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| TIME | SPEAKER | TEXT |
|---|---|---|
| 00:00:09 |
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NOW A FORUM ON PROPOSALS FOR ECONOMIC STIMULUS. WE WILL HEAR FROM A PANEL OF ECONOMISTS INCLUDING MOODY'S... |
| 00:00:37 |
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GOOD MORNING. TODAY THE STEERING AND POLICY COMMITTEE AT THE DIRECTION OF SPEAKER OF HOUSE OF REPRESENTATIVES... |
| 00:02:50 |
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THANK YOU VERY MUCH MR. CHAIRMAN AND THANK YOU CHAIRMAN MILLER. THANK YOU CHAIRMAN MILLER, THANK ... |
| 00:07:04 |
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THANK YOU MADAM CHAIR AND I WANT TO SAY THAT I AM COCHAIRING OF THIS HEARING WITH ROSA DELAURO. I... |
| 00:10:04 |
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THANK MY COLLEAGUES AND I SAY THANK YOU TO THE SPEAKER FOR THE FORESIGHT IN CALLING THIS HEARING NOT... |
| 00:13:11 |
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THANK YOU VERY MUCH CONGRESSMAN DELAURO. THE GREEN LIGHT WILL GO ON AND AFTER FOUR MINUTES IN ORANGE... |
| 00:13:41 |
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THANKS FOR THE OPPORTUNITY TO YOU AND THE REST OF THE COMMITTEE. THESE ARE MY OPINIONS AND NOT OF ... |
| 00:18:51 |
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KEN GET A SENSE OF THE MAGNITUDE OF WHAT THEY ARE DOING IN THIS PARTICULAR GRAPHIC. THE SHOWS THE... |
| 00:20:02 |
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EXCUSE ME, THE LIGHT IS NOT WORKING. I AM SORRY. PLEASE SUM UP, GO AHEAD AND FINISH. |
| 00:20:10 |
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TWITTER POINTS. THE THIRD POINT IS THAT AT HOW WE DO NEED IT VERY SIGNIFICANT ECONOMIC STIMULUS PACKAGE.... |
| 00:21:55 |
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CONCEDE THAT. BY THE END OF 2010 THE GAP BETWEEN THE UNEMPLOYMENT RATE WILL BE OVER TWO PERCENTAGE... |
| 00:22:52 |
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THANK YOU VERY MUCH. DR. REICH, WELCOME, GOOD TO SEE YOU. |
| 00:23:00 |
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MR. SPEAKER RANCH CHAIRS-- THANK YOU FOR ARRANGING THIS. AND, THANK YOU ALSO FOR THE WORK THAT YOU... |
| 00:31:17 |
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THANK YOU VERY MUCH. |
| 00:31:18 |
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DR. FELDSTEIN. |
| 00:31:20 |
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THANK YOU VERY MUCH FOR THIS OPPORTUNITY. AS YOU HAVE ALREADY HEARD OF THE CURRENT FINANCIAL CRISIS... |
| 00:31:46 |
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DR. FELDSTEIN IS YOUR MICROPHONE ON? IF YOU COULD SPEAK A LITTLE BIT MORE INTO THE MIC. |
| 00:31:53 |
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THIS DOWNTURN IS VERY DIFFERENT FROM PREVIOUS RECESSIONS. THE CURRENT RECESSION WAS NOT CAUSED BY... |
| 00:38:20 |
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DR. FELDSTEIN IF I MIGHT, IF YOU COULD BEGIN TO SUM UP. |
| 00:38:24 |
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IT WILL ALSO BE POSSIBLE TO DEPART FROM THE MILITARY'S TRADITIONAL INVESTMENT RULES AND BRING IN A... |
| 00:39:00 |
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THANK YOU MR. FELDSTEIN. MR. AUGUSTINE. |
| 00:39:02 |
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IT'S A PLEASURE TO THANK THE SPEAKER AND THE CO-CHAIRS AND MEMBERS FOR AFFORDING ME THIS OPPORTUNITY.... |
| 00:40:48 |
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EVERYBODY'S HAVING A HARD TIME. |
| 00:40:51 |
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THEY INCLUDE THE COST OF LABOR. TODAY IN MEXICO YOU CAN HIRE NINE ASSEMBLY WORKERS FOR THE COST OF... |
| 00:44:57 |
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THANK YOU VERY MUCH, MR. AUGUSTINE. DR. ZUBER? |
| 00:45:01 |
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I WOULD LIKE TO THANK THE SPEAKER, THE CHAIRS AND OTHER DISTINGUISHED CONGRESSIONAL LEADERS FOR THE... |
| 00:51:07 |
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THANK YOU, DR. ZUBER AND ALL OF YOU FOR YOUR TESTIMONY. YOUR THOUGHTFULNESS, YOUR CLARITY AND FOR... |
| 00:51:21 |
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THANK YOU, CONGRESSWOMAN DELAURO AND THE PANEL. I WOULD SAY TO THE PANEL WHILE YOU'VE BEEN SPEAKING... |
| 00:51:52 |
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THANK YOU, MR. CHAIRMAN. BUT ME SAY IT SEEMS TO ME ALL OF US ON THIS SIDE OF THE TABLE HAVE JUST SECURED... |
| 00:52:43 |
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I THINK THAT WOULD BE A SERIOUS PROBLEM. THE ECONOMY IS LEAVING HALF A MILLION JOBS A MONTH AND I... |
| 00:53:43 |
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ANYBODY ON THE PANEL DISAGREE WITH THAT? |
| 00:53:47 |
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JUST TO ELABORATE SLIGHTLY, CHAIRMAN OF OBEY, ECONOMICS AND PSYCHOLOGY ARE VERY CLOSELY ALIGNED. WE... |
| 00:54:50 |
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LET ME ASK DR. ZANDI A SECOND QUESTION. AS I LOOK AT YOUR PAPER YOU HAVE A VERY INTERESTING CHART.... |
| 00:56:01 |
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YOU'VE GOT THAT JUST RIGHT. THAT BY 2012 THE DIFFERENCE IN EMPLOYMENT WILL BE ABOUT 6 MILLION JOBS.... |
| 00:56:41 |
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WELL, THE OTHER THING THAT SURPRISED ME WAS THIS CHART THAT YOU PUT UP ON THE SCREEN. AND I THINK... |
| 00:57:17 |
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THAT IS CORRECT, SIR. YES. |
| 00:57:21 |
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LET ME ASK UNDER THOSE CIRCUMSTANCES WHY SHOULD WE, INSTEAD OF JUST FOCUSING ON PUTTING DOLLARS IN... |
| 00:57:46 |
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I THINK ONE OF THE MOST IMPORTANT THINGS YOU CAN DO AND SHOULD DO IS GIVE AID TO THE STATE GOVERNMENT.... |
| 00:57:52 |
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WHY? |
| 00:57:54 |
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IF YOU DON'T, VERY QUICKLY WITHIN A MATTER OF WEEKS AND MONTHS WE WILL SEE PROGRAMS CUT AND LAYOFFS... |
| 00:58:40 |
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THE GENTLEMAN'S TIME HAS EXPIRED. |
| 00:58:41 |
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I WOULD RECOGNIZE THE CHAIRMAN OF THE WAYS AND MEANS COMMITTEE MR. RANGEL. |
| 00:58:46 |
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LET ME BRIEFLY THANK OUR SPEAKER AND CO-CHAIRS FOR GIVING US THIS OPPORTUNITY AT LEAST TO SEE MORE... |
| 01:02:25 |
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MR. CHAIRMAN, ABSOLUTELY. THE FORMULAS AND CRITERION OUGHT TO BE MANDATED. GOVERNORS SHOULD BE GIVEN... |
| 01:03:03 |
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LET ME CALL ON YOU FOR SOME DIRECTION ON THE COMMITTEE BASED ON OUR EXPERIENCES. AND I WOULD LIKE... |
| 01:03:54 |
