later. see you tomorrow morning at 10:00 a.m. have a great day. . caughcaughtof whitsunday being h anniversary of neil armstrong's walk on the moon, here is a look at apollo 11 launch from nassau tv. -- nasa tv. that is the scene from 40 years ago this month as apollo 11 made its way to the moon. we will have much more on this anniversary, including a discussion on the space program featuring a number of astronauts, including buzz aldrin. that is live at 12:30 p.m. eastern on c-span3. last night nassau commemorated the moon landing with a three- member crew of not -- of apollo 11. they share their thoughts and experiences of that day and the future of space exploration. this is about 90 minutes. >> good evening, ladies and gentlemen. it is a pleasure to welcome to you -- you to the john glenn lecture. this is newly restored video from 1969 live television broadcast of the apollo 11 moon walk. the release commemorates the 40th anniversary of the first moon mission that put astronauts on the moon. since it was inaugurated in 2004, the lecture has become one of the museum's most popular events. we have had 7000 requests for tickets for this event, 45 -- 485 fits the theater. photographs and filming are not allowed. please turn off yourself phones and other devices. the annual john glenn lecture supports museums effort. it is named for individual who played the role in aviation and space. the 2009 glenn lecture recognizes the 40th anniversary of apollo 11. the first human mission to land on the moon. we are privileged to have the entire crew, mission commander neil armstrong, command module pilot and founding director of this museum comical collins, and lunar module pilot buzz aldrin for the program here tonight. the fourth member of the panel is dr. christopher kraft who is known for creating mission control. tonight's program is being made possible through the generous support of the boeing company. in addition to providing support for the lecture since its inception, the company has partnered with the smithsonian on many important projects. construction of phase two of the museum's center in chantilly, va., is under way. in recognition of the boeing company's magnificent contribution, we have named the facility's central hangar the boeing aviation hangar. boston -- with us tonight is mr. timothy keating. would you please rise in derecognize please? [applause] without the sponsorships, these lectures would not be possible. our audience includes the who who -- who's who of aviation. there are too many individuals to single out by name, but i would like to acknowledge the crew of sts 125, who flew on the space shuttle atlantis. they are not in the theater. they are in flight. they will be able to see us, so be sure to respond. let me apologize to those of you -- those reserve seats in the front row outside, you can go and sit in them because they are available. that messes up the slope part. -- that messes up this six little part. stand up. i had a clever series i was going to do. this fall, we look forward to having here in the museum two of the astronomical michaeinstrumee astronauts brought back. the corrective lenses that had to be put on hubble? remember that? it was determined that hubbell had a lens problem once it was on orbit. nassau analyzed the problem come up develop the correction, produced it here on earth and launched into space and installed it on an orbiting spacecraft that is a perfect example of what nasa does on a regular basis. if you can identify the problem, nasaq can solve it. those will be on display here in the museum very shortly. we invite you to a look. i would also like to mention that major general charles cole of the united states marine corps was confirmed by the president as the minister of nasa. i know you are here. please stand up. -- the administrator of nassau. asa. one year ago the smithsonian institution welcome to its 12 secretary. over the past year dr. has gotten to know the 19 museums, 20 libraries, nine research centers, the national zoo. he has traveled to smithsonian operations including panama and the united kingdom. his vision is for the life of the world. his moving forward with a major strategic planning effort. he wants to engage new audiences. he has shown great support for the national aerospace museum. he has viewed exhibits met with curious, participated in programs, and helped us break the wall through the center with a bulldozer to begin construction. it is my honor to introduce the 12th secretary of the smithsonian institution, dr. g. wayne -. >> thank you for your nice introduction. it is a wonderful thing for all of us. welcome to our special guests who are here. obviously, there are many here tonight, many who were heroes and who have made history. thank you for coming to help us celebrate the annual john glenn lecture and the 40th anniversary of apollo 11 of the moon landing. what to all of those who are watching courtesy of nasa through the web cast. we love our na oupartnership with nasa. we share activities together such as satellite telescope, as well as working for new plants. 1969 was an eventful year in art, politics, and culture. probably no event was more important more inspiring, or more transforming them the moon landing. the world change forever that day. all of us form my generation remember where we were when it happened and when we saw it on television. i was a student at the university california working at home on my phd. on that day, we were in binding on the side at a beer garden celebrating the landing. we hoisted one in your honor. tonight, he will hear from those who did it. we are honored they are here. in a speech at rice university at 1962, president kennedy described the russian as, the most hazardous and dangerous and greatest adventure on which man can ever embarked. here in the smithsonian, we are dedicated to telling an ever expanding story of our fascination with flight and space exploration. here we celebrate the incredible accomplishments of the courageous visionary men and women throughout our history who dared to defied the odds and gravity. an inventor which will -- once wrote, aeronautics is neither an industry or a science. it is a miracle. it is here at the smithsonian that you see the whole story of this miracle, how astronauts, pilots, pot -- politicians, engineers, inventors and many others made it possible to soar. the apollo 11 mission illustrates the best of that story. it took many years of hard work to make it happen and there have been many years of hard work since then. last year at our annual festival, we celebrated the 50th anniversary of nasa and thousands of professionals who make our exploration possible. over 1 million people came to view the exhibits. i personally visited at that time. i will never forget the look on the faces of the children and the adults as they saw the many demonstrations about space flight. we also at that time celebrated --. many of the monks who celebrated had never been out of their monastery. when they saw what was going on, they were amazed. the national air and space museum hosted more than 7000 votes -- 7 million visitors annually. it has ushered in a new era. we want to reach the billions using digital technology, to inspire young people themselves, so that they will want to be scientists and astronauts. science, history and art come together at the smithsonian to tell the story of what it means to be an american. astronaut alan dean of course, right now has a wonderful art exhibit in this museum. it is a great example of how science and art come together. all of the story speak to the great american spirit of what we stand for as a nation. the best of what we stand for is exemplified in our next speaker, and it is my honor to introduce him. please welcome a true friend of the smithsonian for decades, the man for whom this lecture series is named, astronauts, a senator, a pioneer, and above all a great american patriot, senator john glenn. [applause] >> thank you all very much. the summer of 1969 was a defining time in america because of the milestone that we're recognizing tonight, apollo 11. ask anyone over the age of 50 what they were doing when we landed on the moon and they can tell you. i was fortunate -- i have left nasa that time but i was in the observation area and i watched the whole thing unfold their. it is something i will never ever forget. along with you and people all over the world. the 61 -- in 1961, president kennedy made a public commitment to land on the moon by the end of the decade. i think a lot of people forget what the drive was by that time, and a lot of the drive behind our efforts at