Thank you.

I join Vice Chairwoman Maloney in thanking the panel of witnesses

before us...

(Off mike.) Thank you, Madame Chair and members

of the committee -- (inaudible) --. Okay, going....

Madame Chair, members of the committee, thank you

for this opportunity to speak in front of...

Thank you, Madame Chairman.

I'd like to make three points this morning. The first is that we

are...

Thank you.

I guess the economy must be in trouble for the JEC to have a

hearing less than...

Sometimes people use a rough rule of thumb that

two successive quarters of decline in real GDP...

I do believe we are already in the recession, and

actually my knowledge would suggest that this...

I think the U.S. economy is in recession. I think

it entered into recession dramatically in...

I like what Dr. Landefeld said a lot and I'll stick

with that. I think the NBER makes the determination...

Thank you, ma'am.

Congress doesn't need much of an excuse to spend more. We tend

to do...

So Congress's actions have hurt rather than help?

Dr. Landefeld?

But as far as the economic impact of export activity

As far as economic scale, that's significant,

though.

But exports, how -- (cross talk) -- dramatically

improved that financial picture.

Our ability to sell our goods and services cross

country have really been sort of the lifeline...

Eight quarters.

Right.

Thank you, Madame Chairwoman. I yield back.

Chairlady Maloney, thank you very

much. And, gentlemen, thank you. It's very interesting to...

Unfortunately my time is over.

Thank you very much, Madame Chairman. And thank

you for holding the hearing. It's very timely...

Okay. Dr. Roubini?

Dr. Johnson?

Okay. Dr. Vedder?

Okay. It adds $700 billion to the national debt.

Our normal activities, independent of that,...

In the quick time -- anybody else? Dr. Johnson?

I would add another point. That is that you have

ask yourself, what's the alternative? Is the...

Thank you very much, Madame

Chairlady.

Mr. Roubin, you -- Dr. Roubini, you said something...

Thank you. I see my time is up.

My view is that six months from now, the biggest

problem that the Fed is going to have to face...

Well, deflation is dangerous for a variety of

reasons, as the experience of Japan in the 1990s...

It helps because in a situation of deflation,

demand is below supply. And because demand is...

Well, I think -- I want to thank you

for holding this hearing. I think it's important to do...

My view is that even before the very severe

financial shocks of September/October, when you...

I suggest you look at three things. The first is

the interest rates, which the market is charging...

Well, I'm kind of old-fashioned. I just -- when I

look at the macro economy, I look, like Dr....

Mr. Hinchey.

Certainly. I think you're making a very important

point. I think there is a longer-term need...

I agree with you that the issue of energy security

is going to be one of the most crucial economic,...

You know, well, how can you talk against technology?

It's like talking against motherhood, I'm...

Senator Bennett.

Senator, you certainly make a valid point

suggesting that eventually the falling oil and energy...

Senator, I think you put your finger on a very

important irony, almost paradox, which is, how...

As an economic historian, I'm amused at this

discussion. Between 1864 and 1896, wholesale prices...

Thank you.

Mr. Cummings.

Thank you. In my written testimony, I suggest very

strongly that unemployment benefits should...

I think the issue with unemployment is going to be

a very serious one. Even during the last...

Okay, thank you for that fine statement.

I thank all of the panelists. You have really given...

Thank you very much, Madame

Chairlady. And we are indeed honored to have three of Maryland's

finest....

Thank you, Madame Chairwoman Maloney and members of

the committee, Congressman Cummings, who's...

Madame Chair, members of the committee, thank you very

much for the opportunity to be here.

First...

Thank you very much, Vice Chairwoman Maloney. And

I thank my congressman, Elijah Cummings, for...

Thank you very much, Madame Chairlady.

Mr. Haskins, many small businesses have had problems...

One of the things that, you know, in our research

-- I also sit on the Government Reform committee,...

Do you see much of a default rate with regard to

your mortgages?

I see my time is up. Thank you.

Yes.

Mm hmm.

I think your comments are just so right on. You

know, many of my colleagues in the banking world...

Thank you for your testimony.

And Congress did pass a mortgage reform bill...

Well, could you clarify? When you say you have to

reserve against those, do they have a specific...

Thank you.

Mr. Fry, I'd like to focus really on a concern that we've heard

repeatedly...

Thank you very much. My time is expired. And,

Mr. Cummings.

Yes, Congressman Cummings, we do, and we've had

public hearings across the state where we hear...

Well, Representative Cummings, we want healthcare

for all for the whole country. That is our...

This problem is across the board and when you start

seeing the defaults that will begin to occur...

Thank you.

One last question. Mr. Haskins, you testified that you did not

invest and participate...

Thank you. And, finally, I'd like to ask all of

the panelists, beginning with you, Mr. Haskins:...

Madame Chair, I think that such a stimulus package that

included aid to state governments and...

Well, thank you, and I'd like to sincerely thank

all the panelists and witnesses for their really...