| 00:00:34 |
Conrad, Kent - U.S. Senator, [D] North Dakota
IS OUR INTENTION WITH RESPECT TO GOING TO A MARKED UP. I WANT TO MAKE CLEAR TO EVERYONE THAT I INTEND TO GO TO A MARKED UP IN THE COMMITTEE, AND I WANT...
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| 00:13:23 |
Sessions, Jefferson "Jeff" - U.S. Senator, [R] Alabama
SAY, CONFIDENCE IN OUR BUSINESS WORLD AND THE WORLD AROUND THAT WE HAVE OUR HOUSE IN ORDER. ONE OF THE THINGS THAT IS DESTABILIZING OUR RETURN TO GROWTH,...
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| 00:24:14 |
Blinder, Alan S. - Vice Chair
HERE. I APPRECIATE IT. >> CHAIRMAN KONRAD, RANKING MEMBER SESSIONS, MEMBERS OF THE COMMITTEE, I WOULD LIKE TO THANK YOU FOR THE OPPORTUNITY TO SHARE MY...
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| 00:32:06 |
Prakken, Joel - Chair
ME TO DISCUSS THE RISK AROUND THE U.S. AND GLOBAL ECONOMIC OUTLOOK FOR THE U.S. AND WHAT POLICY MIGHT DO TO IMPROVE IT. OUR OUTLOOK FOR 2012 WAS DARK....
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| 00:40:09 |
Brannon, Ike - Director
AS AN ECONOMIST, WHEN MY JOBS WAS TO -- AND FOR MEMBERS OF THE ECONOMIC FORECAST, I JUST WANT TO GIVE THE WARNING THAT IT IS REALLY DIFFICULT TO DO ECONOMIC...
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| 00:47:09 |
Conrad, Kent - U.S. Senator, [D] North Dakota
FOR ANYONE INTIMATELY FAMILIAR WITH THE TAX CODE, AS I KNOW YOU ARE, WE ARE WAY PAST TIME TO FUNDAMENTALLY REFORM IT. IT IS AN ABOMINATION. IF YOU WERE...
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| 00:48:05 |
Cardin, Benjamin "Ben" L. - U.S. Senator, [D] Maryland
THAT TODAY, WE WOULD BE FACED WITH UNEMPLOYMENT RATES THAT ARE MUCH HIGHER AND OPTIONS THAT ARE MUCH FEWER. I ALSO TAKE AWAY FROM THIS, MR. CHAIRMAN,...
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| 00:50:56 |
Blinder, Alan S. - Vice Chair
UNDER WATER IN THE MORTGAGES, WHICH IN AN IDEAL WORLD, I WOULD. IN 2008, ADVOCATED THAT, BUT IT IS NOT GOING TO HAPPEN. THERE IS SOMETHING MUCH SIMPLER,...
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| 00:52:32 |
Prakken, Joel - Chair
BULLET THAT CAN FIX THE HOUSING MESS. IT WILL, UNDER ALL CIRCUMSTANCES, BE A LONG AND DRAWN-OUT AFFAIR. BUT I THINK WE CAN AGREE THAT TO DATE, THE PROGRAM...
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| 00:53:50 |
Cardin, Benjamin "Ben" L. - U.S. Senator, [D] Maryland
AN INCONSISTENCY AMONG BANKING INSTITUTIONS. SOME ARE VERY HAPPY TO TRY TO WORK THINGS OUT BECAUSE THEY UNDERSTAND IT. OTHERS ARE VERY REMOTE, AND HE...
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| 00:57:25 |
Johnson, Ronald "Ron" Harold - U.S. Senator, [R] Wisconsin
DEFICIT DOES NOT MAKE A DIFFERENCE -- BLINDER IN TERMS THAT DEBT AND DEFICIT DOES NOT MAKE A DIFFERENCE. I THINK IT MAKES A HUGE DIFFERENCE. DOES THE...
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| 00:59:36 |
Prakken, Joel - Chair
OF QUANTIFYING FOR THE UNITED STATES ECONOMY THE HEALTH CARE AT PIER THE NAME OF OUR FIRM IS MACRO ECONOMIC ADVISERS, AND MUCH OF WHAT IS GOING ON IN...
