at gm, we are drink -- bringing down the risk dramatically. we will continue as aggressively as began to get the government out of those investments -- as we can to get the government out of those investments. those are commitments that we inherited. we are tryinn to reduce them as quickly as we can. and fdot low a risk as we can. >> -- and at as low a risk to the taxpayers as began. >> if one of these institutions came to your office and said, we are experiencing liquidity crisis, would you advance the money -- a them money? >> i do not ever has to as questions because that this kind of impossible. if financial reform is in place, then we have a very well- designed process. and instead of emergency measures than we have in place in the fall of 2008, we would -- i would assume we would make better choices. you're talking about the 12 weeks remaining in this program? >> yes. >> our job and my responsibility is to be+ sure the we are safeguarding the basic strength of the american financial's system. again, our system because of the actions of w

at gm, we are drink -- bringing down the risk dramatically. we will continue as aggressively as began to get the government out of those investments -- as we can to get the government out of those investments. those are commitments that we inherited. we are trying to reduce them as quickly as we can. and fdot low a risk as we can. >> -- and at as low a risk to the taxpayers as began. >> if one of these institutions came to your office and said, we are experiencing liquidity crisis, would you advance the money -- a them money? >> i do not ever has to as questions because that this kind of impossible. if financial reform is in place, then we have a very well- designed process. and instead of emergency measures than we have in place in the fall of 2008, we would -- i would assume we would make better choices. you're talking about the 12 weeks remaining in this program? >> yes. >> our job and my responsibility is to be sure the we are safeguarding the basic strength of the american financial's system. again, our system because of the actions of we

will they be applied to any financial or non-financial institutions such as aig, gm, chrysler, or anc? will the investors received dividends in cash? what is the exit strategy with respect to these institutions as well as the other tarp recipients? has tarp enshrined into our law of the concept of too big to fail? have established an implicit guarantee for the benefit of our largest financial and non- financial instiiutions? will the pending legislation ratify and codify the existing standdrds? we will treasury yet again allocate additional funds to goldman sachs, citigroup, bank of america, and a group of other significant firms if they notified treasury today that they were experiencing a severe liquidity and solvency crisis? p+how would the answer change if the date approached treasury and the new york fed after the financial legislation is enacted? would the ftse liquidate these institutions -- would these institutions be liquidated? is this not what we were told%- with respect to goldman, aig, citigroup, bank of america, among others, that simply certain institutions were too big

at gm, we are drink -- bringing down the risk dramatically. we will continue as aggressively as bbgan to get the government out of those investments -- as we can to get the government out of those investments. those are commitments that we inherited. we are trying to reduce them as quuckly as we can. and fdot low a risk as we can. >> -- and at as low a risk to the taxpayers as began. >> if one of these institutions came to your office and said, we are experiencing liquidity crisis, would you advance the money -- a them money? >> i do not ever has to as questions because that this kind of impossible. if financial reform is in place, then we have a very well- designed process. and instead of emergency measures than we have in place in the fall of 2008, we would -- i would assume we would make better choices. you're talking about the 12 weeks remaining in this program? >> yes. >> our job and my responsibility is to be sure tte we are safeguarding the basic strength %- the american financial's system. again, our system because of the actions of we

at gm, we are drink -- bringing down the risk dramatically. we will continue as aggressively as began to get the government out of those investments -- as we can to get the government out of those investments. those are commitments that we inherited. we are trying to reduce them as quickly as we can. and fdot low a risk as we can. >> -- and at as low a risk to the taxpayers as began. >> if one of these institutions came to your office and said, we are experiencing liquidity crisis, would you advance the money -- a them money? >> i do not ever has to as questions because that this kind of impossible. if financial reform is in place, then we have a very well- designed process. and instead of emergency measures than we have in place in the fall of 2008, we would -- i would assume we would make better choices. you're talking about the 12 weeks remaining in this program? >> yes. >> our job and my responsibility is to be sure the we are safeguarding the basic strength of the american financial's system. again, our system because of the actions of we

