acceleration, in fact, the words sudden unintended acceleration do not even appear. so our committee interviewed dr. shookri p work diana what we learned from him was astonishing. exponent has no written work for the plan for this project, no written time line, no written specifications for the experiments it has run or plans to run. they have no written list of the potential causes of sudden unintended acceleration that it planned to study. and though he's personally responsible for the hardware, software, electronic interferen, testing that exponent has done or will do for toyota, dr. suri has no written notes on exponent's work. we asked him to explain this. how can there be this remarkable lack of documentation? and he explained that writing down what exponent does would limit the creativity of the engineers working on the project. well, that's preposterous. a former exponent engineer told our committee staff that the reason they didn't write anything down is to avoid creating duments that might have to be produced at a lawsuit. well, toyota's lawyers appear to b

chairman, that he can have an incident of unintended acceleration. have to take his work very seriously. >> you were in the process of hiring more engineers. have you? >> we are in the process of recruiting several. we have begun the interview process. we hope to get a number of folks across but be electrical engineering, software engineering, and others on borders and as possible. >> have you found the hiring process a bird in in trying to obtain the expertise that you need? >> we are in the process of executing the "car" process. we appreciate these -- "quick ire"process. we appreciate these reforms. >> has there been a recall issued for the lexus ls vehicles? >> total will be issuing the required documents on friday -- toyota will be issuing the required documents on friday. we believe that low happen tomorrow. but those vehicles were also sold here in the united states. >> that is correct. >> have you worked with toyota on this recall? >> no. there were cure was with the ministry of [unintelligible] they determined that there was a problem with t

unintended acceleration, sua in toyota vehicles.e also heard from rhonda and eddie smith about their experience with this in their lexus. committee members ask many questions. but we were left with more questions than answers. toyota engaged in damage control almost immediately following our hearing by continuing asserting confidence that the extensive testing proves the safety of the electronics systems and attacking those indiduals who disagreed with them. but as chairman waxman noted in his opening, the record doesn't support toyota's statements that it conducted extensive testing. the truth is that we don't know whether the electronics plays a role in sudden, unintended acceleration and toyota doesn't know either. what's disappointing to me is learning that toyota seems to have focused more on discrediting its critics than on resolving the problem. when dr.8n; gilbert testified before this subcommittee in february, he explained that he found a way to induce sudden unintended acceleration in a toyota vehicle without triggering an

sudden, unintended acceleration+ occurs intermitttntll. furthermore, we learnee that%+ pafee-- fair-saae mechanisms are pesigned to addresssfalse and occur ii isslation. toyota is testing critical components of the throttle control system, reflecting that they do not ttnns -- teet for multiple component fault.%+ pumeeous academic experts say sudden, uniitended aacclerrtion. >> ii seems to me, a toyota is try to identify all potentiil identify them.velop tests to take a ccmprehensive approach to -ptest for potential causes? comprehensive approach. nnss') work with nasa is going to take into account possible pultiple, intervening in ance.. that is our ssudy. that is our approach we would have tte exxectation that ii we doofinn a vehicle defeet, thht could be parkkd of our response. ntsa's approoch is in mas -- multi-cost analysis. >> bbsed on the description of what you heaad today, the pelieve the pre-markkt testing provides aasufficient bbsis to potential electrooic causes of sudden, unintended acceleration? >> i do not think you can use i

you see, as i told you, our life is full of unintended consequences.and the russians were invaded, and they fought much better than in the first

who knows bikes you see, as i told you, our life is full of unintended consequences. and the russians were invaded, and they fought much better than in the first world war, when actually had hitler won, they would have been at his liberated of communism. didn't make any difference. you know, it's very -- is not simple, but again, you see, this is my formulation, and this is why i have such a great admiration for churchill. second world war was not won by the british, was won by roosevelt and stalin. but in 1940, churchill was the man who did not lose it. and that was of tremendous importance. >> thank you again. is a very stimulating afternoon. and thanks to our audience for some very stimulating questions. >> for more about the book go to yale press bought yale.edu. >> we are at the cpac conference talking with mark halperin, one of the offers of game change. can you tell us, did you get the reaction you thought you'd get when you bought this book? >> every author who writes a book hopes it has some success. john and i am we're proud of pleased that we wrote the exac

. >> you talked often about unintended consequences. are you comfortable with where the legislation is? >> i'm never going to be comfortable. particularly folks in the financial sector who comes in and say, if you do this, here are the unintended consequences. they say we want financial reform but not for our particular sector and then scare you so you will default back to the status quo. the stat cuss "is not working. >> what are you concerned about how this process plays out. what are you worried about is going to happen if either side addition in? >> if they draw bright lines in the sand on issues where i don't think there is that great a policy difference. where the form becomes more important than the substance. i think the republican leaders' attack on the notion of whether you pre-fund or post-fund a fee that will be paid for by the industry to unwind some of these funds. there is legitimate arts on both sides. but to take something and take it out of context and i think it will be taken out and be funded by the industry after a

. >> you talked about unintended consequences. are you comfortable with where it is? >> i'm never going to be comfortable. but there are so many people that can come in and say, here are all the unintended consequences, that they always start we want financial reform but not for our particular sector. then they try to scare you with unintendeded consequences and then leave you back at the status quo. the status quo is not working. >> what in the back of your mind are you worried about is going to happen? >> if either side digs in and draws bright lines in the sand on issues where i don't think there's that great of policy difference, where the form becomes more important than the subset. i think about the republican leaders attack on the notion of whether you prefund or post fund a fee that would be paid for by the industry to unwind some of these funds. >> you know, that was a -- there's legitimate arguments on both sides. but to take something out of context, i think it will be taken out be funded now by the industry after the fact, after a crisis. but pick out some

sometimes their policies in thi -- there are policies that have unintended consequences. the reason i say that is there have been democrats in congress and members of the obama administration that have been critical of the oil and gas industry for their failure to develop their leases quickly enough. both those members in congress in administration have pushed various use it or lose a policies which presumably is put in place to pressure the oil and gas companies to get their wells operating much sooner. for example, in the president's budget, this last february, he had a new tax that proposed to [unintelligible] on non-producing leases. to get those leases active. i have two questions. with the administration -- with the administration rescind the proposal on this new tax and secondly, does this use it or lose a pressure from the government some time move these companies to move in a less than incrementally safe manner to get these leases in production? -- less than environmentally safe manner to get these leases in question? >> the first question, the answer is no. you

acceleration in toyota vehicles. -- sudden unintended acceleration in toyota vehicles.toyota engaged in damage cootrol almost immediately following our earinn, by continuing that eetensive testing.%+ as chairman waxmmn supported -- noted, the record doee not supportttoyota's statements. the truth is we do nnt know if electronics ppayss role nn toyota does not know either. what is disappointing to me is leerning that toyyta seems to have focused more on+ -pdiscrediting critics then resolve in the prrduct -- the pwen dr. gilbert testified in to induceesuuden unintenddd acceleration without triggeringg an error code in the computer. we've spoken with several academics to describe the experiment as a reasonable way po begin to study -- to study unintended acceleration. a professor at stanfordd review dr. gilbert') work, told the committeeethat his wook was a leggtiiate starting point for a more in-depth inquiry inno the causes of udden acceleration. unfortunately,,toyota appears to have een more interesttd in

nobody knows, and it could do a lot of damage, unintended. >> dennis blair, director of national intelligence -- why did the president lose faith in him, nina? >> by the time we appoint another one, there will let if you are directors of national intelligence over five years. -- there will have been four directors of national intelligence over five years. within i/11 commission recommended this, they envisioned a small, lean and mean operation. a few hundred people, not 1500 or something like that. the commission does not have but the purse strings. you cannot run at this in the intelligence committee if you do not have power of the purse. >> it is a perfect example of why in financial regulations you are dealing with on known -- unknowns. everybody thought at the time that he would have this great theoretical structure, and the dots would connect in the real world, that is not how it worked out. it is an extra layer of bureaucracy that did not have authority. the cia was in the struggle with dni and in the end with a wind. it created unbelievable publications. in the same way that homeland s

unintended side effects of viagra the sense you could be ruins by using that little blue pill. live in high definition, from wbftv in baltimore this is fox 45 news in 5:30. capture cops on camera, city police argue they can arrest you for video taping them doing their job. >> crime and justice reporter investigates whether it is legal. joy. >> karen, youtube video of baltimore city police officers arresting a m woman preakness has many people wondering if person who record thad video broke the law. take a listen. >> taking a picture. >> officers concerned over cameras eyes witness tell me a lot of people were taking pictures and recorded has this scene. an officers did their best to make sure that evidence was erased. >> they were telepeople not to pak pictures. one yes man next to one my son's friend memory was erased. >> it is perfectly legal for people record what police officers and other public officials do in their public performance of their public duties. >> the acl u says it all comes down to a reasonable expectation of privacy. >> joy thank you joy. a s.w.a.t. team co

