when you want to reform, revolutionize, 1/6 of the united states economy, you shouldn't do it, merelywould say constitutional decency to do it with a pure party line vote and by a majority of one, two or three. get i tried think of different proposals whether it is a bill of conscience or whether it is political. there's something that caught my attention. the tax on the cadillac plans under the president's bill doesn't go into effect until 2018 if he gets a second term the next president has to impose it. what would be the justification? fit is a good tax meaning one we must do, why not do it now? why eight years and push it off on to the next president. that political or is there justification? >> that is political to the extreme. one of the reasons there is so much public opposition, you could have argued until mid december the bilk put together in the two houses was largely trying town stan the national interest and trying to act on it. in in december when they were scrambling in the senate, harry reid to get every vote he started to horse trade. there's no way you can say in the

united states. would have collapsed the entire economy of the united states. 4, the world economy would have collapsed. now we talked at that time about what would happen if that happened. it would have been the end of our economic system and our political system as we know it. >> glenn: okay. that's the most honest thing i've heard on television. that goes back to this. they didn't see what we're going through now. maybe they did. i don't think so. they didn't see it coming. they were trying to stop world war. so now we have to decidecide, cn we save things like the banks or greece? i personally don't think we can. i don't think it's healthy to. others do. the question should be now: should we save them? now knowing what i just told you, that if we don't everything collapses, i mean it's designed to collapse, should we save them? your gut instinct is yes, we should. hello! we should. now let me introduce you to somebody else from history. this is an economist you probably never heard of because he's been practically erased from the history books. he was a russ

a year later in january, 2010, the united states economy gained a few thousand jobs. my's performance is mainly due to the american recovery and reinvestment act passed by this congress and signed by our president. in one year the recovery act has provided $120 billion in tax cuts for 95% of working families as well as businesses across this country. loaned nearly $20 billion to small businesses to expand and create jobs. funded more than 12,500 transportation projects nationwide and kept teachers, police officers and firefighters working on the job. now, we are seeing growth in our economy. on february 20 of 2009, the dow jones was trading at 7365. yesterday the market closed at 10,383. the recovery act has worked and will continue to work throughout the course of this year. after all it was designed to be a two-year program. i yield back my time. the speaker pro tempore: the gentleman's time has expired. for what purpose does the gentleman from georgia rise? -- alabama rise? >> i ask unanimous consent to address the house for one minute and to revise and extend. the

united states. would have collapsed the entire economy of the united states. within 24 hours, the world economy would have collapsed. it would have been the end of our economic system and our political system, as we know it. >> my baby grand daughter is gonna pay for. >> it was sobering reality. >> it impacted me deeply. >> if you are an american and you care about this country, you need to see this fill . >> a lot of people call it the abyss. we were beyond the abyss. you have to understand in the history of the financial world we never had 786 billion dollars be withdrawn from "safe money market accounts." this was about the banks this was about the withdrawal of maybe two trillion dollars and like the world's biggest margin call that's why when they made the point we got to act and do things quickly, we did. >> it was a sense of urgency i didn't know was there until this film. >> this has been in the making for 20, 30, 40 years. >> shocking, disturbing, frightening, but necessary. i think everyone needs to see this film. >> we borrowed 55 trillion. >> you kn

caller: geithner, who is a tax dodger, says he wants to stop the boom and bust cycles of the united states economy. apparently what they don't realize is whenever you are in any kind of business -- small, medium, or large -- you are going to laugh to take risks and sometimes you make bad mistakes. the people who have received these recent bonuses on this bloomberg report, contributed overwhelmingly to the democratic party, and particularly barack obama's presidential campaign in 2008. so all of a sudden he is pro- business. everyone knows it is just political posturing. of course they are anti business. most of barack obama's appointees to his cabinet and to different bureaucracies in the government are anti capitalist. some of them are out right communists, marxist, and maoist spirit so to say this man is pro-business, but it democrats i heard this morning saying he is actively pro-business, they just got their heads in the sand and not looking at reality. the man hates capitalism. he is not a capitalist, he is a socialist, neo-marxism and a course anti business. host: the tea party was held in n

