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| TIME | SPEAKER | TEXT |
|---|---|---|
| 00:01:09 |
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THE COMMITTEE WILL PLEASE COME TO ORDER. FIRST I WOULD WANT TO THANK THE MEMBERS OF THE COMMITTEE... |
| 00:05:01 |
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THANK YOU, MR. CHAIRMAN. THANK YOU VERY MUCH FOR THOSE KIND WORDS. IT'S BEEN A PLEASURE WORKING WITH... |
| 00:10:02 |
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THANK YOU SO MUCH, JIM. TO THE PANEL, LET ME THANK YOU FOR BREAKING FROM YOUR REGULAR SCHEDULE TO... |
| 00:12:20 |
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THANK YOU, GOVERNOR SANFORD. WITHOUT YOU, I HAVE NO VOICE HERE. THANK YOU, CHAIRMAN RANGEL. RANKING... |
| 00:20:38 |
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THANK YOU SO MUCH, GOVERNOR. IT'S MY PLEASURE TO INVITE AND RECOGNIZE GOVERNOR SANFORD, AND I KNOW... |
| 00:21:23 |
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A PLEASURE TO BE BACK, SIR. CHAIRMAN RANGEL, CONGRESSMAN MCCRERY, MEMBERS OF THE COMMITTEE, AND FORMER... |
| 00:31:08 |
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BEFORE I RECOGNIZE MAYOR PALMER, COULD I ASK YOU, GOVERNOR, WHETHER YOU SUPPORT THE EFFORTS OF THE... |
| 00:31:28 |
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I APOLOGIZE. I WAS TRYING TO BE NEIGHBORLY HERE AS A FELLOW GOVERNOR. I DIDN'T HEAR THE FIRST PART... |
| 00:31:36 |
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THE PRESIDENT ASKED AND THE CONGRESS COME PLIED WITH A $700 BILLION RESCUE BAILOUT, WHATEVER. DID... |
| 00:31:44 |
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I DID NOT. |
| 00:31:46 |
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OK. LET ME NOW RECOGNIZE THE MAYOR OF TRENTON, THE FORMER CHAIRMAN OF THE CONFERENCE OF MAYORS. GOVERNORS... |
| 00:32:22 |
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THANK YOU. MR. CHAIRMAN, IT'S ALWAYS A PLEASURE TO SEE YOU. A LOT OF TIMES YOU'RE WITH MY GODFATHER,... |
| 00:39:51 |
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THANK YOU, MAYOR PALMER. WITHOUT OBJECTION, YOUR ENTIRE TESTIMONY WILL BE ENTERED INTO THE RECORD.... |
| 00:40:42 |
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THANK YOU, MR. CHAIRMAN. I REPRESENT MONTGOMERY COUNTY AS PART OF MY CONGRESSIONAL DISTRICT, AND THE... |
| 00:41:29 |
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THANK YOU. |
| 00:41:32 |
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MR. FIRESTEIN, THE COMMITTEE ANXIOUSLY AWAITS YOUR TESTIMONY. |
| 00:41:34 |
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THANK YOU. CHAIRMAN RANGEL, RANKING MEMBER MCCRERY AND MEMBERS OF THE COMMITTEE, THANK YOU FOR THE... |
| 00:47:15 |
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IN 1986, CONGRESS ELIMINATED THE DEDUCTION BANKS AND FINANCIAL INSTITUTIONS COULD TAKE FOUR TAX-EXEMPT... |
| 00:49:06 |
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SO MUCH FOR YOUR TESTIMONY. THE CHAIRMAN REPRESENTS -THE HEAD OF THE AMERICAN SOCIETY OF CIVIL ENGINEERS.... |
| 00:49:24 |
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I AM PRESIDENT OF THE AMERICAN SOCIETY OF CIVIL ENGINEERS. FOR A VARIETY OF REASONS, THE NATION FACES... |
| 00:55:53 |
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FENTY -- THANK YOU, PRESIDENT MONGAN. WE NOW I REPRESENTATIVE OF THE NATIONAL EDUCATION ASSOCIATION.... |
| 00:56:05 |
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GOOD MORNING, CHAIRMAN RIEGLE, A RANKING MEMBER MCCRERY, MEMBERS OF THE COMMITTEE. I AM DENNIS VAN... |
| 01:00:57 |
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IT IS NOW MY PLEASURE TO PRESENT MY FRIEND, BRANDYWINE GUARD, THE PRESIDENT OF THE AMERICAN -- FEDERATION... |
| 01:01:23 |
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THANK YOU VERY MUCH, AND THANK YOU FOR THAT INTRODUCTION AND ALL OF YOUR WORK. THANK YOU RANKING MEMBER,... |
| 01:08:39 |
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THANK YOU, MADAM PRESIDENT, AND I THINK THE ENTIRE PANEL FOR SHARING YOUR VIEWS WITH US. IF WE ARE... |
| 01:09:27 |
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ABSOLUTELY. |
| 01:09:31 |
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DO YOU THINK THERE IS ANY ROLE FOR THE GOVERNMENT TO PLAY RELATING TO THE FISCAL INSTITUTIONS, SINCE... |
| 01:09:48 |
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I PERSONALLY DON'T. IF YOU LOOK AT OUR NUMBERS, THE LATEST ISSUE -- |
| 01:09:59 |
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NO, THAT IS GOOD FOR ME. YOU DO NOT THINK WE SHOULD HAVE RESPONSIBILITY EXPOSING THE TAXPAYER TO ANYTHING... |
| 01:10:07 |
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WELL, THEY ARE ALREADY EXPOSED. I WOULD NOT SUPPORT ADDING TO THE EXPOSURE, WHICH IS THE NATURE OF... |
| 01:10:23 |
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DO THE PEOPLE IN SOUTH CAROLINA HAVE -- YOU FELL THE INCREASE IN UNEMPLOYMENT AND ALL -- HAVE YOU... |
| 01:10:35 |
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ABSOLUTELY, AS HAS THE REST OF THE NATION. IN 1953 -- |
| 01:10:45 |
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YOU SAID FEDERAL INTERVENTION WAS INFECTIOUS, AND THAT IS KIND OF ROUGH LANGUAGE. IT AFFECTS OUR ECONOMY... |
| 01:11:15 |
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WE HAVE OUR PROGRAM IN PLACE. |
| 01:11:21 |
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I AM JUST ASKING -- I DON'T WANT TO BE OFFENSIVE. ANYTHING THAT RELATES TO YOUR CONCEPT OF YOUR GOVERNMENT... |
| 01:12:10 |
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SURE. THEY'RE A WHOLE SERIES OF ALL UNFUNDED FEDERAL MANDATES AT THE CITADEL. |
| 01:12:25 |
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WHAT YOU LET HIM ANSWER YOUR QUESTION? |
| 01:12:30 |
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HE IS TALKING ABOUT UNFUNDED MANDATES. |
| 01:12:35 |
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IF THE CHAIRMAN WOULD YIELD, I THINK WHAT IT SAID WAS THAT HE IS NOT IN FAVOR OF ANOTHER STIMULUS... |