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WELL, I THINK YOUR CHAMPIONING OF REDUCING THE CORPORATE TAX RATE IS AN IMPORTANT THING, AND I KNOW... |
| 01:04:45 |
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WE AGREE ON THE POSITIVE PART OF THIS. WHAT I'M SAYING PUBLICLY, SIX TRY POULSON HAD AGREED THAT MANY... |
| 01:05:17 |
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NOPE, NOPE. PROVIDING THEM WITH THE OPPORTUNITY, PROVIDING THE BUDGET FOR THE ARMY AND THE NAVY TO... |
| 01:05:42 |
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WELL, I WOULD LIKE TO SEE THE EMPHASIS ON GETTING PEOPLE IN THE PRIVATE SECTOR RATHER THAN BELIEVING... |
| 01:05:51 |
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THE GENTLEMAN'S TIME IS EXPIRED. I WOULD LIKE NOW TO RECOGNIZE THE CONGRESSMAN VELAZQUEZ. |
| 01:05:59 |
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THANK YOU. SECRETARIES REICH, YESTERDAY PRESIDENT-ELECT BARACK OBAMA STATED THAT WE ARE FACING TRILLION... |
| 01:06:40 |
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THE CRITICAL THING WE NEED TO BE PAYING ATTENTION TO WITH REGARD TO THE DEBT IN MY VIEW IS THE RATIO... |
| 01:07:41 |
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THANK YOU. SO, IT IS YOUR OPINION THAT YOU BELIEVE THE RISKS ASSOCIATED WITH A LARGE AND SUSTAINED... |
| 01:08:16 |
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THANK YOU. DR. ZANDI, THE LAST SIX MONTHS CREDIT CONDITIONS HAVE DETERIORATED SIGNIFICANTLY. BUSINESSES... |
| 01:08:57 |
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I THINK A SIGNIFICANT PROPORTION OF IT SHOULD BE USED FOR A VERY LARGE FOR CLOSURE MITIGATION PLAN.... |
| 01:10:31 |
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MR. FELDSTEIN, TO HAVE AN OPINION TO HOW THIS REST OF THE $350 BILLION SHOULD BE SPENT BY THE NEXT... |
| 01:10:41 |
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I AGREE WITH MARK ZANDI THE FIRST PRIORITY SHOULD BE TO FIXING THIS PROBLEM HIGH LOAN-TO-VALUE MORTGAGES... |
| 01:11:54 |
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THANK YOU. THANK YOU, MR. CHAIRMAN. |
| 01:11:59 |
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MR. OBERSTAR, CHAIR OF THE TRANSPORTATION COMMITTEE. |
| 01:12:02 |
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THANK YOU, MADAME CHAIR, MADAM SPEAKER FOR BRINGING US TOGETHER AND FOR THIS FORUM. I THANK ALL THE... |
| 01:13:03 |
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THAT'S CORRECT, THAT IS MY ESTIMATE. YES. |
| 01:13:06 |
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THAT IS THE FORMULA WE USE AND SECONDLY HE SAID WE NEED TO DO THIS QUICKLY. DR. REICH SAID THE SAME... |
| 01:16:58 |
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HE'S GOT TO CONSULT WITH HIS LAWYER. YOU WANT TO CONSULT WITH YOUR ATTORNEY? [LAUGHTER] |
| 01:17:03 |
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IT SOUNDS RIGHT. [LAUGHTER] THIS IS -- |
| 01:17:07 |
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CHAIRMAN OBEY SAID ON THE RADIO PROGRAM I HEARD THIS MORNING, AS I THINK WE ARE ON THE RIGHT TRACK.... |
| 01:17:13 |
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THE ONLY CAUTION THAT I WOULD THROW OUT IS YOU OBVIOUSLY WANT TO DO IT RIGHT. YOU JUST WANT TO SPEND... |
| 01:17:34 |
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AND TO ANSWER THAT CONCERN, WE HAVE REQUIRED AS IN THE CASE OF THE STATE OF MINNESOTA A LISTING AND... |
