at the same time, the port was also discussing the long-term use of the site. the long-term development of a lot. they had awarded a long-term development agreement to the site. this multi-year effort is currently ongoing, representing the level of uncertainty to would be parking operators. for these reasons, the port decided to negotiate a direct lease. the existing lease their by continued on a month-to-month agreement. port negotiating efforts on a new lease focused initially on determining market rent, quickly adjusting to current lease or rent to market as permitted. using projected annual revenue for the site, the port and cbc reached consensus in early 2010 on a new market rent, including a bifurcated structure that recognized the site. however, by the time the consensus was determined in reached, the giants' season- ticket holders have already purchased their tickets for the following baseball season, including parking for these season-ticket holders, limiting the ability of the giants to increase revenues to capture an increase in market rent. this resu

i would skk this, p if we cut the pentagon by 50%, have we solved the long-term skrushgtal debt crisis in our nation? yes, that's you. >> you refer to headlight calthd this is where costs go up faster than gdp. the output of the health care industry is not that markedly better than other countries, so clearly not only for fiscal issues but also for private sector productivity. it's an important issue to address, and as a mart of arithmetic it is true that over time the increasing share of the total outlay will go with medicare, medicaid and other health-related programs. it's very important to address that. on page 7 of your testimony you say the employment is largely determined by non-monetary factors. in my remaining time i want to pursue this theme. i certainly agree with the assessment, but i question after three years in the most highly accommodative monetary policy i believe in the history of our nation, the recent announcement that we will continue this policy for two more years. i mean, i note according to your own statistics, public companies are 2.1 trillion in excess liquid

had some really robust committee hearings on what all of that meant to the city in terms of brain the events here and also for the long term development. as we know, the long term development piece has fallen away, and we are really focusing on the event plan, and i think we have got some good thinking before you today than i will run for at a high level and also talk about some of the pieces of the resolution that will be before you, but in the meantime, i wanted to commend the committees as well as america's cup race management, all of whom the king together in a very short period of time to think about and put together what really is a very solid approach, and i would be very remiss without complementing and demanding city staff for bringing this forward, which many different departments were involved, the planning department, recreation and parks, muni, all coming together. during the planning commission hearings, i said something that this was a really uplifting experience to be a part of this, and i want to talk about that now, and i appreciate all of the work that has gone into what is before you today, but wha

the proposal here would be to borrow funds on a temporary basis from that project until the long-term debt proceeds are available. elaine has been working with the controller's office to fashion that proposal, which would be certificates of participation. the real advantage to that, while it would be repaid by harbor funds, the city has an excellent credit, and an issuance will result in very low projected interest rates on the project. $780,000 a year is what we estimate. based on the four cents per kilowatt hour, we estimate an 8.3 -- $8.3 million revenue source. we think support will likely recover 75% of the total project cost, but it could be all of the project cost. now, i would like to turn it over to kathleen. >> in my role as project manager, i've been working with maritime with how we sustain repair within the master plan while we are doing everything else. this lease has been going since 1987. this whole site was least repair -- lease repair. there has been a whole series of amendments over time. there are 20 buildings, two dry docks. this lease runs through december 2017.

that covers the capital cost, and debt service reserve, and a p the long-term debt solution is some months off. mayor lee and supervisor: have introduced a supplemental appropriation ordinance that the board of supervisors that would reappropriate some money from the back land project, part of the 2010 revenue bonds project. it has been designed. it is ready to go to construction this summer. the proposal here would be to borrow funds on a temporary basis from that project until the long-term debt proceeds are available. elaine has been working with the controller's office to fashion that proposal, which would be certificates of participation. the real advantage to that, while it would be repaid by harbor funds, the city has an excellent credit, and an issuance will result in very low projected interest rates on the project. $780,000 a year is what we estimate. based on the four cents per kilowatt hour, we estimate an 8.3 -- $8.3 million revenue source. we think support will likely recover 75% of the total project cost, but it could be all of the project cost. now, i would like to turn it

