32 Burst results for "Ben Bernanke"

Deal on Fed removes obstacle to agreement on COVID-19 relief package

Marketplace with Kai Ryssdal

04:15 min | 2 months ago

Deal on Fed removes obstacle to agreement on COVID-19 relief package

"There are two things going on with this two point three trillion dollar package. Congress is working its way through and the fading hours of this year one point four trillion dollars to fund the government through next september and nine hundred billion dollars in pandemic economic relief. It looks like and one stress is looks like because you never know but it looks like the thing is gonna pass and we're going to talk about what's in it through the program today but over the weekend. There were some hiccups. The biggest of which centered on the federal reserve. and what it will and won't be allowed to do genus. Molly covers the fed for the new york times. Also she is a regular here on friday. Hey gene hey so in. Lay person's terms here if i might What was the up. With the fed and senator toomey and the feds authorities so basically the fed did a couple of emergency lending programs in this crisis that it has never tried before it bought corporate bonds it bought municipal bonds and it lent directly to small size businesses via banks and so all of those programs were real sort of departures. From what we've seen in the past in senator. Toomey wanted to make sure that they couldn't happen again. He said that congress had intended for them to only lasted twenty twenty one and so he inserted language into this bill that would have basically prohibited them or anything similar to them from ever happening in the future. Without congress. congress's approval. Compromise was what the compromise is that we made that were similar. Same which sounds pretty simple right down like a big deal but it was a big deal. Because i think the way that similar could have been interpreted is to mean that basically any sort of credit like program would be impossible in the future. The way democrats are painting the word same means that specifically these exact programs set up precisely the way that these ones were set up cannot just be restarted. Once you know the next treasury secretary presumably janet yellen who's likely to be the nominee for that job is in place next year. And so the idea is. You can't have this immediate copycat but you could potentially do something. That looks a little bit like this way down the road if there's another financial crisis will that's my next question right. This is really about the crisis next time because there is another one come in as we know right and i think it's it's you know it's worth noting that some of these markets at the fed intervened in this time municipal bond market. I think being a good example. They were melting down in march. You know the the fed stepped in and and gotham tour again but there was a moment there where it was looking pretty dicey in corporate bonds and municipal bonds and so the idea that this legislation would just take away all of those powers. I think could definitely raise some concerns among people certainly who work markets but i think also people who are concerned about you know who has crisis fighting power who saves us first. How much what was going on here was about fed independence and its ability to do what it sees is right. I note that Chair powell has not said a word We had rob kaplan from dallas on On friday and he ducked my question on at. Your brunetti actually said something over the weekend. Right right i think the fed has been caught in some political crossfire here. And what i mean by that is democrats. Have kind of been eyeing these facilities that the fed set up this time and thinking about how they could enhance them to make them more generous once. They're in office. And so the idea is you could potentially use things like the municipal program to really funnel cheap money to states and localities. Now the problem is all of your listeners. Will be aware is that democrats tend to be much more concerned about those constituents than republicans are and so the idea is the fed could be used for political means in. That's why senator to me was really concerned about the future of these programs I think the fed basically wants to stay out of the political conversation here. The important wants to gets missed is they would have had to agree to that. Sweetening up of the municipal facility But yes they got caught in the crossfire. Little ben bernanke you wait into say. Hey don't take away powers. The fed used to have and that it needs but even his statement was done in very a political terms. I think you very very burnett elect terms genus alex. She covers the fed of the new york times and here every now and then on a friday june. Thanks a lot appreciate. Thanks so much

FED Senator Toomey Congress Janet Yellen Toomey Molly The New York Times Chair Powell Rob Kaplan Government Treasury Brunetti Dallas Ben Bernanke Burnett Alex
Not extending $600 unemployment benefit 'would be a catastrophe,' say former Fed Chairs Bernanke and Yellen

KYW 24 Hour News

00:44 sec | 8 months ago

Not extending $600 unemployment benefit 'would be a catastrophe,' say former Fed Chairs Bernanke and Yellen

"Reserve board chairs Say that $600 supplemental unemployment benefit should be extended. The extra $600 a week has been a lifeline for millions of people who lost their jobs because of Corona virus, But the benefit is set to expire at month's end. Former Fed chairs Ben Bernanke and Janet Yellen say it needs to be continued. I think frankly, it would be a catastrophe not to yell in stressed, it's benefit to the economy. We need this spending. Is it those unemployed workers can do. Ellen and Bernanke praised how the Fed in Congress have responded to the pandemic, but say more needs to be done like providing financial assistance to state and local governments. Any Republican strongly oppose such a move. Jerry Bodlander,

Ben Bernanke FED Jerry Bodlander Janet Yellen Ellen Congress
Are Negative Interest Rates Coming To The US?

