Jack Reed

Many economists indicate that that is a very wise investment, since for every dollar of benefits, you get roughly $1.60 in GDP growth.

In fact, the Open Market Committee indicates that it could reach 9.2 percent in 2009 and 2010.

The labor market is very weak but the declines might be tempered a bit because of the availability of extended unemployment benefits.

I think what my colleagues have said is that despite the first step by the Federal Reserve, we have to be very, very sensitive to the capacity and willingness of the Federal Reserve to actually protect consumers when it comes to credit…

You have to move aggressively, clearly, and to start working.

There is an over-correction going on in the marketplace which argues very strenuously for decisive action, which I hope is forthcoming.

Thank you, Mr. Chairman.

If we are going to bear the risk of these investments, then taxpayers should have the benefits in the future.

I believe that the Treasury Department and these institutions should consider very seriously making the bonus pools consist of the troubled assets.

I recognize that there is a need to maintain and keep talent in these institutions...

The valuation of these assets is going to be absolutely critical.

Thank you, Mr. Chairman, and thank you, Chairman Volcker, for not only your testimony, but for your service on this G-30 Commission as well as so many other commissions.

But I think you are quite correct that this is the next area for these investigations to go.

If we seek subpoena power, we would go to the Commission.

Would an issue of this magnitude or this repetition or this seriousness be brought to the attention of individual Commissioners or the Commission?

Secretary Gates, do you plan on focusing more effort on energy research and on investing in manufacturing of advanced energy technologies?

What are the major challenges you see facing DOD laboratories and technical centers as they seek to stay technically competitive with their Federal, industry, academic, and global peers?

This is a singular act of patriotism.

This is an interagency effort, that military action will buy time, but without effective economic development, political institution capacity-building, it will be a very difficult challenge ahead.

What steps will you take to improve the quality of the laboratories' technical workforce and research infrastructure?

I believe the DOD can play a dual role of investing in advanced research and manufacturing of new energy technologies.

Now we are desperate for capital and desperate people do desperate things.

I would hope that when you go to the Federal Reserve, that you would quickly ensure that this appropriate self-analysis is going forward.

I recall 8 years ago at this time, when we had a significant surplus in the Federal Government after the Clinton Administration.

We have to get back there. And the general question is how do we get back there, where we can confidently tell the American people that if you work hard you can expect a growth in your wages and your income.