it's a long-term problem. if congress and the administration are able to make credible commitments to cutting programs or in the way changing the fiscal profile going forward over a long period of time, that is the most constructive way to address what is in fact a long- term problem. if the changes are focused entirely on the short run, they might have some consequences for growth, and in that case the federal reserve, which is as always going to set monetary policy to meet our mandate, we will take those into account properly. but so far i have not seen any fiscal changes that have really changed our near-term outlook. >> thank you, mr. chairman. i would like to ask about the uncertainties in the global economy. in the meetings, the committee noted that the development increased uncertainties. what is the assessment of those risks for uncertainty such as the tragedy in japan or the crisis in europe, and the crisis in the middle east? what would be the potential effect on the u.s. and the world economy? >> on

by attracting long term investments into infrastructure science research elton john energy sources and etc the best investors are countries with a small state debt and high economic growth like china and russia. pelosi universe and any walk of the show thank you very much for being with us thank you well first of all i want to ask you about the public that crisis which i think remains a major problem for the e.u. countries what's your attitude to the new measures that the european countries european leaders have agreed upon on their recent summit in march. but i think that. the european union is on the right way. but the problem is that. in my view it's impossible to reduce. public pay. and to run a true long fiscal consolidation. only with very severe. measures so far reducing the public expense bad a very severe man badgered policy is necessary. absolutely but we need also to accelerate growth to a new beginning the process of growth . without growth is very difficult. if fiscal consolidation so the big main issues ease how to finance. the growth the growth. rate where you answer tha

we have to focus on the long term in san francisco and focus on the long-term solution. if we pass a two-year fixed, in 12 months, we will have the debate again. we have a broad coalition of people who want to work on the issue to get a long-term solution done now. that is what we have to focus on. last week, i took two steps. i asked our budget and legislative analyst to conduct and complete a study on other technology hubs in the united states, from seattle down to silicon valley, acrostic austin, the research triangle in the carolinas, new york, boston, to understand what other municipalities and areas are offering technology companies to relocate their, what incentives they are providing. we have to realize that while we have a lot of inherent value in san francisco, i believe it is the best city in the world, but we are competing for companies and the jobs they create in our city. i have also asked our city attorney to draft two pieces of legislation to address the issue. one version, a more extended version of supervisor mirkarimi 's current bill, is a complete eli

arrangement, recology will have no incentive to invest in long-term recycling structure, which we are concerned could bring our push to zero waste to a halt. san francisco, as you know, has the best diversion rate of any city in the country because the rate process allowed recology to invest in amortize state of the art recycling facilities over time. finally, just wanted to mention without the flexibility, security, long-term planning, and cooperative partnership of the current system, the city's 0 with goals, which are set by the board of supervisors, could be severely compromised. we urge the lafco commissioners to support the current refuse system that works for san francisco. thank you very much for your time today. commissioner campos: thank you. i have a quick follow-up -- one of the things that stood out to me was the abatement report. i wonder whether or not you agree or disagree with what they are saying. this is what it says -- "while no apparent service lapses or voids have occurred, it does not appear that recology is contractually obligated to negotiate with san francisc

problem there is not a long term problem we owe our debt in dollars and we will always be able to pay that and our debt is you know as a function as a percentage less than half which pans as for example and it's not it's really nowhere near being a big problem really is a distraction we talk about the future what kind of economy we're going to leave to our children a lot more depends on what kind of unemployment long term unemployment we have put those the people. who and what goes to the economy as well the you know the lack of investment in the things that we need very well said mark thanks so much for dropping by thank you great speaking with you this is all happening again because right wing ideologues want to roll back f.d.r.'s new deal turn social security and medicare into money for wall street and doing away with the minimum wage unemployment insurance and other social safety net programs and the big corporate polluters and the wall street billionaires who daily briber republican paul and some democrats politicians want them to defund unnecessary regulations both wall stre

a key issue on the long term acceptance is that we need a long-term accountable vision that we will go for a nuclear free carbon free energy system and if you build this transformation, if you combine this tnsformation with the long-term vision, acceptance will i incree. there are a lot of small pieces and legal procedures and public participation which could also contribute to an i incree of public acceptance. it is hard work, but it can be done. >> thank you. alternative to nuclear energy, that has been the focus at this hour. please stay with us. r

dollar stay out of any foreign off medium to long term u.s. treasuries but by the way also eurozone doesn't look better again saw the rest of the i'm very optimistic on it ok jeffrey in cambridge i'm going to you is that too bleak of a picture there i mean the past the point of no return that's remarkable. well absolutely not i mean not sure i heard that right there is there's no chance we're going to have a restructuring of the debt and we have a very serious long term debt problem we've had it for quite a while it's it's long term in two ways one that the problem is that deficits the moment the problem is retirements and the rapidly increase in pensions and health spending medicare and social security that are going to come over the next few decades that's a problem it's also long term in the sense that we we've been facing this problem for thirty years many people like myself have been worried about this for thirty years there's nothing magic about about this year the only thing that's magic about this here is it's become a political issue