again, an unintended consequence. i want to take just a minute to read a portion of a letter, an unsolicited letter i got from a fairly new, it's a bank in atlanta that is a community bank that began in 2007. and according to the chairman of the board, has built an exceptionally strong balance sheet with superior asset quality, solid and stable deposit funding. at the end of the quarter their equity to asset ratio was 14.39%. very significant, very substantial, very stable. the regulatory approval to offering has been offering interest rate derivatives to middle market clients who are concerned about the effects of riding interest rates on their -- rising interest rates on their businesses. this affords our clients an opportunity to fix interest rates in what would otherwise be a floating rate environment which could work against them. the bank will not take interest rate risk on these derivative contracts but instead will hedge all trades with one of our correspondent bank counterparties. in other words, the bank wil

even if it does go some way towards addressing a problem, will have the unintended negative consequenceet's be more thoughtful, more careful, and more consistent and are realizing that all attempts by government to make things better, sometimes have benefits, but usually have a large range of costs. usually the costs are worse than any benefits so we're better off with smaller or little government in a broad range of areas. host: mary in clearwater, florida. turn down the tv and ask your question. you have to hit mute quickly. we can hear you. keep your tv volume down please. go ahead. caller: hi. i had a question regarding libertarianism. host: still ahead and ask. caller: i notice in the tea party groups there are lots of libertarianism groups in government. can you elaborate on that a little bit? guest: i think the tea party is not clearly defined yet. the big interest -- the big issues that have confronted the country have mainly been economic. i think conservatives are little bit inconsistent, but there is a lot of commonality on construes the constitutional issues. -- there is a l

let me just outline what i'm talking about when i say "unintended consequences." this has been named "the big oil bailout prevention liability act." but i think you've got some irony here in that what this would do is give all of america's offshore oil resources to the biggest of big oil. it would be impossible or perhaps close to impossible for any energy company that is smaller than the supermajors, smaller than the national oil companies, to operate in the o.c.s. $10 billion in strict liability would preclude their ability to obtain financing, to obtain the bonds, or insurance for any exploration. and look at who is producing in the offshore? it's the independents. they produce two-thirds of natural gas, one-third of the oil. so if we move forward with this in raising this liability cap to $10 billion, the only companies that are going to be ail to self-insure against this level of strict liability are the national oil companies, the supermajors -- and we all know who they are -- they're the saudi, aramco, and of course british petroleum. but it's been mentione

tax would be significant unintended consequences.pow possess add tax means that 90 billion to 117 billion cannot be used directly for lending ultimately, it's the owners and baroers often financed by small community banks that end up paying for the tax. there is a broader issue that worries the banks. it is too soon to know the extent of the lozzes from aig and auto companies. jo given the downward revisions is premature. implementing such a tax now would likely lead to a great are withdraw in such a matter of time particularly given the state of this economy. it's countiered to the efforts of getting the economy going. >> thank you for the opportunity to present your views. happy to answer any questions. >> thank you. my name is pat bared, i live and work in cedar rapids, iowa. i have spent over 32 years at my company and the life insurance company jofment we represent over 300 legal reserve life insurance member companies in the u.s. representing over 90% of the assets and promeyums. you should know that as chairman from october 20

of the amendments i offered with respect to small businesses and making sure that there aren't unintended consequences as a result of this legislation that requires more regulation on their part. mr. president, i also want to thank the chair of the small business committee, senator landrieu, for cosponsoring this amendment and for her amendments and being a champion on behalf of small businesses and for offering this amendment as well. again, i want to thank the chairman for working with me to forge a compromise on this particular amendment that gives small businesses certainty that they will be exempted from the consumer financial protection bureau to the degree that they're not involved in financial products that will be regulated under this legislation. this amendment will modify a provision in the underlying legislation that could unintentionally ensnare small businesses within the financial protection bureau if they were to have engaged in financial products and services such as selling goods, services or credit through an installment program. the term significantly, mr. president, i

