diane swonk, old friend, chief of messere, aux financial. we're talking about the middle class. who represents the middle class in this country. the democrats are trying to make the point with speeches by president obama in the last couple of weeks. democrats are the party of the middle class. republicans are the party of the rich. republicans obviously are struggling with that themselves. david, what's your sense of how republicans are thinksing themselves and who in this country represents the vast majority of people, the middle class. >> i don't think anybody is doing a very good job of it of the president gave a speech in kansas a week ago in which he tried to stake out this ground. he gave a very good assessment of problems facing middle class americans. his descriptions were really weak. the president's main idea seems to be to have higher taxes on those who earn a lot and to use that money to expand public employment and hope more public employment will create a broader government sector middle class. that's what tony blair tried, drove up unemployment in some parts of the country 50% of the labor mark. they set the stage foris britaig now. >> on the flip side, one of the things diane swonk we talk about in politics we cater to short answers, easy answers, simplistic answers. what would happen if we put a bunch of economists to fix this. >> take about 20 minutes and 10 minutes saying held okay. he's exactly right. i gave a speech and quoted bob dillon. the answer is blowing in the wind. the an is right in front of us. we know what the answers are. a lot have consensus on it. dave talking about you can't lower taxes, create middle class with government spending. we have a framework of a plan in the simpson bowles. what most don't realize $4 electrical in 10 years with shortfall we need $5 trillion over 10 years. the longer we kick this can down the road the more problems we're creating for ourselves. >> we don't kick the can down the road, someone has to pay. it costs people. terry, you write about this. you're trying to make the connection between economic concepts and viewers wondering how it affects them. they will cast ballots based on discussions about taxation in many cases. when we don't kick the can down the road, what does that mean to us? >> means we face reality. the irony, as they come together in washington over the payroll tax cut what you have on both sides is a general acknowledgement people do better when they have more money in their pocket of the government doesn't do well spending our money. they define poverty at about $45,000 and above. that's a very -- many more people are closer to poverty than we acknowledge if that's the definition. if those people get their own money to spend, it works better than the government spending it. we have the last four years and $3 trillion of government spending to prove that doesn't really jump-start an economy. if it works for middle income people it ought to work for upper income people to keep more of their money whether they save it or invest it. that's what we're facing now. >> there's a lot of other issues. you can back load a lot of pain. if we know a road map there has to be tax reform. our tax code is a mess. it does mean more revenues, spreading revenues across higher income households and higher upper income households and some milling income households. that's an issue we have to get rid of deductions. corporate tax code is an absolute mess. these things can be dealt w the problem a lot of lobbyists that stop it from happening. it's got to be revenues and spending. it can't be right away. if we deal now we can back load it. american public and corporations if we know where the potholes are we can brace ourselves. >> this remarkable uncertainty, david, has been the problem for the next couple of years. we don't know what the next thin is. if we tell people what the next thing is, it might help individuals and companies plan. part of the problem we continue to get back into taking positions as political parties that seem to cater to particular constituencies. as a conservative, david, what is the solution out there that doesn't necessarily pander to a specific constituency that will get somebody the nomination for the republican presidency but at the same time will actually may solve some problems for the next five and ten years. >> you can't solve the problem if you keep asking the wrong question. >> right. >> the political problem, fiscal policy, government finances. the issue is economic policies not fiscal policy. both suffering from high blood pressure, the equivalent of the deficit problem and has been hit by a bus, which is the current downturn. everyone says no sense treating the trauma of the bus hit until we deal with the high blood pressure. it's backwards. the world is happy to lend united states money for 10 years at 2%. i say keep borrowing that money as much as you can. use that money to address the immediate trauma of a country in crisis, incomes collapse. it's not that hard to solve but do it later. solving it now to use one more analogy, the children's riddle, how do you get down off an elephant, you don't, you get down from a duck. we have to come up with useful answers. >> i agree with a lot of that, but back loading, putting america's house in order over 10 years not taking the pain up front is exactly what we need and -- >> is there any evidence for that proposition? all the evidence i see is exactly the contrary. the uncertainty holding back the american economy that doesn't make sense to me. >> how many corporations have you talked to? i talk to companies with trillions on balance sheets and they are holding back, hesitation, that's a big issue. >> there's surveys they ask business owners why are you not investing. uncertainty is not the reason they give. weak sales is the reason they give. >> in large corporate america -- i is agree. if you're talking small business -- >> i'm also -- >> systematic way that's not