mr. roth. elaborate on that. >> there's a line in the book that said we had more people at the peak of the union military than the confederates had in the general. >> it's a lot more inindustrialized than the south was. >> and so much credit do we give generals for having bigger resources, right? here's the other issue. and we haven't talked about this even with lee. who does grant fight in the west where he makes his career? is this the best the confederates have to offer? none of you can remember these folks. well, widely likes joe johnson a lot. but people like braxton bragg, you know, this is a rogue gallery. how can one produce the same argument that great generals require opponents. in lee's case. who does lee fight? >> collin, burnside. >> right. the army of the potomac in general. but arguably the army of the tennessee is perhaps a worse army. the confederate army of the tennessee is a worse army than the union army of the potomac. all right. so, and when i say that, i mean things in te

mr. roth. >> didn't he go to the north because the south was losing all the supplies and so when they went to pennsylvania they took advantage of the fields there. >> a lot of it is just a lot of the supply system is sort of legalized theft, right, and the federals do the same thing. the confederates partly. the northern virginia is completely devastated, completely opposite of what you think of it now as being a nice prosperous way and funny street names, but that's part of the -- there is a supply imperative there. of course lee does well in the over lining campaign but what's interesting is he is doing exactly what he doesn't want to do. the interesting question then becomes you know is it just personality wise unsuited to fighting that? also, gallagher makes this point and let me point this out, too. lee fights a masterful delaying action in the over lying campaign. johnson, if weigley is right, masterful action and what happens at the end of all of these things? you still lose. why? what

mr. roth. >> very early. >> yes. okay, so -- >> could afford to fight. >> exactly. mr. conners, want to get in there? all right. so, all right, explain. >> that he theorizes that the confederacy should have bought a war campaign similar to what the reb rebellion did during the american revolution. >> okay, not necessarily put, but there are a lot of arguments that lee should have engaged in something like partisan operations, all right, and it's not just guerrilla operations. everyone ak nonls that a confederacy would need a conventional army, but what relative of robert e. lee is sometimes compare d to lee as something that should have been done from the revolution? which very famous relative of lee admittedly at some level removed, yes, washington. does washington act like lee during the revolution? no. >> what is washington's one crucial priority? to maintain the army, okay. to keep the army in tact. so, that's washington's strategy. how does that then affect his stance? what does washington do then as a consequence of that? >> lee should have preserved his army. he

mr. roth. >> he's going to follow the big thing is he had people follow lee's army and they keep picking off people and follow him and make lee like make the mistake. >> so -- >> not just following the army as well as johnson. he divided his forces to engage the southern army at the same time on multiple fronts. >> so you have various examples, right. you have attrition. what's that a fancy term for? what mr. roth said. in this case you can associate it with guerrilla warfare. in this case it's wearing down your opponent. that's the overland campaign with fighting. high casualty count. mr. goodwin you're probably -- did you mention vicksburg? >> not this time, sir. >> that's an example where grant doesn't wear down his opponent through a heavy casualty sort of grinding away. what does he do instead. >> figured out the siege. but originally when he started at vicksburg he launched two or three assaults and failed at that. one could argue he tried to anile late this confederate army in vicksburg

mr. rothms. susan cosper, standards boards. remind each of you that your written statements will be a part of the record, and we ask you to summarize your testimony in five minutes. ms. genova, you're recognized. >> thank you. i'm dianne genova. i was one the jp morgan officials dealing with mf global over the weekend before it filed for bankruptcy protection on october 31st, 2001. i appreciate the opportunity to appear before the subcommittee to describe those events, and i'd also like to thank chairman baucus for noting our cooperation in appearing before this committee. as i'll describe in detail, we worked through the week of october 4th to accomplish two main goals. first, to provide first rate operational clearing and settlement support and services to mf global, and second, to ensure we did not wind up in a position where we had extended credit to mf global without proper collateral and security protections. to understand what we were trying to accomplish, let me describe briefly the ba

any one else want to -- mr. roth. >> putting your men in battle you have trust in them that they will come through and win. but like shy away, general doesn't want to fight this battle because he doesn't think he can win this one f. that happens over and over. >> you guys are giving the very good institutional response. it's perfectly defensible. let me push back a little. john bell hood. okay. incredibly aggressive. men quite fond of him. what happens? destroys his own army. by attacking. i forget his name. my good friend and colleague at chapel hill -- it's in sherman's army, he has a story about i can't remember which one, a core commander. who is very effective, aggressive, but somewhat disliked because he is seen as a bit too aggressive. a bit too ambitious. so there is a fine line between -- yes, troops want to win and troops understand they have to do certain things to do that. but when do you have an officer who may be wants that glory a little too much. >> you also have to think about the different dynamic b

you've got to -- mr. roth, why don't you elaborate. >> like a line in the book that said we had more people at the peak of our -- the union military than the confederates had in general. >> some other -- >> a lot more industrialized in the southwest. >> so how much credit do we give generals for having bigger resources? here's another issue. we haven't talked about this even with lee. who does grant fight in the west where he makes his career is this the best confederates have to offer? no. none of you can probably remember these folks, like, well, wigley likes joe johnston a lot. people like braxton bragg, pemberton, this rogue's gallery. how could one use the same argument that great generals require sort of inept opponents, in lee's case? this is the same issue in evaluating lee. who does he heat? >> burnsside. >> joe hooker. the army of the potomac in general. arguably the army of tennessee is perhaps an even worse army. the confederate army of tennessee, than the union army from the potomac. when i say th

