coming to you from the grounds of the united states military academy at west point, new york.est point is america's oldest military post. and one of our country's most fabled universities. each year more than 1,000 cadets graduate here. and become officers in the united states army. tonight we will not only get to explore the rich history of west point and get a rare glimpse of the living tradition of the united states military but we'll also get to enjoy the music of the army's oldest band. the west point band is one of the finest military musical organizations. throughout the next hour we'll hear them on the field. ♪ >> jon: in the halls. ♪ ♪ >> jon: on stage as they perform for the public in their annual holiday concert. but before we get to the music, let's go to washington, d.c. for a special message from general martin dempsey, chairman of the joints chiefs of staff and 1974 west point graduate. general? >> thanks for the opportunity to showcase this national treasure in the holidays. and hear the music of the west point band, the army's oldest and one of the very best.

we're at the united states military academy at west point, where cadets spend four pressure-packed yearsin each of the four years at west point, when you are at a constant campaign to development them as leaders of character. almost immediately on graduation, they take on the extraordinary responsibility to command, inspire, lead, serve soldiers of the united states army. that is the primary mission at westbound. get back now to the music of the west point band. as we rejoin the hudson valley holiday concert for winter games. ♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪ [ applause ] >> jon: much more to come here at west point. but before we take a quick break, we'd like you to sample a woodwind performance of "divermento" taken from italian version of "diversion" or to amuse. ♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪ just one phillips' colon health probiotic cap a day helps defends against occasional constipation, diarrhea, gas and bloating. with the strains of good bacteria to help balance your colon. you had me at "probiotic." [ female announcer ] phillips' colon health. >> jon: to continue our

mr dudley, as i mentioned in my opening statement you gave a speech at the united states military academy at west point where you indicated the army continues to face significant downsizing risks most related to the stress of the euro zone. are hearing today has been called to consider the euro zone crisis and icy and sights on that issue. however you also spoke of another significant downside risk confronting our economy and that is continuing crisis. you stated mortgage refinancing is so severe that they are undermining the impact of monetary policy. you identified the number of measures that might comprise a comprehensive approach to housing policy including the elimination of barriers to refinancing and messages that enables borrowers who are under water but continue to make their monthly payments and accelerate principal reduction over time. you stated, quote, i am encouraged by the recent decision by the h s a to make it easier for certain borrowers with high loan the value ratios to refinance. he hoped this initial step would be followed by others that collectively move in the dire

military community and for making the difference in the lives of those who sacrificed the most. mr. speaker, several years ago i had the opportunity to be at the graduation of the united states air force academy. my son-in-law was graduating and secretary gates delivered the commencement address. . at that time he noted that freshman class was the first to enter the academy after nefpble. knowing full well that -- 9/11. knowing full well that they would be putting themselves in harm's way. we have the finest volunteer military that the world has ever seen. may god continue to bless this country with such men and women who will always stand for freedom. mr. speaker, i yield back. the speaker pro tempore: the gentleman yields back. the chair recognizes the gentlelady from california. sorry, the order wrong here. repeat that, the chair recognizes the gentlelady from ohio, ms. kaptur, for five minutes. ms. kaptur: i thank the gentleman from ohio. the speaker pro tempore: i apologize. mr. ms. kaptur: numerous stories have come out all detailing corruption and outright fraud on wall street. first there was the recent news about the former secretary of treasury, hank paulson, inappropriately tipping