Paul Wolfowitz talked about the impact that the downgrading of Greece, Portugal, and Spain's credit ratings will have on the world's economy. Mr. Wolfowitz also talked about a tax on bank profits and compensation, the pros and cons of a value added tax to help the U.S. economy, and the meeting of G20 labor minister in Washington the previous week, and he responded to telephone calls and electronic communications.

C-SPAN Radio's Bobbi Jackson read news headlines at the end of the program.