officer stearns and sgt. kane could have done nothing. officer came and started o'malley also could have decided not to. each of these officers showed restraint in not firing their weapons where a suspect provocative action would normally end in shooting. these officers were awarded the gold medal of valor. [applause] >> a sgt. paine, who could not be here tonight, was also awarded the gold medal of valor. >> it is with great pride that we honor these individuals for their valor. every day, officers put their lives at risk and do very good police work and we do not do enough to thank them for that. i am brought to be part of a ceremony where we can point to these heroes and thank them publicly, the way that we should do so every day publicly. so thank you again. [applause] the police commission and the park would would also like to think the diversity of california's san francisco for its generous support in co- sponsored tonight's event. we would like to single out the community relations office and the conference center office for putti

officer stearns and sgt. kane could have done nothing. officer came and started o'malley also could have decided not to. each of these officers showed restraint in not firing their weapons where a suspect provocative action would normally end in shooting. these officers were awarded the gold medal of valor. [applause] >> a sgt. paine, who could not be here tonight, was also awarded the gold medal of valor.

stearns very well. so i think that what you had come out of there was a pretty strong indication of what a baseline privacy bill will look like. and i think when you see a bill come out -- and i do think that bill will come out -- it will be a baseline approach in order to attract republican votes. and then there will also be elements of industry soft regulation, which, of course, the industry has been doing for many years now. >> if you would for just a second reflect on the loss of mr. boucher to the congress and to telecommunications policy. >> i was obviously disappointed. i thought that he was terrific. i thought his staff was good. again, i like his consensus approach. but i think that, again, if congressman rush comes in, i think he'll probably take lessons from mr. boucher's chairmanship and probably do the same thing in terms of seeking consensus. >> catherine mccullough, in the last congress or seems like the last two congresses, so much of the attention has been on the energy and commerce com

the government decided to rescue bear stearns. if followed quickly by the decision to let lehman brothers collapse into bankruptcy while aig receive government assistance. this inconsistent approach stoked uncertainty and panic in the markets at the heat of the crisis. it is my pleasure to turn the microphone over to have their murray -- to heather murren. she co-founded the nevada cancer institute's. >> thank you, bob. as we have witnessed, the integrity of our financial markets and the public's trust in those markets are essential to the well-being of our country. the sound as chance to say -- sustain stability of our economy rely on notions of fair dealing, responsibility, and transparency. americans expect businesses and individuals to pursue profits and at the same time to produce quality products and services and to conduct themselves well. but after careful research, we concluded that this crisis was fueled by a systemic breakdown in accountability and ethics. these failures were not universal. but the breeches stretched fr

stearns: i thank my colleague. perhaps the gentleman from new jersey didn't listen to me when i just spoke. it's creating 150 new government agencies and these are all government jobs. if you're talking about increasing jobs, it's government jobs. it also includes $500 million in taxes. burdensome 1099 paperwork requirements according to a study by the nation's largest small business association, the nfib. i'd like you to talk about that 1099. so these employer mandates that are in the health care bill, they're terrible. and it's estimated, it's estimated it will wipe out 1.6 million jobs over just five years. the speaker pro tempore: the gentleman's time has expired. mr. stearns: i caution the gentleman from new jersey, listen carefully to my speech. the speaker pro tempore: the gentleman from michigan. mr. upton: i yield a minute to the gentleman from kentucky, mr. whitfield. the speaker pro tempore: the gentleman from kentucky is recognized for one minute. mr. wittman: i'm delighted we have the opportunity -- mr

for example, the major investment banks, bear stearns, goldman sacks, lehman brothers, merrill lynch, and morgan stanley were operating with extraordinarily thin capital. by one measure, as of 2007, their leverage ratios were as high as 40 to one, meaning that, for every $40 in assets, there was only $1 in capital to cover losses. so immodest 3% market moves against them could consume their entire capital reserve. to make matters worse, much of their borrowing was short term in the overnight market. that meant that the borrowing of tens of billions of dollars had to be renewed each and every day. the kings of leverage or fannie mae and freddie mac. they were the two behemoths government-sponsored leveraged banks. their leverage grew 75 to one. it was often hidden in derivatives positions in off- balance sheet entities and through what is called window dressing, financial reports made available to the public. our report in detail instances in which lehman brothers and bear stearns worthy true leverage was masked. the heavy debt taken on by some of these financial restitutions was exace

