for example, in the testimony -- you know this well. mr. fryt, you said our investors applaud capital incentives like expensing. because our after tax cash flow on a new capital investment can be up to 35% less than it would be otherwise in the first year. of course, that evens out. but it's kind of a broad embrace of the importance of that. and then i just -- mr. schichtel, your testimony, if i might, you know it well. i'll just read it. this is important for us to have a full intelligent discussion of this vital issue. and this is on page three. given the capital intensity of our business, however, we rely even more on -- let me just read. like most companies, we are strongly influenced by tax incentives that improve our reporting metrics. such as our reported income effective tax rate and our earnings per share. items like the research credit in section 199 incentives are differences that permanently reduce our taxes paid and can - affect our tax rate thereby encouraging new investment. let me just indicate. i was looking, as we were rea

and it was interesting in the testimony of the first two of you, that you in the testimony - you know this well. you said our investors applaud capital incentives like expensing. capital investment can be up to 35% less than it would be otherwise in the first year. of course, that evens out. that's kind of a broad embrace. your testimony, if i might, you know it well. i'll just read it. this is important for us to have a full intelligent discussion of this vital issue. we're strongly influenced by tax incentives that improve our reporting ingi inin ining metri. such as our taxes and earnings per share. there are differences that permanently reduce our taxes paid and affect our tax rate thereby encouraging new investment. let me just indicate. i was looking, as we were reading over your testimony last night, at marty sullivan's analysis of winners and losers, if there were a reduction in the rate to 30% with slower depreciation repeal the domestic production credit and repeal the research credit. this is interesting and not very surprising the industries that benefit from that, and i'l

, testimony that has been market moving. more for what the fed chairman didn't say than anything he did say before that panel. we'll show you what the market is doing. . fed chairman giving no signals that further easing would be on the table. stocks turned negative and that's where they sit. off the worst level of the day. maybe the dow was down 50 plus points at its worst. now down by some 37 points. the s&p giving back 3.5 as well. not only did stocks fall, but take a look at what gold has done today. plunging, down by $64. gold's worst day in 2 1/2 months. our eye on crude oil today. 105.73, crude oil down by about 3/4 of 1%. interestingly enough the fed chairman as you might expect was asked about rising crude oil, rising gasoline prices. did say inflation may rise in near term, high gas prices may reduce purchasing power for consumers but inflation is likely to romaine subdued over the longer term. move in the ten-year note. yields did spike midway through the session. you'll see 197 is where the yield on the ten-year

enlightening testimony today. and this hearing is adjourned. [inaudible conversations] [inaudible conversations] >> this morning the conservative political action conference continues. we'll hear from presidential candidates rick santorum and mitt romney, governor bob mcdonnell, and later author and political analyst ann coulter. live coverage gets under way at 10:10 eastern on c-span. and on c-span3, the turkish foreign affairs minister is in to talk about his country's foreign policy objectives. live coverage is at the center for strategic and international studies at 10 a.m. eastern. >> just the way i'll remember here is that wonderful moment when senator lott revealed his nostalgia for the states' rights segregationist south. take a look. >> when strom thurmond ran for president, we voted for him. we're proud of it! >> talking points memo.com publisher josh marshall on the internet and his web site's emergence into the breaking news business. >> the media ecosystem is such a different world today than it was,

i really appreciate the testimony. i got a chance to read through some of it while i was waiting to ask the question that i missed earlier. this is actually, i think, a lot of good news today that we're hearing in terms of additional energy supplies. and i'm particularly heartened by the comments of ambassador jones and mr. burkhardt about efficiency because that's an issue where i think we can make huge progress. i'm one of those. and i won't necessarily associate my colleague and co-sponsor with this, but, you know, we need to produce more and also use less. and those are not inconsistent. but my colleague and i do work very hard on trying to promote efficiency. and as mr. burkhardt mentioned, a lot of this has to do with buildings. our focus is really manufacturing efficiency and buildings. and it's trying to deploy as ambassador jones said some existing technologies so we're not as much focused on even the innovative side, although we want to encourage that, and taking best practices in the united states has tremen

in my written testimony, i present evidence to this effect. let me use the rest of my time, however, to talk about policies that i think help in this regard. every one of the policy areas that i'm about to mention, some of which compliment my colleague, miss johnson's idea, are arguments that members of the committee can use to help reduce income security, and improve the ability of the middle class. extend the payroll tax and widely nationwide expansion. invest in infrastructure investment. it's my understanding that a bill to repair and modernize the public schools and community colleges will soon come to the floors. it's called f.a.s.t. the high unemployment and other labors that do this type of work, energy efficiency in many public schools where billions of tax dollars and poorly insulated windows. i urge legislators to give this a close look. the manufacturing policy, as my colleague has mentioned, skill enhancement, improving workers' bargaining power. as with international taxation, to exercise their right to collectively bargain. a re

