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Provides for a case-by-case basis, doesn't ban it. the u.n. is within its rights to punish iran or sanction, use whatever policy tools it wants to on issues outside of nuclear agreement. but whether that's a good idea or not is a separate policy question. >> jim walsh, thanks. kristen welker is still in the briefing room for us over at the white house. join in the conversation here. >> reporter: hallie, the treasury department putting out a little bit more of an explain a explainer. it says today's action is part of treasury's ongoingfforts to counter irani malign activity

Nine months ago we were growing at a 5% rate. in the early part of the winter, that had come down to 2% growth rate and now we're actually shrinking. down .7%. the economy is shrinking. now the worst of the problem is, what do we do now? what policy tools are available to us to get us out of this rotten downtrend? we're not going to lower taxes. the president won't have that. we can't print anymore money from the federal reserve. we tried that and it only boosted the stock market. we're not going to relax regulation that is in part to blame for this. so we don't have any policy tools available...

To folks who were involved in the planning in libya, and everybody said this would not be quick or kinetic, and do we want to see our involvement? costs which is vital for those in charge of military policy to understand, we have shown so far that we don't understand how to balance military action and other policy tools, state department, commerce, things like that. that's what wore me here. i don't think we have a good past forward. >> do you agree with that, professor? if you do, what do you see as the most obvious or apparent risk to american society, america economy and american reality ov...

Because only so them can't get loans to hire and expand, but the fed has other policy tools that it could use to help to push interest rates lower for example. it may have to use them. the recovery rate we have is modern and slightly above the long-term sustainable rate. it is not going to create jobs at a very quick pace. >> well, this chart shows you everything you need to know about bank lending right now. it has dropped 25% at the nation's big banks. a $200 billion haircut, bret. >> peter, what about the debt commission and the kind of tax increases that could be on the table here? >> the ...