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| 01:02:12 |
Brannon, Ike - Director
HAVE WITH HEALTH CARE HAS NOT BEEN DEALT WITH BY THE AFFORDABLE CARE ACT. THE RISING ENTITLEMENT COSTS. I THINK THAT IS WHAT REALLY THREATENS GOVERNMENT...
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| 01:03:43 |
Begich, Mark - U.S. Senator, [D] Alaska
STIMULUS. DID NOT REALLY HAVE LONG-TERM IMPACT, AND THAT IS WHERE I WANT TO TAKE A LITTLE EXCEPTION, JUST TO MENTION A COUPLE OF THINGS. WHAT I LEARNED...
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| 01:04:42 |
Prakken, Joel - Chair
CBO -- CBO NEVER WILL ANALYZE THAT. SMALL ROAD CONSTRUCTION PROJECT, THE MOST JAMMED UP INTERSECTION PROJECT IN ANCHORAGE, ALASKA, NOW BECAUSE OF THE...
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| 01:05:43 |
Blinder, Alan S. - Vice Chair
HAVE EDUCATION. SO EVERY TIME I HEAR FROM PEOPLE THAT THE STIMULUS THAT DID NOT DO ANYTHING, IT IS FLAT- OUT WRONG. PROBLEM IS YOU CANNOT SCORE THOSE...
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| 01:06:17 |
Portman, Rob - U.S. Senator, [R] Ohio
I THOUGHT THIS WAS AN ARTICLE -- IF I PRONOUNCE YOUR LAST NAME WRONG, I APOLOGIZE -- YOU HAD A GOOD QUOTATION. I THOUGHT IT WAS INTERESTING. THE 54,000...
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| 01:10:02 |
Prakken, Joel - Chair
SOME OF THE WAYS THEY DO THE STUFF -- IT JUST DOES NOT MAKE SENSE, BUT I WILL LEAVE IT THERE. LET ME ASK A QUICK QUESTION ON THE HOUSING. I AM NOT ONE...
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| 01:10:33 |
Conrad, Kent - U.S. Senator, [D] North Dakota
ON TIME, THEY HAVE DONE IT, EVEN THOUGH THEIR RATES ARE HIGHER THAN THE CURRENT MARKETS -- DOES IT NOT MAKE SENSE JUST TO CREATE A FINANCIAL INSTRUMENT...
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| 01:14:54 |
Merkley, Jeffery "Jeff" - U.S. Senator, [D] Oregon
THIS INCREDIBLY SLOW GROWTH WE HAVE SEEN IN THIS RECOVERY COMPARED TO OTHER RECOVERIES, AND A TRUE JOBLESS RECOVERY. IN 2002, WE CALLED IT THE JOBLESS...
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| 01:23:00 |
Prakken, Joel - Chair
COMMITTEE THAT IS PARTICULARLY COXPRONE TO THESE CREDIT ISSUES ARE THE ONES THAT ARE EXPOSED SOMEHOW TO RELEASE DATE. VADER OWN COMMERCIAL REAL ESTATE...
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| 01:25:05 |
Blinder, Alan S. - Vice Chair
SBLF NOT WORKED IN THAT NOT NEARLY AS MUCH MONEY HAS BEEN PUT OUT FROM IT. I DON'T KNOW IF WHAT JOE JUST FINISHED ON IS PART OF IT. BUT HERE IS SOMETHING...
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| 01:26:03 |
Merkley, Jeffery "Jeff" - U.S. Senator, [D] Oregon
THAT THIS IS NOT BANKS REACHING OUT AND APPLYING TO THE PROGRAM. THEY HAD A HUGE INCENTIVE TO APPLY ONLY TO LEND THOSE FUNDS OUT THE DOOR BECAUSE THERE...
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| 01:26:43 |
Brannon, Ike - Director
ON A WEEKLY BASIS LAST YEAR, ASKING ME WHEN TREASURY WAS GOING TO INITIATE THIS. IT JUST TOOK TREASURY SO LONG TO GET THEIR ACT TOGETHER TO INSURE THAT...
