as well as japan may be there is meaning for my death. estimate how did you find out about these dying rays and get interest in this topic? >> actually i did not know just like many japanese did not know that is part of the reason my book was very welcome in japan because people just forgot and they never connected this military militarization of cherry blossoms to other meanings of tree blossoms so i started out by going to the cherry blossom but the interesting part about one of the symbol is one end is the symbol of international friendship which was started out [inaudible] last year i had a distinguished chair of modern culture the library of congress so i gave a talk when the cherry blossoms were in full bloom about this. so they inaugurated this custom of japan giving a cherry blossoms or sending an cherry plants all over the world. >> that was 1911? >> yes. >> where were you born? >> to pantry d'aspin and when did you come to the u.s.? >> in the stone age. [laughter] >> were you at all alive during world war ii? >> yes, i was littl

japan has saved so to speak. and therefore, they as you preach your your when the nation into characters because they're usually followed issued in japan. >> and what does that mean? thing, but just different enough japanese military start to use the term coffee. or is that an english term that we use? it has have any particular operation it was not emission is a very are you is as good as a word you or is what you are and they did not have a choice, but quote unquote volunteer. >> so not truly volunteers is what your research has shown? >> that's right. >> and so i went to the diaries and it was not what is going feel they should he should have do you know about the. i will. and that he very much of a catchphrase winifred kuester patriotism. then other times they said that's not my true so there's a tremendous interest in processes whether ambivalence and vacillations and all of that, but none really do are the emperor, neither did they die willingly. >> how were they trained in and how were they chosen? >> well

right after this week i am still going to japan.i will be giving a lecture at the international house of japan 57 emiko ohnuki-tierney book, cause the diaries reflection published by the university of chicago press. who was on the cover? >> guest: a student at the university of tokyo. the day before his death and his brother was a professor who gave for mission. >> host: his brother is still living? >> guest: yes. we corresponded. >> host: was his kamikaze mission successful? >> guest: no. none of them are. other than an the first attack, the kamikaze missions were all failures materially. >> host: thank you for sharing a few minutes with us. >> guest: thank you. thank you. washington journal. and at eight thanks 30 during the program, meet the students who made them and for a preview of all of the winners, visit studentcam.org. >>> jon jeter and robert pierre are the co-authors of "a day late and a dollar short" high hopes and deferred dreams and obama as opposed racial america. facebook recently in washington for a little more tha

right after this week, i will be going to japan and giving a lecture at the international house of japan. >> kamikaze diaries, reflections of japanese students soldiers published by the university of chicago press. who is this on the cover? >> this is at the university of tokyo. this is days before his death. his brother was the professor who gave me permission to -- >> still living? >> yes. >> was his kamikaze mission successful? >> none of them are. other than the first -- kamikaze missions were all favors militarily. >> thank you for sharing a few minutes with us. >> this weekend on booktv, rebecca on the best selling immortal life of henry adams whacks. on afterwards president reagan's ambassador to the u.s.s.r. on mchale gorbachev's role in bringing down the soviet empire. his book is superpower illusion. and inventing the idea of a white race in the history of white people. find the entire weekend schedule at booktv.org and follow us on twitter. >> the national book critics circle authors of books of six categories. fiction and general nonfiction, biography, criticism, winners in e

japan, 44.2 years. japan is a country with far, far more senior citizens. that means lots and lots of retirees. people who aren't producing that much for an economy and are afraid to spend. america's a much younger country. our economy is not that dependent on exports. japan is almost totally export-oriented. totally different situations. saying that we're going to have a lost decade because it happened to japan even though structurally our two countries are incredibly different and even the apparent similarities start to fade when you look closer, is nothing more than an argument by analogy totally without rigor that the bears have used to club the stock market lower. don't let it panic you. as it's panicked thousands of investors who look at the charts of the japanese stock indices and just want to panic us out. even as the two truly have little in common with one another than the pictographs of the action sort of look familiar. weimar, german republic, by comparison the idea that the united states is about to experience a level of hyperinflation that wil

this is what japan is right now. so if you invest so much money on investment and research, you cannot invest on a more bolled economy with a more than ammic domestic demand. so apart from what everybody says about domestic demand, there is no real drive behind policymakers in japan to stimulate consumg at this time. >> the japanese yen remains a strong currency. doungt the japanese government should do something to support the japanese yen? >> no, i don't think they should do anything like this. i think the yen will remain a strong currency because japan is in a strong position in surplus in trade. the japanese yen was weaker in past years because of carry trade, because of people basically betting on the severity of the currency. with a strong interest rate differential with the u.s., with australia and other countries in which interest rates were implemented, the japanese yen should remain strong and probably intervention would make nothing to weaken it. >> luca, thank you very much for your view. let's do a quick

