here's iceland as an example of a policy of letting the banks fail come what may picking up the pieces thereafter and moving forward and on the other extreme i guess you have to point to a country like japan that has supported their banking system now for twenty errors and there is zombie banking perry and i'm not realizing the. losses and eating up their entire country's savings and now going to a period of rapid decline so those are the two choices and first of all for those who argue that it would be impossible for america to have experienced icelandic repudiation of the depths and simply allow banks to fall the too big to fail banks what do you say to them and second of all are you saying basically that we're stuck and a japan like a zombie economy well first of all we are absolutely getting ourselves stuck in a japanese zombie like economy and to those who would say listen these banks were too big to fail it would have been too disruptive you don't think about the deflationary impacts of what happened this could have led to all kinds of things potentially uncontrolled you know han

iceland will get what is left of her can i ring. in the u.s. airlines are trying to get back to normal after 12,000 flights were canceled. will tran is live at sfo. >> you can see that some flights are taking off this morning on time. about five of them should be taken off this morning however that have already canceled five of departures from sfo. they did not bother putting it on the board. as we moved up the camera, here are our rivals, four of them already cancelled from new york. altogether 24 cancelled flights in coming to as a cold. that probably will not change. they will update as the day moves on. for those that cannot take off to new york, i spoke with some people this morning and said they cannot be there, at least they can get in little bit closer. >> you make plans months in advance, we waited to get the word to see if we could go so we will just go to chicago instead. >> just go with the flow? >> yes. just make it happen. >> that might be the theme for the next couple of days. you can see the security checkpoint is starting to di

>> the ones -- and we saw the ones in iceland where the there was a volcano, but you see this amazingdence, where those happen, you get a lot of powerful earthquakes. this one was 5.8. a lot of concern about the indian point nuclear power plant. one sixth of the population of the united states lives one the 50-mile evacuation zone. >> which is why government officials came out so fast to say it's okay. >> 6% lives within that exclusion zone. there's another earthquake area called -- there's a fault zone right near there. on the governor wants to close down that nuclear power plant. >> iceland, japan, now new york, we've got to stop meeting like this, bob. >> haiti, too. >> i want to bring in laura howe. laura, it's good to see you. >> it's been a day of preparing for earthquakes and hurricanes here. i think as bob said, none of us were used to feeling earthquakes, so, you know, i think we were all pretty surprised by it as well. >> you saw here in new york and a lot in d.c. people running for the streets. they were trying to get out of the buildings. is that the smart thing to do, tho

it came iceland the same rating that u.s. now has and iceland almost went bankrupt.hat credit worthiness do we have from an agency like this? i mean, are they worthy, as george will says of us giving them credit? i've never quoted george will in my life as i promise. >> it was very generous of you to call the ratings of lehman brothers flubs. in one interpretation, can you blame the rating agencies. not just s&p been rudy's and fitch as well, forebeari forebearing a lot of the blame for the crisis. the rating agencies right now, s&p in particular, are feeling that they missed it in 2008. they were too generous. they were too easily swayed by these companies, which said, no, no, no, don't downgrade us. i think that enclined them psychologically to say, you know what, this time we will take a hard line. >> jared, she's saying that maybe they were influenced because they made mistakes and they are now taking a harder line. others are saying that they were being political then and they are being political now. i don't know. just because i'm paranoid doesn't mean no one's

iceland cannot do damage to anyone unless you are from iceland but the united states can drag down the entire western economy and what we are seeing is simply a reflection of reality. this is not, i'm sorry, this is not a triple a nation. warren buffet, the president by the way has another businessman. he cannot just keep quoting warren buffet because he is not a typical businessman and typical businessman understand that this is not a triple a economy. you cannot be triple a when you have $4 trillion in spending but $2 trillion this revenue or $15 trillion in debt and ten times--. >>neil: but what warren buffet was saying with fox business network, no one doesn't think we would not make good and pay the bondholders and he said that would never be in doubt and nothing sacrificed in the deal would put it. >>guest: i think the deal last week actually said the opposite. that the political class in this country is not serious about the urgency we are facing. these are huge sums. there was a study last year in which, the question was asked, is there enough money on the planet to fund u.s. g