crime scene in morning testimony. it was the first time that jurors got a graphic -- o look at some of the more graphic photographs. one gmt told the court about 25 minutes past from when he was instructed by suv medical center officials to stop resuscitation. a charlottesville detective took the stand and described more than half a dozen photos of her injuries to her face and body. the most revealing testimony came from michael burns, a lacrosse player who met yeardley love at the preakness in baltimore during their sophomore year. he said they hooked up from time to time, apparently while she was seeing george huguely. he testified that one time when he was visiting, he and a friend heard someone yelling for help in huguely's apartment. he said when they opened the door, they found huguely with his arm wrapped around love's neck, choking her. he then let her go and she ran out of the room crying. others testified he was drawn less than 24 hours after her death, attending a golf tournament with his father. they said

clinton, we appreciate your testimony. next our final witness is phyllis schneck, executive of mcaffry. we look forward to your comments. >> good morning chairman walden and other members of the sub committ committee. thank you for your interest in cyber security. my testimony will focus on four areas. the communications unique role in cyber security, policy recommendations to enable greater cross sector cyber reexhilararezi reexhilarare -- may father is one of the first in super computing in the country. and taught me how to write code and i know how to exploit code but i am passionate about protecting that. outside of our company, i ran the fbi program and grew the program from 2000 to 33,000 and today chair the national board of -- has companies with the fbi under the same roof and other organizes in government. a bit about my country, we are based in santa clara, we protect businesses and individuals and government all over the world from security attacks. we enjoy driving the innovation that goes directly to the hardw

yes, if you are going to give testimony.u swear that the testimony you are about to give is the truth to the best of your knowledge? thank you. remain seated. item d, approval of minutes. discussion and possible action to adopt the minutes from may 18, 2011, september 21, 2011, november 16, 2011, and january 18, 2012. commissioner lee: i know we had a big stack before us. do we want to do them individually? if not, we can do it all at once. >> i make a motion we approve. >> second. >> something to add. it is missing a header for general public comment. we have the commons, but so the motion could be amended to request that change that we add that heading, general public comment. commissioner lee: ok, so you want to do that at the end? >> you can do at the now. the motion just needs to be amended. commissioner lee: why don't we postpone that? ok. >> we are just saying that the motion to approve the minutes, that there is an error in the draft you have. >> mr. president, i cannot vote on this item. i was not here. >> even thou

. >> thank you for your testimony, service, and the very studies that you bring to our work. >> thank you. >> i think all america would benefit if we were able to return to the prosperity of the clinton years, contain the short-term deficit as we did when president clinton was in office, and begin to work together to address these long-term challenges of soaring health care costs. i think we have to do it in a way that is different from what the chairman recommends because i believe whatever label you put on it, what is basically a medicare voucher system simply shifts the health care costs on seniors with individual disabilities and does not resolve the problem. it just shifts the problem from the tax payer to the seniors. looking at the issues of how we advance our immediate economic growth, your office put out a study back in november that looked a at the impact of the economic are e coverry act, and while i believe you had a wide range of the effects of that act, all of it was positive, wasn't it, in encouragingic nomic growth and in encouraging job growth? >> yes, we think it's b

the testimony also underscored some fundamental differences. sometimes it is bickering that we get engaged in here, and that is really unfortunate, and sometimes it is fundamental differences in what we think is best for the american people, and best for the economy and the best way to go to get the americans back to works and that debate will continue, and you been helpful in our consideration of those things, and again, i want to thank the witnesses, and there being no further business -- committee stands adjourned. >>> we as explorers of literature and readers of literature have a responsibility. and for those who are discovering literature have a responsibility do you not? okay. can you create anything that you want in the world that you create in literature reflecting history or not and feel comfortable in the creation or can you presencer yourself to decide that i can't offed for anybody so i can't write this thing? >>> this weekend from american history, william foster on the n-words in place. also on american history tv, he changed the