| 01:18:02 |
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THE CHAIRMAN'S TIME HAS EXPIRED. WE STILL THINK IT'S A GREAT IDEA. [LAUGHTER] MR. WAXMAN, CHAIRMAN... |
| 01:18:13 |
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I WANT TO THANK SPEAKER POLICY AND THE SHARES FOR CONVENING AS FOR THIS MEETING TODAY AND TO UNDERSTAND... |
| 01:20:20 |
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ABSOLUTELY, MR. CHAIRMAN. AND WHEN WE TALKED BEFORE ABOUT ONE OF THE FASTEST AND MOST IMPORTANT WAYS... |
| 01:20:48 |
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A LOT OF PEOPLE SAY WHY CAN THE STATES HANDLE THEIR OWN PROBLEMS. THEY ARE REQUIRED TO MEET THE NEEDS... |
| 01:22:14 |
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YES, I DO. I THINK IT'S ALSO IMPORTANT TO ACKNOWLEDGE THAT MANY WORKERS WHO LOSE THEIR JOBS ALSO LOSE... |
| 01:22:58 |
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DR. ZANDI? |
| 01:23:00 |
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WE ARE GOING TO REINFORCE THE POINT WHICH IS EARLIER IN THE DECADE WE DID A SIMILAR KIND OF THING... |
| 01:23:29 |
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THIS IS WHY THINK WE NEED TO DO TEMPORARILY TO DEAL WITH THE ECONOMIC RECOVERY BUT IT ALSO UNDERSCORES... |
| 01:23:56 |
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THE GENTLEMAN'S TIME IS EXPIRED. |
| 01:23:59 |
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MR. SPRATT, CHAIRMAN OF THE BUDGET COMMITTEE. |
| 01:24:06 |
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THANK YOU VERY MUCH, MR. CHAIRMAN AND PARTICULARLY THE LEEDY FOR CALLING THIS HEARING. TO UNDERSCORE... |
| 01:25:14 |
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YES, I WOULD LIKE TO RESPOND TO THAT. I WOULD CERTAINLY AGREE WE HAVE A PROBLEM OF THAT MAGNITUDE THAT... |
| 01:25:51 |
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MR. FELDSTEIN, YOU HAVE WRITTEN SEVERAL OP-ED PIECES. ONE WAS TO SUPPORT THE IDEA OF SOME INVENTION... |
| 01:27:12 |
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ABSOLUTELY. I THINK THAT YOU CAN PROVIDE A SHORT-TERM DROP PROGRAM, BUT YOU CAN'T GET LONG-TERM SUSTAINED... |
| 01:27:58 |
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MR. REICH? |
| 01:27:59 |
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MR. CHAIRMAN, I AGREE COMPLETELY. IT WOULD BE HARD FOR ANY STIMULUS TO SUCCEED IF MANY MILLIONS OF... |
| 01:29:14 |
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THE GENTLEMAN'S TIME IS EXPIRED. THANK YOU. MR. GORDON? |
| 01:29:18 |
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MR. GORDON? |
| 01:29:19 |
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THANK YOU. I THINK IT IS NOTEWORTHY AS I HAVE LISTENED TO THIS PANEL THERE HAS BEEN SUCH A CONSENSUS... |
| 01:31:36 |
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MARKET INDUSTRY HAS FOUND A SOLUTION TO ITS PROBLEM. IF IT CAN'T FIND TALENTED PEOPLE HERE, QUALIFIED... |
| 01:32:21 |
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WOULD YOU LIKE TO TONE ON THAT? |
| 01:32:24 |
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YEAH. I BUILD SPACE FLIGHT INTERPRETATION FOR A LIVING. WHEN I WAS ON PRESIDENT BUSH'S BALANCE FOR... |
| 01:33:20 |
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LET ME JUST CONCLUDE BY SAYING THAT I HAVE A LETTER SIGNED BY 250 REPRESENTATIVES OF BUSY, ACADEMIA... |
| 01:33:41 |
