if you will take place on march and moreover by you making this deal with ross nafta b.p. will be competing against b.p. or simply competing against itself. thank you and that's all of the reporting to us on the staying t.t.p. story. now let's have a look at the stock mark. it's stocks in europe struggle for direction on friday with mobile phone giant nokia posting heavy losses after it agreed to form a software partnership with microsoft ok shares are up almost twelve percent that's the biggest drop in almost ten months london's footsie and germany's dax both down over half a percent this hour and let's turn to russia where stocks snapped three days of losses as oil climbed boosting the outlook for producers the r.t.s. is up nearly half a percent and demise it was gaining point seven percent on thursday russian equities suffered the biggest one day fall in seven months now a statement is rare bank is up over two percent after doubled its january net profit to nine hundred forty million dollars severance climbed over two and a half cent up to the steelmaker counseled and i

alexei miller he told the press that should nafta gas decide to merge with gazprom there will be a lot of benefits for the iranian side not only for its gas industry of course is energy industry but also for the country's economy as a whole not only would gazprom maximize the a utilization of pipelines currently running through ukraine lifting up the volume of gas that passes through them to over twenty five billion cubic tonnes but also a nafta gas of ukraine would receive very beneficial prices they would be receiving the same prices that it currently exists on the russian domestic market so of course a lot of potential benefits for nafta gas should it decide to merge with ukraine alexy miller also said that the potential merger would not affect its existing plans for the south pipeline which of course would be delivering gas to europe bypassing the existing ukrainian pipelines and that project according to the gas from c.e.o. is still on schedule and is considered a a is. set to launch in twenty fifteen of course all of this information comes as the rival pipeline to gazprom the eur

speaks that's after prime minister putin questioned why prices for jet fuel and diesel set by ross nafta gazprom and lukoil have risen faster than the price of crude oil two years ago the watchdog imposed fines of nearly a million dollars against the likes of rosneft lukewarm t.k. b.p. for fixing prices but it's not since even the general director of the national energy security fund believes mines are not the right way to ensure competition. the problem is that we have no in the plan them to refineries in the us all serious or foreign there is there the part of this we have to integrated companies and in my opinion if we really want to struggle for law with all prices across the wall we must simply not about fines we must think about structural reform of our industry we must have independent before and there is and only i think this is the only one way to struggle with high oil prices if we want to press one point that we must have real complete the mission of our market if we will have no independent why there is there will be no competition. gazprom is post of course and their profit

they made war on labor unions, passed nafta. bill clinton is the poster child of bankrupt liberalism. [applause] clinton understood that if he did corporate bidding, he could get corporate money. the working class and labor would have nowhere else to go and by the 1990s, the democratic party had fundraising party with the republicans, and by the time barak obama ran for president, they got more, but the price of that was a betrayal of the working class that traditionally the democratic party and liberal institutions had once protected. our great failure for those of us who care about ordinary, the rights of ordinary citizens is that in 1994 with the passage of nafta, we did not stand up for the working class and turn our back on the democratic party. we continued to support democratic politicians who spoke in the traditional language of liberalism, but betrayed every single core liberal value. welfare reform, we now face the prospect with this new midterm election of unemployment benefit s for tens of millions of citizens runnin

that would happen if nafta passed. i was with the clinton administration at the time at the department of labor and starting in 1994 -- again, it took time. when clinton first came on and the first 18 months it was caught the jobless recovery but once it started to take off there was remarkable job growth -- 21 million net new jobs created. by the end of 1999, the highest unemployment rate of the population that we ever had in the history of the country. certainly, nafta in the short run can't be said to have caused job loss. the terms of trade -- it is easy to look at and say we could have done that, and why couldn't -- stop that and produce it at home. by and large, what happened is productivity advances. if we look at coal production or steel production, it can be measured quite easily. millions of metric tons. we actually produce the same amount of coal and steel today as we did in 1960. we do it with one quarter of the labor force. in fact, world wide, manufacturing employment as a share of unemployment is down si

that would happen if nafta passed. i was with the clinton administration at the time at the department of labor and starting in 1994 -- again, it took time. when clinton first came on and the first 18 months it was caught the jobless recovery but once it started to take off there was remarkable job growth -- 21 million net new jobs created. by the end of 1999, the highest unemployment rate of the population that we ever had in the history of the country. certainly, nafta in the short run can't be said to have caused job loss. the terms of trade -- it is easy to look at and say we could have done that, and why couldn't -- stop that and produce it at home. by and large, what happened is productivity advances. if we look at coal production or steel production, it can be measured quite easily. millions of metric tons. we actually produce the same amount of coal and steel today as we did in 1960. we do it with one quarter of the labor force. in fact, world wide, manufacturing employment as a share of unemployment is down si