do you desire to be advised by counsel during your testimony today? if that case, if you would please rise and raise your right hand, he will swear you in. do you swear that the testimony you're about to give is the truth, the whole truth, and nothing but the truth? you may now be seated. and it's my understanding that the only opening statement will be given by you, mr. secretary, and mr. wulf is here to answer questions with regard to the internal. they're both going to give it. okay. it, okay. a change in direction from last night. mr. beers, if you would then -- you're recognized for five minutes to give your opening statement. >> thank you, chairman, and ranking member green and distinguished members of this committee. i'm pleased to be here before you today to discuss the department of homeland security's efforts to regulate the security of high-risk chemical facilities under the chemical facility anti-terrorism standards act. as you all are aware, the department's current statutory authority to implement this came about under section 550 of the

the third testimonial is from urban bizarre -- supervisor chu: with regards to the testimonials, perhaps you can share a copy of them with us in the testimony -- in the record, perhaps we can receive them that way rather than beating them out loud. >> ok. supervisor chu: are their closing comments on your presentation before we go to the next? >> that afternoon, my name is emily and i am the executive director of working solutions. it is a community development financial institution. a designation that the treasury department for organizations that provide micro loans like ours. our entire role is to help small businesses to thrive and create jobs and viable opportunities in the city of san francisco. our unique model is part of the success of the repayment of the loan fund. we wanted to talk about technical assistance and what that means. coaching, advising, and mentoring. coupled with the actual access to capital peace, including educational and technical assistance, helping the business is not only with the dollars, but expanding the businesses to grow and be more savvy entrepreneurs.

you'll be recognized five minutes to summarize your testimony. mr. roseman. >> chairman, ranking member, and members of the subcommittee, my name is michael roseman, former risk officer of mf global group from january 2008 to january 2011. thank you for the opportunity to testify today. i hope that my comments will help you continue to build on your knowledge of the events that led to the collapse of mf global. >> mr. roseman, i would ask you to pull your microphone a little closer to you there. >> that good? regarding my background aerospace engineering graduating from the university of north carolina -- university of delaware as aerospace engineer. 1984 received an mba from north carolina and pursued a career in financial services. i first joined a company for risk analysis. moved and co-managed us dollar tc option portfolio. for a number of years before returning to risk management as global head of market risk. in 2001 i joined a bank in montreal as head of u.s. risk oversight onfor all trading, underwriting and investment activities in the unite

we reviewed testimony from over 2,000 individuals. we commissioned a report to help us assess the impact of pain. and we concluded that relieving acute and chronic pain is a significantly overlooked problem in the united states. we were guided by a series of overarching principles as we began our work. the first is pain management is a moral imperative. the second is that chronic pain can be a disease in its own right. that there is a need for a more comprehensive approach using interdisciplinary methods to treat and diagnosis pain, and to better utilize preventative strategies. we recognize the importance of collaboration between physicians and patients and other providers in the education, management, and prevention of pain. we were not specifically charged to look at the important issue of opioids and their use in pain. we opined on the issue, recognized that there are multiple sides to the important issue, and that this is a topic that should be further studied. but we mainly focused on pain from a public health perspective. in do

and it's reflected in the chart i attached to my written testimony. there's an almost perfect correlation between new investment and jobs in this country. the from our company's perspective, we would generally expect is lower tax rate to increase our tax flow, bottom-line earnings and earnings-per-share and to the contrary, reducing capital incentives would have a generally greater adverse affect on our cash flow. this is important because as is often said, cash is the life blood of any business. our investors paid close attention to our cash flow as well as to our bottom line earnings and earnings per share and they routinely quiz our ceo and cfo about all three. one of our biggest cash outflows that gets a lot of attention is capital expenditures. 4.2 billion in our current year, for example, up from 3.4 billion last year. so while there are other factors, assuming business tax reform must be revenue-neutral, the most critical analysis from my company's perspective is a comparison of the cash flow detriment from slowing capital cost recovery versus

and i look forward to their testimony. >> i thank the gentleman. i would remind all the other committee members as well that the opening statement that you may have can be submitted for the record. and we're pleased to have two panels. our first is congressman nadler. we appreciate you coming. he he represents the district of new york which includes much of the west side of manhattan, financial district and a number of maybe hoods in southwestern brooklyn. he began his political career in 1976 where he served for 16 years and then 1992 selected to the u.s. house of representatives in a special location. he election. he's been here ever since. the floor is yours. >> thank you very much. thank you for inviting me to testify today on the issue of maritime security and trade facilitation. i speak to you today not as a cargo security expert, but as a member of congress who has long advocated that we must do a better job of ensuring the security of cargo arriving on our shores every day. as represented from new york state, the world trade center site is

