it is from penn state. no economics? >> none >> i think it is an advantage.hing. there is a lot of the gore and economics that can give you a false sense of understanding the world. it is easy to say you have it all in your head and it is a system. this is how it works. it is a challenge to stay humble about understanding, the more you get into it and the way you eat. that is what attracted me to his podcast so much. not only does he treat his guests with a lot of respect and dignity, but he also approaches his own biases or point of view with a lot of skepticism. there are limits to what we can know. be wary of certainty with regard to the economy. >> which one of the economist is dominating the thought in the united states today? >> it depends on how you look at it. it is still very much keynes. people who admit fans of his with hayek same. we have reached this in debt ceiling which is a strange wall. it is like the world is going to come crashing down. how can we not spend more money? how can we possibly imagine balancing the budget? there is a keynesian b

is a million strong penn state kids love it community to say to people who are angry that's no guarantee took dolly will save face and they will get the remaining moon to pay it out of that big keys to put christie let's take a support to the middle east and great democracy me. bring it to the great great sea nor any policy that. your opinion is important to us go online and visit r.t. dot com to take part in our latest poll they were asking why does the u.k. harbor exiles so far the most popular response to the question because money talks not far behind thirty nine percent say because they do not turn their backs on what monday may come in handy and not many would agree that it's because bad political leverage is better than none or that the u.k. is a truly democratic country log on and vote. on the way as financial woes gripping europe we take to the streets of new york to find out if people there feel they're heading down the same road. freeze is what. they feel like we're on the right i think we have to fix it on the global level but i think we reach country have to know where they

penn state's kid inundating community needed say to people it's a language that's no guarantee of each other will save face and it will make you remain a lousy excuse to pull christie letting it cool to the middle east and praise him up to see me make love. to the great great see you were at a policy sunday. we appreciate your opinion on the stories we covered go online visit r.t. dot com and take part in our latest online poll they were asking why does the u.k. harbor exiles so far the most popular response because quote money talks not far behind thirty nine percent think they do not turn their backs on what month one day may come in and be not many agree that it's because bad political leverage is better than none or that the u.k. is a truly democratic country. stay with us here on r t coming your way is financial woes grip europe we take to the streets of new york to find out if people there feel they're heading down the same road. greece is looking bad spain is looking bad but i feel like we're on the right i think we have to fix it on the global level but i think we can reach cou

penn state's inundating community need to say to people if there's no guarantee be able to stay safe and they don't leave you with. a lousy excuse to pull christie supports to the middle east in a democracy me. bring to the great lakes see you were at a top team. like to hear what you think about this go online and visit our web site r t dot com to take part in our latest online poll today we're asking why does the u.k. harbor exiles so far the popular response is because money talks not far behind thirty nine percent say the because they don't turn their backs on what one day may become andy and not many of you agree that it's because bad political leverage is better than none or that he u.k. is a truly democratic country log on and your soon. coming up as financial woes gripped europe we take to the streets of new york to find out if people there feel like they're heading down the same road. greece is looking bad sprain is looking bad but i feel like we're on the right i think we have to fix it on the global level but i think we the each country have to know where they live their e

is the million dollar penn state kid in london community to say that people assume that's no guarantee took ali will stay safe and they don't leave you with. a lousy excuse to pull christie letting supports the middle east in a democracy me. to the great great sea nor am a top. europeans of porn to us go online and visit our website r.t. dot com to take part in our latest poll today we're asking you why does the u.k. harbor exiles so far the most popular response to that question is because money talks are behind on thirty nine percent is because they do not turn their backs on what may one day come in handy and many agree that it's because bad political leverage is better than none but that the u.k. is a truly democratic country log on your say. stay with us here on our cheeks still coming your way as financial woes grip europe we take to the streets of new york to find out of people there feel they're heading down the same road. greece is looking bad spain is looking bad but i feel like we're on the right but i think we have to fix it on the global level but i think we reach country

. >> we have a question from penn state. he said iraq was a shining example of the middle east. a number of experts thought that the majority was going to eliminate the minority are dropping them out of the country or worse. for whom is a rack a shining example? >> for those that like democracy, more open societies, increasing appreciation for democratic institutions and principles. is a racket guaranteed to be a shining example forever? though. is it better than it was in recent years? absolutely. this is on a continuing and got a moment in time. if you look around the middle east with the exception of israel and turkey in you're trying to rank haitians that are next on the progress meter in terms of movement towards the like, you will put iraq moving in the right direction. in light of other challenges are within iraq, we don't know the answer to that. in this moment of time, it can and has been made in a difficult region with the complex and seemingly insurmountable history. absolutely. >> i want to ask a question that john asked you about states that democratically choose le

the point is, nixon came in shut it down there was a shooting at penn state and know liberals don't likewas embarrassed. i'm not embarrassed. that's what do with a mob. it was being led by bill ayers. >> sean:>ohr when you are dealg with mob rule. when you are dealing with -- [ talking over each other ] >> sean: when you are dealing with a lie too. remember the road less traveled author, scott peck wrote a second book. when what he talked about, when there's a lie there is also evil. there is a sinister predictable technique and tactic to attack and slander and besmirch people. the latest one is on medicare. what are you dealing with -- [ talking over each other ] >> that is all part of the crowd psychology. they don't -- it is from rousseau the paranoid hypochondriac that inspired the french revolution, use images speak to the heart not the head. that's what they are doing with medicare. they will show a picture of congressman ryan pushing a woman in her wheelchair. they use images that's how you gin up a mob. you don't do it through careful arguement. >> sean: we are going to see you

penn. when you mentioned ohio state, i wanted to make sure penn state was in there, too. >> that would be piling but thank you for the reference to ohio state. that won't come out of the chairman's time. >> can you go from the dos and what we should do in your testimony? >> i focused on labor in the previous remarks. we can do things to facilitate, to low e the cost of capital with respect to lowering the cost of transportation and distribution which is so important to manufacturing in. also energy, as i mentioned. i would focus on two things. then i'll stop. i don't want to take up too much time. it needs to be considered in a comprehensive way. so that we can bring down the marginal rates. i know there's a lot of debate about how the corporate taxes are. it's almost irrelevant to me. it's a plus if we can lower them. we can do that by addressing the swiss cheese in our corporate tax code. the other thing is going to small manufactures. one of the beauties is there are a lot of small manufactures tucked away that are very productive. they're very competitive. they're in lancaster or pittsburgh

family to attend college on the graduation in 2006 and wasickinl admitted to the dickinson schooe at penn state university and a graduate in 2009 with $150,000 of student loans. a 150,000. country but there are people all over this country who have extremely' high student loans, and theyff. don't know how they are going te pay them off. then he continues. f i could find nothing better thar a $10 our position stuffing o envelopes. interne my family i don't wantily i dot them to visit because i'm am ashamed of my surroundings my tt family told me in education was the ticket to success but myland education seems to have done is make it impossible to pull myself out of debt and began a successful career. in the of quote. on and on it goes. l the last couple of weeks we've been focusingus on the crisis in the dental care defect inlions f vermont and all over thisd country that millions of peopley can't find gives you an idea. i'm raising these issues today t quoting some folks in vermont rect is doing better in this a recession than most in themont country. it gentlemen rights just in the last coupl

click on a four-year public school and then the highest tuition, and a list pops up and you get penn state $14,000, and you can do that with a private school, and click on the highest costs, you see bates college in maine. >> wish we had that back in the day when i went. a little harder back then. is this about parents being able to comparative shop or about accountability? what is the emphasis behind this? >> i think it's a little bit of both. not only do you get the up-to-date tuition costs, and it shows what the college's track record has been as raising tuition, because it gives you a better idea about how much the school will raise costs in the future. you can see the tick up on the tuition costs, as schools are hiking tuition as much as 50%. >> i have a riddle for you. >> a riddle? >> i do. why did the turtle cross the runway? >> why did it cross the runway? to get to the other side? >> to get to the beach and other things as well. we have a story. about 150 turtles delayed flights on jfk on wednesday, and they clog the runway every year as they slowly make their way to jamaica bay t

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>> from penn state university. i have a question. if you look at the shadow banking system, it seems there's of least three legs to that school, if not more. you talk about money market funds and the repo market place, but you didn't talk about the securitization and i was kind of curious if you left that out intentionally or have thoughts about that. up and down the arena to try to understand more about the dynamics that are happening. it seems like there's a kind of natural story and i'm ecstatic vision of an economist said you have to accept my shortcomings but on banks create these institutions create loans, the preserves but then they can take them off their balance sheet and they get put into a special purpose vehicle which is not sifi size and there is a market-based capital requirement which is much lower than with the federal reserve has control with which the institutions of the safety net and essentially those are put onto the either the short term commercial paper market or balance sheets etc.. one of the things we found

>> from penn state university. i have a question. if you look at the shadow banking system, it seems there's of least three legs to that school, if not more. you talk about money market funds and the repo market place, but you didn't talk about the securitization and i was kind of curious if you left that out intentionally or have thoughts about that. up and down the arena to try to understand more about the dynamics that are happening. it seems like there's a kind of natural story and i'm ecstatic vision of an economist said you have to accept my shortcomings but on banks create these institutions create loans, the preserves but then they can take them off their balance sheet and they get put into a special purpose vehicle which is not sifi size and there is a market-based capital requirement which is much lower than with the federal reserve has control with which the institutions of the safety net and essentially those are put onto the either the short term commercial paper market or balance sheets etc.. one of the things we found

penn. when you mentioned ohio state, i wanted to make sure penn state was in there, too. >> that would be piling on. but thank you for the reference to ohio state. that won't come out of the chairman's time. >> can you go from the dos and what we should do in your testimony? >> i focused on labor in the previous remarks. we can do things to facilitate, to low e the cost of capital with respect to lowering the cost of transportation and distribution which is so important to manufacturing in. also energy, as i mentioned. i would focus on two things. then i'll stop. i don't want to take up too much time. it needs to be considered in a comprehensive way. so that we can bring down the marginal rates. i know there's a lot of debate about how the corporate taxes are. it's almost irrelevant to me. it's a plus if we can lower them. we can do that by addressing the swiss cheese in our corporate tax code. the other thing is going to small manufactures. one of the beauties is there are a lot of small manufactures tucked away that are very productive. they're very competitive. they're in lancaster or pittsbu

. >> we have a question from penn state. he said iraq was a shining example of the middle east. a number of experts thought that the majority was going to eliminate the minority are dropping them out of the country or worse. for whom is a rack a shining example? >> for those that like democracy, more open societies, increasing appreciation for democratic institutions and principles. is a racket guaranteed to be a shining example forever? though. is it better than it was in recent years? absolutely. this is on a continuing and got a moment in time. if you look around the middle east with the exception of israel and turkey in you're trying to rank haitians that are next on the progress meter in terms of movement towards the like, you will put iraq moving in the right direction. in light of other challenges are within iraq, we don't know the answer to that. in this moment of time, it can and has been made in a difficult region with the complex and seemingly insurmountable history. absolutely. >> i want to ask a question that john asked you about states that democratically choose le

when you mention ohio state which is a great university, and what to make sure penn state gets in there, too. >> that would be piling on. >> you have text texas a&m. that will come out of the vice-chairman time. can you go through some of the dues in what you should do in your testimony. maybe just by way of a quick list and maybe i can open up to the others as well. >> sure. i focused on later in my previous remarks, but i think we cannot do this to help facilitate flow of capital, lower the cost of capital with respect to lowering the cost is transportation and distribution, which is so important to manufacturing amounts of energy is a mention. in terms of the cost of capital, would focus on two things enough that because i don't want to take too much time. i do think corporate tax reform is vital and i think it needs to be considered in a comprehensive way, that i think our goal should be to flatten the tax base, try to scale back as many deductions or eliminate any deductions that we can so that we can bring down the marginal rates and we can lower the marginal and affect the corpor

