mr. frank's observation, would they be forthcoming? >> well, to some extent. i think what he's referring to probably for various things which were not in place which frank's legislation and the obama legislation to put in place that the abilio wind down big banks, the fdic didn't really have their big commercial banks they could do it, but lehman brothers, or goldman sachs, or morgan stanley. [inaudible] >> those are various ones. they didn't have that capacity. that's why they had to bail them out that there was a special bankruptcy provision which government control bankruptcy. you're right, there were large elements of financial system which were just outside the regular choices to. derivatives being one example, but also mortgages largely were not regulated either because they were regulated at the state level. the state regulators were completely over man. california i think there were 11 regulators, regulating the entire mortgage industry. that's where most of the big mortgage companies like ameriquest and ameritrade -- new century and countrywide. they

i asked mr. frank of he could run the tape, what would he have had in place and he said well we didn't have the ability to regulate the things that by the rye and costello this. no, well those things which were lacking for mr. franks observation, will they be forthcoming? >> to some extent. i think what he is referring to probably wear various things which were in in place, which franks legislation in the obama legislation to put in place, the ability to wind down big banks, the fdic didn't really have their big commercial banks that could do it but lehman brothers or goldman sachs or morgan stanley. no, there were various one so they didn't have that capacity. that is why have they had to bail them out. there was a special bankruptcy, a government controlled bankruptcy. in terms of regulatory oversight you are right there were large elements in the financial system outside of the regulation system derivatives being one example but also mortgages because they were regulated at the state level, and the

mr. franks? >> thank you, mr. chairman and willard. want to direct my first question and thank you for your lifetime commit to the cause of human freedom and all the things that people talk about. the importance of protecting the freedom of people like you personified and we are grateful to have you here today. i was encouraged about your discussion related to protecting our battle groups from emerging chinese missile technology. as you probably are very aware, the report said we had to be careful because it could have set the strategic balance between the u.s. and china and the u.s. and russia. in light of some of the recent reports and the media that china is working to perfect or develop a mid-range and long range missile defense capability, they don't seem as concerned as we are. i guess my question to you, can you talk to us a little bit about the chinese missile defense technology advans and pacifically the median to long range capabilities? >> i would only offer that in terms of their missile defense capabilities that they are b

questions are related to what kind of an effect this has on your organization, and if you were to advise mr. frank about restructuring, what would you tell him? >> i am a real barney frank van. i feel like i know him reasonably well. recall that i spent a lot of years in boston and ran a financial services company. he chairs the financial-services committee. i had the chance to visit with him in the past. i have gotten to know his staff quite well. i am a real admirer of congressman frank. he is incredibly bright. he is committed. he is a true public servant. he really cares. i admire him greatly. secondly, in my speech, i talked about the fact that freddie mac is not a decision maker. we don't even get to lobby or advocate. that is precluded in our current state. not a decision maker. i totally get that the house financial-services committee chaired by congressman frank is a decision maker. a very important decision maker that will be heavily involved in the decision as to what happens to the gse's. i do have to say that friday was not my best day. either in my life for at freddie mac. because i

questions are related to what kind of an effect this has on your organization, and if you were to advise mr. frank about restructuring, what would you tell him? >> i am a real barney frank van. i feel like i know him reasonably well. recall that i spent a lot of years in boston and ran a financial services company. he chairs the financial-services committee. i had the chance to visit with him in the past. i have gotten to know his staff quite well. i am a real admirer of congressman frank. he is incredibly bright. he is committed. he is a true public servant. he really cares. i admire him greatly. secondly, in my speech, i talked about the fact that freddie mac is not a decision maker. we don't even get to lobby or advocate. that is precluded in our current state. not a decision maker. i totally get that the house financial-services committee chaired by congressman frank is a decision maker. a very important decision maker that will be heavily involved in the decision as to what happens to the gse's. i do have to say that friday was not my best day. either in my life for at freddie mac. because i

