even better. ♪ >>> it was a week of mostly good news for the american economy. e dow jones industrial average flirted with 13,000. employers were hiring. a tax holiday for citizens became a reality. the president and candidates put forward plans to reform the tax code. but are these plans smart? and will iran and gas prices produce a new crash? robert reich joins us from berkeley where he is a professor of public policy. reich was, of course, secretary of labor under president clinton. here in new york, david stockman ran the office of management and budget under president reagan and later worked in private equity. and we have two of the finest journalists writing about economics, jillian tete is the u.s. managing editor of "the financial times," and zani is economics editor at "the economist." welcome. so zani, is this recovery taking hold? >> it's taking hold, it's not taking off. let's not get too excited. when there was opt micimism at beginning of the year. >> david? >> i think we have noise in april and january and the warmest winter since 1867, as i unders

i know people say, lot of people say on your side of the aisle that what's hurting the american economy now is a set of policies from washington, from congress and the administration, that is hurting business and hurting business confidence. that's a centerpiece of concerns we hear about the challenges facing the american economy. and yet profits as a share of gdp are above the levels they were before the crisis. the profitability of industries that are in the public eye in terms of reform and regulation like energy and health care are very high. levels of productivity growths have been improving through the recovery. investment, private investment in equipment and software is up 30%. if you look at any measure of basic health of the business sector outside of construction, which is still way down by the crisis, the basic balance of american business levels or profitability, expected profitability, is very, very strong. the economy, though, is still suffering badly from all the aftereffects of the crisis. you can see it in high unemployment rates and you can see it in high levels of pov

the show the economy, budget, tax plans. we will talk with robert reich, david stockman, and others. also, we'll tell you who is behind the new anti-americanism in egypt. you'll be surprised. finally, if you thought american debt was worthless, think again. i'll explain. first, here is my take. the american economy seems to have picked up. the dow jones industrial average is hovering around 13,000. the highest since the financial crisis began in may 2008. things do seem to be getting better. this is good news for president obama because there's a strong co-correlation between economic growth and a president's prospects for re-election. the unemployment numbers are still pretty high, but they are also falling. also, many models issing that unemployment is not the crucial statistic to determine whether a president will win re-election. most people after all are employed. it is the rise in per capita gdp. the average person's income rise that determines whether they feel things are getting better and, thus, whether they will vote for the incumbent or seek a change. so does that mean that the economy and the president are in good shape? well, the

to do business, we must take immediate action to reclaim manufacturing as the foundation of the american economy. when jobs are the number one issue on everyone's mind, we know that manufacturing is a known and proven solution. it's a catalyst that generates american jobs across many industry sectors. we know it's what has helped create and sustain the middle class and a hardworking engine that drives our economy. but we face a competitive crisis. it's 20% more expensive to do busi i compared to our nine major trading partners. it's 20% more expensive and that cost gap is not the work of our competitors but it's been self-inflicted by washington. it's been self-imposed, this cost gap. we've added to our cost burdens and done little to spur the innovation that has so for long been america's advantage in the global economy. there is an enormous and growing set of threats to competitive and our success will depentd ee we work together to address these issues. many of the problems are not new but what has been missing is a shared strategy for divisive action. if we are going to prevent more american

the american economy is the best performing economy in the developed world. you have been helping that. and the attack on what the fed has been doing to try to keep you from continuing to encourage the right kinds of things in europe are about as disasterous a prescription to american policy and i hope you continue to ignore them. >> thank you mr. chairman. mr. bernanke, will you tell me if you do your own shopping at the store some. >> yes i do. >> so you are aware of the prices. nobody believes that prices are going up. people on fixed incomes, they are hurting and the middle class is hurting. their inflation rate is very much higher than the government tries to tell them and that is why they lose trust in government. but you know, this whom idea of prices and debasement of currency, if you loan me $100 and two years from now i gave you $90 back, you would be upset. but we are paying that money back and it's worth ten or 15 or 20% less and nobody seems to be able to do anything about it. it's upsetting. but it theft, if i do not give you your full hundred d