the committee will return at 2:45 for more testimony. this the first of two meetings on keystone xl pipe hein taking place today. the senate finance committee meeting this afternoon at 3:00. they will be discussing the same issue. right now, though, we're going to take you back to testimony from earlier today in this house, energy and commerce committee. this began at 9:00 this morning. >> committee will come to order. at the conclusion of openings statement call up hr 3538, north american energy access act. i would note because of the conference committee on the payroll tax expense, i want to thank members for getting here to start this morning. we're intending to stop temporarily at 10:00. and resume, it's my understanding, our understanding, that the conference is going to meet from 10:00 until noon. we will then come back at noon here and work until it's done. we expect votes will occur at 1:30, so we'll maneuver around that. so anyway, the chair would recognize mr. terry for the purposes of offering an amendment in the nature of a s

cheryl conner is there tonight and will bring you breaking updates as they happen. >>> testimony endedearly in the trial of a man charged with killing love. one of his attorney was sick again today. the trial is scheduled to resume tomorrow if she is feeling better. we will let you know what happens. >>> preparations are underway for whitney houston's funeral in new jersey. her family opted for a closed private service, aretha franklin and wonder slated to perform. >>> a look at your ride home. not too bad beginning to stack up a little bit in hunt valley, traffic not awful. what kind of week are we looking to get? let's talk about the weather and check in with wyatt everhart, a look at your first forecast. >>> a tail of two seasons. all in one weekend. spring like today, and tomorrow. winter makes a return on sunday. right now, it is crystal clear and looking good out there weather wise. already a winter storm watch, goes in effect through the day sunday, does not include dc, baltimore, nor maryland county yet. again the early indication that the bull welcome be through the shenandoah

thank you for your testimony today. i can truly tell you as a pilot, there's a difference in the cockpit when you have terrain avoidance systems using gps. when you fly that approach coming in from the east going to salt lake city, and you know you are skirting the top of the mountains, it's really a comforting feeling to have the gps in the cockpit, but lightsquared has agreed to a standstill, as i understand it on the use of the upper portion of the spectrum, and it's the portion that's actually closest to the gps signal, and lightsquared would like to work in the gps community to help mitigating strategies as pay put it in order to have commercial spectrum up in two or three years. in your opinion, i understand when your testimony, you said there is no mitigating situation or conclusion here in that do you really think two or three years to be able to find some type of strategy is in that window? two, from what we know, even though we really can't identify the strategy, the cost to general aviation to implement that

think you for your testimony mr. porcari, there are many standards for the mother to the gps receivers protect them from transmissions from outside the gps ban. >> my understanding and i believe general shelton testified before this that the house armed services committee is that there are not coming and i do know that in some cases the department of defence aircraft using the commercial off-the-shelf avionics that are certified for commercial use as opposed to military. >> thank you. i wanted to ask another question. what standards are currently in place to make sure that the receivers and equipment purchased pickup only signals using the gps frequency band? >> there are no current standards in place and that is part of the reason for the discussion, and again, we think going forward having the consistency and the predictability of the spectrum interference standards will help all parties involved. >> i will put this question to each of you. what impact by protections for gps have on the market place radio spectrum

>> yes, i've made that clear in testimony. >> i've asked you that. the reason i ask you that, we haven't had a premium adjustment since 1995. if a means test is to be applied, second panetta, the entitlement part of the entire dod budget health care cost is competing with the guns and weapons system. correct? >> correct. >> if we don't like the way we've adjusted premium. i would ask the congress, because we haven't done anything with social security we should, i'm for means testing, i would support working until you're 70, but giving you plenty of notice. i'm willing to do the hard things, but when it comes to the department of defense bumt, because we haven't done these other things. there's no reason to put dod in such a bind. it's absolutely essential you get control of your health care costs, is that correct, secretary panetta? >> that's correct. >> if you've got a better way of adjusting premiums, it has to know. >> i'm open. >> this is a better deal you'll ever get in the private sector, it should be a good deal. but it's an unsustainable deal

so i think we very much welcome the testimony. i think at first, some of us were somewhat perplexed whether we would ever understand what you're talking about. we'll try. >> thank you, we're pleased to welcome our panel of experts all whom bring a wealth of experience from academia or the private sector and their experience and insight will be helpful as we focus on the inner action of tax policy and financial accounting rules. first, i'd like to welcome and introduce michael frit, fedex corporation. he's spent the last 30 years as a tax attorney for different corporations and comes to us from fedex's headquarters in tennessee. second, we'll hear from bhooirk shiktall, the senior vice president and chief tax officer tore time warner cable responsible for all areas of tax at time warner cable including policy planning, financial reporting and compliance. and third, we welcome michelle handland, massachusetts technology sloan school of management and she focuses on the intersection of taxation and financial accounting. fourth, tomor

