and wane. >> the amount of underfunded private pensions. noup the same amount as the debt in greece. you think we should be concerned about this. >> it is a huge problem and while it may not represent the systemic problem nathat greece does, it may be a harder problem to solve here. corporations can't print money to pay what they owe. it is a broken promise to the retired. and the fed is kind of responsible because they kept interest rates artificially low and difficult for the pension plans to make money. it will come out of corporate profits or out of the pockets of retireys that are facing higher food and fuel costs. >> wayne, how much should we be worried. we are talking about europe and greece, are we looking in the wrong direction? >> no, you have to be worried any time when a worker or somebody're said i am contributing in a retirement plan and i am not going to get my money back. you have to blame the politicians and company on the other side. if they are not managing it proper in the time of interest rates being so low, they have m

and all the social security is underfunded and medicare. we're looking at a greek style catastrophe in this country down the road, we don't know how many years, it's com g and coming and no way to avoid it, it sends a lot of fears. >> you know, i'm looking at this and i'm saying, you know, charlie's spelled this out for me earlier this week on fox business network, which by the way, if you don't get, you should demand, stephen, enough about me, that's to my biggest worry and that's this basic issue, the only way to address this is to cut spending a hell of a lot and maybe that won't be enough because you'd still have the high taxes a hell of it lot. what do you do? >> i don't know if there is an easy solution and you're right, this needs to get a lot more attention from congress and i think you're probably, you know, not exactly right that this isn't getting any attention at the state level. certainly, illinois, a state that has tremendous problems underfunding, it's got a lot of attention packed. quinn did sign a bill earlier this year, ro

. >> julian companies are trying to deal with private pensions again they are underfunded and don't have the money. general motors, they cut 26 billion from the pension obligation. you think that more u.s. companies are going to have to address the issue? >> i think they wil. the problem is the public side and 43 states made reforms and we are not anywhere like greece. greece has so much more problem on the public side. there are changes that are happening. to the question of the reforms that private companies are making and many of them are going to define benefits and contribution plans and law in 2006. anded out by wayne. it is two trillion of cash right now. and it is not a big problem. and largely it is being dealt with to the extent that there is a problem here and the funds are not making money. and to the point millions of americans are drawing from the pension and that is a big piece of the economy they are spending particularly when there are 401 k's go down. should we be concerned about that and the affect on the economy. >> sheril, the affect of private pension funds and unde

we have structural deficit as a result of the underfunding for the state. we are looking at an $83 million shortfall in our baseline projections if the tax is passed. on page 8 is a depiction of what happens if the taxes do not pass. the number goes up to a $119 million shortfall. page nine shows some positive signs. there are some things that we do recognize that we have to be thankful for. there are protective steps we are taking in the district to try to improve the picture in creative ways. we definitely do not take for granted all of the support that is available through voter approved measures in san francisco, such as sales tax increases. that does flow to schools. there is foundation support. there is the rainy day reserve. that is subject to appropriation by the mayor and the board of supervisors. we are counting on that money, $6.30 million for next year. we have gone out on a bit of a limb by rescinding, today, about 98, counting on those funds to be a protracted next year. on page 10 is a little analysis of a doomsday scenario. if those taxes do

if the taxes do not pass, we would be looking at underfunding of $100 million each year. it is a very significant proportion of the funding. before this started to happen, the school districts would rely on it. it is a cumulative effect, not something that is isolated. it has been happening over time. our schools have been doing their best. the district has been doing its best. supervisor campos: we were commenting this is not upside down. this is the actual. >> many things are upside down, but the chart is hopefully right side up. this chart, just to infuriate you more, is a historical chart that shows the difference between california's per student funding and the national average in the rest of the country. if you look toward the left of this chart, in the late 60's, early 1970's, the state of california was close. in some years, less or more than the national average. that was true until the early 1980's. you can see the effects of proposition 13 and other challenges to the state budget, and how that has manifested in funding for schools. very significant gaps between

and wane. >> the amount of underfunded private pensions.p the same amount as the debt in greece. you think we should be concerned about this. >> it is a huge problem and while it may not represent the systemic problem nathat greece does, it may be a harder problem to solve here. corporations can't print money to pay what they owe. it is a broken promise to the retired. and the fed is kind of responsibe

this is -- as slim as this is, underfunded, it could be underfunded even more. it is frightening. it is our duty to pass this as a board. to ensure the fiscal stability of this district and we can make hard choices but i would like to say to my colleagues that this is a budget of choices, of priorities. we're getting down to the point now where we are -- we have to be very lean and mean about it. it is cutting away every sort of trill. -- frill. this is making these tough choices, knowing that we have an obligation first so students can compete in the 21st century. that is their job here and we're obligated to do it for every single student in this district. it is a budget of priorities and i am pleased to see we can allocate more funds but as we mentioned on tuesday, 20% is on track not to graduate. 20% of the graduating class in 2015 is on track not to graduate. we add in the numbers, this is d or better. if we added c, that will be better. you will be facing hundreds of students that will be graduating if we do not make the right priority judgments right now and traces right no

