saying. it s focusing on exports, it s focusing on manufacturing, it s focusing on investment. it s trying to say we re getting out of the business of selling each other our houses in an ascending spiral of asset inflation. is it on the right track? it s on the right track. the question is can it succeed. it s a very difficult thing to reformulate an entire economy. that s why i m curious to see where are investment dollars going. all the money we ve given the investment banks, are they being invested here or overseas? what percentage capital flows are we seeing? i see articles every day by the major houses creating fund after fund to invest in asia. wonderful, that s what the capital markets are there for. but if that s happening, that says to me over the text ten years the jobs that we were just talking about will not be here, they ll be elsewhere. unless we can create opportunities here, which is something that the government should be doing with high-speed rail, with r & d invest
we need to do more manufacturing again. we re never going to be the major world manufacturerer as we were some years ago. we could do more than we re doing and be more competitive. we ve got to close that big gap. consumption is run about 5% above normal. that 5% is reflected just about equally to what we re importing, in excess of what we re exporting. we ve got to bring that back in the close of balance. you feel the long-term issue, the big issue of how do we get real growth, ex-porpts, manufacturing, not growth based on borrowing, on each of us selling each other our own houses and a kind of ascending spiral of inflation. we have to produce something that somebody else wants to buy. how do you do that? fundamentally here i think we spent more than a decade, we spent 20 years inducing some of our brightest people, our most
major world manufacturer as we were some years ago. but we could do more than we re doing and be more competitive. we ve got to close that big gap. you know, consumption is running about 5% above normal. that 5% is reflected just about equally to what we re importing, in excess of what we re exporting. we ve got to bring that back in the close of balance. you feel the long-term issue, the big issue of how do we get real growth, exports, manufacturing, not growth that s based on borrowing, on each of us selling each other our own houses and a kind of ascending spiral of inflation. we have to produce something that somebody else wants to buy. what should we be doing? how do you do that? fundamentally here i think we spent more than a decade, we spent 20 years inducing some of our brightest people, our most energetic people to go to wall street.