Money called the pet nanny. I went around, i walked dogs. Why . I make no money, but made me feel like i was doing something. I dont see enough of it. I think the problem is the mindset is that everybody feels like the ground was pulled out from under them. Every single thing we ever thought was going to be no longer exists. And it is a real curve ball, people cant recover from it. People need to hear messages about the fact that they can create meaningful alternatives, maybe it is not what they thought, but Revenue Streams and such. So coming back, i just mentioned Global Coalition on aging, i was having a discussion with some representatives there, and i was surprised at this. They indicated that the Fastest Growing entrepreneurial segment were people in your age group, that we all read about the internet, 20yearolds making a lot of money, or entrepreneurial, but the Fastest Growing entrepreneurial segment is and in that population, much of it is whats called micro business. Very, very small operations, like your dog walking operation. Another question here. I am mickey white, i am planning to stop working this year. I think we really have to sort out. The issues youve all been confronting. There are people working in jobs where experience is valued, Legal Profession is one of them. I dont know whether you guys are like this i think people that lost their jobs, it is not fair to call that a retirement problem. Thats a problem with our economy. Thats conceivably related to the enormous inequality, to our strange tax code. Changing the retirement age for Social Security is fine for middle class folks who havent done more than pick up a pencil or use the computer. I think it is probably wrong for people who have hard physical jobs. I thought the idea about using comparative mortality for 401 k was a wonderful idea, havent been fortunate enough to hear it before. I would be curious as to whether the government would insure investments like risa plans thats supposed to be backed up by government insurance. I think we need to sort out how we treat various issues. We need jobs for people who otherwise would have been employed in manufacturing when we have a short pool of manufacturing, maybe all of the problems we hear about asian manufacture of batteries and air bags will bring us back some manufacturing to this country, but thats a long track. I would appreciate sorting out problems a little better than calling it all retirement. Good point. You made the point much better than i did. I was trying to make that point a couple of times throughout the evening. We are seeing the effects of a lot of the issues you talked about and sometimes we are calling it retirement, sometimes we are calling it. Layoffs. Sometimes calling it technology, sometimes calling it globalization. It is really all interlinked. What you were just talking about, about dealing with your mother, again, thats part of the same thing, whats happening to the boomers is affecting younger people. Of course. And will affect even younger people. So it is all linked. I can tell you, i know you have a ton of experience on this, policy makers spend a lot of time dealing with these issues, and theyre very concerned about it, they also have a certain amount of Political Capital, to be frank, Political Capital they can spend. So just we made proposals around putting kind of letting people pool their mortality uncertainty in 401 k plans seven, eight years ago. Rhode island treasury gave guidance on that three weeks ago, so it has been seven years. One reason why they were they knew exactly what to do, they are really bright people. One reason they felt like they couldnt do it in that behind closed doors, saying, you know, we spent most of the capital on health care reform. We felt like we needed to do that. So those are just talking about people are talking about it, aware of it, trying to address that, but i am sure you fought good fights on i have good news, i just realize, the federal government is not doing anything but in 17 states and one city, this city, new york city, stringer is 0x setting up a plan to have everybody in the state and the city join a retirement plan. That would be basically a public option. That would be an option to the commercial systems that it would be low fees and pooled mortality groups. California passed a law two years ago, state of connecticut, scott stringer, controller of new york city and the mayor is in favor of it. This is the way social policy happens in the United States. You have a handful of states, important states, that have something that looks like unemployment insurance, Workers Compensation or Social Security and then it gets lifted up to the federal level. So i am optimistic about employers doing more training to Older Workers and i am optimistic about there being a government solution to the pooled mortality issue. I am not optimistic about one issue you brought up, before we Start Talking about people over 65 getting work we have to make sure the 25 to 65yearolds are fully employed, and we now have 50 Million People underemployed or out of work, even though we are in a socalled recovery. Thats priority one. Employer of last resort, if the private sector wont create good, meaningful jobs, the government could. That debate thats more of a capital issue. The other thing we havent talked about tonight which has been extremely impactful to Balance Sheets is whats happening to Interest Rates. We built an index and it tells people 55 to 75 whats the fair cost of your retirement liability. That index is up this year about 18 . 