they did so with a campaign called, which means japan and korea as one body. you see from the map on the left japan and korea both painted the same color on the school that. the message that the japanese spread in korea was that you koreans and we japanese, we may have drifted apart over the millennia, but we are actually one people. we go back to the same divine. we all have this uniquely pure racial bloodline him and his bloodline makes us uniquely pure, makes is also uniquely pure hearted and morally superior to people in other races. so this is another postcard. this is a postcard from the period. on the right to have japan and on the left you have korea in a three-legged race around the world. the legend says let's cooperate together. is anybody here from texas? you're from texas. great. the reason i ask, i'm not losing my mind, the reason i ask is i used to live in new mexico, and the texans would come over in the summer and two to the bumpersticker's would have, the flag of texas and the united states like him and the slogan was proud texan, proud ameri

that is that japan was saved, so to speak. therefore they said that this was god's wind. >> is that what, cousin means? >> every character has more than one. two characters for kamikaze. usually called a shintu. >> what does that mean? >> the same thing. just different. >> when did the japanese military start to use the term kamikaze? or is that an english term that we use? >> the shintu has been used, but in a particular operation. i think there are two distinct, what you call kamikaze. one is pearl harbor. that was very different. submarine was waiting for them to return. so that was a very different one. but the one is at the very end of the war. everybody knew japan had absolutely no chance of winning and so the vice admiral of the navy came up with a very crazy idea. almost the nuclear age. he thought the only means left for japan was to use this japanese sol, which is uniquely prepared then to face death without hesitation. he came up with this one mission. and by that time that government had to shorten the university y

better they be there in japan explaining to toyota what they were doing wrong that makes sitting in a hearing room in washington, d.c. when i took off in january 4, i was updated about these issues. and toyota was at that point beginning to get the message. i met with him for the first time on january 19, informing and i learned about the sticky pedal situation. they executed their stop sale on january 21st. that effort was because the analysis of n.h.t.s.a. and the leadership of the secretary of prosecution. -- secretary of transportation. i don't see a toyota as an example of failure. i see it as n.h.t.s.a. doing its job. when our professionals use the data, make the case, and go forward we get the results that we need. i think that toyota and the wide ranging recall that it executed, that's the type of response that frankly i would want. and i think this agency is expecting. i would hope that in the future that other automakers would do the same on the same set of facts. >> you mean in the subcommittee that the appearances that the automobiles right now, as far as n.h.t.s.a.'s conc

that is how japan was saved so to speak and therefore they said this was god's wind to save japan. >>is that what kamikaze means? >> every character has to promote one pronunciation, and two characters for kamikaze bickel shampoo in japan. >> what does that mean? >> the same thing, dodd's wind. >> when did the japanese military start to use the term kamikaze or is that still an english term we use? >> it has been used but in a particular operation i fink there are distinct before you call kamikaze. one is pearl harbor and that was different because it wasn't the one mission and the submarine was waiting for them to return so that was a very different one. but then 1i wrote is at the very end of the war when everybody knew japan had absolutely no chance of winning and so the vice admiral of the navy came up with a very crazy idea that at the nuclear age he thought the only means left for japan was to use the japanese soul which prepare them to face death without hesitation. so he came up with a one-way mission and by that time the government had shortened the university twice so unless

the allies i think you're referring to generally tend to be japan and some of the native states. in japan this since the paris schlesinger commission the japanese government has changed and come back to say please do take go way the sea launched cruise missile that the u.s. have been retaining even though the navy didn't want or we didn't feel we needed but we retained at the request of japan as a kind of reassurance and asked to have that removed. in support of a disarmament and other things and then the in nato as you know the foreign ministers of germany, the netherlands, norway, belgium and luxembourg as greg mention asked that nato now take on this issue of how to reconcile deterrence. not necessarily nuclear deterrence but deterrence with the agenda of seeking speak, so i think the environment is changing from the way it was in the cold war were in your everybody was worried about a mass soviets invasion through the coli gap or they wouldn't feel secure if we didn't have nuclear-weapons to deal with mass of some of the superiority to now the situation where it's reversed. t

but we retained it at the request of the japan as kind of a reassurance. the japanese government asked to have it removed in support of disarmament and other things. and then in nato as you know, the foreign ministers of germany, the netherlands, norway, belgium and luxembourg, as greg mentioned, asked that nato now take on this issue of how to reconcile deterrence not necessarily deterrence but with the agenda of seeking nonproliferation and disarmament. i think the environment is changing from the way it was in the cold war. wherein europe was everybody was worried about a massive soviet invasion where the allies wouldn't feel secure if we didn't have tactical nuclear weapons right there to deal with massive war subpact superiority to now the situation where it's reversed. the russians are going to be slowing the disarmament process 'cause they're worried about nato's superiority against russia. none of that dealt with the middle east, which is the region here. except turkey where the administration's position, as i understand it, on turkey is basically

so in japan, ratings agency moody's slapped toyota with a downgrade. moody's says the ratings comes with a negative outlook. the agency says its action reflects the low level of profitability at toyota and it expects to see that continue for an extended period. in check checking toyota shares, ending down 1.43%. this just coming out, fitch ratings agency has come out with depends about japan and fitch. the government is one of the most indead debted in the world. japan's debt will reach the highest ratio of any sovereign ratings by fitch. nicole. >> still much more to come on the show, happy birthday, earth. but the day of celebration comes as americans are less concerned about environmental issues including time machines. stay with us. >>> the ittc hit back at criticisms that the agency's landmark 2007 report exaggerated the danger global warming posts of bangladesh. the same report has come under fire for claiming that the himalayan glaciers could melt by 2005 which was medicine t met with widespread skepticism amid the scientific community. this com

-- we draw a nuke on japan? host: next up, utah. caller: i'm sure many people are as old as i and remember the missiles from october. the only thing that allowed the president, president kennedy to pack those russians down -- the fact that he was dealing from a position of strength. the only thing that kept the soviets from running all over europe during the cold war years with the fact that they knew we could stop them with nuclear weapons. i'm not an advocate of nuclear weapons, but i am of being able to deal with this people from a position of strength. even now as president obama is talking about reducing nuclear arms, and talking about not developing any new weapons systems, the chinese are in the process of building new weapons systems. i'm sorry, but i do not believe all the tanks and missiles the russians possessed during the cold war years have just totally disappeared. host: austin, thanks. martin has this op-ed in this morning's "the washington times" with apologies to dr. seuss. he says "do you like my healthcare plan? y

the allies tend to be japan and some of the nato states. in japan, the japanese government actually came not and said, please do take away the cruise missile the u.s. had been detaining, even though we did not feel we needed it, but we retain it as a reassurance. the japanese of the be removed in support of disarmament, and in nato, the foreign ministers of germany, the netherlands, norway, belgium, and luxembourg, they ask that nato take on this issue of taking on deterrence with the agenda of seeking disarmament, so the environment is changing from the cold war, where in europe after one was worried about a massive soviet invasion, or the allies would not feel secure if we did not have nuclear weapons to deal with massive superiorities, so now the situation where it is reversed, the russians are going to be slowing the disarmament process because they're worried about nato security against russia. none of that the with the middle east, except -- none of that dealt with the middle east, except turkey. basically, those weapons can stay in t

. >> you guys aren't happy with yours, let's look at japan. japan has the smallest tax burden in the world. >> brenda: it has no personal income tax though. >> wait a second, that's right. and what did they do? it's all vat tax and then they do the unthinkable, brenda, actually make corporate america pay their fair share. >> i'm happy-- >> and their economy in 24 years, how would you use that as an example. >> you know what? they're not faceed with a deficit that's so serious that the national security threat. >> and there's another-- >> have to raise money and cut. you can't just do one and solve the deficit problem. >> there you go, there you go. >> tell brenda to get her hand out of my picture. >> brenda: i'm sorry, man, i won't take up any of your time, either. i have to let pat get in and consumption isn't the only thing taxed in our nations, obviously, what would this mean? >> it's two points to make, one is that we can actually tax consumption-- more than most other developed economies. you could shift that balances increasing the tax b

you can see that japan and the u.s. have the blue bars which are really high corporate taxes and they have very low in flow relative to gdp. the oecd average is a low blow bar and a high red bar. -- a low blue bar and a red high bar -- i high red bar. -- a high red bar. this is the whack-a-mole that did not get hit. the good news is that this is not a partisan issue. i am pleased to see that this is the hot tax reform bill in washington right now. democrats and republicans agree that we have to do something about this competition. my hope would the that this kind of low hanging fruit is going to be the first of many such policy proposals that flow. >> they give. -- a thank-you. -- thank you. before joining a group -- a rise and -- before jordan's verizon he served on the energy and commerce committee. he served on the board of directors and the executive committee. this was an organization for an interim young people. -- for mentoring young people. >> it is always a bit intimidating to follow two great intellectuals. i

in terms of the future of women 's on japan or ship, what is the role of women bridget of launch the nor -- launch the entrepane what is the role of women? >> for me, it has grown up around the world because of students. this was not an academic discipline. there are now wonderful programs in most business schools and i am proud of the one i am associated with. i therefore say to women, many women say it is not for them. it is not 50%/50%. they say they do not want to go into big corporations. they want something else. mba programs are wonderful, the general flexibility programs for opportunity. i am a big fan of it for women. i think business education is a superb way to build your resume. >> we have done research showing that women can have a much more dramatic impact on economic growth than men. let me use the numbers that we have for developing economies around the world. $1 spent on a woman's education generates an additional 30% in gdp when compared to the same dollar spent on a man. you need to think about this for a moment. in many nations, when a man gets extra money in his

