it will muddle through and there will be crises but each will be somehow north koreaed even an unsatisfactory short-term and frankly the costly manner. >> briefly, tonya, and i believe you're going to speak to olly rain shortly getting the view from the european commission, that's not going to be a pretty picture, is it? >> well, olly reign himself i'm sure will be, but no. it isn't. it isn't great looking down at a situation where you don't have full control in the case of the euro crisis and that it's up to individual countries to make reform for which there's often very strong opposition and this is what david cameron is going to be talking about saying within the euro zone and within europe we need to make these painful reforms in order to unleash growth. that's a long-term solution necessary. many economists would agree that it is a long-term solution. so this european crisis isn't going to go away overnight but will when these reforms are pushed through and as we've seen there's plenty of op sig to opening up those markets in a way that's going to unleash growth. >> thank you. ok let's

it has been completely unsatisfactory to the neighborhood and merchant groups. they will speak to that in their remarks. neighborhood outreach includes a process where both sides are heard and compromises are made. we do not believe that is a process that has been followed in this situation. we believe that common ground is obtainable in this case. we're working in dealing with neighbors and merchants who want to see the clubs this season. we want to work with mr. owens. could i continue on behalf of the supervisor? we have been told that there is no reason why he should not have a permit with amplified sound until 2:00 a.m. seven days a week and he has told some of our neighbors the only reason he is meeting with them is because he has to. this does not bode well for friendly ne+ nor does it give neighbors or other merchants much hope for confidence that someone will be willing to listen to their concerns in the future as they tend to come up with these types of establishments. it has been unacceptable. we have been here twice now. this is a neighborhood commer

i have at least in my own mind somewhat of an unsatisfactory answer. i know a politician should not say that, but the housing market had a boom, and had a huge bubble, and it burst. what we saw was -- what happened in the housing front was what happened in the financial services from, government injected itself through fannie and freddie and other ways to try to soften the blow. and in softening the blow, as we've seen in the financial markets, we have to prolong the pain. we have stretched out this situation for a longer and longer time, and we still have not reached the point where we in a sense have hit bottom. and can accurately and fairly price tag. -- everything. all the bad loans had been swept out and we can then reestablished real value of the house, of housing, and then grow from there. we are still carrying these dead mortgages, if you will, along with us because we have a government that does not want to recognize the pain as we did with respect to the financial- services sector. i believe in letting markets work and sometimes it is like ta

teachers continue to simply be rated as satisfactory or unsatisfactory. it is a past the old system with a 98% pass rate. our students don't have the luxury of being raided past fail. and neither do people in other professions who have to make a living to see their family. and neither should our teachers. the the date over teacher's evaluation began when the obama administration rightly made them part of the race to the top grant competition. to qualify for the money the state passed a law requiring the district to adopt a teacher evaluation systems. but the law gave the unions the veto authority. does the governor recently said, the lot just hasn't worked. like many other districts around the state, we are at an impasse and let's be clear about what the stakes are. a recent study by harvard and columbia economists found students with effective teachers are less likely to become pregnant, more likely to go to college and more likely to get higher paying jobs. nick christoff as a column about it today and the new york times. i urge everyone to read it. gre

teachers continue to simply be rated as satisfactory or unsatisfactory.e old system with a 98% pass rate. our students don't have the luxury of being raided past fail. and neither do people in other professions who have to make a living to see their family. and neither should our teachers. the the date over teacher's evaluation began when the obama administration rightly made them part of the race to the top grant competition. to qualify for the money the state passed a law requiring the district to adopt a teacher evaluation systems. but the law gave the unions the veto authority. does the governor recently said, the lot just hasn't worked. like many other districts around the state, we are at an impasse and let's be clear about what the stakes are. a recent study by harvard and columbia economists found students with effective teachers are less likely to become pregnant, more likely to go to college and more likely to get higher paying jobs. nick christoff as a column about it today and the new york times. i urge everyone to read it. great teachers make

>> i did that question quite a bit, and i have, at least in my own mind, somewhat of an unsatisfactorynswer. i'm a politician should not say that. the housing market had a boom and had a huge bubble and it burst. what we saw is what happens in the housing front and basically the financial services front, which of the government injected itself through fannie and freddie and other ways to try to soften the blow. and in softening the blow, as we have seen in the financial markets, we have for long but -- we have prolonged the the pain. and we have stretched out of this situation for a longer and longer time. and we still have not reached the point where we have, in a sense, hit bottom and can accurately and fairly priced everything -- all of the bad loans have been gone, swept out, and we can reestablish real value of the house or housing or grow from there. we are still carrying these mortgages along with us because we have a government that does not want to recognize the pain, as we did with respect to the financial services sector. i believe in letting markets work. and sometimes it i