we were underfunded in my view before, and that has only increase the workload. large firms. a lot of times they are settled before you go to trial. they settle on some distant decree and payment of a fine. what evidence do you have that the settlements deter future wrongdoing, because there have lot of cases where particularly among the large wall street firms, they make settlements for violations of the same section of securities act over and over, seemingly without any additional penalty. >> well, we do take into account the prior track record of a particular firm and decided what kind of penalties and sanctions to assess. there are some limits on whether or not we can assess it. there is a certain ceiling based on the pro-violation formula or based on the amount of money the firm earned a in terms of what we can ss. that is why the chairman has requested additional authority, particularly in the case that it violates a particular junction order. we take that into account, and from where i sit, firms take very seriously an sec investigation and the sanctions that come with

and there are over 50,000 children in san francisco public schools drastically underfunded system. too many are being set up for failure without the necessary supports is, like opportunities for credit recovery, which has come up multiple times already. which could look like a targeted seventh period for students who need it with teacher present, who could directly support them. in general we just want to thank supervisor eric mar, jane kim, all of the leadership of the board of education, board of supervisors to prioritize this hearing because we would absolutely support any and all efforts to identify additional resources from the city of san francisco to support our schools. and ultimately our students. thank you. supervisor mar: thank you. christina? >> good afternoon, supervisors and commissioners. i'm the economic justice campaign organizer at coleman advocates. and i'm here to speak on behalf of our parent and youth members. in 2009, coleman parent and youth members supported the board of education passing the a through g graduation requirement. it ensures all students gradu

they were, understaffs and underfunded. that sounds like most nonprofits like ours. jamestown never changed, i guess. but they got through that and then smith finally leaves in '69. there's another period that was "nascar now" as the starving time. the name tells you what happened. there were probably only 60 people left alive out of 215 in 1610. so they pack up and leave, and so this would not be the first permanent english settlement had not at that very moment awe new splice group come in. the real resident governor lord delaware came in with over 100 troops and they jump started the operation. from that point the county is going to make it. that's the thumbnail history the earliest years. the reason i stick to the earliest years but it dates to that period, and that seminole event has been an important thing for other ng what we found beneath the ground. if you follow me down here i'll show you where we started and why. a lot of people wonder where do you start digging? when i first came to jamestown, i was so excited b

and how really underfunded they were. understaffed, underfunded. that sounds like most nonprofits like ours. but anyway, jamestown has never changed, i guess. so -- but they got through that. then and smith finally leaves, but when he leaves in '69, there's another period that was known as the starving time. 1609, 1610, and the name tells you what happened. there were probably own 60 people left alive out of 215 that -- in 1610. so they pack up, they leave, and so this would not be the first permanent english settlement, had not at that very moment a new supply group come in, the real resident governor, lord delaware came in with over 100 troops, and they jump-started the operation. and from that point, the colony is going to make it. okay. that's thumbnail history, the earliest years. the reason i'm sticking to the earliest years, most of what we found archaeologically dates to that period, and that seminole event has been a really important thing for our understanding what we found beneath the ground. so if you'll follow me down here, i'll show y

everybody that we, the education committee, agrees with voters and citizens who are aware of the underfundingnd cuts to public education and support higher taxes. i urge my colleagues. i am confident we will support that. we are interested and supportive of sending that message to our partners in the education committee. we support both of these. we feel the governor's initiative as an emergency stop gap. the other initiative as a first step. i thank my colleagues in advance for their support. i urge the passage of this. >> commissioner mendoza para >> thank you. thank you for this. does anybody know if there is one of these for the other initiative? jerry brown does not have one? >> there is not because money will go into the general fund. it is in the meat grinder. >> we are going to take this very historical vote tonight. hysterical. [laughter] >> i found it jerry brown's one. [laughter] >> i hope this will get up to the public. -- out to the public. this is very rich in to us, to the students. we need everybody to vote yes on this. roll call plays. >> -- please. >> yes. >> yes. >> aye. >>