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| 01:29:54 |
Prakken, Joel - Chair
STAKE -- PART CARRY OUTOT AND PART STICK. >> AT THIS POINT, I'M ALMOST WILLING TO SUPPORT ANYTHING. >> [LAUGHTER] THANK YOU. SENATOR SESSIONS. >>
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| 01:30:18 |
Thune, John R. - U.S. Senator, [R] South Dakota
THANK YOU ALL FOR BEING HERE TODAY TO PROVIDE YOUR INSIGHTS. WE HAVE NOT PASSED A BUDGET RESOLUTION HERE THROUGH THE SENATE IN ALMOST THREE YEARS. THE...
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| 01:32:58 |
Brannon, Ike - Director
IT WOULD CERTAINLY BE A GOOD FIRST STEP AND WOULD MAYBE SIGNAL THAT THE GRIDLOCK THAT WE HAVE SEEN IN THE PAST YEAR OR SO MIGHT BE A THING OF THE PAST....
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| 01:33:29 |
Prakken, Joel - Chair
ANYTHING THAT YOU CAN DO TO MAKE FISCAL POLICY ENHANCE THE FISCAL ENVIRONMENT IN WHICH COMPANIES ARE TRYING TO GROW THEIR BUSINESSES MORE STABLE AND MORE...
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| 01:36:31 |
Brannon, Ike - Director
WE ARE UNDERESTIMATING THE GROWTH IN ENTITLEMENT SPENDING. AS THE DOCTOR POINTED OUT, NOT ONLY DO WE HAVE THE BABY BOOM GENERATION REACHING RETIREMENT,...
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| 01:37:44 |
Conrad, Kent - U.S. Senator, [D] North Dakota
HERE -- THAT IS MY TERMINOLOGY -- BY NEGOTIATIONS THAT STARTED EARLIER IN THE YEAR. THIS YEAR, WE ARE NOT IN THAT SITUATION. IN TERMS OF THE HEARINGS...
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| 01:39:46 |
Whitehouse, Sheldon - U.S. Senator, [D] Rhode Island
THANK YOU, CHAIR. I THINK THE CHAIRMAN CAN PROBABLY PREDICT WHAT I'M GOING TO JUMP INTO, BECAUSE THIS DISCUSSION OF HEALTH CARE IS ALWAYS SO FRUSTRATING...
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| 01:44:57 |
Brannon, Ike - Director
IT STANDS, MY FATHER IS A BANKRUPTCY LAWYER IN PEORIA, ILLINOIS. I AM WELL AWARE THE YOU WERE IN CHARGE OF BANKRUPTCY. MY FATHER WOULD LOVE TO RUN MANY...
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| 01:47:31 |
Conrad, Kent - U.S. Senator, [D] North Dakota
THE SENATOR. >> COULD YOU SUBMIT FOR THE RECORD? >> WE COULD DO THAT. WE HAVE BEEN TOLD THE VOTE IS HARD WIRED FOR NOON. CENTRE SESSIONS AND I HAVE WITHHELD...
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| 01:48:01 |
Sessions, Jefferson "Jeff" - U.S. Senator, [R] Alabama
LITTLE OVER, I WAS AT THE HOME OF OWL BLANTON IN ALABAMA AND WE HAD A TOWN-HALL TYPE MEETING AT HIS HOUSE. WE LOST HIM RECENTLY, BUT EVERYBODY TALKED....
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| 01:53:54 |
Prakken, Joel - Chair
DO NOT DO SOMETHING. PROTECTING YOUR CORRECT. THE CURRENT FISCAL -- >> I THINK YOU ARE CORRECT. THE CURRENT FISCAL POLICY IS NOT SUSTAINABLE. IT WILL...
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| 01:54:24 |
Blinder, Alan S. - Vice Chair
IS TOTALLY UNSUSTAINABLE, COMPLETELY UNTHINKABLE AND IT IS ALMOST ENTIRELY, AS CAME OUT IN THIS HEARING, DUE TO RISING HEALTH- CARE COSTS. THAT IS THE...
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| 01:54:57 |
Sessions, Jefferson "Jeff" - U.S. Senator, [R] Alabama
TWO YEARS. THAT WAS A YEAR AGO WHEN HE MADE THAT STATEMENT. YOU ARE TALKING ABOUT MEDICAL COSTS IN THE NEXT 20 TO 30 YEARS, WHICH ARE HORRENDOUS AS YOU...
