if you just look at the underinvestment i talked about, the grid is less reliable today on an everydaya bright sunny day. we don't know why, but equipment failure, accidents, things of that nature seem to be increasing, and you look at all the statistics that are supplied to us by the national regulators and the local regulators of those utility companies and reliability has suffered over the last two decades and that's in direct proportion to the amount of underinvestments that's occurred in the grid. and so we think reliability is going to continue to be a problem. generators are going to continue to be something that people need as a backup plan. every once in a while you'll get a major event like this that's going to drive awareness. it's the day in and day out garden variety outages that happen all across the u.s. over half a million people every day are without power in this country. >> is that because of lack of infrastructure spending? is that a u.s. government problem, the fact that we have just not updated it enough? >> that's exactly it. i mean it is a -- it's a dollar-based

to your point we're underinvesting. >> thank you very much. thanks. >> senator carper? >> thank you. i want to thank you and senator boxer in the spirit with which you approach this work. it's an inspiration to me, and i think to all of us and i hope an example to our colleagues in the senate and the house. >> and we'll make it work. >> mr. secretary a lot of nice things have been said about you this morning. some of them really over the top. you've been named the mayor of charlotte, boston i don't know what else you have in your background. there's an old saying in our state, flattery won't hurt you if you don't inhale. so nice things being said about you, don't breathe too deeply and you'll be fine. one of the major takeaways for me from the election last november was the notion -- really, three things. one, people want us to work together. in the spirit that senators boxer and imhoff bring to these proceedings i think is what the folks are looking for. across the country. they want us to get something done. something real done. not just talk about it. i just bemoan t

improving our street light system, trying to invest in in it, but the public utility commission is underinvesting in our street light system which is key to public safety and quality of life in san francisco. so supervisor breed and i have been working on an amendment which i'd like to read an additional resolve clause basically providing that it is the intent of the board of supervisors -- of course we can't bind ourselves in the budget process -- the proceeds from this item that the public utility commission earns would be dedicated to reinvesting in street lights so would read as follows, further resolved that the board of supervisors intend in the annual appropriation ordinance to appropriate funds generated by these leases for the street light program and be -- and then it continues from there. so that's the amendment that supervisor breed and i would like to offer. >> all right, there's been an amendment offered by supervisor wiener, seconded by supervisor breed. without objection amendment is adopted and same house same call from item 18. that item is adopted unanimously. now if we can go

don't speak to anyone who follows this who would argue against the notion that we are woefully underinvested and willfully means that you are structured breaking as we have seen last night, as we've seen in minneapolis previously, all over the country. my guess is that of events like this will help push the two sides together but in washington it is going to take compromise between people who think public-private partnerships are the only way to go in funding these projects and people who believe that any new infrastructure only increases pollution. those two sides will eventually have to settle their differences for there to be a major bill. we remain slightly constructive about the prospects, but only slightly. >> we have 30 seconds left. look into your crystal ball for me, if you would. what is up for the next two years? are we going to have stalemate or movement? >> we will have limited bipartisan accomplishments wrapped in partisan messaging and a lot of mudslinging for which there is plenty of time in washington. >> and executive managing director of macro research joining us from our

there are areas we were underinvested and where we are making those investments driving more revenuesng our full potential. we are doing a good job of constraining our cost in delivering revenue growth. >> yesterday the federal reserve completed its meeting and the watchword was patients about when the fed was going to raise interest rates from record lows. when that move is taken, how will that affect citizens' profitability and will it have any affect on your loan strategy in the near term? >> it will happen for sure because we have a balance sheet that we may refer to as acid sensitive, which means the interest rates go up as they go up and we are probably one of the more asset sensitive banks. it will be good for us when that happens. it will not change much about how our balance sheets is positioned. we have tried to keep the makes at and next -- at a consistent level the last 12 to 18 months. >> bruce van saun. sir, it is a pleasure. thank you for your time. >> thank you. >> in argentina, the death of a prosecutor as another twist to the troubled economy. that story and more whe

our country has gotten used to underinvesting in infrastructure.almost like it's what we're supposed do. and yet when we look back two generations ago, three generations ago, those folks were not thinking small. they weren't playing small ball when it came to infrastructure. think about the fact that we have more manufacturing activity in this country than we've had over the last 15 years. and we have opportunities to get more of it. part of it with the president's trade agenda is bringing those jobs back here. but also part of even getting the real leverage effect of this new economy is having the ability to move goods from one place to another. so my feeling is, is first of all, you have to be really clear with your leaders here in washington. your house members, your senators, about what your vision is. you also need to be clear about why that vision isn't happening right now. and i think we can have a big dent working together the in helping congress realize that the highway trust fund, getting topped off, is really not going to take us very fa

