somehow mysteriously you know you could seem to be able to control the economy and obviously once mr greenspan got to power in the federal reserve in the united states he sort of appeared to be as you remember his nickname was the maestro he could sort of manipulate the economy so they don't actually get the fact that they only have very few policy tools number one the budget well the budget unless you can borrow and spend and now they can't borrow they've got a problem and the other is as you correctly point out monetary policy and once rates go to zero i mean basically all quantitative easing to me is because you can't change the price you change the value that's basically what it is and you're absolutely correct they're running out of runway now and this is the fascinating thing about europe because i hear constantly from people look it's all very simple if they could just print money everything would be absolutely totally fine and i could say well hang on let's back up a stage here the first to gaze if the c.b. could print bonnie does that change the stock of debt in any of these beleaguer

mr. greenspan announced he didn't believe in it. what we want was this, we believe that consumer legislation should be administered by an independent agency. the regulators are there to worry about the saved and standards of the banks, because of that being their preoccupation, they tend to undervalue consumers. what we did find was the major advocate consumers were at the state level of the attorneys general. that's why the president correctly picked a former state attorney general to head the agency, mr. cordray. what we did was to say here's the deal. we'll take the powers that now exist and give them to an independent agency that isn't going to be influenced by the banks the we also said we want to go beyond that and give the agency the power to regulate agencies that are not now regulated, that have grown up. check cashers, people who sell remitenses, payday lenders. the way it works now, if the republicans continue to refuse to do their duty, we're not asking them to vote yet. let's have a vote, up or down. they are saying, no

mr. greenspan, the same idea of having more government intervention.he geniuses, so to speak in the elite circles who think they know best what wage levels should be? think of that. we want to bring in more to bring the wages down, to benefit who? >> he says it will reduce the wage inequality. he says where over pan the educated class. >> so we want to bring more people down? my thinking is the opposite. i want to bring wages up for everyone at every level. in order to do that, my plan is one that will work. i will abolish the tax code. i will reduce the rates for businesses and individuals so we are among the lowest industrialized world. i will have a field day getting rid of government regulation, and what i'm going to do, i think is probably further than what any other candidate is willing to do, i want to dismantle the modern welfare state and and it. if we do that, we can get our budgets to balance. we cannot do it as it is today. that is what will grow the economy. >> let me give you a softball before the break. >> i have the best score on any of

mr. greenspan is the same idea of having more government intervention.geniuses in the elite circle who think they know best what wage levels should be -- think about that. we want to bring in more so we can bring the wages down. to benefit who? >> he said it would reduce the wage inequality. we are overpaying the educated class. >> we want to bring more people down. my thinking is the opposite. i want to bring wages up for everyone, at every level. in order to do that, my plan is the one that works. i would abolish the tax codes. i would reduce the rate for businesses and individuals so we are among the lowest in the in the astral world. i will have a field day getting rid of government regulation and what i'm going to do, probably further than any other candidate, i want to dismantle the modern welfare state and end it. if we do that, we can get our budget to balance. we cannot balance our budgets with the modern welfare state we have today. >> let me give you a softball before the break. >> i have the best record on immigration than any other of the ca

mr. luft? >> i'm honored to represent here the united states energy security council which includes former secretaries of defense, state, interior, transportation, homeland security, agriculture and airforce. former chairman of the fed alan greenspannational security advisers, directors of cia can't flag officers and former marketing shale oil and foods. all of them are concerned about our growing dependence on petroleum and the impact on the national security and economic well-being. as was mentioned before, earlier this year, the department of energy announced u.s. imports of petroleum declined from 12 plight 5 million barrels a day in 2005 to 8.6 million barrels of oil this year. u.s. import dependency dropped from 60% to 46%. this 31% reduction in our level of imports in just seven years is a remarkable achievement. some of this is due to the recession but most is due to as mentioned fuel-efficient see an even more importantly, significant ramp up in the domestic production by technologies. so far, so good, but here is the rap. with america's legal imports dropped our foreign oil expenditures climbed buy almost 50% from $247 billion in 2005 to $367 billion this year. the share of oil imports in the overall trade deficit grew f

mr. chairman, members of the committee. i'm honored to represent the united dates energy security council which includes former secretary of defense, state, interior, transportation, homeland security, agriculture, navy and air force. alan greenspan the national security advisers, directors of caa, flag officers had formerly titled officers from shale oil and kraft foods arc earned about our growing dependence on petroleum and the impact on our national security and economic well-being. as was mentioned before, earlier this year, the department of energy announced u.s. import of petroleum declined from 12.5 million barrels a day in 2005 to 8.6 this year. dropped from 60% to 46% to 30% reduction in the level of imports in just seven years is a remarkable achievement. some of this is due to the recession, but most is due to as mentioned fuel efficiency and even more importantly, significant ramp up in domestic production enabled by technologies. so far so good. while america's oil imports dropped, for oil expenditures climbed by almost 50% from $247 billion in 2005 to $367 billion this year. the share of oil imports in the overall trade deficit occur from 32% in 205251% this year. worst of all, the price of a gallon of gasoline inc

mr. luft. >> i'm honored to represent the united states security council which includes former secretaries of defense, state, interior transportation, homeland security, agriculture, navy and air force, former chairman of that allen greenspanrmer retired from shell oil and kraft foods. all of them are concerned about our growing dependence on petroleum and the impact on our national security and economic well-being. as was mentioned before earlier this year, the department of energy announced that u.s. imports of tetrault trolling declined from 12.5 million barrels a day in 2005 to 8.6 billion barrels of oil this year. u.s. depends to drop from 60% to 46%. this 31% reduction in our level of imports in just seven years is a remarkable achievement. some of this is due to the recession but most is due to come as mentioned, fuel efficiency and even more importantly significant domestic production and able by technologies. so far, so good but here's the rub. when americans oil imports dropped, our foreign oil expenditures climbed by almost 50% from $247 billion in $252,367,000,000,000 this year. the share of oil imports in the overall trade deficit grew from 32% in 2005 to 251% this year. worst of all the price of a gallon of g