our guest is roger lowenstein, its writer. i want to read one section. r, du go through some of the fallout that took place at. was there any political fallout for president nixon? did he see any effects of this? guest: the political fallout, i guess, was overridden by watergate which was all of the fallout that he needed. it is astonishing how blatantly political his management of the economy and even the federal reserve was. when arthur burns was hired to be his fed chief, nixon said to him you see to it that there is no recession. nixon was thinking very much about his reelection chances. in 1960, he was the vice president. arthur burns was an advisor to president eisenhower. he said to nixon that the fed may tighten rates. if we do that, we might have a recession and you might lose the election. all those things happened. we did have a recession in the 1960's, and president kennedy won. when he was elected, he said this was the guy that i want. he named arthur burns to be his fed chief. he really rode him. there is a memo that said you gave me absolut

we will be joined by a business writer roger lowenstein who wrote about stop backing the u.s.ision with golden, affects the economy today. live on c-span every day at 7:00 a.m. eastern. once more video of the candidates. see what reporters are saying and track the latest contributions with c-span's website. easy-to-use, it helps you navigate the political landscape with twister -- twitter feeds, plus links to c-span media partners. all at c-span.org/campaign2012. mitt romney told an audience today that if elected his plan to create jobs and spur the economy would include reducing corporate taxes and cutting the federal budget by $20 billion. this 45 minute event starts with comments from a nevada representative. [applause] >> thank you for being here this morning. many of you may have heard news today of a tragedy in carson city. this morning, a lone gunman opened fire in a restaurant, wounding and killing a number of nevadans. we just learned wetwo of them -- we learned that two of them were active national guard members. our thoughts and prayers are with the victims, their f

host: roger lowenstein, writer for "businessweek," thank you for joining us this morning. we were talking about the "nixon shock." that is all for "washington journal" this morning. [captioning performed by national captioning institute] [captions copyright national cable satellite corp. 2011] >> both of maryland senators have a role in this morning's foreign relations hearing for wendy sherman, who is nominated to be the next undersecretary of state for political affairs. the third highest ranking position in the state department. she'll be introduced by senator mikulski there on your screen, and the hearing today being chaired by committee member ben cardin. >> the senate foreign relations committee will come to order. good morning, everyone. we are gathered today in regards to the nomination of the honorable wendy r. sherman of maryland to serve as undersecretary of state for political affairs. first, i want to thank senator kerry for allowing me to chair this hearing. senator kerry has a statement for the record, without objection that will be made part of the record.