Houston's Morning News

05:35 min | 9 months ago

Are Negative Interest Rates Coming To The US?

"Negative interest rates coming there is a better economist the fed economists I should say in Saint Louis the one wrote in a paper that if we want to get a V. recovery we need to look at negative interest rates so is the fed going to look at that and I wonder I wonder if Jerome Powell is willing to go along with that idea join us to talk about A. K. T. R. H. money man patch in what's the likelihood of negative interest rates back well in a very good morning to you jamming in fact let's just mention real quick when we look at interest rates remember there's an entire spectrum of interest rates that run anywhere from overnight all the way up to thirty years we call that spectrum a yield curve the federal reserve today directly sat the overnight lending rate and I guess I should say in a normal environment the market they set up all of the other rates two year five year ten year twenty year thirty year but right now the federal reserve is directly influencing all of those rates because they're going into the open market and they're buying up all of these bonds so the chance of a negative rate is very very very low federal reserve chairman Jerome Powell has been asked this question before he's against it for a couple reasons one Germany and Japan currently have negative interest rates along their curve not all the rates but if you go out to to say ten years on Germany as an example their their rate is negative same thing for Japan or their rate in Japan is zero so don't pal points out Europe and also Japan and says look it hasn't really worked out hasn't done anything to stimulate the economy the other thing is that it makes it tougher for banks to make any money if rates are actually negative in fact it may cause banks to lose money and so Jerome Powell has come out against it yeah really the interest rate really it has an effect on consumers but it's really all about the banks and trying to keep the banks open to making money by lending money and getting it to the people correct you you are absolutely right Cher and I should mention that you know right now we are seeing and on believable I mean off the charts amount of stimulus coming in people are scratching their head wondering why the stock market's been going up in spite of record bad news and right now the federal reserve is you know going into the open market every day and they're buying up various assets now they don't buy stocks but they buy primarily government bonds to keep interest rates you know very very low they're now buying corporate bonds and they're buying tax free bonds and so the federal reserve has been going on on a daily basis and buying up all these assets I think one very very big misunderstanding that I see basically everybody get wrong is when you see this being discussed on television they show a printing press they show hundred dollar bills going across on a big printing press and being wrapped up on a pallet it's important to know all the programs that the federal reserve is doing right now do not require printing any money instead banks remember banks are required to keep money on deposit at the federal reserve the fed is simply borrowing money from these banks but right now you can actually go on the way out of the federal reserve discloses that daily right now the federal reserve has assets on their books right now of over seven trillion in dollars yeah you know but the hundred dollar bills looks so good on TV packs got me going let's let's talk a little bit Jimmy there are and you would be a I'm yes you would be able to come up with a dog absolutely I got special scissors does for that matter all right let me quickly ask you about mortgage interest rates hearing fifteen year loans are as low as two and a half percent right now the housing market is doing surprisingly well what we think is going to happen with mortgage interest rates accent so yep and so the federal reserve is targeting rates that was one of the thing that former fed chair Ben Bernanke dead back after the financial crisis in oh wait or no nine and it worked really really well and so right now you've got rates at record lows we think they're going to stay low for a very long time if we do see the economy start to pick up in the third and fourth quarter and we see longer term interest rates start to move up the federal reserve will use some of their ammunition and go in and buy up bonds in the open market in order to keep interest rates down so of all of the things that we could look at and do right now it is a wonderful wonderful time to refinance a mortgage not every loan is is is going to be favorable to refinance remember you've got to pay for a number of up front tight cost things like the title policy but you would want to call a mortgage professional and ask them if it makes sense to refinance and specifically asked how long do you need to go before you reach the break even point yeah and you generally have is what lesson five years you're good good to go yep if you're gonna stay in the house for longer than that sure you're exactly right it may be two years and you're only going to stay there for a year well then it wouldn't make sense but that look and find out when the break even point is when it it it pays to refinance

Saint Louis FED
"ben bernanke" Discussed on Squawk Pod

Squawk Pod

08:47 min | 1 year ago

"ben bernanke" Discussed on Squawk Pod

"Come this fall is that is that. Is that realistic? Especially given the fact that this continues to look like it's going to be a rolling crisis given that we haven't had a meaningful lockdown. You're going to have people leaving in China going to open movie theaters. Nobody's in them but when they do open them. People have to be spaced out. One seat empty to another seat empty. You know that could take a very very long time. And so I'm just trying to understand your thinking in terms of unemployment really looks like and also what what ps are going to look like on these companies. What kind of earnings? Some of these companies are going to have. Yeah that that's why I say the third quarter you know again. Everything depends on the virus but the third quarter would be some kind of transition quarter where you can open things up and you take special precautions. You worried about reinfection But maybe testing better. Maybe other factors would be better And you'll have a better idea about where the virus really is. And then I think by the time you know. This thing is temporary. So at some point you'll be able to say this is behind us For now I'm sure this is going to shape public health for a long time to come but but It is going to be temporary and I think Wall Street should be valuing these company inge knowing that That this is temporary and knowing that there's a lot of great production laying out there in the future. Thank you for your time today. Obviously things are changing pretty quickly. We'd love to have you back an update as you get more details on how this is going to work and it actually started implementing some of it. Okay thanks for having me today. Next the man who oversaw the American economy in the other biggest crisis since the Great Depression? On what cloven nineteen could mean long-term much closer to of major snowstorm or natural disaster than it is to a classic making thirty depression former Fed chairman. Ben Banenky when squad. Pot is backed no one likes to feel stuck boxton or held back especially by your cloud. It's a problem but the IBM cloud is different. It's the most open insecure public cloud for business. It can manage all your apps and data anywhere across all your clouds so it can help take on anything from re booking flights on the fly to restocking shelves on demand. Without getting in your way. Smart loves problems. Ibm Let's put smart to work. Visit IBKR DOT com slash flexible to learn more. You're listening to squawk five taking behind the sounds of squawk box on CNBC. Our next guest on the Fed today former chairman Ben Bernanke. He led the Central Bank for years under presidents Bush and Obama and through the two thousand eight financial crisis as well as the recession that followed which means he was in charge the last time the Fed cut interest rates to near zero for Nikki was a key player in the seven. Hundred Billion Dollars Bank bailout. During the crisis and part of his plan to prevent another depression involved quantitative easing essentially injecting cash into the real economy. If this economic assertiveness sounds familiar to what you've heard earlier. That's because in a lot of ways. The United States government and the Federal Reserve are dusting off. Some for Nikki's playbook two thousand eight to combat this twenty twenty crisis Chairman Bernanke. His perspective is key now not just because of his personal experience beyond that he's an economic historian his focus the Great Depression former fed chairman. Ben Bernanke. He joined squawk box today. Here's Andrew Ross. Sorkin ninety if you could. I've seen you now say that you don't think this is like the financial crisis but given some of the steps that the Fed is taking. It looks like it could be even bigger. How do you think about it well? The financial crisis was a collapse of the financial system. That's where it started with the subprime mortgages and the loss of confidence in the financial system credit broke down. And then that was what hurt. And you know really damage the real economy the rest of the economy in this case. It's kind of the other direction. The of course the source of the problem is the virus which is shutting down the economy and putting a