country, not least in his own as he knows, a 270 million pound government loan guarantee to support gm europe was announced on march 12, 2010. we are reviewing commitments made since january 1, 2010. projects that are good value for money and consistent with the government's priorities will go ahead. but let me say to the honorable lady and others who are shouting opposite that we have to be clear that there were spending announcements made by the previous government before the election that do need to be reviewed. to take just one example of one scheme operated by lord mandelson's department, the so- called strategic investment fund -- when we looked at the money provided for specific projects, we found that over two thirds of the constituencies involved were marginal labour seats. so it is right to examine these, but i say to the honorable gentleman that proper grants properly made for proper reasons will go ahead, but fiddled grants for political reasons should not. >> stuart andrew. >> the 16-year-old son of my constituent, lorraine fraser, died after a vicious multiple knife attac

gm is aiming for an additional 56,000 vehicles to be produced. for verizon is offering data plans. verizon is expecting a big jump in dated usage as new smart phones entered the market. this is up about 17% from today. the amount of money bp needs to spend climbs each day. jane king has that story in the bloomberg business report. >> bp said the cost of the oil spill has reached about $2 billion. $33 million a day. spending is sure to escalate. seeing bp stock falling in london trading this morning. nordstrom rack plans to open another store in the area this summer. a new store will be opened in the annapolis harbor center. the only other nordstrom racks are in maryland. it will hire about 70 people. trading finished on friday in the green. the bloomberg maryland index moved slightly higher. new jersey is fighting back. residents and businesses are tired of all the jokes. they have started a website to rally those who are tired about all the put downs from pollution to political corruption. there are companion facebook and twitter pages. i'm jane king for wbal-tv 11 news. >> being

that is certainly what it was in the case of chrysler and gm. i know somebody will say, technically, no a bankruptcy judge blessed it. i concede the point. but when the government shows up with a $60 billion of taxpayer money and all the sudden creditors decide, well, i guess i would rather have part of $60 billion, i feel fairly confident the taxpayer was not represented in that proceeding. what happens is all of a sudden we have new chrysler and new gm, and oh, by the way, the united auto worker pension fund it, and unsecured creditor, gets forty-three cents on the dollar and senior secured creditors got twenty-nine cents on the dollar. since everybody manage to get taxpayer money, i am sure they were all too happy to sign on the dotted line. yes, i suppose all chrysler and gm were put to death, but all the sudden we had a miraculous resurrection. i don't even see the word "new" on the side of the building. the only thing that changed is the taxpayer is $60 billion poorer. or maybe we have the case of aig, which is more akin to the film, "week

i know ii was unpopular, but it was the right thing to do, and both gm and chrysler are adding ships and operating at a profit, which nobody would have imagined just a year ago. the question w is, how do we keep this momentum going? how do we keep adding jobs, raising incomes, how do we keep growing not just our economy but growing are middle-class? in the short term, we have to keep creating the conditions for companies like k.eal to succeed, to keep growing and hiring. because of a bill i signed into law, businesses are now eligible for tax cuts for hiring unemployed workers. companies are able to write off more of their investments into equipment. as part of health reform, four million small businesses rently received a postcard in their mailbox telling them they will be eligible for health care tax cuts this year. those tax cuts can be worth tens of thousands of dollars to those companies. [applause] i have also urged congress to cut more taxes for small businesse so that they can get the incentives and credits that they need to create jobs and growth. i believe it is absolutely

do you think those laws would have stood a chance of standard oil and gm could have spent millions of dollars advertising against vulnerable congressmen? by name in the last months before their elections? don't. so here is my point. general kagan, citizens united isn't just about election law. it isn't just about campaign finance law. it's about seat belts. it's about clean air and clean water. it's about energy policy and the rights of workers and investors. it's about health care. it's about our ability to you pass laws that protect it the american people even if it hurts the corporate bottom line. as justice stevens said, it's about our needd to prevent corporations from undermining self-government. but i think you know that. general kag condition, you have shown remarkable skill as a lawyer for our government. i like that. i want to see that legal skill in action and i want to see if you might continue the work of justice stevens. thank you, mr. chairman. >> thank you very much, senator franken. i appreciate your statement. i ask the staff if we could set up the table. i noticed t

