Omaha. Class a stock up more than 11 so far this year and that, of course, outperforms the major averages. Our becky quick is live in the aforementioned omaha. Hi, becky. Tyler, thank you very much. Warren buffett is called the oracle of omaha for a reason, he made a lot of money for a lot of people. He had a gain of 24. 8 in shares of berkshire. That may not sound like a lot but it crushed the return on the s p 500. He built up millionaires over time and a lot of those people have loyalty to him. That doesnt mean every investment he makes is a winner. He is the first to admit he made a lot of mistakes. The winners start out looking like losers, too. The jury is still out on a stake hes been building up over the last 4 1 2 years, ibm. Right now it looks like a huge loser. He built up an will 8. 5 stake in the company itself and hes done that at the average price of 1 p 170 a share. For now, buffet is standing by ibm. We feel fine or we wouldnt own it. And we never sold a share of ibm.
Like, senator . R d, were in the process of producing a chart book of federal investments and some of the private sector investments as well. In terms of development, there is often a great deal and growth in private Sector Development but in the more basic forms of research. That is the sort of output for the economy that the private sector will tend not to do enough of. That is really a responsibility for the federal government to support that sort of basic research. Ill run through the list of those of you who know will know. Thank you, mr. Chairman. In listening you to, it really is striking to me we have a short term challenge that is different than long term in some ways. And the good news is weve actually begun to tackle long term and have been put in place the yearly deficit coming down by half. Good news. You talk about growing the economy and being smart not reckless in what were doing. When we look at that, it seems to me a good way of summing up is youre not going to get ou
Youre watching live coverage now here on cspan 3. Chairman furman, welcome. Both vice chair klobuchar and i appreciate your willingness to reschedule this hearing. Im hopeful that youll resume the long standing practice that chairman of the council of economic advisers testing before the jec. Welcome today. We are all pulling for a strong recovery. Too Many Americans of all ages and all races have simply given up hope of finding a fulltime job. Now, four full years after recession ended, while some parts of the nation are making progress, the current recovery remains the weakest among all post1960 recoveries in every major measure of economic performance. Generating a troubling, and we think dangerous, growth gap. While real gdp has grown by 10 since the recession ended, thats just barely above onehalf the growth in average recoveries over the same period. Producing a growth gap of 1. 3 trillion in the economy. For families the growth gap hits home. Real disposable income per capita ha
Very high and is persistent and woringly so in terms of the human cost and the long term cost for our economy. You testified before that not all cuts are the same. And that there are some ways in which we are cutting that are hurting our long term competitiveness. They produce longer term reductions in our capacity and that we should be prioritizing things that will accelerate growth, that we should not be simply trying to get through this difficult fiscal time in a way that focuses on austerity. We should be investing in a way that sustains growth. What types of policies in your view could both help accelerate growth and do so in a way that would deal with long term unemployment . And what are the budget airy implications for long term unemployment . The first part of your question, senator, of all nondefense Discretionary Spending, half represents investment of some sort about 20 of nondefense Discretionary Spending is investment in physical capital such as highways. Another 15 is go
Good morning to all. And the committee will come to order. Before we begin today, i want to assure everyone that you did not accidentally walk in to a meeting of the energy and Natural Resources committee, which i used to chair. Our friend max bachus is off to do an outstanding job in china and this is still the Senate Committee on finance, with a storied history. Now, in the storied department, i learned recently that senator hatch was an outstanding basketball player in high school. And ive learned through my sources that he had a great onehanded set shot. Hes even in the Baldwin High School hall of fame for basketball. Now, i played a bit of basketball myself, so, senator hatch and i may try to figure out a way to get a regular finance committee pickup game going, except were going to probably try to see if we can find some arcane rules so that the young members dont make us look bad. I also want to welcome senator warner to the finance committee. Senator warner demonstrates continu