Jack Reed

We depend on that when it's fully up to be about 40 percent to almost 90 percent of the movement of passengers.

If we could keep Manas that would be great. If not, we do have other options.

Thank you for holding this important hearing as we begin the process of reauthorizing our nation's surface transportation policy.

We have to take strides in this nation to make sure that our big cities--can avoid that to the greatest extent possible.

One other way, I think, that would link operating assistance would be to those systems that are environmentally advanced.

I would just urge you to take another look at that during authorization.

I think all the questions so far have suggested that we are on the verge of a significant change in the way we fund transit projects and transportation projects.

I think we need a new, more stable funding mechanism for transit across the country.

It seems to be absolutely counterintuitive.

The Fed does not have the authority to simply expend taxpayer dollars.

Mr. Chairman, I am very interested in hearing the witnesses assembled. We have an impressive panel.

I want to thank Professor Coffee for his kind words about our credit rating legislation.

This omnibus we are debating contains an additional $38 million for the Securities and Exchange Commission and the proposed budget of the President is around a 13 percent increase over the 2008 marks going forward.

I share your concerns about Basel II. I think that is clearly part of the causal fabric here for our crisis.

I am alarmed, because if the Fed has that position, it seems to contradict exactly what Mr. Polakoff said he did.

You say that the biggest fault of OTS was not recognizing the magnitude of the situation developing with respect to credit default swaps.

Maximizing the effectiveness of competition

I think that point has to made over and over again, because frankly, people, they are struggling and they are doing their best.

I think there is another message that has to be continually communicated, not just by yourself but by the President.

Thank you very much, Mr. Secretary.

I think we were too, in a sense, beguiled by this notion that we could put everyone in a home.

I want to particularly thank you for is I heard today that within the President's proposal there will be a $1 billion fund to launch the Affordable Housing Trust Fund.

One of the fundamental aspects, I think, of our recovery is stabilizing housing prices and then beginning to get people to go back to work.

I think also the ability to react to the ups and downs of the market is going to be critical.

I am heartened that after 8 long years we finally have an administration that remembers that it reports to Main Street, not to Wall Street.