in other words, let's have a big stock distribution the same way procter & gamble did when it distributed clorox or other companies do every year. we've got a core business -- the car company -- that has nothing to do with the owner -- us -- and we should give it to the owners, the 120 million people who pay taxes. that's what we ought to do. and the rationale is i paid for it, i should own it. that's the first amendment. now, senator corker, with a couple of cosponsors, including senator warner, from the other side of the aisle, he has another idea which i'm glad to support. a little different approach to the same idea. he would create a limited liability corporation to manage the government ownership state in companies in which the government owns at least 20%. by the fall of this year that will probably include a.i.g., the insurance company, maybe citigroup, general motors, the government assets to be placed in a trust managed by three independent nonpolitical trustees. they need to liquidate the government's interest by december 24, 2011. and there's a waiver in case the trustees thin

and then the other thing is, i have been aa nephew who just bee a cover procter. his education is costing more than a quarter of a million dollars. guest: eyelid an hour away from the canadian border. i was the first member of the congress to take americans over the canadian border to purchase prescription drugs in montreal. i will never forget as long as i live the expression on the face of women, many of those poor with me were struggling with breast cancer. -- many of those women who were with me were struggling with breast cancer. they've paid 1/10 of the price for the same medication. right now, many of us are fighting for a program that we call re-importation of medicine so americans do not continue to get ripped off. in terms of education, many of the people who graduate medical school today are very deeply in debt. at the university of vermont medical school, is about 100,000. what we have tried to do in the stimulus package is greatly expand a program which provides a debt forgiveness for those doctors and dentists who work in medically underserved areas.

what was procter and gamble or what was gibson doing engaged in a live or squared interest rate swaps so i think that there are issues all around in this area. >> thank you, doctor. mr. griffin, please. >> i would take a step back on the question and go, how do i simplify the regulatory oversight problem as much as possible? and central clearinghouses create a tremendous opportunity to reduce the size and scope of the regulatory oversight problem. first of all, their notion in existence today dramatically overstate the amount of economic risk being transferred but do not overstate both the operational risk and credit risk inherent in the system. central clearinghouses would dramatically reduce because of their inherent netting the amount of notional risk in the maetplace and that reduces both operational risk and materially reducees counterparty risk. the market understanding of clear products is dramatically higher than the market's understanding of the paper contracts that define the market today. as pointed out, we worked on reducing settlement problems in the system today but we n

i had only 12 species, not withers 95 procter one night's work i gave my posters to the world on the 15th. all of my efforts on the more organized protest by helped to deflate that went in my weekends letter to my brother it made for a longer storey than usual and the next letter home he said he had enjoyed it but my father said why don't you send it to "national review"? no one in my family knew anything about journalism. we knew william f. buckley, jr. from television and we had been subscribing to his magazines for happier maybe that is enough. i took it dear bob off of the beginning of my letter added a conclusion and assented away. months past without a word from "national review" play assumed they have not like to the submission and have thrown away and this was standard procedure in journalism. then after the new year i got a letter from the assistant managing editor. dear mr. mr. brookhiser please forgive our slowness in dealing with your manuscript is somehow got buried on my desk. this i would learn is actually standard procedure in journalism. [laughter] ms. buckley bills

derivatives, the bankruptcy of orange county in 1994, and in 1994 the huge derivatives losses at procternd gamble or perhaps that company's name was appropriate. but there's also a second vision, one that is the converse of the first vision. here the focus is on the order, from an otherwise chaotic universe made possible by the innovation products. derivatives, especially ot cs, can allow corps to hedge against almost any kind of risk which allows corporations to operate in a more ordered world. if the first vision is a injure was tick park gone awry, the second vision of the soothing hedges found in formal gardens. while the first version focuses on the private and social costs to derivatives the second is the benefits of otc derivatives and the essential task ahead is to try to reduce the costs of sump derivatives without losing their benefits. that's easily said. how can we actually accomplish this? well, in my academic articles, i stress one theme, we must not just focus on the characteristic of individual otc derivatives, but also the underlying process of financial innovation throu

procter and gamble did it with clorox in 1969. time-warner did it with time-warner cable in march of 1969. all the owners simply received shares. pepsico did it with its reserve restaurant business. k.f.c., pizza hut -- other entities -- if you owned by pepsico, suddenly you had some of colonel sanders' stock. madam president, would you let me know when i have one minute left, please. the presiding officer: the senator has 30 seconds remaining. mr. alexander: i wonder if i exphiet for an extra one minute? the presiding officer: without objection. mr. alexander: thank you etch vy much. the main company was not consistent with the core business. we should give taxpayers its shares, get it back in the marketplace where it belongs. it is fast, sirnlings creates a market for the shares. this is not like the soviet union where people aren't used to handling shares. half of american families own shares of stock. it would create a fan base for the next chevy, like the fan base for general motors, where the people on

upon completing his military duty, reverend fowler began an impressive 28-year career with procter & gamble. he was ordained in 1979. reverend fowler has served as pastor in covington since 1983. and in addition to his duties at ninth street, reverend fowler is a member of numerous boards including the ue natedway, -- united way, our local community and technical college. he's also the founder and organizers of oasis, incorporated for community action and substance abuse recovery. on the 25th of june, reverend fowler marked the beginning of legislative business by offering the opening prayer on the house floor. madam speaker, please join me -- mr. speaker, please join me in commending reverend fowler in offering him or sincerest thanks for his years of service to kentucky and to our nation. i yield back. the speaker pro tempore: for what purpose does the gentleman from indiana rise? mr. pence: mr. speaker, on behalf of the house republican conference i offer birthday wishes to our beloved floor director, jay pierson, and i send to the desk a privileged resolution and ask for its imme