my wife is in long-term recovery. we have two children, 19 and 17, that we have to role model today, not tell them how to live but show them how we lead our lives. they've never seen us pick up a drink or a drug in our life. they think recovery is an asset rather than a liability. i sponsor 17 men in recovery and try to role model who i am to them. and-and now i am involved with intheroom.com, and we have over 80,000 members that i'm grateful to for being on our site, and we're growing every day by hundreds of people, and it's not only getting people together, keeping them connected, but we're saving lives every day. as you can see, millions of americans participated in a variety of recovery month activities in 2010. i hope this show inspires you to organize a recovery month event or get involved with one in your local community. your continued involvement in organizing events and activities in september 2011 is critical. you can get started right now by going to recoverymonth.gov and becoming familiar with the 2011 m

i mean we have a very serious long term debt problem we've had it for quite a while it's long it's long term in two ways one that the problem is that deficits the moment the problem is retirements and the rapidly increase in pensions and health spending medicare and social security that are going to come over the next few decades that's the problem it's also long term in the sense that we we've been facing this problem for thirty years many people like myself have been worried about this for thirty years there's nothing that you can about about this year the only thing that's magic about this here is it's become a political issue this year the american political system kind of bizarrely swings back and forth between not being concerned at all about the problem and making it much worse with huge tax cuts like we did in the early eighty's when james baker was working for ronald reagan or as we did in the bush administration versus times when all of a sudden we're concerned about it i've happy that we're i mean if we're concerned about it fine let's take advantage of that political crisis

we need a long-term plan for our waste and what it would cost the city in the possibility of an event. the third reason is -- as of november 2010, the city is now out of compliance with the state law that requires a 15-year disposal plan. this is the california public resources code that asks all cities and counties of california to have a 15-year disposal plan for its waste. that's a concern, as well. finally, there's not adequate time to redo the process before we reach a contracted capacity at altamont. when we started this process in 2003, we do not see a way to restart this process and complete it in the next couple of years considering how long it has taken us to execute the process at the department to date. i will touch briefly on this. the facilitation agreement language that we have drafted and has been approved by the port of san francisco, the city attorney, and recology will do a few different things. the addendum, if it is adopted as part of the facilitation agreement, will commit the city to investigate new port and transportation options, including barges. it would com

from a long-term environmentalists like myself, there'that is not something to e at. it presents an opportunity to try to evaluate -- are we able to exact a great number of dividend, more dollars, back into the city? that gets to the bottom of this discussion today. would that be through the vehicle of us considering how we might be able to insert a port role in this? maybe not. in february, that had not even been considered in the way it is now presented today. in the last two months, and i know it has probably given some shudder to employees at recology and others that are here to advocate for them, but understand that due diligence needs to be done. it would be a disservice to the people of san francisco that while we've been working extremely hard to bring business into san francisco, we are also looking for a way to really come to the defense of our port and create job creation without subverting the business model of recology. when we learned in the process in february that recology is on the cusp of expanding the brisbane, that business we potentially view as d

in tonight's commentary, some thoughts on solving long-term fiscal problems. here's glenn hubbard, dean at columbia university's graduate school of business and former chairman of the council of economic advisers under president george w. bush. >> the president and congress are arguing over near-term budget cuts to improve our fiscal outlook. a key ball in play? more like taking our eye off the ball. the long-term budget woes present the real challenge: the unsustainable footing of social security, medicare and medicaid. this isn't just about dollars and cents. if we don't get our budget focus right, we won't be able to afford our goals for defense, education and the safety net we need. a new assignment for the president and congress: can't we clear up the long-term fiscal outlook without large tax increases that would discourage growth, and without reducing promises to current beneficiaries? we can strengthen our entitlement programs to augment and focus their support on lower-income americans. doing so gives the budget room to restore fiscal balance. the alt

second of all, i will say, fixing our long-term financial priorities here in city hall, i think we talked about that earlier. one of the things that shocked me coming into city hall and during the campaign cycle, we do have a one-year outlook. in my opinion, what we need to be doing in city hall, which i know mayor lee is also focused on, is planning for the long-term future of our city. i was born and raised here and my children are being raised here and i want to focus on what it's going to mean for them over the long haul. that's the second generic priority. second, we need to focus on what we can do to continue to operate and make sure our business community and a community that's going to continue to create an economic cycle long-term here in san francisco that's going to sustain us in terms of taxes and ancillary revenues, how do we make it a better environment for them to operate in? i was proud to be with mayor lee today when we signed the mid market tenderloin tax legislation today, it was labeled the twitter debate. yesterday i introduced for the first time, we are the only majo