mrs. howe's immortal battle and of the republic. tonight we will hear from judge frank william who will deliver a few appropriate marks about this young lawyer from the prairie state of illinois. mr. bill styple will tell us about his new book, "tell me of lincoln: and also give us a first-person account of the grand review that he is discovered. mr. doug jammer sent and is america's music and fumble will continue their delightful musical made later in the evening. we will perhaps be joined by sarah epstein who will delight us with a story of her great, great, great grandparents and how they helped mr. lincoln near as president elect. and there is a frosting on the desert, as delicious as it was, and maria elena may have the most wonderful announcement to close the evening. and now allow me to briefly introduce the honorable frank williams, recently retired chief justice of the rhode island supreme court who will deliver a few appropriate remarks about this magnificent young lawyer from illinois. judge frank williams hails from rhode island where he served for seven yea

mr. geithner. barney frank says he thinks there should be something to clear the air. would be useful for mr. geithner to tell what he knew? >> when the financial services committee generally has hearings with the treasury secretary, he goes to the hearings. >> the state of the union -- this month or next month? >> soon. >> one is still in the running. >> soon. >> is it the white house as hope to hold up the state to the union until there is a healthcare bill? >> not necessarily. >> [inaudible] >> are you a big fan? we will announce something soon. >> the labor leaders are going to be to the president on monday to talk about healthcare. will he tried to make them understand that the taxing mechanism is a better idea than they think it is? >> i would be surprised if the topic did not come up. >> what is the purpose of the meeting? what does he hope to gain out of it? >> i think the president will take the opportunity to discuss that issue with them. i know that it is an issue that is a difference in the legislation that the house and the senate passed. i think the presid

mr. geithner and dr. summers were very frank in their discussions. we have frank discussions with them as well. there are some issues that we have to work through, and we also know there is a jobs package. everything is about jobs. what we are here today talking about is the jobs for the people of america. our citizens, our shared constituency, and therefore we need to make sure that the target actions going forth is about jobs for our people. we need to maintain the jobs that we have, we need to create the jobs, and attract new jobs to our metropolitan economies. so throughout our meeting, we have had the opportunity to also hear from the first lady, her initiative on childhood obesity, and we will partner with her on this movement. we will do very well, because this is an area that we have been working on in our cities for seven years in the u.s. conference of mayors. we have also had the opportunity to talk with nine cabinet members, very frank discussions. our meeting was set up in a very different way this time so that we could have a dialogue rather than a monologue. it has been very frui

tonight, we will hear from judge frank williams will deliver a few appropriate remarks about this young lawyer from the prairie state of illinois. mr. william styple will tell us about his new book "tell me of lincoln: memories of abraham lincoln, the civil war, and life in old new york". and also give us a first-person account of the grant review that he has discovered. mr doug jamieson will continue the delightful musical serenade later in the evening. we will perhaps be joined by sarah epstein who will delight us with the story of her great great great grandparents and how they helped mr. lincoln here as president-elect. and there's a frosting on the desert. marina may have a wonderful announcement to close the evening. allow me to briefly introduce the hon. frank williams recently retired chief justice of the rhode island supreme court who will deliver a few appropriate remarks about this magnificent young lawyer from illinois. judge frank williams hails from rhode island where he served seven years as chief justice of the rhode island supreme court. while serving in that position the president of the united states also asked c

mrs. feinstein said calls are running 4-1 ges against the measure.çó frank pallone said he was reserving judgmentng, "i am not saying that i or anybody else has totally bought into it." can you explain how they are weighing in on this and gauging how they will vote on this? guest: this is the position the president planned to be in all along. president obama has taken criticism for maybe not being as engaged on capitol hill as they would like, but his plan was to let the house pass their version, let the senate pass its version, and then when they need to recognize the two, whether it is formally in a conference committee or off the record, not in a conference committee, he would swoop in and do that, and literally he has lawmakers in the wlouse there until 1:00 a.m. hashing out these differences. few lawmakers are going to commit ahead of time until they see the final version of the bill. they all want leverage. they all want to be able to make their own decisions up until the end of the day, but it does seem that the president has pretty much both majorities in the congress at this point. host:

mr. taylor says this. quote -- "but two of the economists he cites, frank smentz, director of research at the european central bank and his colleague, maureen jeresinski reported in the st. louis fed review, that -- quote -- 'evidence that monetary policy has significant effects on housing, investment, and house prices and that easing money -- that easy montana -- that easing monetary policy designed to stave off risk of deflation in 2002-2004 has contributed to the boom in the housing market in 2004-2005'." mr. bernanke is saying economists around the world don't agree. and that's not accurate. as a matter of fact, they found just the opposite. so i first -- remember, "the wall street journal" said he was the advocate in the fed -- mr. greenspan may have been chairman, but at this point when he was -- in the early part of it, he was advocating these lower policies. and they were wrong. they did lead to a boom, helped -- at least a significant factor in the boom. and he's not acknowledging that. i don't appreciate it. i also am very much disappointed that he supported president obama's form of a stimulus pack

mr. latourette: they say we have five minutes left. there was a focus group in massachusetts the night of the election run by a pollster by the name of frank lunn. he said, why don't you have malpractice reform? why don't you stop this needless double testing to make sure you don't get sued? and actually, when our proposal was put forward, the bean count rs indicated that that would save to the system money. why wouldn't you take that $56 billion a year out of frivolous lawsuits so these folks who have negotiated for good quality health care for their families don't have to pay a 40% surcharge on income they're not receiving? mr. roe: i couldn't agree more and i agree with my colleague from michigan, congressman mccotter, about the ohio plans, so walled wealthy plans. we don't need to be increasing taxes. americans can't stand another tax right now. the other thing you can do in a state is subsidize high risk pools so people that do have plee existing conditions, that's another way you can deal with that. and those four, five things we talked about, we could get this done in 90 days or less right here in this house in a bipartisan fashion.

frank wolf and jim cooper introduced h.r. 1557, the safe commissions act. and i want to talk about that in the little bit of time i have. and read from his publication, mr.olf's publication -- i can't get the word out, i'm sorry. we have amassed unfunded promises to guarantee future unfunded been fits when totalled, $57 trillion. every man, woman and child owes $184,000. i have used this back in my district and woy like to say it this way, mr. speaker. when that beautiful baby is born, the first cry out of his or her mouth is a cry of do i owe $184,000? yes, baby, you do owe $184,000. every american does. this could, according to the information from frank wolf, could skyrocket to $21 trillion by the year 2020. how does frank wolf and jim cooper, in a bipartisan effort, try to deal with this out of-of control spending? they have introduced h.r. 1557, safe commissions act. and the actual title is the security -- securing america's act. this would be made up of 16 bipartisan appointed people to be on this commissions act and it would be their responsibility to go through how government spends its money from the entitlements to the spending on education, tr

frank duane from florida. [cheers adn ap -- and applause] you are as powerful as kansas. that is wonderful. mr. st. joseph. bishop laurie from bridgeport, connecticut. we have bishopric gregory from brooklyn. bishop george murray from youngstown, ohio. bishop james johnston from springfield, missouri. across the way, the ship -- the bishop of arlington. bishop kevin rhodes, from fort wayne. and with him today, bishop john darcy, the retired bishop from fort wayne. bishop david from pittsburgh. and bishop phelippe de jesus, the archbishop of florida. is there anyone i missed? everybody here? thank you very much. long live the beauty of human life. long live the human person. may we enjoy in charity and in great conviction, continued to march and lived for the victory of human life in our country. god bless you all. and thank you very much. . . >> i am privileged to introduce a young man who was thinking about coming down to the march, and he will be here to introduce a delegation of the eastern orthodox clergy. father john will be here to introduce that delegation. >> thank you, nellie gray. hel

mr. walt minnick and mike simpson of idaho. this bill would authorize the continued use of certain water diversions located in wilderness areas on national forest system land in the frank church-river of no return wilderness and the selway-bitterroot wilderness in the state of idaho. the water is used for a combination of purposes including drinking water for private cabins and ranches. many of the permits have since expired leaving those without to me cancally maintain the systems -- mechanically maintain the systems. under the term of this legislation, the secretary of agriculture can only issue new permits if the owner demonstrates that the facility existed prior to the designation of wilderness. the facility had been used to deliver water to the owner of the land. since the designation the owner had a valid water right. and it would not be practical to move the facility out of the wilderness area. this is legislation designed to put in place a reasonable solution to a conflict. mr. minnick and mr. simpson ought to be commended for working cooperatively and in a bipartisan fashion to craft this legislation. i reserve the balance of my time. the speaker pro tempore: