and larry sommers on the advisory board.mer secretary of the treasury. >> i think they'll get a lot of hype and recognition for just having a different really revolutionary model. but it's not clear whether it's a model that will work out. it's completely new. >> i think it's very possible. >> we talked to some college students in the bay area and they seemed genuinely interested in the idea. >> that sounds cool to travel and get good experience in other countries and places. >> i wonder how feasible it is and how expensive it would be also. >> the room and board would be similar to a traditional ivy league university. you have to live and eat. we haven't figured a way to make that more affordable. however, our tuition which is the a traditional ivy league school is $40,000 a year, at minerva will be well under half that amount. >> he says an effort like this is long overdue. >> the last attempt at a tier one research university was rice. that was 1912. >> so as you can see, they're aiming high. the prize is a $500,000 award

among the allies in the white house for larry sommers are your successor as chairman of the council or economic ad visors, gene sperling, the president's economic adviser. the trade adviser, mike froman, and -- [inaudible] can we add your name to that list? >> you know, i'm not sure that it's really helpful for the whole process for names like that to be out in the public. people should speak for themselves. i think everyone that you mentioned follows the ethic that whatever advice they provide to the president and to others remains confidential. that's something that i'll certainly adhere to. >> and so that's a no. [laughter] >> i think you can take that as a no comment. >> so knowing the president, what qualities will he look for in a fed chair in. >> i could just point you to the comments that the president made last week in an interview with jackie collins of "the new york times." you know, he's d. >> and michael scherrer. don't leave out mike. >> i apologize. i don't remember who asked the question here. but, you know -- look at the transcripts. he's looking for someone who sports

a few weeks ago larry sommers said just as you burden future generations when you accumulate debt you also burden future generations when you defer maintenance. given the current market, we're refusing to maintain our infrastructure at a time when investors are literally throwing money at us. to be clear, yields on the five, seven and 10-year treasuries have been negative for the past two years. negative. this past month we've witnessed a rate jump as markets fret bout qe-3 yet yield treasuries remain below 3%. rates have not been this low for many, many decades. republicans look the other way when it comes to this question and i'm shocked that my colleagues who persistently say we ought to run the government like a business have little interest of taking advantage of one of our generation's great opportunities of investing in the future. this is a far cry from the party of lincoln that invested in the homestead act, invested in the transcontinental railroad or eisenhower who invested in the interstate highway system. unfortunately, congress continues to fiddle while rome burns. two m