was so small it was worthless. we took a loss for tax purposes for contribution to a charity and that's where the assets went. they disappeared from anybody's books. the finance companies held the retained subrogated interest. banks could buy this with 1.6% cap. even in the 1990s, banks had what they call structured investment vehicles which allowed them more leverage. that was like 1% capital. and this all started because everybody, economists, politicians, in the 1970s said that gse securities were liquid. well, the commercial paper is 30 days. gse securities for 30 years. they're marketable but marketability is ephemeral. they're not liquid. the whole structure was extremely fragile because they're issuing 30-day commercial paper and basically they had a put back to the bank. all it was was another form of regulatory arbitrage that got the capital requirements down below 1% to fund these pools of mortgages

between the power generation projects like the loan guarantee and project finances. do you already have agreements in place to sell power to major utilities once the projects are completed. >> you couldn't do it if you didn't have an agreement in place? >> we couldn't do it with the d.o.e. >> it doesn't work financially? >> it could be very difficult, very difficult. >> otherwise you'd be stuck with a white elephant? >> there are very few of those projects that have succeeded without long term contracts. >> herb alison found the d.o.e. support between power generators and utilities in place like company do you agree with this live assessment. the majority has documented that project amp has yet to start generating solar energy. that fact is disappointing. can you tell us how much taxpayers money have been drawn down by the project so far? >> zero. >> how has the project -- what was that answer? >> none. >> has the project designed to mitigate, how was this loan guarantee designed to mitigate taxpayer losses? >> i would say three things. one, we're not going to move f

by a time to dive headfirst into the world of finance with on the money. hello and welcome to the business of prussia is business. at the st petersburg international economic forum panel discussion on the. panel including high ranking. economic studies bank. executive director morgan stanley russia. he is head of the federal service for financial markets. president chief executive officer. chief economist special advisor to the president of european bank for reconstruction and development and exhibit chief executive of the london stock exchange also on the front row. and then editor in chief of business. to you first. has the european currency the euro already had its lehman moment. right well i don't think so not yet we've had some crises and then a policy response i think that's what people mean by lehman moment a moment in which you stare over the abyss and then after that with his name on team emergency meetings and everyone keeps staring over the abyss where we had the l.t.r. oh and some people thought that that solve the crisis but basically i think

as the financer behind your project, did bank of america ever send document requests? >> document requests? i don't know. >> mr. chairman, i just want to say that, you know, i think that this committee could be ever more effective in its work if we were to have goldman sachs and bank of america here to answer questions about their involvement. since they stand behind it. i mean, these are, in the scheme of things, these are small companies, in the scheme of things. in terms of goldman sachs and bank of america, they're at the highest level. and i think if we were able to bring them forward, the kind of questions that mr. kelly has raised, it would be an opportunity for us to really go deep into finding out what's happening. and also to go into the interplay of the politics and the contributions. >> now yield to the gentleman from south carolina, mr. mulvany. >> thank you very much, mr. chairman. i thank the chairman and ranking member for allowing me to participate today. i want to talk about something different for a few minutes and follow up on some of the things tha

finance committee. >> that's correct. we are a member of the finance committee. >> but we don't have -- we can't block consensus on the finance committee. >> i believe we can. you want to speak to that? >> we're also a permanent member of the finance commit and we can block -- we can block or control the finance committee. these were really the great changes that the united states made -- let me just add one thing, if i could, senator. two things really for senator isakson. it's really quite useful, a paper was done by one of our negotiators, which i would encourage your staff to look at, bernie oxman back in 1994, that described how all of president reagan's concerns were fixed by u.s. negotiators and how they ended up giving the u.s. enormous influence over every one of these issues, including the permanent seat on the council and the effective veto, and i'll ask that that could be put into the record. one of the most interesting things about that for both of you is that russia was so concerned that t

we have provided financing before. it is a lot of money. so come and talk to the office of small business and make sure you have professionals and task inspectors and contractors lined up so that we can be part of that conversation in terms of helping you maintain your business and helping to stay in business despite the fact that a lot of businesses are being regulated by now. if you have questions, my information is in the packet. we are more than happy to field any questions, but again, because there are different parts of this whole saga, we are all in different parts in terms of financing, but the loan program will be available. it will be available until the ada compliance issues are no longer there. >> thank you. any questions? [inaudible] we do have legal expertise and individuals with our mayor's office of disability. if you do have any questions at all about things that you might have heard about or issues you are facing, it might be the opportunity to ask questions. any questions? >> thanks, supervisor. sorry for being late. i he

so that racial is very important for social security financing. that ratio is in the process of dropping. we had 3.3 workers to support each beneficiaries in 2007. now we're down to 2.8, and under current projections we will be down to 2.0 by 2035. part of that is longevity increases, but the bigger more immediate factor simply fertility patterns but we have this big baby boom generation going on prior to 25. under our current projections, combine such as rudy trust fund depleted in 2033, that's three years earlier than we projected in last years record. each year with the trustees do is to estimate the programs actually a deficit. usually expressed as a percentage of the tax base, programs tax base. and if you are projection is to .67% of worker wages over the next 75 years. that sounds arcane but basically what that means is that you have a 12.4% tax rate never give you, you about a to .67 points did you have a program and balanced for 75 years, or if you nearly had an equal subtraction and benefit obligation. that's an average figure. it's also

we called it sustainable financing program sf to provide the tax lien financing to residential building owners to perform energy improvements. but this program was suspended in it 2010. by joining this mortgage finance authority, it provides an additional financing tool that helps property owners bridge the up front capital cost barriers of home performance anergy assessment and retrofits to help keep a new industry going after the expiration of the federal stimulus fund from the california energy commission and the energy efficiency block grant program that is currently using incentivizes property owners for efficiency upgrades. let me ask mr. rodriguez to make remarks. >> thank you. gosset from the department of the environment. just for a note, i believe the item that you just introduced is another item that you and i -- that the departed is working with your office on. that item is not calendar yet. this item is an accept and expend grant also for greenfinancesf. i lost my colleague to introduce that item. supervisor mar: i am little early. >> but thank you. we will get to that at a