face up to the deficits, and rising debt we will have a tremendous economic crisis and as you said, mr. stern, we do the economic plan. everybody here from a president to the fed chairman to every member in this room has every witness said the path we are on today is not sustainable. so we all get. now do we have the courage to do something? to me, this date is like a cancer. it is a cancer that is when to destroy the country from within. it is as plain as day. the arithmetic is compelling. the problem is easy to agree upon. what is hard is the solution and there are a lot of ideas out there. i want to protect the social safety net. i want to make sure that we invest in those areas that will make american competitiveness competitive and knowledge based economy. i want to make sure any time we discuss revenue that we don't do anything that has a negative impact on economic growth. but we have to be willing to change. we have to be willing to make the tough choices. we are not going to solve this by waste fraud and abuse or by limiting foreign aid. we have to make tough choices and that is goin

face up to the deficits, and rising debt we will have a tremendous economic crisis and as you said, mr. sternhe economic plan. everybody here from a president to the fed chairman to every member in this room has every witness said the path we are on today is not sustainable. so we all get. now do we have the courage to do something? to me, this date is like a cancer. it is a cancer that is when to destroy the country from within. it is as plain as day. the arithmetic is compelling. the problem is easy to agree upon. what is hard is the solution and there are a lot of ideas out there. i want to protect the social safety net. i want to make sure that we invest in those areas that will make american competitiveness competitive and knowledge based economy. i want to make sure any time we discuss revenue that we don't do anything that has a negative impact on economic growth. but we have to be willing to change. we have to be willing to make the tough choices. we are not going to solve this by waste fraud and abuse or by limiting foreign aid. we have to make tough choices and that is going to invo

andy stern, president of 2.2 million strong service employees international union, will reportedly step down from his post at age 06 after 14 years. the sciu spent about $60 million to help mr. obama win the white house. >>> twitter is trying to get profitable. the social networking site will begin rolling out adses to users today. initial advertise iters include star buck, virgin atlantic and best buy. until now, the 4-year-old company has resisted going the advertising route. >>> and there's good news for ipad owners boarding a plane. unlike traditional laptops that have to go through separate screening, the tsa says passengers can keep ipads in their carry-on luggage when going through security check points. airport officials say the ipad is so thin it won't blockismages when passing through screening machines. >>> and tiger's return turned out to be the ratings bow than sa everyone expected. cbs port sports coverage of the final round of the masters was up 36% over last year. generating the highest ratings in nine years. and i didn't plan to watch it, but everywhere i went, it was on the tvs, so -- >> i watched it. i never do, but i did. >> lots of people did. >> emily

mr. william black, associate professor of economics and law of kansas city school of law. >> you asked earlier for a stern regulator, you have one in front of you. we need to be blunt. you haven't heard much bluntness in hours of testimony. we stopped a crisis before it became a crisis in 1991 by supervisory actions. we did it so effectively set people forgot it existed even though it caused several hundred million dollars in losses but none to the taxpayers. we did it by pre-emptive litigation and supervision. we broke a raging epidemic of accounting control fraud without new legislation in the period 1984-1986. legislation would have been helpful but we didn't get it. we were able to stop that because we didn't simply continue business as usual. lehman's failure is a story in large part of fraud and it is fraud that begins at the absolute latest in 2001. that is with their sub prime and liars loan operation. lehman was a leading purveyor of flyers loans in the world. for most of this decade. studies on lawyers loans showed incidents of fraud of 90%. lehman's sold this to the world with warranties that t