that time. it was the cold war. it wasn't a scientific stunt or an effort to succeed just for the doing of it. it was inspired by the cold war and the competition. they had been ahead of us as well in the earlier days of the space program, when they were launching successfully while some of ours were blowing up on the launch pad. the 60s crew towards a close. in 1968, we have to remember some of the things that happened at that time. we had great turmoil over the vietnam war. we had riots in chicago. we have the assassination of martin luther king and bobby kennedy. at the time, america stood at a critical crossroads. apollo 11 did a lot to bring this country back together again. people suddenly had a feeling that we were all won again and we could go ahead and move ahead like we had not felt for a long time. i thought it was interesting a few days ago, there was an article in the new york times, an article about the anniversary. we talked about americans around the world where foreigners were coming up to them in different capitals around the world and saying, we did it. we did it. and congratulating americans. there were talking about the -- themselves along with us, the way they viewed the whole thing. it showed for the first time maybe in human history, we had the people of the whole world who sense that it was a major time for all mankind, that this was a step that nobody had ever done before. it was something that meant a lot to people all over the world. it is too bad that we cannot keep that kind of dedication, because everyone shared the success of this historic mission as too bad we cannot continue that attitude day in and day out. people wonder if younger generations, who have no memory of the moon landing recognize the importance of these events. perhaps there is a resurgence of interest in public service, as there was back after those days in apollo 11 -. neil has mentioned many times about what a team effort it was, hundreds of thousands of people involved with this all over the country. it was indeed that. remembering the apollo program is a tribute to what americans can do, an example of what it can be done. to this discussion under way, i would like to introduce margaret whitingham. she has a number of graduate degrees and has won numerous awards. she oversees the collections of space science subjects. she has a job i would not have for any amount of money. how do you have a flight come back from space and make the decisions and what is historically significant to hang onto, and what turns up as in a bunch of space junk. that is her job. she has a coronation of this annual lecture series, we appreciate the work you have done. [applause] thank you very much, senator glenn. it is indeed an honor and privilege to coordinate the gland lecture this year. as we commemorate the 40th anniversary of apollo 11. our speakers this evening, the crew of that mission and dr. christopher kraft who agreed to share with us their thoughts on the significance of apollo 11 and american space flight. our first speaker this evening will be dr. kraft. as nasa's first flight director for human space flight, he enjoyed a firsthand perspective on the early years of america's human space flight. many of you have probably enjoyed his insights in his 2001 autobiography, flight, my life in mission control. dr. kraft served as director of nasa's johnson space center in houston from 1972-1982 come and work as an aerospace consultant after his retirement from nassau. he has spoken to museum before, and we are honored to have him back with us again this evening. please welcome dr. chris craft. [applause] >> it is an honor to be here tonight. it is a great day. it is an honor to be involved in this great evening with these great men who did the job. they are great americans, and they deserve the highest praise. my job tonight is to set the stage. the russians in 1957 as we all know started this whole business with orbiting a satellite known as sputnik. they had it on page 37 of their newspaper. the next day after every newspaper in the world had it on their front page, they put it on their front page. in the spring of 1961, following that, there was a great deal of turmoil in the space program. even more in the you -- united states. everyone was concerned about what was happening with the russians. the president was having sleepless nights. in 1961, the u.s. space program was also, which was created to start man's advanced and into space, was attempting to launch the first human in space, alan shepard. it was a competition with the russians. the press drove that immensely. many times we were very unhappy about that. nevertheless, we were struggling to launch the first astronaut into a sub orbital flight. the second flight in project mercury, which just previous to that was an interesting flight because sitting on the top of a red stone was a chimpanzee named pam. he was there because we had to prove before we could put humans in space, that we could not kill the -- that we would not kill the champion -- chimpanzee. unfortunately, had that flight take place on a rocket built by german engineers, the rocket cut off early, and as a result, the escape system created 17 g force on the chimpanzee and the spacecraft. he was pretty damn unhappy about that. unfortunately, at the same time, it ruined the mechanism on the device that was supposed to test him so -- when he got through to prove that he could do a job in space. as a result, even though he continued, he was supposed to get a shock if he did the wrong thing and a banana pellet if he did the right thing. no matter what he did, and he did it correctly, he got a shock. as a result of landing 100 mi. down range and a slight cold and the bottom of his spacecraft, by the time he got there he was pretty damn mad and also pre wet. -- pretty wet. we come in operations, consider that to be a successful flight. we did everything we were there to do, we got the chimpanzee back, and he had done a very good job. a lot of people did not see it that way, particularly the medical community, who had not yet believed that man could do a job in space. as a result, they said, we want you to test a certain number of chimpanzees in the centrifuge before we will lead to fly alan shepard. fortunately orff unfortunately, several weeks later a man flew in space. not only did he not do a sub orbital flight, he did an orbital flight. the doctors quickly decided that it was ok for us to put a large -- alan shepard into space in a sub orbital flight. that was down in the glare of the real time press. so well all that was taking place, the russians scored a coup as far as the space program is concerned. however, several weeks later we flew alan shepard. that was truly a successful flight, but it was also a surprise to the president of the united states that the response of the u.s. was high praise. they thought it was a wonderful thing. it was a propaganda coup for the united states. as a result, the president's called nasa to his offices. he asked his staff, what flight we do in space that would as the russians? the learned fathers of nasa said, we could probably fly around the moon in about 10 years. the president's response to that is that's not very exciting. why don't you land on the moon? so, two weeks later, all the nasa people got their slide rules out and said, ok, it is that is what you want us to do, if you are willing to make that commitment, so are we. i don't know what to think our response was god, but frankly it's called the herald -- scared the hell out of me. we didn't know anything about space flight at that point. we had still not put mr. glenn into orbit. we did not know how to do orbit determination with the radar data we had. but some -- suddenly someone was asking us to go to the moon. we had to do tracking and communications, the surface properties of the moon were totally unknown in many scientists thought it was 6 ft. of dust, and they thought it would catch on fire due to the flame that came from the devices. we had to figure out how to do a hell of all lot of other things. it also send us back to reading jules verne. we did not know how to go back into space. many people had great ideas. but the two ideas that came to pass word direct descent -- that direct ascent and land. but the other technique would be to put put it all together and fire it and land. as we begin to look at that and everybody in the country did that had anything to do with thinking about going into space, many of the universities, we came up with these great huge rockets called nova. there were many rocket systems. fortunately, a small group of very smart