the average reserve officer has 7 years, as a reserve our most experienced reserve officer has 21 years and our least has one year.1 year. they speak many languages. the four females are broken down to two chinese, one hispanic, one white. our 22 males are 9 white, 6 asian, 2 middle east earn and japanese. very small cadre of reserves. so who are these people and what do they do? well, i'm proud to announce they are sales managers, security officer, a sheriff, real estate banker, a public outreach coordinator and institution police officer, biotech researcher, oral surgeon, airline pilot, san francisco firefighter, investment banker, electrical supervisor, janitor, and an attorney. we have a wide variety that make-up our reserve officer program. where do they reside? they reside in the greater bay area anywhere from stockton to san mateo to san francisco. there is an organization called the cal reserve peace officer association. in california it had 184 members and down to 5486. many of our reserves are associated with the peace officers association. in terms of deployment, the reserve

how much do we pay the reserves? >> we do not pay the reserves anything. this is strictly a volunteer program giving back to the city. >> commissioner, turman? >> wow. it's an incredible program. i want to thank you first of all for the tremendous service you do for the city and county of san francisco and on a volunteer basis. you are a fabulous human being. thank you for your work. >> thank you for your terrific presentation and informing us on this on this important component of the department and then i would like to also echo commissioner turman's thanks and to put a face behind the presentation. thank you very much. [ applause ] >> so, welcome lieutenant o'connor to the department. it's nice to see the other officer, i don't want to mispronounce your name back there. it's good to see you from coming from this program into full time position with the department. so, welcome to you as well, officer. so, captain, how many people are like officer smothering who transition from the reserves into full time paid positions? is that somewhat of an objective f

reserves were being depleted. what does that doto? what does e reserve do to try to combat it? the banking system as a whole, if there's a sigficantreduc, from whatever source, it has to cut back on loanseduc, and the extension of credit unless it can ge some relief. only t federaleserve, acting as a central nk, can provide more relief. so, in931, as the goldve, flowed to europe and so on, that was a loss in reserves the centraba had to make it u the fed would not stand . itaiseits scouate orceanksase i the centraba the sult--foreiginvestors the earned more interest. itaiseits scouate orceanksase i and left their money in u. banks. th ended theoldrain. burag thdiscount rate had other, less fortunate, consequences. if the federal reserve raiseshe discount rate, that transmits a message banks and theoney market that it wants to be restrictive. for the economy as a whole, the result was disastrous. high interest rates discouraged borrowing, choking off business credit. more businesses failed, more jobs lost, and more banks collapsed. the country was pushed deeper into the great de

what was the federal reserve doing?ed was supposed to engage in a countercyclical policy to counteract trends in the economy. but instead, it, at the beginning began to play a very neutral role. it just let the banking system slide very slowly into chaos. once again panic took hold. in 1930, 1,000 banks failed. in 1931, more than 2,000. in 1932, the american people looked to new leadership to lift the country out of its economic crisis. i propose to show that this leadership misunderstood the forces that were involved in the economic life of the country. it encouraged speculation and overproduction through its false economic policy. incumbent president herbert hoover was routed at the polls by franklin delano roosevelt. this great nation will endure as it has endured. first of all let me assert my firm belief that the only thing we have to fear is fear itself. in his inaugural address roosevelt pledged to establish strong banking safeguards. there must be a strict supervision of all banking and credit and investments. t

we're talking about the economy and the federal reserve. with us, the professor of international finance in business at george washington university. chief economist of moody's market group. and director of finance regulation studies at the cato institute. what is holding the economy back? >> well, lots of things. i think confidence is one of them. markets are still nervous. people are nervous. we're spending but very casually because we're afraid of what is happening down the road. we are recovering, and it is a very slow recovery. we talked about quantitative eyeasing. when interest rates are close to zero, it is the only way to stimulate economy since we've got a complete government freeze in congress. nothing is moving on that side. so ben bernanke is the only game in town right now in terms of moving the economy forward. >> i spoke to a number of business owners who say they simply can't get any bank loans. how do you respond? >> well, one of the reasons why is this the case is because washington has not been clear you as to the form o

gold reserves. nixon responded by defaulting at the gold window on august 15, 1971, my 33rd birthday. the president abolished by executive order the last vestige of dollar convertibility to gold. tattered remnant of the gold standard had been destroyed by the undisputed leader of the free world. the rise and fall of real money, it seemed, was now a finished chapter of history. gold would thenceforth be primarily a fluctuating commodity, though even today monetary authorities do hold about one billion ounces of gold. and also contrary to conventional opinion at that time, the dollar would continue as the world reserve currency to this very day. the world dollar standard. but now the dollar is a nominal paper and deposit money, a legal token linked primarily to the judgment and manipulations of its issuers and regulators at the federal reserve system. quantitative control of money has supplanted the market. may i sum up briefly a few indisputable, long-term economic consequences that followed. but let

