but i would say in hindsight, any president who pushes a major piece of legislation through and gets it through deserves some credit. it's not easy to get something through the congress as kplekted as that. we won't really know whether the bill works or not for quite some time because it's delayed in its implication. >> rose: the criticism i hear is it addresses access but it doesn't address cost containment and that is the problem with it. >> that may be a problem. we don't know because the bill is phased in over time. the law of unintended consequences is probably the most significant law in washington. the regulatory reform bill and health care bill are large bills. the health care bill is roughly 2,000 pages. and the reform bill is-- >> rose: 2300 pages. >> together you've got roughly 4,300 pages of new legislation. and each of these bills requires additional studies. i think the health care bill requires 40 diminish studies to be done. and the regulatory reform bill 68 additional studies. now, i wish we could do things a little bit more simply. the greatest legislation passed in

and that explains in hindsight you can say what would have been not that but at the time the situation was being dealt with. >> anymore questions? [inaudible] >> the amount of foreclosures still increasing, the nemployment rising, white indicators do you say that you're successful or not successful in accomplishing what the fed, federal reserve andmb still have to do? >> well, the question for the session was the extent to which the financial crisis is over. clearly applied for stressing in the mortgage market is related not just to the problems in financial institutions, but more broadly to unemployment. and you know i'm not intending to make a judgment about success either way, but the continued problems in the mortgage market is much related to unemployment as to the availability of mortgage lending. and that's the problem that a t.a.r.p. program has tried to move to address by allowing violence to be made to people who are hopefully unemployed for a finite period. and allow them to stay in their homes. >> questionnaire asking, even with this extraordinary government assistance, we

million people got killed during world war two and they all have bad stories to tell about it and hindsight do you think that there was any way to avoid it using the atomic weapon any other option that would have achieved the same call three main options one was to put a blockade around japan and start of the people the death how do you a star of people of death that are already living on one thousand calories you can't do it a second then you other two options were dropped the atomic weapons or put a full scale invasion into japan the atomic weapons would have crizal the less casualties overall than if the invasion of japan would have done and if you ask any g.i. that what they're going to body with it was in a service over and over the pacific and you had their little of the atomic bomb. and i think my next door neighbor came over here when he found out what i did and dumping the atomic bomb and he could be over here at six o'clock one morning pounding on my door says i just found out what you did you saved my life and i says are you proud of my door at six o'clock again the ifa i won't s

highest level in four months to make it end of the trading session point twelve percent lower on hindsight is up over one hundred percent the sour. shares in europe pounds back ahead of us and off on payrolls date on london's footsie and germany's dax up trading over half a cent higher on friday well bank of scotland is up over two percent of the pulte after reporting a pretax profit of one point fourteen billion pounds for the company here barclays is sending one point two percent. international reserves have grown by five billion dollars and one week small the growth experienced throughout the whole of june the central bank says the reserves are now around four hundred seventy billion dollars analysts say growth rate over the last two months due to the rise of the euro and the pound against the dollar question faced a sharp decline in sri serves at the end of two thousand and eight and they were used to support the ruble rate the global recession took hold. that's all we have made this hour but i'll be back with another update in about fifteen minutes from now and join me at. nature and

damage had been done underneath that cloud there and everything but you could not see what it was and hindsight do you think that there was any way to avoid it using the atomic weapon any other options that would have achieved the same call three main options one was to put a blockade around japan and start of the people to death how do you a star of people of death that are already living on one thousand calories you can't do it. a sec that then you other two options were dropped the atomic weapons or put a full scale invasion into japan the atomic weapons what they had resolved in a less casually overall than with the invasion of japan would have done and. if you ask any g.i. they want there's going to be body but it was in a service over and over the pacific and you have their little of the atomic bomb my last question for you if world war three broke out today god for bad and you were given the same order if you were they said go drop an atomic bomb on whatever city would you do it again if everything was exactly the same as you had was there. that's the point where you would could go i kno

reflecting back, with the wisdom of hindsight, there was an inadequate challenge. butler and david omand talked about it in terms of group- think and the psychology of everybody feeling it was going one way. i think the important thing about it is it should never -- its judgments -- it is always recognized and others must recognize that its judgments may be fallible. looking back through the jic reports, i think it was pretty good on the terrorist threat actually -- much less good on iraq. i think that the jic did try to go back and look at its past judgments and be self-critical and you will have seen papers on that. you will have also seen papers on the extent to which some of us thought it needed to be more self-critical. i don't know what it is like today. it is always going to be an imperfect way of doing things but it is right that we try and do it like that because the alternative is anarchy. >> thank you. there is one general question arising out of that, which was looked at by the butler committee and we have now had evidence of it ourselves from a number