18 . If your assets didnt go for a 55yearold, let me be clear. If your assets didnt grow by 18 , you actually fell behind in what the assets are able to produce in retirement. Wow. Thats a lot. So the low Interest Rate environment that we have now and again, you know, i think demographically, you know, you are starting to see more studies that say is this going to be a long term effect where rates are we are trying to create jobs with low Interest Rates but not doing a good job and it is causing more retirement insecurity. Why not go to wba. Question back there. I am 59 years. I am only 17 years old. I have been following this conversation with great interest. You guys are hitting on some very big subjects, deep subjects. And one of the points that was raised was about income streams, you know, finding ways of being entrepreneurial. Thats a bigger issue, i am curious as to what your data and search has lead to which is the issue of risk. Ive been one of those people, fortunate to create income streams, live a great life, but only came with risk. Risk applies not only to the search for meaningful work but to your point, sir, which is the risk related to aggressive, quote, unquote investing required to produce returns in the high teens, right . That is not what we were trained to do or what our education and quote, unquote wisdom led us to believe. Theres this issue of risk. I am curious what you think. Job market risk, financial risk. The investment risk that you made the wrong decisions, longevity risk and Health Care Cost risk. We all face it but we are all going to have very different experiences with them. You know what do you with risk, you provide insurance. We are trying to solve that with just having everybody accumulate a lot of assets, but what we really need is self insurance, we need pooled assets. And i think as an industry, Financial Service industry or more broadly in the Academic Community we have spent the last 50 years since development of modern portfolio theory, we have mostly been concerned about managing investment risk and that comes with building a diversified portfolio, understanding how much risk is appropriate for your age and your situation and your goals. Were not that good at talking about the risk teresa just laid out. You can address them. I know we at blackrock are working on these issues, feel like we have good offerings for our clients, but it comes with, you know, the conversations, intuitive conversation, i talked about a well diversified portfolio, i might as well be speaking Foreign Language 50 years ago. Everybody knows what that means today. And what we need to do is quickly get to a place where we all understand what we are talking about when we are managing retirement risk, the risks that teresa talked about. I am confident we will get there, but one of my recurring strengths through the evening, but were just not there yet. The only other risk that plays into this and does affect longevity is minimizing health risk. And Health Insurance companies are finally incentivizing healthful behaviors, and employers are also incentivizing healthful behaviors. Has anyone seen the ad on the subway about reimbursements you can get, a small Insurance Company that advertises get money back for joining the gym. And this is starting to become a really more common image that we are seeing and thats just another way that risk plays in that affects us all as we live longer. One more question. I just wanted to comment on something that teresa said that had very strong meaning for me. The cycle of this and getting depressed. Retirement is not a word in my vocabulary. I stay away from it. I hear somebody say retirement, i close my ears to it. The second aspect, fear. I think i recently one of my many communications with morrissey, i mentioned that i am working because i need to. And i am afraid whats going to happen if i dont work. I dont want to sit in starbucks and watch people go to work. I have this strong need to feel like im part of the mainstream. Im afraid. I really am afraid. We are talking about age. I am going to be 82 in a couple weeks. I dont think about my age. Who is hiring people. But i go at it, i say i dont think about my age. It is what i can do, what i can bring to the job. Yes. Thats whats important to me. But when you mention the psychological implications, it lit a light in my head. Its so true. I cant speak for others. I can only speak for myself. Yeah. A lot of people that i know my peers who have retired, i say what are you doing with yourself . Well, theyre doing this and that. I get this superior attitude that im working, well, im still working. Im part of the crowd. Yeah, i get it. I get it. Thanks. I get so insulted when people in my firm say what are you going to do . I cant imagine. Like there is nothing else in the world to do. But write a brief, right . I think thats gender specific. I think that people of my gender understand that the world has lots of wonderful things to do, especially if were lucky enough to live in new york city. And i dont think you should worry about it. Wow. What an ending. Thats a great ending. Wow. Thank you so much. Thank you for this terrific panel. And this terrific audience. Its been wonderful. Thank you. Thank you. [ applause ] were you a fan of c spans first ladies series. Its now a book looking inside the personal life of every first lady in american history. Based on original interviews with more than 50 preeminent historianians and biografers. The first first ladies on 45 iconic american women provides lively stories. C spans first ladies is an illuminating entertaining and inspiring read and is now available as a hard could have or e book through your favorite bookstore or online book seller. And taking you live now to the House