you can come up with bad numbers for greece, portugal and iceland and the rest of it. they don't involve trillions. the scale of potential disaster with the united states is of a different order than iceland. >> markets today were also trading on what is going on in europe. that's a big fear too. i know you saw the big sell-off we had somebody on my show tonight saying the dow is going to 8500. it is not just worry about our debt. it is worry about the global economy, about the european banks, bailing out spain, bailing out italy. a lot of debt has to be repaid. >> it is the global economy. we are supposed to be the engine of the global economy. even in a sense the global picture is a reflection on us, eric. >> we are still that, i don't know why we are saying we are not or not going to be the most sought after debt in the world. where is china and japan going? they have ten billions per month. these are profits that are sitting. they are going to canada, brazil? of course not. they are going to continue to come here. do we have to get our fiscal house in order? absolu

the north east it storm fell apart it is still a somewhat tropical storm it is heading up toward iceland the rains are finished. but this out of virginia of each added storm a to prove deadly and him this was a tornado that ripped open these homes. from the powerful winds to the heavy rains this is philadelphia streets were flooded due to the torrential downpour tens of thousands of homes or ought without power it is the wettest august on record for philadelphia 70,000 people are without power. >> our weather is looking good it is going to be a little cooler after today. >> this is a look from our roof camera conditions are ok over stanford's fiscasan fras is our satellite view of the fog it is concentrated mostly in that north bay area visibility reduced to less than a quarter of a mile. be careful of that no delays add as f zero as of vietna at sfo as of yet. this ia look of current temperatures are around the bay area mostly '50s and '60s a will be at pleasant 7080 degrees around the animated bay area this is a look of your seven day forecast of hot weather in a last today it will be

manufacturer is that recalling fifty four of its bullet trains of a continuing reliability problems in iceland comes just a day after or thought he suspended all new high speed rail projects forty people were killed in july when a bullet train on the line near when we collided with another the model that's being recalled is currently used between beijing and shanghai and has been plagued with power cuts and technical problems. israel has approved the building of thousands of new settlements in a disputed area in east jerusalem creating tension with the palestinians peace talks between the two sides have been deadlocked by the construction of jewish homes in the west bank and as analysts baskin told us the latest announcement is yet another step away from a compromise. and this is not a time when it seems likely that israelis and palestinians will be moving toward the peace talks and that the americans will be leading the way the main issue that has blocked a return to negotiations is the continued settlement building by the government of israel this is not going to help the situation. that the

united states already pay less in taxes than in any other developed nation in the world except for iceland. but that's not good enough i guess as rick santorum points that he thinks corporations should pay no taxes at all well but the big thing of good prose is to take the corporate rate which makes us uncompetitive particularly extorting goods take the corporate rate and cut it to zero for me factures well ricky wake up and smell the coffee of many corporations already a no corporate taxes in fact they pay less than no corporate taxes they get welfare but she which earned more than fourteen billion in profits yet somehow paid no taxes and even managed to get a three point two billion dollars tax rebate or horizon his workers are on strike because the corporation is trying to cut their benefits which earned more than twenty four billion dollars in profits last year and like g.e. paid no taxes but instead got a tax rebate over the last two years of over a billion books not to mention bank of america boeing exxon mobil citigroup wells fargo some of the biggest corporations in america paid no

we do not want iceland and ireland to dictate the terms of american banking regulations. bangs will say there is some country that is blocked by the banks. it is going to have low regulation and can do things that we cannot do. we need to focus on what is could for the american economy. >> i could not agree with you more. we do not need to fight the whole war. we have much higher capital standards. we do not want to have a race to the bottom. what we want to do it is used our clout to ensure that regulations supervision abroad, with respect to capital are applied fairly. the issue in terms of competitiveness and meeting our high standards is important. when a panic in serious comet in respect of of the amount of capital, if people get panicked enough, they withdraw funds. it is in part to the genius of banking. one is the maturity transformation ability of the banks. people deposit attacks, checking accounts, and they lend it for longer time frames. the genius of the banking system is the maturing transformation. it is a matter of confidence. capitalist a certain importan