and in the real homerun trade is japan.ome of the investors are banning its interest rates in japan which have been low for. they are about 1.3%, 10 year japanese bond. 1.3 present. they haven't been about 2% in years, and yet and that's what it's cheap to bet against them by credit default swaps or by other foreign currency moves that are an effective that that if rates go higher, then japan will have trouble paying its debt and they will have to restructure. doesn't have to go much argued they argued before the interest cost gets high and the venue had trouble. i love people are betting against japan, and see how that does. so those are the big trades working on right now. and i invite any and all questions about anything i've written about in the book, "the greatest trade ever" or anything else i writing about right now. [applause] >> we only have time -- i find it interesting that all of the greatest trade ever and the second greatest trade ever, the pound, were short. do you think that there are more great traits among

fake some steps and realize on their own that this is the best path forward. >> will you be pressing japan or any other countries from the g-20 to get this particular issue on the agenda for the g-20? >> well, i think there's no doubt this is a great concern to a number of economies around the world. we -- i think the best thing to do is let secretary geithner and others work through this process and use upcoming meetings and evaluate where we are. >> and then once that three-month period is over and come back to this report -- >> don't know the exact timing at the end of the meeting period, but we can certainly check with treasury on that. >> and the [inaudible] what is the response of the criticism saying that the united states [inaudible] a possibility of [inaudible] >> look, i think this is -- first of all, i'm not entirely sure what nuclear deterrent it takes off the table. the document obviously contains no assurance for a country that currently possesses a nuclear weapon or for a country that fails to live up -- sign the n.p.g. or live up to its obligations which obviously the two b

the quick answer would be the word japan. if we were having this discussion a generation ago, we would be talking about japan doing everything right. many economists and myself at the time made the comment that you can't have a financial system that broken that is sustainable. you are making negative-value -added investments. the chinese officials are not object liveous. it's that there is a tradeoff between trying to bring 10 million people a year into the productive urban sectors versus the costs that they well understand of potential negative-value-added investments. we just had a trade deficit in china. china is working hard at expanding domestic demand and the ship is going to turn. there is little we can do beyond stating it's in their interest to turn it. >> we have other questions here. they will person down here. >> two questions, one with regard to the corporate tax. while i empathize with large corporations what are your thoughts about small businesses both domestically and their ability to move abroad. about educa

there is no ebay in japan because they didn't put their energy there. i think that the global perspective is important. institutions could help that, and there is so many global people here, it is really kind of a wierd question to me why people don't look at the global market more frequently. >> but this community servicing i want to underscore. if there is one thing i could change about u.s. education is understanding the world and understanding your sort of part in a community and building that community. i certainly didn't get that as a child. >> i teach entrepreneurship for engineers at u.c. berkeley and i went to a conference that is like a u.n. for developing worlds and it was basically described as 116 nations at singapore. how can we get a few more singapores in the developing world? >> let me also add one thing that is relevant. there is a representative from singapore here, and if he #weurbs to -- if he wishes to use a statement, he can use my microphone, but if not, he can run away if he doesn't agree. i'm kidding. s also, i'm going to discl

the united states and our european allies and other like-minded countries like australia, japan, rankednuclear terrorism as a top threat. not everyone else does. diplomats from developing countries often sought nuclear terrorism as an american obsession and not a true tangible threat. they thought of nuclear terrorism as the stuff of hollywood thrillers and should it materialize as primarily a threat to the nuclear powers. they worried nuclear security would create new barriers, another barrier to the use of nuclear technology and divert funding from civil programs that were important to them. this i would argue, a very simple but important goal for this nuclear security summit is for the president to encourage other heads of state and government to treat nuclear security with the same priority that we do. one of the basic international instruments to improve nuclear security is the convention on the physical protection of nuclear material. in the middle east, egypt and syria signed the convention. israel, saudi arabia, pakistan and turkey signed the basic convention but not the 2005 am

and continuing to go higher as people kind of worry about these debts and the real home run trade is japanome of the investors is betting against interest rates in japan which have been low forever. 1.5% ten-year japanese bonds. 1.3%. they haven't been above 2% in years and yet it's cheap to bet against it and if rates go a little bit higher than japan is going to have trouble paying its debt. and they'll to have restructure. it doesn't have to go much higher before the interest costs get really high and then you have real trouble so a lot of people are betting against japan and we'll see how that does. that's the kind of big trades i'm working on right now. and i invite anticipate and all questions about anything, "the greatest trade ever" or anything else i'm writing right now. [applause] >> i think i get the privilege of the first question. >> oak. >> we only have time for one. i find it interesting that both the greatest trade ever and the second greatest trade ever soros shorting the pound were shorts. do you think that there are more great trades among shorts than longs? >> that's in

japan is set to have a new round of monetary ease. stock market a little bit but maybe it won't. japan is a great economy. >> neil: out with another book now. ben, next time come out and you

and japan.remember, at a similar moment of national concern, in the wake of a very deep recession, america confronted by what they saw happening had a moment of doubt and concern about whether our weaknesses were japan's strengths. and nobody would look at the economies today even with the challenges we have been through and say that that concern was -- it was just overstated. now, i think i believe we have an enormously productive beneficial economic relationship with china. it's hugely important to companies large and small across the country. and i think we benefit hugely from that relationship today. we have a bunch of challenges with china. it is very important to us that they are changing the way they grow. so growth relies less on the u.s. consumer, financing unsustainable spending by borrowing, very important to us they are growing more from domestic command, ress reliance on exports. but that is in their interests, too. they don't want to be vulnerable to the kind of collapses they saw

why does japan lead the way in advise vending machines?> it's three-fold -- >> greg: not the vending machines. but the items that they put in? >> well, they're kinky. that's one thing. but it's about -- space. space is a big issue. it's an island and crime is relatively low there. so you don't see vandalism like you see here, i am sure people have seen vending machines with cages around them in rest stops here. you don't see that in japan. >> greg: vending machines can sell you cages, which is awesome. the next one, the pizza machine. what do you get out of this? i imagine, it's pizza. >> it's pizza. for a while, you can get frozen microwave pizzas. but this italy, they have a machine that kneads the dough and makes a pizza from scratch. >> greg: that's incredible. i want one of those in my house. just to talk to me. this is really strange. what is this? >> it's cockroaches. >> greg: cockroaches. so why do you need a vending machine for cockroaches itch they are pets. they are cute. not only that, it's a claw machine. so you try your luck

and japan. this is $1 billion of the market, and we have a big runway of growth outside of north america. >> let me ask you about the business outside of north america, and where in the world is the most important region for starbucks right now? >> well, we are concerned about western europe and the economy there, so our focus of attention is on asia. we have 800 stores in japan, and less than 700 in greater china, so specifically, we think that china will have thousands of starbucks' stores over time, but let me say it is a complicated market. we have to be very thoughtful and very disciplined. it is not going to happen overnight, but we have a big, big opportunity, and big prize in china. we are also looking to india and vietnam, two markets we are interested in that we are not in. so starbucks has a long runway of growth, and also in addition to that, we are getting a great response from the secondary brand of seattle's best brand of coffee and announced a major deal with burger king, and sub

. >> dan henderson can take it to japan and go on to defeat the japanese champion. and a legendary fighter, showing that legendary skill so far here tonight. >> jake shields 20 seconds away from getting out of the first round, and kudos to him for that, showing his championship counsel. >> dan henderson a man jake shields grew up idolizing. >> he says that henderson was one of the fighters that led him to getting into mixed martial arts. there is an elbow, missing and shields missing at the end with a short, connects at the end with a short left hook. so what an impressive by dan henderson in his first round as a strikeforce fighter. >> he said he was going to do it and he did. he came right out and dropped that bomb. it was a quick one and literally he was falling headfirst to the canvas, i thought dan might have been able to finish him here. later on as it went dan using the hip and usually holding him in range, short upper cut, short right hand, great shot, great positioning by dan henderson. i know about the personal animosity but you are a professional, the way

we should boycott and. -- japan. otherwise, there will not be and america left and it will be because of japan. guest: i think people in washington, d.c. would be concerned about going to war with japan during a recession. there are many in the auto industry that agree that gen hat -- japan has been competing unfairly with the u.s. for years. with japan's economy struggling, they are worried about the again being lured over there. that argument has not gained that much traction on capitol hill. there are far more people in the c word about china and their effect on the u.s. economy. it is hard to see how that will change going forward. there are several bills in congress that would ease tariffs on chinese goods. china has signaled that they may let the value of the u.s. currency rise a little bit. we have not seen that movement yet. there are concerns from advocates that china will make a small symbolic move but it will not spark the profits the united states can make. is a big problem and it is hard to see movement

that did not do much to adjust our trade imbalance with japan, so we can overhype how much we can get out of exchange rates when they move. so i am worried about it more on our side than their side. i think that they know that they have to adjust the exchange rate to the right direction to cool the economy, but it won't be the cure-all for us on the trade policy and i'm worried about the hype on our side. >> so, i guess some of the hype has been around the currency and one of the sore points of the relationship is certainly the treasury currency, and the meeting last week with secretary geithner wanted the yuan to appreciate, and you don't necessarily think so. can you tell about the impact? >> well, it will cool down the economy by putting that in. we don't want them to have a big inflation problem or asset bubble. what but it is not likely to do with a modest exchange rate or modest one is to make a difference in the trade relations or trade deficit. as long as we in the united states run a current account deficit we will have a trade deficit with somebody, so it will shift to someb

it is the weird petrie dish which is japan.ason i'm doing this in singapore is that they will give my syrians passports just as easily as some others. in is really easy now because of all the air travel, the internet -- >> and the air-conditioning. >> and the air conditioning. that is the point. it is making the diversity much more interesting. >> we want to talk about accessibility and the issue of the world being flat. as we know, it is not. it is a sphere, balanced on the back of a turtle. the issue really is to build context as an added-value component. that does not mean that the system is a point. we have to learn that the people in this place is a matter as potential entities. we were talking earlier about solutions for structural problems. well, those solutions are the people, so the context of those people, in enabling them to innovate better, is going to be the solution to those problems. >> thanks for coming. >> what the people would recommend, and i think empowering people around the world, you could go through labo

conducting recalls have been made by the customer quality engineer division at toyota motor corporation in japan. this division confirms whether there are technical problems and makes decisions for the necessity of a recall. however, reflecting on the issues today, we lacked the customer first attitude. to make improvements on this we will make the following changes to the recall decision making process. when recall decisions are made, a step will be added in the process to ensure the management will make responsible decisions from the perspective of customer safety first. to do that, we will devise a system in which customers forces around the world will reach our management in a timely manner and also a system in which each region will be able to make a decision as necessary. further, we have formed a quality advisory group composed of respected outside experts from north america and around the world to ensure that we do not make misguided decisions. finally, we will invest heavily in quality in the u.s. through the establishment of an incentive for quality excellence -- the introduction of a

also, my friends that are back from japan. thank you guys for being here. last but not least, a special thank-you to one of my personal heroes, jim lehrer. and to my cbs family who is always in my corner. [applause] most of all, as i conclude my term as chairman, i want to thank our members for the opportunity to advocate and work on your behalf. has been truly an experience i'll never forget. now, i would like to turn the gavel over to my dear friend and the person who will serve as sort chairman next year. >> now the c-span video archive as 160,002 hours of video. we will see you next year. ♪ ♪ ♪ ♪ ♪

two economies that had similar foreign currency reserves relative to the size of their economy was japan in 1989 and the u.s. in 1929. i'll let that be the end of that discussion. it just... it has no bearing on whether there's a domestic credit bubble or not. in fact, countries embarked on domestic credit bubbles often tend to basically accumulate foreign currency reserves. >> rose: but so many people-- this is my sense of disbelief. look at the numbers that you talk about. so many people have so much invested in the future of china. >> literally invested. >> rose: exactly. i mean, i read today about a major private equity firm, billions of dollars and continuing to invest. >> yes. >> rose: believing that china is the future. that china will be the biggest economy in the world by 2035. >> yup. well, it very well... >> rose: and they wouldn't do that if they didn't believe china could handle this housing problem. >> well, again, the perception seems to be that china will grow into this real estate problem. but there's a plob with that argument, and that is the real estate that's being bu

and japan. remember, at a similar moment of national concern, in the wake of a very deep recession, america confronted by what they saw happening had a moment of doubt and concern about whether our weaknesses were japan's strengths. and nobody would look at the economies today even with the challenges we have been through and say that that concern was -- it was just overstated. now, i think i believe we have an enormously productive beneficial economic relationship with china. it's hugely important to companies large and small across the country. and i think we benefit hugely from that relationship today. we have a bunch of challenges with china. it is very important to us that they are changing the way they grow. so growth relies less on the u.s. consumer, financing unsustainable spending by borrowing, very important to us they are growing more from domestic command, ress reliance on exports. but that is in their interests, too. they don't want to be vulnerable to the kind of collapses they saw

japan's nikkei 225 breaking above the level of the 25-day moving average. today's 2.3% rise was the largest percentage gain we've seen since late february. toyota shares supported by a report in the nikkei that it's set to make half a billion dollars in operating profits for the year just passed. that stock getting a big boost as a result. the kospi adds 0.9% to close at the highest in 22 months. investors sent financial shares higher on expectations they would hand in a strong report card for the first quarter. over in hong kong, getting a nice pop, 1.6%. traders scooped up property developers, and sold up the past couple of sexes. property stocks rebounded after being hammered as china took further steps to cool its property market. over in shanghai, still under pressure. the composite overall trend down half a percent to its lowest close in 2 1/2 months. tightening fears once again weighing on banking stocks and property plays. over in australia, closed today as australia celebrates anzac day. that was your wrap of market activity in this region. ross, b

a group of assembly workers in japan started growing concern. >> they wrote a warning letter to the ceob, these employees saw exactly what was coming down the line? >> not only did they see what was coming but they tried to warn their bosses and their bosses didn't do anything about it. >> reporter: for 45 years, he worked the toyota factory in japan. he took pride in his work believing it was for the good of society. >> translator: it was a good life i had. >> reporter: in the last decade as demand for fuel efficient cars skyrocketed. they began to fear the company was dangerously cutting corners and compromising safety. so they took a risk. four years ago they wrote this letter voicing serious concerns about they saw as the move to cut cost outsource critical design work and limit car testing on new models and hire more workers they believed were less qualified. >> translator: workers without skill come in charge of making cars. as a result, naturally, the quality had to be compromised. we were anxious of the danger. >> reporter: from 2000 to 2005 the number of toyota recalls have bee

that's a subject for the united states to negotiate now with russia, but europe, japan, china and india. after a new wave of sanctions, it would be wise to revise our policy toward iran. i think the previous crop -- the previous policy, no encouragement, safeguards, it has not worked. -- no in richmond, safeguards, it has not worked. unless there is a threat of an embargo or military action. i think we should change the emphasis to the primary emphasis on iaea safeguards, the acceptance of the 1997 [unintelligible] the second approach might be to shift the emphasis to agree to make iran agreed to withdraw and rich uranium elsewhere. not keeping the stock of enriched uranium, while having the permission to continue operating its existing cascades of centrifuges. some new ones is needed with respect to enrichment, and said of stating once again for the sixth time, no in richmond, or else nothing. -- no enrichment, or else nothing. do not expand@@@@@@@@k a nuclear weapon, much longer than if iran kept the stocks and stopped the centrifuges. >> going back to the earlier questions and things

we have to contend with the unwillingness of the over seas lenders whether japan, china, switzerland and germany. foreigners no longer want to hold dollars i think the chinese announcements will make more explicit than when we know anyway. it's another piece of the puzzle that puts pressure on the administration and the congress to address the deficit in the long run. host: assuming this comes up between president obama and the chinese president, what would you suggest the president say? guest: we are in a tough position with china they said in the past, american presidents have talked forcefully to the chinese about human rights. today, president obama is talking to america's leading lender. when you are very dependent on people for your capitol, it changes you to your other concerns. certainlyly, it seems to me there's a couldn't ra diction there. it seems both for economic policy and federal security, we have to reduce the capitol for abroad. host: a call from tulsa for inds independents. caller: politicians are unwilling to raise taxes. would they be more willing if it was called

and japan. remember, at a similar moment of national concern, in the wake of a very deep recession, america confronted by what they saw happening had a moment of doubt and concern about whether our weaknesses were japan's strengths. and nobody would look at the economies today even with the challenges we have been through and say that that concern was -- it was just overstated. now, i think i believe we have an enormously productive beneficial economic relationship with china. it's hugely important to companies large and small across the country. and i think we benefit hugely from that relationship today. we have a bunch of challenges with china. it is very important to us that they are changing the way they grow. so growth relies less on the u.s. consumer, financing unsustainable spending by borrowing, very important to us they are growing more from domestic command, ress reliance on exports. but that is in their interests, too. they don't want to be vulnerable to the kind of collapses they saw

in the case of japan, it began in 1853 and ratcheted up in 1861 and japan did not become a world power until the middle of the 1900's. that was a change of the course of a century. in the case of the united kingdom, it changed from being the world's most powerful empire to finding a happy new state in several decades. >> a question here? >> dan altman. my question is for the panel. most of the challenge is that your outline are ones that require one of two types of solutions, either an up-front costs that have to pay to get long-term benefits or who have to create some sort of coalition where everybody has an incentive to join. i would argue that our current political is politicians are about doing those two things. with short time horizons. we do not like to cooperate or give up sovereignty. i am more pessimistic than perhaps professor diamond about our ability to solve these problems with our current political structure. >> i did not know anybody was more pessimistic than generate [laughter] . you have said that pessimism is the new black parent [laughter] . [laughter] >> i think the