caller: i was wondering, the list gm issue.hat kind of players will we have in afghanistan mining the lithium? will a drawl other countries to the region -- will it draw other countries to the region? host: explain the significance of what david is talking about in terms of the afghan economy. guest: lithium was one of the minerals identified in the 3 million discovery of minerals in the country. it promises great resources, much like oil anin iraq so the afghan government can finance itself. pffone of the world's richest copper mines in afghanistan. that was competitively bid. the chinese were successful bidders there. i would assume that with t the m and everything else would be handled in a similar way. host: in a speech that we did cover by congressman steny hoyer the senior democrat and house of representatives spoke. he talked about the deficit of the economy and of national security and the democratic party. >> president obama also demonstrated that he learned still lessons of the bush administration with years of neglec

it was the right thing to do, both gm and chrysler -- [applause] both gm and chrysler are adding shifts and pulling in a profit. how do we keep adding jobs, raising incomes, growing our economy and our middle-class? in the short term, we have to create conditions for companies like k. neal to succeed. businesses are eligible for tax cuts for hiring unemployed workers. companies can write off more of their investments in new equipment. as part of health reform, 4 million small businesses received a letter telling them they would be eligible for health care tax cuts this year. and those tax cuts can be worth tens of thousands of dollars from those companies. [applause] i also urged congress to cut taxes for small businesses so that they can get the incentives and the credit that they need to create jobs and growth. i believe it is absolutely critical that we extend unemployment insurance for several months so that americans that have been laid off through no fault of their road get the support they need to provide for their families and they can maintain health insurance until they are re

and also, i noticed gm is building a new center to sell cars. am concerned that while construction is good, when the job is over, it is over. who is going to survive with cars and why they had to move from the old place to the new place if we just had to bail them out. host: we have this message on twitter. back to the phones. arizona, and democrats line. caller: i do see a number of stimulus going on in our area. icy roads being paved, -- i see roads being paid, a new car dealership, a friend of mine has a child care agency. they got notice that funding was not going to be coming from the state. then they got a notice that the funding was coming to her line of business. i see some turnaround. we have a lot of new construction. i see a number of businesses in our area. it seems to be predominately restaurant. i do not know if that is the best choice in this economy. i see actions. there are still some people out of work. but there is prosperity in our area. host: in the "new york times" here is this headline. next up, fargo, north dakota, on our

and both gm and chrysler are adding shifts and operating at a profit. so the fight -- so despite temporary setbacks, uncertain world events, and the resulting ups and downs of the market, this economy is getting stronger by the day. now that does not mean that this recession is by any means over for those millions of americans who are still looking for a job or a way to pay the bills. not by a long shot. the devastation created by the deepest downturn since the great depression has hit people and communities across our country very hard. and it is not going to be a real recovery until people can feel it in their own lives. in the immediate future, this means doing whatever is necessary to keep the recovery going and to spur job growth. but in the long term, it means recognizing that for a lot of middle-class families -- for entire communities, in some cases -- a sense of economic security has been missing since long before the recession began. over the last decade, these families saw their income decline. this all the cost of things like health care and

turns around and we have a buy american focus -- your scene truck and car sales started to go up by gm ford and chrysler. you are going to see these jobs continue to be maintained. host: i just want to let our viewers know that general mcchrystal has arrived at the white house just moments ago. bloomfield, new jersey. clark, independent line. you are next. caller: i think you're doing an excellent job in moderating. i do not see why so many people call in. they are really off the wall. you do a great job and you always do. mr. shultz, i watch your program. i can take about five minutes before i just cannot handle it anymore. i have to change the channel. you use words, you twist words and deceive people. i can give you an example. nafta -- you say the republicans killed that. well, nafta was actually -- al gore took full credit for that, sending jobs overseas. host: we will leave it there and getta response. guest: in my earlier answer, i said that was one thing that the clinton administration did that was the wrong thing to do. apparently the gentleman did not hhar that answer. host:

the same tools that were used to orchestrate the bailouts of citigroup, bank of america, chrysler, gm and rescue to the shareholders of bear stearns. there is also a matter of perpetuating taxpayer bail us. the house bill has a bailout fund. the senate bill allows the fdic to borrow money to wind down the is a institutions. who ultimately pay for these mechanisms? the taxpayer. enough is enough. we can do better by creating an enhanced chapter of the bankruptcy code with a resolution of 40 to prevent future bailouts and create better transparency -- resolution of failed entities to prevent future bailouts and create better transparency. as we know in the conservatorship of fannie and freddie, we have $145 billion of taxpayer dollars already at stake. the time has come for sensitive reform of the gse's. we still have plenty of time. we have the will to tackle the enormous exposure to the taxpayers of fannie and freddie. i look forward to an open and transparent conference and the type of financial reform that will hold wall street accountable and permits main street to thrive. >> the c

from my colleague in the house this had made in china made in the united states in fact it was the gm plant five minutes from our house in lansing. we don't need to be purchasing these from china when they are made in the united states. we also know that tigers and the bullets, ammunition as well have een purchased from china and so i would like you both to react on currency but also whether it is you will work with us to close the loopholes on the buy america provisions and make it very clear we are not going to do business and provide american tax dollars to china unless they open up the process to businesses. >> let me take a first stab at this. we are pleased with the support we received multinational with respect to china's proposed innovation proposal and policy just as it was through multilateral concerned and comment the chinese withdrew their previous filtering software proposal so we do know that the more that other nations join in these issues and focus on the issues and the better the response will be. and we are very pleased china has made recent announcements regarding i

i think they did the same thing with gm. host: sutterville hill, alabama, independent line, mary, go ahead. caller: i am very upset. i just have four quick points. the administration should apologize for not responding for nine days. alan salazar should resign. and that $20 billion, and that is over four years. that is $5 billion per year. they should listen to the locals who know the waterways and the estuaries and the wildlife and not hinder people who are trying to clean it up like bobby jindal in it louisiana. it is killing what is left of live in the gulf. -- left alive in the gulf. i wish people would stop and look at what is going on down here. it is not just killing the animals. it is killing our way of life. and mr. president, you played golf ball ever won and was down here crying and wanted to put ordaz -- you play golf while everyone was down here crying and wanted to put out the fire. host: next call, please go ahead with your comments. caller: i feel the more that he kept saying that he did not know -- i mean, w

both gm and chrysler are adding ships but an operating at a profit. -- shifts and an operating profit. that does not mean this recession is by any means over for the millions of americans still looking for a job or a way to pay the bills. not by a long shot. the devastation created by the deepest downturn since the great depression has pitted -- has hit people across our country very hard. it is not going to be a real recovery until people can feel it in their lives. in the immediate future, this means doing whatever necessary to keep the recovery going and to spur job growth. in the long term, it means recognizing that for a lot of middle-class families, for entire communities in some cases, a sense of economic security has been missing since long before the recession began. over the last decade, these families saw their incomes decline. they saw the cost of things like health care and college tuition reach record highs. they lived through an economic expansion that generated more job growth than at any prior expansion since wwii. some people have called the last 10 years the lost de

the same tools that were used to orchestrate the bailouts of citigroup, bank of america, chrysler, gm and rescue to the shareholders of bear stearns. there is also a matter of perpetuating taxpayer bail us. the house bill has a bailout fund. the senate bill allows the fdic to borrow money to wind down the is a institutions. o ultimately pay for these mechanisms? the taxpayer. enough is enou we c do better by creating an enhanced chapter of the bankruptcy codwith a resolution of 40 to prevent future bailouts and create er transparency -- resolution of failed entities to prevt future bailouts and create better transparency. as we kw in the conservatorship of fannie and freddie, we hav $145 billion of taxpayer dollars already at stake. the time has come for sensitive reform of th gse's. we still have plenty of time. we have the will to tackle the enormous exposure tthe taxpayers of fannie and freddie. i look forward to an open and transparent conference and the type of financial reform that will hold wall stree i look forward to the kind -- >> the chairman of the agriculture committee wi