economy is consumption. everybody said they want to move that to 50% within five years. that means the united states becomes less indispensable for china. >> the chinese market is vital importance to him and will continue to grow. >> if china revalued its currency, would it help the u.s. economy? >> anything would help presumably. and i've heard reports that they could revalue by 5% or so this year. that will certainly help. that will move in the right direction. but that would not be the only motive for china to do that. and not really driven right now by any sense of how this would play in the united states or with the united states. there's much more worried about their own domestic and international agenda of which the united states is only one component. >> some of the west called china's increasing assertiveness triumphalism. is that a strong word? >> i think the chinese do want to have a good relationship with the united states, actually. i think they want to have a green economy. i think there are a lot of things that the chinese would like to have. it's not their top priority. the top prior

the justice minister said if ubs loses the license in the united states, the swiss economy and jobs would suffer on a major scale. so now we can hack off the people with the cocoa. we are isolating ourselves and driving business away. then over the weekend, ahmadinejad said iran will deliver a blow to the global arrogance on february 11th. he is always threatening things but he is not a clown. he is actually a guy that is spooky. not everyone in iran believes this but this guy does, they are so dangerous that the ayatollah banned 12ers during the revolution 30 years ago. if you look up their theory of twelvers, compared to jesus coming back, it is opposite sides. spooky. are we ready to handle it in the bush administration let this one go. what happens if he is not bluffing? is the obama administration ready? we were duped by a guy wearing underpants with a bomb this his underpants and the president thinks he has something that will overwhelm dick -- dictators like president ahmadinejad but i am not brimming with confidence and if the middle east thinks, we are this deep trouble. watch th

ground in the president's commitment in the state of the union to double exports over the next five years. other economies are growing faster than the unitedes. that is where the customers are at. that will create jobs in the united states. i'm putting up a graph of what our exports are doing. it took 11 years to double the exports during pretty strong -- pretty strong economic times in global growth. my question is, there is common ground for that on this panel and in the congress. so what is the president's plan to double exports over the next five years? >> i am going to ask the secretary to respond, however. i hope that members give time for the secretary to respond within the three minutes. it's not fair to the new our members will not get a chance to ask questions. please be brief with the secretary so that we can make certain that we get answers. >> i am glad to hear what you said about exports. i think it is a realistic objective. the world is growing fast -- faster, and because companies are very good at competing in a range of things that the world needs, it is a very realistic objective. it requires us to work together to pass s

financial supervision, is wrong on the tobin tax and wrong to build an economy based on that, is wrong not to back the united statesn banking reform and these failures are another part of a miserable record in which we have the biggest budget deficit in peacetime history, largest bank bailout in the world, the deepest recession since the 1930s, the weakest recovery in the g 20 and backing some of the proposals of the united states and banks in the future. >> we helped the economy through the recession. we supported the recovery and when he was in government, when he was in government, when he was in the cabinet, there was double the number of repossessions. when he was in government there were three times as many bankruptcies. when he was in government in recession there were four times as many job losses. i have to say that his reversing is even worse than mine. we are building up britain and they are trying to talk it down. thank you, mr. speaker. let's discuss with our colleagues in the treasury to ensure we get the decisions on the high-speed railing. this side of the general election and when we get that decis

i think united states economy which has done well over the last 25 years has been a big beneficiary ofde because we have the best-trained, best- educated work force in the world that can compete. president clinton, a democrat, said it well when he said that we have to decide as a nation whether we are going to compete or retreat. i am in favor of competing. the problem i have now is that every policy in washington that we are putting in place is making america less competitive. how can you pass a cap and trade energy tax on american manufacturers at a time when we are losing hundreds of

isn't it true that health care is the single greatest economic engine in the united states economy in terms of growth of jobs. >> it is inaccurate statement. >> over the past two years, there have been 631,000 new jobs simply in the health care sector. did just in the last month, a 22,000 new jobs. which is interesting because the economy is not doing very well and people are frustrated by that and we will try to work on how can we create more jobs? if we can just do health care reform or get it done come we will have contributed to the nervously and it is already producing an enormous number of jobs. to me, it is one of the best and that is according to the bls so i am not counting what they say. that the shift. over 100 community health centers that apply for the american recovery act lending. and received in my own state the application is that we had the received a 90% score on the proposals for facilities are the investment program. but they were left unfunded due to funding limitations. you talk of the important link between economic growth and investment to rethink it is possib

healthcare is the single -- at this particular point, the single greatest economic engine in the united states economythat is in terms of rapidity of growth of jobs? >> i think that is an accurate statement. >> my understanding is that over the past two years, there have been 631,000 new jobs simply in the -- something called the healthcare sector. and that there have been -- in just the last month 22,000 new jobs. which is interesting because the economy isn't doing very well as has been explained and people are frustrated by that. and we're all trying to work on how can we create more jobs. well, if we can just do healthcare reform, get it done, we will have contributed enormously to that and identity already producing an enormous number of jobs. so to me it's one of the best -- and i think that's according to the bureau of labor and statistics so i'm not doubting what they say. let me shift just a bit. there are over 100 community health centers that applied for the american recovery act. and received in my own state the applications that we had that received about a 90% score on their proposals fo

ground in the president's commitment in the state of the union to double exports over the next five years. other economies are growing faster than the unitedtes. that is where the customers are at. that will create jobs in the united states. i'm putting up a graph of what our exports are doing. it took 11 years to double the exports during pretty strong -- pretty strong economic times in global growth. my question is, there is common ground for that on this panel and in the congress. so what is the president's plan to double exports over the next five years? >> i am going to ask the secretary to respond, however. i hope that members give time for the secretary to respond within the three minutes. it's not fair to the new our members will not get a chance to ask questions. please be brief with the secretary so that we can make certain that we get answers. >> i am glad to hear what you said about exports. i think it is a realistic objective. the world is growing fast -- faster, and because companies are very good at competing in a range of things that the world needs, it is a very realistic objective. it requires us to work together to pass

united states. i do it myself sometimes. let me offer a small corrective this week. the united states remains the world's most dynamic and productive economy by many measures. it still dominates the world of science and technology with the world's greatest universities and the best research and the most nobel prizes and the largest strobe of patents. a dynamic economy but also a dynamic society. america is the world's only large nation that will grow substanshially in population over the next 40 to 50 years. thanks to immigration, america will stay young, restless and hard working. now, we have big problems, but the biggest one by far, the one to worry about is the growing national debt. it's what is reminding ourselves, however, that this is not a fact of life that we simply have to accept. there are many simple economic measures that would correct the budgetary fix easily. let me give you just one. a value added tax. now, this is a tax that 130 countries have. it's a tax on consumption and national sales tax, if you will. most countries have one that ranges from 5% to 25%. we have none. we need to adopt a national sales tax in the 10% to

united states of america. right now you see china full speed ahead and trying to command the clean energy economy. this is going to be an important part of the economic mix in the future. we have to compete for those jobs and that future, so we cannot just walk off the field when it comes to energy, and the president spoke about five on his state of the union, specifically that cap and trade aspect. there are efforts ongoing in the united states between republicans and democrats to come up with an overall energy double that would help drive clean energy economy. if a consensus can be reached, we want to support that, of this is clearly an issue republicans and democrats are going to have to do together. this is not something one party can do. >> with financial regulatory reform, it looked like as if until the last couple days thug might be an area of factual bipartisan consensus. that seems to have broken down now. is that not going to be passed, or those that have to be passed? >> we will see. there's a real sense of urgency about that. no one wants to be placed in the same situation we were. no

health care is the single and this particular point, the single greatest economic engine in the united states economy? that is in terms of rapidity of gropes of jobs? >> i think that is an accurate statement. >> my understanding is that over the past two years we there had been the 631,000 new jobs simply in something called the health care sector and that there have been in just the last month 22,000 new jobs. which is interesting because the economy isn't doing very well, as been explained and people are frustrated and we're trying to work on how can we create more jobs. well, if we can just do health care reform and coming get it done, we will have contributed enormously and is already producing an enormous number of jobs. so to me it's one of the best and i think that's according to the bureau of labor statistics so i am not touting what they say, let me shift just a bit. there are over 100 community health centers and applied for the american recovery act funding mw and receives in my own state the applications that we have received about a 9 percent score on their proposals for facilities inves

economy. as you know, most of the asia relies in the united states as their main export market. so i can imagine that some market participants will be hearted. i think those who are disappointed probably are expecting more of a strong recovery but i don't see that in the cards. >> linda, this is nicole lapin in the united states. do you think there is going to be more emphasis on economic reports as markets seem to shrug off up terrible reports earlier this week? >> i think they'll be watching very closely to see whether or not the u.s. economic data, this kind of jobless recovery we're all talking about. so if you look across major economies in europe, even in japan, pretty much these countries have recovered just as the united states did in the third quarter last year and they promptly took a dive when the government report was withdrawn. so this double dip scenario was something everybody will focus on in the united states. the u.s. brings the global economy down with it. >> okay. linda, you're sticking around. royal bank of scotland shares are down. despite a jump in bad deb