it also doesn't recognize -- mr. roth. >> johnson he got fired becauses he didn't win battles against sherman. if lee would have done the same thing he would have been sacked too probably. >> why is this important? >> it is culture. mr. conners. >> that's why you like spoiling battles. that's why you like washington, too, is dependent on public opinion which is why he did raids and he attacked small detachments when he could pick up and win and say look at all of these guys i beat. >> that's a good point. this is something -- >> has to do with their relationship with davis because to say that he would have been sacked just because he wasn't doing anything is kind of a far stretch. for example, north lincoln didn't fire half of his generals simply because of political reasons who were not doing as well. >> wait awhile. sometimes he did. mcclel land is a good example of that. lincoln doesn't like mcclellan early on and eventually gets rid of him and takes him awhile. what's different about american political culture between

school university his new book occupied economy challenging capitalism itself in the next few months mr roth thank you very much for staying down to speak with me thank you very much for giving me the opportunity to years ago you said that the crisis would take not just a few years but much longer to overcome it is a common belief that the so-called financial crisis is basically over the one that started in two thousand and eight where do you think the u.s. economy is right now i think the way to answer that question is to recognize that this crisis is a crisis of the entire global system and where it is extremely bad at one moment it will be relatively easier at another as the symptoms move around for example the united states was in much worse shape in the first two years two thousand and eight and two thousand and nine compared to europe two years later the years two thousand and ten and two thousand and eleven reverse the united states is not the extreme problem europe is and the financial crisis but we talk about is as severe today in europe as it ever was in the united states the banks

but it also doesn't recognize -- mr. roth. >> he didn't win battles so if lee would have done the same thing lee would have been sacked too probably. >> yes. and why is this important? >> he wanted to win it. >> yes, it's cultural -- mr mr. conners. >> that's why you fight spoiling battles. that's why you -- like washington too was dependent on public opinion which is why he did raids and he attacked small detachments when he could pick up a win and say look at all of these guys i beat. >> that's a good point. this is something -- >> it has to do with their relationship with davis. to say that he would have been sacked just because he wasn't doing anything is kind of a far stretch. up north lincoln didn't fire half of his generals simply because of political reasons who were not doing as well. >> he had to wait a while. mccullin is a good example. lincoln doesn't like mcclelland early on but eventually -- takes a while. between the confederacy -- now i expect you to remember a little about the jacksonnian -- in washington's e

we will hear first from jim salinas, sally roth, richard goldman, paul hogarth and kevin stall. >> good morning mr. chairman. and members of the task force. i'm native san francisco, born and raised in the mission district, lived in san francisco all my life. i'm here on behalf of the san francisco democratic club hoping and looking forward to the decision of this task force. to repatriate the district, we're hoping that you will take the mission district from its current boundaries to the northern boundaries all the way to the freeway. we know for a fact that there are a number of latinos and latino families that live in that part of the city and we believe it's important for them to be part of a historic district. >> so sorry. >> was that you mr. chairman? [laughter] >> no, sir. >> and members of the panel i would hope that you would consider the feelings and the opinions of what we consider to be a historic district, the mission district. and it's certainly a neighborhood that i recognize as a neighborhood. so please, you know, do your due diligence and understand that we're looking forward to

roth i.r.a. was enacted, we saw it for all different types of i.r.a. savings additional because everybody was promoting it. >> all right. thank you. i see we're over the time. mr. mcdermott is recognized. >> thank you, mr. chairman. i think it is a very important hearing to have to talk about and i agree, we probably come at the same concern over having people's security. but i fly back and forth from seattle where united airlines has its largest and oldest base. most of the flight attendants are about 55 to 60 years old. one of them told me a story and i'd like you guys to respond and ladies to respond to this. her husband worked for washington mutual and one day they closed the bank and he lost his entire 401(k). boom. gone. all gone because it was invested in the bank, right? because he was required to invest it in the bank. now she flies for united airlines. they've gone into bankruptcy twice and each time they go into bankruptcy the first thing the bankruptcy judge does and responds to the companies' pleadings is to scrape off the retirement. so this woman who has flown for united airlines for 29 years now has a guarantee of $231 a month from the pbgc on

roth ira was enacted, we sought for all different types of ira savings. additionally, because everyone was promoting it. >> all right. thank you. you are recognized, sir. >> thank you, mr. chairman. i think this is a very important hearing to have. mr. t. g. barry and i have the same concern over people's security. but i fly back and forth from seattle. where united airlines has its largest base, its oldest base, most of the flight attendants are about 55 to 60 years six years old. one of them told me a story, and i would like you all to respond to this. her husband worked for a big bank in seattle. washington mutual. one day they closed the bank. and he lost his entire 401k. boom, gone. it was all gone because it was invested in the bank. it was required -- he was required to invest in the bank. now, she flies for united airlines. they have gone into bankruptcy twice, and each time they go into bankruptcy, the first thing the bankruptcy judge to on in response to the companies pleadings is to scrape off the retirement. so this woman, who has flown for united airlines for 29 years, now house a guarantee of $231 a month from the pd gc. on top of her social security. now