this is a storic once in a ifetime opportunity. we have to make the mos of .is: to your latter points about this being a onc in a lifetime opportunity, can we draw a line in the sd he? every president i my lifetime saideptses to be theducation president. -- he wants tbe the ecation president. if ifour years or eight years that is not the case. at is if the hig school drop-out rate h not dropped what shouldwe say tn about whatou all attpted to do? >> i absolutely want to be hel accounble. all of us d every educator and teacher and principal anduperintendent. we want to get dramatically better ande cannot continue t have a drop-out rate that is devastating arou the country. again, i want to be he would accountable everyingle year and pa scorecard o what we' ing around the country and ho all all o us accountable to make se our cldren are successful. we're going challenge everyone. ourselves, teachers, principals and mos importantly our students andur students' pares. parents have totep up and turn 's off atight and spendime reading to their cldren and getting to

the study also points out th, storically, borrowing by householdsnd corporations always falls in the firsyear of recery, which is precisely what is happeng today. >> as yove pointed out, the supply of cred is certainly falling, a that's typical of how most recessionunfold, but there are two sides to the credit cn. availability ocredit on the one side, demand f credit on e other. dung prior recessions, credit availabity was a short-term prlem, largely because the undeying demand for it was still present. no however, both availability and demand for credit are declining. that's key, beuse credit demand is the side of the in the feral reserve cannot control. a central bank canake credit ailable, but there must be demand for it or it's li throwing aarty where no one shows up. >> susie: more now, on o top stor unemployment. as more people fd themselves lookinfor work, many are attending job fairs. today, more than 350 job candidates camface to face with recruiters, but thiwas no ordinary job fai it wasesigned specifically to help those whoe served their country. they describe the event, i

book abo women telling their stories to a woman that they se as somebody who is a part of a major storicocation that we are liky never to see again. the stoes are complex that they deal with issues that often times as african-american women rehab glossed over. or have hit on. women, young wom very clearly identified interracialolor line where they tak a look at what it means to be a black skin to amenand they say we're happy to see you because we see you and us that thefrican women say it is amazing thawe ould see a black man in the presidency but what is even more amazing to see a black man with a black woman. th is powerful [applause] that is an amazing story and young people put that out there. so there is nothing needs or acute abo that it is a long-term longstanding issue we have to address. black women talk about prayer and tting that as the center and reminding us that was the bridge that got a sober and we ould never forget that then they talk about the love of a blacman for a black woman and the way they talk abo barack obama and as he said dobro, honey, a child the way looked a

storicically the -- this is e chairmanship of the board of governors of the federal reserve is an extremelyigh profile appointment. it's an individual who's close to the financial marke. and there is a real question as to whether this is any record of the federal reserve of effective response to systemic risk in advance of crisis. this was not the case in the 1920s. benjamin strong in 20s and alan greenspan in the latest crisis. we have a doctrine which died that systemic risk could in fact bring wn the system. that doctrine was articulated at the peak of the reserve. it seems to me we had a test. it does seem to me that there are reasons to be worried about vesting the authority for systemic risk in the federal reserve. thank you very much. >> all right thank you for your testimony and dr. burner,ou are recognized for 5 minutes. >> thank you, thanks for inviting me to this hearing to addrs this important questio the roll of the federal reserve and systemic risk regulation. i think the broader question here is h should we address the significant weaknesses and the financial regulatory struc