that health care is the single at this point to the single greatest economic engine in the united states economy? that is in terms of growth of jobs. >> that's an accurate standing. >> my understanding is over the past two years there have been six and a 31,000 new jobs simply in something called the healthcare sector. and that there have been just the last month, 22,000 new jobs which is interesting because the economy isn't doing well. as has been explained and people are frustrated by that and we're trying to work on how we can create more jobs. well, if we can just do health care reform, get it done, we will have contributed enormously to that and it's already producing an enormous number of jobs. so to me is one of the best and i think that's according to the bureau of labor statistics so i am not doubting what they say, let me shift just a bit -- there are over 100 community health centers that applied to for the american recovery act, the bonding, and received in my own state the applications and that we had a there received about 90 percent score on the proposals for facilities investmen

. >> we are such an open economy in the united states. panama and colombia have 1-way trade. we have obstacles from we try to have two-way trade. in every other case, it has worked beautifully for us. we have doubled or tripled our exports. we turned a trade deficit into a trade surplus. we even have a manufacturing surplus with our nafta countries. unrelated to exports, but related to your view of going forward -- i noticed in your testimony -- your gdp growth percentages are higher than the blue-chip this year, but lower next year, and much lower next year than what the white house forecasts. i know there is always a rage. is there a reason why you see significantly lower growth than blue-chip? >> yes, there is a reason. to make it explicit -- up until very recently, we have been assuming that the bush tax cuts would probably sunset as scheduled on january 1, 2011. if that is not the case, and some of those tax cuts are extended, we would see somewhat faster growth in our forecast. . . so coming up with the plan, if it is credible, with making material difference to the out

economy? >> martin, thanks for being here and more or less thanks for that question. [laughter] >> what we're seeing in the united states -- >> it's not a joke. >> and perhaps in some other places is a statistical recovery, and the human recession. more gratified by the most recent gdp figure. it suggests that the policies to contain economic collapse have been successful. and my judgment, and i think most people who have looked at it, judgment will be that gdp growth will continue, at least at a moderate rate, for the next several quarters. what is disturbing is the level of unemployment. and this is not just a cyclical, though it is heavily a cyclical phenomenon, but a structural phenomenon as well. just to put it in a way it is not usually put. one in five men in the united states, between the ages of 25 and 54, is not working right now. and a reasonable extrapolation would be that following a reasonable recovery, it will still be one in seven or one in eight who are not working. that's in contrast to the mid 1960s when 95 percent of men between 25 and 54 were working. that suggests quite profound issues that will ul

united states of america. right now, what you see are the, is china just full speed ahead and trying to command the clean energy economyof the future. india moving in that direction. these are -- and this is going to be an important part of the economic mix in the future. we have to compete for those jobs and that future. and so we can't just walk off the field when it comes to energy and the president spoke about that in his state of the union. in terms of specifically that aspect of the cap and trade aspect of it. there are efforts ongoing in the united states between republicans and democrats to come up with an overall energy bill that would help drive this clean energy investment in clean energy economy if the consensus can be reached we want to support that. but this is clearly an issue that republicans and democrats are going to have to do together. it's not something that one party or the other party can do. >> as long as we're ticking off unfinished items on the agenda, financial regulatory reform. it looked until the last couple of days as if that might be an area of actual bipartisan area of action in congres

>> big as possible for the united states to be isolationist. our economy is so intertwined with those of overseas countries that isolation in the pre-world war ii is no longer a possibility. hightower of barriers always seem appropriate when there were recessions and things like that. but there's seldom a long-term answer. i don't think we can do that. i also think that we seem to need to rethink the idea of what it's internationalism. it not to be the fact of life, rather than a posture that the american government engages or does not engage in. but certainly the lesson of "the forty years war" is we have to include possibilities and look at all sorts of ways that doing things to look at things. the pressures that are possible with the united states to apply today and other countries, other regimes to get them to do more of what we would like. first of all, we have to decide what it is that we would like somebody else to do and what our relationship to that is. and second of all, what kind of pressures we can apply, economic rusher, sanctions, we can do p

