james mcnerney is president of president obama's export council. former chief of staff came from boeing's board, as did his second commerce secretary. his secretary of state hillary clinton helped broker a $3.7 billion sale of boeing planes to a russian airline. even president obama boasts that boeing. >> so i teas him every time i see him saying i deserve a gold watch because i'm selling your stuff all the time. >> jay is james mcnerney. it's clear what boeing gets from the u.s. government. what is not so clear is what it gives back? >> boeing paid no taxes in 2013, no federal income taxes, that's not unique. over the last 12 years they claimed $1.6 billion in federal tax refund and reported $43 billion in u.s. profits. >> reporter: 43 billion in profit. none of that comes from the dreamliner, which cost billions, and is years away from making money. all of boeing's commercial profit comes from older aircraft created prior to the dreamliner, prior to james mcnerney, and prior to the merger. it has been the top executives, and large stock holders w

. >> tonight mcnerney a man you respect, boosted boeing's different depds by 25%. really a sign of confidence of aerospace. klaus kleinfeld doubling down on aerospace. this cycle is so often misinterpreted, right? people keep saying the cycle has to end. they keep saying the auto cycle has to end. you're not saying that about either. >> yeah. i'm not. i don't know about industry specific cycles but i would say i'm not one of the guys who thinks a recession is around the corner. in fact, i think the -- as we look at the history of recoveries that this is a recovery that could go on for a long time because we've never really from the worst recession in 80 years, we never had that big bang recovery where, you know, you blowing the doors off everything and people are having 30% earnings increases because sales are up 15%. >> right. >> that hasn't happened. we've all been sitting here going, okay, you know, we hope for 3% organic growth this year, we hope for 4% organic growth. i don't think we've had that boom that followed an unbelievable bust and as a result of that,

i was worried about airbus and the dollar versus the europo, but mcnerney is making a statement.h the defense part of boeing was doing better, but that was an execution issue. maybe he's got that fixed. i don't like to bet again him. >>> ford was downgraded yesterday, r&b is cutting gm. >> i like the dividend there at gm. i think it will be boosted in january. i just think the panic in the market -- you know, there's a lot of panic, but i can get a 4% yield with a cash flow going up. i'm comfortable with that. obviously gm goes down -- anything goes down on a downgrade. i thought range resource, you know sell at a hold. what happens is anything that holds the sell -- there's a lot of panic in the market, but i see -- you have to go through this pain. you have to go through this pain, because you don't know whether some austrian bank or some italian bank announces tonight -- i was reading a piece about templeton. they have a young gun. i don't really want to own ukraine paper, given the fact that ukraine is asking for billions from the west. boy, the west got played by ukraine. i'

mcnerney asked about the geopolitical impact of it and as did the ranking member of the foreign affairscommittee which i am, i care about the geopolitical aspects of it. i like the idea of countering mr. putin. european countries are reluctant to stand up to him because they need his oil. if they could buy our oil they might actually develop a backbone. so i've looked at this in a totally different approach as a look at before. but everything of course is still a balancing act. i care about the environment. we want to make sure that we can continue to export an increase the export it and i think it's a balance. so i want to say dr. ebinger i read findings of the report which lifting the ban on crude oil would boost u.s. economic growth and put downward pressure on world oil prices. and larry summers also called for lifting the ban to let me ask a few questions for anyone who cares to answer. .. which shall plays are they getting there condensate from. do you know? >> the eagle ford. >> where did it go? are their existing refineries in friendly parts of the world to find this additional