markets and thinking on the primitives points to be easing trade imbalances recession look at g.d.p. nations close to collapsing in some plain loan foreclosed homes people expect to fail so we play banks again feel a little like think is us crashing timonen smashed ceiling seems to me just like i want to finish an open street for the i.m.f. and put strikes me on just programs increase the total economy. paraglider alexy continues filming the beauty of best kuria all his video camera but after five minutes of flight the wind becomes stronger. i'll try to land. there some turbulence. gives up being caught in a dangerous downdraft the wing collapses thirty metres from the ground. slightly the strongest blow was focused on safety still don't try to help me up i'll do it myself. if bashar has gone now i'm ok and i will be fine no worries it's ok. good that's just the world is beautiful again. well it happens when you want for what you paraglider sometimes take many risks they choose extreme routes and they might be in danger at any moment stime used to it and i did everything in my power to save

our confidence in markets and think you don't want to be seen trade imbalances recession look g.d.p. nations close to collapsing in some time alone foreclosed homes people. to fail aaa banks again feel a little like think is a u.s. crash and imminent smash the ceiling team feels it like ultimate in the tradition in st the i.m.f. strikes me on just programs increase the total economy. in some petersburg ots available in grown to tell europe grand hotel emerald marco polo blue the club school who turns circles photo olympic gold told us really a ski corinthian if ski pundits read this and say yes roy kempinski might go twenty two looking. for. the latest summit of the civic powers in hawaii opens a financial can of worms between the world's two biggest economies the u.s. has criticized china for its trade and currency practices and called on it to play by the rules. syria seeks to reverse the arab league's decision to booted out of the organization and growing protests which critics claim are sponsored from abroad the freeze on the country's membership received wide support from the e.u. and t

confidence in markets and taking on the critics wants to be seen trade imbalances recession low g.d.p. nations close to collapsing a sub prime loan for close hostile settlers and fails we pull a balance again feel a little like think is us crash seven. team something is like ultimate in a club is an open seat the i.m.f. employees for sale just programs increase the total economy but. you know how some love to see a story and it seems so for like you think you understand it and then you glimpse something else and you hear or see some other part of it and realize everything you thought you knew you don't know i'm sorry welcome to the big picture. the emission free credit case should free in-store charge is free the arrangement free is free. to free. the old free blogs just plug in video for your media project a free media dog cart teton tom. is evening.

g.d.p. of our nation is fifteen trillion that's more than half of the total value of everything every single thing produced in america that same year seven point seven trillion dollars went out the door to those banks toure's with nobody bothering to inform you or me the voters the electorate anybody about it until now and since they were super low interest loans in the bank roll that money over they made enormous profits off six of our nation's biggest banks like morgan stanley bank of america pocketed a not too shabby thirteen billion dollars in profits that up until now were undisclosed thanks to this deal that they made with the technocrats at the fed so today thanks to a decision made by technocrats and not politicians the too big to fail banks are even bigger and wall street has raked in more profit in just the last thirty months than they did in the entire eight years leading up to the two thousand and eight financial crisis and they weren't doing too shabby that i guess the economic crisis that brought banks there is to the ledge end up being very lucrative for them in the long run b

for example just like a banking six banks control assets equal sixty five percent of the entire nation's g.d.p. seven trillion dollars you could now jump out of an airplane at four hundred forty thousand feet and land anywhere in the country and not have any idea where you are because every mile looks the same every downtown looks the same because of these giant corporations that have taken control of retail foods you know you name it and this is not competitions no sort of free market particularly since these corporations have gotten so big that they can buy congress if their own clubs the business roundtable the hundred largest c.e.o.'s u.s. chamber of commerce. they they make huge political donations so it was a good start but it's not enough we need to break up the big monopolies. just to. get by for the good the bad of the very very an addict sickly ugly good or a good governor john kids are going to get sober joining the growing list of other governors around the nation who've suspended their use of the death penalty in their state this decision came ahead of the december sixth scheduled

be better off and happen weir and smarter and live in a country that is higher national income and higher per capita g.d.p. and more secure, then you want to have immigration of all sorts, too. that's the funny part and that's the final point. we know that cultural, but particularly economic development isn't so much about keeping the wrong people out of a country. it turns out that it is as much or maybe dominantly about letting the right people in to a country. and the right people, as it happens, is a very broad swath of people. it is not just outstanding researchers, it is this broad spectrum because there is no gene for the human spirit, but there is a little signal. one of the signals is someone who gives up so much to take such a huge risk and to come here despite our recent signals of not particularly welcoming them is someone who has something that we probably want. and if you give me three years, we'll have that quantified a little bit better. thank you. [applause]>>t. that was excellent. we do have headsets and translation services available. if you require translation assistance, please see sa