the answer under the circumstances. >> no, it is a systematic way. less a lot of surveys out there that say uncertainty is the biggest issue, we have a crisis in confidence. growth i agree with you at the end of the day you cannot do anything without more robust growth. that is the crux of the issue and we agree 100%. i do think we saw in august with the keystone cops playing politics that really caused, along with the downgrade of our debt, and european debt situation all come together, that caused a hesitation. >> worried that type of uncertainty more so than regulatory -- >> i'm not talking regulatory. >> i think we all agree, david, you made this point. we all know we've got remarkably low interest rates. the u.s. government can borrow money at a low rate, which is why deficit spending or borrowing could be a good solution in the short-term for the united states. where that changes is with europe. we're tinkering around the edges, very concerned about what politicians are going to do in washington when in fact what's going on across the pond may be a greater concern. i want to take a break and come back with this great panel and discuss what role america should do to help europe and the world out of a global recession. a special edition from cme right here in chicago. 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and maybe it's not funding. >> we can't bail them out. that is not our purview, not our legal purview, not a political stomach, no are should there be. we can't bail out europe. if euro explodes it's an event larger than lehman for us. that's why it matters. we learned in 2008 there's no way to hide. unless you all have your oars in the water at the same time. being part of the solution isn't necessarily bailing out europe of there's no reason to bail out european banks. however, our banks are exposed, underwritten cds. money markets in the u.s. very exposed to european banks. this is what went down on the height of the congress between september 14th, 21st 2008 and froze everything in the united states. >> by the way when american companies couldn't get credit because there was a global freeze they fired people. when people ask what does this mean, you -- >> we're not an island. that said, we cannot bail out europe. >> he has said, has he not, he would stand behind central banks of europe. >> he has. >> let's go back to something david frum brought up for our own problems in america, it cost us nothing to borrow money. david says at least shore up our own finances in our own situation we should use that money. ron paul, running for president of the united states, feels entirely opposite from the way you do. listen to what he said. >> we've bailed out just about everybody so far when it comes to the banks and corporations. now it's europe. we're getting ready to bail out greece and italy and spain and all of europe. it can't be done. it's unsustainable. we've already been downgraded once. we're on the verge of having our credit rating downgraded again. >> so david, before we get too carried with this, the fact is there isn't an explicit conversation about america taking money and sending it to europe what role should america -- what should we be considering to make sure europe doesn't fail and we have the problem in the united states. >> hit the mute button when listening to ron paul. he's entitled to zero respect. if you leave the sound on, the idea it's more sustainable to have a global recession than help europe. grandpa ron paul may welcome a depression when people go back to selling apples for a nickel but no one's point of view. i would be in favor of a bailout if it was necessary. when christine lagarde says the world must help, that is only true if the european institutions refuse to do the job there. there's no necessity for american support of fiscal bailout if the europeans will be a monetary authority. the idea they can't create euros. they can create an infinity number of euros. they are the euro master. how many do you want. >> germany won't do it. >> who elected germans to tell the central bank what to do. >> believe me, it is -- i agree, david -- >> the core of this crisis. >> all right, guys. thanks for the great conversation. terri savage, great to see you, personal finance editor of chicago "time." >> dine swonk chief financial officer from mesirow, david frum from washington. thanks always for your great insight. we'll be back in a minute, talk more about the middle class. who exactly is the middle class. who is the 1%? 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[ female announcer ] from neutrogena® naturals. welcome back to special edition of "your $$$$$." i'm ali velshi at cme in chicago, chicago mercantile exchange. the old floor of the chicago board of trade. you can see traders trading all sorts of things, commodities, treasuries, all sorts of things that matter to your life and affect your money actually get traded on this floor. christine romans with me just in the room next door in the agriculture pit probably trading hogs. this is where she got her start. a little while we'll talk about what goes on here and why it's important to you. right now we want to talk about something that's a concern to everybody watching us. who is watching middle class of the battle to be the champion of the middle class is under way. president obama made a number of comments recently, this latest one in kansas where he really claims the mantle of the champion of the middle class in this election cycle. here it is in his words. >> after all that's happened, after the worst economic crisis since the great depression, they want to return to the same practices that got us into this mess. in fact, they want to go back to the same policies that stacked the deck against middle class americans for way too many years. >> okay. if you're in the middle class in this country you listen to that, you think president obama is your money. the democrats are your people and republicans are