jonathan from vanguard. james from vanguard. >> thank you. >> alice an old friend and a neighborhood for many years. thanks for coming. i have a big handout of stuff about what other people think values might be when you do work on your home. of course, san francisco is a different world. >> it is. >> in what way is it different? >> we have so many microdistricts and pockets of different values all within tiles two or three blocks. so, answering the question for one house may not always be the same as answering the same question for a different house, for example. >> give us an idea. if you put a deck on where you get a view you get a different view than when you put one on when you don't have have a view. >> or a simple kitchen remodel versus a fancy kitchen remodel on a house that might be worth more than a condominium on the same block even. those things can matter quite a bit and make a difference. >> we got a request from one of our viewers to make sure we talk about what home improvements result in rev

imagine a new orleans that is the vanguard of a diversified and independent 21st century knowledge basednomy creating thousands of jobs and billions in economic revenue. our children and grandchildren who work in the gulf will design turbines for hydroelectric power. there are new ways to restore tidal flow to restore estuaries and experiment with cutting edge ways to produce biofuel from algae. this moment will define the 21st century and we cannot afford to fail. the challenge has been laid before us. it will test our resolve. the world is watching to see if america can still do great and things. we have faced challenges and have overcome. our will has been tested again and again and if god is willing, and the creek does not rise, we will find a way or we will make one. thank you very much. [applause] >> thank you for taking time out of your busy schedule to come up and address the national press club. we have no shortage of questions for you. some of them deal with reports of state tourism. what is the status of tourism in your city and have you seen any drop-off since the bp oil spil

imagine a new orleans that is the vanguard of a diversified and independent 21st century knowledge based economy creating thousands of jobs and billions in economic revenue. our children and grandchildren who work in the gulf will design turbines for hydroelectric power. there are new ways to restore tidal flow to restore estuaries and experiment with cutting edge ways to produce biofuel from algae. this moment will define the 21st century and we cannot afford to fail. the challenge has been laid before us. it will test our resolve. the world is watching to see if america can still do great and things. we have faced challenges and have overcome. our will has been tested again and again and if god is willing, and the creek does not rise, we will find a way or we will make one. thank you very much. [applause] >> thank you for taking time out of your busy schedule to come up and address the national press club. we have no shortage of questions for you. some of them deal with reports of state tourism. what is the status of tourism in your city and have you seen any drop-off since the bp oil

support, even if you are a labor pension fund of some very large institutions like the fidelity and vanguards of the world. they take their obligations very seriously. they're not chinese or americans. you'll have to get the majority of the vote. labor unions on the road cannot get that vote. -- labor unions on their own cannot get that vote. unless you can get a broad coalition of investors to go with you, you cannot get someone on the board. and if you are able to get that broad coalition, then that shows a tremendous investor dissatisfaction with the board. and in the past, word has just been the labor unions trying to do something -- but in the past, where it has just been the labor unions tried to do something on the road, they have not been able to do that. i do not believe it will be a problem whatsoever. host: karl in texas on the democratic line. caller: i'm all for financial regulation. during the bank bailout, they said, we need to bail out these banks, these corporations because it will be the greatest depression. i am not an orchestra anything, but i'm wondering, if we were allow

these companies will be a vanguard of investment in iran. iraq.s go-- this will lead to the investment that is key to growing jobs in iraq. the services that we provide to these types of contractors that are coming are to help them deal with the local government, to help them deal with issues. when you are doing 0 few developments, there's the issue of unexploded mines. this is where the u.s. government can engage with private companies and helped set the stage for a successful economic development. economics is just one example. culture, education, science are going to be other areas where we have traditional cooperative tools. more fundamentally, i mentioned job creation, the iraqis to share with us the understanding that the oil fields are not going to produce the jobs that are necessary. what is an advantage that iraq has, as the fertile plains between the tigris and euphrates have been 4000 years, is agriculture. iraq is the first country in the region i have served in where the people see and understand the importance of returning to f

which for breaking down early and they were not just small, some of them were the largest and where vanguard's. what do you think it was? why 6, 7 minutes before the dive, there were so many that were significantly down in the market? >> i would like to see that data because i would not agree with that statement. from what we have looked at the end of the individual securities and the baskets. >> i'm not saying whether the atf posture reflected this, but there were many before the dive. -- the etf's reflected this, there were many before the dive. what is it that you think has a higher proportion of the broken trades? more of them were in the 5-10 minutes. >> i will assert that i did not see and i would be happy to look into any data which shows that they were leading the charge for this. the pricing put out by the market members is determined by a deep waited value of the securities. as it became more difficult and as they were rapidly dropping, as a contingent in the basket, as they were going off in multiple different locations showing prices across the boards. the confidence level in the d

one of them was the largest vanguard of those. what do you think it was? 5, 6, 7 minutes before the dive there were so many etf's that were down more than the market. why? i guess i would like to see net data because i would not agree with that statement. >> from what we have looked at at the individual securities of the underlying baskets -- >> that is a very different question. i am not saying whether the etf's reflected the time. there were a lot of etf's in the 6 minutes before the dirvve that were significantly down. thatis it in etf land you think has a higher proportion of us did it trades? -- of busted trades? >> i would still assert that i did not see and i would have to like it any data you have that the etf's were leading the charge on this. the problem with pricing -- the market value follows the value of the underlying securities. the pricing put out by the market-makers is determined by calculating the weighted value of the securities that make up that etf. as a became more difficult to come to that value, as they were rapidly dropping, you c