the wharton school. wharton economy metrics forecast. it stayed cost of this for the united states for us would be between $300 billion and $400 billion a year. then m.i.t. and ores came in, c.r.a. and they all kind of agreed. the frame has been between $300 billion and $400 billion a year. then i went back and recalled the the largest tax increase. it was the clinton-gore tax increase. this would be 10 times that amount for my state of oklahoma and the -- susan, our phones rang off the hook, people calling in. scientists calling in on how they were rejected. for our listeners and viewers, this thing started with the united nations. with this -- fast forward to 1992 is when they had the earth summit. now they are going to have the earth summit, plus 20. that's going to take place in rio, i think. the we spent a lot of time going back and when the scientists started to come in and saying they trashed the science, then of course, i'll always remember. you used of this, remember when and obama and pelosi and hillary clinton and i think john

some preliminary designs of two projects for showplace square, one from david baker and one from wharton architect. there will be quite different from each other. the neighborhood was pushing them to do something different in their designs. not necessarily going back to the previous two centuries of the brick buildings and trying to emulate them, but trying to come into the 21st century. it was quite a lot of committee thought in that regard. last night, there was a presentation of the cleanup that is being done at the former mayor and power plant -- morandt power plant. they're starting the final clean up this year from west to east to the water. it will be finished probably around 2017. it is a series starting with the pg&e property. it would be developed first and going through the old morandt. i forget the name of the firm that bought them out, or the new name of the firm. anyway, a lot of stuff going on. >> i want to congratulate you for being a great grandfather for the second time. commissioner miguel: thank you president fong: commissioner wu? commissioner wu: congratulations to

she is a graduate of both dartmouth and the wharton school. it is great to have you here. thank you on behalf of all of us for all that you do, not only for district 2, but also for the public agencies that you work for and represent. congratulations. [applause] >> i just want to thank supervisor farrell and the board of supervisors as well as the commission. i also want to thank my colleagues here today. my executive team is all women. that is random. it just so happens to be the case. i could not be there without them. i believe them and support them in the business. i was recently listening to a speech by sherrill said bird, -- cheryl sandberg, the coo of facebook. her closing hope was that sometimes, in some future generation, 50% of businesses and 50% of the world's government would be led by women. as a brand new mother of a three-month old daughter, i hope it is my daughter's generation. i am following the steps of my mother, who was also an entrepreneur. i am honored and thank you very much. [applause] president chiu: the next commendation will be provided by our c

not people who i really trust to mr muir one of its so-called protestant electorate the people who wharton for fear russia because they were against united are saying he lost not to put in but to profit of rather. this people not their water for pork or what. his campaign was very strange by the way because they were in parliament company and their main slogan of the main idea of the main idea or for fair russia was so this struggle against united russia is all this openly that we are against another plus now provocative didn't say that i am against mr putin but when he said i will resign it was a very clear idea so please remember all of us a lot mr ward for me. and we'd ok well let's run with a couple of absolute when you see some so that's was he's an idea. he lost ok now now now last but not least of lead immersion in ascii the the the man who once once again appeared in a period in designing clothes during his life which we expected from the let's hear his. dear mr putin i congratulate you on the street tree i've been to a polling station and witnessed how lots of people voted for you

for a bailout and there were two reports i believe just in the last six months alone one was from wharton and one was from george washington university and with these reports found as basically if you do any sort of legitimate fundamental analysis of what's in if a cheese portfolio it is way worse then their official assumptions and projections of their own solvency to the tune of fifty fifty billion plus ok so at bates it's part of the securitization financialization of the economy of the banking sector which is that the mid biggest piece of a condom e it's been going on for decades and it's about taking the mortgages and re offering them and slicing them and pricing them in repackaging them and it becomes a bloated middle of the american global economy and what supposedly is backed up by assets these assets are the houses themselves or the mortgages or just the derivative of a house to house them solve this post be at the bedrock of this thing but the house prices seem to be continuing to fall a year las vegas which is one of the biggest trouble spots in america house prices in las vega

so. >> david -- wharton. >> david, which organization are you with? >> cart wharton. >> wharton?did you have a view on the fund the commission? should it be funded on assessments of regulated industry. are you worried that might tie the agency's interests too closely with that of the industry? >> so david's question is how to best fund the agency and number two would be it good to do it through some fee and three is would that tie us too closely to the industry. does that got it? i think it is critical to be funded and i look forward to working with congress any way congress wants to [laughter] i mean, it really is. to be only 7-00 person agency and i know, we have a very significant challenge as americans with the budget deficit and the fiscal situation. so to go to congress and ask literally for 50% increase of size of the agency to from $200 million age at this to $308 million agency i do that with deep respect what the congress and president has to do but i think it is a very good investment for the american public. all one has to do look at tarp. that was $700 billion. i mea