thanks to all of the witnesses of the testimony. mr. waenger, from the perspectie of california, you have given your testimony that the e-verify program without a current work force would be disastrous. you also said as to solutions that has been and will be impossible to find and deport the current unauthorized farm work force and replace it with new workers properly authorized under a new visa program author visa program or a combination program. and include h-2a. any solution you have said must deal somehow in a prakts cam and hue main -- practical and humane way with the current work force. why do you think it's important to replace them with the workers? >> they just aren't there. if you take them, you find out who they are through the e-verify program and if you're to remove them to the desert island and had a huge vacuum of need, there's not an adequate supply to fill the jobs. a lot of the folks that are doing this work that have been here, they're driving pieces of equipment that are worth more than the most expensive mercedes.

bernanke, thank you for your testimony. you laid out what i think is a very clear two-track strategy for dealing with economic growth as we move forward. the first is recognizing the fiscal and budget tear challenge that we've got, and i think there's agreement on this committee that we need to come up with a predictable stable way to reduce our deficits and debt. we've had disagreements over how we do it, but not whether we do it. and in looking at that, there are two lessons i think from what we see happening in europe, one is the debt crisis. if you wait too long to address these issues, you're right. your borrowing cost also go up. people will lose faith. we should heed that as an early warning and not delay putting in place those predictable changes. but your testimony also pointed out that there's a danger in overreacting to that in the near term in terms of the negative impact it could have on economic growth. and the other strategy that you've laid out is the need to nurture this very fragile economy we're in right

i testified before the california state assembly, judiciary committee, and provided written testimonyto senator leahy for the uniting of american families act. the irc, in making their recommendations to the mayor and board of a supervisors, to improve and enhance the quality of life into the participation of all the grim immigrants in the city and county of san francisco must include the plight of same-sex couples and by-national relationships. at the four of any immigration reform discussion, particularly for this city, the current immigration law fails so many immigrants and families. yes, same-sex relationships stand on prejudicial ground when compared to their heterosexual counterparts. without specific language such as that in the united families act which seeks to have permanent partners, same-sex by dutch national couples will remain victims to the law that compels discrimination against lgbt couples, including the right to sponsor a spouse, and with no right to a k1 same-sex visa. we are advised that took schumer will introduce same-sex reform in january 2010. we are also tol

the red today as ben bernanke dashing hopes for further monetary stimulus during his speech and testimony before congress, and ben bernanke did say that the job market was far from normal as part of the semiannual monetary report. we will have more in a moment. >>> in an apparent breakthrough in a long stalled negotiations north korea has agreed to sustain the uranium enrichment and long missile range program as announced simultaneously in washington and pyongyang, and this is increasing tensions with kim jong-un, and also create more food assistance for northern korea and also when years of north korea went unmonitored and hillary clinton called it a modest first step. >>> here on capitol hill, john boehner making a rare appearance on the senate floor, urging a bill to be passed to re-establish water access for california farmers and residents that had been previously blocked by the white house. and today, the president sit down with the house republican leader mitch mcconnell and democratic leaders in a rare luncheon session with bipartisan group of congressional leaders in washington.

this testimony includclip shows testimony from two survivors of the recent "costa concordia" accident. >> thank you, mr. chairman. thank you for giving us the opportunity to come in here and present what we have to say. i would start off saying that this was our fifth year anniversary trip, first trip to europe. we were very excited, and as miss brown had said earlier, it's a very affordable way to travel. we had cruised before, so that kind of helped us to make up our mind to take another cruise. we boarded the "costa concordia" on friday, january the 13th, 2012, from tlaitaly, between 5: p.m. and 6:00 p.m. the first impression was the ship was huge and very beautiful. the boarding process was fairly easy. since we had one non-european passport, we had to surrender our passport to the crew members. after that, we went to our room that was on the ninth deck. at this point, we had no instructions regarding the emergency instruction drill. we were in the full spirit of our vacation and were very happy to be on board. soon after getting situated, we started to unpack our luggage and star