. >> john -- from penn state university. i have a question -- if you look at the shadow banking system it seems there at least three legs on the stool, not more. you talk about money market funds. you talked about the repo market place. but you didn't talk about the securitization market place. i was kind of curious if you left it out intentionally or if he had thoughts about that. i have done some interviews with folks up and down that arena to try to understand more about the dynamics that were happening. it seems like there is kind of a natural story -- i am not a statistician but and economists so you have to accept my shortcomings. but my sense is banks -- loan institutions create loans. they have reserves they can loan against those. but they can take them off the ballot she. they get put any special purpose vehicle which is not any size, and there is a market based capital requirement that goes with that that is much lower than what the federal reserve has controlled with with the institutions and the safety net, and

on graduation in 200, i was admitted to the dickinson school of law at penn state university and gad waited in 2009 with $150,000 of student loans. $150,000. that's high. but there are people all over this country who have extremely high student loans, and they don't know how they're going to pay them off. then he continues, "in western new york i could find nothing better than a $10 an hour position stuffing envelopes. i live in a studio apartment without cable or internet. i've told my family i don't want them to visit because i am ashamed of my surroundings. my family always told me that an education was the ticket to success but all my education seems to have done in this landscape is make it impossible to pull myself out of debt and begin a successful career." mr. president, on and on it goes. over the last couple of weeks we have been focusing on the crisis in dental care. in vermont and all over this country, millions of people can't find a dentist. i just want to give you an idea. many a raising these issues today and quoting from folks in vermont. and by the way, again these

states of iowa. iowa knows minnesota and minnesota knows iowa. so penn'snesota background, particularly as governor, gives him an edge in the iowa caucuses and iowa's presidential primary. together these races add up to the kingmaker, the king then goes on to win more caulk busses primaries, collectively fingerrering the party's favorite for the november 2012 presidential election. bit way, here's of former governor of former governor tim pawlenty. age 50, white, married, two teenage daughters, ana and mara. university of minnesota, ba in doctor of law. practicing attorney, 15 years. minnesota's state legislature house of representatives, 10 years. minnesota house majority leader, four years. state of minnesota eight years, 2003-2011. question, can pawlenty win iowa? tim? >> absolutely, and i'm very happy he began by going to iowa and attacking ethanol subsidies, especially because he used to favor them. that takes guts. his being from a border state is good. okay, michelle bachman could complicate it, but if the ethanol thing is a cue and he'll really bat

from the moment he arrived at penn station where he was greeted by 20,000 people, he had a grand old time ago he went to the top of the empire statebuilding in the shake hands with jackie robinson. he went down to city hall, went to columbia university. having lots of fun in new york city where the policemen who were assigned to attack him because there were all these assassination plot surrounding castro and these were reported in the press every day. none of these turned out to be real but the police didn't know that and castro was completely impossible to protect. he would throw himself into crowds hugging and kissing people with no concern for safety. one afternoon on a whim, he decided to go to the bronx zoo. the press followed, federal agents followed and new york city police follow. castro did what everybody does at the zoo. he is a hot dog and the nets to the elephants. he wrote a miniature electric train and before anybody could stop him, he climbed over a protective railing in front of the tiger cages and stuck his fingers through the cage and pet a bengal tiger on ahead. this is the sort of thing castro did to make peop

threats of other states, both building up their conventional forces and developing new capabilities that target our traditional strategies. today i ask your support for a leaner, more efficient penn -- pentagon and continued, sustainable robust investments in our troops and future capabilities. our troops have done more than their part, now it's time for us in washington to do ours. in conclude i want to thank this -- in conclusion i want to thank this committee for all you've done to support our troops and their families. from my earliest days as secretary of defense, i have made a point of reminding officers, from midshipmen and cadets to admirals and generals, that congress is a could he equal branch of government that under the constitution raises armies and provides for navies and now air forces. members of both parties serving in congress have long been strong supporters of our military and are owed honesty and candor from the military and from the department. i've just returned from my 12th and last visit to afghanistan as secretary of defense. the progress we have made there since president obama announced his new strategy has been impressive. the sacrifices our troops ar