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I'D LIKE TO RECOGNIZE CONGRESSWOMAN DeLAURA. |
| 01:33:47 |
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I HAVE TWO QUESTIONS. I'LL SPEAK QUICKLY TO ACCOMMODATE OTHER COLLEAGUES. MUCH OF THE TALK HERE ON... |
| 01:35:55 |
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COULD I -- I'LL JUST COMMENT AS AN EXAMPLE ON THE ELECTRICITY GRID IN THE UNITED STATES. WE'RE UP... |
| 01:36:39 |
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WITH REGARD TO YOUR PROPOSAL, CERTAINLY THERE NEEDS TO BE SOME KIND OF AN ENTITY. YOU CALL AT IT BANK.... |
| 01:37:26 |
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YES. MADAM CHAIRMAN, COUPLE POINTS. CLEARLY SOME ENTITY THAT LEVERAGES PRIVATE MONEY WITH A BASE... |
| 01:39:25 |
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I DO CONCUR. I JUST WANT TO SAY THAT THERE'S A LOT OF DISCUSSION ABOUT THE HE CAN CASSIE OF THE TAX... |
| 01:40:01 |
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THANK YOU. |
| 01:40:02 |
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THANK YOU. IF MIGHT RECOGNIZE MYSELF AS CHAIR OF THE EDUCATION COMMITTEE. AND I JUST LIKE TO FOLLOW... |
| 01:42:32 |
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YOU'VE STATED IT ELOQUENTLY. |
| 01:42:38 |
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I'LL STOP RIGHT THERE. |
| 01:42:42 |
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I THINK IT IS IMPORTANT THAT WE RECOGNIZE THAT IT IS EDUCATION AND BASIC RESEARCH THAT DRIVES OUR... |
| 01:43:57 |
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LET ME GIVE YOU SPECIFICS. WHEN I HIRE AN ASSISTANT PROFESSOR WHO IS AN EXPERIMENTALIST, IT COST ME... |
| 01:45:43 |
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A YES OR . NO WHEN WE TALKED ABOUT AARPE YOU TALKED ABOUT BRINGING THE MOST PROMISING ELEMENTS FORWARD.... |
| 01:45:55 |
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THAT'S CORRECT. IT'S EXTREMELY IMPORTANT THERE BE A MIXED PORTFOLIO. YOU HAVE TO TRY HIGH-RISK PROJECTS... |
| 01:46:15 |
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WE MIGHT. |
| 01:46:16 |
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DON'T ALWAYS KNOW. |
| 01:46:17 |
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THANK YOU VERY MUCH. I'D LIKE TO RECOGNIZE THE SPEAKER. |
| 01:46:23 |
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THANK YOU VERY MUCH, MR. CHAIRMAN I WANT TO THANK YOU AND CONGRESSWOMAN DeLAURO AND MEMBERS FOR HOST... |
| 01:49:25 |
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THANK YOU VERY MUCH. I THINK THE MESSAGE IS AMERICA COMPETES. IF I HAVE TO SAY ONE THING THAT IS OF... |
| 01:50:27 |
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WE CAN CREATE NEAR-TERM JOBS BY SPENDING MONEY. TO SOLVE THE REAL PROBLEMS IN OUR ECONOMY IN MY JUDGMENT... |
| 01:51:33 |
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MADAM SPEAKER AND MEMBERS AND CHAIRS. THANK YOU AGAIN FOR CALLING THIS FORUM. ALL I HAVE TO SAY IS... |
| 01:52:24 |
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I, TOO WANT TO THANK EVERYONE FOR THE OPPORTUNITY TO BE HERE TODAY AND TO GIVE YOU MY VIEWS. IT'S... |
| 01:53:48 |
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PUNCTUATE EACH ONE WITH THE BELLS. THE GREAT COORDINATION WE'RE ABLE TO PROVIDE HERE. THANK YOU AGAIN... |
NOTE: The transcript for this program was compiled from uncorrected Closed Captioning.
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