i appreciate your testimony. governor snyder, i was really interested if your comments on workforce investment in your job connection program. being one of the -- having the companion bill to go along with -- the question i have is how were you able or what kind of response did you get to the idea that we were going to have to move people from the job they might have been in to the job that exists? i ask that because i represent some of nevada. we have the dubious distinction of having the highest unemployment rate in the nation contribute largely in part to the construction jobs we've lost in the last several years. we had a field hearing on workforce investment out in las vegas. i asked one of the local analysts, economists what they thought about this 70,000 jobs, would they ever come back. his answer was no. we'll never be back to that .evel of construction in nevadao next to him on the panel was a representative of one of the builders and trades unions. i asked that gentlemen what was he doing to prepare his

we look forward very much to your testimony and welcome you to the senate budgdget committe as well. i'd like to begin by briefly reviewing the situation as i see it in europe. to be clear, what is happening in europe has ram cases across the globe certainly including the united states. here's the front page story in the washington post last week. imf fears european crisis poses risk of major recession. the article highlights the international monetary fund's concern that the turmoil in europe could have serious consequences for the global economy. yesterday, we saw reports that european leaders had agreed to new measures to dads the debt concerns in their -- to address the debt concerns in their countries. "the new york times" headline on the agreement. european leaders agree to they measures to enforce discipline. i'd like to hear on this agreement and whether it's the right answer for europe at this moment. most economists believe the eurozone is already in recession. we can see the blue chip forecast shows eurozone economic growth falling from anemic 1.6% in 2011 to a negative .0

joel capran described this in the testimony weeks ago. he stated the number one problem that small businesses say they have to deal with right now is lack of demand. they do not say access to capital. they do not say the burden of regulation. they say their order books are thin. that's what we hear in every corner. the chairman of the federal reserve has told us that. the head of the cbo has told us that. that is why companies are not hiring as fast as they do. they have record profits levels and $2 trillion sitting on their balance sheets. but we do need to address the second problem of rising debt and this is where i agree with our colleagues on both sides who made thaa we should not wait to respond. but not by imposing fiscal austerity right now, but by adopting a plan that phases in fiscal discipline as the economy strengthens. we really need an economic first, we need short-term strengthening of demand by investments and infrastructure. that would put people to work and make america more competitive. second and simultaneously, we sho

bernanke's testimony came out.eir heads trying to figure out and reconstruct things. ten year treasury, this is where the initial reaction happened. and it was a training one. take a look here. see if you can take a tight shot. look at this. you to not see this often. all of a sudden 10:00 a.m. eastern time we spiked on an intraday basis 2%. we went from 6 basis points up 1.94% all the way to the upside. that kind of got people wondering what was mr. bernanke saying? just as his testimony came out, we were reading it, figuring out why did everybody react negatively? there have been vague rumors of a fat finger trade in ten year treasury trading. that may or may not have been a factor. that got people talking within a minute after his testimony was released. most people feel, right now, that the fact that he was commenting on an improving labor market. he did say we have seen positive developments in the labor market. that and his -- the fact that he did not at all mention in his testimony qe-3 or operation twist en

thank you very much. >> thank you, once again, excellent testimony. >> mr. bergsten, please proceed. >> thank you, your very kind remarks at the outset about our stewardship of 30 years, but i'm not leaving. i'll stay on as a scene juror fellow and hope to continue to participate in activities like this. one of the great privileges i've had over that period is to work with you, this committee many times and i thank you for the opportunity to do so again. i share with you that simon expressed, you've expressed, senator johnson have expressed, europe is in deep economic difficulty and no doubt they're headed for recession that may be prolonged. europeans have failed to get ahead of the crisis and failed to restore market confidence. however, and here's what passes for optimism these days, i take the view that none of apocalyptic forces will be in place. i don't think the euro will break up. it is a possibility that greece might drop out or be kicked out. but i don't think there will be any widespread defections from the eurozone. in fact, as i'll indicate, i t

of course, thank you for your testimony. i think it is pretty clear the attempts to tarnish your reputation with these unsubstantiated allegations is pure politics and definitely has a political flavor and that is unfortunate. so on that note i will yield back. >> i thank the gentleman. we now go to the gentleman from north carolina mr. henry for five minutes. >> thank you, mr. chairman. thank you, attorney general holder for being here. listening to the answer you had from the former chairman, it seems to me when you saw folks did not follow policy, did not follow your directives, and we're here 13 months after you found out that an agent was murdered for policies that you did not support. and we find out you have not fired a single individual. we find out that you have not rebuked any staff members. heck, you haven't even put a letter in people's personnel file saying they, on their watch, acted and an agent was murdered. that is absolutely absurd from this side of the dais. i ask you, why haven't you taken steps to make s