going to go back to the same practices that got us all into the mess we are in today. guess what, if you listen to republicans, similar message. let's talk to will cain and pete dominick, the host of sirius xm standup. will cain a cnn contributor. will, how do you answer that charge? this is what we're bog to be hearing month after month. republicans saying it's the democrats who kept us in this mess. democrats saying republicans got us into this mess. what do you say? >> i reject the battle trying to find who is the champion of the middle class. i reject separating us in class, who is doing better, you're pandering even to a group as large as the middle class. what i would do is position the debate like this. position republicans as defenders of a system, a system that has been the beneficiary for every single one of americans, every class, stop asking how are you doing compared to someone else but how are you doing. you would defend a system that moved more people out of poverty in the history of man than any system we've invented. >> that's an interesting way to think about it because we do set ourselves up in society, at work, in sports, everything we do where we compare ourselves to someone else or someone in a different class. one thing we've seen with the protest is this creation of a battle between us and them, 99% versus 1%. pete dominick, let me bring you into this battle. middle class is a strange creature in america. other countries you have rich, working poor and middle class aspirational. they have moved out of the working poor over the generations and try to get into the rich. in america with the moniker of 99%, it's a different beast. >> absolutely. i think ali it depends how you define middle class, $60,000 to $200,000 define themselves to middle class, prideful poor to the modest wealthy. but they are all part of the 99% in terms of the people that don't -- don't contribute to political campaigns. if you want to know who dictates legislation you have to find out who is contributing to political campaigns. yes, unions contribute a lot to political campaigns. you know who contributes more to democratic campaigns, 0.1%. a new study shows twice as many democrats contribute to the campaigns, twice as many wealthy, 0.01% contribute to democrats. it's not always who you think it is. who is dictating legislation, the people that contribute to the campaigns. easy to say republicans are the party of the rich but we need to know about who is contributing. >> let me ask will this of will, however you define who the middle class is, this concept of pitching people against other people and comparing them we do know successful economies based on broad-based group of people educate, live well, pay taxes that sustain the rest of the economy. what is the best argument for somebody running for office wanting to improve this economy right now if not arguing i am the champion of the middle class, what should the argument be? >> you have to argue to reinforce the fundamentals of that system i described earlier, ali, the system that moved more men out of poverty. >> more out of poverty. >> fundamentals of capitalism. look, the argument pete i would suggest would make or many people like you had on this show today would make over the last 30 years we've had a divide, growing income inequality over the last years. something has to be done. what has to be done. we've had broad economic shifts. we've had an economy in the united states to move to what is now a mature economy, one that did have a broad range of jobs. have you to focus on education. how do we educate a population with an economy that moved into the future. it doesn't mean throwing more money into education. fundamentally reforming what education is. we've doubled it, tripled over 30, seen marriage cal education attainment. we have to redefine education reform, that's one of the things keeping an economy with a broad range. >> people worried about jobs, unemployment benefits running out, that theme isn't as sky as the one that says you can make you better versus the person you compete against. >> i know that, by the way. i know i'm not making a sexy argument, i'm just making the truth. >> republicans and democrats, whoever wants to win, they should throw the super wealthy under the bus and appeal to the rest of us. i agree we should focus on education but we should celebrate educating ourselves in this country and not being ignorant. we have this disdain in this country for experts, academics. somehow they rely on government. private universities do not rely on government for their funding. we should celebrate ivy league experts not denigrate their expertise the way tea party and newt gingrich loves to do. that is wrong. >> i wish you two guys were running. i'd vote for one of you. will, you make it sexy just by talking about it. will cain, pete dominick. one of the things pete was talking about lifting people out of poverty one of the thins that's done that is unemployment benefits. are they going on too long? are they helping or hurting? are they helping people stay home and not look for work? that discussion next. you're not going to miss it. up next on this special edition of yo"your $$$$$" in chicago. why did we build a 556 horsepower luxury car with a manual transmission? because there are those who still believe in the power of a firm handshake. the cadillac cts-v. manual or automatic, that's entirely up to you. we don't just make luxury cars, we make cadillacs. of course, neither do i. solution? td ameritrade mobile trader. i can enter trades on the run. even futures and 4x. complex options, done. the market shifts, i get an alert. 