that would happen if nafta passed. i was with the clinton administration at the time at the department of labor and starting in 1994 -- again, it took time. when clinton first came on and the first 18 months it was caught the jobless recovery but once it started to take off there was remarkable job growth -- 21 million net new jobs created. by the end of 1999, the highest unemployment rate of the population that we ever had in the history of the country. certainly, nafta in the short run can't be said to have caused job loss. the terms of trade -- it is easy to look at and say we could have done that, and why couldn't -- stop that and produce it at home. by and large, what happened is productivity advances. if we look at coal production or steel production, it can be measured quite easily. millions of metric tons. we actually produce the same amount of coal and steel today as we did in 1960. we do it with one quarter of the labor force. in fact, world wide, manufacturing employment as a share of unemployment is down si

to russian all giants have been working in the country nafta and dance the russian ruiz company you are to be poor in libya for building a high speed drill willing there was due to be finished in two thousand and twelve taken a promotes earth has built more than six hundred kilometers of electricity transmission facilities in the country now the future of the russian projects in libya is under question. well this actually was a good question you give me do you think russia and also some western countries will they keep the look at these contracts that they got under kind of a regime really will say or not we have so many contracts in iraq now for the iranian revolution i have so many contacts with the europeans before the russian revolution and then i said mr well more sensually we normalize our relations with europe who knows we are not sure there will be libya as one can treat a disintegrate just because some people went when a part of the country is the revolutionary control the other product interests and that is control it may be a four part of you think it's possible everything is

to russian all giants have been working in a country like nafta and grasp room the russian real ways company you are the big project in libya for building a high speed drill we're doing there was due to be finished in two thousand and twelve taken a promotes birth has built more than six hundred kilometers of electricity transmission facilities in the country now the future of the russian projects in libya is under question. well this actually was a good question give guinea do you think russia and officer western countries will they keep the rate of contracts that they got under the regime really you will see . we have so many conflicts in iraq before the iranian revolution i have so many contacts with europeans before the russian revolution and then as i understand well more sensually i would normalize our relations with europe. i'm not sure that all believe as long arm three major center great yesterday because some people went when a part of the country is at the revolutionary control the other product entry is still under his control it may if we are fall apart you think it's po

bosphorus straits according to russian media the partners from the russian side that strands never crossed nafta and gastronomy eft are about to officially end their financing of the project now this would effectively kill off the whole idea that russia bulgaria and greece agreed to three years ago and that's to build almost free hundred kilometers of an oil pipeline to export crude to european clients however transnet has denied this information saying russia does not intend to redirect or the liveries to other pipelines but some analysts doubt the economic value of the whole project. together with the completed one pipeline and together with the plan to be completed next year to pipeline i think currently. russia has enough expert capacity is probably distribution i mean geographical distribution overall is not so diversified as russia potentially may want or potentially may need but i don't think that. construction of some. extra additional pipelines world is justified economically. similar to markets first to the united states where the markets are up as new home construction in the u.s. cam

at the farmers in the market towards the end of the week the exploration deal signed between ross nafta and b.p. has raised the possibility of tapping into russia's arctic energy resources but even if the difficult surrounding that can be overcome after all remains the challenge of extracting oil and gas from the frozen region the president of the russian the union of oil and gas groups believes truly belong to become economically viable when that world price hits one hundred fifty dollars per barrel . yeah the most that you just use it's very expensive to develop the arctic show i'm not saying we shouldn't develop this area but we still don't have enough experience to deal with it i believe we should stop the development when the price of oil reaches one hundred fifty dollars per barrel and beyond for example to drill one metre of the arctic shelf could cost up to one million rubles so we should curricula to cordingley. that have a look at how the markets are fairing now here in russia it's a national holiday so there will be no trading but the rest of the world is going to work starti

ross nafta escalating conflict may be soon resort and the london high court on tuesday is set to decide on whether or not to look b.p.'s assets walk deal with russian oil giant snapped persian owners of t.m.p. b. preval to complain seeking to block the deal on the grounds that the b.p. rosneft tie up violates the shareholder equipment. these russian shareholders also decided not to approve of one point eight billion dollars diffident for the fourth quarter of twenty to ten half of which would have gone to british fund the b.p. last month. have to agree to form with joint venture for arctic oil exploration and take across shareholding and let's say however that they are consortium is not likely to block that is. still the main aim of. russian holders of ten k b b's not to stop this deal because this is the extremely important for russia and i am sure the people as. i don't want to stop this very important deal for that is why in this case. the russian stock holders of think i believe in my billions have some small benefits in other questions that get into the problem or for example deal

