and martin bailey is an economist with the brookings institution.e served as chairman of the council of economic advisers under president clinton. he's also a senior adviser to mckinsey & company working on projects about globalization and productivity. thank you both for being with us. mickey maynard, to you first. the president was talking up the auto industry today. how much has it turned around? >> the auto industry is in a very slow turn around. and you have to think back a year. we had the worse car sales essentially in over a quarter of a century. chrysler had actually shut down its factories while it went through bankruptcy. and thousands upon thousands of workers thrown out of work. there was something like over 300,000 people lost their jobs in the auto industry between 2008 and 2009. and that's about the size of pittsburgh. >> woodruff: martin bailey, how do you see it, how much has the auto sector rebounded if? >> well, i think it was essential that president bailout these auto industries because it would have been disastrous when the ec