of the federal reserve in july, 2007, when bear stearns block.they think they are relatively unique. they actually say, they think they are relatively unique because not many other funds have these positions. so the fact is the response was a very slow flooded, and it is hard to do wahat-if's. there was inconsistent and slow response. >> let me just mention that in the time period you were talking about people like chairman bernanke and secretary paulson were assuring congress and the public that there would be little stomacystemic impact of e mortgage and housing decline. i think that if the regulators had more fully understood the markets they were dealing with and their regulated institutions exposures to them, they might have taken earlier steps, but i do not think they did understand that. >> mr. thomas? >> is really to follow-up on -- it is follow up that one would have hoped that there could have been more critical examination of the variety of financial companies that held assets related to that. for example, the banks, the investment ban

try and i in out some kind of deal over the distribution of oil from russia to bella reuss now as a stearns there's been no deliveries of oil to russia from russia i beg your pardon to valorise since the first of january now this is because of the dispute between the companies and the two nations the russian side saying that they want a forty five dollar per ton of oil increase from bella ruse now it's put that into some more easy to understand terms a ton of oil gets you seven barrels and. has already signed up had already signed up to receive twenty one point seven million tons of oil over twenty eleven in. january alone they were set to get one point five million that's not going to happen now that hasn't happened so far no oil hitting its way to belarus now the reason this is come about is the russian big play is in the oil markets the russian big companies looking to ross now if you look they are saying they want more money from bellary so the reason why is they saying that the prices have gone up on the markets and also they're looking better russian side now the oil the crude oil tha

for example, the major investment banks, bear stearns, goldman sacks, lehman brothers, merrill lynch, and morgan stanley were operating with extraordinarily thin capital. by one measure, as of 2007, their leverage ratios were as high as 40 to one, meaning that, for every $40 in assets, there was only $1 in capital to cover losses. so immodest 3% market moves against them could consume their entire capital reserve. to make matters worse, much of their borrowing was short term in the overnight market. that meant that the borrowing of tens of billions of dollars had to be renewed each and every day. the kings of leverage or fannie mae and freddie mac. they were the two behemoths government-sponsored leveraged banks. their leverage grew 75 to one. it was often hidden in derivatives positions in off- balance sheet entities and through what is called window dressing, financial reports made available to the public. our report in detail instances in which lehman brothers and bear stearns worthy true leverage was masked. the heavy debt taken on by some of these financial restitutions was exace

. >> reporter: florida congressman cliff stearns and his colleagues also charged the health reform law will hurt economic growth. >> these employer-mandates that are in the health care bill are terrible! and it's estimated... it's estimated it'll wipe out 1.6 million jobs over just five years. >> reporter: democrats and some non-partisan groups have disputed that number. on another front, republicans argued today the law will do nothing to control spiraling health care costs. but democrats maintained the bill lowers the cost of healthcare and insures an additional 30 million americans. congressman george miller of california. >> we've seen health insurance premiums jump dramatically over the cost of living, over the last decade. and over the last decade, we've that's not a comfort. what is a comfort is the freedom to know that never again will you have to contest the arbitrary rulings of an insurance company about your preexisting condition, about the coverage of your child's health care. that's the certainty this legislation presents. >> reporter: another california democrat lois capp