[ laughter ] >> in hindsight... [ laughter ] >>> got a story idea or comment you would like to shareith us? email brian@cbs5.com. >> and check out brian's daily briefing weekdays at 11:00 on cbs5.com. watching cbs early edition.

i think, a lot of people, in hindsight, would now say more reach-out should have been done. more sophisticated campaign to talk. not just people in the exact area, which they did, but with others, with more of the family members. and do a much more sophisticated reach-out campaign. we're going to ask them, again, what are some of the missteps? if they had to do it again, how would they have done it? and also, to press them on what kind of center this is going to be. it's meant to be modeled on the jewish community center or the 92nd street "y." those community centers that are in new york. >> and there's also a lot of news overseas in afghanistan, word that all private contrac r contractors would be kicked out of that country. you're going to be talking to hamid karzai. could it set a dangerous tone for the security in the country, this move? >> people are very worried. because there are tens of thousands of afghans and foreigners in the private security firms in afghanistan. all of us who have been there have seen them escorting military, protecting embassies, diplomats and

>> we can always look at things in hindsight and say, gee, we should have done that. clearly, when the jcc thinks about what we should have done differently -- in fact, when daisy came to us, she said, what would you have done differently? we unpacked some of that with her. i said we should have done more stroller space. it was actually on that level that we were talking about. >> we were talking about shoes. our concern is shoes and hers is strollers. >> reaching out to people, should there have been a more organized debate in the community, in the wider area to talk about how this was going to be done? >> i think it's not too late to do that. we've invited -- the jcc has invited daisy and the imam to come and speak at the jcc in september. and i hope that we'll be able to do that. they've certainly accepted our offer. i hope that other centers in the christian and jewish communities and in the secular world will come to do that. because, clearly, what this whole controversy has unleashed is a tremendous amount of misinformation, lack of knowledge about islam we need

and you talked about how it was painful but in 20/20 hindsight, what could you have learn from that, do you think? >> i think any time the economy is weak, incumbents are going to have challenging re-election on most instances, and that certainly was the case, when you have unemployment rise that much. we were in the midst of the financial meltdown, and the aftershocks of that, in 2009. i think we'll seek some of that this fall. but i want to go back to, we have been successful in this country, in driving investment with higher tax rates than what we have today. i think the issue about setting those and making sure that the expiring tax cuts that are actually on the table at the end of this year, that needs to get addressed. and it needs to get addressed relatively quickly, because that does create uncertainty, while that is yet to be resolved. i would hope that the congress, and the president would either say we're going to get to a conclusion about the long term, or we're going to extend this for a year, and we'll come back and debate this at another point in time. because that's a

. >> rose: is there anything in the value of 20/20 hindsight you would have done differently. ordered to be done differently? >> we had a hard time mobilizing resources to get to the scene due to some regulatory constraints we have in this country and in some cases some of our own response structure prohibited us. the administration produced an emergency rule in a matter of days that aloud us to take response equipment to actually bring it to the gulf. those are some of the precedent setting thing we had to do in this response. one of the things was key to the success of finally getting this thing stabilized was taking control of the airspace over the gulf. >> rose: that was a decision you made day one, as i remember. >> well, we had surveillance flights out there, but we had a point where there were spotter planes for the skimmers, there were logistics helicopters out, there surveillance helicopters out there. as we moved into mid-june, we had eight near-misses out there with aircraft. and i talked to the president on the 159 of june, we're on our way back from pensacola... >

a lot of clear hindsight that was in his is, as you remember. but banks weren't sure of the extentf the losses. we thought they might be confined to perhaps some portion of the leading sector of banks in u.s., but it turned out as we know they were spread very broay across the globe through various financial instruments, that people have now come to understand in hindsight much better than they did at the time. so the libor, whe the spread gets big it is done you the libor is going up, banks are reluctant to lend to each other except at fairly high rate. and that's also importantly because a lot of consumer rates are tied to the libor. so this is definitely an indicator in the financial system. you see that it peaks in the fall 2008 when government moved, governments across, across the developed world move to take action, and it has really fallen down close to historical levels. and a little bit of the n at the end. i think that you your center that was a concern that began to emerge about greece and sovereign debt problems in western europe. so

reflecting pack with the wisdom of hindsight, there was -- there was an adequate challenge. this has been gone into -- into in -- butler. david owe oman talked about it in group think and the psychology of everybody seeing it going one way. i think the important thing about it is that it should never, its judgments, must always recognize and others must recognize that the judgments may be fallible. looking back to the reports, i think it was pretty good on the terrorist threat actually. much less good on iraq. i think that -- that -- the j.i.c. did try to get back and look at its past judgments and the -- be self-critical. we've seen papers on that. you have seen papers on the extent to which some of the -- some thought it should be more self-critical. i don't know what it is like today. it is always going to be an imperfect way of doing things. it is right to do it that way, the alternative is anarchy. >> the general question aridesing out of that which was looked at by the butler committee and we had evidence ourselves from a number of witnesses. that's the extent to which