it is underfunded, underinvestment, overly politicized and you hear these stories, reports of soldiers they say we don't have the weapons we need to fight boko haram. goodluck jonathan's attention is focused on the election coming up in february so in about five weeks' time and could expect them to massacre on this scale because there's nothing to stop them them. there's nearly a million displaced people in those three states which are currently in a state of emergency who effectively won't be able to vote in the next election. and that means that goodluck jonathan, you know it's all roads ahead for him in terms of not having a counterpart in the north who can really compete against him in the elections. but i don't think that you're going to see any kind of renewed impotence against boko haram whilst we're in this election phase. we have to wait till that's over. if nigeria can even muster a better force against boko haram. we've had a lot of talk between the region nall players, cameroon niger, that they would put together a joint operational force and promised troops to help nigeria

having said that, one of the challenges we'll keep running into is we're underinvesting in infrastructure overall so in terms of building a more resilient america the less funding we have available the less we'll be able to make an impact. >> my last question i know you've addressed already, but i'll ask it. >> improving pedestrian safety is a critical issue in new york and one local leaders in my state are working very hard to address, whether it's vision zero or projects to improve sidewalks and cross walks in upstate new york building pedestrian infrastructure into how we decide our streets saves lives. as this committee works to reauthorize map 21, we should make sure that we continue to invest in critical safety programs that protect the safety of pedestrians and children, the elderly and what would be failing pedestrian safety at the federal level. >> it's an incredibly important question senator. between 2009 and 2013 we saw an uptick in pedestrian and bicycle debts and it's one of the few areas in the entire department where we've seen the uptick. so we have to attack this as a co

we have crumbling roads and bridges that yes underinvested in and we have to make them safer. >> youd willingness to raise taxes to do these things is just good judgment. that's the words you used. would a no new taxes pledge the kind the candidates sign every time they're running for office particularly for president, are you saying a no new taxes pledge is bad judgment is foolish? >> i'm not going to use those words. i never signed a pledge and one of the reasons i haven't is because you have changing circumstances. you have major issues you need to address. you need to be thoughtful about having your options open for the long-term and this is again a fundamental public safety issue where we have crumbling bridges. we have concrete falling off them. potentially on cars. we had big potholes people have to avoid. these are important things that need to be resolved and in fact they can help save money. we pay over $100 more on average than indiana does for vehicle repairs due to road conditions. if you think about it that can be a huge offset to help our consumers be more successful.

>> there's an underinvestment in security by the social media companies out there.wholly dependent on their security posture. the fact that you're still using pass words access those accounts is illustrative of that. the u.s. government actually exposing themselves by exposing themselves is problematic as well. liz: pete? twitter's fault or the government's fault? >> i've got to put more blame on the government on this one. twitter already has two-factor authentication built into their system. anyone who has a twitter account can enable it which by the looks of this attack could have easily prevented this. all they had to do was turn on two-factor or identification, because you need to have physical access to a device. you can't just hack remotely. liz: tom, what were you saying? what's wrong with the way people get into e-mail with an e -- into twitter with an e-mail? are you saying that can be the fingerprint? we know that can be hacked, people can actually see a picture of somebody's hand and then reduplicate the fingerprint, or should it be retina? is this what

equities and markets are going up, and dollar is going up and irresistible and they're underinvested.ld add to that. the u.s. consumer is ebullient and at low end of wage scale with a $200 tax cut with the gas coming down at pump. liz: brian, we were at ces consumer electronics show and it was most optimistic year in the past three or four. >> liz, we're riding a wave of new technology, just unbelievable stuff. cloud, smartphone tablet. forget fracking and 3d printing. that is out there. it is bringing manufacturing back to the states. on consumer side we have all these new technologies which are making our lives better. and to go to jeff's point, tracy's point, look, $500 million a day is what additional purchasing power is, because of the fall in the price of gasoline. so no wonder consumers are ebullient. liz: i'm glad you brought up technology. that is our next subject. when you know central bankers will prop everything up, especially here. let's be positive at the moment, even though we know the truth that is a little fake. >> the thing is along that point of view, the euro, ever

these have been underinvested, because these were minas party strongholds and there has been disinvestmentk to me about the richest. >> beijing, one dam, -- guangdon g 7.6. you came back to the original question about job creation. your guest i asked 10, all these years we were talking about 8%. as the threshold go below that? we will not get job creation. the base effect of the chinese economy has doubled not crippled of a last 10 years. i asked him what is the number enough for job creation? can it be 8%? he said, between six and seven. six and a half is the new magical number. as the economy gets bigger, it is going down as well. it is not panic time yet. >> what have the markets been up to? david, what is going on? >> with the exception of australia and the malaysian markets, just about every single index in asia is up, to varying degrees. what we are seeing financials are up a 10th of 1%. you have the banks and the brokers and other financial services. you also have oil getting sold off and to a lesser extent mining stocks. oil overnight and into this morning, we see declines. the out

our country has gotten used to underinvesting in infrastructure.almost like it's what we're supposed do. and yet when we look back two generations ago, three generations ago, those folks were not thinking small. they weren't playing small ball when it came to infrastructure. think about the fact that we have more manufacturing activity in this country than we've had over the last 15 years. and we have opportunities to get more of it. part of it with the president's trade agenda is bringing those jobs back here. but also part of even getting the real leverage effect of this new economy is having the ability to move goods from one place to another. so my feeling is, is first of all, you have to be really clear with your leaders here in washington. your house members, your senators, about what your vision is. you also need to be clear about why that vision isn't happening right now. together the in helping congress realize that the highway trust fund, getting topped off, is really not going to take us very far. but putting more investment in infrastru