| 01:12:46 |
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WELL, I HEARD WHAT HE SAID. I DO NOT HAVE A HEARING PROBLEM. I WANNA BE ABLE TO ASK THE CHAIR T --... |
| 01:13:01 |
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THE POINT I MADE WAS COME IF YOU WANT ANSWERS YOUR QUESTION, THAT AN ANSWER THEM. |
| 01:13:09 |
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DO YOU SUPPORT THE FEDERAL UNEMPLOYMENT COMPENSATION PROGRAM? |
| 01:13:12 |
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I DO. |
| 01:13:16 |
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DO YOU SUPPORT EXPANDING THAT PROGRAM? |
| 01:13:19 |
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I DON'T. |
| 01:13:22 |
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THAT ANSWERS ME. DO YOU SUPPORT ANY FEDERAL ASSISTANCE FOR INFRASTRUCTURE, BRIDGES, ROADS, SCHOOLS?... |
| 01:13:36 |
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THE FEDERAL GOVERNMENT IS INVOLVED. |
| 01:13:40 |
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TO YOU THINK WE SHOULD CONTINUE TO BE INVOLVED? |
| 01:13:44 |
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THE DETAILS MATTER HERE. I GO BACK TO THE BASIC REALITY, WHICH IS THAT YOU HAVE A DIFFERENCE BETWEEN... |
| 01:13:53 |
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I DON'T HAVE A PROBLEM WITH MY QUESTION. DO YOU THINK THE FEDERAL GOVERNMENT SHOULD BE INVOLVED IN... |
| 01:14:05 |
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OBVIOUSLY, BECAUSE BE ADMINISTERED MEDICAID, WHICH IS A FEDERAL AND STATE PROGRAM THAT HELPS A LOT... |
| 01:14:15 |
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WHAT MAKES YOU THINK OF THE PRO-GOVERNMENT SHOULD HAVE A ROLE IN THAT? -- THE FEDERAL GOVERNMENT SHOULD... |
| 01:14:24 |
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WE HAVE A PROGRAM THAT IS UNSUSTAINABLE, GROWING AT 9.5, 10% OVER THE LAST 10 YEARS. AND THIS THE... |
| 01:14:59 |
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FOR TORNADOES, HURRICANES, DO THINK THE FEDERAL GOVERNMENT SHOULD BE IN THE STATES AT ALL? |
| 01:15:06 |
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AGAIN, THEY ARE -- |
| 01:15:11 |
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DO YOU THINK THEY SHOULD BE? THE CHAIR APOLOGIZES IF HE IS NOT FRAMING THE QUESTION THAT YOU CAN ANSWER.... |
| 01:15:29 |
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THANK YOU, MR. CHAIRMAN. I THINK THE EXCHANGE BETWEEN THE CHAIRMEN AND GOV. SAMFORD -- CHAIRMAN AND... |
| 01:18:39 |
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YES, THE HOUSE AND SENATE CAME BACK IN, THEY DEALT WITH THE BUDGET SHORTFALL THE OLD- FASHIONED WAY,... |
| 01:19:35 |
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ARE YOU CONCERNED THAT THE CUTS YOU WERE ABOUT TO MAKE IN STATE SPENDING WILL SET BACK YOUR STATE... |
| 01:19:50 |
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NO, I DON'T THINK SO. IF YOU LOOK ACROSS OUR STATE, AND GOVERNOR PATERSON'S STATE, THERE ARE A LOT... |
| 01:20:28 |
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THIS SOUTH CAROLINA HAVE ARMY DAY FUND? -- DOES SOUTH CAROLINA HAVE A RAINY DAY FUND? |
| 01:20:35 |
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WE DO. |
| 01:20:39 |
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WHAT WOULD IT GENERAL REVENUE SHARING, WHICH TO A LARGE EXTENT IS WHAT PEOPLE ARE TALKING ABOUT NOW,... |
| 01:20:54 |
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THAT IS WHY, IN MY TESTIMONY, I TALKED ABOUT WELL-INTENTIONED BUT UNINTENDED CONSEQUENCES. FOR THE... |
| 01:23:29 |
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THANK YOU, GOVERNOR SANFORD. ONE QUICK QUESTION FOR MR. MONGAN. YOU SPOKE ABOUT INFRASTRUCTURE PROJECTS... |
| 01:23:57 |
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YES, THAT IS CORRECT. |
| 01:24:01 |
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DO YOU HAVE ANY NUMBER THAT QUANTIFIES THE AMOUNT OF SUCH SUSPENDED PROJECTS AROUND THE COUNTRY? |
| 01:24:08 |
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THE NUMBERS THAT I CITED, THIS $40 BILLION, REPRESENTS INFORMATION THAT WE RECEIVED FROM SEVERAL SOURCES,... |
| 01:24:25 |
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IT IS ABOUT THAT $40 BILLION. |
| 01:24:29 |
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$40 BILLION, READY TO GO. |
| 01:24:31 |
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THANK YOU VERY MUCH. |
| 01:24:35 |
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IT WOULD BE HELPFUL IF WE GOT THE INFORMATION ABOUT THE SCHOOL'S 4 READY AS WELL. -- INFORMATION ABOUT... |
| 01:24:51 |
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I WOULD LIKE TO THANK THE PANEL FOR THEIR INPUT TODAY. I WISH WE HAD A HOSPITAL ADMINISTRATOR HERE.... |
| 01:28:24 |
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WE WILL GET YOU FOR THE RECORD THE TYPES OF PROJECTS WE THINK ARE READY TO GO ALREADY. I KNOW IN NEW... |
| 01:29:03 |
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I WOULD ASK MR. PALMA AND MR. FIERSTEIN, AND I KNOW THAT THERE ARE SOME POT HOLES IN MONTGOMERY COUNTY.... |
| 01:29:21 |
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YES, WE HAVE SCHOOLS THAT COULD GO NOW THE COULD BE BUILT. PROJECTS, A SIDEWALK REPAIRS, ROAD PROJECTS.... |
| 01:31:00 |
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WE CAN CUT TAXES, WHICH PUTS A BURDEN OF FURTHER DEFICIT ON OUR CHILDREN, WHETHER IT IS INCREASE STATE... |
| 01:31:34 |
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BEFORE I RECOGNIZE OUR NEXT PANELIST, IT IS MY HAS COME TO MY ATTENTION OF THE GOVERNOR HAS TO... |
| 01:32:02 |
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GOV. CENTER TURN MY MICROPHONE AGAIN. -- GOV. SANFORD TURN THE MICROPHONE ON AGAIN. IT APPEARED THAT... |
| 01:36:48 |
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THANK YOU, GOVERNOR, I KNOW YOU HAVE TO LEAVE. GOVERNORS AND FOR TOM EWELL OFF ANOTHER CHANCE TO PERSUADE... |