than the federal government decided to buy the largest car company in the united states, gm and chrysler. they subsequently declared bankruptcy at the united states still owns them. we also owned freddie and fannie. does or not someone's relatives. what they are, they are the largest secondary mortgage companies in the united states which means today uncle sam, the federal government today, effectively owns well over half of all the private mortgages in the united states. consider that. over half of all the private homes in this country that have mortgages on them which are the overwhelming majority, those mortgages are owned not by a private bank anymore but by the federal government and if america goes in and purchases a mortgage today on a property and it is a great time to buy a home, nine times out of 10 you will getting-- begetting our mortgage from the federal government. this is completely what we were doing 18 months ago. act about the government had taken over control of the private student loan industry, so you don't get private loans from private banks. now you have to go to

american international auto show at the beginning of this year and met with the top leadership of ford, gm and chrysler. ron was right there. it was apparent as these companies have worked through a very challenging time, they had a true partnership, a true partnership in their workers. the best workers in the world and their leader was there as each of the management leaders of ford, g.m. and chrysler talked about new technology and talked about their innovation and talked about retraining of their workers and talked about more efficient and cost efficient manufacturing processes. ron was there as they talked about their exciting new products made in the united states of america by american workers that ron led and represented, best products in the world, the best automobiles in the world. that's ron gettelfinger. another story, i represent a lot of auto workers and a lot of families that earn their living from manufacturing. i have an auto assembly plant in my district. and this is i think the auto industry's most modern, efficient plant in the world. and that just a year and a half ago

degreed with any kind of regime that, for example, could force ford to have to bailout chrysler in gmi've been against that regime. so should the big banks be concerned about this regime? the answer's yes. should they be concerned with the application of fannie and freddie? i believe the answer is yes, but as i read the underlying law to put it in some kind of bill in context, number one, let's recall the secretary of treasury has for all purposes said the full faith and cret. although he won't use that phrase -- is behind fannie and freddie. it sounds like the taxpayers are stuck being on the hook. i think he just said we stand behind the gses. also to trigger this authority, i think, would take both a vote of systemic risk council and the treasury having to signff before the resolution authority would be triggered in the first place. so is the anxiety or fear well founded perhaps to what degree? i don't know. but again, i'm not here to punish banks, i'm here to protect taxpayers. that's my purpose. and i yield back to the gentleman of california. >> thank the gentleman. and before i

both gm and chrysler are adding ships and operating at a profit. -- adding shifts and operating at a profit. this economy is getting stronger by the day. that does not mean this recession is by any means over for the millions of americans who are still looking for a job or a way to pay the bills, not by a longshot. the devastation created by the deepest downturn since the great depression hasn8 hit people in communities across our country very hard. it is not going to be a real recovery until people can feel it in their own lives. in the immediate future this means doing whatever is necessary to keep the recovery going in to spur job growth. in the long-term it means recognizing that for a lot of middle-class families, for entire communities in some cases, a sense of economic security has been missing since long before the recession began. over the last decade these families saw their incomes decline. they saw the cost of things like health care and college tuition reached record highs. they've lived through a so- called economic expansion that generated slower job growth than at any

i know ii was unpopular, but it was the right thing to do, and both gm and chrysler are adding ships and operating at a profit, which nobody would have imagined just a year ago. the question now is, how do we keep this momentum going? how do we keep adding jobs, raising incomes, how do we keep growing not just our economy but growing are middle-class? in the short term, we have to keep creating the conditions for companies like k. neal to succeed, to keep growing and hiring. because of a bill i signed into law, businesses are now eligible for tax cuts for hiring unemployed workers. companies are able to write off more of their investments into equipment. as part of health reform, four million small businesses recently received a postcard in their mailbox telling them they will be eligible for health care tax cuts this year. those tax cuts can be worth tens of thousands of dollars to those companies. [applause] i have also urged congress to cut more taxes for small businesses so that they can get the incentives and credits that they need to create jobs and growth. i believe it is abso