in the middle class, how that can be is another question, then there must be 5% of americans who qualify as poor. well, no. the number from the oecd, the association of the world's developed economies actually 17.3% of americans who are poor. and how do we compare with other rich countries? we rank 31st of the 34 countries that make up the oecd. of the 34 member states, only mexico, chile and israel are worse off than we are. the uk has a poverty rate of 11%. germany, 8.9%. and france, 7.2%. they're all much lower. the oecd average is 11%, well lower than ours. let's look at another chart. this one's even more worrying for americans. the percentage of children living in poverty. we come in at 20.6% of our children. again, far worse than other rich countries. japan, australia, the uk, germany and france all have much better numbers. mitt romney spoke about how he would fix the safety net for the poor if it needs repair. well, let me suggest one place it desperately needs repair. and that is in the area of child poverty. now, whatever the causes of poverty, when children grow up in desperate circumstances, circumstances that they had no role in creating, studies show that they will b

the political equivalent of a crime story, a mystery. how is it that our economy stopped working for the broad majority of americans? how did our political and financial class shift the benefits of the economy to the very top, while saddling us with greater debt and tearing new holes in the safety net? in other words, how did politics create a winner-take-all economy? well, it didn't happen by accident. this was an inside job, politically engineered by wall street and washington working hand-in-hand, sticky fingers with sticky fingers, to turn the legend of robin hood on its head -- giving to the rich and taking from everybody else. it's all on the record. the richest of the rich was citigroup, at one time the world's largest financial institution. when the 2008 meltdown hit, the bank cut more than 50,000 jobs, and taxpayers shelled out more than $45 billion to save it. so how are citigroup executives doing these days? nicely, thank you. last year, its ceo, vikram pandit, took home almost $2 million in salary, almost $4 million in deferred stock. stock options that may be worth as much as $6.5 million, and a $16 mill

george, what is your prognosis of the american economy right now? to be better than the euro zone -- >> it definitely shows some sounds of revival. shale gas, shale oil as a cheap source of energy which has made manufacturing more competitive. also, the fact that you now had several years of no wage growth, so wage disparities have been reduced, and so all this is bringing a very welcome relief. i'm worried that the politics of the election are going to interfere and put a lid on this because the republicans don't want to face elections with obama to seed the economy and recover. they will continue to push for austerity, no new tack taxes, and, therefore, cutting of services which will depress economic activity and employment, so it will be a break on the politics. it will be a break on the recovery this year. after the elections if the republicans win, actually, they'll undergo miraculous transformation where they discover that actually it wouldn't be so bad. therefore, we can afford to have some stimulus. >> you think mitt romney, if elected, would

the american family. and i would like to take that issue up tonight in the context of the economy. the american family is faced with many, many challenges. one of the most significant challenges is income, jobs, how can american family make it in america today. what does it take for an american family to make it. one of the most compelling charts that i have seen over these last several months is this one, which really describes the fate of the american family compared to the fate of the top 1% of americans. we've seen an enormous shift in the income and the wealth in america over the last 30 years. largely because of governmental policies. this blue line indicates how well the superwealthy are doing. they have seen a nearly 370% increase in their annual income. their wealth would see a similar, enormous increase. down here on the bottom are the rest of americans, the other 99%. if you took all of those together, you would see that the bottom 50% have seen very, very little increase in their annual income. and most of that increase is due to both husbands and wives working sime you

the american dream. wealthy british style. is not on the free. market why not. come to. find out what's really happening to the global economy with mike's concert for a no holds barred look at the global financial headlines tune into cons a report on our. back to the teaching to take back the american dream and once again hello to all those local teach ins taking place around the country i'm joined in the studio by robert borsak co-director of the campaign for america's future heather mcghee director of the most is washington office leo hindery chairman of the.

now, these improvements are signs of the underlying resilience of our economy, the resourcefulness of americanorkers and companies, and the importance of the swift and forceful actions we took to save the financial system and pull the economy out of the worst economic crisis since the great depression. i want to emphasize this. we still face very significant economic challenges. particularly for households and families across the country. americans are still living with the acute damage caused by the crisis. unemployment rate is still high. millions of americans are living in poverty still looking for work, suffering from the fall in the value of their homes. struggling to save for retirement or to pay for college. and we face as you both said, unsustainable fiscal deficits. in the face of these challenges, the president's budget calls for substantial additional support for economic growth and job creation. alongside longer term reforms to improve economic opportunity and to restore fiscal responsibility. most urgently and i want to start with this as the chairman did, congress must extend the