our national debt to g.d.p. ratio rivals that of countries like ireland, portugal and greece, which are facing sovereign debt crises. soon, our national's federal debt will equal our g.d.p. it's a losing proposition. it's like someone's total credit card debt qualing the total amount of income that they bring in each year. and so what do people do? if they do that at home people go and get another credit card and they borrow money on that to pay the minimum on the first credit card. but then they have to go get another credit card to pay the minimum on that one to pay the minimum on that one. it doesn't work. it spirals down and down until finally it ends in bankruptcy. it's unsustainable. most american families understand that. they live within their means. washington should too. i grew up watching my mom and my dad wrestle with balancing the budget on our family farm. they would sit down around the kitchen table at the start of the year and develop a cash flow projection for the upcoming year, listing the expen

nation, we can all be richer. more of us can contribute to the global g.d.p., and the gap between the developed and the developing countries would narrow significantly as productivity rises in economies from haiti to new begin -- new guinea. but that great global dream cannot be realized around the edges of reform, nor candidly can be it be secured through any singular commitment on the part of us here. it requires, however, a fundamental traps formation, a paradigm shift, in how governments make and enforce laws and policies, how businesses invest and operate, how people make choices in the marketplace. the transformational nature of this undertaking that lies ahead is in my view not unlike other momentous shifts in the economic history of our world. in the 19th century, many nations began moving from an agricultural to an industrial economy. then the inventions and mass productions of that era gave rise in the 20th century to the information age and the knowledge economy with an unprecedented rise in innovation and prosperity. as information transcends border and creates opportunities for farmers to bank on mob

g.d.p. and our national debt is $15 trillion. we cannot afford to bail out states and continue to encourage poor fiscal behavior by our states. the bailout of democratic governors and state legislatur legislatures, and i suppose i ought to include republican governors and republican state legislatures as well, and public employees may be good politics but it's terrible economics and creates even worse fiscal situation. rather than propose political solutions during this economic downturn, the president should work with congress to find real, authentic, genuine solutions to our economic and unemployment problems. the recession began in december 2007. nearly 1 in 10 americans remain unemployed today. more than 26 million americans are either unemployed or underemployed. the policies of the past 2 1/2 years have not worked. they've made things worse. now, for the benefit of people who maybe you can't say this too often because it looks like it's strictly partisan, i think we all ought to admit that this president inherited a bad eco

so it would reduce the debt to a more manageable percentage of g.d.p., reassure markets, preserve our nation's a.a.a. bond rating and provide the stability to get this economy growing again. i urge my colleagues on the supercommittee to join us and go big for america. i yield back. the speaker pro tempore: the gentleman's time has expired. for what purpose does the gentlewoman from texas rise? >> to address the house for one minute. the speaker pro tempore: without objection. ms. jackson lee: instead of republican legislatures across america, madam speaker, focusing on creating jobs in their states, working with this congress to create jobs, we find ourselves shackled by 40 states implementing voter i.d. laws, laws, provisions that limit voting by requiring the presentation of photo identification that however is limited to state authorized voter i.d. which has a negative impact on our seniors. laws that exclude the most common forms of i.d., student i.d.'s and social security cards, but they offer no alternative procedures. . change is requiring outright elimination of early voting opportunit

child in the economy and the child in state the nation of mr berlusconi has been pushed if not forced from outside of the chilly claiming that the depth to g.d.p. ratio was unsustainable in fact the problem of italy ease of course the debt but the major one is no growth the absence of growth which is imposed by the policies at european level in the most the german disease on how to handle the monetary union this is causing a total of balance in the country so this is something that goes far beyond the case of mr berlusconi himself he may have been he may have been a problem at a certain point for he's our attitudes but it is not the real issue at stake now is the point at stake is the role of italy as such it is a nation all together in the future of the european system and even in the mediterranean space so what is happening is a big pressure to try to change the government with a more complacent one that may be in for some one sided the measures which i request. it's european level and by the i.m.f. but on the other hand also to normalize italy to the interests of foreign powers let me just get this straight briefly so you're saying it's. th