guys at the langley research center at started looking at what they might do to overcome this tremendous amount of mass that would have to be sent towards the moon. they decided that the best way to do this was to take a bug and or but it around the moon with a mother ship, send it to the moon, land it and take off again in the bud and while we rendezvous with a spaceship, called mother ship at that point in time. as it was first thought of, people fought they were crazy. to think that we could do round of route around the moon. as they began to recognize the reduction in weight, it had a certain amount of intrigue to it. eventually, that is how the people decided we could do it and call it lunar orbiting. the men sitting here tonight were thankful that that happened. as we begin to think about that, and yet had not flown the first man in orbit, we recognized that we probably had to do a lot of learning. that is where you can see the gemini's based kraft, it would allow us to hopefully rendezvous and dock for the first time. it would allow us to use something besides the batteries and power known as a fuel cell. it would help us to find out if man could survive for 14 days at zero gravity, it would help us to do eda. we have to develop new space shoes -- suits that would allow the man to survive while working in space. all of these new requirements were operations that eventually they had to do around the moon. germany was a proving ground for apollo. i don't have enough time to describe gemma night so it won't -- i won't. i want to talk about how we got to apollo. well many of us in the operations world and some engineers were still working on jim and i, the apollo program came on. this was a whole new concept. many of these people had never had any experience in space flight. they came from other engineering aspects of life. they had been given the chance to very quickly come up to speed. frankly, they've built a dam lousy space craft. they were running like the devil trying to get it done. it was quite a turmoil in 1967, when we sent three men to their deaths on a pad at cape canaveral. it was a terrible day. it was a very terrible day to watch that happen. we looked at what was wrong, and everything was wrong. poor workmanship, poor wiring, pork redounds -- poor redundancy concept. we had a regrouping of nasa following mr. thompson's review of that program. one of the first meetings we had with the new program manager was a meeting to decide what we needed to do. we listed 125 things that had to be done to make that spacecraft viable. we did that. we worked our fannies off and we got it done, along with the many contractors in this country. in 1967, after having done that , getting ourselves ready, it took a lot of guts to rebuild the industry and rebuild ourselves, and we had to rebuild the spacecraft. fortunately, in the summer of 1968, after recognizing that we were ready to fly the space craft, we flew apollo 8. apollo 8 was a pivotal program. if it wasn't for apollo 8, we would have been hard pushed to figure out how to do apollo 11. although the death of those three men, without that, we would still be trying to get to apollo 11. i want to spend the rest of my time tonight talking a little bit about the problems that nassau is struggling with today. i think that is important. first, in 1915, the naca was established. the national advisory committee will. something like 80%-100% of the vehicles that are in this museum and their roots in the naca, you want to think about that. all of these flying machines that you see around you had their roots in the naca. the nasa program that we did in the '60s had a great deal of pay off. we did not invent everything that happened at apollo, but it was the products, of the perfection, of the reliability of the performance come out of the reduction in power that brought about a spike and in my opinion the greatest advancement and the state of the art of technology in the history of man. it was the nasa programs that drove that. i say we can call their return on investment. every company in the united states has a capital expenditure. i have served on a number of boards. their whole future depends on making and investment with capital funds every year. they are looking for a return on investment. nasa is the best return on investment that this country has ever seen, and is today the best government agency to get a return on investment. it is where our future lies. the point i want to make is that we need to make an investment in new technology. there are all kinds of ways to use that technology. everybody has these ideas. the bus will tell you about them --buzz will talk to you about them tonight. what we need is new technology. we have not made that investment cent -- since apollo. in mercury, gemini and apollo we spend 10% of of our money on the future. protection systems, the communications satellite and computers change the entire world in which we live. that is what we need today. we need an investment in the future and a return on investment which we can provide to the country. i say to mr. obama, let's get on with it. let's invest in the future. [applause] >> thank you. our second speaker this evening will be apollo 11 lunar module pilot dr. buzz aldrin. a west point graduate, he joined the air force in 1961 flew combat missions in korea and are his doctorate in astronautics from mit in 1963. he dedicated his dissertation to the crew members of this country's present and future manned space program. it's only i -- if only i could join them in this exciting endeavor. he soon did. becoming a nasa astronaut later in the year. his success in filling jemmied 12th and as a lunar module pilot for apollo 11 cemented his place in history. with a long career in public life, dr. aldrin continues to lend his experience and energy to books, conferences, films, and even this year, recording and music video. it is my pleasure to welcome dr. buzz aldrin. >> somebody was going to put a slide up there that i was going to dazzle you with. it will be on my website. i know that it is a little daunting to view progressive ways into the future. i volunteered to talk about the future. that is not the only thing i will talk about. but that is what i always have been looking at. what can we do that is a little bit better? i will leave this up for just a couple of seconds. later on, it will come on when i begin to talk about a few things that are on this. we are here, and i think we can be here. from the wright brothers and kittyhawk, the tranquillity base was 66 years. from tranquillity base, 66 years in the future takes us to 2035. i believe we deserve to do a little bit more than footprints on the moon. i believe there is a time line. i believe we can do that. yes, we can. thank you come and good evening. i would like to think the smithsonian and my former colleagues for the opportunity to be with you all this evening. for decades ago, since neil, mike and i traveled across space, a peaceful race, it was then and still is today an honor and a privilege to be a part of pop -- apollo 11. tonight you may ask, what did it mean that america was first on the moon? and what can america do next in space to build on that long ago achievement? apollo 11 was about exploration, about taking risks for great rewards in science and engineering. about setting an ambitious goal before the world. then finding the political will and the national means to achieve it. it impressed upon our nation memories the voyage of apollo still seems incredible. we are inspired by the magnitude and efforts of people from all walks of life, from industries large and small, who worked in tandem to obtain a long-term goal of magnificent achievement, while neil and i stood on the lunar surface with mike orbiting above supported the three of us were hundreds of thousands of american workers who comprise the greatest team ever assembled. they are often overlooked at a time like this. i would like to pause tonight and look backwards not through the eyes of a lucky pilot, but through the eyes of these hard- working americans, the scientists and engineers, policymakers and flight directors, navigators and all those on the shop floor, the seamstress who stitched the 21 layers for each custom tailored space suit. we cannot ever adequately thank them for committing their lives and professional energies, minds and hearts to this mission and to the other apollo missions. tonight, while we think about missions past and future, i also want to think about and think those without whom we would have never walked on the moon. the american said it committed the unknowns with us apollo 