. >> wow, that illinois lawmaker is ticked off with a new bill to use local taxes to shore up underfunded public pension. is it time to make public workers pay for their own benefits. >> here's so angry and across the country taxpayers are waking up they are not living in a democracy. the state constitutions have it rigged against them. new york california and illinois. the constitution said you are not allowed to negotiate a government pension that are wallowing entire city. detroit pension costs are surprising what they put on workers. our taxes are going up. . to fund the fat cat pension where people retire and three-quarters of the worker pay. sweet deals and we can't afford it >> it is okay to take away pension credits for years not yet worked and okay to make state employees chip in and that is fair it is not fair or legal or constitutional to take away. >> >> you have federal workers with a bigger pile. >> they were promised too much and that was a big mistake. what if you put money in the 401 k and your employer didn't want to match it can't take the money. this is money i put in

it's so significantly underfunded. the one thing i did learn is dad had no concept of the past. he didn't know he had run the peace corps towards of understand of his life. he didn't know about tomorrow because it didn't make any sense to him. he lived in the moment, if he was sick or blowing his nose-- which was one of his habits. i would get nervous, is he going to get a cold, are my kids going to get a cold? i remember being in church one day and not wanting to touch him because it was brutal. and and he turned to me halfway through and said, "i love you." here is a guy who didn't know what happened in the past, he was just in the moment trying to express his love. i think in moments like that, you learn. you know, i learned about the power of unconditional love. he gave it to me every day of my life. i learned about the power of forgiveness and patience because i got so agitated at times with him-- and i wrote about it in the book-- but the bottom line is you need to be more patient. he never ideal at me when i was on the sporting field. he just always was supportive. so tha

it is underfunded at the present time. but it is not concluded either. let me use this as an opportunity to say that the work of the youth commission and bring in a bright light to this issue is already adjusted our practices within the center that has allowed youth to have expanded outdoor recreation area in another area adjacent to that center recreation area. we are greek default -- we are grateful for their leadership. the adjustments we have made required no cost whatsoever. it was adjusting our practice and scheduling. supervisor kim: i know you talked a little bit about the last time. >> every unit has been directed to use an outdoor center in addition to the courtyard that is available. it has a regular scheduled program opportunities throughout the week. a report to me on a monthly basis, the dates and times that each of the unit used that large recreational area. we're also developing other items that can be used -- we are also equipping a second area with a volleyball net. that is a larger area. once we complete some of our security measures t

we were woefully underfunded when we assumed the duties. i think if you talk to the assessor and the tax collector, we have recovered fees like never before in the short two years we have the responsibility. again, the 762 mark still brings us considerably short. this is a another civilian type of duty that we have the police department. because of the clerical -- you ruffled duty police officers doing the investigation. -- you have to full duty police officers doing investigations. supervisor avalos: do we have an estimate for what approval of these increases would yield? >> this is a sam to generate about $250,000 in revenue -- a sand to generate about $250 in revenue. supervisor chu: in terms of commercial parking permits, who is going to be impacted? who applies for these permits? what are we talking about? >> if they are new or transfers, they go through a process. there are a checklist of other city agencies that have to investigate. the fire department, the health department, the tax collector and the assessor's office. supervisor ch

they say that they are protesting what they call long- term wage freezes and underfunded healthcare. the strike comes after 11 months of contract negotiations. it's expected to last until friday. just minutes ago, we received a comment from the hotel which said in part, "we've always recognized and compensated our team members for their contribution to the success of the hotel and we are committed to bargaining in good faith." >>> there's been a new development in the legal case over proposition 8, california's ban on same-sex marriage. just a few hours ago, the 9th circuit court of appeals announced there will be a new legal filing in the case tomorrow. the court expected to decide whether to rehear the case with a panel of 11 judges. supporters of prop 8 asked for that review after a three-judge panel upheld judge walker's ruling that the prop 8 is institutional. >>> a fire in hayward broke out around 5:00 a.m. at a house on fairview street. that's in south hayward near union city. when firefighters arrived, they found downed power lines outside. pg&e had to be called in to shut of

. >> brown: so the underfunding is by that a multiple worse than even what...n with today's bad report. >> yes. a multiple about about three and a half times worse. that's because the accounting for public sector pensions is done in a way that doesn't properly reflect the true cost of the promises. again, anybody looking at their own accounts and imagining how much you'd have to set aside today to pay yourself an index benefit, annual benefit when you retire, in some cases at the ages of 55, 60, 62, that's a lot of money and you can't assume that any money you set aside is going to grow at 8% and budget accordingly. that's what state and local governments have been doing and that's what's led to this problem. >> brown: josh rauh, just to stay with you, the question of the role of the recession versus other factors, how do you make the equation? >> >> on the state's own accounting that assumed 8% return there is wasn't a problem until the recession then at a whole of a trillion or $1.3 trillion was blown in these pensions but this problem has been brewing for a