exports across the american economy from agriculture to manufacturing are expanding rapidly. americans are saving more and bringing down their debt levels. the financial sector is much stronger shape helping to meet the growing demands for credit and capital. these improvements are signs of the underlying resilience of our economy, resourcefulness of american workers and businesses and they're signs of the importance of the swift and forceful actions we took with the fed to stabilize the financial system and pull the economy out of the worst financial situation. we face significant challenges particularly for the average working family in this country. americans are still living with the acute damage caused by the crisis, the unemployment rate is still very high. millions of americans are living in poverty, still looking for work, suffering from the fall and value of their homes, struggling to save for retirement or pay for college. and for these reasons, the president's budget calls for substantial additional support for economic growth and job creation alongside longer trm r

that is tipecal in the american economy and the deficit is a big over hang. they agree we need to be more nuanced. people working in the f.b.i. and nsa that are going to prevent iran from tacking. >> wait a minute. but the federal work force grew under the wight white by more than 100,000 and deprow more with obama care. >> more growth to come. >> who creates the wealth in the society. it is the private secretarior. not the public. the private sector should get the benefit and not government workers. >> why the president's new budget could hit you in the drug store. that's next. distill all that data. make information instinctual, visual. introducing trade architect, td ameritrade's empowering web-based trading platform. take control of your portfolio today. trade commission-free for 60 days, and we'll throw in up to $600 when you open an account. like a ramen noodle- every-night budget. she thought allstate car insurance was out of her reach. until she heard about the value plan. dollar for dollar, nobody protects you like allstate. dollar for dollar, 2:30 i

with reforms to improve the quality of education, access to training opportunities so americans come out of college or community college with better skills and the skills the economy most needs today. as you know, there are millions of jobs that go unfilled today because employers cannot find americans with those skills in engineering, for example, very important for us to fix that. the infrastructure investments the president proposes are good economic strategy because they improve the competitiveness of american business but they also have the benefit of creating substantial employment opportunities for americans in construction who are still bearing most of the burden for the cost of the crisis. so those are just some examples. i think you're right, that's a good prism through which you should view these proposals, you should look at these against the alternatives and this package of things is a very strong framework of programs to help improve not just retirement security and health care security, but opportunity for middle class americans. >> i just want to underscore this point. if we don't help the middle class families, the recovery's going to be much long

priorities on the american people to begin i want to play a video that you made secretary rice that i think sets the stage perfectly for this discussion take a look. what's the problem with the economy let me connect the dots and show you the big picture in less than two minutes fifteen seconds the one since one thousand nine hundred eighty the american economy has doubled in size. but it's just in front of flesh and most people's wages have barely increased. second dutch where did all that money go almost all the gains have gone to the super rich the top one percent used to take home about ten percent of total income now it takes home more than twenty percent and the super rich over forty percent of the nation's entire wealth. the third dot all this money at the top is giving the super rich lots of political power as specially power to lower their tax rates before nine hundred eighty the top tax rate was over seventy percent now it's down to thirty five percent and much of their income is capital gains subject to only a fifteen percent tax according to the i.r.s. the richest four hundred americans pay only seventeen percent for the dot this means huge budget deficits tax revenues a

can go a long way becoming less dependent on oil and diverse mying our supply and we'll help the american economy and the american consumer. >> the energy secretary testifying on capitol hill. the second week of hearings. as members of the president's cabinet, secretary of state hillary clinton discussing respective budgets for cabinet agencies. to talk about issues, included in this case, gas prices. john boehner noting that american families and small businesses are struggling with rising gas prices, we pressed the president to again present specific details for what he called a comprehensive energy plan. here's what the speaker said about gas prices. >> americans understand that we can produce more of our own energy and they don't understand why 35 years since the oil embargo of 1974, that we have never had a natural energy policy. we got a handful of environmental groups, radical economic groups, who stood in the way and it's just about time that we have a national energy policy. enough of it. get out of here. >> a little humor it was a reference to a question that reporters had about the 201

the us correct yep salut i think when we talk about the chinese economy a lot of the anti china stuff that relates to housing you know the americanshave for twenty years lived in a printed money transfer payment military industrial complex economy they just went through a housing bubble so they believe everybody should have a housing bubble what they don't realize here is half of the homes in china have been paid with cash the other half have at least thirty percent downpayment so there is no credit bubble so to speak in housing. china has experienced somewhat of you could slow down if you could call it a slowdown you know eight or nine percent g.d.p. growth but really what the people forget is that this is an engineered slowdown chatto wanted to slow down the economy growing at twelve percent a year it was too fast with the high inflation environment with with all these central banks continually printing money last year a corporate loan now in china is nine percent. there's direct korean laws to stop people from purchasing homes so you can only literally purchased one home right now you can't purchase another one if you already o