the short term plan is going to be the readily achievable solution. the long-term plan could take 20 years. i do not know. your business might not be making huge profits. you may need to be saving money for the long term. but it is your obligation to plan for the long term as well as the short term. the ada has a set of priorities that guide you on how you will be serving your property. the ada says a certain party of getting in the front door,

also, what sectors of our economy could provide sustainable growth over the long-term? >> mr. chairman, so first of all, as senator shelby correctly pointed out, the federal reserve doesn't make recommendations on specific fiscal policy decisions but in the broad context, let me make two points. the first is that as i've said a number of occasions including in front of this committee, the united states is on a unsustainable fiscal path looking out over the next couple of decades. if we continue along that path eventually we will face a fiscal and financial crisis that will be very bad for growth and for stability. so therefore, whatever we do, it is very important that we be planning now for long-term improvement in our situation in terms of long-term fiscal sustainability. at the same time, i think it is important that we keep in mind that the recovery is not yet complete. unemployment remains high. the rate of growth is modest. and under current law, as you know, on january 1st of 2013, there will be a major shift in the fiscal position of the united states including the expi

real defeat mechanism of this insurgency and emblem of national unity and this is essential for the long-term security of afghanistan. but none of us harbor illusions. they are truly emerging as the real defeat mechanism of this insurgency and emblem of national unity and this is essential for the long-term security of afghanistan. but none of us harbor illusions. we know that we face long-term challenges as well. we know that al qaeda and other extremist networks, the very same networks that kill afghan and coalition troops every day, still operate with impunity across the boarder in pakistan. we know the taliban remain a resilient and determined enemy and that many of them will try to regain their lost ground this spring through assassination, intimidation, high profile attacks and the emplacement of ieds. we know that iran continues to support the insurgency and fuels often the flame of violence. we know that corruption still robs afghan citizens of their faith in their government and poor governance itself advances insurgent messages. the campaign has been long. it has been difficult. and

the long term is that -- the long-term plan for santa cruz and then watsonville is really the marathon. and you talk about what makes good plans and good planning is really good process and you have to design the process to respond to the conditions in your community or your community. you could have multiple plans in a larger city, for example, and then try to coordinate those altogether. now, the question here -- seen here is, how do you involve the community? and there's sort of this whole notion of bottom up instead of top down. actually you need both. you need both. we sort of overreacted in the 1970's about experts or just paid hacks and that sort of things and there are still consultants out there that will just listen to the community and all they get is something from the community which is all wonderful expression of values and valuable but recovery is all about investment, right, particularly in the business district? you have people to risk real money on real projects in your downtown which means you need expertise on retail. we tried to design a process that involved the w

. >> is he the long-term solution? and is he the long-term solution?ell now. >> and you hope he does. i don't think that anyone knows that and they miss it and has mobility and accuracy and with that deep ball. i think he's got that it factor and is charismatic and intelligence and he's a quarterback and to be with a 4- 3 speed. and i expect him and if veterans around him step up and step off. >> would you have made the move if you were a redskin? >> you have to. you have to get out of last place. three of the last four seasons. the only way you're out of that is to improve the talent mix. >>> and thank you, doc walker and dave feldman and dave ross. >>> finally, tomorrow's acc championship game is set, unc versus florida state. thank you for legislate us be a part of your weekend. hope you will join us tomorrow night for selection sunday. have a great night, everybody. the droid razr by motorola, now with amazing tools like the hd station. share your pictures, stream hd videos and movies. all on your tv. or connect your 4g lte droid razr to the lapdoc