national. economic situation in our country looks better than many european countries disappoint recent difficulties we have managed to achieve fairly rapid g.d.p. growth this year it will reach four to fall a half a cent all in europe and the us g.d.p. growth will range from zero to one percent this year we will also have the lowest inflation in the last twenty years of around seven percent but i cannot say we are protected from danger we need to cut our dependence on fluctuations in commodity prices and develop the industrial sector. and a look at the markets now u.s. stocks are rallying and trade is american consumer confidence topped estimates and italy's prove all of that production used concern about europe's debt crisis. and stocks are rising across europe after the talent senate approves an austerity package raising optimism that the euro area second most indebted country will change the tax. cuts here in moscow the markets were mixed at the closed out us was such a positive and the markets was going through a descent here's a look at some of the individual share moves on the my six energy majors and banking stocks while we're world gia

this is more than twice the growth of the populated nation, so g.d.p. has been growing at an unprecedented rate. they are nonparticipants in a new emerging aid help. the $50 of a basic health care package represents 10% or less of the original per-capita income growth projected between 2009-2012. as these developments affect health in those countries from harshened way adjust to this economic growth? these countries will invest in growth disproportionately in health. by the end of the decade, domestic health spending may double. one fourth tends to be an expansion of unregulated private provision and out of pocket payments which now account for 50%-8% in africa and asia, according to the national health accounts. this leads to and equitable access and catastrophic expenditures across all expenditures old and new. every year, 100 million people are pushed back and property -- into poverty because of health bills. this cannot be the future of health. growing g.d.p.'s should insure health for all without families going bankrupt. i returned is challenging t

national. economic situation in our country looks better than in many european countries just point recently difficulties we have managed to achieve fairly rapid g.d.p. growth this year it will reach a full half percent in europe and the us g.d.p. growth will range from zero to one percent this year we will also have the lowest inflation in the last twenty years around seven percent but i cannot say we are protected from danger we need to cut our dependence on fluctuations in commodity prices and develop the industrial sector for the money for a quick check on the markets stocks are rising across europe after the talent sets approved an austerity package raising optimism that the euro area second most indebted country will contain the tax rises and here in moscow the markets have reversed from gains and are trading in the red the r.t.s. is flat to negative and the my sense is losing half a percent so have a look at some of the individual share moves on the right six energy movers and banking stocks are lower well giant look oil is dropping more than two and a half percent me to be is also about one percent in the red out paula metal is flat to posit

g.d.p. opposed to 23%, 24%. it also has to be made into an argument about national security. for me, that is an argument. that is when your debt becomes 70% of g.d.p., soon to be 80%, whatever that number is today, you just don't grow anymore. when you don't grow, you can't compete. there is some competitive aspects to this that really do make it a national security argument for the american people and then you look around the bend at where greece is at 170%, the g.d.p., italy at 120%. i remember my negotiations with japan 10 years ago when i was a lead negotiator. nonperforming loans. structural barriers and impediments. the system that made it impossible to start the new enterprise there. today they are entering their third decade of lost growth. i say look around the bend, folks, if you don't want to address the spending, you can kind of see where it takes you over time. >> i wanted to shift gears and ask one more question before i open it up. you obviously have extensive exposure to china. a little bit of a change of pace. governor romney, i think he said as his first day as president he would put chi

g.d.p. rose more than any other industrialized nation in the world as we cleaned up the air. now, you and i were on a trip to china. we did not see the sun for days and days and days. interestingly -- and this is -- i don't know if you missed this or caught this story in "the new york times." the chinese elites in the government, many of whom we met with there to try and push our agenda, which is trade with china and all the other things we want and making sure their currency is -- is floating, this is -- this is what we learned. chinese leaders are largely insulated from beijing's famously foul air. in the great hall there, they have got all these fabulous clean air devices. in their homes, they are protected. in their cars, they are protected. but guess what? the people are suffering and struggling, they don't even get to see the sun shine there. so if i could say, i don't want to see elitism here. every single person in our country deserves to have a chance to breathe clean air, and to get specifically to your point, to talk about the economy, because i think that's critic

