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Statistic, our patent applications have been stagnant for several years. and 40% of them now have a foreign national co-inventor. we are really losing the battle for engineering brains and we cannot afford it. >> i could not agree with both of you more in that regard. wilbur, it's an absolute pleasure to have the chance to talk to you. peter, it's always a pleasure to speak to you. and speaking of engineer anxiety academics, still coming up on here on this special edition of the "dylan ratigan show" we're talking jobs, growth, cuts and the role of our government. what do americans really want ...

So i think we'd be far better -- >> i disayre with that. >> -- dealing with something within our control. >> oh, i disagree with that. we could put in place a tax on the conversion of dollar and t on. and also raise the cost of investing in china by american companies. we could do that if we wanted to. >> is what you're suggesting with the v.a., it wilbur, basically a bypass that creates the equivalent impact of the currency tax that peter's talking about? >> yeah. it not only does that, but china is not the only country with which we have a trade deficit. we have trade deficits with europe. w...

Aren't there. in finance you use in engineering. it's the same derivatives but they go into the finance because that's where the money is in the united states. we haven't provided the right incentives by supporting american manufacturing. beyond that even at the grade school, the high school level, foreign schools do better simply because their children in china, for example, are sent to school, told you need to learn to compete. you need to be tough. you need to do the work. in america, what do we tell our kids? we tell them to go in there and worry about social problem. you know we need some...

1 1/2 times that of the dollar value of american goods that were exported. so what's the problem with all this? well, simply put, when china makes our stuff, chinese workers get american jobs, and american workers get pay cuts. and joining us now to look at how we address this issue, peter marriesi university of maryland professor. and friend of the show. along with ross, chairman and ceo of wl ross, it's a private equity firm investing in manfacturing and financial services here and around the world and willber, how big of a variable is trade to american unemployment? >> i think it's quite a ...