world the government borders are arbitrary and subject to change at the will of the people while an iceland in the recent banking crisis in which they allowed their three major commercial banks to fail they remind us that there is no such thing as too big to fail only too big to be sustained and while there have been protests throughout europe recently the the protests over proposed a steady measures in greece have been the most desperate mix of demanding that government handouts continue and the payoffs to the banks are cease in france where there is a strong tradition of liberal protests there's also a very low threshold for protesting and not only was the country practically shut down for three weeks of rights in two thousand and five this was the birthplace of modern feminism whereas here in the united states when unions in wisconsin had their collective bargaining deals threatened they held the rear copycat protests but here they were challenging the government as much as protesting to demand the force of government be used against the rest of the population in order to take care of th

everywhere from iceland to bulgaria, angry mobs besiege their parliaments demanding the same thing.hy didn't you the government do more for me? america was the only nation in the developed world when minds of people took to the streets to tell the states i can do just fine if you control freak status, your nonstandard steam is, your job was jobs bill a new multi-trillion dollar and just did hell out of my life and out of my pocket. that's the -- [applause] >> that's the america that has a sporting chance. even as america's spend all of government outspends not only america's ability to pay for it but by some measures the planet, even as it follows britain into the dank pit of transgenerational dependency and a failed education system and unsustainable entitlements, even as it makes less and less of mortgages its future to his rivals, cheap chinese trinkets, most americans including far too many of my friends on the right of some that simply because they are american their insulated from the consequences but i have this in my friends from fox news last week when i said you couldn't a

. >> you a problem heard to reason story of a man from icelandic who went to sweden to get a tracheabecause he had cancer he had a brand new to radiograph run for him and allow it was a synthetic structure they cut out his old as the one who can put in the new one and now he is disease freedman just like a vintage car. another concept is gene therapy ahead in you explain manhattan? >> it doesn't always work as a transformer from lab to human there is other genes there is then let us live healthier of the children that are born with a hereditary blindness who can be cured and be able to see again zero there are many examples of music >> inserting a healthy fixes into their disease genes right? >> yes the missing gene has i'm missing protein they were able to produce nell the we can sequence human genes drugs affect you differently than they affect me we will be able to create jobs for an individual problem >> we haven't even touched on the social and or financial issues and i'm wondering if the money issue we are having trouble finding health care as it is will that be the biggest obs

it may hit nova scotia or iceland from there. middle's right there, providen providence, rhode island, eventually making into land in canada. how do we get this cone? well, we get the cone by running all the computer models. we call them spaghetti models because it sort of looks like fettucini here. right through north carolina, most of the models left and right, half of them i'd say, out to sea, half of them onshore. so 50/50 shot of landfall there. this even gets scarier as we get closer and closer. earlier today we had a bunch of models out in the ocean. this latest model run, not very many in the ocean, if any at all. there's boston, the cape, new york city and the potential for 100-mile-per-hour storm in any one of these cities. >> wow. obviously we're going to be tracking this thing closely over the next couple days. up next, assessing the damage from yesterday's east coast earthquake. the washington monument taking a serious hit. plus, a new and possibly key development in the case of the american woman, robyn gardner, who

spend more than anybody in the world on education with the exception of iceland but get very little learningd more than anybody in the world on education, but waste two-thirds of our energy, because the executives in chag of the banks that you're talking about who finance al of this get paid to create debt for health care, debt for education, debt for energy, debt for everything we do, because the debt pays better than solving the problem. is that right, matt? >> well, it's a piece of it, and it's a big cultural shift. remember, if you talk to executives who are retired in their 70s, let's say. people who are the corporate statesman of a generation or so ago, the idea that the sole way to make money is lever up firms to you know, kind of strip their assets, it used to be about building businesses that were solid, and finding ways to grow and expand markets overseas. there's so much financial engineering going on, as you know, and these things like these bank rules, while they're arcane and dull, are actually at the heart of what let's a lot of this happen, and the money and politics is at th