11 was also about leadership. we are moved by a young american president who challenged himself and all of us to think boldly and not retreat from our vision of what we could do in space. the pass was not easy. it served the betterment of america and ultimately the ending of the cold war. all of these lessons are worth learning newly today in the difficult times that we face together. i believe that gold achievements in space not only reflect our country's greatness, but beckon us for discoveries that can improve our lives. i also believe that national leadership in a coming together of the american people are the ingredients that make overwhelming obstacles possible. this was how progress was achieved 40 years ago. this is how we can rise from our challenges today. apollo 11 is a symbol of what a great nation and a great people can do if we work hard, work together, and have strong leaders with vision and determination. that is what apollo 11 means to us today, for me today. realizing the dream of exploration by way of determination. what we did 40 years ago was a great mission of exploration. tonight i would like to share with you a glimpse of where we can go in the next four years if only we are willing to be truly bold. the best way to honor and remember all those in the apollo program is to follow in our footsteps, to boldly go again on a great new mission of exploration. if our leaders are as wise today as president kennedy was, a strong and visionary space program can once again, inspire us to great achievement. my visit for the future of this space program is very much in keeping with our apollo tradition. but this time instead of the moon race, we can help make the moon a true stepping stone to more exciting in habitable destinations, with the moon acting as a new, global promise for all nations. we can venture out word to mars for america's future. it may sound like a distant destination, that is what some call apollos a goal to reach the moon. and they were wrong. let me share with you where i think america will go in the next century. come travel with me on a journey of the imagination. it begins in earth orbit where space entrepreneurs have opened up the space to new adventure travel for hundreds of ordinary folk. it builds upon the great international space station which has become an orbiting research center and laboratory. india, china, south korea, and all nations that aspire to explore space. we travel aboard a new, reusable spacecraft, multipurpose, international and commercial ships capable of runway landings and a variety of other missions. we test long duration life- support, exploration modules at the space station, combine them with lunar module's for missions. they can serve as refueling and depots -- refilling depots. we fly by, and intercept * with dual missions for redundancy. the comets have names like hartley 3, and others. if it goes to the right place in 2029, --. did my impact is an awesome 2026, 40 years ago the name of the lunar tranquillity base, ocean storm became a part of america's vocabulary. it in our future so will futuristic names and other near objects as we look out from our ship we see the golden tales of an engine, filled with the materials of the birth of our gallery. we switched to the surface of an asteroid, developing tools and equipment for the rocky soil and discover what the building blocks of the universe are made of. then bring it back to our own world for study. step by step, just as mercury and gemini and apollo made a paul possible, made the landings possible, we moved deeper into space for several manned landings focused on the inner part of mars all in a pre lewd to homestead the red planet itself. such bold missions of exploration will determine the sport -- political will as did our mission to the moon for decades ago. we have the vision. we can reach these destinations on the pathway of ours. within the next two decades, if we persevered, the pathways we can reach mars itself before the 2035, 66 years after tranquillity base, which was 66 years after kitty hawk. to realize the dream of humans on mars, we need a unified vision. we need to focus on pathways. even now, russia and china and france will soon embark on a focused soil sample return mission. very complex. they will share the soil sample by agreement. the greatest challenge for us is, america, do you still dream great dreams? do you still believe in yourself? are you ready for a great national challenge? i call on the next generation, and our political leaders to give this answer. yes, we can. yes, we can. a quarter of a million miles from where we are tonight on the dusty surface are the traces of that first adventure. we have just seen them. attached to the lender, of the eagle that brought me and kneel to the surface is inscribed with the words that can be read today. it says, we came in peace for all mankind. yes we did, and guess we will again. it was a great personal honor to walk on the moon. as neil once observed, there are still places to go beyond belief. my call to the next generation of space explorers and their leaders, isn't it time we continue our journey toward, past the moon? thank you for listening to me. and may god always bless the united states of america. [applause] >> thank you very much. our third speaker will be command pilot michael collins. he graduated from st. albans school and went to west point before entering the air force in 1952. he flew with an experiment toll flight officers then joined nasa as an astronaut in 1963. in his career at nasa he fled germany 10, and as the command module pilot for apollo 11, circling the moon while buzz aldrin and neil armstrong landed. he served as an undersecretary of the institution. when we were planning this evening, i offered each of the speakers to have a little rehearsal to familiarize themselves with the room. general colin politely declined. he knows this space. he probably approve the plan for the seat your sitting in right now. we are delighted this evening to have him back on such familiar territory. please welcome general michael collins. [applause] >> thank you. you are right, i have spent a lot of time in this room. it is very nice to be back here. it is always nice to talk about apollo, a great success story, i think. behind me, i put that because it's better than looking at the black screen. you see there are 3 billion people on the big thing there are two people. they are posing for the photographer who remains discreetly out of you. it is nice to talk about apollo. john f. kennedy's mandate was a simple one. a man on the moon by the end of the decade. with such a clear objective, no ambiguity to get -- to it. at one time we had 400,000 americans working on apollo. when i was director here, i tried to use the same clarity in the building's construction. it was scheduled for july 4th, 1976, the nation's bicentennial. i used to run around washington screaming, bicentennial, bicentennial, whenever there was a snag popped up in the design or funding of the museum. you are not here to discuss buildings, but to ask us, what about apollo? what do remember? what was important? i was talking about apollo recently with my daughter, and somehow won a small step for a man came up. what would she have said i asked her if she had been the first person down the ladder. maybe, one small step for a one? no. does this suit make me look fat? [laughter] but back to the end of the decade. mr. president, i think you would have been pleased with the flight of apollo 11. it worked so surprisingly well. about the flight itself, the thing i remember most issue could view the planet earth from a great distance. very shiny, blue and white, bright, beautiful, serene and fragile. you don't get the full flavor of it looking at this, because this has to be processed by a film in motions which are pretty crude and projected. it doesn't sparkle like the real thing did, it doesn't shine like a little gem like it would be if you could see it unfiltered. is a vision true? serene, it is not. fragile, it is. . . >> we need a new economic paradigm that somehow can produce prosperity without this kind of growth. turning to nasa and our future in space, i had my voice to buzz aldrin's, but not as eloquently. sometimes i think i flew to the wrong place. mars is my favorite place as a kid and it still is today. a celestial bodies go, the moon is not a particularly interesting place. but market is. mars is the closest thing to earth's sister that we have found so far. i worry the current emphasis on returning to the moon will cause us to become ensnared in a technological briar patch, needlessly