| 01:37:04 |
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I WANT TO THANK ALL OF YOU FOR YOUR TESTIMONY TODAY. AND REALLY RELATING TO US THE DIFFICULTIES YOU... |
| 01:38:14 |
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WE GAINED JOBS. WE ARE UP ROUGHLY 150,000 NET JOBS FOR MORE STARTED SIX YEARS AGO. ON A NET BASIS,... |
| 01:38:28 |
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IT IS REPAIR TO HEAR SOMEBODY COME TO THIS COMMITTEE AND SAY "PLEASE DO NOT PROVIDE ANY FEDERAL MONEY."... |
| 01:39:15 |
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AS THE MAYOR JUST MENTIONED, THE RUBBER MEETS THE ROAD AT THE COUNTY LEVEL AND STATE LEVEL. AT A LOCAL... |
| 01:40:21 |
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WE HAVE SEEN THE DEFICIT INCREASE BY ABOUT 70%, AND THAT DOES NOT INCLUDE THE BEST PACKAGE COULD BE... |
| 01:41:18 |
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IT WILL HURT US IN OUR STATE AND IN OTHER STATES. THE POSSIBILITY OF A TRILLION DOLLAR DEFICIT THIS... |
| 01:42:54 |
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THERE IS NO $150 BILLION PACKAGE. WE WILL NOT HAVE ANY PACKAGE OF ALL UNLESS THE PRESIDENT AGREES.... |
| 01:43:46 |
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TWO QUICK COMMENTS COME AND THEN I WANNA GO BACK TO YOU, GOVERNOR SANFORD. YOUR SUGGESTION REGARDING... |
| 01:44:15 |
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CERTAINLY AS RELATES TO THE BOND. |
| 01:44:18 |
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EXACTLY. EXACTLY. MR. MARKERCRERY YOU SAY YOU THINK GOVERNOR SANFORD'S JESSAMY SHOULD IS A DIFFERENCE... |
| 01:45:32 |
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I KEEP GOING BACK TO MY BASIC PREMISE. IF YOU WANT TO EXTEND UNEMPLOYMENT BENEFITS AND CUT SOME OTHER... |
| 01:45:49 |
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THE ONLY REASON ITS BOARD IS BECAUSE OF THE INNER FIGHT BUDGET. YOUR STATE SHOULD UNDERSTAND THAT... |
| 01:46:13 |
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I GRANT YOU THAT IT IS ALWAYS EASY TO SPEND AS SOMEBODY ELSE'S MONEY. |
| 01:46:19 |
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IT IS THE MONEY OF PEOPLE WHO WORK FOR IT FOR THE PURPOSE OF EXTENDING -- THERE ARE 2 MILLION-PLUS... |
| 01:46:33 |
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ABSOLUTELY, BUT IS THAT TRUST FUND SUSTAINABLE? |
| 01:46:39 |
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IT IS VERY SUSCEPTIBLE. IT HAS MORE THAN ENOUGH MONEY TO PAY FOR THE EXTENSION -- IT IS VERY SUSTAINABLE.... |
| 01:47:19 |
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I DO NOT HAVE FIGURES BEFORE ME BEYOND 2005, BUT I THINK THAT PATTERN IS CLEAR. THIS IS SOUTH CAROLINA... |
| 01:48:33 |
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I DO NOT HAVE THE NUMBER. |
| 01:48:35 |
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ARE YOU OPPOSED TO THE HIGHWAY FUND, YOUR HIGHWAY PROGRAM? |
| 01:48:41 |
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YES, IN ITS PRESENT FORM. THE QUESTION IS IN THE DELIVERY SYSTEM. WE COULD DEBATE THE MERITS OF THE... |
| 01:48:56 |
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MY NUMBERS ARE NOT MINE. |
| 01:49:00 |
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COULD COME UP WITH DIFFERENT SETS OF NUMBERS TO DEBATE ON. I THINK WHAT IS INTERESTING IS THAT INEFFICIENCY... |
| 01:49:18 |
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LET ME INTERRUPT. |
| 01:49:20 |
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WEIGHT. FOLKS FROM THE HIGHWAY DEPARTMENT SAYS IT IS NOT NEEDED. BASED ON TRAFFIC COUNTS, AND YET... |
| 01:49:43 |
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GOVERNOR, YOU CAN PICK OUT ONE YEAR MARK IF YOU WANT, BUT THE FACT REMAINS THAT YOU COME HERE AND... |
| 01:51:55 |
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AGAIN, I UNDERSTAND WHAT YOU ARE SAYING, BUT I KEEP GOING BACK TO THE DEEPER FOUNDATION. WE COULD... |
| 01:52:22 |
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YOU ARE TALKING TO A NOW MAJORITY THAT IS OPPOSED TO POLICIES THAT HAVE ADDED FIVE TRILLION DOLLARS... |
| 01:52:35 |
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I AM NOT PREACHING. I AM SAYING, HERE IS WHERE WE ARE. I AM NOT SAYING IT IS EITHER POLITICAL PARTY'S... |
| 01:52:53 |
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THE GENTLEMAN'S TIME HAS EXPIRED. I WISH I COULD GO AROUND THE COUNTRY WITH GOVERNOR SANFORD AND MYSELF.... |
| 01:53:43 |
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THANK YOU VERY MUCH, MR. CHAIRMAN, FOR YOUR KIND WORDS. I WANT TO THANK ALL OF THE MEMBERS OF THIS... |
| 01:54:26 |
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THANK YOU. JUST TO SET THE RECORD STRAIGHT, SPECIAL EDUCATION FUNDING, NOT THAT IT MATTERS, BUT I... |
| 01:55:23 |
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THANK YOU. LET ME THANK THE PANEL FOR YOUR TESTIMONY. WE APPRECIATE YOUR HELP WILL INPUT. THAT MAY... |
| 01:59:19 |
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NO, SIR. I MEANT THAT IN THE NEXT SIX DAYS, THE NEXT SIX OR SEVEN DAYS, WE WILL KNOW WHO THE NEW ... |
| 02:00:57 |
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YOU ARE SAYING THAT TIMING IS AT THE ESSENCE? THAT UNDERSCORES MY MAIN POINT. WE STILL HAVE THIS CURRENT... |
| 02:01:52 |
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THANK YOU. I REPRESENT A CITY IN THE NORTHWEST WHERE WE UNDERSTAND WHY THE U.S. SHAKES FROM TIME TO... |
| 02:05:28 |
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I AM OPEN TO THAT. THAT WAS NOT IN MY TESTIMONY BUT THAT WAS IN REACTION TO A QUESTION. |
| 02:05:34 |
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ARE YOU OPEN TO MODERNIZING YOUR LAW TO INCLUDE PEOPLE WHO ARE PART-TIME WORKERS? THEY ARE NOT COVERED... |
| 02:05:49 |
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AGAIN, THE NATURE OF THE WORKFORCE IS CHANGING. I THINK THERE COULD BE AN ADAPTATION TO THE PROCESS.... |
| 02:06:13 |