. >> iran is not icelands. been at war with us since 1979.sk israelis what keeps them up at night. if iranians are -- >> you've heard the war propaganda that is liable to lead us into the sixth war and i worry about that position. >> just like we did in iraq. build up to war propaganda. there was no al qaeda in iraq and they had nuclear weapons and we had to go in. i'm sure you supported that war as well. >> and then one of the odder changes was gingrich. he didn't go after the opponents, he went after his former employer. >> does too much attention paid by the press corps about the campaign minutia and not enough paid by the press corps to the basic ideas to distinguish us from barack obama. >> now, look, the question about his campaign is relevant in this, for this reason. you're running to run the biggest entity in the world, the united states government. if you can't run your campaign there is going to be questions about whether you can run the country. that said it is hard to figure out full-fledged winners and losers. everybody had some

] >> chris: senator santorum -- >> as awe for of the iran -- as the author of the -- iran is not iceland, ron. iran is a country that has been at war with us since 1979. iran has killed more american men and women in uniform in iraq and afghanistan than the iraqis and afghans have. the iranians are the existential threat to the state of israel. ask the israelis what keeps them up at night? let me finish. >> no, no! . there are rules here. >> i know there are rules. and you have been giving these guys a lot of time so let me answer the question. >> the senator is wrong on his history. we've been at war in iran for a lot longer than '79. we started it in 1953 when we sent in a crew, installed the shah and the blow-back came in 1979 because we don't mind our own business that's our problem! [ an us a ] -- [ applause ] >> chris: mr. cain, you told bill o'reilly in june, the way you stop iran from getting a nuclear weapon is for us to get serious about real energy independent strategy. do you think that more domestic oil production in this country is going to convince the mullahs in tehran no

] >> chris: senator santorum -- >> as awe for of the iran -- as the author of the -- iran is not iceland, ron. iran is a country that has been at war with us since 1979. iran has killed more american men and women in uniform in iraq and afghanistan than the iraqis and afghans have. the iranians are the existential threat to the state of israel. ask the israelis what keeps them up at night? let me finish. >> no, no! . there are rules here. >> i know there are rules. and you have been giving these guys a lot of time so let me answer the question. >> the senator is wrong on his history. we've been at war in iran for a lot longer than '79. we started it in 1953 when we sent in a crew, installed the shah and the blow-back came in 1979 because we don't mind our own business that's our problem! [ an us a ] -- [ applause ] >> chris: mr. cain, you told bill o'reilly in june, the way you stop iran from getting a nuclear weapon is for us to get serious about real energy independent strategy. do you think that more domestic oil production in this country is going to convince the mullahs in tehran no

] >> chris: senator santorum -- >> as awe for of the iran -- as the author of the -- iran is not iceland, ron. iran is a country that has been at war with us since 1979. iran has killed more american men and women in uniform in iraq and afghanistan than the iraqis and afghans have. the iranians are the existential threat to the state of israel. ask the israelis what keeps them up at night? let me finish. >> no, no! . there are rules here. >> i know there are rules. and you have been giving these guys a lot of time so let me answer the question. >> the senator is wrong on his history. we've been at war in iran for a lot longer than '79. we started it in 1953 when we sent in a crew, installed the shah and the blow-back came in 1979 because we don't mind our own business that's our problem! [ an us a ] -- [ applause ] >> chris: mr. cain, you told bill o'reilly in june, the way you stop iran from getting a nuclear weapon is for us to get serious about real energy independent strategy. do you think that more domestic oil production in this country is going to convince the mullahs in tehran no