united states realized the disastrous consequence if rubber plantations femme to japan. this would cut off to the united states and its allies rubber supplies and absolutely critical commodity, as you know, not only for the economy but to keep a war effort moving forward. . the united states made presentations in 1940 and 1941 and we started to increase our rubber stockpiles. but reseverers went to hatey to attempt to grow rubber trees in haiti. the haitian rubber project was not to be a part of the war effort, but it really was. it was not something that was necessary. if we weren't concerned about rubber being cut off from the united states. what happened, though, is that much of the land was denuded. natural habitats were destroyed. ebony trees and plants that were natural in haiti were taken out. in the attempt to grow rubber trees was started on large portions of land. there was some haitian scientist who said it would not work but the united states tried to experiment. today, one of the biggest problems in haiti is erosion. people are dependent on wood for homes and heating. this situation started by the united states for the war effort with the attempt to grow foreign seed that would not grow in that kind

united states is the strongest nation in history. iran is an unstable state that is corrupt. it has a stumbling economynd it is headed by an increasingly divided and unpopular government. despite this obvious disparity of power, despite everything else, mullahs are winning. unbelievably, they are paying a penalty for doing so. what are the iranians succeeding against us? our principal problem is that we have our priorities wrong. yes, we are trying to stop the atomic ayatollahs but we are supporting this critical goal to a longer term objective, at least something we think should be longer term. that is integrating china into the international system. it would be great if china were responsible power and one day, i am sure it will be. but it is not one today and in today's washington, the obama administration, very much like its predecessor, is forgetting one critical factor -- before china helps us on the great issues of the day, before they can play a constructive role in the world, china must do more than just beginning a fundamental shift in its foreign policy. it must complete the process of shedd

united states. and it's toyota has an integral part in our economy in kentucky and investment in the united states of. they maintained operations in a world class level of quality in the commonwealth for nearly 25 years. the georgetown facility now manufactures engines and automobiles, all part of the $5.4 billion investment in our state. toyota has been an exceptional corporate citizen in kentucky. they've given more than $37 million to local charitable groups from education to social services. not only have they supported local charitable needs, but they've been one of the commonwealth's longest job creators. toyota north american headquarters in kentucky supplies distributors across the continent from my hometown. in all, more than 8,000 kentuckians work directly for toyota and almost 1500 are in congress's fourth congressional district. 90 toyota suppliers are located in kentucky creating more than 10,000 additional jobs. toyota's decades long reputation for quality, safety, and service is based on high standards of quality and innovation and based on their corporate ethic of discipline, honor, h

united states. and it's toyota has an integral part in our economy in kentucky and investment in the united states oferica. they maintained operations in a world class level of quality in the commonwealth for nearly 25 years. the georgetown facility now manufactures engines and automobiles, all part of the $5.4 billion investment in our state. toyota has been an exceptional corporate citizen in kentucky. they've given more than $37 million to local charitable groups from education to social services. not only have they supported local charitable needs, but they've been one of the commonwealth's longest job creators. toyota north american headquarters in kentucky supplies distributors across the continent from my hometown. in all, more than 8,000 kentuckians work directly for toyota and almost 1500 are in congress's fourth congressional district. 90 toyota suppliers are located in kentucky creating more than 10,000 additional jobs. toyota's decades long reputation for quality, safety, and service is based on high standards of quality and innovation and based on their corporate ethic of discipline, hon

vulnerable assets, the data and information that power our productivity and support the united states and global economies, would be utterly devastating. an attack would not overwhelm affect us here at home but it would have a very adverse impact on our trading partners in the flow of commerce every day. today's technology driven economy makes cybersecurity an essential national security issue. one with ramifications that stretch across our nation and far beyond our borders. we must remember this as we look at ways to strengthen cybersecurity. we need to think about our alliances abroad in the general context of new geopolitical realities of the digital cyberworld in which we live and operate today. this amendment recognizes those realities. with that i would like to yield to my colleague from texas. the chair: the gentleman from texas is recognized. mr. mccaul: i rise in strong support of this amendment. the gentleman is absolutely correct. the internet knows no boundaries. this is not just an issue for the united states but a global issue. this amendment simply states that the interagency plan required

you know, the united states is the lowest taxed nation among the major economies.we move to just moderately higher taxation then there will be endless negotiations about what form that will take. that plus health care costs control brings us within striking distance. >> well, he's absolutely right that the key is health care costs. and then beyond that, look, we still face an underlying fiscal gap. that's why we're creating a fiscal commission that is intended to not only help bring the deficit down over the medium term but also over the long term. >> rose: do you think it will work? >> i think it will. we have alan simpson and erskine bowls who are... >> rose: republican/democrat. >> republican/democrat. but willing to work hard on a bipartisan basis, know the issues and know washington. so when i said i think it will work, 100% guaranteed? absolutely not. >> rose: even though most people look at it and they say anything that causes... that talks about a tax increase no republican will buy into and anything that talks about sere qlous spending cut-- certainly in w