the short term plan is going to be the readily achievable solution. the long-term plan could take 20 years. i do not know. your business might not be making huge profits. you may need to be saving money for the long term. but it is your obligation to plan for the long term as well as the short term. the ada has a set of priorities that guide you on how you will be serving your property. the ada says a certain party of getting in the front door, but you are logical, you want your customers to access your services. be that steps, be that ramps, if the door is not wide enough, if the landing is not level enough. priority two is actually travel. once you get into your business and start speculating the wits of your files. access to all of your services. [inaudible] rearranging furniture. that is something we would call readily achievable, if you move your table out of the way to allow a person with a wheelchair access to your space. restroom facilities only come into play after you have already made the entrance accessible and you have trouble accessible. restaura

chart 12 shows the percent of unemployed who are long-term unemployed. ak even close to the recent experience. indeed by way of comparison, the share of unemployment that was long-term in nature never exceeded 25% or so in the severe 1981/'82 recession. those tho experienced unemployment know the burdens it creates. for example, research has shown that workers who lose previously stable jobs experience sharp declines in earnings that may last for many years, even after they find new work. >> surveys indicate nearly one half of households experience long unemployment spells withdraw money from savings and retirement accounts to cover expenses. one half borrowed money from family and friends and one third strugged to meet housing expenses. um employment also take a toll on people's health and may have long-term consequences for their family's as well. for example, studies suggest the unemployment suffer from higher related incidences of depression, heart disease and may have a lower life expectancy. in addition, unemployment, especially long-term unemployme

it will be their posture over the long term. if we don't see some political outcome from reconciliation, which can have the effect of effectiveness and safe havns, if we don't see pakistani action to address the safe havens, we are going to have to thicken the defenses of the afghan people to provide as much friction as possible to protect the strategic center of gravity, which is kabul. it's going to have to be an outcome. we'll watch the campaign unfold this year and next and watch in consultation with the afghan partners how they will force it in the end. the chances are very good, if the issues in the pakistani safe havens don't resolve, we need a larger presence of the ansf to thin in other places in afghanistan. >> thank you. >>> committee will recess for five minutes. when we return, mr. wilson will be on for questioning. thank you.ta commanders in afghanistan testifying before the house armed committee this morning. a short break now. should be five minutes or so. we'll return to live coverage when they get under way here

building the overnight sales and building the long-term brend. so, when you come away from those apple and mac ads, you kind of like apple. you like the mac. he might be pretty tough, the commercials themselves might be pretty tough on their competition. you come away liking them. pepsi is often taking on coke over the years, but they do it in a tongue in cheek and you come away liking them. i think the difference is, political advertising is rarely built to build a brand over time. it is for that one day of the primary vote and that one day of the election and then everybody is on their own again. you come away with a choice. this helps me with my choice. you don't want to vote for a that flip-flopper or take a stand. and it makes that immediate connection. after a while you don't feel as good about the people who are doing it. we don't feel as good as our politicians as we do about apple, about pepsi. and i think that's an inevitable result of going for the one-time sale at any cost. and jane myers' wonderful "new yorker" article as she quotes c

not with standing, the job market remains far from normal. long-term unemployment is still near record levels and the number of persons working part time for economic reasons is very high. household spending advanced moderately in the second half of last year. however, the fundamentals that support spending continues to be weak. real household income and wealth were flat in 2011 and access to credit remain restricted for many potential borrowers. consumer sentiment has since rebounded but remains relatively low. in the housing sector, affordability has increased dramatically as a result of the decline in house prices and historically low interest races on conventional mortgages. unfortunately, many buyers lack the credit history required to qualify for loans. others are reluctant to pie a house because of their income and the future path of home prices. on the supply side of the market, about 30% of recent home sales have consisted of foreclosed or distressed properties and home vacancy rates remain high, putting downward pressure on home prices. manuf