lot of businesses into into hiatus But that means that The banks who who are lending to those firms or you know picking losses or we'll take losses and so The infection so to speak is going in the other direction from the economy to the financial system. There's a lot of stress in the financial system. Now the good news is that we came into this with much stronger. Banking system a much healthier financial system that we had in two thousand seven. So I'm hopeful that It'll stand up onto the straight and help us. You know. Be a positive force and getting back to normal and Jim. Bullard just spoke with us in suggested that we walked into this in a four percent unemployment world that maybe we spike at some kind of thirty percent unemployment in the second or third quarter but that he could see us at the end of the year or early to twenty twenty one being back at four percent. Does that make sense to you? There are some questions about sort of this. This snapback idea and whether that that's possible well I it is possible there's going to be a very stop sharp Short I hope short Recession in the next quarter or two because everything's shutting down of course and and you know The GDP figures are calculated on an annual basis. So if if activity is ten percent lower this quarter last quarter. You multiply that by forty say. Well there's a forty percent rate of decline so you'd see some really scary numbers and unemployment is going to go up although maybe not to thirty percent so whether or not we're going to snap back depends on a couple of things. It depends first of all on the course of the virus will our Social distancing strategy work will the virus begin to die down? Will it Perhaps Be Less dangerous than warmer weather We bend the curve enough to the hospital. System can handle the number of cases so so the length of time that we're shutdown. It's going to be important. And then the second factor will be. Can we keep the economy Healthy or at least functioning throughout this set down period one of the things. You mentioned the Fed what the Fed is trying to do is make sure credit is available so lots of businesses which are losing revenue. Because you know they're shutdown will still be able to survive and when the when the all clear sounded they'll be able to start back up again so if there's not too much damage done to the workforce to the to the businesses during the shutdown period. However long that may be then we could see a fairly quick rebound but there's also the possibility that bankruptcies and people being laid off. And and we're not finding jobs during the shutdown period. Means it takes longer for things to get back to normal. How does the Central Bank become a commercial bank? Because so much of what's now being planned. Effectively puts the Fed in the position of a effectively at least Through banks and intermediaries but loaning money to nail salons in restaurants and small businesses. Well the Federal Reserve has these Emergency lending authorities called the thirteen three authorities. Which in theory allow it to lend to anybody assuming that the credit markets are broken down at normal credit flows or not available now. The Fed does not have the capacity to you know decide whether a barbershop deserves alone or not. So it's got to work through other intermediaries so for example Presumably this main street program that I hope we'll be up and running soon. We'll work through the banking system. Where the Fed will provide funding provide some credit protection to banks and provide them therefore an incentive to extend the credit of their barbershop customers so the Fed has got to work through other institutions that can Really make direct loans to businesses Just as a practical matter now it will. It will buy bonds it will buy. Corporate bonds will by Ginnie Mae and Freddie mortgage-backed securities for example. Those are those are easily bought on the open market but the individual loans to companies. It's going to need some some vehicle. Some intermediary that's GonNa actually work with those borrowers. I think Joe's got a question. Joe I do Trevor Danke. Thank you for coming on this morning and the market a big day yesterday. Part of it was anticipation of the. Do the fiscal deal. But I think some of it had to do with the Fed action and it ran counter to what we were hearing.