economy in the long range? guest: i think this is a key issue in the united states needs to reinvigorate its own economy.s. corporations. but obviously, we still need to have something for the working people in our economy to do. in terms of china, we want to make sure that they're not keeping their currency at an artificial rate that will benefit them in a way that they would not otherwise. i think that is why you have seen so much attention being paid to that. the idea that -- is that if the exchange rate is correct, the economies will ballots in a more natural way. if not, you will see more and more jobs flowing there in a way that could be harmful to us. host: on china in particular, what issue are you next covering? guest: and still trying to ride up a few economic stories from a trip that i just took. i will probably try to get two or three things are on that in the next couple of weeks. host: steven mufson, you can read his work at "washington post" thanks for being here. next, we will be joined by the surgeon general of arkansas and also from the center to prevent job obesity, dr. joe thompson wi

united states as a whole. it is a very diverse economy. i think that is roughly what we have seen during this recession with new york. the numbers have been fairly similar to the overall numbers for the united states. >> what about manhattan, which is very dependent on financial service jobs? given the economy, has it had a particularly hard blow or is it in tune with the national average? >> i do not have manhattan with me. i can tell you new york broadly. new york has lost about 50,000 jobs and financial activity since the start of the recession. new york has been heavily hit by the financial activity losses. >> my time has expired. >> yesterday, ain't -- yesterday, a "new york times "a reporter asked me about the idea of african american unemployment being -- having a gap with unemployment overall. i am not going to ask you whether special thing should be done. i just want to know -- it appears there is an increase in the gap between overall unemployment and african- american unemployment. is that accurate? >> that is. it has grown durin

economy. the united states itself must provide this kind of multilateral money -- i think this is very helpfule you an example that probably -- you may come back later on if you wish, and i guess you will. in the aftermath of theñr crisi, we will have a difficult time. we are not out of the woods. the financial crisis itself is probably behind us. the probability of having another lehman brothers is pretty low. but we will have to deal with the consequences for a rather long time. it is not exactly easy to manage. the temptation, for many, to find a scapegoat -- for the u.s., it is the chinese. for the europeans, it is the u.s. whatever. we all know -- we have examples from the past. it is essentially goingxd to repeat itself directly. this does not lead to good solutions. the only way is to have everybody around the table, as institutions like the imf can help to deal with. dealing with this on a multilateral basis is the most important message. >> while said. thank you. we have many, many questions. we are not going to get to all of them. we heard announcement that the deputy government of -

united states. we are talking about half of all mortgages in the united states. they were weak, high risk, and subject to failure as soon as the economyw does that happen? how could have all mortgages in the united states have this character? it is not hard to understand. if you understand what fannie mae and freddie mac did, you can find on their books 11 million some prime and alt-a mortgages. the government wanted them to buy those mortgages. they bought those mortgages. that is one of the reasons we have 26 million. there are another 5.5 million mortgages on the books of the organization called fha, the federal house administration. they are in the business of making week mortgages. that comes out to about 16 or so. the four largest banks in this country, under something called the community reinvestment act, made another two or 3 million such mortgages. two-thirds of week mortgages in the financial system came directly out of government policy. that is why it when the bubble began to deflate the people who had borrowed under these week mortgages -- these weak mortgages were unable to meet their obligations. those losses transmitt

the united states is the most open major economy in the world and that is not going to change.but that commitment is coupled with an ongoing focus to ensure that competitiveness of u.s. companies in foreign markets. free trade only works in a system where all parties live up to their obligations. the united states is committed to a rules-based trading system where the american people and congress can feel confident that when we signed an agreement that gives foreign countries privileges of more access to our domestic market that we are treated the same and to the same level in their countries. that means of forcing our trade laws, combating unfair tariffs and barriers, cracking down on practices that harm u.s. companies, like the theft of our intellectual property. despite america's dependence on innovation for future growth, the current system for protecting u.s. intellectual property is fraying at the seams. every year, american companies in fields as diverse as energy, entertainment, and pharmaceutical, lose $250 billion a year to counterfeiting and piracy. this theft -- out