delaying for decades the exploration of mars -- a much more worthwhile destination. i realize there are many difficulties in reaching mars. it is a very long duration voyage. i even wrote a book about it one time. equipment reliability, exposure to radiation, aspects of cruise election and psychology, all of these things are tough problems, but i do not see a show stopper. they can be solved. i would like to see mars become a focus just as john f. kennedy focused on the moon. getting back to the apollo and its significance, historians tell us it is much too early to judge. but just suppose we could fly out into space a whole bunch of light years and look around. what would we see? with the right instruments, i think we could detect many start-planet combinations as suitable for sustaining life as our own sun-earth combination. i have to stop here and tell every story. years ago, i was writing about what might be kept in the way a far distant planets and used the word "detectable." i right in long hand, so i send it to the typist. when it came out, detectable at morton to delectable. i thought that was wonderful. what a great promotion for a planet. [laughter] how would we judge says detectable collectibles? what categories when we put them in? -- how would we judge the those detectable delectable? we would have to see if they were wanderers and could wander away from their own planet. ours is a bit over four billion years old. in cosmic terms, not much happened. in 1968, we left. apollo 8 left. it exceeded escape velocity and gravity could no longer keep the spending on the surface. -- could no longer keep us pinned on the surface. on apollo 11, we arrived. neither went far or did much. but ben franklin asked what use is a newborn baby? apollo is a dividing line, putting our, for better or worse, into a new category. into the big leagues of planets. to me, that is what is the most significant thing about apollo. if you will permit me a bit of a liberation -- -- a bit of a liberation, the flight accomplishments, the major accomplishment was not the flight of apollo 11 but the 11 apollo flights. turning from the macro to the micro, turning to let the old mike, my concept of time has always been a bit strange. -- turning to lucky old mike, my concept of time has always been strange. i see a big grandfather's clock in the sky. the pendulum is not stop. it only moves once. it starts all the way to the left. that is you. too young to drive, drink, or have a steady girlfriend. then one night, while you are asleep, it leads to the other side. you are suddenly over the hill, getting bald, don't try running and you better add some omega 3 to your diet. for most people, it seems the pendulum only has those two stops. but not for the crew of apollo 11. consider that neil armstrong was born in 1930. buzz aldrin was born in 1930. mike collins, 1930. we came along at exactly the right time. that pendulum stopped for us in the middle. we had survived hazardous careers and then successful in them. but in my own case, it involved 10% shrewd planning and 90% blind luck. lucky -- that is how, limited to one word, i would describe my life. lucky to have had loving parents, lucky to have found packed -- lucky to have found pat. children. so that i can spend my time doing things i like. what more can i ask? i split my time between southern florida and new england. i have a small paddle boat with which i fit -- with a wish by fish. i get a good exercise along the way. i do some watercolor painting. i'm not a pro, but i'm trying to get better. i read a lot, cook, do one triathlon a year, worry about the stock market, keep looking for a good bottle of cabernet under $10. [laughter] i am moderately busy and happy. so, put lucky on my tombstone, but not too soon. [laughter] [applause] >> thank you, general collins. our final speaker this evening is apollo 11 commander neil armstrong. a proud graduate of purdue university, mr. armstrong holds a master's of aerospace engineering from the university of southern california as well as numerous honorary doctorates. mr. armstrong has flown over 200 different models of aircraft and a survey combat pilot in korea and a research pirate -- reached search pilot for the predecessor of nasa. he was a project pilot on a high-speed aircraft, including the x-15. he became a nasa astronaut in 1962, commanding gemini 8 and apollo 11. he is a college professor who has taught aerospace engineering, a trusted expert who has helped run the rogers commission, a businessman who has served on numerous boards, and for 40 years, a careful steward of the responsibility of being the first man on the moon. it is an honor to introduce mr. neil armstrong. [applause] >> thank you very much. thank you. [applause] thank you very much. our reason for gathering here tonight is to remember the apollo program and in particular, the 40th anniversary of the achievements in the year 1969. because i wanted to talk about things other than what the previous speakers talked about, i chose for my title, daughter, government, and geophysics. -- goddard, government, and geophysics. [laughter] part one. [laughter] goddard. many of you here know about robert cotter, the american inventor of liquid rocket fuel. -- . goddard. he searches for support for rocket research without much success. his first substantive help with a $5,000 grant over five years from the smithsonian institution. he received no government assistance in his liquid rocket work. the first successful liquid rocket flight occurred in massachusetts in 1926. distance covered -- 180 feet. 184 feet. maximum altitude, 41 feet. from then, for the next decade and a half until the beginning of world war two, he was improving and enlarging his rockets and flying them faster and higher at his flight test range in new mexico. as a result of this work, he developed 214 patents on network. -- on that work. his success was of limited interest in the united states, but they were often noted in europe where rocket clubs were very popular. the british interplanetary society, one in the soviet union, the german rocket society, the rocket section of the society of france. in the 1940's, the weapons department of the army in berlin included rocket enthusiasts, including a young man from the german rocket society in order to institute a crash program in rocket weapon development. they build ever larger rockets, culminating in the a-4 or the v-2. at 14 tons and 47 feet in height, it was a gigantic rocket for the time. thousands of v-2's for launched toward england and holland at speeds of more than 3,000 miles an hour and a range of 234 miles an approximately 1 ton of warhead. the v-2 clearly suggested that a rocket powered, long-range weapon introduced the idea it may be useful to a weapons arsenal. none of them had ever been intercepted or shot down. at least six concepts in that rocket had been patented by robert goddard, most of them prior to the german military rocket effort. analysis of the v-2 disclosed that all of its principal characteristics were nearly identical to his rockets. it did not take long for military planners, particularly in the soviet union and in the united states to note the possibility of long-range rockets armed with nuclear warheads. probably atomic warheads at that time. aerospace manufacturers responded to military requirements with rocket power ballistic missiles of ever- increasing range and accuracy. part two, governance. a great global schism developed during these years. the added states and soviet union, competing for the respect of the world in general [unintelligible] many of you remember well the cold war. younger members of the audience may not remember it at all. the cold war was a state of high tension and high political tension and intense military rivalry. the united states and its western allies against the soviet union and it says -- its socialist satellite states. to defend themselves, the superpowers depended on the doctrine of mutually assured destruction. to deter either side from initiating a nuclear attack, both sides were committed to a full-scale nuclear counterattack. assuring the total destruction of both nations. thousands of ballistic missiles armed with nuclear warheads created by the two superpowers and pointed toward each other. the ultimate in brinksmanship. part 3 -- geophysics. during the cold war, a particularly important research program was under way. it was the international geophysical year. 66 countries join together to analyze our earth. oceanography, meteorology, solar activity, the earth's magnetism, the upper atmosphere, cosmic rays, me yours -- the fascinating