the wharton school. wharton economy metrics forecast. it stayed cost of this for the united states for us would be between $300 billion and $400 billion a year. then m.i.t. and ores came in, c.r.a. and they all kind of agreed. the frame has been between $300 billion and $400 billion a year. then i went back and recalled the the largest tax increase. it was the clinton-gore tax increase. this would be 10 times that amount for my state of oklahoma and the -- susan, our phones rang off the hook, people calling in. scientists calling in on how they were rejected. for our listeners and viewers, this thing started with the united nations. with this -- fast forward to 1992 is when they had the earth summit. now they are going to have the earth summit, plus 20. that's going to take place in rio, i think. the we spent a lot of time going back and when the scientists started to come in and saying they trashed the science, then of course, i'll always remember. you used of this, remember when and obama and pelosi and hillary clinton and i think john

. >> all right, that was wharton professor jeremy siegel earlier on nbc.s on skwa"squawk box" th morning. i guess that's another man you disagree with. >> trying to project 2013 is pretty tough. i'm trying to get to the end of this year. >> i've been buying bonds, and i did in terms of bringing this to a near tactical conversation, bonds have had a terrific run in the last week, so if you're long at&t, i think it's great to take bonds. i see an entirely big risk in the rest of the world. i think europe and china are disasters, frankly. >> now that the hearings for the health care plan is over, how do you predict it will end? steve? what's the trade? >> the trade is i took off part of my position at wellpoint, left just over half the position. here's the reasoning. since it came out, all the commentary about the supreme court hearings and how the court seems predisposed to overturning obamacare, these stocks have been straight up, and i just don't think it's that easy. while i still like wellpoint, stock in more than half the position, i thought it prudent

that to me -- now, i didn't go to harvard like miky -- i went to the a school, not the b school, wharton. that means that greece has basically defaulted already, so i think it was totally a nonevent. i think it there were other influences that led to the decline. >> what's your biggest influence? what's your biggest influence? >> i think a combination of negative data points, more ambiguous economic statistics, both here and abroad, abroad meaning china, europe, and india, and here the income and spending, personal spending numbers late last week combined with the national ism actually ended up having goldman sachs' economics department reduce the first quarter gdp quarter price by 2%. >> on the other , mike, if you take out the greek credit event or the potential there, we've had a tremendous run-up for five months. something like 25%. we are due for a pullback, are we not? has your thinking changed now after today's 200 point sell-off? >> my thinking has not changed, larry, and hello, doug. the answer to the original question, what took the market down toes, as doug said, was not greec

next, from 60-plus, jim wharton. [applause] >> it is not ted. >> thank you. you to the tea party patrons for organizing this. my name is jim martin. i represent over 7 million senior citizens. [applause] >> seasoned citizens, as somebody said. for 20 years, we have been the conservative alternative to the liberal aarp, the group that puts its arms around the president and gave him political coverage by endorsing obama-care. aarp likes to tout harry belafonte. he is so far to the left he makes president obama look conservative. pat boone likes to tout his friendship with ronald reagan. aarp -- the association against retired persons they say they are a listening tour, but did date -- did they listen to the voices of millions of lives? now, they did not care if they turned their hearing aids off. if they turn their backs on us. what their reward was was an obama-care waiver. i am here to demand you give america's seniors, all americans, a life time waiver from obama-care. look, we know that is not going to happen, so we are taking matters into our own hands. th

he earned a bachelor's of science degree from the university of pennsylvania's wharton school summa cum laude back in 1978, and the next year earned a master's of business administration from penn. he spent the next 18 years working at goldman sachs. the investment banking firm in new york where he became a partner and, ultimately, served as the co-head of finance. then washington beckoned in 1997 when he took up a position at the u.s. department of the treasury. first serbing as assistant -- serving as assistant secretary of financial markets, and after that serving as undersecretary of domestic finance. in those important positions, he worked very closely on financial policy matters with secretaries of the treasury robert rubin and then lawrence summers. his distinguished service at the department of the treasury earned his receipt of the alexander hamilton award, the highest honor the department gives. capitol hill beckoned next in our last financial crisis when senator paul sarbanes, the head of the senate banking committee, recruited mr. gensler to help craft the financial reform l

>> wharton. >> i like that. spanky have a view on the best way to fund commissioned by should be fund with assessment unregulated industry, and if so, are you worried that might tie the agency interest too closely with that of the industry's? >> so david's question is how to best fund the agency. number two is would be good to do it through some a fee. three, with that ties too closely to the industry, is that -- i think it's critical to be funded, and i am looking forward to working with congress anyway congress wants to. [laughter] i mean, it really is. to be on a 700 person agency, and i know we have a very significant challenge as americans with the budget deficit and fiscal situation, so to go to congress and as for literally a 50% increase in the size of the agency from a $209 agency to $308 million agency, i do that with deep respect for what congress and the president have to do but i think that it is a very good investment for the american public. all one has to do is look at t.a.r.p. that was 700 billi