. >> i mean, looking back now with the benefit of hindsight and what we know, is there more that iraq could have done with this declaration? >> yes, maybe, because when we look forward to the 2003 in february and march, then they became more proactive, as the term was. the resolution required active, unconditional and immediate cooperation, and as the us pressure mounted and they really saw the dangers, then they also became more active. maybe it was also a difficulty for the iraqi leadership, i mean under saddam, to persuade him to go along with something. that is possible, but certainly i have been criticized and people said that at the end of january 2003, "you were very critical of the iraqis, but then 14 february and 7 march in your statements you became more upbeat." they say, "why did you change your opinion?" i say, "look here, if i am there to observe and the circumstances change i damn well ought to also change my report." that is what happened, the iraqis became more cooperative. let me take examples. a major matter was what had they unilaterally destroyed in 1991? unscom h

specific ones -- as a member of collective responsibility for the workings, with retrospect, with hindsight, the pre conflict assessments who who, is there anything in the process that could have been improved? >> bea butler committee has done some important things. i have thought about this. that dossier was being put together and my recollection -- i have two points i think. we were to put in some low- grade intelligence and we refused because we didn't think it was reliable. because of our nature of what we do, -- the degree to which, if you are not an expert, or options are challenged and are limited. the people who knew about iraq were foreign office, the ministry of defense, not my service. i have obviously thought whether my predecessor or i should challenge more, and i know a degree of that intelligence on which to much reliances is in any way on reliable. i think that in his evidence day-to-day, it is essential in order to assess, analyze, calibrates raw intelligence a report that can go to ministers. it is not a good thing for raw on a said intelligence to be widely distributed. i

>> you know, in hindsight, i think that this is probably better!se now i am much more prepared with my marketing skills, communication skills. to be of real value in business development projects that i am going to be within morocco effort. >> working with partisans russian art >> that is correct-to promote their goods. --our distance and morocco. >> yes. >> and artisans. >> you are more valuable now? >> yes, that is their concept bof recruiting after people of over 50. >> rigorous health skills? >> there is three months of training. >> to you have to jump over walls like training for the military? >> no but i would not mind that lot >> and a lot of the training would be language training. i will be learning arabic. >> cultural training? >> exactly. the peace corp big like that. >> are you going alone or with a group? >> the way that this works is that if they send an entire group of volunteers into a country at the same time. and there is a smooth and constant turnover of volunteers. i do not know how large the group is that i am going with but it

. >> i mean, looking back now with the benefit of hindsight and what we know, is there more that iraq could have done with this declaration? >> yes, maybe, because when we look forward to the 2003 in february and march, then they became more proactive, as the term was. the resolution required active, unconditional and immediate cooperation, and as the us pressure mounted and they really saw the dangers, then they also became more active. ybe it was also a difficulty for the iraqi leadership, i mean under saddam, to persuade him to go along with something. that is possible, but certainly i have been criticized and people said that at the end of january 2003, "you were very critical of the iraqis, but then february 14 and march 7 in your statements you became more upbeat." they say, "why did you change your opinion?" i say, "look here, if i am there to observe and the circumstances change i damn well ought to also change my report." that is what happened, the iraqis became more cooperative. let me take examples. a major matter was what had they unilaterally destroyed in 1991? unscom had

i think in hindsight you look back and say, how in the world could this have happened? how could folks be this willing to overlook things? but at the time it was just something that people were not considering. host: ohio, earn ernest on the line for democrats. you have been patient. caller: thank you. the w.t.o., as long as are in charge of the world government and we people will not be able to go up against corporations, and the last thing i want to say is that this guy said there's room enough for [inaudible] for the financial crisis that we're in. the fact of the matter is it would be a cold day in hell before poor people in this country calls rich people to lose one penny because of the the decision that poor people make. guest: i think that's accurate. i think a difficult issue. i think everybody's been dealing with right now is obviously the blame issue. but certainly the fact that the largest institutions, the folks that are largely to blame for taking this system to the brink have been the institutions, the people that have gotten the bailouts, that have gotten