chief physical sciences. it was planned for the mid 1957 until the end of 1958. scientists, particularly russian and american, recognized if it would be possible to use one of these new, high-performance military rockets, carrying scientific instruments to put a man-made object into orbit around the earth, it would have a new perspective and allow accurate measurements, perhaps solving or leased shedding new light on some of the earth's mysteries. both countries publicly announced they were trying to develop an artificial satellite. they did not recognize it at the time, but they started a new competition which eventually became known as "the space race." the first heat was the race to reach burbot -- the race to reach orbit. as dr. kraft noted and all hell -- all here will know, the soviet union succeeded in launching the sputnik and winning the first heat. americans followed with explore one. sputnik shocked the american public. we believed we were the most technologically advanced community in the world and how could this have happened? president eisenhower tried to calm the waters. he said, as i understand it, they have only shot one small ball in the air. he said his concern about our nation's security had not diminished one iota. actually, he was probably very worried. a rocket with the power and accuracy to orbit a satellite had the power and accuracy to send a nuclear warhead across the ocean to a specific target. public interest in these activities was unbelievably high. congress and the executive branch believe there should be an agency specifically dedicated to the exploration and exploitation of space. and so it happened just over 50 years ago that president eisenhower signed a law creating nasa. the soviets continued to dominate the space race, winning heat after heat. there rocketed the first animal into orbit, the russian dog, like the. -- the russian dog russianlaika. they were the first to fly up probe around the moon and send a remote controlled craft to the surface, both in 1959. they were the first to fly a probe to mars. in 1960 -- their progress was astounding and to many americans, worrisome. our arrival to venus was much more successful in that the first communications satellite and on the whole, the soviets were out in front in most areas and americans were embarrassed. both sides wanted to put humans into space. both nations use to their biggest rockets, originally built as intercontinental ballistic missiles to try to fire a man into space first. and as dr. kraft also noted, one month after the inauguration of the new president, john fitzgerald kennedy, the russians began a substantial surprise of the american public in general, and rocketed a young russian pilot, yuri deguerin, into space -- yuri deguerin, and rescued him successfully. -- kennedy called the new agency into the white house and said is there any place we can catch them? what can we do? they had a hard time thinking of anything we could do to catch up short of going around the moon or landing on the surface of the moon. even then, it would take a concerted national effort, like a manhattan project for the atom bomb. so now, in this year, 2009, we remember the apex of that space race four decades ago. the manned flight of apollo actually began in late 1968. apollo 7, the first, and so important test flight of the apollo command module. apollo 8, the second flight, that remarkably bold flight to an orbiting the moon, launched on only the third saturn 5 rocket. two months later, apollo 9, launched with two spacecraft, a normal apollo command module and with the new lunar landing craft called the lunar module, they named it spider, that was the first check out of that ungainly machine in earth orbit. the letter module flow again in apollo 10. this time, to the men in a full dress rehearsal of a landing attempt. and on july 13 of 1969, soviets launched linda 15. it had no human crew aboard, but it secret mission was to land on the lunar surface, collect soil samples, rocket them back to earth, and claim a soviet victory. the first chunks of the moon returned to europe by humans. three days later, apollo 11 departed kennedy space center for luna. the crew did not know about luna 15. stay informed about the existence of the soviet craft while they were on route to the moon. linduna 15 was preparing for its descent when the americans arrived. it circled the moon for four days for its dissent on july 20. but its landing system failed and it crashed into the lunar surface. that same day, apollo 11 possible and a model named eagle, made a smooth touchdown on the lunar sea. -- trying -- twinkle in the sea. -- tranquillity see. in october the russian flights with seven cosmonauts aboard flew simultaneously. in november, apollo 12 made the second successful landing on the men. the russians announced they had no interest in the moon and or focus on and earth orbiting manned laboratory. only much later did we learn that they had in fact a lunar landing program and that was the cover story for the failure of their when rocket. the space race faded away. it was the baltimore -- the "-- the ultimate peaceful competition, the usa against the ussr. i will not assert it was a diversion which prevented a war, but it was a diversion. it was intense and it allowed both sides to take the high road with the objectives of science and learning and exploration. eventually, it provided a mechanism for engendering cooperation between former adversaries. in that sense among others, it was an exceptional national investment for both sides. so i close, remembering goddard, governance, and geophysics. the american who invented the of liquid propellant rocket, germany used his technology to develop a large strategic weapon, a governance competition between superpowers result in the military development of high-performance rockets. a scientific program in geophysics led to the use of those big rockets to launch the first satellites around here. those satellites initiated the space race, and the space race culminated in the events we celebrate this evening. what humans have explored the mission without the work of robert goddard, the existence of the cold war, or the igy? perhaps. but certainly never on the schedule it actually occurred. history is the sequence of random events and unpredictable choices. which is why the future is so difficult to foresee. but you can try. thank you all for helping us celebrate this split -- the space flight anniversary. good evening. [applause] >> this concludes this evening's program. i am sure that you all sure my gratitude to the buzz aldrin, might cauldron -- mike collins, and neil armstrong for what is truly a memorable evening. how about a round of applause? [applause] i think they like it. [applause] i would like to also like to thank senator glenn for hosting the annual john glenn lecture and also once again, our gratitude to the boeing company for making this possible. please exit through the rear of the theater. those in the front rows, please follow the instructions of the people at the end of your rose and we will bring you down to the stairway in front. thank you for coming and drive safely. good night. [applause] >> and that wraps up the nasa then, looking back at the apollo 11's mission to the moon. neil armstrong made that giant leap for mankind 40 years ago. here's more from nasa television from that day. >> buzz aldrin develop the choreography for future explorers. the steps with which those who follow will traverse them in. >> you do have to be careful and keep track of where you are. but it time you take two or three paces to make sure you have your feet underneath you. four easy pieces can bring it to a smooth stop. that's the kangaroo hop. forward mobility is not quite as good. >> armstrong next set about taking pictures and collecting a contingency sample of lunar soil. >> the surface is fine and powdery. i can pick up loosely and it does at here in five layers like powdered charcoal to the insides of my boots. i only go and maybe 1/8 of an inch, but i can see the footprints of my boots in the fine, sandy particles. >> then it was time for buzz aldrin to join him. >> are you ready? >> all set. i want to back up and partially close the hatch. making sure not to lock it on my way out. that is our home for the next few hours. let's take good care of it. there you go. that's a good step. beautiful, beautiful. >> isn't that something? isn't that fun? >> we have much more on all this anniversary of the first moon landing, including a discussion on the space program, featuring a number of astronauts, including buzz aldrin from apollo 11. that is live at 