a deal between the russian oil giant ross nafta and the b.p. that was announced recently on the asset swap and arctic exploration according to the russian board eight are they do you breach is their shareholder agreements in the all new ventures of b.p. in russia and ukraine have to be down to know whether or not our has the right to veto this agreement between b.p. and ross now it will be decided during a court hearing that's going to take place in london on the sounds of march. to go to the markets now stocks in europe us struggling to find some kind of direction on friday mobile phone giant nokia is posting heavy losses of church agreed to form a software partnership with microsoft shares are dropping around eight percent this . year and russia's stocks are snapping the three days of losses as oil line boosting outlook for producers on thursday russian equities suffered their biggest one day four in seven months right now they're recovering myself one percent state numbers burbank is up almost three and a half was through double the genuine

eighty six and a half dollars a barrel is the sixth day of decline for the west texas crude gas from nafta is therefore down around two and a half percent investors are worried that their final will suffer most of the washington of the russian forces fuel prices no draw. it may come down around two point seven percent of the close despite reporting twenty ten revenue rising nine point one percent. this is not been the best of the week for russia and again i think it will turn out to be have indeed one of the worst performing emerging markets story here is be one of the best performer markets so far this year it's easy to profits when you when you when you made some so i think what we're looking at is profit taking having basically been on the forefront for this week. in other news to now been planted child by stopped an upcoming initial public offering due to unfavorable market conditions the company had planned to sell about thirty percent of its shares on the my six r.t.s. and london stock exchange in a bid to raise up to eight hundred twenty eight million dollars and as predicted the i.

gazprom is leading the pack up over one percent first so i want and rushes to talk all forms ross nafta and lukoil are also making headway as you can see around one percent. and russia stage owned diamond mine plenty to increase production by fifteen percent in the next seventy years the company which might hold an initial public offering this year plans to produce an average of thirty six point eight million carats of diamonds annually and aims to generate fifty five billion thirty five sorry billion dollars from diamond sales by twenty eight thousand been well rival de beers is expected to win back the title of the world's largest diamond producer in character arms and twenty eleven as a target production of some thirty eight million europe now during me in less than one else try for more business news and get more stores more website are to dot com slash business. culture is that so much of the taxpayers' money or maybe even hundreds of years of a real mess created by the global arms this is booming you more armstrong less in jayne's or the world security obviously events in the midd

welcome to business are seen gas from nafta set to join the elephant oilfield in libya in an asset swap deal with italian then the company any the us expected to be signed during the official visit of russian president dmitry medvedev to italy on monday morning to deputy chairman of gazprom and exceed the estimated worth of the deal is one hundred seventy eight million dollars among other topics for discussion is the potential participation of any and they'll in russia's high tech hub of skolkovo also the south stream project which is to carry gas from russia to southern europe across the black sea. you know russia could quits the burgas alexandra palace oil pipeline project that bypasses turkey's bosphorus straits according to russian media transnet rosneft and gazprom the after about to officially end their financing of the project this with effectively kill off the whole idea russia bulgaria and greece agreed to three years ago and that is to build almost three hundred kilometers of an oil pipeline to export crude to european clients however transplant does deny this information sayi

bypasses turkey's bosphorus straits according to russian media russian partners comprising of trance nafta was left to gazprom that are about to officially end their financing of the project however trance they have to deny this information saying russia doesn't intend to redirect oil deliveries to other pipelines but analysts doubt the economic value of the whole project. together with the completed one pipeline and together with the plan to be completed next year to pipeline i think currently. russia has enough expert capacity is probably distribution i mean geographical distribution overall is not so diversified as russia potentially may want or potentially many i don't think that. construction of some. extra additional pipelines. is justified economically. just from expects export revenues this year to top the pre-crisis record as natural gas prices increase and the demand for the fuel recovers for out your company said the total export revenue could exceed seventy two billion dollars this year which is two and a half billion more than in two thousand and eight. to boost its exports to

oil two years ago the watchdog impose fines for nearly a billion dollars against the likes of cross nafta local and tainted b.p. for fixing prices but doesn't see when the general director of the national energy security fund believes fines are not the right way to assure competition. the problem is that we cover knowing the refrain that is the rush all serious or foreign or is there the part of this we have to integrate into companies and in my opinion if we really want to struggle for law with all prices across the wall we we mustn't talk about fines we must think about structural reform of our industry we must have in the plan them before and there is and only i assume this is the only one way to struggle with high oil prices if we want to have a lower price on perth or we must have a real completion of our market if we'll have no independent for the news there will be no competition. gazprom has poses a third quarter net profit of five point four billion dollars down nine percent from the previous year the figure where and line with analyst expectations russia's biggest company attrib

you gras day three of the playoffs also saw top dogs on guard bounce back from a surprise defeat to nafta hammock. so this is what they stick on for a school final serious look like after two games it's won over when group is your grandma and with all the work the same school the regular season with us out on guard and next to him and i've barse i feel uncomfortable with the only that after friday's games. staying on the ice advance called brit has proven to be the world's ultimate blame for all of this yeah the russian speed skater winning gold at the european embroiled all around championships that historic feat serving as a grave build up the next day as well finals in moscow as well as they social impacts at twenty fourteen because of course he has more. this sporty winter a huge improvement over last year for the twenty eight year olds bref the high bar of skin native did bring russia their first medal of the twenty two in a lympics with a five thousand meter bronze in vancouver he added ten thousand meters silver later but those results were overshadowed by the teens who are overall

exploration deal signed between ross nafta and b.p. has raised the possibility of tapping into russia's arctic energy resources but even if the difficult to sit around doing that can be overcome still remains the challenge of extracting view oil and gas from the frozen breach and the president of the russian union of oil and gas groups believes drilling will only become economically viable when the oil price hits one hundred fifty dollars per barrel. yes it's very expensive to develop the arctic show i'm not saying we shouldn't develop this area but we still don't have enough experience to deal with it i believe we should start the development with the pros who reaches one hundred fifty dollars per barrel and beyond for example to drill one metre of the arctic shelf can cost up to one million rubles so we should calculate accordingly. let's have a look at the markets now and here in russia if the national holiday so there'll be no trading but the rest of the world is going to work starting from asia here at the stock market edging down

the grounds that it violates the tane shareholder agreement last month the british company and ross nafta agreed to former joint venture for arctic oil exploration and take cross shareholding analysts say whether the disputed dualism likely to be blocked. the main. or. russian sir called us of to is not to stop this deal because this is the extremely important for russia and i am sure the people as. they all want to stop this very important deal well that is why in this case. the russian stock holders of think i. have some small benefits in other questions that go into the problem or for example deal with the problem of go in. and staying with them be the british company has announced it will pay dividends for the first time since the gulf oil spill after posting a profit in the fourth quarter of two thousand and ten despite an overall loss of five billion dollars last year and this comes as russian because shareholders decided not to approve a one point eight billion dollar dividend half of which would have gone to b.p. . so a look at how the markets are faring this hour stocks are highe

we need to repeal nafta and bring jobs back, put some people work. and company profits, they are making it in taiwan, china, the middle east, mexico, everywhere else, if tell them that they need to get their factor is back up and going and get these people back to work. i do not believe you should touch medicare. for social security. i think you ought to scrutinize the food stamps, planned parenthood, and there are a lot of ways to save money. host: a lot of ideas out there, mr. tanner. guest: there is a lot of waste out there. but you could eliminate every domestic discretionary program the federal government has, not just a waste and fraud, but eliminate a number of programs altogether, and you would still have a $700 billion deficit this year. there is simply no way to balance the budget without dealing with the fence in the entitlement programs. host: number six of your list, higher taxes. guest: the president always says he will reduce the budget defit by increasing spending by $1 trillion and then by increasing taxes by $2 trillion in saying it

and the rust nafta was just one of the examples but if you look at the in the broader sense what's going on the good the business this the good indicator is the level of the trade but the last meeting of the international committee of trade and investment just showed that we had a six day mentions directions of the corporations and we are planning to cooperate in different areas like for example. the brits will help us to make the international financial center we expect to cooperate on the energy efficiency so basically i am very optimistic about the economic areas of corporation between our two countries and as far as your job case what areas if you target said that you will focus on in times of cooperation altshuler frankly i have to to to to to to point to know all the all the areas they'll say this is politics definitely this is economy this is technology because you know we're building skolkovo with the brits building you know the same center not far from london reason regime we're in favor of the better conditions you know we want the same conditions as we have with the rupee and

ross nafta lost three quarters of a percent and russia second biggest bank was up almost four percent helped by news it is acquired a blocking stake in bank of nascar. and that's all for now so i mean just on the one hour. wealthy british style. sometimes. margetts why not. find out what's really happening to the global economy in the kinds of reports. down the official t.f. acacias your money phone the i pod touch from the i.q. sampson.

and crossed nafta agreed to former joint venture for arctic oil exploration and take a cross shareholding but the russian owners of the have filed a complaint with the london court to be heard today seeking to block the deal on the grounds that they have fifty bras that tire out violates the tame p.v.p. shareholder a cream and analysts say however that they are consortium is not likely to block the disputed b.p. deal. the main aim of. russians holders of tin could be is not to stop this deal because this is that is extremely important for russia and i'm sure the people there's some new stuff for you model nice a big city be able to do all but one route to stop this very important deal that is why in this case the main aim of the russian stock holders of drink i believe in my opinion is do have some small benefits in other questions that get into the problem or for example deal with the gander the problem of coequal and so on. let's have a look at what's happening to the price of oil brant crude has hit their one hundred dollars per barrel mark for the first time since two thousand age on

ross nafta and b.p. concluded the deal in january but were forced to put it on hold afterward drew opposition from a are that b.p. is russian partners in a joint venture. so a are claimed the deal while its exclusive agreement with the british all major. now turning to the markets and violence in libya is affecting markets worldwide u.s. stocks declined as the price of oil rises investors fear crisis in libya could spread to other oil rich countries in the region or lead to high gas prices there is some good news though consumer confidence in the west reaches highest level in recent years despite mixed feelings about jobs and european stock markets drop sharply as well extending the previous sessions heavy losses airlines ranked among the hardest hit stocks because of the shop spike in oil prices shares of air france p.l.m. dropped three group point two percent and easyjet eight percent. here in russia markets closed in the red tracking those losses in europe and asia the r.t.s. in the mines it's finishe

with look oil and gas from moving over half a percent down point three percent this hour and ross nafta shedding just under two percent the rising lead. though it's come out the company has gained almost three and a half percent during the day on the news that oil could darkening so more than ten percent of come out to dr. post crisis spending is gathering momentum across the world and wall to make me president of international markets at master card says emerging markets i believe. u.s. u.k. parts of western europe they are still growth rates that are lower than the pre-crisis were but it's not back to those much higher rates retraces but in the emerging world so in china india brazil and in russia you see very strong growth and in the growth rates are now back to the pre-crisis growth rate. let's look at oil brant crude has surged above one hundred three dollars a barrel mark fueled by rising demand and the tensions in egypt many experts say all is likely to continue over the next several years if the global economy is stronger than is expected because the way some countries recover a

and the state oil giant ross nafta so those kinds of things were high on the agenda and foreign minister lavrov outlined six priorities for improving the trade relationship he talked about finance he talked about working together in the nanotech sector energy efficiency of course one of the big projects coming up for russia is the olympics so cooperating on olympic infrastructure strengthening the small and medium business sector in russia and also improving the business environment in general they also talked a bit about modernizing communication links between london and moscow this is obviously love rovs first visit to london in this particular official capacity let's hear what he said about those communication ties are they looking to improve . the. visit to london invitation if you could government symbolises and you can see of them relations based on partnership interest economic cooperation between countries on the rise since the strategic b.p. rose new. litter example we're happy to look at the agreement on establishing a direct line between the british prime minister and the crim

work in russia last month ross nafta and b.p. agreed an asset swap to form a partnership for oil exploration in russia's arctic but russian british joint venture tank e b b is up in arms saying the deal violates its right of first refusal on anybody to work in russia the a r consortium which owns half of the team t v p took legal action to block the agreement as science had been given until february twenty fifth to resolve the matter arbitration. i'm sure there is an economic reason behind it as well because be your or my have some interest on those deposits as well as b.p. and particular the arctic once on the burns of the sea close but my view the strategic part of the different strategy which. has a my. rosneft has suggested an out of court settlement lie be possible however some experts say that taint t.v. people still could participate in the ambitious project. if the t.i.n.k. b.p. shareholders want to participate in the deal particularly want to participate in some major capital investments to explore for oil and gas in the

as you know, nafta is ohio's largest trading partner and has created a ton of jobs in ohio.nd canada is a great ally, not just a great trading partner. so how do you as the point person who has been dealt a very difficult hand and has handled it very professionally help bridge that disconnect with the american people and the people in the rust belt that, no, trade is good, trade can be very good, trade can actually grow our economy, exports mean trade, and it can actually create more jobs in america and create a better america for all of us and our kids? >> well, you heard mr. brady talk about my work as a mayor, and i always tried to govern myself with one, one principle, that the truth is always an option. and, unfortunately, i don't know that either one of your statements is wrong. and one thing we are doing is going to places like cleveland and going to detroit, not just going to dallas and washington and others. and talking truthfully about what the promise of trade is, but it also means, then, that we have to have a less tin ear to those that say we need help. so one o

mr tyrrell, i would like you to explain to me how the president could pass nafta, commodity futures modernization act, and to be considered liberal. thank you. >> host: he is asking about bill clinton, in the administration. >> host: >> guest: he ran as a moderate and began his presidency the verging way off to the left. and the midterm elections and sort of accommodate the republicans. he did accommodate the republicans and he said the era of big government is over. but his heart was with the left. bar don't think you could say -- you can say he tried to accommodate reality. in that regard i respect what he did. >> host: next call from florida. >> caller: thanks for c-span. i am a long time subscriber to the american spectator. i began getting it in the early 1980s when it was still a large size tabloid magazine and i enjoy it and wait for it every month. i can't wait to get it and read your columns as well as the continuing crisis which you didn't explain, is taken from a whole lot of left-wing publications. just unbelievably funny. it is terrific. you mentioned earlier on the program that we a

>>mallawany: in my opinion what we are looking for is ultimately to become an economic bloc like nafta or like european union. this is the ultimate goal. is it going to happen quickly? that is a very ambitious goal. so it will take time but we have to start. >>rachid: today i think we have a serious chance. most of the arab countries have adopted a market economy. wehave ten of them in the wto. another six are applying more important than that we have companies wehave regional companies, operators and players and who can actually move this idea of a common market and joint market. >>reporter: pan-arab integration is already the mantra for some firms -- take rotana hotels preparing for the recent arab economic summit in egypt's sharm el sheikh. >>nahas: during the conference we also seek the assistance of our colleagues from the rotana group in the middle east, in the uae, in lebanon and syria. so i think this diversity this is what makes us unique. >>reporter: the company employs over ten thousand people across 41 hotels from all the arab countries - nearly 30 more properties will open

happen if nafta passed. i was with the clinton administration at the time at the department of lab and starting in 1994 -- again, it took time. when clinton first came on and the first 18 months it was caught the jobless recovery but once it started to take off there was remarkable job growth -- 21 million net new jobs created. by the end of 1999, the highest unemployment rate of the population that we ever had in the history of the country. certainly, nafta in the short run can't be said to have caused job loss. the terms of trade -- it is easy to look at and say we could have done that, and why couldn't -- stop that and produce it at home. by and lge, what happened is productivity advances. if we look at coal proction or steel production, it can be measured quite easily. millions of metric tons. we actually produce the same amount of coal and steel today as we did in 1960. we do it with one quarter of the labor force. in fact, world wide, manufacturing empyment as a share of uneloyment is down significantl

in the fall of 2008 during the election, he would have seen a candidate obama talk about repealing naftawas bad, how trade has cost jobs. if you could have sat in his farm house the last election 2010, you would have seen more money than i have ever seen spent in central ohio, as well as in the cleveland market and the cincinnati market about how triet has cost hundreds of thousands of jobs in our state. trade is the big bogeyman with respect to how well how you's economy has suffered. so if you or john davis sitting in this room and you want to hear about cynicism, how do we stop that cynicism when every two years in an election we have people running for office making a trade the bogyman. nobody

to that alone, dallas exported almost $7 billion to both nafta and cafta. the numbers go on and on. three years before the u.s.-australia agreement, exports from texas to australia averaged $800 million. in three years after that trade agreement, texas exports averaged $1.3 billion per year. an increase of 66%. before the u.s.-chile agreement, texas exports to chile were declining. since the agreement texas exports have increased by 107%. those numbers just tell me that we are spinning our wheels. this agreement was signed in 2007 and this is 2011 and we still haven't finished them. now, i'd like to know why we are delaying because other nations in the world are taking our place in the trade environment. and it's because you haven't been able to finish the job. and most of it you are telling me is labor related. i would like to know your opinion on that and what you intend to do. i tell you what, you get these three agreements done, you don't have to buy me a dinner. >> i've enjoyed your friendship and we have shared a lot of plates over the years. and it would be loathe for me to k