and experience with the federal reserve. understanding of the economy and how it works. let me just mention that the federal reserve operation is not merely to help banks. it is also for job creation. the idea is that you keep interest late throw, firms income these will start investing in the economy and that will create jobs. that is the idea. the execution and actual success of the idea, is debatable. the fed only has a couple of tools and its toolbox and what it has tried to do is keep a very low interest rates -- rate environment that will lead to job creation on walter. -- on wall street. host: democratic line, margot. caller: i never could figure out why they dropped the glass- steagall act. it seemed like it was a way to protect from the bad. explain it to us because i do not quite figured out. i don't know why they dropped it. guest: in all actuality, glass- steagall has of basically nonexistent for years before it was officially revealed. the weight banks operations work is that they use the project to make loans f

i reserve the balance of my time. the chair: the gentleman reserves. for what purpose does the gentleman rise? >> i rise in opposition. the chair: the gentleman is recognized. mr. defazio: i'm -- not all appeals and litigation are frivolous. we know that some zero cut groups seeking to enall logging in national forests have been successful in nitpicking the forest service in montana. however this amendment literally clips the scales of justice. the underlying bill already places extraordinary restrictions on parties which i mentioned earlier, over which i have concern, on parties seeking to protect public resources. do we really want to tell people they can't protest government activity if the federal government violates procedural requirement? failing to give notice is a major requirement. shopt a community be able to appeal an activity if they think it might impact their drinking water and they were never notified? failing to properly advertise for bids is a requirement. shouldn't a small business be able to stop a contract from being awarded to an o

meeks: continue to reserve. the speaker pro tempore: the gentleman reserves. gentleman from california. mr. royce: mr. speaker, i think we have one final -- one final member who wishes to speak on this and i yield back two minutes to the gentleman from georgia, mr. collins, he's a member of the foreign affairs, judiciary and oversight committees. the speaker pro tempore: the chair recognizes the gentleman from georgia for two minutes. mr. collins: i thank you, mr. chairman. i appreciate you yielding time. i rise in strong support of h.r. 2449. i think the friendship spoken of well, i want to rise and discuss really the relationship with the republic of korea. since the 1950's, the republic of korea has been a strong ally of the united states and an economic leader in the pacific region. south korea is an example of how the free market brings an increased quality of life. it is asia's fourth largest economy and the world's 12th largest economy. in the 1960's, south korea was on par for levels of poverty seen in africa. when they joined the trillion dollar club

he was always in the reserves. at this hour, ed, a number of law enforcement agencies here in washington, d.c. are trying now to track his last known movements and his last known communications. they are talking to anyone who has had any type of communication with aaron alexis over the past few days. that's what we know about the gunman. we should also note that according to the police chief here in washington, d.c., he died as a result of a gun fight. there was a gun battle that led up to his death. and the officers who shot him said that they were fairly confident, had they not, he would have continued shooting. i want to step out of the way here in southeast d.c. and show you the scene right now in front of the navy, in front of the navy yard where all of this went down, shortly before 8:30 this morning. this is the same scene that we have seen here over the past few hours. you can see just a mob of folks in front of the navy yard. what you're seeing right now are folks who work at that massive facility. they le

i reserve. the speaker pro tempore: the gentleman reserves the balance of his time. the gentleman from california is recognized. mr. garamendi: may i inquire as to the time we have available? the speaker pro tempore: the gentleman has four minutes remaining and the gentleman from wisconsin has four minutes remaining. mr. garamendi: we have no other speakers here, which gives me four minutes to lay out the case, which may be quite sufficient. with regard to regular order, i haven't been around here long enough to know that regular order does not, apparently, include a hearing. there has been no hearing on this bill. the bill simply came to the full committee and was up or down for a vote. i had the opportunity to object at that time and continue to object at this home. yes, this is about jobs, but it's also about safety. there's a reason why the law was passed and that is to protect those men and women that are on the boat, presumably to enjoy, in this case, the mississippi river or the ohio river. but if this bill were to become law, they would not know that they are