12:30 eastern time today on c-span3. we're looking live at the u.s. capital where the house and senate will gavel into session to start their worth week -- their work week. the senate comes in at 1:00 for work on defense spending. the votes are expected with the votes scheduled at 3:00 eastern. after that, we expect the date on an amendment which would allow concealed weapons to be transported across state lines under certain circumstances. you can watch this and that live on c-span2. the house starts at 12:30 eastern before turning to legislative work at two o'clock. a number of bills being considered today, including one marking the 40th anniversary of the moon landing. watch the house live right here on c-span. now, the senior white house economic adviser, lawrence summers, in a speech before economists talk about the administration costs economic stimulus plan and warned about higher unemployment rates. he spoke at a forum at the peterson institute for economics. this is about one hour. it is an honor to welcome lawrence summers back to our podium. he is the eighth director of the national economic council and assistant to the president on economic policy. since president obama appointed him to the post last november, was one of the first decisions made after the election. prior to that time, he was a professor at harvard, one of 20 select university-wide professorships at the university. as most of the no, he became a tenured professor at the tender age of 28 and received the john bates clark medal, given every two years to the outstanding american economist under the age of 40 and subsequently from 2001-2006 was president of the university. prior to that time, he was the 71st secretary of treasury from 1999 until the end of the clinton administration in 2001. after having been deputy secretary and undersecretary for international affairs in his earlier tenures during the clinton administration. during that time, i think is fair to say that he gained an enormous amount of extremely valuable experience in handling economic crises, ranging from mexico in 1995 to the haitian crisis in 97, to the -- the haitian crisis in 97. -- theasian crisis. he is now back in that position of attempting with good success so far to save the world. it is a great pleasure and privilege before this record audience here at the institute to welcome him back. before he came back to government, he was a member of our board of directors, the chairman of our advisory committee, a frequent protest and in seminars and conferences here. it is a distinct honor to welcome you back to speak on rescuing and rebuilding the u.s. economy, a progress report. larry summers. [applause] >> thank you very much for that generous introduction. you saved what was most important -- my service to the peterson institute, for last. it was interesting the way you characterized my background. i came to washington, and on your description, learned about the economics of financial crisis. then i returned to harvard and learn about politics. [laughter] it is good to be backed at that -- is good to be back at the peterson institute. i have updated what i used to say during the clinton administration. during the clinton administration, i would remark on the fact that keene said talked about everything policymaker did was a distilled frenzy of an academic scribbler. i would comment that nowadays it was a reflection of a fax coming from a powerful and influential think tank. that reference to a fax seems very dated. just eight years later, it is still a response to an e-mail. if i was younger, it would be in response to a tweet from a think tank. in any case, we have, over time, and acted more wisely as a country because of the work that has been done at the peterson institute. i might say we have made better decisions in international economic policy because of the contributions that have been made to the debate. note that that was carefully phrased to make sure i did not always agree with fred's contributions to the debate on international economic policy. today, i want to provide a progress report on the obama administration's efforts to rescue and rebuild the u.s. economy. i will begin by talking about where we were as the president was taking office. what we have done, and where we are today. i will conclude with some observations on where i think we are going. let's begin last january. though only half a year ago, it's easy to forget how far we have traveled. when president obama assumed office, he faced the most serious economic and financial crisis of any president since franklin roosevelt. typical of the prevailing sentiment was the warning from paul krugman in january of 2009 -- let's not mince words, this looks an awful lot like the beginning of a second great depression. the economy was in free fall at the start of the year with no apparent limit on how much worse things could get. over the three months ending in february, the economy lost 2.1 million jobs, the largest three months declined by a factor of two since the second world war. gdp was declining at a six-month period of close to 6% treed even before any policy changes, the budget deficit was projected in 2009 to be well in excess of one trillion dollars. the financial markets suggested significant risks of implosion. we looked at rather fat tale probabilities as calculated from options and they suggested a better than one in six chance the dow jones would fall below 5000 during 2009. markets were expecting 30% of investment-grade corporate bonds to default within 10 years. municipalities face tremendous difficulties issuing new bonds to the point where muni bond rates, which are supposed to be below treasury rates, soared to nearly double treasury yields. fear was widespread and confidence was scarce. traditional measures of consumer and business confidence fell to levels not seen in decades. the anxiety could be measured in one of many ways. to take one indicator -- google searches for the term economic depression or up four-fold from their baseline level. something similar was true of mainstream media references to economic depression. that is what the nation faced just six months ago. in addressing this crisis, president obama started from two main promises -- first, the most immediate priority was to rescue the economy by restoring confidence which depended critically on breaking the vicious cycle of economic contraction and financial failure and financial failure and economic contraction. second, to ensure confidence, the recovery from the crisis would be built not on the flimsy foundation of asset bubbles, but on a firm foundation of productive investment for long- term growth. the president was clear from the beginning that these two tasks needed to be dovetailed. the confidence in our ability to rescue the economy depended on a sense of our commitment to reform and a vision for a rebuild the economy. the economic problems that confronted the united states as president obama took office were of a distinct character. this was not the standard post- war to recession in which rising inflation lead to monetary contraction which led to economic contraction. nor was it the kind of crisis frequently experienced in emerging markets, the kind that friend referred to in the examples of the 1990's, in which a country experienced a sudden loss of external confidence, forcing an adjustment and demand contraction. indeed, the dollar strengthened over the second half of 2008. rather, the crisis was qualitatively similar to the crisis in japan after its -- after its asset bubble collapsed. in the early stages of the great depression and other major domestic financial crises in which asset bubble burst credit flows contracted, and leveraging reduced spending. we, on president obama's economic team, were very aware that there were few if any examples of success in a rapidly restoring economic growth and financial stability after such broad based financial crises. we concluded that past failures were a reflection of insufficiently aggressive action taken too slowly and vowed our policy response would be neither too little nor too late. the administration decided as a first priority of focusing on the rescuing of the economy, to reverse the vicious cycle connecting income to declines and financial instability by directly supporting incomes and a return to financial stability. our policy started with a major commitment to fiscal stimulus. economists in recent years have rightly become skeptical in normal times about discretionary fiscal policy. they have regarding monetary policy has a better tool for short-term stabilization. our judgment, however, was