the nafta agreement, signed by our government and the mexican government, calls for cross border trucking. congress suspended at about two years ago. we have a proposal that we are working with the mexicans on to restart that program. the answer is, it is considered a pilot program. it is not necessarily a full- blown program. but we intend to restart the program because it is in the law. the law requires us to do it. we don't want to cause it will be restarted. we will work with trucking companies in the united states to make sure it doesn't impinge on your ability to continue to have a job and make money. host: here is all look at the dollars behind the six-year transit division. paul requested -- host: tell me about the national infrastructure bank. guest: apot of money to debate, significant projects. i was just in nevada. i was dedicating a bridge the goes over the hoover dam. that project was started seven years ago. people were thinking big. we know there are big, bold, significant projects in america that need to be funded. we will continue to use the highway trust fund to fund tr

when i say nafta, you marginalize and a think all of us should dig into the nafta treaty and not throw it out but make some adjustments to make it more fair. there is no fair in this fair trade. without manufacturer, i did not say how the united states will have full strength and prosperity. manufacturing is the backbone of this country. it won't be all of innovations like mr. donahue states. you have to make things. guest: right. our members tell us that they cannot compete on labor. they realize that. our elected officials should not be imposing more things that increase the cost of labor. whether it is certain laws and regulations at the state level or the federal level or new regulations coming from osha or the department of labour. you increase the cost of labor. that makes us less competitive. what my members tell us is that they can compete on an innovative skill and that they can compete if -- on capital investments. the government has to stop from a regulatory perspective. they should begin to think about everything they done and what the impact is on business. we live in a co

lot of legislation through, and how you feel about patronage really depends on how you feel about nafta and the bill clinton gave away the store, and about all the initiatives and berries residents, republican and democrat have had. and patronage is absolutely nonpartisan. republicans have used it. they used it when they controlled the congress. not that long ago. democrats had used it. liberals have used it. conservatives have used it. and we think that it an essential tool of government but an extraordinary susceptible to waste, fraud, and abuse. a thousand public officials a year are convicted of felonies, which makes one wonder why more hasn't been done for prison reform. >> that was martin tolchin given to the summit of his new book, "pinstripe patronage: political favoritism from the clubhouse to the white house and behond." >> up next allan meltzer presents "a history of the federal reserve: volume 2, 1951-1986". mr. meltzer is joined by paul volcker, federal researcher during the carter and reagan administradministrations. they discuss past and present economic issues. mr. volck

tyrrell, i'd like you to explain to me how a president that could pass nafta, the welfare reform act, the commodity futures modernization act and the graham-leech act could be considered a liberal. thank you. >> guest: i don't understand the question. >> host: he's asking about bill clinton, why -- because of -- >> guest: oh. >> host: -- some of the legislation that was in his administration, why you consider him to be a liberal. >> guest: right. well -- [laughter] he began his presidency -- he ran as a moderate, he began his presidency lurching way off to the left with health care reform and infrastructure buildup, and he got whacked in the midterm elections. and then he had to move and to accommodate the republicans. and he did accommodate the republicans. he did say, as a matter of fact, the era of big government is over. but his heart was with the left, and i don't think that you can say that he was some sort of -- i think you can say that he tried to accommodate reality. and in that regard i respect what he did. >> host: next call for mr. tyrrell comes from hope sound, florida. h

we need to repeal nafta and bring jobs back, put some people work. and company profits, they are making it in taiwan, china, the middle east, mexico, everywhere else, if tell them that they need to get their factor is back up and going and get these people back to work. i do not believe you should touch medicare. for social security. i think you ought to scrutinize the food stamps, planned parenthood, and there are a lot of ways to save money. host: a lot of ideas out there, mr. tanner. guest: there is a lot of waste out there. but you could eliminate every domestic discretionary program the federal government has, not just a waste and fraud, but eliminate a number of programs altogether, and you would still have a $700 billion deficit this year. there is simply no way to balance the budget without dealing with the fence in the entitlement programs. host: number six of your list, higher taxes. guest: the president always says he will reduce the budget deficit by increasing spending by $1 trillion and then by increasing taxes by $2 trillion in saying

when nafta kicked in and all the heavy industry went south of the river into mexico for cheaper labor, that area became the hardest hit area in the world according to the -- what is it? world health organization for birth defects because there was no epa, because there was just rampant waste and pollution. >> host: clyde, we got the point. thank you. >> guest: yeah, absolutely. quite a few things there as far as regulations and he mentioned education. i'll tie those together. i'm a firm believer with a bipartisan mistake for no child left behind there's more federal regulations on education. our education dollars should be turned back over to the states. that's one way to reduce regulations. there's a new governor in kansas, and he'd be more than happy. take 5% less money on block grants, give them to the 50 states, let them do what they can do. the best answers are not found in washington. they will be found back home. i think that's how we address a lot of the regulations. these are 30 or 40 years ago regulations. i'm talking about the ones in the last two years. there's been 100 re