nation's gdp grew at only a 2% annual rate. while it's the fastest quarter so far this year, it's less than originally reported. still, if ever a dark cloud had a silver lining, q3 g.d.p. might be it. it turns out g.d.p. expanded more slowly in july through september, mostly because businesses drew down their inventories by a lot. economist bruce kasman says that sets the stage for a stronger economy at year-end. >> i think what it suggests is that what we lost in this revision in the third quarter, we'll probably get back either this quarter or next in terms of somewhat more strength in the inventory component. >> reporter: j.p. morgan is expecting the economy to grow at an annual pace of 3% in the fourth quarter. but that will probably be as a good as it gets for a while, due to some serious economic headwinds. >> we're not building in an extension of the payroll tax or unemployment benefits. and as a result of that and the european recession, we think growth is going to slow pretty sharply as we go through the first half of next year. >> reporter: to be sure, kasman does not expect the u.s. to slide into a recession in 2012. but other experts are still worried. tha

g.d.p. to russia over the medium term most of that about three percent coming from this increase in investment in services and another one percent coming from increased in russian exports or on national verna capital says well not all russian companies will benefit from the w t o in the beginning there will be a long term of that the. new w t o is designed to bring down barriers for industries who want to reinvest into other countries and so you know russia just doesn't have that many industries which are effective exporting made goods outside of the natural resource sector and is very few berries internationally so sexually and i think good goods coming in from the outside will put pressure on russian companies to become more efficient and ms plame zero but you see the russian companies become more efficient and as a result of that you know goods coming in russia are becoming more competitive investment coming into the country everybody benefits particularly consumers at russia's oil and gas sector which provides more than a half of the country's revenues also hopes to benefit from entering the. the country's biggest private oil producer look or oil explains how. we are consumers of

nations he made the statement while visiting the far east. supports a. situation in our country many european countries are just going to recent difficulties we have managed to achieve fairly rapid g.d.p. growth this year it will reach quarter full half percent in europe and the us g.d.p. growth will range from zero to one percent this year we will also have the lowest inflation in the last twenty years of around seven percent. say we are protected from danger we need to cut our dependence on fluctuations in commodity prices and develop the industrial sector. let's take a look at how the markets are performing stocks were railing across europe on friday after the taliban said it approved an austerity package raising optimism that the euro area second rose to desert country will contain the debt crisis. but here in moscow the markets were mixed at the close amid lack of confidence the european debt crisis is being resolved the r.t.s. was flaccid positive and them i suppose points three percent here's a look at some of the individual share moves in the market six energy majors and banking stocks the lower world giant record dropped on speculation it fails to find oil or gas of ghana we

nation's budget deficit problem is important-- and hard. but, a two-part approach points the way. first, over the next decade, we can return federal spending to its long-term average of 20% of g.d.p.how? by eliminating unnecessary federal programs, empowering states with block grants and reforming and streamlining government. second, we should note that our long-term budget problems reflect yawning budget deficits in social security and medicare. we must find a way to close those deficits while helping americans who need that help and bringing the programs into the twenty-first century. for social security, we can gradually increase the retirement age and slow the rate of benefit growth for upper- income households. for medicare, gradual increases in the eligibility age and premium support for choices among health care plans point the way to reform. memo to the super-committee: the time for action is now. i'm glenn hubbard. >> susie: that's "nightly business report" for monday, november 7. i'm susie gharib. good night everyone. we hope to see all of you again tomorrow night. "nightly business report" is made possible by: this program was made possible by contributions to your pbs

nations and the state. simple enough with the idea i'm not really economic situation in our country looks better than many european countries disappoint recent difficulties we have managed to achieve fairly rapid g.d.p. growth this year it will reach four to four hundred percent while in europe and the us g.d.p. growth will range from zero to one percent this year we will also have the lowest inflation in the last twenty years of around seven percent but i cannot say we are protected from danger we need to cut our dependence on fluctuations in commodity prices and develop the industrial sector. and let the markets are rising across europe tracking down gains on wall street in asia starts in london a higher led by banks world banking world bank of scotland group up two point eight was that lloyds banking group is to have to say that some resources start otherwise and while high crude oil futures and precious metals are a downside though energy group b.j. i like the entire company eight and one percent respectively. here in moscow markets are for reverse from earlier games that are trading in the red the artistic license of gulf was in over one and a market the south has a look at some of the individu

g.d.p. to be committed to defense, but many of those nations are down to 1%. they're not even fulfilling their 2% goal. the united states is at 4% of g.d.p. on defense almost. and so i think the europeans need to be prepared to understand that they can't live off the united states. there's a great book by kagan called "paradise and power." very insightful. very insightful book. and it says, in a sense, europeans are comfortable. why? because they're under the umbrella of american power. and they've been comfortable with that. they don't feel threatened and they're not paying their fair share of the defense burden and they don't like it when we want to bring home troops. give me a break. it's time to do something about that and i believe all of our allies around the world, whether in the pacific or in europe or in -- in other areas of the globe ought to work with us in partnership so that we can be most effective in providing some stability around the world. but the idea that the united states can unilaterally fund a security force for the whole world is unreali