sunday, what time of the day the wet weather could arrive in the sky watch forecastt >> and the unintended side effect of viigra. the scents you could be ruining by using the little blue pill. >> live in high definition, from wbff tv in baltimore, this is fox 45 news at 10:00. >> hello, i am karen parks. >> and i am jeff barnd. breaking news in harford county. 8-year-old child died after pulled from a stream in abingdon. happened in bad wooded area. rescue crews used all terrain vehicles to get to him. we have a crew on the way to the scene. and we will have more later in the nnwscast. >> teenager is facing criminal -harges for pointing a gun at a bus load of students. >> it happened earlier this week in harford county. buses had just left south hampden middll school in belair. melinda roeder explains, why it may have been a prank. >> wednesday afternoon, school %-and most of the students from south hampden middle school were on the way home when drivers noticed someone by the road with a gun. meanwhile, inside of the school. >> we were not sure what was going on. we were just told we were

in a whole variety of these areas you can have unintended consequences. >> let's move on, sorry.[laughter] by the way, does the deficit commission respond to your comments about how we deal with society? [laughter] >> that was good. charlie, that was a brilliant question. [laughter] you are not often that a lot -- i am not often that a loss for words. >> who is in charge of time? i have three minutes? i want to pose the cosmic big question. we talk about jobs and would look to the disparities in terms of the demographics and in terms of the long term. in terms of american competitiveness and round the world -- a around the world, where are we thinking that is out of the box where we ought to be thinking. where do we get our hands on things that will change and otherwise be a disastrous and polarizing of thing? >> this is a simple way of thinking about it. there is no god-given right that says in a world where a vast number of things that other places should be 10 times as rich as others. if you want to be richer, there has to be a reason. that reason has to be that there is somet

the unintended consequences of change. it seems to me conservatives are torn about exactly that very basic, very basic issue. and so what we mean by modern conservativism today and what we mean by modern liberalism today, they really are kind of placeholders, i believe, for your position about how far you want to go ultimately in a quest, whether you believe that the mission of the state really ought to be to overcome the cosmic unfairness in essence, of life, or whether you believe, for a variety of reasons as conservatives of different stripes do -- that isn't government's role. that's, i think, really at the heart of the dilemma, and again, different conservatives -- we have in america today, neoconservatives, skeptical conservatives, sometimes libertarians are called conservatives. so the connection between libertarianism and conservativism is very tenuous. yet we call all these different groups conservative. why? what they all share in common is resistance to this sort of radical progressive enlightenment vision, the

snowe: this second amendment would fix an unintended consequence of the consumer financial protectionbureau in the underlying legislation. which would have the effect of choking off small business's access to credit. according to the national federation of independent businesses federal 2010 survey on the state of credit, 16% of all small employers have a mortgage on their residence that helped to finance their businesses -- end quote. the small business administration's office of advocacy has calculated that there are nearly 30 million small businesses in america. taken together, this means that approximately 4.8 million small firms, hardly an insubstantial number, rely on a home mortgage for their finances. many of these small business owners also make loan payments intended to reflect the cash flows of their business models. for example, inn keepers make larger payments during their on-season. the underlying legislation would prohibit lending products if the consumer financial protection bureau "has a reasonable basis to conclude that substantial injury is not outweighed by benefit

-- [ applause ] toda they're telling them they're strong enough and capable enough to handle an unintended pregnancy and still be able in less than ideal circumstances no doubt but still be able to handle that give their child life, in addition to pursuing career and pursuing education, pursuing avocations. though society wants t tell these young womenotherwise. even these feminist groups want to try to tell women, send this message that, no, you'reot capable of doing both. you can't give your child life and still pursue career or education. you're not strong muff. you're not capable so that's very, very hypocritical of some of those pro-life groups -- i mean pro-women rights groups out there who would claim such a thing and that's as opposed again to susan b. anthony list, another pro-life women's group saying no, no, women, you are strong muff and if motherhood isn't an option, raising that child after you allow it life, well, then adoption is a beautiful choice and we need to pursueore opportunity in that arena. [ applause ] so even in less than ideal circumstances, these pro-life group

thus, one unintended outcome of this provision would be weakened, not strengthened, protection of the insured bank and the deposit insurance fund, which i know is not the result any of us want. then we have chairman volcker who i think everybody agrees is a fair arbiter around here, and he has also said that this language in this bill overreaches and does not work. and i'll submit his letter to the record. so we have these independent arbiters, these fair umpires of what we should be doing in order to maintain financial stability and strong credit markets saying listen, don't do it this way. don't do it this way. there are ways to do this, however, ways to make sure that we have a strong derivatives market, which is also safer, sounder and is not subject to systemic risk. senator chambliss' bill accomplishes that in a very effective way. how debaseically do it? well -- how debaseically do it? how did he basically do it? make sure all the derivatives are clear. they go through a clearing process. what does a clearing process mean? it basically means you get counterparts put up margin,