-- the federal reserve was facing. the headline unemployment rate has been falling. there were quite a lot of things going on underneath that, not least that people were dropping out of the workforce. people thought there was a chance that the federal reserve would make this decision of not doing anything. despite that, i guess everyone thought they would do something. it became a bigger surprise that should have been -- a bigger surprise than it should have been. >> if you were unemployed, living in kansas, does that matter much to you? >> it is a fair question. it's one of the rare times you might have thought wall street and main street both thought it was good news. the u.s. central bank is saying that the recovery is not strong enough to stand on its own two feet. it might make you think this is not actually good news. people are still uncertain about when and if this recovery is going to reach the grassroots, get down to prices and wages and income. we found out that income and the poverty level have been complet

federal reserve policy is to do whatever we can to keep it on course.aken into account. >> which means the fed would stand ready to accommodate more perhaps increase quantitative easing. i asked him about that. he said it took 2011, it really slowed the economy. i went back to look at 2011, the growth was about 3%. the third quarter after the fight over the budget and the debt ceiling it was cut in half about 1.5%. there is some concern. gerri: he said that concerns us. peter reference this. this is the fed statement. we saw what happened, as the news broke we can cycle through some of these charts as we continue this, the market just skyrocket. an all-star panel to break down the big fed surprise on the tapering. managing director with pimco, wayne angell. we did the 10-year yield down slightly and the vix down. we have stuart friedman on the stock side. speaking about how the market really reacted and finally wayne angell, former federal reserve warboard governor, real insider. i will begin with you, did this surprise you they did not taper? they did

was put in the reserve? 5 million or 21 -- 20 million, okay. so, less than what we put in the service -- >> i thought when i took the rates that were in the rate setting process, the rates that were expected in terms of pmpm expenses and applied that to the membership, it would have produced about a $25 million ibnr june this year. but the 25 million is really the difference between claims that are actually settled between, you know, by june 30 and those claims that have not yet been submitted and adjudicated. so, it might have been an estimate of more like 20 million. but the reality is it depends really on how quickly claims are paid and how many claims are deferred into future months. but 25 million is where we would have been had those actuarial rates held up at that low cost. >> thank you. >> any other comments, any other questions? seeing none, thank you very much. >> thank you. >> madam secretary, item number 5. >> item 5, action item, eliminate $75,000 lifetime cap on uhc transgender benefit for active and early retiree plans, lisa ghot

they have enough capital in reserve to withstand another severe economic downturn. all three of those finished higher. >>> another technology glitch which impacted trading on four major exchanges for awhile today. this time it was stock options exchanges that were forced to halt trading for about 20 minutes this afternoon following a breakdown in the data feed that supplies options price quotes to traders. >>> far from wall street just three miles from the white house, in fact, at least one gunman opened fire inside the washington navy yard. a heavily secured military installation leaving at least 13 dead including the shooter. eamon javers joins us with the latest on a mass murder so close to the white house and capitol. eamon. >> reporter: hey, guy, what we're seeing right now is the situation where we know that there are 13 dead here at the washington navy yard including the shooter and we're learning more information about the man who committed this horrendous act at about 8:20 this morning. his name is aaron alexus, he's 34 years old and previous incident on hi

more coming out about his time with the navy reserves. investigators are admitting there is still a mr., there was no message left by aaron alexis and that motive is still being sought. they are asking anyone to come forward if any information they may have about this man to find out just why he did this in the end. the gun that was used is a shotgun that has been revealed by the investigators. it was legally bought in the state of virginia. there have been announcements from the navy, from the defense department and from the white house that several parts of security clearances at military bases will be reviewed over the next few weeks and months to come. >> thank you very much for joining us. police have stormed a building in austria, looking for a man who has shot at four people so far. it is 70 kilometers west of vienna. three police officers were shot by the suspect as he made his getaway by car. they have yet to find their man. there is direct this agreement between france and russia over the source of the chemical weapons attack in

when you pay a premium, you are paying into a reserve. so the cea builds up a reserve. they can't build up the reserve otherwise. that's how their building it. the national flood insurance is a public pool. the same thing is true there. they didn't have enough in their reserves to pay out the returns. congress had to pass legislation to authorize the replenishment. that's how these pools are set up. government is involved in how the additional funding comes. i am not specific with how it works in california. part of the reason states are putting this up as opposed to a company that does this. >> so, how do we as a homeowners or renters know who is a sound structural engineer? >> how about i answer since i'm not an engineer. you can take comfort, we in san francisco have the largest community of seismic activity and structural engineers. we have a lot of concerned citizens that aren't engineers that are asking questions like you're asking. i think the essential questions on how your building is going to do, there's going to be a lot of consensus on any group of engineers