. >> is there a reason, and i'm only looking at this from my side, hindsight . is any reason why there's no warning or any type of indication that there was potential for gas flow in this e-mail? >> no. on april 18, excuse me come on april 15 when i first noticed the problem, i put out a similar graph that showed the channeli channeling. once i've noticed that was occurring, i printed out that -- not that exact graph but one with several results. i print the grass out and notified bp of the potential issue that we are facing. >> and that only went to the same list your? >> no. i did send it out by e-mail. i was in the office working on and when i noticed, i printed out and got up to go show bp. when it came round the corner, i ran into greg and mark in a put up to them and said i think whether potential problem here. a potential for flow due to the channeling. i remembered a conversation that mark was on way out to the meeting and we briefly discuss it any safety with brad to see we can do to fix the problem. and mark left eye stay behind. and later on great joi

. >> i mean, looking back now with the benefit of hindsight and what we know, is there more that iraq could have done with this declaration? >> yes, maybe, because when we look forward to the 2003 in february and march, then they became more proactive, as the term was. the resolution required active, unconditional and immediate cooperation, and as the us pressure mounted and they really saw the dangers, then they also became more active. maybe it was also a difficulty for the iraqi leadership, i mean under saddam, to persuade him to go along with something. that is possible, but certainly i have been criticized and people said that at the end of january 2003, "you were very critical of the iraqis, but then february 14 and march 7 in your statements you became more upbeat." they say, "why did you change your opinion?" i say, "look here, if i am there to observe and the circumstances change i damn well ought to also change my report." that is what happened, the iraqis became more cooperative. let me take examples. a major matter was what had they unilaterally destroyed in 1991? unscom h

can you with the benefit of hindsight make sense of saddam's behavior in terms of his own motivation, his own perception of his regime, his country within the region and in the wider world? was there a rationality about it or not? >> i never met him. muhammad al-baradei was very eager we should meet him. i was skeptical about it. i thought we will come away with some half promises and then the world will say, "the inspectors have been fooled again." muhammad i think with some justification felt that this guy gets truth so rarely. amr moussa had been there and had a conversation with him. muhammad was very outspoken with vice president ramadan and i am quoting prime minister blair, "what that report shows is actually the extent to which saddam retained his nuclear and indeed chemical warfare intent and intellectual know-how. it is absolutely clear from the iraq survey group that he was concealing material he should have delivered up to the united nations, that he retained the intent not merely in theory but was taking action on, for example, dual use facilities that were specifically i

give us a sense, now with the the benefit of hindsight, how you would perhaps change policy to avoid the kind of crisis we just went through? >> history can be a very useful guide. if you think about some of the market disciplines that are once again becoming the norm, there is a good solid base of knowledge to draw on. there are four key policy areas the required. lenders need to have an interest in the underlying quality of every single mortgage that they may, not just origination but throughout the entire life of the mortgage loan. we need to look at all aspects of the business model that make the loan walk away. in terms of how to do that, in regards, the qualified [inaudible] it will go a long way toward making this happen. their knees to be a level playing field for all parties across the entire mortgage business whether you are involved in securitized in research -- secured rising or servicing mortgage loans. even more important than the regulation itself is to make sure we're consistent in the rules for all market participants. loan origination should not be able to escape ma

only the facts, but i would benefit from your insight about what that said with the benefits of hindsightning everyone is a better quarterback. and your installation and not just the facts, but your insight into what communications you have with saithat rig. some people have referred to it as the wealth froell from hell. your agency was making some real time approvals, like in the change in the last mintminute cementing process. someone could make an approval that obviously, they did not have time to run a computer program and probably did not run a computer program. i do not know how many calculations they did, but obviously how the process work internally in the distillation of what could have been done better in does not rise to our recommendation to be very valuable. >> that would be great. we could provide you with a detailed general briefing were you and your colleagues could consider this. >> this will be the last. thank you very much. it is almost lunch. with regard for this, i want to thank you for your presentation. i saw the excellent meeting that you and your co-chaired from t

. >> i know hindsight is 20/20 and i'm not trying to put you on the spot.s bag had your ipad, your wagate, it had cash, credit cards. how did you manage to let it get so far away from you? >> yeah, a lot of people have commented on this fact. when we first walked outside the building, i was taking pictures of the kids right next to my bag. and then, you know, as kids do, we drifted away a little bit, and then i noticed a low wall that i could rest my camera on to do a timer shot. so, we just kind of drifted over about 20 feet away, and then i set up the one shot, and just took that one picture, and, you know, we started to walk away, and i realized, oh, let me go just grab my bag and that's when i realized it was gone. >> when you found out that it was missing, i can imagine what my wife would have said to me. were there words exchanged? >> well, he asked me, do you have my bag? and i'm like, no! i don't have your bag. why would i have your bag. of course it was that kind of frustration of like oh, why did you leave it there? and you know, keep an eye on th