host: adair intended consequences or unintended consequences -- are there intended consequences or unintended consequences for being part of this package? guest: hopefully things will panelled well -- pan out well. one does not anticipate any real problems with it. with argentina, it becomes so insolvent it cannot pay back the imf. there was a lot of uncertainty. few countries have actually not paid back the imf. in the case of the imf, the other consequences being such a big player, it is able to prod the europeans in action -- just before europe got this big package into order. i think there was a long talk with the german chancellor. there was a threat that this could spread within europe to the other countries and possibly into the united states. to keep that from happening, the u.s. exercised its leadership. host: we will talk about this issue until 9:15. please call the numbers at the bottom of your screen. you can also e-mail us or send us something on twitter. because of this move, the stock market in europe shows signs of growth according to the "wall street journal." does that mean

his attorney says that this was unintended, that it was an accident.ed earlier this morning at a bond hearing. bond was not set. that was pushed back until june. until more evidence is uncovered. autopsy already under way for 22-year-old yeardley love who police say was murdered in her bedroom. her roommates found her, thought that it was alcohol poisoning, called 911. when the police arrived, they say that they turned her over and that there were obvious and serious signs of trauma. within hours, they were able to focus their investigation on her former boyfriend, george huguely. he was then arrested. he is now, of course, behind bars, in jail, awaiting bond. and, of course, his lawyers saying it was an accident. as far as this community here at uva, it is a tight-knit community. they are in shock. according to a spokesperson for uva, teammates for yeardley love are mourning mightily. back to you. >> that's nbc's norah o'donnell live in charlottesville, virginia. >>> massachusetts just signed an anti-bullying law meant to protect kids from being bulli

it's the law of unintended consequences. obama has single-handedly and taken the conservative movement and out of the republican party one of the deepest holes that was ever dug on it and put it on top within a year. and that's magic. i don't know. i often think about, you know, what would sarah be thinking now. sarah was a very -- very thoughtful. she was not ever a radical the way i was. ever. and part of the passage in the book that i didn't quote about, you know, her -- i was very concerned about her writing to criminals. she said just because i write to somebody in jail doesn't mean i would trust them with my purse. so she was a realist. and, of course,, you know, not only a politics -- when people have these political disagreements, it's like that story with the blind men and the elephant. i mean, everybody has a piece of information. but now our media world or our world has become so fragmented that people only talk to -- to themselves. conservatives have a big edge here because they're forced to listen to liberals a

sometimes they're going to be risks and unintended consequences associated with a particular mitigation strategy that we consider. in other words, they're going to be a lot of judgment calls involved here. they're not going to be silver bullets where a lot of perfect answers for some of the challenges that we face. understandably, the feelings of frustration and anger, the sense that we expect it to continue until we solve this problem. but in the meantime, we've got to make sure everybody's working in concert. that everybody is moving in the same direction. and i want everybody to know that everybody here at every level is working night and day to end this crisis. we're considering every single idea out there, especially from folks who know these community bests. admiral allen announced yesterday, for example, that after a bunch of back and forth between state and federal experts, he is prepared to authorize move forward with a portion of the ideal for a barrier island that may stop some of the oil from coming ashore. we had an extensive conversation about this, to see whether addition

the underlying bill will have many unfortunate consequences, some intended, some unintended, resultingfrom applying complicated regulations too broadly and will subject our american businesses to more risks, not less. three consequences of the underlying bill on derivatives are this. one, the users will play huge clearing fees and pass on those expenses to consumers. two, no longer will businesses use derivatives -- the derivatives market and they will pass on the higher, unstable market costs to consumers. and third these businesses, instead of using u.s. clearinghouses or u.s. markets will simply take their products offshore and just as they do today, they will trade in the dark and no u.s. regulator will ever see what they're doing. that's not right. that's not what any of us intend to see happen. but the fact is that if we pass the derivatives provisions in the underlying bill, there are going to be a significant number of end users who take their business offshore. that truly is unacceptable. our amendment makes good business sense and good common sense. mr. president, we have rec