funds and what the reserved funds can be used for? and what are the other funds and what are categorized as other funds? >> and so there are restrictions on those reserves depending on where they originated from. the prior tax increment and balances from say mission bay, are restricted from the agreement, or etc. and there are, depending on where it came from, there are restrictions, and then, the other is or has a variety of sources and so, i would say, it is a lot of developer payments, and so, for instance, in the shipyard, you know, the depositers and reimbursing or in transbay, the developer is making the payments that will be used for the affordable housing through a payment, from them verses using the property tax and that is what in that category as well as the state and federal grants as well. >> they are just lumped altogether. anything that is not prompt property tax is not reserved in the bonds. >> okay. >> thank you. >> okay. >> i mean, this is a pretty thorough and i know that the over site board will have the more speci

federal reserve has been one of the best performers. s. and p. five hundred for example is up twenty percent this year so you can kind of say that's the fed's hedge fund performance but even warren buffett who's there pushing ben bernanke he to stay on this fed chairman buffett said that the fed's eventual exit from its monthly bond buying program will carry unforeseen risks quote we are in an experiment which hasn't really been tried before he said adding that quote buying securities is usually easier than selling securities right i equate this with swallowing a porcupine but hey when you swallow a porcupine the quills are facing out and it goes down without a problem but then try ripping the porcupine out and the quills are now facing the opposite direction in a rip your entire sophos apart and this is the what awaits the chairman when he tries to sell his way out of his predicament but of course will never ever sells way out of his predicament because before that even becomes an issue they'll be a global crash which will precipitate a global c

so -- and there may be some other things we're going to need those reserves for as we go forward. finally, just a couple of words on the year-end financial results. we are running favorable on personnel costs and benefits by a couple of hundred thousand dollars, little more than $200,000 and we're working with the controller's office how to resolve that year-end difference. there are some favorable variances in the nonsalary areas. most of which we hope to be able to carry forward, help us with our expenses for this new budget year. so, present, although we're showing an overall $54,000 net positive variance, most of the positive variances we hope to carry forward and where we really hope to be able to do is close out the personnel costs variances through the -- through the year-end closing process with the controller. ~ what so, if there are any questions, be happy to answer. >> [speaker not understood]. >> when you started the flex funding

they manage for money than the federal reserve, $3.8 trillion. coming up, an exclusive interview with larry fink. rick receipt ereither is with m. jooishg o?" ♪ [ woman ] i'd be a writer. [ man ] i'd be a baker. [ woman ] i wanna be a pie maker. [ man ] i wanna be a pilot. [ woman ] i'd be an architect. what if i told you someone could pay you and what if that person were you? ♪ when you think about it, isn't that what retirement should be, paying ourselves to do what we love? ♪ paying ourselves to do what we love? ♪ don't tell mom. don't tell mom. don't tell mom! don't tell mom. okay. don't tell mom. don't tell mom. don't tell mom? yeah. the best stories you'll ever tell start with, don't tell." don't tell dad. start yours in the new santa fe. from hyundai. so you want to drive more safely? of smart. stop eating. take deep breaths. avoid bad weather. [ whispers ] get eight hours. ♪ [ shouts over music ] turn it down! and, of course, talk to farmers. hi. hi. ♪ we are farmers bum - pa - dum, bum - bum - bum - bum ♪ . >>> we have bob pisani, maria

i reserve my time. the speaker pro tempore: the gentleman from texas reserves. the gentlelady from new york is recognized. ms. slaughter: thank you very much, mr. speaker. and i thank my colleague, mr. sessions, for yielding me the time and yield myself such time as i may consume. the speaker pro tempore: the gentlelady is recognized. ms. slaughter: mr. speaker, my colleague is certainly right, we have been here time after time after time on this issue, but we are standing on the brink of the worst government shutdown in modern history. unlike 1994, the pending government shutdown would reach across the entire federal government. in 1994, half of the congressional appropriations bills had been signed into law by the president, and as a result, those half of the federal agencies were able to operate during the shutdown. but this year, because of the draconian budget levels included in the misguided sequester, the majority was unable to pass a single appropriations bill into law. in fact, they ran out of money about halfway -- after they got through the defense bu