if you look across the economy as a whole, bank lending is rising, credit terms have eased, and the cost of credit is relatively low. but there are pockets of the american economy where credit is tighter than it needs to be, including in the mortgage finance, and for many small businesses. and as you know, we have a broad array of programs in place to help improve access to credit and capital for small businesses and small banks. just to give you one example, banks participating in the small business lending fund have increased their small business lending by $3.5 million. just in the last several months, which is a 10% increase over the base line level. just to give you another example, there's a small business lending survey that thompson reuters puts out, the most recent in november of 2011, which showed the volume of small business lending loans is up nearly 20%. from a year ago. now, there are also promising bipartisan efforts in congress designed to improve the ability of small banks to access -- or small businesses to access small capital in both the private and public financial markets. earlier this week the president sent congress his startup a

be exhausted. >> the rates were not to be extended at the current levels, what kind of affect would that have on the economy? if we left americans keep more money in their pocket, would that have an effect on the economy, positive or negative? >> yes. relative to current law, extending the payroll tax cut through the end of the year lynn crease output and increase employment by the end of the year. lower taxes or higher spending in the short term, given the economy with so many unused resources, those provide a boost in the short term. the amount in the boost depends on the specifics of the policy and the testimonies that we've done including the one last fall, we tried to layout, we estimate to be the relative bang for the buck with different sorts of policies. but the directions are pretty consistent. the crucial, crucial point to remember is that it works for a few years in an economy on unemployed resources because the constraint on economic activity right now is really the demand for goods and services. by later in the decade the constraint on economic activity will be the supply of savings, it will be the labor supply, it

the american people. it's put us in greater jeopardy scour interests in greater jeopardy around the world. we have to change course. and beyond that we have to fundamentally restructure and rebuild the american economy. and change the relationship between government, state and citizen. >> governor, stay right there. we will have more with gov. mitt romney as we come to you live. we are at the wynn hotel and casino in las vegas. also coming up newt gingrich and rick santorum. much more straight ahead from las vegas. nnouncer:] we say, you're right. find out how natural gas answers both at powerincooperation.com. how do we get people to chew another piece? i got this one. oh hey. [ male announcer ] spit it out. or ti will find you. [ grunts ] like him. thanks ryan. [ male announcer ] new stride whitemint. the ridiculously long lasting gum. [♪...] >> i wish my patients could see what i see. that over time, having high cholesterol, plus diabetes or high blood pressure or family history of early heart disease, can put them at increased risk for plaque buildup. and they'd see that it's more important to get their cholesterol where their doctor wants. and why for these patients, when diet and exercise alon

the workhorse of the american economy. >> we have seen on nice growth spurt in the trucks market, which is also good for contracts in, for building. when i see a heavy duty trucks moving at this rate, it is good for the economy, yes. >> they got the hugely controversial $80 billion bailout of the car industry. they are grateful the government did step in. >> we may not have had a job if we had not had the bailout. >> it would have been a tragedy for our company -- our company. >> mitt romney thinks the bailout was wrong. in this tv ad, he stresses he loves his son state, but he says it was wrong to step in. >> these companies need to go through unmanaged bankruptcy. >> his main opponent, rick santorum, agrees. >> that means pain. that i understand. >> that has not stopped him from attacking mitt romney. >> he supported the wall street bailout while turning his back on michigan workers. >> and the president piled on in to. >> every republican candidate turned their back, even said "led detroit go bankrupt. >> they were unanimous, saying the bailout was appalling. >> i am at a small busin

and secondly, a devastating effect on the american economy and the economic recovery and devastating effect on the iranian pro democracy movement, and movement that cant no flour nish the wartimesch so i am worried that as a result of the lack of patience and lack of political will and strength, we are moving to the confrontation without having actually considered it first. >> and he is the president of the national iranian council and author of a number of books about the u.s. relations with iran. thank you so much for being on c c-span. >> thank you for having me. >>> we want to turn our attention to another story dealing with nuclear weapons, and let me read to you what the associated press read yesterday. the obama administration is considering deep cuts in the nuclear arsenal, and including one plan to slash weapons by 80%. according to the associated press, a u.s. official is being sited, a cited that the u.s. should bring down the stockpile to between 1,100 and 300, and the current treaty allows 1,550 and a lot of reaction to the ap story today on capitol hill as members of th