had the economy not fell -- because most of the jobs in the united states are provided by private investmentown in florida and announced an expansion of high speed -- the president went down to florida and announced an expansion of high-speed rail. it will not happen without government pushing for it but the big benefit of that kind of efficient transportation network is going to redound primarily to business. host: this year suggests it is the tax code that is the source of jobs creation. put in place a flat tax for all without exception of income source -- interest, earnings, etc.. guest: i do think over the next five years we are going to have to reform our tax code. it is a mess of loopholes on the individual and corporate side. it is difficult to do one straight flat tax without soaking ordinary people. but there is no question that there are all kinds of holes and move -- loopholes and the current tax code that were designed and another era, inside dealing in washington. host: bruce reed on jobs. west virginia, dave on the republican line. caller: my question -- i really have two quest

there was another blank check for the president of the united states to pay of off his political benefactors. and here we sit today with an economyhas concluded this and he said this a year ago before a conference meeting with republican members of congress. he said that the new deal under f.d.r., back the great depression, actually did work, but it would have worked better if fdr hadn't lost his nerve, but fdr lost his nerve and was afraid he was spending too much money so he pulled back and when he pulled back in the second half of the 1930's, then that's what you saw unemployment go up and you had a recession within a depression, according to the economists on steroids named barack obama. well, i'm not an economist on steroids. i'm a free marketer. i have head every word of "wealth of nations" and i believe it. [applause] and they're celebrating the anniversary of the signature on these economic stimulus plans, stim and now we have wallison of stim or stim two that they wants to bring before us. are americans nervous about this? absolutely we are. i tell you this story because that's how we got here. we got here with this whol

of new york has had a very similar pattern during recession as the united states as a whole i think because it's a very diverse economy. and i think that's roughly what we've seen during this recession with new york, the numbers have been fairly similar to the overall numbers for the united states. >> what about manhattan, which is very dependent on financial service jobs, given the economy? hasn't had a particularly hard blow, or is it into and with the national average? >> i don't have manhattan with me. i can tell you with new york, broadly, that will include a lot of that. they have lost, new york has lost about 50,000 jobs in the financial activities since the start of the recession. so new york has been particularly hit by the financial activity. >> my time has expired. congressman cummings. >> yesterday, a "new york times" reporter had asked me, mr. hall, about the whole idea of african-american unemployment being, being such a gap between overall employment and african-american unemployment. and whether there are special things ought to be done. i'm not going to ask your opinion on that. i just want you to kno

united states. and it's toyota has an integral part in our economy in kentucky and investment in the united states oftions in a world class level of quality in the commonwealth for nearly 25 years. the georgetown facility now manufactures engines and automobiles, all part of the $5.4 billion investment in our state. toyota has been an exceptional corporate citizen in kentucky. they've given more than $37 million to local charitable groups from education to social services. not only have they supported local charitable needs, but they've been one of the commonwealth's longest job creators. toyota north american headquarters in kentucky supplies distributors across the continent from my hometown. in all, more than 8,000 kentuckians work directly for toyota and almost 1500 are in congress's fourth congressional district. 90 toyota suppliers are located in kentucky creating more than 10,000 additional jobs. toyota's decades long reputation for quality, safety, and service is based on high standards of quality and innovation and based on their corporate ethic of discipline, honor, humility. they have had

economy. china also maintains a huge trade imbalance with the united states. according to u.s.fficials, keeping its currency artificially low so that chinese exports are cheaper to buy. >> brown: and for more on all this we turn to susan shirk, director of the university of california's "institute on global conflict and cooperation"-- she was a deputy assistant secretary of state during the clinton administration. and gordon chang, who lived in china and hong kong as a lawyer for american and international law firms. he's an author and writes a weekly column for forbes.com. gordon chang, starting with you. how significant is this, was this meeting with the dalai lama? >> i think it was significant because it shows a recalibration of american policy. president obama came into office with an especially conciliatory policy towards china. he didn't see the dalai lama in october, as your piece noted. he had a very difficult summit with the chinese in november and in december on an issue very important to the president, the chinese snubbed him in copenhagen at the climate change talk

economy. so now you have the president of the united states coming -- you know, the day before you have the treasuryand the federal reserve chairman saying, oh, my gosh, the world's coming to an end, give us $700 billion by friday, we don't know what we're going to do with it, but trust us, we're going to fix the thing and then the president says the entire economy's in danger. that's when you get the credit markets start to collapse. you create all this uncertainty and no one knows what the rules of the game are and they know that the people in charge don't know what they're going to do. why would we expect that the economy would turn around in that kind of atmosphere? finally they encourage risky behavior. you know, called moral hazard. by encouraging risk behavior because as was mentioned earlier, you know, we've had the federal deposit insurance corporation and other things which guarantee activities, we create what the insuranseó company calls moral hazards. what you know is that if you get too big to fail you can pretty much do any old darn thing and you can gamble insecurities and you can lev