g.d.p. explode since we passed the clean air act. it grew more than any other industrialized nation while we had these laws in place. for two reasons: one, these laws create clean tech jobs. two, if you can't breathe, you can't work. and when you have a healthy society, you're far more productive. so you have the democratic alternative that will create over 600,000 jobs in transportation. it doesn't go into these extraneous issues, such as the air pollution laws. and then you have -- and it's paid for by .7% on income over $1 million. and then you have the republican alternative that just continues our transportation at the same levels and pays for it by cutting 200,000 jobs -- police, fire and the rest, f.b.i. agents, food safety inspectors, border patrol agents. just what we don't need. that's what they do. plus just for good measure, they repeal basically two clean air act rules that i talked about, from boilers to cement plants. folks, if ever there was a difference between the parties in evidence, this is it. if one person comes up to me and says is there really a difference be

so part of the nato commitment is that each nation in europe would invest and spend 2% of their g.d.p. on defense. we have been 4%, sometimes over that recently, as we've -- in recent years, and so our nato members, however, are falling below that. germany, the strongest economy in europe, germany is at 1.2% of g.d.p. on defense and they spend a large portion of that on short-term, less than one year military training of young people in germany. and the fact is that a nine-month trainee is not someone in the modern world you can send into combat. they're just not sufficiently trained. many military experts believe that this is just a waste of money. so even the money they're spending in many ways is not effectively and wisely spent to create the kind of modern military you have to have to be successful in serious matters. so we do, though, believe that europe is not facing the kind of threats that we have and i think appropriate for us to talk to our european allies and say we want to proceed with a drawdown where possible. this nation is borrowing 40 cents of every dollar that we s

some these nations battered by the consequence of high debt levels have debt to g.d.p. ratios that are close to our own. if congress doesn't get serious about reducing spending and ending the federal debt addiction, we're going to find ourselves in the same boat as our friends in the euro zone. i yield back. the speaker pro tempore: for what purpose does the gentleman from illinois rise? >> i ask permission to address the house for one minute. the speaker pro tempore: the gentleman is recognized. >> thank you, mr. speaker. this thanksgiving many of us had the opportunity to spend time with our families and loved ones so i think it's fitting that november is national adoption month. i also think it's appropriate to take time during this holiday season to recognize the tens of thousands of families nationwide who are foster families. unfortunately in my home state of illinois a potential tragic situation unfolded. faith-based adoption reags across the state are being shut down because of their belief in traditional marriage. the illinois department of child and family ser

our national debt recently surpassed the g.d.p. for the first time since world war ii. each american's share of the debt is now greater than their average salary. congress could have acted sooner, but we haven't and we can no longer afford to wait. the bipartisan passage of this balanced budget amendment is an important and necessary step toward a sound fiscal future, and as a co-sponsor, we should pass this measure. but we should also reach a larger agreement with the supercommittee that's fair and balanced on entitlement reform and revenues. if we do so we will begin to restore the confidence by the american public that we can work together to get our economy back on track and create the jobs that all americans want. i yield back the balance of my time. the speaker pro tempore: the gentleman from new york. mr. nadler: mr. speaker, it's now my privilege to yield to a member of the ways and means committee, the gentleman from massachusetts, four minutes. the speaker pro tempore: the gentleman from massachusetts is recognized for four minutes. >> earlier this week mr. ba

g.d.p. on infrastructure. as anyone who has visited china in recent years knows, all across the nation of china they are gleam -- there are gleaming new highway systems, brand-new ports, brand-new airports and runways, brand-new transportation infrastructure that connects newly built cities, leaping from the ground as if by magic because they've invested enormous amounts in a modern infrastructure. europe broadly is investing 5% of g.d.p. in modernizing their infrastructure and in the united states, where modern infrastructure has for a generation made us the envy of the world we are today investing just 2%. just 2% of our g.d.p. this is foolish. few people argue that infrastructure isn't important, madam president. in fact, it's one of the few things that seems to enjoy broad support here in this chamber, in this city and in this country. folks as disparate as the afl-cio and the u.s. chamber of commerce agree investing in modernizing our infrastructure is critical not just to putting americans back to work but to get america working for our country's future. they support both the idea of an infrastructure b