stearns? boehner. stivers? boehner. stutzman? boehner. sullivan? boehner. sutton? pelosi. terry? boehner. thompson of california? pelosi. thompson of mississippi? pelosi. thompson of pennsylvania? boehner. thornberry? boehner. tiberi? boehner. tierney? pelosi. tipton? boehner. tonko? pelosi. towns? pelosi. tsongas? pelosi. turner? boehner. upton? boehner. van hollen? pelosi. velÁzquez? velazquez? visclosky? pelosi. walberg? boehner. walden? boehner. walsh? boehner. walz? pelosi. wasserman schultz? pelosi. waters? pelosi. watt? pelosi. waxman? pelosi. webster? boehner. weiner? pelosi. welch? pelosi. west? boehner. westmoreland? boehner. whitfield? boehner. wilson of florida? pelosi. wilson of south carolina? boehner. wittman? boehner. wolf? boehner. womack? boehner. woodall? boehner. woolsey? >> our neighbor, nancy pelosi. >> pelosi. wu? pelosi. yarmuth? pelosi. yoder? boehner. young of alaska? boehner. young of florida? boehner. young of indiana? boehner. >> but reading clerk will now call the names of representatives elect to did not answer the first call of role -- who did not

. >> reporter: david patrick stearns is the music critic at the philadelphia inqiner and was at the recording. goldbergs really take you on a journey. the most important thing is she takes you on her journey. it's all hers. >> reporter: with the recording in hand dinnertein had her own ideas about what to do next. rather than audition for a record label, she decided to capitalize on her buzz by playing the goldberg variations live for critics. it was all or nothing. she rented a recital space at carnegie hall to play a concert of her life. were you nervous? >> i was very nervous for that concert. it was a really huge concert for me. ♪ >> reporter: it was a smash. soon major labels were clamoring to release her record. it came out august 28, 2007. dinnertein was on national public radio in new york that day. something incredible happened. >> our producers went online just before we started today. your album is number 4 on the amazon charts. not the classical charts. >> which was crazy. it was like bruce springsteen and then the goldberg variations. you know? so great. what a good day. >> it wa

stearns. the speaker pro tempore: the gentleman from florida is recognized for two minutes. mr. stearns: on behalf of myself and my constituents from the 6th congressional district of north central florida, we offer our thoughts and prayers to our colleague gabrielle giffords and her family and i join the american people in extending our condolences to the other victims of this terrible event. this is a heartbreaking loss. but i'm encouraged by the positive news of her doctors and commend those medical professionals in tucson for their dedication and outstanding work. we look forward to gabby coming back to the house floor and miss her warm demeanor and courageous qualities. in paying respect respect to her and others killed in this event, we must make it clear that we will not be deterred from meeting with the american people. the act of this individual should not alter the routine duties of our office. i have had 560 town hall meetings and i understand what it must be to remain available. and an attack on this institution and we must carry. i extend my best wishes to my collea

many high school seniors count differentiate between stearns planets. >>> and a high school girls basketballin utah is being akudzed of bad sportsmanship. heritage steam rolled west ridge academy 108-3. but the school has apologized for that score. robin, apology was accepted. but the coach of the losing team says they feel bad because the winning team is being vilified. >> 108-3. >> everybody has feelings in this game. >> there's no feelings in basketball. thank you, juju. >>> time, now, for the weather. back over to sam. >> or in weather, robin. let's get to the boards. we're going to show you what it looks like outside. starting with philadelphia, wpvi is telling us, whiteout conditions, as the snow is falling in philadelphia. here's the plan with the impulse of low pressure. this is your first batch of snow. this storm will get up here and bomb, explode rapidly, and throw snow back. that's where we get the big collection later today. washington, d.c., new york, boston. your drive time in new york city -- your drive home will be worse than your drive in. keep that in mind. from filly, we'