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SO, THAT IS A KIND OF POLITICAL ANSWER, ISN'T IT? |
| 02:06:20 |
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WHAT I AM SAYING IS, TRY NOT TO MAKE THE FEDERAL GOVERNMENT ANY BIGGER THAN IT IS. THERE ARE A LOT... |
| 02:06:45 |
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IF WE DO NOT PASS THIS UNEMPLOYMENT EXTENSION, THAT 18,000 PEOPLE IN SOUTH CAROLINA TO HAVE EXHAUSTED... |
| 02:06:58 |
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WHAT I AM SAYING IS, CAN WE BE MORE CREATIVE IN THAT PROCESS? CAN WE BE MORE CREATIVE IN THE PROCESS... |
| 02:07:08 |
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WHAT DO YOU MEAN -- GIVE ME THE CUT THAT YOU WANT TO MAKE. |
| 02:07:14 |
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YOU WANT US TO CUT YOUR MEDICAID PAYMENTS? |
| 02:07:18 |
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WE WOULD GLADLY TAKE A BLOCK GRANT IN LIEU OF THE CURRENT SYSTEM. |
| 02:07:24 |
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I FIND IT HARD TO BELIEVE THAT YOU SERIOUSLY ARE SAYING -- |
| 02:07:30 |
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YOU DO NOT THINK THAT THERE COULD BE A DOLLAR THAT COULD BE CUT IN THE FEDERAL GOVERNMENT? |
| 02:07:36 |
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YOU HAVE NOT GIVEN ME WHAT IT IS. YOU ARE NOT WILLING TO HAVE YOUR HIGHWAY FUNDS CUT, OR YOUR MEDICAID... |
| 02:07:47 |
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IT WOULD SEEM TO ME THAT IT WOULD BE THE PERSON TO EXPAND THAT PROGRAM TO COME UP WITH THE CUT. |
| 02:07:54 |
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THAT SEEMS TO ME THAT AS SOON -- AS THIS THING GOES DOWNHILL, AS MORE AND MORE PEOPLE EXHAUST THEIR... |
| 02:08:18 |
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I AM SURE THE MAYOR WILL TELL YOU, BUT I AM SAYING THIS. THIS IS NOT WHAT HAS MADE AMERICA GREAT.... |
| 02:08:36 |
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MR. CHAIRMAN? |
| 02:08:37 |
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YES? |
| 02:08:39 |
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THE AND THE GENTLEMAN YIELD? -- KEN THE GENTLEMAN YIELD? |
| 02:08:47 |
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YES. |
| 02:08:49 |
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YORK UNEMPLOYMENT MODERNIZATION ACT. LIKE YOU, I URGE THE SENATE TO ACT ON AN EXTENSION PLAN. IT... |
| 02:09:41 |
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THE TAX THAT WE HAD IN THAT BILL WAS AN EXTENSION OF A TAX THAT IS ALREADY ON. THERE WAS NO INCREASE... |
| 02:10:09 |
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MR. CHAIRMAN, I THANK THE GOVERNOR THAT HAS DEPARTED, OR IS ABOUT TO. IF WE HAD ENOUGH MONEY TO PUT... |
| 02:10:23 |
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THANK YOU FOR COMING. [LAUGHTER] [APPLAUSE] |
| 02:10:34 |
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IT SEEMS TO ME, I HAVE BEEN A LONGTIME ADVOCATE OF PUBLIC PARTNERSHIPS, AND I THINK BOND FINANCING... |
| 02:11:47 |
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THE USE OF PUBLIC-PRIVATE PARTNERSHIPS AND BOND FINANCING IS AN EXCELLENT VEHICLE FOR THOSE PROJECTS... |
| 02:13:25 |
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I AGREE WITH YOU. I THANK YOU FOR YOUR COMMENTS. I DO NOT HAVE ANY FURTHER QUESTIONS, MR. CHAIRMAN.... |
| 02:13:45 |
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MR. PALMER? |
| 02:13:47 |
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MR. CHAIRMAN, THANK YOU. I HAVE BEEN IN AND OUT, AND THIS QUESTION MAY HAVE BEEN ADDRESSED WHEN I... |
| 02:14:38 |
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THE MAN IS A BULL MARKET BACKED UP IN SEPTEMBER. -- THE MINISTER POPE MARKET BACKED UP IN SEPTEMBER.... |
| 02:16:05 |
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YOU HAVE HEARD THE DISCUSSION THAT GOVERNOR SANFORD SAID ABOUT THE CONCERN ABOUT SPENDING AND THE... |
| 02:16:30 |
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ABSOLUTELY. AS I SAID IN MY TESTIMONY, A SIMPLE BACKSTOP GUARANTEE OF MANCIPLE -- OF MUNICIPAL DEBT... |
| 02:17:07 |
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THE MARKET HAS NOT BEEN RATIONALLY EVALUATING THE PERFORMANCE LIKELIHOOD OF THESE BONDS WHEN ISSUED... |
| 02:17:22 |
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I DO. I THINK IT PROVIDES -- AGAIN, FOCUSING ON THE SHORT-TERM ASPECT, I THINK IT HELPS HIGHLY RATED... |
| 02:17:46 |
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IS THERE A WAY THAT THE FEDERAL GOVERNMENT COULD DEVELOP UNDERWRITING CAPABILITY SAID THAT WE ARE... |
| 02:18:02 |
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AGAIN, I DO NOT WANT TO IMPLY IT WAS THE FORM WOULD BE, BUT ASSUMING SOME SORT OF FEDERAL GUARANTEE... |
| 02:18:10 |
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THAT IS WHAT I AM SAYING. HOW DO WE DISCERN WHAT TO GUARANTEE AND WHAT NOT? |
| 02:18:19 |
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I THINK WERE THE PLACE THAT THE GUARANTEE WOULD HAVE AN EFFECT WOULD BE THE SHORT TERM OR VARIABLE... |
| 02:18:38 |
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I AM ASKING YOU, WITHIN THE FEDERAL GOVERNMENT, IF WE GO DOWN THAT ROAD, HOW WOULD WE BE ABLE TO DISCERN... |
| 02:18:58 |
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AGAIN, I THINK THERE IS SOME PRECEDENT WITH RESPECT TO WHAT YOU ARE DOING IN THE PRIVATE SECTOR WITH... |
| 02:19:14 |
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THANK YOU, MR. CHAIRMAN. |
| 02:19:19 |
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THANK YOU, MR. CHAIRMAN. MR. CHAIRMAN, I HAD HOPED TO ENGAGE THE TWO GOVERNORS WHILE THEY WERE HERE,... |
| 02:21:44 |
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THANK YOU. MUCH OF THE INFRASTRUCTURE IN TERMS OF NEW PROJECTS OR WHAT WE TERM PROJECTS OF NATIONAL... |
| 02:24:02 |
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AGAIN, FOR THE SAME REASON THAT WAS QUOTED, YOU HAVE TO LOOK AT THE PROJECT. IF THE PROJECT IS LARGE,... |