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[ male announcer ] trade commission-free for 60 days. plus get up to $600 when you open an account. okay. we've talked about the middle class, taxes, now unemployment benefits, something you'll hear a lot about, again, over the next coming months. why are we continuing to have this discussion about unemployment benefits. let me give awe few facts. one, unemployment benefits extended atd times. federal unemployment benefits since authorized in 2008 because of the financial crisis we're in. 17.6 million americans collected benefits over the past four years, cost $185 billion to do that. extending them for another year estimated to cost another $44 billion. how should we be thinking about unemployment benefits which are meant to be an emergency thing? we've been going on for two years with them. i want to bring in two great friends, stephen moore editorial writer with "wall street journal," bob herbert, a senior fell fellow. he's going to say something you all think, then you'll e-mail and tweet how angry you are he said it. bob will come in and try to calm you down. let's start with you stephen. a lot of conservatives saying, some find it distasteful. these are emergency benefits. you can't keep giving them, make them structural. possible -- your words not mind -- possibly prevents some people from actively looking for work. >> i know your agenda here. it's to make me be the scrooge. bah humbug guy. the american people are compassionate. they want an unemployment system, six to nine months of benefits so if they lose their job they have time to find a new job. how many times we've extended these benefits. now people can get up to two years of benefits of that's a long time, ali. i have looked at the evidence on this. it's pretty clear when you extend unemployment benefits, you extend the length of time people stay unemployed because you're giving them a payment to stay unemployed. >> let me ask you this. >> go ahead. >> let me ask you this. we know there are some 3 million advertised openings in the united states. we know 14, 15, 16 million people unemployed. ultimately there are going to be a bunch of people without jobs. there always have been. we've never gotten substantially lower than than 5% in terms of unemployment. how do you deal with that? >> have you to have a pro jobs issue. in fact, on this bill that we're talking about there's the keystone pipeline. why don't we create those 20,000 jobs like the president is supposed to. i want to say this. i travel a lot around the country like i know you do. you're in may favorite city chicago right now. when i talk to employers i'm priced how many times they say they can't find workers. that may surprise people with 9% unemployment. they say a lot of workers laid off they don't come back until their unemployment benefits run out. >> interesting. bob, what's your take on this? >> my take on this is there are an extraordinary number of people out of work and really hurting. the unemployment benefits, extended benefits they receive are the only thing that keeps them and their families away from december tugs. so as a society, we have to make a decision on whether we want to tennessee providing those benefits for some term in the future or cut them off. as far as the effect of unemployment on people looking for a job, i think it has a small effect. i think a small percentage of jobless people will continue to receive unemployment benefits and will not step up their job search until those benefits run out but that's a very small percentage. a vast majority of people out of work really want desperately to get a job. >> is there a great middle ground between emergency unemployment benefits, not very much compared to what people typically earn and getting them off unemployment. what if we really put some thought to what stephen was saying, a whole bunch of people that don't find workers. maybe workers aren't trained in the right area. had is there something to be said a well thought out system where some of the money going to provide unemployment benefits goes for retraining, exercises to help the economy. >> i don't buy that argument at all. we know how many jobs are advertised as available. we know how many people are underemployed -- unemployed or seriously underemployed of the ratio is about four to one. so if you suddenly retrained all these folks or if you took away their unemployment benefits and put them out there on the job market, they still would not be finding jobs. what we really need is a solution to the employment problem in this country. we have to figure out a way to fix the economy so that the economy provides enough jobs for all the people who want and desperately need to work. >> final word stephen to you. there is a consequence to getting people off unemployment if they do lose their homes, if we have more homes on the market, if these are unemployed people that become destitute and get involved in criminal activity. there is something to be said for not throwing them off unemployment and see how much luck carries them. >> six months i think is very reasonable. i'd ask bob how long do we extend these benefits. three years, four years of this has been a long recession. i think i got a crack of an opening where he acknowledged there is some negative employment consequences. by the way, larry summers, as you know, chief economist for barack obama did a famous study a number of years ago where he did find pretty significant negative affects on this. let's get people to work. this is the christmas season. i think bob and i agree we need a positive job plan. the problem is we've had 9% unemployment for years. it's a terrible job market. >> we're all agreed on that. everybody oun employment insurance would rather have the option of a good paying job to replace that. good to see you guys. bob, thanks very much for joining us. steve you said something about a positive jobs plan. we agree on that. when we come back on this special edition on "your $$$$$," one of the great friends in the city is going to help you get a positive job plan to fix your job search so it bears fruit in the new year. on the other side of the break. you're watching "your $$$$$" after the break we'll be right back. cket man ♪ ♪ burning out his fuse up here alone ♪ burning out his fuse up here alone? 