stearns? boehner. stivers? boehner. stutzman? boehner. sullivan? boehner. sutton? pelosi. terry? boehner. thompson of california? pelosi. thompson of mississippi? pelosi. thompson of pennsylvania? boehner. thornberry? boehner. tiberi? boehner. tierney? pelosi. tipton? boehner. tonko? pelosi. towns? pelosi. tsongas? pelosi. turner? boehner. upton? boehner. van hollen? pelosi. velÁzquez? velazquez? visclosky? pelosi. walberg? boehner. walden? boehner. walsh? boehner. walz? pelosi. wasserman schultz? pelosi. waters? pelosi. watt? pelosi. waxman? pelosi. webster? boehner. weiner? pelosi. welch? pelosi. west? boehner. westmoreland? boehner. whitfield? boehner. wilson of florida? pelosi. wilson of south carolina? boehner. wittman? boehner. wolf? boehner. womack? boehner. woodall? boehner. woolsey? >> our neighbor, nancy pelosi. >> pelosi. wu? pelosi. yarmuth? pelosi. yoder? boehner. young of alaska? boehner. young of florida? boehner. young of indiana? boehner. >> but reading clerk will now call the names of representatives elect to did not answer the first call of role -- who did not

so they do not say it should not have happened, but they say that bailing out bear stearns, freddie macnie mae, and not believe out lehman brothers, treated uncertainty and panic. host: the current secretary timothy geithner was working with hank paulson. does he get the blame? guest: he gets a little bit of the blame. the new york fed was not the primary regulator for those institutions. even ben bernanke, what the time of the crisis was federal reserve chairman, and still is far, he comes under blame. as late as 2007, he was saying the sub-prime crisis could be contained. host: what about congress? guest: they come in for blame to the extent that it passed the report. among other flaws that the report finds is that 2000 law that modernized commodities trading, and specifically exempted over-the-counter derivatives from being regulated by the federal government. that was passed by congress under president clinton. host: what about fannie and freddie? guest: they come in to blame, but they are less blamed the and some republicans would like. the report says that they contributed to the

so they do not say it should not have happened, but they say that bailing out bear stearns, freddie mac and fannie mae, and not believe out lehman brothers, treated uncertainty and panic. host: the current secretary timothy geithner was working with hank paulson. does he get the blame? guest: he gets a little bit of the blame. the new york fed was not the primary regulator for those institutions. even ben bernanke, what the time of the crisis was federal reserve chairman, and still is far, he comes under blame. as late as 2007, he was saying the sub-prime crisis could be contained. host: what about congress? guest: they come in for blame to the extent that it passed the report. among other flaws that the report finds is that 2000 law that modernized commodities trading, and specifically exempted over-the-counter derivatives from being regulated by the federal government. that was passed by congress under president clinton. host: what about fannie and freddie? guest: they come in to blame, but they are less blamed the and some republicans would like. the report says that they contributed

stearns and mr. shimkus to hold hearings and bring witnesses on both sides from texas, bring our friends from the e.p.a. both up here and dallas, come down, come up, and let's put the facts on the table and see what laws, if any, need to be changed. i'm already a co-sponsor of a bill that would make it explicit that co-2 is not a regulated pollute ant under the clean air act and should not be. i'm not saying that we may not need to issue a standard on co-2 if it is proven it is a harm to public health. but until that time, it should not be regulated under the clean air act. it was never intended to be and we think the e.p.a. is wrong to keep insisting it should be. i thank you, judge, and thank you, judge, for this special order and glad to participate. mr. carter: reclaiming my time. i thank you, mr. barton, for coming here to talk about this. you have been dedicating your life for these issues in congress. i always wonder, sometimes people back at home are saying, so what does this mean to me? i'm

we don't want you to have exposure to bear stearns or the investment bank. the depositor takes those notes and market its entrance into a mortgage-backed security -- takes those notes and mortgages and turn it into a mortgage- backed security. trying to get our arms around how much of the systemic crisis is why we're holding this conference is pre -- why we are holding these conferences. countrywide was not passing these notes through. why is that important? it is important for three reasons. one is that date signed things like point of service agreement. the actual infrastructure of a contract that everyone science requires the notes to be there as part of diligce -- that everyone signs requires the nets to be there as part of due diligence. this is what investors rely on when they buy these things. the second thing -- the servicers are very thin business. they are designed to take money from one side and walked off the other side. -- walk it off the other side. they're not supposed to be doing a lot of things. they're not supposed to be actively buying not