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Rights. Before we start id like to thank the Ranking Member and her staff in preparing for this hearing today. Id also like to thank the chairman of the full committee, senator grassry for his support of the hearing. A few House Keeping matters that i would like to cover before i began, giving open remarks about this hearing, were going to hear from our panel of witnesses who ill introduce in a few minutes. And then well have fiveminute question rounds. I should also note that were expecting an important vote on the floor this morning, so i and other members will likely need to step out briefl...

Fomc meeting has a bias thats phenomenal. Theres a regional fed study that indicates that Something Like 50 to 70 of all the gains in the stock market could be had if you just added up these days. Theres some discussion of what investors would like to see in the fed statement this week. Whether they need the fed to show support to the markets. Whether they need to back away from the mention of increases in september. Does any of that need to happen for the market to stay positive . The feds will be a little obstinate about things. At least theyre carefully monitoring whats going on elsewhere a...

We need to recognize it is not just those who come behind us. It is all of us. That is why i quoted the preamble. Blessings of liberty. Prosperityur posterity. We have an obligation to those coming behind us. Im going to come back in a minute. I love myself as a horrible student. The thing that got me out of this, my mother. Shuffled from one place to another. There was no place she could go. They moved to detroit. She discovered my father was a bigamist and had another family. She had to try to raise us on our own. She worked extraordinarily hard, ends meet. Ake she refused to be a victim. Wi...

It is what they decide to put their faith in. Everybodys actions by their are ruled by their faith. In my case, i have strong faith in god and i live by godly principles. Loving your fellow man, developing your talents. Having values and principles. That is going to dictate how i treat everybody. Constitutionthe which is the supreme law of the land, was designed by men of faith. It has a judeochristian foundation. Therefore, there is no conflict. It is not a problem. Does that answer your question . [applause] my question was, can you give a situation where gods law trumps the law here from yo...

Anybody on board why bother having the meetings at this point . Its a great place. I dont think they want to pay for the hotel room at this point. Our colleagues caught up with a member of the saudi royal family earlier today. Well bring you that in a few minutes. First lets talk about the goldman call on crude. The firm is cutting its forecasts. Its one month view is 38 barrel. Thats a significant decline and thats a fairly short time measure. Theyre saying 38 within the next month. A decline of 7 off the 45 its sitting at right now. The 12 month target is down to 45 barrel but goldman says t...