nagl members are responsible for approximately 80% of the annual seven a volume as well as the lender portions of the sba 504 loans. thank you very biting me to testify and for holding this hearing on the important issue of small businesses, availability to access capital. in the interest of time, i will submit my full written testimony for the record and provide just a brief summary. i want to begin by publicly thanking the international franchise association, ifa, for taking a leading role driving the discussion on the direct correlation between access to credit, job creation and economic development. because of the exemplary effort of nagl and i say assayed today, we have a seven a loan program that is much better able to make the meet the capital needs of america's small-business. and it is important to note that the isc work on this issue did not and with the passage of the small-business jobs at. approximately a year ago, while we were working on credit access issue on different tracks, nagl and ifa begin a dialogue that we have continued. through those encounters we came to rea

foreign policy in the middle east and south asia. >> i want to start with you john nagl. what do you want to hear from the president tomorrow in terms of immediate reductions. >> i actually think the most important thing the president can say is it has long term secure interests in afghanistan and in the region and that we are going to be committed with troops for a number of years to come. >> a number of years. >> for a number of years. in fact it's actually more important than even the pace of this draw down as important as that is. >> all right. ms. bennis what do you want to hear. >> i want to hear our security interests did not involve hundreds of thousands of troops and contractors there, that the president has listened to the 64% of the american people who say that the war is not worth fighting and we should get out right away. that means as long as it takes to get on planes and get them home. >> i want to hear what the transition phase is. this speech is the beginning of a transition and it signals that. but many people in government who are running this policy, m

i get a little nervous walk us through the story what's going on here well his name is mark spitz nagle and he works with that seem to lab who's the infamous or famous black swan kind of doomsday scenario spokes person so he kind of always seems to have always that's on these scenarios and his protege i think it's you know that's mark's it's nagel it's got a six billion dollar fund and he's betting on this he's betting on basically that the s. and p. five hundred will drop forty percent in i forget the timeline but sometime soon and that is basically what happened in two thousand and eight so that's a terrible situation and we hope it doesn't happen and referenced two thousand and eight didn't he make a fortune predicting that collapse and that seem to last might have i don't think the sky his fund he just founded it in two thousand and seven and it was really small at the time since then it's grown to six billion which is really impressive and he only has fifteen investors that are giving out six billion so these are very rich people or in some cases sovereign wealth funds and they nee

to avert this program suspension on behalf of its members nagle is requesting congress act now to increase this year's program level for the business loan program to $19 billion. this will not affect the budget because suspicion of appropriations are available to support the increase to the program level ceiling. we no small business leads the way to creating new jobs and having a vibrant small business segment in the economy is vital to continuing the fragile economic recovery we're seeing. we also know that keeping the 504 loan programs available to meet the capital needs of tens of thousands of credit were the small businesses have nowhere else to turn is equally vital. do i still have time left? sorry. that wraps up. i will answer any questions. >> you will have more opportunity when we get to questions. i turned to ranking member velazquez. >> my pleasure to welcome dr. dennis jacobe, chief economist at gallup. he understands consumer public opinion and the economy more broadly. he has designed many of gallup's special financial indexes including the small business index on investor a