he passed nafta, our jobs went to mexico. he gave china free trade status in 1998. and he repealed glass-stiegel. and those big banks that have now failed. and we have to build about. i do not understand that -- how he is the man to go to after creating those problems. newt would be a great guy to talk to and to get this budget down so our dollar does not keep going down and we do not have to borrow money from china. i do not know how simple that could be, but please, why would bill clinton seemed so great when he had all these problems in the 1990's? host: we have this from the new york post, a focus on governor andrew cuomo. could discuss the revolt spread to new york? only if governor andrew cuomo gets serious about taking on the unions. we have this comment -- president obama should meet with citizens on both sides, but not for people to accuse him of being a closeted alien. barry from las vegas. good morning. caller: before we can address any of these issues, america has to kick itself in the rear end, the citizens, the common folk, for a reality check, because

dallas exported almost $7 billion to both nafta and cafta. exports from texas to australia averaged $800 million in the three years after that trade agreement, they increased to 66%. texas exports to chile were declining before an agreement. since the agreement, imports have increased by 107%. these numbers tell me we are spinning our wheels. this agreement was signed in 2007 and at this is 2011 and we still have not finished them. i would like to know why we are delaying because other nations in the world are taking our place in the trade environment. it is because you have not been able to finish the job. most of it, you are telling me, is a labor related. i would like to know your opinion on that and what you intend to do. you get these three agreements done, and he will not have to buy me dinner. [laughter] >> i have enjoyed your friendship. we have enjoyed a lot of mexican food over the years. it would be loath for me to quarrel with a good friend in public. we will not make dinner contingent on this. but nisei this -- -- let me say this

interpol is an exporter in the united states. 2008 alone dallas exported almost $7 billion to both naftaand cafta. the numbers go on and on and in three years before the u.s. australia agreement exports from texas to australia averaged 800 million. in the three years after the trade agreement texas exports averaged 1.3 billion per year and an increase of 66%. before the u.s. chile agreement texas exports to chile were declining. says the agreement texas exports to chile have increase by 107%. you know those numbers just tell me that we are spending -- spinning our wheels. this agreement was signed in 2007 and this is 2011, and we still haven't finished them. now i would like to know why we are delaying, because other nations in the world are taking our place in the trade environment. and it is because you haven't enabled to finish the job. and most of it you are telling me is labor related. i would like to know your opinion on that and what you intend to do. and i will tell you what, you get these three agreements done you don't have to buy me dinner. [laughter] >> i have enjoyed your fr

and the relationship we enjoy today with nafta, more than that not, they agree. there are no more tolerant of unprofessional behavior than we are. they have their own professional standards. that's an improving area. aplow -- applaud them for it. professional pilots have that. just like mechanics. we can't watch everything. they can. >> everyone seems to be talking about the need to get a dollar out of a dime. i mean obviously the fiscal mess that we are in as a country, it's going to take everyone rowing and doing their part. as far as going forward, our are air traffic controllers, are they subject to the president's pay freeze that in place? >> they are subject in the sense that if we had an open agreement, yes. what the controllers have in place was a contract. it was negotiated several years ago. and, you know, by obligation by both contract law and statutory requirement, we are obliged to live up in the agreement. >> are there any other employees that are under current labor contracts with the pay freeze stated by the president would not apply to? >> well,

in addition to that, i have a bill to renegotiate nafta. back in 1993, nafta gave the green light to globalization andout sourcing and every other trade agreement that comes down the pipe outsourced more jobs than in sourced more jobs for us. we got away from making it in america. in sector after sector, closed marks in j pan in china, in south korea snuffed out production here as their production grew. but it's reached a breaking point. it's reached a breaking point in our country where we've had to, through defense legislation, saved the strategic metals industry, beryllium, titanium, magnesium, all these prnt metals, both in the defense as well as the commercial sector, we could lose to other plays. our ability to do machine tools, the president's investment tax credit to save the tooling which is located within 300 miles of detroit and toledo, that's what america has. is it any wonder that unemployment is 9% when you have backo trade deals that outsource more jobs? so i would say the one bill i haven't mentioned, which is short-term, bu