do you think that changes with inaction today from the federal reserve? i mean, you've been right on this. was it october of 2012 when you -- >> 20 11. >> when you came out and said, look, have you to be in equities. longevity is the story and you cannot own bonds and keep your money in money market funds instead of equities. what a call. what a call. congratulations. >> thank you. longevity issue still remain, so we need duration to meet our needs for retirement. duration will be met in equities. obviously, equities have rallied quite a bit since then and bonds have backed up. so, where is money being placed? when you have -- you could buy $49 billion of verizon bonds yielding in 10 to 30 -- >> what a great deal that is. >> money is available for the right price. you're seeing a -- we're seeing increased flows into equities, even from foreigners. we've had huge flows over the course of the year into equities.in -- indexing fra big powerful agencies overseas. we're still seeing a continued biased to equities worldwide. we're seeing a great rotation in bon

and banks, of course, have to have reserves. and around the world now, regulators are stiffening the reserve requirements for banks, because we learned five years ago they were too weak, and yet in this case, this is a huge banking industry, that is going to get away, it appears, without having to have any reserves at all. >> brian what about that, though? there are a number of people who think given what we did go through a few years ago, that it can't hurt to toughen up the rules a little bit. what would be wrong with holding some reserves? >> you know, i think the important thing to keep in mind here is that the rules have been toughened. and we've been in a public dialogue for nearly five years to look at ways to further strengthen those rules to make money market funds more resilient. in terms of reserves, i'm not really sure what that means, except that, you know, money funds right now hold in their portfolios 20% of their assets that can be liquidated in a single day. and 30% that can be illiquidated in a week. those came

head of the fed - a shake up in the race to be the next federal reserve chairman. find out why the lead candidate lawrence summers dropped out, and who the front runner is now. she's miss america. we'll tell you who the winner is, and the state that has won two years in a row. daff nina duvuluri avuluri nina davuluri mallory hagan bollywood >>> one of the most spectacular ship salvage operations in history is scheduled to begin any minute now. it's the raising of the sunken and grounded "costa cordia" cruise ship. you are looking at it live from the vessel that ran along the italian coast, killing 32 people. in a few minutes a team of 500 people will start trying to upright the massive boat that tipped over in giglio. officials say it's a process not tried on a ship this large. al jazeera report erp charlie angela tells us -- reporter charlie angela tells how they plan to raise it. >> 114,000 tonnes, the length of three football fields. it is an immense task to move the "costa cordia." after 20 months lying in the waters off giglio island, salvage workers will try

i reserve. the speaker pro tempore: the gentleman reserves. the gentleman from virginia is recognized. mr. moran: mr. speaker, since i have only a minute and a half, i think i'll let the gentleman from georgia yield to further speakers. i do want to engage and ask if the gentleman would yield some teem, though, if he has time veable, to enfweage in a little colloquy, but on his time. mr. kingston: how much time do we have? the speaker pro tempore: the gentleman from georgia has 3 1/2 minutes. mr. kingston: 3 1/2? the speaker pro tempore: and the gentleman from georgia has a minute and a half. mr. kingston: mr. speaker, i have our last speaker who is going to close for us, mr. coffman, is going to consume three minutes. if the gentleman wants to talk in 30 seconds, i'll accommodate my friend. mr. moran: i appreciate that. the gentleman yields to me? r. kengton i yield 30 seconds. mr. moran: let me ask if he knows in the senate why the minority has insisted on the cloture rules and filibustered and why they have not appointed conferees to the bu

the gentleman from florida reserves. the gentlelady from florida. ms. brown: reserve. speaker pro tempore: the gentlelady reserves. mr. miller: mr. speaker, we have no more speakers at this time so we are prepared to close. ms. brown: mr. speaker, i urge all of our colleagues to support h.r. 1412 as amended, and i yield back the balance of my time. and i want to thank chairman miller for working in a he very bipartisan way for veterans. the speaker pro tempore: the gentlelady from florida yields back her time. the gentleman from florida. mr. miller: thank you very much, mr. speaker. i, too, thank my colleague, mission brown, from jacksonville, for her hard work on behalf of veterans and her ability to work with us in the committee in a bipartisan fashion. i once again encourage all members to support this legislation and yield back the balance of my time. the speaker pro tempore: the gentleman yields back the balance of his time. all time being yielded back, the question is, will the house suspend the rules and concur in the senate amendments to h.r. 1412. so many as a

reservations are available for this hidden gem. i am jamie hopper. until next time, don't forget to get out and play. for more information about reserving one of these romantic locations, or any other location, call 831-5500. this number is best for special events, weddings, picnics, and the county fair building. for any athletic fields and neighborhood parks, 831-5510. you can also write us. 501 san francisco, calif. 94117. or just walk in and say hello. and of course you can find more information and reach us at sfrecpark.org. >> ladies and gentlemen,