host: the law is on their side. guest: yes. unless they ve claim sovereign immunity, these lawsuits would be brought and once the money exist to pay them back, they will get their money back. with interest. that is what happened in 1979. how does that affect future interest rates? one art one academic paper argues there will be a permanent adverse affect from then on simply because the sense of the treasury bond as being a perfectly safe investment would be eradicated. that is the concern here. people think of it as pretty darn safe. maybe even that just a tiny bit of risk may mean higher interest rates. realistically, bondholders will be paid back eventually, even if we had a two or three month standoff. host: arizona, independent line. caller: my question is similar to previous callers, that the constitution set it up so that congress has the authority to make debt going forward for bonding. the debt that we are discussing where we possibly be in default is that that has
right now at 10:00, tragedy on the hudson. exclusive pictures of a helicopter and plane colliding in mid-air. thousands of people below watching in horror as the aircrafts crashed into the river. tonight, investigators are searching for victims and answers. authorities have recovered three of the nine victims presumed dead. one of them is a child. a crash new york city s mayor says no one oucld chave survived. tonight as the sun went down, divers are searching. it was a beautiful noon hour in new york when the tragedy struck. a plane headed for ocean city, new jersey. a helicopter on a sight-seeing tour both colliding in the sky. once you heard the blast, that was it, it just went down. i saw the plane hit the tail of the helicpter. the helicopter started spiraling and then we saw the plane go down. we have to show you the haunting images again. frame by frame you can see the mid-air crash. all of this happening as many people stood and watched from the banks of the h
if we could trust them to do everything on the up and up, we wouldn t be so concerned about it when i look at the examples any others in a previous reports we have a capacity issue. we have to get the management oversight in there and move forward on that basis. we have lots that we want to talk to you about over the coming period of time, and we credit you for the work that you have done, it is one of serious import in your report and we look forward to you expanding that. with the work you are doing i think will be very helpful to us. it will help us focus on what we need to do in terms of legislation, or probably more on oversight, the people are not doing the management work that they are not doing as they should. what we need to do to help them do that. if they re not getting that capacity. do you have anything would like to add? thank you for your time. we think of for testimony and for your service and the offer remains to work with you if we can be helpful in having