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[ male announcer ] introducing spark the small business credit cards from capital one. get more by choosing unlimited double miles or 2% cash back on every purchase, every day. what's in your wallet? this guy's amazing. is best absorbed in small continuous amounts. only one calcium supplement does that in one daily dose. citracal slow release... continuously releases calcium plus d for the efficient absorption my body needs. citracal. all right. you're watching special edition of "your $$$$$" right here in chicago at the cme, chicago america till exchange old floor of chicago board of trade. we had a conversation about jobs. you can tweet me @ali velshi. you're going to tweet me, not like what was said in the last segment. our job is to tell you what people are saying, create a positive jobs program for yourself. we're going to do that now. our great friend christine romans one of her first jobs at the chicago mercantile exchange, she's over in the pit. she's got information coming up for you on jobs. christine. >> thanks, ali. you're right corn options are right behind me. this is my old stomping ground. i'll tell you something in chicago the discussion about jobs, the discussion you just had how much longer we can continue to give jobless benefits in the country. the bottom line here is people are trying to find jobs. they are looking where there are jobs. a very good friend of us on the show, both of us have used them in our books talking to people about how to get jobs. so interesting this time of year, ali. you talk about a jobs plan. this holiday season is a little bit better than last year for jobs seekers. if you're newly unemployed the numbers are clear, right, brad, it's easier to get a job this year than last year. what you need to be doing, tell our viewers what you need to be doing this time of year to get a job. >> i'm going to sort of holiday theme this. one tip i have, don't be greedy this holiday season. a lot of job seekers want to hold out for the perfect job. a week, a month, maybe hold out. long-term unemployed, you want to try to get a job, any job. i see people say i was a director, they will only make me a manager. my advice is prove it in the job, not the interview. >> just get in there. >> it's easier to have the discussion with hr once ufo been there six months. >> if you have 5 million people roll off unemployment benefits you can't afford to wait too long for your old level. >> that's what people are doing. i say get in, do something. as long as you're not miserable get in somewhere. >> how can you use the holiday season to get in there, networks as an important possibility. holiday networking, is it crass or saviory to be making those connections. >> well, i think it's never a bad idea to network. people think or get worried they are doing to have to be crass. people enjoy networking. they want to talk to friends, know what's going on and jittery help you. >> you can't go up and say, hi, my name is christine, i'd like a job right now? >> exactly. what you do is create a conversation, start talking about something. hey, listen, i'd like to chat a little about what you're doing, what you're up to, what's going on. what will happen, the conversation will evolve. what are you up to, brad. now that you ask -- create a conversation. >> do you agree with me there's two different categories, people newly unemployed and people long-term unemployed. some of the strategies are different if you're out six months or longer? >> they are different if you're out six months or longer. if you're null unemployed, looks like openings, stuff going on. you can afford to be pickier, you can afford to not necessarily selling for any job. long-term unemployed you have to get something and more aggressive in the job search. >> so interesting, brad saying make of the trucking industry, ceos telling him, me in commercial real estate and insurance, ceos tell me, too, they are ready to hire or very, very close to hiring in the new year. there you go. >> good. great advice. that is a positive job plan. good to see you. christine stay there. i've been explaining to viewers i'd explain what we're doing here in chicago. we'll talk about commodities how they affect your life. they do. you use them all the time. eat them for breakfast, use them in the car, get to work, heat your house. stay with us. a special edition of "your $$$$$" right here in chicago. luck? i don't trade on luck. i trade on fundamentals. analysis. information. i trade on tradearchitect. this is web-based trading, re-visualized. streaming, real-time quotes. earnings analysis. probability analysis: that's what opportunity looks like. it's all visual. intuitive. and it's available free, wherever the web is. this is how trade strategies are built. tradearchitect. only from td ameritrade. welcome to better trade commission free for 60 days when you open an account. [ male announcer ] don't miss red lobster's surf & turf. 3 grilled combinations all under $20. like our maine lobster with peppercorn sirloin, or our new bacon-wrapped shrimp with blue cheese sirloin for $14.99. i'm john mazany and i sea food differently. okay. i have been telling you the whole show we'll tell you why we're here. this is christine's stomping ground. cme group, chicago america till exchange, floor of trade, christine is in the next room called the ag pick. she's standing next to someone that looks like they may have the chick-fil-a cow on. what's going on there. >> you get a flavor of the trader by what his jacket is. people behind him saying moo, moo. he's not only trader but a family farmer. his family owns a farm. he really is connected with barack obama the big picture how the global economy affects what we pay at the grocery store, trade these economies down to what it's like to be in the business. it's been a big year. i want to start with prices. one of three traders