| 02:24:20 |
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WOULD YOU AGREE WITH, WHATEVER WE DO ON STIMULUS, WE HAVE TO BE EXTREMELY DISCRIMINATING ABOUT THE... |
| 02:24:27 |
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I WOULD AGREE WITH THAT. WE SHOULD DISCRIMINATE. |
| 02:24:31 |
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THANK-YOU. MR. CHAIRMAN, I APPRECIATE THE OPPORTUNITY. |
| 02:24:41 |
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THANK YOU, MR. CHAIRMAN. I THANK ALL OF YOU FOR BEING HERE. I AM ONE WHO BELIEVES THAT THE BEST STIMULUS... |
| 02:26:56 |
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YES. YOU ARE EXACTLY RIGHT, CONGRESSMAN PUT THE COST OF DOING NOTHING, WE CANNOT AFFORD DOING IT... |
| 02:28:29 |
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JUST TO POINT OUT A STATISTIC RELATIVE TO HIGHWAYS. THE AIRPORT ROAD CONDITION IN THIS COUNTRY COST... |
| 02:29:34 |
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THANK YOU. |
| 02:29:37 |
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I THINK IF YOU LOOK REGIONALLY, YOU SEE DRAMATIC EXAMPLES OF INFRASTRUCTURE NEEDS. EVEN IN WEALTHY... |
| 02:30:57 |
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THANK YOU, MR. CHAIRMAN. |
| 02:31:02 |
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YET AGAIN, I AM GOING TO SAY GOODBYE TO YOU IN PUBLIC. |
| 02:31:06 |
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I MAY BE BACK AGAIN IN NOVEMBER. |
| 02:31:10 |
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THANK YOU, MR. CHAIRMAN. AS A COURTESY, MEMBERS ARE ALLOWED TO INSERT INTO THE RECORD AN OPENING STATEMENT.... |
| 02:33:43 |
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FIRST OF ALL, WHAT IS INTERESTING ABOUT THAT, WE HAD THE TRADITIONAL DEFINED BENEFIT PLAN FOR EMPLOYEES.... |
| 02:34:42 |
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IF YOU TAKE AWAY THE STATUS AND EMPLOYEES WOULD HAVE HIGHER TAXES ON THEIR CONTRIBUTION, WITH THAT... |
| 02:34:58 |
|
EMPLOYEES ARE AUTOMATICALLY ENROLLED. THAT IS THEIR ONLY RETIREMENT BENEFIT. |
| 02:35:03 |
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THAT WOULD MEAN A TAX INCREASE? |
| 02:35:06 |
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FROM WHAT I UNDERSTAND. |
| 02:35:08 |
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IF YOU TOOK AWAY THAT TAX PREFERENTIAL TREATMENT? |
| 02:35:12 |
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I BELIEVE SO PERMIT MR. MONGAN, TOO MANY OF YORK CIVIL ENGINEERS HAVE FOR 1 K PLANS? |
| 02:35:22 |
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I HAVE NO KNOWLEDGE OF THAT. |
| 02:35:24 |
|
DO YOU? |
| 02:35:29 |
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YES, MY FIRM HAS 841 K PLAN. |
| 02:35:31 |
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YOU ARE AN ENGINEER? |
| 02:35:32 |
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YES. |
| 02:35:37 |
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FOR YOU AND YOUR COLLEAGUES, THAT THE PREFERENTIAL TAX TREATMENT WAS TAKEN AWAY FOR YOUR 401K CONTRIBUTIONS,... |
| 02:36:01 |
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I REALLY CANNOT SPEAK FOR MY 200 PLUS EMPLOYEES. THE EACH HAVE TO MAKE THEIR INDIVIDUAL DECISION.... |
| 02:36:25 |
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LET ME ASK, EACH PANELIST, AND GIVE ME A YES OR A NO, IF YOU SUPPORT TAKING AWAY THE PREFERENTIAL... |
| 02:36:39 |
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I DO NOT HAVE INFORMATION ON THAT TO GIVE YOU AN ANSWER. |
| 02:36:45 |
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FOR THE REASONS I STATED, NO. WE DO NOT SUPPORT TAKING THAT AWAY. |
| 02:36:51 |
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I WOULD NOT SUPPORT IT. |
| 02:36:52 |
|
THANK YOU, MR. CHAIRMAN. YOU HAVE BEEN VERY GENEROUS FOR GIVING ME TIME. |
| 02:37:01 |
|
I USED TO THE CHAIRMAN TO SAY GOODBYE TO THE MAYOR. -- I YIELD TO THE CHAIRMAN TO SAY GOODBYE TO THE... |
| 02:37:16 |
|
THE PROBLEMS THAT ARE FACED THAT WAS ENTERED INTO THE RECORD, BUT I CANNOT OVER EMPHASIZE THE IMPORTANCE... |
| 02:38:22 |
|
THANK YOU, MR. CHAIRMAN. THE MAYOR REPRESENTS 80% OF THE POPULATION. WE ARE A BIPARTISAN ORGANIZATION.... |
| 02:39:13 |
|
I LOOK FORWARD TO WORKING WITH YOU. |
| 02:39:16 |
|
THE GENTLEMAN FROM CALIFORNIA WILL INQUIRE. |
| 02:39:30 |
|
I WILL USE THIS MICROPHONE. THANK YOU ALL FOR YOUR PATIENCE AND HAVEN'T COME. I WANT TO FOCUS ON A... |
| 02:40:24 |
|
YES. I REFERRED EARLIER TO SOME SERIOUS ISSUES IN THIS REGION AND THE WATER AND SEWER FRONT. WE HAVE... |
| 02:42:10 |
|
IN MY CITY OF LOS ANGELES, THERE IS ALWAYS SOME WATER PROJECT UNDERWAY, WHETHER IT IS INSTALLING WATER... |
| 02:43:01 |
|
THIS GENTLEMAN IS -- EVERYBODY PROVIDES WATER AND SEWER SERVICES. I AM SURE THAT MOST FIND THAT THAT... |
| 02:43:34 |
|
SMALL AND LARGE SCALE WHERE ANY MEMBER OF THE CITIES IN YOUR JURISDICTION COULD UNDERTAKE IF THEY... |
| 02:43:59 |
|
DESPERATE GOOD PAYING JOBS FOR MANY AMERICANS -- WE CANNOT SHIP ABROAD A JOB FOR INFRASTRUCTURE... |
| 02:44:06 |
|
RIGHT. |
| 02:44:10 |
|
QUESTIONS FOR OUR TWO PRESIDENTS FROM THE TEACHERS' ASSOCIATION. THE CHAIRMAN HAD THIS NOTION OF A... |
| 02:45:17 |
|
EVERYTHING I KNOW SAYS THAT IT IS A GREAT IDEA. |
| 02:45:24 |
|
IS THAT ABOUT A PIG A SOFTBALL THAT YOU HAVE EVER SEEN THROWN YOUR WAY? |
| 02:45:29 |
|
YES, AND I APPRECIATE IT. |
| 02:45:32 |
|
THE QUESTION WAS ASKED EARLIER ABOUT THE READY-FOR- CONSTRUCTION PROGRAMS THAT ARE READY TO DO NOW.... |
| 02:45:57 |
|
I APPRECIATE YOUR RESPONSES. AS BIG A SOFTBALL AND AS EASY IT IS TO HIT THAT OUT OF THE PARK, WE STILL... |
| 02:47:20 |
|
THANK YOU FOR YOUR TESTIMONY. THANK YOU, MR. CHAIRMAN, AND I WANT TO THANK OUR PANELISTS AS WELL.... |
| 02:49:21 |
|
THERE IS NO -- WE HAVE BEEN OVER THE COURSE OF THE LAST 20 YEARS, I WOULD SAY, ATTEMPTING TO ALWAYS... |
| 02:50:28 |
|
HOW MANY SCHOOLS WOULD YOU ESTIMATE PROBABLY DO NOT HAVE SUFFICIENT BROADBAND IN ORDER TO PARTICIPATE... |
| 02:50:46 |
|