i will do it long term, correct this problem. i will sit down with jeff and i will say, you want city b or do you want to work with us as one city? i want you to be un-confused in november. you will be confused if you have more than one ballot measure whfment we come forward with you, we will be able to explain in no uncertain terms how our proposals will correct our system. that's what i want for you for your consideration in november and we will absolutely need your help. we will vote on this and we will make sure we've done the right thing. and i have everybody so far. the next three weeks some might peel out. they'll try to get more out of it or less obligation. we'll do our best to keep everybody in play. but our obligation ultimately is to present the board of supervisors with a proposal so that six f. not more of them agree, can put it on the ballot and we think we will have the united fily with us and it will be spreving a dignified pension and one that we could afford and one that will not hurt her general fund as we've

the long-term fix is more difficult. we certainly recognize this at the local government level and the federal level. these are the things that people are looking at for the future. how do we manage this in the future. can we manage this and what will this do providing services? >> supervisor farrell? supervisor farrell: with these witnesses, have there been corrective actions taken? if you were going to have another report this year, the believe that these would be corrected? >> a lot of the management has implemented these procedures. we have not been looking at this. the materials are from the grant programs and not to the city. >> we should hear from some of the departments that are here, to discuss some of the steps that have been taken to address some of these issues. one thing that we are doing in this committee, we are reviewing the audits and reports and we want to give an opportunity for you to tell us what you are doing, to take any kind of action as we continue to monitor and come back and a future date, so t

it changed its long-term outlook to negative.nd 50 points to the decline. >> justine: the country's largest thanks sorry third largest bank reported income of 3 billion of beating wall street's expectations. this quarterly profit and net was one of the biggest recipients of the financial bailout. >> james: a girl survives the golden gate bridge fall, a teenage girl was rescued from the day after jumping or falling from the bridge are not sure which one. she took the plunge from its bamid span. she will b. they are not sure it was an attempted suicide or she felt. in vallejo nato americans protest that an area where the city is looking to build a park. they have been camped out hoping to the city not tconvince the ce it. >> many have been desecrated by developers it's time to take the stand. we say no more to digging up ancestors and putting them in museums and garbage bags, repairing them somewhere else. this is where the creator put them and they should stay here. how can you protect something when you want to come and destroy t

he talked about the cost that generates to those workers in terms of long-term skills, long-term earningsential. but then he went on to say, you know, at some point the fed can only indirectly address that challenge and the kind of government policies that are needed for that are are things more related to job retraining, worker education, things that simply aren't in the purview of the fed. and i think traditionally the main channel by which the federal reserve can support hiring by companies is by lowering interest rates and lowering the cost of capital for companies. but when you look at the challenges that american business face today, large businesses, they're doing quite well. corporate profits are very high, cash flows are very high so that's not really something the fed can directly change much more. if you look at small businesses in america, surveys of small business owners, the biggest concerns they report are things like core sales and also just concern about government policy and what often times gets called government red tape. not the cost of capital for those businesses. i

we hope there will be a long-term dialogue with our technology leaders here in san francisco. one point resonated loud and clear to me. despite their commitment to san francisco and strong desire to both live and work here and locate their companies here, they won't and simply cannot continue to operate in san francisco with this tax. and it's not a veiled threat, i do think it's a reality. we have to look at the problem, in my opinion in, two ways. one, we have to try to get a gratp on how much -- grasp on how much revenue we collect on this tax, and that is difficult balls of the way we've reported payroll -- because of the way we've reported payroll tax in the past. i know we're in the middle of a budget deficit and this is not a fun topic. but the hard truth of the matter is if we don't correct the issue, companies, and most importantly the jobs they provide for san franciscans and the taxes that they poor into our city will leave. young companies won't choose to locate here anymore, and i know investors will not fund companies to be based here in san francisco. and a word

doing their own due diligence so i think that's the challenge for russia to put up those long term interests and we have to go to a break and after that short break we'll continue our discussion on russian i.p.o. stayed with r.t. . you delete something. from. the. wealthy british. market why not. find out what's really happening to the global economy. welcome back to on the money i'm peter lavelle and we're discussing russian companies and i.p.o.'s but first let's have a quick recap of russia's experience with i.p.o. . russian companies themselves to the market but internationally still need to have both a solid business case and a commitment to sell in that business case to meijer investors of course and restless cannot get away. and that was true so it's or just but then it will become. all the best risk making their own decision. for the management. to raise questions. as well as capable. of course. organized professional world always looking for success over russian corporate culture has come a long way in the last decade the least in process can still be quite challenging for