it may hit nova scotia of even iceland from there.he middle's right there through providence, rhode island as a category 2 storm eventually making its way even into atlantic canada. how do we get this cone? well, we get the cone by running all the computer models. we call them spaghetti models because it kind of looks like fettucini or something here. through north carolina most of them left and right half of them i would say, say out to say, half of them say on shore. so 50-50 shot of probably a landfall there. then you look at this. this even gets scarier as we get closer and closer. earlier today we had a bunch of models out in the ocean. this latest model run has not had very many in the ocean if any at off. there's boston. there's the cape. there's new york city. and there's the potential for 100-mile-an-hour storms in any of these cities. >> wow. obviously we're going to be tracking this thing very closely for the next couple of days. >>> assessing the damage from yesterday's east coast earthquake, the washington monument taking

it may hit nova scotia of even iceland from there.e middle, the middle's right there through providence, rhode island, as a category 2 storm eventually making its way even into atlantic canada. how do we get this cone? well, we get the cone by running all the computer models. we call them spaghetti models because it kind of looks like fettucini or something here. through north carolina most of them left and right half of them i would say, say out to say, half of them say on shore. so 50-50 shot of probably a landfall there. then you look at this. this even gets scarier as we get closer and closer. earlier today we had a bunch of models out in the ocean. this latest model run has not had very many in the ocean if any at off. there's boston. there's the cape. there's new york city. and there's the potential for 100-mile-an-hour storms in any of these cities. >> wow. obviously we're going to be tracking this thing very closely for the next couple of days. >>> assessing the damage from yesterday's east coast earthquake, the washington mon

a similar process where we said, okay, it's just iceland. island out there, crazy vikings who ran around and went nuts. just greece. the greeks they don't like to work. oh, just ireland. they had a crazy banking scandal. you know? and every three months you wake up, no, it's something else. and the reality is, debt levels are very high across europe in the public and private sector, and the banking systems there are all intertwined. and all of this talk about bailing out greece, bailing out italy, they're not bailing out the governments. they are, have always been, from the beginning, bailouts of the european banking sector. in particular, the german one. so the german politicians can get on their high horse and say all of those other people in southern europe, how terrible they are. they need to work harder like us. we hate bailing them out. what they're really going is saving their own banking systems from having to be bailed out by domestic governments. we're seeing this continue to roll on. now it's france, visa vi italy. french banks, n

you know, look at the case of ireland -- iceland that had, basically, abolished all of the basic financialregulations that even are relatively free financial market has. for a while it looked great. -- buying every other chain store in britain and having a party. but it completely went off the rail, and the country's, now, in deep trouble. probably we need to see things more in a balanced way. let me give you an example. some thought is absolutely necessary for human survival, yeah? some more may not be a completely good thing because it creates a health risk, but it makes our eating more pleasurable. after a point it becomes a point where too much is canceling out whatever pleasure you are getting from more tasty food, so markets are like that. some of it is absolutely necessary, but too much of it can be very harmful. >> um, of the 23 things that you propose, define the economic environment of today, what's one thing that you think, um, children of today should be educated about now seeing as they will soon inherit the economic climate that we're creating? >> right. [laughter] wow. well,

we remember the significant delays with volcano activities in iceland and europe.'s volcanos in the western u.s. and alaska and the new satellite will give us a 3-d view, can we fly above or below? is it a narrow band? we'll have benter observations of aerosols or the particles from the volcanos. >> what i'd like to do now is to draw this phase of the discussion, and i'm delighted that it has become a discussion to a brief closure, but we'd like to move the discussion to room 2325 to have a face-to-face discussion. as i do close the program, i want to mention one final story from oklahoma and an acknowledgement. i mentioned my first day when i saw severe weather. i had been in oklahoma 11 months and about three quarters of a month, and we had the may 24th outbreak. i did not know what was all going to go on, but i recounted most of it except for the very final part, and that was when we evacuated off the top floors down to the first floor into the large lecture rooms which have special construction, left the skeleton crew and the weather forecast office on the seco