but calling boyz ii men has its own unintended consequence. so a 14 year old is used as a man, and a black man, that is often viewed as a threat. and a boy is a joke that i understand what transition to adulthood we have to respect that, but that mental model i think gets us in some trouble. you know, i can't much comment on the wire. a number of people have encouraged me to engage because they knew these kinds of questions would come up. [laughter] >> you know, i still find it painful. i have watched pay for, i can't quite get through it. i am interested in your perspective as residents of baltimore, hearing what you think those kinds of messages are, the perspective as a, unicode what are the perspective of law-enforcement perspective, how do we balance those perspectives. but to the main point, i think that these held notions of young black men are not reserved for white people. they are, all of us have bought into them in some way. and how do we actively resist them? not only to this larger, whenever we hear it out in the world, but to the

the congressman's brother, john hunter, feels the unintended cost of the fence has been too high.her any of this is family guilt that motivates you. >> hunter: well, i have nothing... "guilt," to me, is... is an acceptable phrase. i... i mean, there is... we all love each other in my family, aside from the occasional fistfight, okay. but i do feel some ownership, because i helped duncan back in the day. >> pelley: if 500 and more americans had drowned in the canal, what do you think would have happened? >> hunter: i... if... if 50 americans had drowned in the canal, this would have been solved a long time ago. >> pelley: last year, there was a massive effort to save lives on the all-american canal. the federal government paid for a project to rescue fish, lifting them over the hydroelectric drops where the human bodies tend to gather. the imperial irrigation district has recently started a yearlong test of a single safety line. if the board votes to install the system that it's testing, it will still cover only a short stretch of the canal that's lined with concrete. so three-quar

. >> i have some serious concerns about the unintended a potentially devastating effects of the consumer financial protection bureau having on consumers, small businesses, and the general health of the economy. in addition to this, the administration and some members of the senate are pushing to add another burden to debate that will punish consumers, the bank tax, the topic of today's hearing. given the push to add this into the reform bill, how will the traditional tax impact capital reserve for lenders who would be required to increase capital reserves to reduce leverage, and hold a percentage of all loans on the books? >> i think it will have no negative effect on consumers and their access to credit or small businesses for the reasons that i said. it applies to only 1% of american financial institutions. i think they can afford and handle the burden. you're right to say this can substitute for the additional efforts that are part of the reform proposal to make sure every put in place more conservative leverage requirements, liquidity requirements on the institutions. they are import

additionally triggered costly stop loss orders for many investors and may have placed others in unintended short positions as trades unwound. the market mayhem also unfortunately revealed the arbitrariness of the process for identifying and canceling clearly erroneous trades. moreover, the decision to rescind some trades may ultimate -- may have ultimately benefited those who aided and abetted the plunge. this is wrong. they placed a bet and deserve to lose. although stock values quickly sprung back this time, the experience may prove quite different next time. a ghost in the machine scenario in which an enormous computer sell-off sparks a vicious cycle of selling and panic, seems completely plausible. to thwart this doomsday hypothetical, regulators must act with great speed and great care to promulgate new rules. the s.e.c. has already begun this process with its january concept release on market structure. in sum, our witnesses can shed light on the 20 harrowing minutes of last week's flash crash. they can also explain how we should respond to technological advances, increase competitio

also the need to ensure the right to use nuclear energy for peaceful purposes does not have the unintended consequences. it should be unacceptable for countries to use the treaty as a cover to develop nuclear weapons, only to revert afterward. moreover, nuclear energy must be developed under agreed safeguards, especially given predictions of nuclear energy, as energy demand grow and pressure to reduce greenhouse gas emissions increases. . the time has come to think very seriously about setting a time ramping up the current mechanism dates from the time when there were questions about the monetary system. but times have changed. the system has proved to be effective. the bottom line is this. it has been 15 years since the treaty was opened for signature. how long must we wait? we need to consider seriously an alternative beckon as some to bring the treaty into effect. in this context, let me warmly welcome the announcement of indonesia that it will soon rectify the tree. i urge others to follow their suit. i'm ready to visit the capitals of the remaining countries whose ratification is esse

madam president, last night the senate fobbing a strong stance on protecting taxpayers from the unintendedonsequences of a bill that was originally meant to hold wall street accountable for its mistakes. put aside for a moment the latest talking points the other side is using about republicans, our goal throughout this debate has been to protect taxpayers who got burned during the last crisis and last night's vote showed that those efforts are beginning to yield results. a $50 billion fund for failing financial firms that would have distorted the market by encourage the same kinds of risky investments that led to the last crisis is now out of the bill. a provision that would have given investors in failing firms special treatment is out. and congress will now have to approve any government effort to insure bank debt. so improvements are being made to this financial regulatory bill in the right direction. now it's time to focus on what emerged as another central point of contention: that's the new government bureaus this bill would create over at the fed. the first thing to know about this

there are whole areas we can have unintended consequences. >> i am out of time predicted the deficit commission fit your own comments on what we are trying to do? [laughter] >> that was good. that is a brilliant question. i am not often at a loss for words. >> who is in charge of time? two minutes. i do want to pose this question. we are talking not job creation. but there and turned the demographics of where we are and in terms of the long term. in terms of american competitiveness around the world, where are we thinking in a way that is out of the box? i now refer to some the things they have been discussing here with the author. where are we -- where can we get our hands on things that would change what otherwise would be disastrous in polarizing? >> there is a simple way of thinking about it. there is no god-given right that says in a world where past number of things are vocal that some places should be 10 times as rich as others. if you want to be much richer than other places, there has to be a reason. that reason has to be that there is something about you that is not present

there are serious unintended consequences. >> absolutely. that's what i'm getting at. >> what should be done so it will be predictable and so that trades will be broken in the future, other than what i just suggested? >> senator bunning, i think what we're planning to do, mr. ketchum just planned a meeting for all of these changes in the s.e.c. next week. i think it is on tuesday, to come up with a set of standards about clearly erroneous and how we are going to move forward, in addition to the circuit breakers that are putting in place. and how do we move so we have a clearly defined standard of what trades are going to stand and when they won't. >> if i'm in new york at any broker, i'm not going to give anybody a plug here, how do i compete with the electronic traders that have nano-second access? >> i'll make a comment on that. in capital formation markets, sir, most participants coming in from the public are not trying to compete on the bid offer in a nan off second offer. they are buying stocks for probably a period of time. >> they are

danger in the disbursement of political power to one person, one vote because it would produce unintended consequences and that has been in washington policy the great debate over the last 20 or 30 years to spread space values or do you spread democracy itself which are not necessarily the same thing and is a democracy with the behavior of a society more in the line with those of the space states conform to and if you give universal votes you do not necessarily produce the outcome and i say that new trial. i do not say that from advocating one or the other. i suppose i do use the terms interchangeably at times because what i am questioning is not necessarily i suppose for me being a free expression advocate which to you guys you would say so what you have a first amendment we don't and at the kidding freedom of expression in the u.k. as you are regarded strange, somebody described expression as a fundamentalist desperation. and i suppose the issue for me is the desire for people to enter into the public realm. it is a vigorous body politics and a vigorous civil society manifested in wha

. >> it does the law of unintended consequences. -- it is the law of unintended consequences. >> we're going to do something about it. we need to know from you experts what course of action we should take. i see we are on the second bells. we will recess now and i will return within the next 10 to 15 minutes. we'll stand in recess for just a few minutes. [captioning performed by national captioning institute] [captions copyright national cable satellite corp. 2010] [unintelligible] >> the subcommittee will resume. we have been joined by the individual that i have admired so much for his leadership in so many areas, especially this appropriations committee, and his leadership in fighting so -phard for our miners. i can say this without any hesitation whatsoever, no one has done more for miners in this country than senator roberts byrd of west virginia. it is an honor to have him here today. i know how deeply senator byrd cares about his people in west virginia, and how we cares about miners everywhere -- how he cares about miners everywhere. i have often said that we have such a great a

the brown-kaufman amendment is not as dramatic as it seems nor is it fraught with unintended consequences, very large banks -- very, very large banks will still exist under this built but they won't be so big they're too big to manage and too big to regulate as former fdic chairman bill isakson said. in the leverage they use the ratio of capital assets which is the basis of how risky they become will be statutorily capped. the extra layer of protection is the least we should do. under brown-kaufman, big financial conglomerates like will have $1 trillion, about half their current size. in other words -- listen to this. in other words, citigroup would be the size that it was in 2002 when it was still very competitive in the u.s. and overseas. the balance southeast an investment bank like goldman sachs would be scaled down fro from $850 billion to a more reasonable level of just above $300 billion o or $450 billion if goldman exits the structure. in 2003 goldman sachs assets did not exceed $100 billion. that means that under the worse case in this bill their assets will be three times as big

there appears no murder weapon and huguely's lawyer says it was an unintended accident with a tragicutcome. those who know huguely find it nearly impossible to believe. eun, back to you. >> kimberly, thank you. >>> it is time for a final check of the top stories. one person is dead, two injured after a car crashed into a pole in montgomery county. police say the driver lost control of the car around 11:00 last night at the intersection of game preserve and clopper road in gaithersburg. two were rushed to the hospital. no word on their condition. >>> the man accused of trying to detonate a car bomb in times square admitted his role and told authorities he received training in pakistan. faisal shahzad is facing charges including attempted use of a weapon of mass destruction. he was arrested after he boarded a plane to dubai. >> the waters are beginning to recede in nashville after those historic floods drowned the city. president obama signed a disaster declaration for tennessee. storms killed at least 28 people across tennessee, mississippi and kentucky. rescuers fear they might find

the unintended consequences of this wide range ban are far reaching. the blankest ban has a potential to cause more widespread economic damage in the gulf coast and the entire united states. the devastating effects of the oil spill go beyond waters and wetlands. for southeast texas, and southwestern louisiana, our lives are intertwined with the oil and gas industry in the gulf of mexico. over 180,000 americans directly are employed in the oil and gas and mining industries along the gulf coast. and the prospect for severe economic hardship is very real. and that doesn't include the countless people that make their living in fishing and restaurant and tourism-represented -- related industries. many of these out of work fishermen stand ready to help with the cleanup but are denied the ability to help because it is stalled down in federal red tape. i think we should have an all-of-the-above energy policy and one that i believe we can be -- can achieve with the highest safety and environmental standards. and our nation and our economy, however, runs on fuel

how many members can have the capability to anticipate the unintended consequences of what's in the bill and i think we'll find that that's zero. yet, we're in a hurry to do this for a political reason. so i'll go back to what i started on. we created the financial inquiry commission. what are we going to do with it? what are we going to do? what happens if they come out in december and says everything we did was wrong? why did we create it? i'd love to read back some of the speeches that were given on this floor about why we were creating it. because we had to know what went wrong. and now we have a commission that's been charged to tell us what's wrong, but we're going to ignore them. we're going to pass a bill before they even completed their hearings. i think there's no wonder why the country has a low level of confidence in our deliberations, because they don't make sense to the average american. they understand the political spin. they understand pinning the tail on the donkey. they understand placing blame so you can deflect it from yourself. they get all that. they see it. they s

. >> i didn't use the word unintended consequence at all. >> i yield back. >> the gentleman from oklahoma is recognized. >> i appreciate you having the hearing today. also secretary hayes for being here and also the secretary for being here earlier. a come of points. i'm kind of like mr. besh on. i've been critical of the department on a number of issues. mainly about access. i'm one of those rare democrats that does support drilling but at the same time i think we need to be thoughtful about it. i think it is the time for us to pause and to be very careful. i want to say to you and to the secretary, i've watched your response and i know that you all kind of have the weight of the world on your shoulders now and you don't need somebody else to be piling on so i'm not going to do that today and i just want to thank you for your service to this country. a couple of questions i do have and this was something that congressman holtz brought up. it was something about independent oil and gas companies and whether or not they should be drilling in the offshore and because of the liability issue.

sometimes there will be risks and unintended consequences resulting from a mitigation strategy that we consider. in other words, there are going to be a lot of judgment calls. there will not be a silver bullets or perfect answers for some of the challenges that we face. the sense that any response is inadequate, we expect that frustration and anger to continue until we solve the problem. in the meantime, we have to make sure that everybody is working in concert and everybody is moving in the same direction. i want everybody to know that everybody here, at every level, is working night and day to end this crisis. we are considering every single idea. admiral allen announced yesterday that after a lot of back-and-forth between experts, he is prepared to of the rise moving forward with a portion -- he is prepared to authorize moving forward. we will see if additional steps can be taken on this barrier island. what i told the parish president and the governor, is that if there is an idea that is shown to work, then we should move forward on it and they deserve quick answers. i remind you t

waxman and others have argued that unintend acceleration have seen this nitsa, the national highway trafficafety administration was critically underfunded. the bill calls for a $9 fee. we peel talk more about this. let's take some calls. ski incorrectty, new york on our line or democrats. let's take your calls on that. >> hello. i'm calling about the to -- host: what do you think about black box ins zphars caller: i think it's more important to have chips in cars so that cars that are stolen and not working, police officersical use a want from his car and stop the car that is offending. you're trying to leave the scene. and eliminate a lot of unnecessary debt with police chases. think that's the biggest improvement that you can that you could put in the national agenda, and the automakers should consider that. host: are you concerned at all. do you have any privacy concerns that maybe the government or car companies or whatever are going to be able to track your movement answered know a little more about you because these black boxs are in your car? >> no. i don't believe that the police ar