UNLESS MY COLLEAGUE HAS THE ANSWER TO THAT QUESTION, WE CAN GET THAT TO YOU. OUR SENSE IS WE ARE NEVER... |
| 02:51:21 |
|
THAT WAS WHAT I WAS ASKING, ESPECIALLY WHEN WE'RE TALKING ABOUT AN INFRASTRUCTURE PROGRAM, AND THE... |
| 02:51:59 |
|
TO ADD TO THAT, AS WE DO INTERVIEWS WITH BUSINESS AS OUTSIDE, WHAT THEY TALK ABOUT IS THAT OFTEN OUR... |
| 02:52:46 |
|
IF I COULD ASK YOU FROM A CIVIL ENGINEERING PERSPECTIVE, OVER THE LAST 25 YEARS, WHAT WE HAVE SEEN... |
| 02:53:34 |
|
OF THIS COUNTRY AND THE CONGRESS HAS TRIED TO HELP, BUT WE HAVE CLEARLY A REPORT THAT THE NATIONAL... |
| 02:55:03 |
|
THANK ALL THREE OF YOU FOR YOUR RESPONSES. |
| 02:55:09 |
|
THANK YOU, MR. CHAIRMAN. I THANK THE PANEL FOR YOUR INFORMATION TODAY. CONGRESS DOES NOT HAVE A GOOD... |
| 02:59:23 |
|
I THINK CONGRESS NEEDS TO ADDRESS NEXT YEAR IN THE TRANSPORTATION REAUTHORIZATION WAYS TO DEAL WITH... |
| 03:00:40 |
|
YOU OBJECT TO US PAYING FOR THAT IS THE STRUCTURE AND FUNDING RATHER THAN BORROWING MONEY TO DO THAT?... |
| 03:00:47 |
|
WE THINK THAT THERE ARE A NUMBER OF WAYS THAT INFRASTRUCTURE FUNDING CAN BE FINANCED AND THAT THOSE... |
| 03:00:57 |
|
Q. I YIELD BACK. -- THANK YOU. I EUBACTERIA -- I YIELD BACK. |
| 03:01:10 |
|
THANK YOU. THANK YOU FOR THE LASER LIGHT FOCUSED. THIS WILL BE A MAJOR AGENDA ITEM FOR US, NOT JUST... |
| 03:04:33 |
|
AGAIN, I THINK BECAUSE THERE IS NO MARKET OUT THERE FOR PROVIDERS -- WELL, THERE IS NOBODY WILLING... |
| 03:06:03 |
|
THANK YOU. OUR FRIENDS FROM EDUCATION, ANY THOUGHTS ABOUT THIS BIGGER PICTURE? |
| 03:06:11 |
|
WE ACTUALLY JUST PUT OUT A REPORT ON GREEN SCHOOLS AND HOW WE CAN CLEAN OUR SCHOOLS AND WHAT IT MEANS... |
| 03:07:35 |
|
FOLLOWING UP ON THE COORDINATING WITH SCHOOLS, I WORKED WITH THE GRAIN COUNCIL, AND THEY ARE DOING... |
| 03:08:09 |
|
WE LOOK FORWARD TO THAT. THANK YOU. MR. PORTER WILL INQUIRE. -- MR. PORTER WILL INQUIRE. |
| 03:08:21 |
|
THANK YOU FOR BEING HERE. THE NEXT SET OF PANELISTS ARE WAITING FOR THE OPPORTUNITY. I, THE GREAT... |
| 03:12:05 |
|
WE CAN SPEND A LOT OF TIME TALKING ABOUT THIS ISSUE, AND EVEN WEEK -- EVEN WHEN NO CHILD LEFT BEHIND,... |
| 03:12:52 |
|
I'M NOT DISAGREEING. WE PROBABLY WOULD AGREE WITH MOST OF THE THINGS YOU'RE TALKING ABOUT TODAY, BUT... |
| 03:13:23 |
|
IF I COULD ADD ONE, WHICH I THINK IS A GOOD EXAMPLE OF IMPOSITION OF AN UNFUNDED MANDATE -- THERE... |
| 03:14:01 |
|
MY LAST STATEMENT IN CLOSING -- TO MY KNOWLEDGE, THIS CONGRESS HAS NOT LOOKED AT WAYS TO REDUCE MANDATES... |
| 03:14:23 |
|
THE GENTLEMAN FROM NEW JERSEY WILL INQUIRE. |
| 03:14:27 |
|
THANKS YOU. MR. CHAIRMAN, I WANT TO ASSOCIATE MYSELF WITH THE REMARKS FROM THE GENTLEMAN FROM NEVADA.... |
| 03:17:51 |
|
YES -- |
| 03:17:55 |
|
THAT MEANS THAT THEY HAVE BEEN -- WE HAVE DESIGN. WE HAVE THE SCHEDULES READY TO GO. WE JUST SIMPLY... |
| 03:18:35 |
|
YES, AND I'M SORRY IF I MISLED YOU IN MY ANSWER TO THE CONGRESSMAN'S QUESTION BECAUSE I INTERPRETED... |
| 03:19:09 |
|
AS A CIVIL ENGINEER -- |
| 03:19:12 |
|
THAT ARE READY TO GO, THAT CAN BE WORKED ON IMMEDIATELY AND WILL NOT BE MULTI-YEAR. |
| 03:19:18 |
|
THERE ARE A LOT OF THOSE PROJECTS, AREN'T THERE? WHAT ABOUT THE WATER PROJECTS? WHAT ABOUT THE SEWER... |
| 03:19:53 |
|
THERE ARE HUNDREDS AND HUNDREDS OF THOSE TYPES OF PROJECTS. |
| 03:19:58 |
|
TO GET THE IMPRESSION THAT WE WOULD HAVE TO WAIT SO LONG FOR ANY OF THESE PROJECTS TO GET OFF THE... |
| 03:20:08 |
|
THAT IS CORRECT. |
| 03:20:11 |
|
WHY ARE WE NOT PUSHING FOR THAT? |
| 03:20:13 |
|
WE ARE PUSHING FOR THAT. |
| 03:20:16 |
|
IN OTHER WORDS, YOU WOULD CLARIFY WHAT YOU SAID TO MR. ENGLISH. HE WAS QUOTING DIRECTLY FROM THIS... |
| 03:20:48 |
|
YES. |
| 03:20:51 |
|
AND YOU SUPPORT THAT? |
| 03:20:52 |
|
YES. |
| 03:20:57 |
|
GENTLE LADY FROM NEVADA WILL INQUIRE. |
| 03:21:01 |
|
THANK YOU VERY MUCH, MR. CHAIRMAN, AND THANK YOU FOR BEING SO PATIENT WITH US AND SAYING ALL THIS... |
| 03:24:49 |
|
THE U.S. DEPARTMENT OF TRANSPORTATION, I BELIEVE IN APRIL EARLIER THIS YEAR, PUBLISHED THEIR NUMBER,... |
| 03:25:20 |
|
I'M GLAD TO KNOW THAT THE HIGHER NUMBER IS WHAT IS ACCURATE. MY BUILDING TRADES PEOPLE ARE DEAD IN... |
| 03:25:51 |
|
VERY MUCH SO. BECAUSE THE STATE HAS CUT BACK ON TRANSPORTATION SPENDING, THEY CANCELED SOME OF MY PROJECTS... |
| 03:26:17 |
|
MAY I CONTINUE TO QUESTION FOR THE MOMENT? THANK YOU. I WANTED TO SPEAK TO THE PRESIDENTS OF BOTH... |
| 03:27:32 |
|
THE IMPLICATIONS, THE MORAL, THE SOCIAL, THE ECONOMIC IMPLICATIONS ARE HUGE. THERE IS A NOT SO RECENT... |
| 03:29:17 |
|
LET ME ASK YOU ANOTHER QUESTION, AND MAYBE YOU CAN INCORPORATE IT. I WAS APPALLED WHEN THE PRESIDENT... |
| 03:29:56 |
|
ABSOLUTELY. IT IS JUST IMPOSSIBLE TO TEACH A CHILD WHEN THEY'RE NOT FEELING WELL, AND THIS IS SO UNFAIR... |
| 03:30:20 |
|
THANK YOU VERY MUCH. |
| 03:30:25 |
|
THE CHAIR WOULD LIKE TO RECOGNIZE CONGRESSMEN AND HOLLAND. |
| 03:30:31 |
|
THANK YOU FOR YOUR TESTIMONY TODAY. MY FIRST QUESTION RELATES TO TESTIMONY ON THE ALTERNATIVE MINIMUM... |
| 03:31:42 |
|
THANK YOU. ON THE FIRST ONE, THE ISSUE THERE IS THAT THERE ARE A LARGE RANGE OF CATEGORIES, TYPES... |
| 03:32:43 |
|
DO YOU HAVE ANY IDEA WHAT KIND OF ADDITIONAL PARTICIPATION YOU MIGHT GET IN THIS PUBLIC- PRIVATE PARTNERSHIPS... |
| 03:32:55 |
|
I DO THINK IT JUST MAKES THEM MORE ATTRACTIVE AS AN INVESTMENT BECAUSE THE PENALTY IS NOT THERE. PLUS,... |
| 03:33:04 |
|
WITH RESPECT TO TRANSIT AGENCIES, METRO IN THIS REGION FACES SOME HUGE ISSUES RELATED TO THE ELIMINATION... |
| 03:34:20 |
|
IF WE COULD PURSUE THIS ISSUE, IT IS AN ISSUE THAT I KNOW NEW YORK IS EXPERIENCING. WASHINGTON METRO,... |
| 03:35:14 |
|
I THANK THE GENTLEMAN FROM MARYLAND AND RECOGNIZE THE GENTLE LADY FROM PENNSYLVANIA, CONGRESSWOMAN... |
| 03:35:23 |
|
THANK YOU, MR. CHAIRMAN. THANK YOU FOR YOUR PATIENCE AND THE PANEL'S PATIENTS. THIS HAS BEEN A LONG... |
| 03:40:38 |
|
I THINK TAX CREDIT BONDS HAVE PROVEN TO BE A GOOD TOOL. I THINK THERE WHICH CHALLENGES THAT FIRST... |
| 03:41:38 |
|
I WOULD SIMPLY ECHOED THAT. THE BOARD TOOLS WE HAVE IN THE TOOLBOX, THE MORE OPPORTUNITY WE HAVE. ... |
| 03:41:49 |
|
AGAIN, THE POINT IS THAT THESE ARE NOT MAKE WORK PROJECTS. MAYBE THAT IS THE OTHER THING I WANT TO... |