here who is actually a farmer, too. farm prices unbelievable. an acre of land going for prices people haven't seen since the '80s. huge jump for prices for farmland. why? >> a number of everything is going up. that's one great way to head yourself against that. we've had a big increase with outside investor action. some hedge funds have bought land instead bauecause they see the future. we've had an incredible amount of money come to the ag world. >> there's only so much land to go around no matter what. some of the farmland in the midwest is the richest, most productive land in the world. >> the reason why i'm one of the last few guys down there who have a family farm is because the land prices are getting so expensive, it's pushing the smaller guy out. >> i want to talk about another thing that's a big topic of conversation. that's mf global. they're farmers who are brokerage accounts. how has that affected trading? >> they have over 10,000 accounts. it's an old agricultural firm out of london. they are a key player in what we do down here. they absolutely brought a lot of this trading to a stand till. our volumes have dropped conservatively. >> some guys are still waiting. farmers are still waiting to get their money too. it's been a really incredible year for commodities. explain to me about europe and the head winds from europe. people think about commodities as maybe the price they pay for a pound of meat at the grocery store. what's happening in europe, all of that factors into the price you're paying at grocery store. >> as we lurch from headline to headline, that affects how strong the euro is with our dollar. it makes our dollar look stronger, which makes it more expensive to buy our products. >> all this stuff is priced around the world in dollars. nice to see you. >> all right. thank you. >> down here at chicago board of trade. ali. >> what a great conversation. we have to remember when we talk about the world on finance and money, it's not around new york. it's not just stock markets. you got to get out in the midwest. this is where they grow the food for america. what a great conversation. christine, you're always in your element. more fantastic to see you in your element with you in chicago. i'll join you after the show. when we come back, i'm going to tell you a remarkable story about bill marriott. before that, he was working for his dad, who founded the company. he's now handing over the reins. we're going say hi to bill when we come back. this is a special edition of "your money" from chicago. i'm good about washing my face. but sometimes i wonder... what's left behind? 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[ female announcer ] from neutrogena® naturals. you have all heard of mair yac -- marriott, the hotel company. bill marriott has been the president of that company. it was founded by his father. in march of 2012, he's stepping aside from the ceo job. the man who will become the ceo is another lifer. arnie sorenson. we're going to have a lot of opportunities to talk. given the longevities of marriott ceos. i guess we're here to celebrate our good friend bill marriott. i've been racking my brain to figure out the name of a person on a public corporation who has been running that corporation for this amount of time. do you have contemporaries of that sort? >> i don't think so. the company is 85 years old in 2012. my dad was ceo for 45 years. i've been ceo for 40 years. there have only been two of us in 85 years. that's the interesting thing, i think. >> let's talk about you and hotels. you love the hospitality industry. what's different about it from when you worked in the company with your dad over those 40 years you were ceo to today. what's the same, and what's different? >> what's the same is taking care of people. we take care of our associates so they'll take good care of the customers and they'll come back. we're providing a good room, a good bed, a nice check-in experience. it sure has gotten to be complex. the internet has made it complex. the use of computers has changed the whole scene. the globalization of the industry has been huge and tremendous. we're now in 72 countries. we had ten new countries on the board the other day. it's really become a very big and complex company. >> arnie, one of your big challenges is not just that globalization. i know you and other hotel companies are into expansion like in china. one of the things marriott's been very involved in it making sure america continues to be a great destination, particularly for these tourists coming out of other countries. you have been lobbying the government of the united states to say, make it easier for people to visit the united states. make it more welcoming. >> that's absolutely right. we're at the cusp of a new golden age of travel. it's really driven by the fact we have tens of millions of new travelers from places like china and india. the u.s. ought to get its fair share. >> arne, final word. what's bill marriott not going to tell us about himself about how he managed to run the company for 45 years? >> bill marriott did a lot of things right. mostly, he listened to his people. thousands of associates across the company. he was trying to learn everything he could learn from them every day that he worked, which he's still doing. listen to them, get their ideas, figure out which of those ideas are worth pursuing. then be willing to change and put those ideas into place. his ability to listen and inspire people has been profound. >> we have had many great conversations over the years that you and i will continue. bill, we'll continue to have great conversations. next time we talk, when we're not just celebrating your career, we'll talk about the economy and what you see going on with the hotel business. great to see both of you had. fwla congratulations on a remarkable career. bill marriott and arne sorenson, continued success. >> thank you. >> christine and i are here talking to people about