greece or portugal or iceland, the scale is entirely different. no one uses the "t" word trillion in dublin. that word is unique to washington, and when a millionth trillion cay tas trough fewer troops falls off the cliff, it hits harder than one in portugal. it's the assumption that american decline will be as comfortable for americans as british decline was for britains when they yielded to the americans after the second world war. dream on. that was the smoothest transfer of global dominance in history. it will not go that smoothly next time round, and next time round is already under way. by 2016, the world's leading economy will be a communist dictator shape. that's in five years time. think about that. if the imf is right, the guy you legislate next november will be the last president of the united states to reside over the world's leading economy, and instead, the preimminent economic power will be a one-party state with a come mewist party presiding over a largely peasant population with no market, no rights, no rule of law, no freedom of

iceland a great deal, because they had their economic meltdown, air fare under $700 with hotel and they to london. >> not bad at all. you talk about these being some of the lowest published dates. any way for consumers to find better deals out there? >> very much so, don't just go by people trying to be competitive on the rate. get them to be competitive on their value, don't just go by the published rate. if a hotel is advising a rate for $150 a night, ask an additional question, can my kids stay free, can they eat free? in city hotels, ask them to throw in free parking. i was in a hotel, asked them if they had a rental car, i found out they were charging $52 for parking, i saved $150 for free parking. >> the worst they can say is no so always ask the question. peter greenberg thanks so much. >> you got it. >>> is it true that movies are recession proof? we'll take a look when we come , ,,,, >>> it is the summertime, hollywood is rolling out its action packed blockbuster movies. in the rough economic times will the crowds keep packing the theaters? you may be surprised. wall street sta

satellites taking look at the sea ice, and closed, closed, and closed all the way through greenland and icelandrt, and so you compare, wide shipping channels all the way through, and with an icebreaker possibly getting through where all of the explorers, hundreds and hundreds of years ago tried to get through, and they were just 300 years too early. >> oh, my goodness. this is really alarming, isn't it? >> sure is. not only is the namt of ice small, we think the thinknecknes also getting smaller. >> we appreciate it. >>> today's talk back question -- is today's heckling good for discourse. more of your responses are straight ahead. r business? you know, the ones who do a super job? superpages.com®. for local maps, reviews and videos & it's the only local search site with the superguarantee®. so next time, let the good guys save the day. get the superguarantee®, only at superpages®. in the book, on your phone or at superpages.com®. woohoo! yes! ♪ it was the best day ♪ it was the best day yeah! ♪ it was the best day ♪ because of you [echoing] we make a great pair. huh? progressive and the great o

i talked to rob marciano on the tweet he said maybe iceland. they can keep turning to the right. you get up here to georgia and the carolinas, the wind aloft is from the west so that's why it keeps wanting to turn to the right because the wind comes from the west. if you've been to the british virgin islands the wind is from the east that's why hurricanes come from the wind, the trade winds.

. >> ron is not iceland.has been at war with us since 1979. >> the senator is wrong on his history. we have been at war in iran for a lot longer than 79. >> anyone that suggests that iran is not a threat to this country or is not a threat to the stability in the mideast is not seeing the world clearly. >> iran does not have an air force that can come here. they can't make enough gas loan for themselves. here we are building this case. >> please, please. they are building up this case just like we did in iraq. building up the war. there was no al qaeda in iraq and they had nuclear weapons and we had to go in. i'm sure he supported that woor as wellment time we quit this. >> say what you will about ron paul. he not afraid to go against the republican consensus on the wars in iraq, afghanistan, relations with iran if you will. he is willing to take a clear stance. >> he does. he has his theory of how the world works. he never lets the facts in a particular situation get in the way of his theory. you can believe