potential to disrupt oil markets and have a decided impact on china just as the major economies like the united statesoutcome. and we are talking with china about the appropriate steps to take now and we are continuing to discuss potential sanctions and we'll continue these discussions of -- in the coming weeks. >> were you dismayed by foreign minister yang's comments yesterday that -- his emphasis on negotiations, we understand that we need to press on with negotiations, we need to try to find a solution as quickly as possible through negotiations -- didn't sound like there's much enthusiasm there for the discussion about sanctions. >> well, i mean, china has supported the current dual-track approach that we take. they've signed on to every communiquÉ that has been issued in recent months describing the fact that we would prefer a negotiated settlement, but we are prepared as well to take steps to put pressure on iran to help them recognize that they will pay a cost for their continued pursuit of their nuclear program and while ignoring the valid concerns of the international community. so we do reco

the united states is the most open major economy in the world and that is not going to change.iveness of u.s. companies in foreign markets. free trade only works in a system where all parties live up to their obligations. the united states is committed to a rules-based trading system where the american people and congress can feel confident that when we signed an agreement that gives foreign countries privileges of more access to our domestic market that we are treated the same and to the same level in their countries. that means of forcing our trade laws, combating unfair tariffs and barriers, cracking down on practices that harm u.s. companies, like the theft of our intellectual property. despite america's dependence on innovation for future growth, the current system for protecting u.s. intellectual property is fraying at the seams. every year, american companies in fields as diverse as energy, entertainment, and pharmaceutical, lose $250 billion a year to counterfeiting and piracy. this theft -- outright theft, is especially damaging for companies selling abroad, as 50% or

. >> who oversaw the collapse of not only the united states, but pretty much the entire world financial system. >> right. >> and brought our economyknees has been reappointed as head of the fed. >> right. >> does this give you hope for being re-elected governor of new york? because may i remind you, he screwed everybody. >> wow. >> eliot spitzer taking shots from colbert last night. here with us now, founder, editor of thedailybeast.com, tina brown. >> good morning, everyone. >> great to see you. we'll get to your explosive piece about andrew young. have you quite a bit to say about john edwards' body man. we may have to bleep that. but first, maureen dowd's don't ask, don't tell op-ed. she writes in part -- tinea it was a pretty remarkable day on capitol hill. >> i thought it was pretty believing. very moving indeed. one does ask whether it will ignite a cultural war thing and distract. that's the only thing that scares me, we do need to be focused on jobs now. the timing seems strange. but having said that, it was a moving moment. it is obscene we have had people chased out of the military in this time of strife. if it does igni

the united states is the most open major economy in the world and that is not going to change.ut that commitment is coupled with an ongoing focus to ensure that competitiveness of u.s. companies in foreign markets. free trade only works in a system where all parties live up to their obligations. the united states is committed to a rules-based trading system where the american people and congress can feel confident that when we signed an agreement that gives foreign countries privileges of more access to our domestic market that we are treated the same and to the same level in their countries. that means of forcing our trade laws, combating unfair tariffs and barriers, cracking down on practices that harm u.s. companies, like the theft of our intellectual property. despite america's dependence on innovation for future growth, the current system for protecting u.s. intellectual property is fraying at the seams. every year, american companies in fields as diverse as energy, entertainment, and pharmaceutical, lose $250 billion a year to counterfeiting and piracy. this theft -- outr

ground in the president's commitment in the state of the union to double exports over the next five years. other economies are growing faster than the unitedtates. that is where the customers are at. that will create jobs in the united states. i'm putting up a graph of what our exports are doing. it took 11 years to double the exports during pretty strong -- pretty strong economic times in global growth. my question is, there is common ground for that on this panel and in the congress. so what is the president's plan to double exports over the next five years? >> i am going to ask the secretary to respond, however. i hope that members give time for the secretary to respond within the three minutes. it's not fair to the new our members will not get a chance to ask questions. please be brief with the secretary so that we can make certain that we get answers. >> i am glad to hear what you said about exports. i think it is a realistic objective. the world is growing fast -- faster, and because companies are very good at competing in a range of things that the world needs, it is a very realistic objective. ns)@@@@@@ @ nn n@ @ @ @ @ @ @ @ market