to your point, we're underinvesting. >> thank you very much. thanks. >> senator carper? >> thank you. i want to thank you and senator boxer in the spirit with which you approach this work. it's an inspiration to me, and i think to all of us, and i hope an example to our colleagues in the senate and the house. >> and we'll make it work. >> mr. secretary, a lot of nice things have been said about you this morning. some of them really over the top. you've been named the mayor of charlotte, boston, i don't know what else you have in your background. there's an old saying in our state, flattery won't hurt you if you don't inhale. so nice things being said about you, don't breathe too deeply and you'll be fine. one of the major takeaways for me from the election last november was the notion -- really, three things. one, people want us to work together. in the spirit that senators boxer and imhoff bring to these proceedings i think is what the folks are looking for. across the country. they want us to get something done. something real done. not just talk about it. i just bemoa

one of the concerns we have is the underinvestment in human capital in this country.he opportunity for going on to higher education is becoming more difficult for students. we need to update our job training programs. we need to continue to move forward on broadband expansion so no community is left behind. we mention infrastructure investment, too, that needs to take place. that could lift a lot of families in a time of need right now. most of these are issues we have been focusing on, trying to have conversations with the other side to see if there is common ground. host: you also mention trade earlier. i want to get your reaction to earlier this month when she was joined by consumer safety advocates to talk about these trade deals. here's what she had to say in her stance. [video clip] >> it can compromise the quality of the food we eat. they can raise the prices that we pay for medicine. they can attack our environmental regulations, we can our financial regulations, stop our government from supporting american businesses, and they do nothing to stop the injustice

hard to talk about sending billions to central america when we've got communities here that are underinvested and even if you've got an open checkbook, we don't have a good blueprint for how you fix massively dysfunctional communities where you've got long records of violence and weak governments. we have some ideas and should be trying but that's hard. both politically and policiwise. >> thank you. >> you mentioned the paper plate type of funding. will people need to migrate legally, be expected to pay for their paper work and how will those costs be managed? >> i think you're asking if with the executive action, are people who are taking advantage of it paying for their benefits? yes. so all of -- immigration benefits agency is defunded and in some cases, there are waivers and don't have to pay for processing. every immigrant has to pay for their services, but there's limited waivers for the -- >> my question has to do with the flow from central america from mexico. what diplomatic steps have we taken to kind of have them help us ease the flow a little and -- >> mexico has really cracked do

talk about sending billions of dollars to central america when we have communities here that are underinvested. even if you have an open checkbook, we don't have a good blueprint for how you fix, you know massively dysfunctional communities where you've got, you know long records of violence and weak governments. so, i mean we have some ideas about how to do it and we should be trying, but that's hard, both politically and policywise. >> thank you. >> hello. my name is leigh from elon university. you mentioned the paper play type of funding. will people able to migrate legally be expected to pay for their paperwork? >> i couldn't totally hear you. i think you're asking if with the executive action are people who are taking advantage of it paying for their benefits? >> uh-huh. >> yes. yeah, so all of uscis, the immigration benefits agency, everything they do is fee-funded. in some cases there are waivers. like refugees don't have to pay for their processing but every other time of immigrant has to pay for their services. some are eligible for waivers but there's very limited waivers for the dac

our country has gotten used to underinvesting in infrastructure. it's almost like it's what we're supposed do. and yet when we look back two generations ago, three generations ago, those folks were not thinking small. they weren't playing small ball when it came to infrastructure. think about the fact that we have more manufacturing activity in this country than we've had over the last 15 years. and we have opportunities to get more of it. part of it with the president's trade agenda is bringing those jobs back here. but also part of even getting the real leverage effect of this new economy is having the ability to move goods from one place to another. so my feeling is is first of all, you have to be really clear with your leaders here in washington. your house members your senators, about what your vision is. you also need to be clear about why that vision isn't happening right now. and i think we can have a big dent working to the in helping congress realize that the highway trust fund, getting topped off, is really not going to take us very far.

also the underinvestment of infrastructure costs the united states over $900 -- 900,000 jobs. this is duke university. 900,000 jobs, including 97,000 american manufacturing jobs. maximizing american-made materials when rebuilding infrastructure has the potential to create even more jobs. relying on american-made inputs can also mitigate safety concerns related to large scale outsourcing. i don't have it here, but one of the things that really, really bothers me about my home state of california is the way in which the state of california decided to build the san francisco-oakland bay bridge. and we're talking about a multibillion-dollar project. $3.9 billion over budget, 12 years late, and the steel in that bridge came from china. how brilliant was that? one of the principle reasons for the delay was the steel was delayed. and the steel was faulty. the welds were faulty. and 3000 jobs in china, zero jobs in the united states. . this tells us why making it in america is important. so there's another example. i don't like to brag about new york since that's a long, long way from