prepared to look for different ways to provide support for the economy if in fact we have this unsatisfactory situation. >> congratulations on the inflation target. that is a big achievement for you, i am sure. i would like to ask if you can explain a little bit the way you think inflation is now working in the economy. the 2012 central tendencies is kind of low. along with that question, i would like to know where you think full employment is in the near-term like in the next year or two given the structural impediments that many people have been talking about. >> there are a number of factors that make us expect inflation to be quite low and enter the next couple of years. certainly, we are seeing a reversal or at least a flattening out of the commodity price increases that caused headline inflation to rise earlier in 2011. future markets in our own estimates with a slowing global economy suggesting that most likely commodity prices will remain well controlled over the next couple of years. on top of tt, we have a very high rate of unemployment, pressure on wages is quite restrained. puttin

i will say it is going to go down to the lawyer and that it's going to be reached an unsatisfactory conclusion and it's designed to do that to achieve that result. that's why i tried to speak on the floor of the house today. we need to have at least the republican conferees here to meet with the democratic conferees who are already here on the payroll tax cut. there are 160 million people who will be adversely affected if we don't act by february. there are 6 million people who will lose their unemployment benefits, and there are millions of people on medicare whose physicians will not be adequately reimbursed, in other words their reimbursement is going to be cut by 40% if congress doesn't act. well, i can understand if you as a matter of not being able to reach a constructive agreement between the republicans and democrats, but there is no excuse now other than the fact that we are only going to be in session about five days during the month of june very. all the too to become democratic conferees came back thinking his thoughtful they would have an opportunity to meet in conference with rep

some receive unsatisfactory ratings and some are victims of school closings and budget cuts.a one that i mentioned. maybe some people would understand that. what about the other two categories? >> that's just it. what needs to happen is new york city public schools and any public school district in the country needs to have the flexibility to hire and retain the teachers that are the best, the teach there's are having the most positive impact on students and so this is a good example of where government is just running wild. it's running completely 180 degrees against the way it works in the private sector. and so it's just -- it's wasting $100 million a year. but the worst -- to me, the worst -- go ahead. >> no, you finish your thought. >> well, i was going to say to me the worst aspect of this is that it used to be that teachers would be in these positions for the school year. but now, what is happening, in order to stop these layoffs is now teachers are in these positions for one week. and so here you have teachers who are bouncing through the system. you have kids sitting

it's a rate that is totally unsatisfactory. starting from 10% unemployment and the growth rate over the last three quarters has only been about half that. some reservers view this macroeconomic performance as unsurprising and maybe inevitable given the financial crisis that brought about the recession. you more than alluded to. you mentioned carmen reinhart and vincent reinhart, showing it takes a very long time for economies to recover from banking and financial crises. what was pointed out in a very nice paper recently by three researchers at the fed is that the extraordinarily poor performance, say over a decade, is not so much from the slow recoveries at the bottom is that the bottom is so deep and it takes a very, very long time to climb out. and that should be a lesson to all of us. it means that we are not condemned to a sluggish recovery in terms of growth rate much less one that never gets us back to full employment as you hear some people claiming. there are many, many factors related to the speed of economic recovery

>> i did that question quite a bit, and i have, at least in my own mind, somewhat of an unsatisfactorywer. i'm a politician should not say that. the housing market had a boom and had a huge bubble and it burst. what we saw is what happens in the housing front and basically the financial services front, which of the government injected itself through fannie and freddie and other ways to try to soften the blow. and in softening the blow, as we have seen in the financial markets, we have for long but the pain. and we have stretched out of this situation for a longer and longer time. and we still have not reached the point where we have, in a sense, hit bottom and can accurately and fairly priced everything -- all of the bad loans have been gone, swept out, and we can reestablish real value of the house or housing or grow from there. we are still carrying these mortgages along with us because we have a government that does not want to recognize the pain, as we did with respect to the financial services sector. i believe in letting markets work. and sometimes it is like taking the band-aid

prepared to look for different ways to provide support to the economy if in fact we have this unsatisfactoryon. >> hi, mr. chairman. congrats on the inflation target or goal. that's a big achievement for you i'm sure. i'd like to ask if could you explain a little bit the way you think inflation's now working in the economy. the 2012 central tendencies kind -- tendency's kind of low and along with that question i'd like to know where you think full employment is in the near term like next year or two, given the structural impediments that many officials have been talking about. >> well, there are a number of factors that make us expect inflation to be quite low in the next couple of years. certainly we are seeing a reversal or at least a flattening out of the commodity price increases that caused headline inflation to rise earlier in 2011. and futures markets in our own estimates of supply and demand globaly, with a slowing global economy, suggests that most likely, although of course there's a lot of uncertainty, that commodity prices will remain well controlled over the next couple of years