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| 01:55:33 |
Conrad, Kent - U.S. Senator, [D] North Dakota
COULD WE GO TO 5 MINUTE ROUNDS. WOULD THAT BE ACCEPTABLE? I APOLOGIZE TO MY COLLEAGUES. IN FACT, I TELL YOU WHYAT, LET'S DO SIX FOR THE TWO OF YOU AND...
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| 01:56:04 |
Wyden, Ronald "Ron" Lee - U.S. Senator, [D] Oregon
THE HILL FOR A LONG TIME. MY CONCERN HAS LONG BEEN THAT THE LANE? SECTION -- THE LAME-DUCK SESSION OF THE 20'S OF CONGRESS WILL LOOK VERY MUCH LIKE...
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| 01:57:47 |
Brannon, Ike - Director
WHEN I STARTED AT THE HILL -- AND IT SEEMS TO HAPPEN EVERY SIX MONTHS. HOW DO YOU TIE THE HANDS OF THE NEXT CONGRESS? WHEN I WAS ON THE STAFF OF THE...
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| 01:59:01 |
Nelson, Bill - U.S. Senator, [D] Florida
I THINK THAT MIGHT BE A WAY TO GET IT DONE. OTHERWISE, WE WOULD BE PACKED TO DEATH ON THE FINANCE COMMITTEE. -- PECKED TO DEATH ON THE FINANCE COMMITTEE....
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| 01:59:31 |
Prakken, Joel - Chair
IT CANNOT BE TOO LONG AND DRAWN OUT BECAUSE YOU ONLY HAVE A MONTH LEFT TO MAKE A DECISION. THE DECISION IS WHETHER THE HOLIDAY ENDS AT THE END OF FEBRUARY,...
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| 02:00:58 |
Blinder, Alan S. - Vice Chair
EXTENSION AS ECONOMICALLY RIDICULOUS. IT WAS -- A TWO-MONTH EXTENSION HAS ECONOMIC THE RIDICULOUS. IT WAS THE BEST I COULD BE DONE UNDER THE CIRCUMSTANCES....
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| 02:01:36 |
Prakken, Joel - Chair
AND OVER WHAT TIME FRAME IT WILL BE PAID FOR. IF THE INSISTENCE IS THAT IT WILL BE PAID FOR QUICKLY, THAT MUTES THE EXTENT THAT IT IS PAID FOR OVER A...
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| 02:02:02 |
Brannon, Ike - Director
CHANGES IN TAXES AND SPENDING AND NOT WORRYING ABOUT SHORT- TERM VARIATIONS IN THE BUSINESS CYCLE. I DO NOT THINK THEY CAN DO MUCH ABOUT IT. >> TELL...
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| 02:02:19 |
Nelson, Bill - U.S. Senator, [D] Florida
AND ACCORDING TO WHAT YOU THINK, IF YOU THINK IS GOING BELLY UP ON THE BANKING SYSTEM, TELL US HOW BAD YOU THINK IS GOING TO AFFECT US. DR. BLINDER?...
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| 02:02:38 |
Blinder, Alan S. - Vice Chair
THE TESTIMONY. I THINK THE BEST GUESS -- AND THAT IS THE RIGHT WORD HERE -- THAT THEY WILL -- IF THEY CONTINUE TO KICK THE CAN DOWN THE ROAD, THEY HAVE...
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| 02:03:51 |
Prakken, Joel - Chair
I AM HOPEFUL THAT THE ECB'S DECISION TO LEND MONEY TO BANKS IN THE EUROZONE SO THEY CAN EITHER ACQUIRE SOME OF THIS TROUBLED THE SOVEREIGN DEBT, OR...
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| 02:04:47 |
Conrad, Kent - U.S. Senator, [D] North Dakota
I WILL FORGO MY QUESTIONING ROUND. THIS IS BRILLIANT MANAGEMENT BY THE CHAIRMAN. I LOSE MY CHANCE TO QUESTION THE WITNESSES. BUT I HAVE AN EXTENSIVE...
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NOTE: The transcript for this program was compiled from uncorrected Closed Captioning.