the long term indicators are good, in 2007, egypt had over 10 billion of direct american investment. it's down to 1 billion this year but i think it will recover. the newly empowered government this i think is important, has reached 0 but to us reareassurar commitment to free markets and to a level playing field with american and other foreign investors. they have a market orientation, and they have been careful to reassure us on issues of corruption, too, that this will be one of the first issues that they are going to tackle. there's a very strong domestic business communities in egypt. they have been a little shell shocked by what's happened but i think they will recover and play the role they have always played. very strong existing business community for those of you looking for partners. we see large opportunities over the next few years, telecommunications is obvious one, penetration is still low. and 40,000 people work in smart village outside of cairo so there is an infrastructure in the telecommunications industry. we anticipate that electric power generation will be another

the need for long-term commitment extends to our coalition partners as well. o secretary-general said in december, our commitment does not end with transition. we will finish the job. we will help create a secure afghanistan and shared security. achieving eight durable peace in afghanistan with will require reconciliation among afghans. it is by no means certain that this effort will bear fruit in the near term, but it is very much in our national security interest to try. as secretary clinton has said, any negotiated outcome with insurgents must meet the redline with reconciliation. insurgents must renounce violence, too, great all ties with al qaeda, and three abide by the constitution by afghanistan. afghanistan's neighbor's, particularly taxes, pakistan has legitimate interest that should be understood and must be addressed. pakistan also has response abilities. most of currently, it needs to take further steps to ensure that no -- military groups cannot divine safe haven in pakistani territory. in 2011 alone, some 2000 attacks in pakistan resulted in about

long-term problem. in fact, a number of them. so let's find some long-term solutions. let's say h, how -- the central question is, how do we get back to a long-term growth path for the american people that has low inflation? that's what we want to do. and we want to develop systematic stabilizing policies over a long period of time. does the federal reserve do that? no. does the congress do it? no. does a t administration do it? no. do they even think about it? no. that's the worth part. just to finish this i read more federal reserve minutes than any human being ever ought to read. >> right. >> you never see a sentence which says if we do this today, where will we be a year from now? never. the exception was the volcker years. volcker knew he couldn't end inflation in a month so he had a longer-term policy. it disappeared after he left. it's all about what are we going to do this quarter and how will it affect next quarter? well, that's not the way to stability. in fact, it's a way to disaster. >> i mean, i've written so many columns over the course of my career in favor of central bank inde

the market. it is a long-term gain. scott, you're buying into a home as well, tough to time it. t want to time the market. you want to get in when the stock market is cheap. history proves long run you're going to make money in the stock market. >> last word to scott, i guess, we went through ten or 15 years where people thought there was a get rich scheme in the housing market. i think that is over. do you agree? >> it was over even when people thought it was happening it was over. it was destined to fail. there's no such thing as money for nothing. it's a long-term play. you have to work hard to make money in it. there's just a couple of opportunities right now that make it really attractive for investors with low price points and low interest rates if you're willing to play that long-term real estate game you can win big right now. >> all right. scott and matt, nice to see both of you today. thanks for making your cases, gentlemen. >>> one thing is clearing during this recovery, united states needs innovators and invasions to set it apart from the world. should it come from th

is that the better investment for the long-term, for the long run, rather than buying a house. >> scotthe only guy in america who have bought three houses and lost money on every single one. >> that doesn't happen when he picks stocks. >> yeah, that's why i switched to the stock market. right now i think you can't be put -- you want to save money, you always want to have an emergency fund, but with interest rates so low, money markets paying less and losing money with inflation, right now you want to ask yourself, do you want to be isn't the stock market? and if you say yes, right now is the best time, based on valuations and the fact you're getting good dividend yields, it is a long-term game. when scott said, you don't want to time the market, get in now when the stock market is cheap. and in the long run, history proves long run, you'll make money in the stock market. >> and last word to scott, i guess, we went through 10 or 15 years there where people thought that there was a get-rich-quick scheme in the housing market. i think that's over, do you agree? >> it was over even when peo