the american people. it's put us in greater jeopardy scour interests in greater jeopardy around the world. we have to change course. and beyond that we have to fundamentally restructure and rebuild the american economy. and change the relationship between government, state and citizen. >> governor, stay right there. we will have more with gov. mitt romney as we come to you live. we are at the wynn hotel and casino in las vegas. also coming up newt gingrich and rick santorum. much more straight [ male announcer ] to the 5:00 a.m. scholar. the two trains and a bus rider. the "i'll sleep when it's done" academic. for 80 years, we've been inspired by you. and we've been honored to walk with you to help you get where you want to be ♪ because your moment is now. let nothing stand in your way. learn more at keller.edu. >> welcome back. we continue with former massachusetts governor, presidential candidate mitt romney. gov new york city every once in a while there's the controversies that have come up, you were very clear at one point in the campaign, you said, you know, i would like to have the ability to fire people in talking about people that you -- companies that are not doing a good job. it becomes a

be the case that given how well the he is at this particular time with what has happened in the american economy, while we do not necessarily paid at folk who are rich, might it be the wrong time for -- not necessarily hate folks who are rich, might it be the wrong time for someone like him to run for office? >> priuquite possibly. you have a broad sense in the economy, not only in the minority community, which has suffered enormous losses of wild and as you have covered in the housing bubble. not only in the upper wide class community, bobby middle class. -- but also in and middle class. there is a sense that wall street has behaved irresponsibly. everything that they have done to fix the economy since to dominate have disproportionately done what broke the economy before 2008. if the democrats can tighten romney to the idea of manipulating and pushing paper and getting rich -- i'm surprised that break santorum has not made more of that argument with his manufacturing focus. but that the bigger vulnerability than the sheer size of his bank account. tavis: if mr. romney as expected pulls off flo

institutions that wronged families, neighborhoods and contributed to the collapse of not just the american economy but the international economy, not just hold them accountable, but it will also provide immediate relief to homeowners. forcing banks to reduce principle on loans, refinance loans for underwater borrowers, and pay billions of dollars to states that can be used for direct help to consumers struggling today. and it comes not a moment too soon for homeowners. four o for our housing market and the economy. we all know how the housing lenders sold loans to people who couldn't afford them and packaged mortgages up to make profits that turned out to be nothing more than a m mirage. families did the right thing and still lost their house or saw their home prices drop through no fault of their own. as the bank's acknowledged this settlemented and with hud, banks across the country heard from consumers in every state of this nation, those abuses didn't stop there. they continued long after people got the keys to their new homes. we know this not only because of the investigations that attorney

since your visit last year, the american economy remains under great stress. the unemployment rate stands well above the historical standards at 8.3% nationally and 9% in my home state of indiana. at the close of 2011, nearly 13 million americans were still looking for work. the national debt has risen above $15 trillion posing extreme economic risk for our country. american families continue to bear the brunt of these economic uncertainties. within this context, the administration's request for resources must be prioritized to meet the requirements of budget austerity. while addressing the vital national security objectives that the chairman has so well outlined. this past year brought further uncertainty overseas. people in north africa and the middle east are marking the anniversary of their protests and their protests for democracy and accountability from their leaders. for some these anniversaries have been celebrations of a break with a troubled past. for others a reminder that progress remains very elusive. in syria, the world continues to bear witness t

signs of life for the american economy and jobs. tonight, we call in the truth squad. is it finally time to exhale? >>> diet drug. the new pill that will help you lose weight. going from this to this. but are the side effects, memory loss, suicidal thoughts, worth it? >>> and the fourth grade fighters. how dr. seuss gave these fourth graders the courage to take on hollywood and win. >>> good evening. there was an arrest near the u.s. capitol today. a man wearing what he believed was a suicide vest. he was on a mission to kill americans. and he thought his contacts were al qaeda. but in fact, they were fbi agents tracking him. tonight, he is charged with attempting to use a weapon of mass destruction. so, who is he? and who was working with him? abc's senior justice correspondent, pierre thomas, has been on this story all day for us. >> reporter: it was a plot with deadly intentions. a suicide bombing, targeting the u.s. capitol, where congress does its work, and thousands visit every day. according to the fbi, 29-year-old amine el khalifi, a moroccan national, wanted t