you want to hear from joslyn -- supervisor wiener: the entertainment commission is a chronically underfunded agency and we need to start doing this the right way instead of under reinforcing. >> thank you. i'm the director of the entertainment commission. this is a position under oewd. we believe there is a tremendous amount of work to be done in addition to planning projects yet described, -- it spreads across the brat of all projects in that department in addition to the workforce as well because of a number of jobs that are available to workers that don't need a tremendous amount of training. it is an industry that does not hire without high levels of education. it is really important and i think there is more than a full- time position to be honest and we are fully supportive of that and will help as much as we can. supervisor wiener: one other question -- going back to the revolving loan funds, once bill loan is made, is -- does oewd stay in contact as a resource? >> absolutely. we are on a committee of working solutions that helps to select businesses and we are well aware of who those

that you and your friends have decided to vote against to try to kill it at every opportunity, to underfund, to make sure that the regulators cannot do their job, and you won't even give them the time to put the regulations in place to see if they happen. the truth is, i'm not outraged by this particular loss, because the numbers are relatively small in comparison to other things. however, i do think it's important to ask thoughtful, insightful questions about -- >> thank you. >> -- why they happened and how we can avoid them from happening in a bigger way in the future. that's the outrage. >> thank you. i see that our first panel, you can see we're not quite ready to break into kumbaya moment. welcome to the serenity of the financial services committee. this concludes our opening statements. without objections, all members' written statements will be made a part of the record. the chair wishes to remind our guests that the manifestation of approval or disapproval, including the use of signs and placards, is a violation of the rules which govern the committee and the chair wishes to thank o

based on how much they receive in pension the law takes effect july 1st illinois has $83 billion in underfunded pensions that's the worst in the nation >>the florida man charged with killing 17 year-old trayvon martin says that he shot him after the teenager repeatedly banged his head on the sidewalk with such force that felt like his head was going to explode neighborhood watch volunteer george zimmerman describe the shooting during his interrogation by police, and in a video released today by defense attorney mark o'meara zimmerman re-enacted for police what happened on the night of the shooting last february ... he has been seen in the video with to bandages on the back of this had an apparent injuries to much of his face including his nose. sanford florida police chief bill lee who drew criticism for his department's actions in the trayvon martin case was fired yesterday. he came under fire after sanford police failed to rest george zimmerman. he submitted a resignation letter in april but the city commissioners refused to accept it at the time martin's family said they respect the city man

so if we don't have both pieces of that puzzle, i worry that we're going to end up with a very underfunded complex, very unreliable nuclear arsenals and much larger nuclear arsenals than we need to support our security. that's a loser. i went on a little long. i look forward to your questions. >>> thank you very much, jon. now we'll turn to another facet of the nuclear weapons question focusing on some of the issues relating to nato policy and europe and the tactical european questions. trina flockheart, thank you for being with us. the floor is yours. >> thank you. first of all, thank you for inviting me. i'm really honored to speak to such a distinguished audience. i'm pleased to be in washington. it's always a treat to come to washington. in my studies, it seems nato is nuclear addicted, so the question that i've asked myself after the publication of the deterrence and defense posture review is, is nato still nuclear addicted? i'm afraid that the simple question or the simple answer to that question is, yes, although now with the promise that nato is now willing to consider not to have

so our economic competitors are doing this, and it doesn't make sense for us to be underfunding development of new technologies which we know are going to grow over the next couple of decades. we don't know how much they are going to grow in the u.s. in the next five years. it will depend on the ptc and so forth, but we know these will grow a lot over the next decade worldwide, so we don't want to be sitting out of the game and not producing that stuff, not coming up with new technologies in the united states. >> martin? >> i would say two things. first is on the supply side i think we ought to have a federal renewable portfolio standard. i think we need to create demand in the next five to ten years for renewables to offset all the advantages that fossil fuels have had, and i think it's clearly happening on a state-by-state basis. it would much more effective if it were a federal policy. secondly on the supply side. i'm a finance guy, spent my life in finance. i'd like to see the cost of finance go down, and one of the best ways to lower the cost of finance is to open access to investing i

the golden gate yacht club says the group lacks the needed funds and that an underfunded team might pose a danger in the water. >>> in 2012 election news mitt romney predicts he will win a battleground state. >> when we win pennsylvania and take back the white house, we're going to do what america needs which is to get us off the track to become like europe with big debts and with an economic setting which which is a potential calamity. >> romney is touring six battleground states. so far has focused on economic issues and tomorrow he will travel through ohio. >>> in his weekly address president obama called on congress to pass a series of bills he or he says will put america back to work. >> congress should pass a bill to put thousands of police officers and teachers back on the job and should have passed a job a long time ago to put construction workers back to work. >> mr. obama also says congress should extend tax credits for clean-energies, nor keep manufacturers to keep 40,000 employed. >>> latinos make up the fastest- growing group of voters in the u.s., with 12 million estimated