that's dealing with the fed val row serve. we want to have transparency and fiscal ability >> we want to allow for the general accounting office to go in and do annex tensive audit for account ability, we will do the same thing. we have heard there's a need to address the aspect within 13-3 and all the aspects the fed tried to do boo. we can do that by saying before they go forward. we need to find them. another thing the american public is asking for. if we do these things. we will be drawing a line in the sand. there will be no more bail outs and picking winners and loosers. we will get the economic growth that this countier needs. thank you. >> i am happy that republicans are united in saying no more bail outs. of all these failed policies, none loom largely than the created monopolies of fannie mae and freddie mac. they allowed them to swell to unimaginable size and make property that's could not have been gained. and now expose tax aers to over $5 trillion of risk. although current market conditions preclude immediate swe

in other words, we're creating the derivative of something that can only be val didded with a model -- validated with a model and all models are wrong. they're right a certain point in time but if they're not dynamic, the next day or next week it's all fake. so i think the key question we have to ask -- this goes back to the basic principles that underlie all of the futures and forward markets -- is if you can't see a real price, a cash price and a price that reflects volume, reflect as large community of interest so that that price means something, how do you validate a derivative? that is supposedly based on that asset? classic example. credit default swaps. these products essentially let you create a hedge for a corporate bond that is illiquid or loan for that cover. it's a wonderful thing. everybody in the market agrees, great facility to have to be able to hedge an exposure that i can't create in a cash market. i can't borrow that bond to deliver it against a short position. it's illiquid. so we have decided that instead of that price we don't see, we can't observe, we're going t

more details of their methodology and results and publicly track the results of the macro-essential val quagsewation. that's just an important part of doing this. we want the analysts so run these tests independently. we had trouble when we first started the congressional oversight panel back in november and in december that we had a treasury department that was not forthcoming with information. that has commade. the treasury department has been forthcoming. they have given us far more information. i don't just mean to the congressional oversight panel. they have made sprable information under the stress tests on -- an unprecedented amount of data. this is very unusual for the federal reserve to make the results of tests like this available, other than simply to make announcements at the end, as the fdic does when a company has been placed on a watch list or closed. we are simply asking for more. we thought the tests were a great idea, but we would get more from them if we made these tests stronger. one last recommendation i want to mention here, we also want to point out that as much a

now ray will try to follow him and val have the same kind of success shutting down this marlin team. it the orioles miss another opportunity to get on the board. now nine men left on base through seven at-bats. here is bonifacio. he'll bat from the left side. hanley ramirez and cantu will follow. slapped foul out in the crowd. 12,822 attendance tonight. bonifacio struck out, he fliedout and laid down a sacrifice bunt. fouls it back again. chris ray back with the team. his second appearance. he got into the game on tuesday night and looked very good. that was the game the marlins eventually won in 1 innings. pitched 1 1/3 innings scoreless. check the swing. no swing says the third base umpire chad fairchild. ray came on after danys baez had started the seventh inning, and he allowed four runs on the grand slam by hanley ramirez. actually, five runs because there was a single that got that inning going by cody ross, and then ray came on and got the final two outs in the seventh and then did not allow a run in the eighth. 1 2/3 to get back at it. orioles sent them back down to triple-a

taxpayer, the canadian taxpayer, the taxpayer of ontario, to justify the confidence to perform, to deliver valya for them, and to make the sacrifices that are being made today worthwhile so we only do it once. thank you. >> well, you say we have to ask ourselves the question in trying to protect the interest of the american people. we committed an awful lot of taxpayer money to try to save all those jobs that are now being cut. and a lot of the condition that you find yourself in is because the executives were too hard headed over the course of the last three decades when many of us were begging with you to make higher miles per gallon, to do cars that would be revolutionized the transportation system of personal people, and that would compete with what you saw was happening. but you wouldn't do that. and each year, when we try a simple little thing like raising miles per gallon, a combination of the automobile lobby, aided and abetted, i might say, by the dealers, in combination, in cohort with the oil industry, beat us back every time. if it -- if it had anything to do with higher miles per

i mean, i remember one of our directors' dinners and val galbraith was traveling from paris and much wine was consumed and van was the most bold man. so van was van and van had had a few and this was sort of like late in reagan's first term. it was not clear that reagan was going to run again. there was real doubt out there and a lot of it fueled by nancy 'cause she was not sure that he could win reelection. you know, there was a very bad recession and she didn't want her husband to risk defeat and that sort of fueled a lot of uncertainty and speculation. so van said, well, bill, you should run. yeah, and he was kind of serious about this. he was kind of serious about this. and bill was listening to it kind of seriously. i mean, not seriously, seriously but kind of seriously. and i did one of the things that just kind of astonished me when i thought about it 'cause i remembered what happened. i got up to go -- i had a few myself. you know, bill shook my hand as i was leaving and i said well, the discussion has taken an unserious turn. what a rude thing to say. what a rude thing to sa