host: william cohen is with us. thank you for being here. you have a recent piece in the "wall street journal." you make a case for outsourcing actually does have a positive affect, here at home. guest: most of the time, it has been we ship jobs overseas and it is a zero sum game. what the statistics show is, when companies start to invest overseas, they are actually making profit so they can get back to core competency, and they create more jobs back at home. the study was done by a professor at the dartmouth business school. that was early on from 1987 through 2001. we have to look at these companies that outsource, what they can do to make their domestic operations more profitable. that has to be taken into account. there are definitely job losses at certain mills. those need to be replaced, usually at higher-paying jobs. host: you write -- what job opportunities could be generated? rn these jobs that take more skill, that have a higher wage? -- are these jobs that take more skill, that have a higher wage? guest: at some point, we will no

tomorrow on washington journal, steven rattner discusses his book and former defense secretary william cohen looks at the politics of outsourcing, and frank newport discusses a recent poll examining people's attitudes on how active the federal government should be in the affairs of americans. "washington journal" is live at 7:00 a.m. eastern on c-span. >> c-span networks -- we provide coverage of politics, public affairs, nonfiction books, and american history. it is all available on television, radio, online, and on social media networking sites. find our content any time through c-span's digital content library. we take c-span on the road with art digital bus and local -- with our digital bus and local content vehicle. c-span -- created by cable, provided as a public service. u.s. senateucky's candidates -- democrat jeff conway and republican rand paul -- meeting for an hour long debate at the university of louisville. this debate was organized by the iv

just the other day in the op-ed piece of the "new york times" william cohen noted that the agency will cost about $500 million a lot. quote, that's a lot of money for tax payors to fork over to support a new govement entity designed to help us curb our impulses." people took mortgages they shouldn't have taken or they got credit. they accepted credit they shouldn't have taken. you're going to be out there to help that? >> no. let me start with a couple of pieces. the first one is is about the cost. we won't let this one slip by. the cost is designated as 10% of what the federal reserve gets, what the fed gets. and the reason for that is, remember, the fed all along had the power to protect american consumers, to clean up the consumer credit market, and the fed failed to spend it. to spend their money in that way. so the notion is you say in effect to the fed, okay, fed, 90% of your job is what it always was. it's monetary policy and all that other cool stuff. 10% is set aside for consumer issues. that's what this agency is about. that's the money it will get. this is not about spending

host: william cohen is with us. thank you for being here.al." you make a case for outsourcing actually does have a positive affect, here at home. guest: most of the time, it has been we ship jobs overseas and it is a zero sum game. what the statistics show is, when companies start to invest overseas, they are actually making profit so they can get back to core competency, and they create more jobs back at home. the study was done by a professor at the dartmouth business school. that was early on from 1987 through 2001. we have to look at these companies that outsource, what they can do to make their domestic operations more profitable. that has to be taken into accoun there are definitely job losses at certain mills. those need to be replaced, ually at higher-paying jobs. host: you write -- what jobpportunities could be generated? rn these jobs are these jobs that could take a higher wage? re these jobs that take more skill, that have a higher wage? guest: at some point, we will not be able to compete because the wages are so low. but whatak

host: former defee secretary would -- william cohen joining us. according to an unnamed official by cnn, nobody is living underground in a cave. what can be done about osama bin laden? guest: frankly, i think we have made too much of bin laden. and whether we find him or not is not going to alter what is taking place. we have seen terrorismpread not only from afghanistan, but into pakistan and to the sudan and other countries. we're going to have to live with radical extremists for much of this century until such times as other countries are also joining in really, eradicating them. you talked about this morning bob roberts' book, "obama's wars." one of the things the republican party is really objecting to is the saying that afghanistan is really a obama's war. it is not a obama's war, but america's war. and i would say, it is not america's war. is the world war. we all have a stake in this. -- it is the world's war. we all have a stake in this. you cannot be on the savoy in london or a train in -- on the subway in london or a train in madrid or