| 03:42:52 |
|
I THANK THE GENTLEMAN BEFORE YIELDING BACK. LET ME THANK -- |
| 03:42:55 |
|
MR. CHAIRMAN? I DID NOT HAVE THE CHANCE TO BE RECOGNIZED. |
| 03:43:01 |
|
I'M SO SORRY. |
| 03:43:04 |
|
JUST WHEN YOU THOUGHT ALL THE TESTIMONY WAS EXHAUSTED. I WANT TO THANK MR. VAN HOLLEN FOR ASKING A... |
| 03:44:36 |
|
SURE. AGAIN, THE FACT THAT THERE IS A LARGE RANGE OF TYPES OF PROJECTS THAT ARE SUBJECT STILL TO AMT... |
| 03:45:25 |
|
THE PUBLIC IN SOME REGARDS TENDS TO REJECT A GOVERNMENT SPENDING IN GENERAL BUT SUPPORTED IN A SPECIFIC.... |
| 03:47:16 |
|
TO ARGUE THAT WE OUGHT TO CONTINUE BORROWING THE MONEY FOR IRAQ, YOU HEAR PRESIDENTIAL CANDIDATES... |
| 03:48:03 |
|
LET ME THINK THIS PANEL -- THANK THIS PANEL FOR ITS INSURANCE AND SHARING YOUR TIME WITH US -- FOR... |
| 03:52:28 |
|
CHAIRMAN RANDRANGEL, THANK YOU FOR THE CHANCE TO TESTIFY TODAY. THE CURRENT DOWNTURN THREATENS TO... |
| 03:58:58 |
|
THE CHAIR WILL NOW CALL ON AN OLD FRIEND OF THE COMMITTEE, BOB GREENSTEIN, THE EXECUTIVE DIRECTOR... |
| 03:59:11 |
|
THANK YOU VERY MUCH, MR. CHAIRMAN. UNLIKE MOST OF THE OTHER WITNESSES, I HAVE BEEN ASKED TO TALK TODAY... |
| 04:05:36 |
|
CHAIR RECOGNIZES CHRISTINE OWENS, EXECUTIVE DIRECTOR FOR THE NATIONAL EMPLOYMENT LAW PROJECT. THANK... |
| 04:05:43 |
|
THANK YOU. WE APPRECIATE THE OPPORTUNITY TO TALK WITH YOU TODAY ABOUT WHAT CONGRESS CAN DO BETWEEN... |
| 04:11:28 |
|
THANK YOU. I APPRECIATE THE OPPORTUNITY TO BE YHERE. IN MY TESTIMONY, I EXPLAIN WHY THE SHORT RUN... |
| 04:17:03 |
|
THANK YOU. THE CHAIR RECOGNIZES A NEIGHBOR THAT DOES BUSINESS IN THE HARLEM COMMUNITY, MARTELLA TURNER... |
| 04:17:26 |
|
THANK YOU VERY MUCH, CHAIRMAN, RANKING MEMBER, AND MEMBERS OF THE COMMITTEE FOR PROVIDING ME THE OPPORTUNITY... |
| 04:25:02 |
|
THANK YOU VERY MUCH, AND MS. JOSEPH, AND I LOOK FORWARD TO FOLLOWING THROUGH WITH YOU ON THESE ISSUES... |
| 04:25:18 |
|
THANK YOU. IT IS AN HONOR TO BE HERE WITH THE TODAY. THE UNITED STATES ECONOMY IS EXPERIENCING A... |
| 04:31:18 |
|
THANK YOU. |
| 04:31:34 |
|
THANK YOU, MR. CHAIRMAN. I WOULD LIKE TO THANK THE PANEL FOR THEIR PATIENTS AND THEIR INDULGENCE.... |
| 04:36:34 |
|
THANK YOU FOR THAT QUESTION AND THANK YOU FOR YOUR LEADERSHIP ON THESE ISSUES FOR YEARS. WITHOUT... |
| 04:38:54 |
|
WHAT WE DO AT THE STATES WHOSE MEDICAID SYSTEM HAS GONE BROKE? |
| 04:38:59 |
|
THIS IS WHY THE FISCAL RELIEF IS SO CRITICAL. YOU HEARD ABOUT IT A LITTLE BIT THIS MORNING. YOU CAN... |
| 04:39:49 |
|
THANK YOU. |
| 04:40:00 |
|
THANK YOU FOR YOUR TESTIMONY, ALL OF YOU. WE APPRECIATE YOUR PATIENCE TODAY. DOCTORSR. VIARD, YOU... |
| 04:41:46 |
|
THANK YOU, MR. RANKING MEMBER, THIS IS AN IMPORTANT QUESTION. I DO BELIEVE IT IS IMPORTANT TO CONTINUE... |
| 04:43:39 |
|
WOULD YOU AGREE THAT BY AND LARGE IN DECADES PAST, SAY FROM WORLD WAR II FORWARD UNTIL FAIRLY RECENTLY,... |
| 04:43:56 |
|
I THINK THAT IS CORRECT. PROBABLY THE DEGREE OF SUCH COMPETITION HAS BEEN LESS. IT HAS BEEN IN RECEIPT... |
| 04:44:11 |
|
NOT ONLY THAT, BUT CERTAINLY, OUR ECONOMY, POST-IT WILL II -- POST-WORLD WAR II, COMPARED TO MOST... |
| 04:44:39 |
|
I DO AGREE WITH THAT. AS AN ECONOMIST, I CAN PROVIDE A PERSPECTIVE FROM THE ECONOMICS PERSPECTIVE.... |
| 04:45:07 |
|
AND THE REASON FOR THAT IS THAT THE EUROPEANS HAVE GOTTEN THEIR ACT TOGETHER ECONOMICALLY MORE SO... |
| 04:45:48 |
|
YES, I AGREE. |
| 04:45:50 |
|
TAKE ALL OF THAT TOGETHER AND THEN EXAMINE THE RELATIVE TAX SYSTEMS WITH RESPECT TO THE SAVINGS AND... |
| 04:47:28 |
|
SINCE THERE IS SOME DISCUSSION ABOUT A STIMULUS PACKAGE, THOUGHT OF ASKING QUESTIONS ABOUT THAT AND... |
| 04:48:42 |
|
I THINK THERE IS A BASIC AGREEMENT THAT OUR ECONOMY HAS NOT STARTED TO RECOVER, RIGHT? I THINK ALL... |
| 04:50:29 |
|
I AM UP ON INFRASTRUCTURE. HE'S MY FRIEND AND WE OFTEN DEBATE SUCH THINGS. HIS ANALYSIS, I WOULD ARGUE,... |
| 04:53:49 |
|
MY TIME IS UP. MAYBE SOMEBODY WHO COMES AFTER ME -- LET'S STICK TO THE FIVE AND IT WILL. MAYBE THEY'LL... |
| 04:54:31 |
|
THE JOMON FROM GEORGIA. -- THE GENTLEMAN FROM GEORGIA. |
| 04:54:39 |
|
I WILL GIVE HIM A CHANCE TO RESPOND AFTER HE ANSWERS A COUPLE OF MY QUESTIONS. THE FIRST STIMULUS... |
| 04:54:50 |
|
IS HARD TO MAKE A PRECISE DETERMINATION. EMPIRICAL STUDIES HAVE FOUND ONLY A MODEST FORTUNE, LESS... |
| 04:55:03 |
|
-- ONLY A MODEST PORTION. |
| 04:55:07 |
|
YOU SAY SOME NATIONS ARE TRYING TO KEEP TAX RATES HIGH. ISN'T THAT THE MISSION OF THE LECD? |
| 04:55:17 |
|
I'M NOT SURE THEY VIEW THEIR MISSION THAT WAY, BUT THERE ARE PROPOSALS FOR COOPERATION OR COLLUSION... |
| 04:55:40 |
|
WOULD LIKE TO RESPOND TO THE OTHER COMMENTS? |
| 04:55:42 |
|
I DRAW A DISTINCTION TO RUB MY TESTIMONY THAT I WOULD LIKE TO REITERATE. SHORT RUN FISCAL STIMULUS... |
| 04:57:44 |
|
AS FAR AS IMPROVING DIVERSITY IN THE NATIONAL PARKS, IT BUT WOULD NOT ADD TO THE STIMULUS OF THE ECONOMY?... |
| 04:57:50 |
|
I DID NOT HEAR THAT QUESTION? |
| 04:57:53 |
|
A STUDY ON IMPROVING DIVERSITY IN NATIONAL PARKS IS NOT VERY STIMULUS TO THE ECONOMY? |
| 04:57:58 |
|
IT WOULD NOT SEEM TO BE. |
| 04:58:01 |
|
THERE WERE SOME INTERESTING COMMENTS ON YOUR OBSERVATIONS OF THE PROVISIONS IN THE PENSION REFORM... |
| 04:58:19 |
|
THE PENSION PROTECTION ACT ITSELF WAS DESIGNED TO MAKE SURE PENSION PLANS ARE PROPERLY FUNDED TO MEET... |
| 04:58:37 |
|
DO YOU THINK THE STIMULUS PACKAGE SHOULD PUT MONEY INTO PENSION FUNDS? |
| 04:58:42 |
|
NO, WHAT I WAS ABOUT TO SAY IS THAT RIGHT NOW, WE HAVE, IS A SITUATION WHERE EMPLOYERS WHO DEFINED... |
| 05:00:15 |
|
THANK YOU. |
| 05:00:20 |
|
ONE OF THE THINGS THAT TROUBLED ME IN THE $700 BILLION BAILOUT, WHICH WAS SUPPOSED TO BE AIMED AT... |
| 05:01:54 |
|
I THINK WHERE YOU ENDED UP IS WHERE I WOULD START. THIS IS A MATTER OF REGULATION AND OVERSIGHT AND... |
| 05:04:40 |
|
IS IT ALL IN THE BANKING COMMITTEE OF REGULATION OR ARE THERE THINGS IN THE TAX CODE THAT NEED TO BE... |
| 05:04:53 |
|
I THINK IT HAS GOT TO BE -- MY INCLINATION IS IT IS MOSTLY THE FORMER AND NOT THE LATTER. |
| 05:04:59 |
|
I DON'T THINK THERE ARE MANY TAX IMPLICATIONS I AM AWARE OF? |
| 05:05:05 |