Judiciary Committee here. Holding an Oversight Committee on Immigration Enforcement. Good morning. The Judiciary Committee will come to order. Without objection the chair aauthorized to declare resources of the committee at any time. We welcome everyone to this mornings hearing on oversight of u. S. Immigration and Customs Enforcement. Ill begin by recognizing myself for an opening statement. As the Obama Administration consistently shrinks the universe of criminal and unlawful a lee yens that u. S. Grimgses and Customs Enforcement can remove ice apprehensions have decreased 40 since this time last year. Ice arrest of criminal aliens decline 42 . The average age has declined to approximately 26,000 beds. This has occurred despite a mandate in law that requires ice to maintain a 34,000 average daily population in detention facilities, and the number of unlawful or criminal aliens that ice has removed from the interior of the country has fallen by more than half since 2008. Many factors have contributed to the sharp decline of interior Immigration Enforcement under this administration, including the collapse of issuance and compliance of ice detainers because of policy issued on 202114. Ices plemgs of its new priorities announced by secretary johnson on september 20, 2014 and the demise of the Community Programs on the same date. Detainers are noticed issued by ice and other dhs units that ask federal, local, Law Enforcement agencies not to release removable aliens from their facility in order for ice to take them into its custody and put them in removal proceedings. Due to the detainer debacle this administration has created ice officers must wake up in the early hours of the morning put their lives at risk and go out into the community to april presented convicted criminal aliens that have been released on to the streets. Director, you yourself are part of the confusion. You testified before congress one day state thag detainers should be made mandatory and the next day you retracted your testimony. When aliens released on to the streets go on to commit additional crimes yet could have been placed in ice custody, this administration is responsible. From january 1, 2014 to september 30 2014, over 10,000 detainers were not honored. The recidivism rate for these aliens was 29 . Innocent citizens and Law Enforcement officers could be injured, maimed, or murdered due to a detainer not being issued or honored because of this administrations policies. The administration is responsible and will be held accountable. When president obama announced unilateral changes to our immigration system with a wave of his pen and cell phone on november 20, 2014, he indicated that he would allow millions of unlawful and criminal aliens to evade immigration enforce p. He did this with the issuance of new socalled u. S. Immigration and Customs Enforcement priorities for the apprehension, deattention and removal of a lee yens. Under the Obama Administration new priorities broad categories of unlawful and criminal aliens will be beyond the reach of the law even if they dont qualify for the president s unconstitutional legalization programs. This means that millions of removable aliens will be in the u. S. Without risk of removal. Despite the fact that the president claims he took action to prioritize Immigration Enforcement against criminal aliens, he is scrapping a tool that identifies cripple aliens booked in jails across the United States so that federal Law Enforcement officials can prioritize their removal. It protected american citizens and immigrants alike from a lee yens who are a dangerous to their communities. Secure communities simply uses an already existing federal Information Sharing Partnership between ice and the federal bureau of investigation that helps to identify criminal aliens so ice can taken forcement action. As of august 2014, administration indicated that over 375,000 convicted criminal aliens were removed as a result of secure communities. We just learned that in addition to releasing over 36,000 convicted criminal alienseq fiscal year 2013, ice released 35,538 criminal aliens in fiscal year 2014 pursuant to its socalled priorities. The agency released thousands of criminal aliens convicted of offenses involving dangerous drugs, assault and Domestic Violence stolen vehicles robbery, sex offenses sexual assault, kidnapping, voluntary manslaughter and even homicide. 27 of the aliens released were socalled level ones according to the administration the worst of the worst. Director, ices first duty and highest obligation is Public Safety. The nonsensical actions of this administration demonstrate its lack of desire to enforce the law even against unlawful aliens convicted of serious crimes. I can only hope that as the new director of ice, you will reconsider these policies put in place by your predecessors and return ice to an agency that puts Public Safety and the enforcement of our immigration laws as its number one concern. Its now my pleasure to recognize the Ranking Member of the immigration and Border Security subcommittee the gentlemanwoman from california for her opening statement. Todays hearing is our first opportunity as a committee to speak with the honorable Sarah Saldana, the director of u. S. Immigration and Customs Enforcement known as ice. The job is a difficult one. I think we can all agree on that point. I look forward to hearing more about how she carries out the challenge. These memoranda grew out of a directive issued last march by president obama when he asked secretary johnson to do an inventory of the departments current practices to see how it can conduct enforcement more humaneely within the co