living next, the recommendations made for short-term recommendations in the long term recommendations, the question cannot as would be expected, 30 think we're going to end up at the end of the program in terms of cost and schedule. our focus is entirely on the construction management phase, so we want in a position to report on that. we did make recommendations on how that could be assessed. the project team is doing the value analysis, and i see that included in the current quarterly report. we have already reported on schedule reporting that we made a recommendation there to modify some of the contract to better reflect schedule performance. reassessing a system wide emergency procedures, they suggest a broader verification of emergency procedures in cases other incidents and public safety issues. finally, the question came up about earthquakes. one of the things is to bring up earthquake strength, better performance under a major earthquake. but what happens if an earthquake occurs during construction? we were not able to look into that with great depth, if there are ways and mean

the long-term indicators are good. in 2007 egypt had over $10 billion in direct american investment and is down to about 1 billion this year but i think it will recover. the new government and this i think is very important, has reached out to us repeatedly to make reassurances about their commitment to free markets and their commitment to a level playing field with american and other foreign investors. they have a market orientation, and they have been careful to reassure us on issues of corruption and this will be one of the first issues that they are going to tackle. there is a very strong domestic business community in egypt. they have been a little shell-shocked by what has happened but i think they will recover and play the role that they have always played. very strong existing business community for those of you are -- that are looking for partners. we see large opportunities over the next few years. telecommunications is obviously the penetration still low and 40,000 persons work out of cairo so there is an inf

over the long-term, the reason it will rise is because of countries like china and india and brazil. just think about this, in five years the number of cars on the road in china more than tripled. over the last five years, the number of cars tripled. nearly 10 million cars were added in china alone in 2010. 10 million cars just in one country in one year. so that's using up a lot of oil. those numbers are only going to get bigger over time as places like china and india get wealthier, they are going to want to buy cars like we do and fill them up like we do and that's going to drive up demand. so what does this mean for us? what does this mean for america? it means that anybody who tells you we can just drill our way out of this problem does not know what they are talking about or they are not telling you the truth. one or the other. here is another way to think about it. the united states consumes more than 20% of the world's oil, but we only have 2% of the world's oil reserves. 20% we use, we only produce 2%. no matter what we do, it's not going to get much above 3%, so we're still

the proposal here would be to borrow funds on a temporary basis from that project until the long-term debt proceeds are available. available. elaine has been working with the

even so, for the assad regime, the long term can still be bleak. the rebels are still fighting elsewhere across syria. over recent months, they have been strengthened by defectors from the regime's forces and by supply of weapons. it is clear that syria's agony will be a drawn-out and bloody. >> a quick update, it is reported that the french a freelance journalist and photographer have arrived in lebanon from syria. his femur was shattered during heavy shelling last week. the same shelling that killed a veteran war correspondent and a french photographer. from the crisis in syria to that which continues to plague the global economy, european leaders look up to the news that unemployment has risen to 10.7%. that is the highest since the euro was established. it gave added urgency to the latest european summit which opened in brussels. among hardest-hit is greece, which has just approved more cuts in public sector pensions and more cuts to the minimum wage. >> this 3-year-old spends her evenings in semidarkness. her family has barely any money and the

the need for long-term entitlement reform and the federal reserve's dual mandate. for the last three years, we've operated in a low interest rate environment, which has artificially lowered the cost of debt servicing. this temporary rest will not last forever. ed? thank you. for the last three years we've operated in a low interest rate environment, which has artificially lowered the cost of our debt servicing. this temporary respite will not last forever. chairman bernanke, in each of your past experiences before this committee, you and i have discussed the dangers to the u.s. economy posed by our record levels of debt and the critical need for entitlement reform. we have discussed how long-term restructuring of our timed program will have clear benefits for our economy today and will give our country a greater chance of success in the long term. unfortunately, and sadly, too few in washington appear to be listening to this discussion. let's have order in the committee and respect all the members, and that will go for the staff, too. we have discussed how long-ter