|
I WOULD LIKE TO ASK A QUESTION ABOUT REFORM OF THE UI SYSTEM. WHAT IS WRONG WITH THIS SYSTEM OR WHO... |
| 05:05:25 |
|
THE BENEFICIARIES WOULD BE THE PEOPLE WHO ARE MOST LIKELY TO LEAD -- MOST LIKELY TO NEED THE UI SYSTEM.... |
| 05:05:43 |
|
THERE IS MORE VOLATILITY IN THE LOW WAGE LABOR MARKET AND HIGH WAGE EARNERS. WHEN THEY ARE UNEMPLOYED,... |
| 05:07:27 |
|
EXPLAIN THE BUSINESS ABOUT WORKING PART TIME. IF I GET LAID OFF AND TAKE A PART-TIME JOB, I AM PUTTING... |
| 05:07:46 |
|
NOT IN MOST STATES. HAS TO DO WITH THE EARNINGS THRESHOLD AS WELL AS MANY STATES JUST DON'T CONSIDER... |
| 05:08:41 |
|
THANK YOU. |
| 05:08:48 |
|
THANK YOU, MR. CHAIRMAN. I FOUND THIS TO BE A VERY INTERESTING DAY AND I CAME IN SPECIFICALLY OF A... |
| 05:10:05 |
|
THANK YOU FOR GIVING ME THE OPPORTUNITY TO DO IT IN PLAIN SPEAK. IT'S A LITTLE EASIER. [LAUGHTER] ... |
| 05:10:49 |
|
HE TALKED ABOUT THE CYCLICAL NATURE AND IRONICALLY, WHEN THE MARKET IS UP, THE VALUE OF PLAN ASSETS,... |
| 05:11:25 |
|
I WILL TELL YOU THAT I AM LOOKING AT THIS CHART AND I NOTICE THAT IN THE LATE 1990'S, THAT IS WHEN... |
| 05:12:14 |
|
I THINK THE PENSION PROTECTION ACT, PART OF THE PROBLEM RIGHT. IN GOOD TIMES, THEY CAN FIND MORE.... |
| 05:12:21 |
|
UNFORTUNATELY, THAT IS ABOUT SIX YEARS TOO LATE. WE WOULD LOVE TO HAVE SEEN THIS IN THE LATE 1990'S.... |
| 05:12:26 |
|
WHEN I SAID THAT PART OF IT RIGHT, THEY GOT PART OF IT WRONG. THEY DO ALLOW THE FUNDING GOOD TIMES,... |
| 05:12:34 |
|
ABSOLUTELY. IT IS IRONIC THAT THE PENSION PROTECTION ACT COMES ALONG AND HAS RULES IN THEIR TO AGGRESSIVELY... |
| 05:13:26 |
|
THIS CHART WAS DONE BY THE CENTER FOR RETIREMENT RESEARCH. THIS IS UP AT BOSTON COLLEGE AND THE DISTANT... |
| 05:13:57 |
|
LET'S START BY LOOKING AT 2007. IF YOU NOTICE ON THE CHART, IT IMPLIES THAT IN 2007, WE HAD PLANS... |
| 05:14:27 |
|
YOU ARE ABSOLUTELY RIGHT. NONE OF US WANT INSOLVENT PENSION PLANS. NONE OF US WANTS A BURDEN FALLING... |
| 05:14:58 |
|
ABSOLUTELY. |
| 05:15:00 |
|
SO AS THE MARKET RECOVERS, THE FUNDING WILL RECOVER ALSO IN LARGE PART? OR, TO THE EXTENT WE PLACE... |
| 05:15:32 |
|
I ABSOLUTELY AGREE. AND I MIGHT ADD ANOTHER THING -- IF YOUR PLAN IS NOT FROZEN, WHAT IS GOING TO... |
| 05:16:29 |
|
MY FINAL QUESTION AND I APPRECIATE COMMUNITIES -- COMMITTEES INDULGENCE ON TIME. I BELIEVE THIS IS... |
| 05:17:09 |
|
I ABSOLUTELY AGREE WITH THAT. I HAVE SOME SUGGESTIONS HERE. I HAVE A COUPLE IN A WRITTEN STATEMENT... |
| 05:17:35 |
|
EVEN TAKING IT TO PRE- PPA? |
| 05:17:42 |
|
20% WOULD BE HELPFUL, AND 30% WOULD BE EVEN MORE HELPFUL. GIVE A TWO OR THREE-YEAR WINDOW. WE OPENED... |
| 05:18:31 |
|
THANK YOU VERY MUCH. MR. CHAIRMAN, IF WE CONSIDER WHETHER WE ARE GOING TO DO ANYTHING IN A LAME-DUCK... |
| 05:18:57 |
|
IF I MAY RAISE ONE QUICK POINT -- I WOULD LOVE TO SEE SOMETHING BEFORE YEAR-END. COME YEAR AND, WE'RE... |
| 05:19:10 |
|
THIS IS TIME SENSITIVE. |
| 05:19:12 |
|
YES, IT IS TRUE WE WOULD ALL LOVE TO WORK WITH MR. BUSH TO MAKE IT HAPPEN BEFORE YEAR'S END. |
| 05:19:20 |
|
AND EDDIE HAVE TO CATCH A PLANE, DO YOU HAVE TIME? |
| 05:19:27 |
|
THANK YOU VERY MUCH FOR GIVING OF YOUR TIME FOR A FEW MINUTES. I WANT TO ASK SOMETHING -- THIS IS... |
| 05:21:52 |
|
I THINK THE ANSWER IS QUITE CLEAR. WE CANNOT SIMPLY CONTINUE TO PUT PATCHES ON THIS SYSTEM. WE COULD... |
| 05:22:34 |
|
HOW EASY THAT COMPREHENSIVE REFORM? |
| 05:22:36 |
|
I THINK THERE ARE MANY GOOD IDEAS ON THE TABLE. WE BUILD ON OR WORKS TODAY. OUR PUBLIC SYSTEM, PRIVATE... |
| 05:23:33 |
|
IT SEEMS TO ME THE WAY WE DELIVER HEALTH CARE SERVICES IN THIS COUNTRY IS -- IF YOU EXCUSE BE FREEZING,... |
| 05:24:26 |
|
YOU ARE ASKING SOMEONE WHO HAS SPENT A LIFETIME ON THIS. I HAVE SEVERAL PAPERS IN A BOOK CHAPTER COMING... |
| 05:25:46 |
|
THANK YOU, MR. CHAIRMAN. I KNOW THE HOUR IS LATE AND A PANEL HAS BEEN GREAT. THIS HAS BEEN VERY INTERESTING.... |
| 05:26:51 |
|
I HAVE A QUICK ANSWER AND THEN BACK TO BOB. THERE IS A RULE OF THUMB THAT SAYS FOR EVERY PENNY GAS... |
| 05:27:34 |
|
LET ME ASK REAL QUICK AS FAR AS PRIORITIES -- WHERE SHOULD OUR FOCUS BE? SHOULD WE BE MORE FOCUSED... |
| 05:28:08 |
|
BOTH THE SHORT-TERM AND LONG- TERM ARE IMPORTANT, BUT I WOULD DISTINGUISH AMONG THEM. THERE IS A QUICK... |
| 05:28:31 |
|
UNEMPLOYMENT, FOOD STAMPS? |
| 05:28:32 |
|
THE QUESTION IS WHAT TO DO. WE ARE IN A STEEP DOWNWARD SLIDE RIGHT NOW. A LOT OF ECONOMISTS BELIEVE... |
| 05:31:15 |
|
LET ME CONCLUDE BY ASKING, WHEN WE START GETTING WORRIED ABOUT THE LONG-TERM STRUCTURAL DEFICITS BEING... |
| 05:31:25 |
|
WE SHOULD BE WORRIED ABOUT THAT AS WELL. I DO WANT THE PERFECT TO BE THE ENEMY OF THE GOOD. IN AN... |
| 05:33:33 |
|
I WOULD AGREE. THANK YOU FOR YOUR TESTIMONY. THANK YOU, MR. CHAIRMAN. |
| 05:33:45 |
|
THANK YOU, MR. CHAIRMAN, AND THANK YOU TO ALL OF YOU FOR YOUR TESTIMONY HERE TODAY. I THINK WE ALL... |
| 05:36:00 |
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MY ANSWER IS YES. THE PROVISIONAL ON THE POINT THAT MUCH OF THIS IS FAIRLY NEW STUFF. THE EVIDENCE... |
| 05:37:25 |
|
IF I COULD ADDRESS THAT -- I THINK IT IS IMPORTANT TO DISTINGUISH BETWEEN DIFFERENT TYPES OF POLICY... |
| 05:38:17 |
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THESE ARE ALL IMPORTANT INCENTIVES FOR NATIONAL POLICY GOALS, BUT YOU ARE RIGHT. YOU ARE TALKING ABOUT... |
| 05:38:52 |
|
YOU ALWAYS WANT TO BE CAREFUL TO MAKE THE DISTINCTION BETWEEN THINGS THAT ARE GOOD POLICY AND YOU... |
| 05:39:36 |
|
I AGREE. THERE ARE TWO QUESTIONS HERE -- WHAT EXTENT TO THESE INVESTMENTS IN GREEN ENERGY MAKE SENSE... |
| 05:39:59 |
|
ONE FURTHER POINT -- IS TESTIMONY LAST WEEK AND GIVEN BY A PROFESSOR FROM THE UNIVERSITY OF MASSACHUSETTS... |
| 05:40:39 |
|
I WOULD LIKE TO GET ALL THAT. THANK YOU. |
| 05:40:43 |
|
WE WANT TO THANK THE PANEL. I DON'T KNOW WHAT TIME YOU GOT HERE OR WHAT TIME YOU WERE TOLD IT WOULD... |
| 05:41:51 |
|
AS THIS HEARING WRAPS UP, A COUPLE OF NEWS STORIES -- THE FEDERAL RESERVE CUT A KEY INTEREST RATE... |
NOTE: The transcript for this program was compiled from uncorrected Closed Captioning.
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