that in a liquidity trap-type scenario of zero interest rates, a dysfunctional financial system, and expectations of protracted contraction, the results of monetary policy or highly uncertain, whereas fiscal policy was likely to be potent. we also concluded that with monetary policy being used energetically, it was desirable in the face of great uncertainty to use all available tools to move the economy forward. while in the context of a problem that appears significantly smaller at the beginning of 2008, i had advocated stimulus that was timely, targeted, and temporary. our analysis of the situation at the beginning of 2009 suggested the stimulus needed had to be speedy, substantial, and sustained. ultimately, the president proposed and congress adopted the largest program of fiscal stimulus in the nation's peacetime history with the total cost of 5% of gdp. the size of the stimulus reflected a balance of several considerations. the magnitude of the output gap the economy was facing, the difficulties of ramping up spending and then crimping it back down after recovery in a high budget deficit environment, the question of how much could be spent both quickly and productively, and the recognition that the recovery act was just one of several initiatives by the administration that would have an important impact on the state of the economy. as to composition, we quickly concluded that in a world of substantial uncertainty and one in which it was important to get stimulus' started quickly, a diversified approach was appropriate. that is why we settled on a program that emphasizes support for household consumption through tax cuts and expansions in the unemployment insurance and food stamps, support for small business through lending an expanded access to capital, support for state and local governments, and investments in priority areas like health care, infrastructure, clean energy, and education. we pledge at the time the recovery act became law that some of the spending and tax effects would begin almost immediately. we also noted that the impact of the recovery act would build up over time, peaking during 2010 with about 70% of the total stimulus provided in the first 18 months. now, five months after passage, we are on track to meet that time line. more than $43 billion in tax relief has meech house -- has reached household and businesses. another $64 billion has been channeled into the economy through late -- through a to state and local government, expansion in social programs, and spending on education, housing, and transportation projects. in addition, in addition to the amount that has already been paid out, another $120 billion in spending has been obligated by the federal government, calling for contracting of projects and beginning to work its way into the economy. as of may, tax cuts, fiscal support for state and local governments and family assistance programs in their recovery act have boosted disposable income by nearly 2%. in addition to providing fiscal stimulus, the administration set to work on addressing the origins of this crisis, a financial system in severe distress. there were many. from across the political spectrum. they proposed action to universalize guarantees or nationalized major financial institutions. there was an even larger group who believed that policy needed to start from the premise that the financial system as a whole was substantially insolvent. even alan greenspan asserted it might be necessary to temporarily nationalize some banks to facilitate a swift and orderly restructuring. after considering all the options, secretary tim geithner our lead the administration in a somewhat different approach. we recognize the irreversibility of such actions like nationalization. we recognize there was a substantial risk the government to be a source of fear rather than a source of confidence. strong actions taken toward one institution could have major implications for other institutions. we also recognize that a substantial part of the flow credit in the american economy did not depend on banks, but the shadow banking system, including the securitization of consumer financial assets such as mortgages. our approach sought to go as much as possible with a grain of the market. sought to move away from earlier approaches that treated the financial system as a monolith and instead provide a basis for differentiation among financial instruments and financial institutions. the administration committed itself to a financial plan intended to restore the flow of credit to consumers and businesses, tackle the foreclosure crisis, and comprehensively reform the nation's financial regulatory system. central elements of the plan included the stress test process and the capital assistance program which sought to add confidence to the financial system by providing clarity on the situation of individual institutions and to increase capital in the banking system by calling fourth private capital and providing for [unintelligible] if necessary. since the release of the stress test results, banks have been able to generate over $80 billion in equity and issue over $30 billion in and guaranteed debt. another element was a range of measures designed to improve price discovery in the securities market and jump-start the securitization markets which, in turn, should operate to increase lending throughout the economy. we sought to support the housing market by providing significant tax credits for first-time home -- first-time home owners in the stimulus bill, putting in place measures to offer assistance to millions of homeowners by reducing mortgage payments and preventing foreclosures. although we still have a long way to go, the treasury plan is now moving swiftly. there are approximately 160,000 modifications' begun so far and the pace is accelerating. we also recognized the importance of financial regulatory reform as an adjunct to confidence. the administration recognized that the same time that the risk of collapse is not limited to financial institutions, the prospect of an uncontrolled bankruptcy in the automotive industry would mean hundreds of thousands of job losses in the industry and ripple effects throughout the economy. we stayed out of day-to-day operations but did demand fundamental restructuring, an overhaul of management and business practices, and sacrifices from all stakeholders. the president also recognized the important global dimensions of the economic crisis. as of last winter, essentially all of the world's major economies were contracting at once for the first time since the second war. it was a culmination of the chronic u.s. [unintelligible] and a recognition that it is part of a key part of the economic crisis and underscored the importance of global growth for the united states. the president insisted that restoring global growth be added to the g-20 agenda and saw was considerable success to encourage other countries to stimulate their economies as we were doing that. we worked with the prime minister of britain to lead the effort to more than triple the resources available to the international monetary fund with the objective of maintaining the flow of capital to emerge in markets at a tense time. it was a time of substantial action over the last six months. where are we today? if we were at the brink of catastrophe at the beginning of the year, we have what some substantial distance back from the abyss. a majority of businesses now report that they expect improved market conditions, the opposite of six months ago. consumer sentiment has begun to improve. those options that were saying one in six of the dow under 5000 this year are now saying is closer to one in 1000. the implied 10-year default rate on investment-grade bonds has fallen by a third. municipal-issued bonds are and much more normal ways. the pace of gdp contraction is slowing. many private forecasters expect to see positive growth in the second half of the year. and yes, if you look at the rate of searches for economic depression on google, or he looked in the mainstream media, it is back to normal baseline levels. to be sure, unemployment is substantially higher and job loss has been greater than most observers predicted last winter. and unemployment is likely to rise in the coming months. this is obviously a major area of concern. but contrary to a significant amount of commentary, this does not provide a basis for concluding the recovery act is falling short of the schools. both administration and independent forecasts predicted that only a very small part of the total job creation expected from the recovery act would take place within six months. ed