you responded there is potential to cooperate for the long term benefit of afghanistan. you stated that you are seeking to check the negative assistance between iran and afghanistan. and i guess my first thought is, do you think this is possible or is this common ground between us and iran is possible given the leadership in the current regime and how does the long history between iran and afghanistan provide any sort of a basis for leveraging events in favor of our national security. and are we -- you know for certain we are effectively checking negative assistance by iran to the insurgency and is it wise in your opinion to proceed with the current draw down given the iranian government support to the insurgency in afghanistan. >> a lot of questions there. sorry. we are seeking to understand exactly what iran is doing in afghanistan. we also understand that iran and afghanistan have their own bilateral relationship. and that is an ancient and in many respects productive relationship for afghanistan. i will not take issue with the fact that the afghan government has a rel

it's the long-term chart of price per share. versus earnings per share. this is back since 1992. a 20-year chart. the judgment is there's a lot of risk to go short apple. that's why we're going to talk about the options trade. for one that's long, is it time to trim? it's not a bad idea. say one in fidelity. you have 40 million, 50 million shares. should you pair back? yes. >> wow. that's the question that a lot of people, mike khouw, are going to be facing as apple continues to climb higher and higher. touch 600, that was at 550 today. >> kartser made a great point here. he was talking about whether people should be trimming their positions. you may not own apple or think you do. it just represents such a large segment of that index in particular. if we have a graph of what revenues have done for apple over a similar time frame. one of the things you're going to see is that it hasn't just been the price that's gone parabolic lately. basically the can company has been performing. when we look at the company fundamentally, the stock is relatively cheap. i want to throw a couple num

first we'll hear from one of the nation's leading legal scholars on the long-term economic impact of immigrant rights policy and reform. we will hear from a panel. after the panel discussion, we will have time to hear from the local elected officials. then we will open the meeting for public comments. if you would like to speak during the public comment section, please fill out a yellow card and return that to a member of our staff. i would like to introduce adrian, who has done amazing work for this commission. she's the executive director of the office of immigrant affairs would you introduce the speakers and panelists. thank you very much. >> thank you, chair mccarthy. it's truly a pleasure to introduce tonight's keynote speaker. the professor is a highly respected legal scholar. he is an sbure, he is an author and an expert on immigration law. among his many leadership roles at stanford law school are director of the arthur and tony rock center for corporate governance, associate dean for executive education and special programs, co-director of the director college and if that was

from the political perspective what is the long-term impact of the 2008 election and how does having a book and a movie contribute to and create the long-term legacy of any impact from the campaign? having a republican woman on the national ticket? >> i think 2008 -- we are in the middle of a media transformation of consolidation, mergers where different television networks are appealing to ideological audiences as a business model, rise of social media and all of this began to play out in 2008. was the first election in a new age. much in the same way the 1960 election was the first television election. so 2012 will continue that trend. it is bigger. twitter didn't have the same -- much bigger impact. into thousand twelve, in 2008 was still youtube and facebook was much less procured than it is now. it was a historical election. the first african-american president was elected. was an election that occurs in which there was a generational change. matt every election is a generational change election. one of the things the movie does is gives a real window into the process of what an

and, finally, the fourth program puts medicare on a sustainable path and becomes solvent over the long term which the president's proposal does not and your proposal does not. i urge a rejection of the amendment adoption. >> i will yield the remainder of our time and recognize the gentlelady one minute for the purpose of closing. >> we're going to try and split this one. i yield half a minute. >> can i just put that chart back up? i think it's a very useful chart. a very useful chart. can you put that up, please. is it coming up? let me -- you want the whole thing? >> yeah, yeah, i do. i want all three lines because i think this makes a very useful point. the first -- thank you, mr. chairman. the first point it makes is despite everything we've heard from our republican colleagues the democrats didn't have a plan to contain medicare costs, what it says is it's essentially the same in terms of medicare costs. the red line in terms of medicare savings. what the red line shows is the risk if things go wrong. and under your proposal the risk for when things go wrong, if this doesn't work, is pu