. >>> and if first 3 d home computer is expected to go on sale this fall in japan. you'll have to wear special glasses similar to ones handed out at 3 d movies. the computers will use blew ray technology and cost up to $200 more than a regular computer. for information on all these stories log on to the technology page of abcnews.com. those are your tech bytes, i'm jeremy hubbard. >>> frostberg remembers a murdered student tonight. the latest on an investigation. how the campus is doling with the news. >>> a new puff of smoke. new pictures to show you. another may skwor grounding of air travel causes an even bigger mess this morning. >> and the 25th street station, a place where you can find work and shop. but those who work and live here are fired up over wal. >> thank you for joining us this morning. >> let's tush it over to justin here. skies are clear here. right? >> right. down in florida should be clear for landing of the space shuttle but as we go off this morning we are looking at relatively seasonable start. 46 degrees at dmren burney. anne arundel communit

in the case of japan, it began in 1853.apan did not become a world power until the middle of the 1900's. that was the change over a course of a century. in the case of the united kingdom, the change to finding a happy new state took several decades. so no, there is not a corresponding limit for societies. >> my question is really for the panel. i think most of the challenges you are outlining are ones that require one of two types of solutions, either an up-front cost that you have to pay in order to get long-term benefits, where you have to create a coalition where everybody has an incentive to defect or a free ride. i would argue that our current political institutions are better at doing either of those things. we have short-term horizons and we do not like to give up sovereignty in any way. i am more optimistic about our ability to solve these. -- more pessimistic. >> i think you have set in the past that pessimism is the new black. >> i am actually worried about the one thing that i hope will help us out of this, and t

japan airlines has volunteered for staff among the early- retirement. dealers hope there will be an increase in supply. this former stewardess has photos as reminders of her 18 years in the sky. shthey take great pains to stop their uniforms from falling in the wrong hands. >> they are very strict about returning what was supplied. there was a ceremony when i left. they counted each item of my uniform in front of my boss. they categorize every article. i had to give everything back. >> she faces a long haul to restructure herself after the humiliation of filing for bankruptcy. -- jl faces a long haul to restructure themselves after bankruptcy. >> this could revolutionize our view of global warming. scientists say the test way to monitor the changes to the global ice sheets is from space. there is a satellite that will do that. >> it go for the launch. >> the europe's space control center in germany. this is one of the most important missions. it is to understand what is happening to the polar ice. a satellite to monitor the ice sheets has been launched.

it was god's will and to save japan -- >> what does kamikaze mean?>> every different character has more than one pronunciation and the two characters in fact -- >> what does that mean? >> the same thing that just a different. islamic and when did the japanese military's are to use the term kamikaze or is that in english term that we use? >> it has been used but in a particular operation i think there are two distinctions of what you call kamikaze. one is pearl harbor and that was

our debt is owned by china and japan. so my question to you is, how does that affect policy, how bad do you think inflation will be? host: how old is your son? caller: he is flied. guest: five. guest: i have children -- caller: five. guest: i have children who are in their 20's. i am not too optimistic about their economic situation. the government had promised people more benefits than people are willing to pay for in taxes. that is the fundamental source of our deficit. at some point, taxes will have to go up and benefits will have to go down. the prime candidate for benefits going down our seniors and retirees. if you take social security, medicare, and medicaid, providing income support to those over 63, medicare provides health insurance, medicare provide long-term care -- those three programs themselves represent more than 40% of the budget, taking on some special items. those items are growing because the baby boomers are about to retire and health costs, so far, are not controlled. either we are going to bring tho

the absorption of these bonds is coming from japan. china still buying, whether outwardly or through agents. the u.s. owns a great deal of that date. at least in the short term the market is giving the data free pass from the u.s. equities perspective. let's turn to greece now. continuing to have problems and yet investors are not fazed. greece is going to get bailed out. i said it over the last few weeks and i will say it again. whether through the imf, whether through the e u, there's a political forces at work here. where certain people like angela merkel have to tell the population that they're not for this, but they're going to get bailed out. they've gotten the high interest rate they deserved. but, a country with a profile like greece, the globe cannot afford them to default on their bonds. ok thank you very much for your take on the markets. thank you. the chicago urban league is working on ideas that could help people who are struggling in this economy. the group met this week for its 2010 spring summit to talk about how to so

it's said by some that the united states and united kingdom are in one place and france and japan and others are somewhere else. >> there are discussions going on at the moment, you're right. first of all, because we need to define clearly what we understand as capital. i won't bore you with the technical details. but whether you consider that pure equity only is capital, whether you take into account other instrument, how you account for the minority interests held by certain banks in some insurance companies, for example. and then the bank insurance model, that's the first thing that we need to agree upon. and the second is what ratio of capital is appropriate depth depthing on the level of risk taken by some banks. some banks have a risk profile that requires high level of capital. other banks which are essentially sort of retail banks wholesale banks and as a small portion of their business investment bank do not have such a risky profile and do not necessarily require the same level of capital. that's the discussion going on at the moment in front of the financial stability board