so it starts picking it up and turning it out towards iceland.ook at this category 4 here over the bahamas, 135 miles per hour potential. and then it does miss florida's east coast. but it will put huge waves along the east coast, florida, georgia, and even the carolinas. that will be the big story. there'll be some wind maybe 30, 40, 50 miles per hour and some rain. it's the wave action you need to stay out of this. this is a dangerous storm. i don't care if you're the best surfer of all time, you don't want to be surfing in waves that were generated by 135-mile-per-hour hurricane. and then the potential for it to continue or even to slightly miss north carolina. there's a 50% chance that it misses north carolina. if you get off this way, and then a 50% chance it hits or even all the way down to south carolina. that's still the cone that far out. but this is the scary part of the cone, where the line, the center goes over boston. it could be new york, it could go out to sea. as it continues to curve, that would be the best-case scenario. but loo

we remember the significant delays with volcano activities in iceland and europe.'s volcanos in the western u.s. and alaska and the new satellite will give us a 3-d view, can we fly above or below? is it a narrow band? we'll have benter observations of aerosols or the particles from the volcanos. >> what i'd like to do now is to draw this phase of the discussion, and i'm delighted that it has become a discussion to a brief closure, but we'd like to move the discussion to room 2325 to have a face-to-face discussion. as i do close the program, i want to mention one final story from oklahoma and an acknowledgement. i mentioned my first day when i saw severe weather. i had been in oklahoma 11 months and about three quarters of a month, and we had the may 24th outbreak. i did not know what was all going to go on, but i recounted most of it except for the very final part, and that was when we evacuated off the top floors down to the first floor into the large lecture rooms which have special construction, left the skeleton crew and the weather forecast office on the seco

] >> chris: senator santorum -- >> as awe for of the iran -- as the author of the -- iran is not icelandn. iran is a country that has been at war with us since 1979. iran has killed more american men and women in uniform in iraq and afghanistan than the iraqis and afghans have. the iranians are the existential threat to the state of israel. ask the israelis what keeps them up at night? let me finish. >> no, no! . there are rules here. >> i know there are rules. and you have been giving these guys a lot of time so let me answer the question. >> the senator is wrong on his history. we've been at war in iran for a lot longer than '79. we started it in 1953 when we sent in a crew, installed the shah and the blow-back came in 1979 because we don't mind our own business that's our problem! [ an us a ] -- [ applause ] >> chris: mr. cain, you told bill o'reilly in june, the way you stop iran from getting a nuclear weapon is for us to get serious about real energy independent strategy. do you think that more domestic oil production in this country is going to convince the mullahs in tehran not to

we remember the significant delays with volcano activities in iceland and europe.'s volcanos in the western u.s. and alaska and the new satellite will give us a 3-d view, n we fly above or below? is it a narrow band? we'll have benter observations of aerosols or the particles from the volcanos. >> what i'd like to do now is to draw this phase of the discussion, and i'm delihted that it has become a disssion to a brief closure, but we'd like to move the discussion to room 2325 to have a face-to-fce discussion. as i do close the program, i want to mention one final story from oklahoma and an acknowledgement. i mentioned my first day when i saw sever weather. i had been in oklahoma 11 months and about three quarters of a month, and we had the may 24th outbreak. i did not know what was all going to go on, but i recounted most of it except for the very final part, and that was when we evacuated off the top floors down to the first floor into the large lecture rooms which have special construction, left the skeleton crew and the weather forecast office on the second floo

we don't want iceland and ireland to dictate the terms of american banking regulation. so yes, the banks are always going to say there is some country that has been bought by the banks and is going to have low regulation and can do things that we can't do. but we'd we need to do is be focused on what is in their economy. >> i couldn't agree with you more. but three things. number one, we don't meet to fight the war. the fact is the congress, the basel and we have capital standards, point number one. number two, i think i couldn't agree with you more, we don't want to have a race to the bottom. we don't want to change what we have by way of the supervision. what we want to do is use our cut off to ensure the regulation supervision abroad, particularly with respect to capital standards set internationally are applied fairly. the reason if we have an anomaly abroad that affects the economy so in issue of competitiveness what is going on inside the united states to lead our high standards and the third thing where i would take issue with what a number of panelists have said