the economy. that is there's lessç demand fr the outside world. europe is going to its own financial problems, the americane out of a difficult time. that is reducing demand for chinese goods. that edges the economyç down ad would lead the government to put more money. that could have an and -- in effect in inflation. there will stay in a holding pattern and see what happens before taking any decisive major çaction. >> thank you for that update. russian scientists have been drilling for decades. >> i know a man who can. there have been drilling down to a leak buried 4, bears under the league. it is believed to contain living organisms that have been hidden for 20 years -- 20 million years. >> on the surface it is the coldest place on earth. beneath that are to cut their more than 300 sub-glacial lakes. most have not frozen thanks to heat from the center of the years. but to delay, the russians have had to pierce through 3,000 meters a vice. the scientists said they have made a breakthrough. reaching a lake six times the size of luxembourg. we do not know what the climate was all that time ago. what sort

the u.s. economy. the chair of the federal reserve testifying on capitol hill. he does so twice a year saying the fed retains modest expectations for the american economy this year. ben bernanke telling the house committee on financial services the recent rise on oil prices hasn't affected how the fed view it is economy which involves expansion of 2.2 to 2.7% this year, about the same as last year. we'll begin with how the testimony unfolded. congressman ron paul among those with tough questions. up next is nan hayworth questioning the fed chair about managing debt and economic growth. >> you have many, many times including here today pointed out how important it is to have federal policy that reflects the impending crisis that we face in terms of managing the debt and how that weighs on economic grow growth. do you ever feel as though you are talking past your administration and congress that, you know, we are talking past each other and somehow -- you know, how can we make your message resonate? people like me are sympathetic to it, obviously. >> well, these criticisms are easy for me to make. i don't have to deal with the politics. i know they are very diffic

because at long last we're beginning to understand fully the importance of manufacturing in the american economy. i think we've kind of lost that understanding. and now i think that with the return of the auto industry with the help of the patrfederal government, not the run the companies but to get them all back on their feet, i think it has helped to highlight how as we proceed, as we must, talking about tax reform, we keep our eyes on the ball. and here i want to quote what the president said just a few weeks ago. if you're an american manufacturer -- and this was part of his plea that we continue to help american manufacturing get fully back on its feet. if you're an american manufacturer, you should get a bigger tax cut. if you're a higher tech manner, we should double the tax deduction you get for making your products here. and if you want to relocate in a community that was hard-hit when a factory left town, you should get help financing a new plant, equipment or training for new workers. the chairman and i -- that's the end of the quote -- for years have tried to expand to strengthen the

the ballot yeah sharecropping plantation known him american economy hey let's go to shanghai and speakwith dan collins of the china money report dot com dan collins welcome back to the kaiser report thanks max good to be back all right dan collins you say that americans are sharecroppers in their own country explain yeah this ridge needed from an article i wrote try to get my mind around the concept of how all of these good decades of printed money and trade surpluses are going to get recycled back into the american economy. leave it to us now the many of the politicians in their thought leaders there believe that we can continue to print money to get our way out of this but what they forget is that debts have owners and you look at china now with three point two trillion in currency reserves japan over a trillion i believe a lot of this money now sitting in asian central banks are going to find its way back into united states back into europe buying up real companies. we saw on christmas this year two thousand and eleven. japan and china signed a new currency swap agreement where they

. >> postal service is still very vital to the american economy and american society. we realize that. people realize that. we have to stay profitable in order to provide service to the american public. we'll move people from one place to the other. in some cases we move employees for one job to another. we want to work with the people that can retire in order for them to go we'll be here for a long, long time. we have to get our financial house in order right now. >> sheez changes would bring huge cost savings but also lay the foundation for a finally stable future postal service that will continue to serve our customers for many years to come. >> thank you. before i go forward with the presentation i just want to make a couple of kmebts. i think it's important we understand why there are 252 studies going on across the united states there was no facility selected based on any criteria that was specific to performance. the employees are outstanding. this is the network realignment of the postal service. and it's based on looking at the network that changes that we're g

these good decades of printed money and trade surpluses are going to get recycled back into the american economy leave us no the many of the politicians in india thought leaders there believe that we can continue to print money to get our way out of this but what they forget is that debts have owners and you look at china now with three point two trillion in currency reserves japan over a trillion i believe a lot of this money now sitting in asian central banks are going to find its way back into united states back into europe buying up real companies. we saw on christmas this year it two thousand and eleven. japan and china signed a new currency swap agreement where they see. said openly and publicly that they want to move their trade into their local currencies and get out of the dollar we're starting to see treasury sales china as lowest moment treasuries in over eighteen months so they're down to about one point one trillion. russia's or half their treasuries last year so i think as we start to see the continued dollar debasement coming out of the united states what people enough factor in i