Federal Reserve chairman Ben Bernanke IBM Nikki CNBC China Ben Banenky United States Joe I Sorkin Ginnie Mae Andrew Ross
The Federal Reserve provides relief but pain still coming

Squawk Pod

00:59 min | 1 year ago

The Federal Reserve provides relief but pain still coming

"The White House and Senate leaders have reached a deal on a massive two trillion dollar stimulus to combat the economic impact the corona virus outbreak. In addition the Federal Reserve has taken a number of steps to stem the damage and keep markets functioning. And that's where we're focusing. Today's podcast the Fed what it's done and what it can do. As the nation's central bank among the moves is an open ended commitment to continue buying assets under its quantitative easing measures there are also multiple other programs including one for main street business lending the small businesses and community and yours that are closed due to the corona virus. Shut down and others aimed at keep credit flowing. The Fed will be moving into corporate bonds for the first time purchasing investment grade securities in primary and secondary markets through ETF or exchange traded funds additional measures include the issuance of asset-backed securities. These are backed by student. Loans AUTO LOANS CREDIT CARD loans loans guaranteed by the Small Business Administration and certain other assets.

Federal Reserve Small Business Administration White House Senate
Whatever It Takes: How the Fed Aims to Rescue the Economy

This Morning with Gordon Deal

02:15 min | 1 year ago

Whatever It Takes: How the Fed Aims to Rescue the Economy

"How do we make sense of these different interventions but Congress and the federal reserve to limit the damage to the economy by the new coronavirus and the government restrictions that come with it Liz Claman anchor of the claimant count down on fox business is here to explain in depth Liz what's the fed done here in the past you had former federal reserve chief Ben Bernanke talk about helicopter money where you just dumped a dollar bills from a helicopter obviously he was joking around that with in the past during the financial crisis this is more like that three one thirty cargo chat opening the polls and dumping failed but money and so how I know it's designed to help the financial markets right but there are millions Americans aren't even in the stock market all why should they care well they should care because they have possibly four oh one K. they've got pensions they've got maybe five twenty nine there it also is the reality where they have bank accounts and make the money market so what the federal reserve chairman J. Jerome Powell police said was a whatever it takes moment and signaled the central bank signaled that they would do just about anything extending loans to both big and small businesses they would buy unlimited amounts of government debt to help the American economy because the American calling upon me is really based on funding markets it's hard to explain but medium to large sized businesses when they make payroll it's not from the cash they have in their coffers they borough on over night called the repo market or the overnight fed funds futures one big except try it's very complicated but it for overnight to make payroll and pay vendors and once the money comes in from their revenue what they're selling to the customers and we filled the coffers so if you have the the so called commercial paper market a product called start to freeze up which is what we saw during the financial crisis that could become a complete and utter disaster so what you're seeing now with the bed basically turning itself into a commercial bank instead of a central bank typically took one example but he

Congress Fox Business Liz Claman Ben Bernanke Federal Reserve Chairman J. Jerome Powell
Whatever It Takes: How the Fed Aims to Rescue the Economy

This Morning with Gordon Deal

02:15 min | 1 year ago

Whatever It Takes: How the Fed Aims to Rescue the Economy

"How do we make sense of these different interventions but Congress and the federal reserve to limit the damage to the economy by the new coronavirus and the government restrictions that come with it Liz Claman anchor of the claimant count down on fox business is here to explain in depth Liz what's the fed done here in the past you had former federal reserve chief Ben Bernanke talk about helicopter money where you just dumped a dollar bills from a helicopter obviously he was joking around that with in the past during the financial crisis this is more like that three one thirty cargo chat opening the polls and dumping failed but money and so how I know it's designed to help the financial markets right but there are millions Americans aren't even in the stock market all why should they care well they should care because they have possibly four oh one K. they've got pensions they've got maybe five twenty nine there it also is the reality where they have bank accounts and make the money market so what the federal reserve chairman J. Jerome Powell police said was a whatever it takes moment and signaled the central bank signaled that they would do just about anything extending loans to both big and small businesses they would buy unlimited amounts of government debt to help the American economy because the American calling upon me is really based on funding markets it's hard to explain but medium to large sized businesses when they make payroll it's not from the cash they have in their coffers they borough on over night called the repo market or the overnight fed funds futures one big except try it's very complicated but it for overnight to make payroll and pay vendors and once the money comes in from their revenue what they're selling to the customers and we filled the coffers so if you have the the so called commercial paper market a product called start to freeze up which is what we saw during the financial crisis that could become a complete and utter disaster so what you're seeing now with the bed basically turning itself into a commercial bank instead of a central bank typically took one example but he

Congress Fox Business Liz Claman Ben Bernanke Federal Reserve Chairman J. Jerome Powell
Leadership During Difficult Times

The Strategerist

08:09 min | 1 year ago

Leadership During Difficult Times

"Guest on this episode of the strategic is Keith Hennessy. These days he teaches at the Stanford Graduate School of Business Stanford Law School and his leadership fellow at the Bush Institute where he's teaching our leadership program sessions during the Bush administration. Though Keith was the assistant to the president for economic policy was the director of the National Economic Council during the financial crisis in two thousand seven and two thousand eight so those days Keith was working around the clock to blunt the impact of that financial crisis on on our economy. So we thought it'd be interesting today to hear about that experience while we're reacting to the cove in nineteen pandemic. That's happening right now. Keith thank you so much for taking time while your social distancing to call in happy to help hello from Palo Alto California. Well first off. Can you paint a picture of what it's like to be a decision maker in government during a time like this because I know right now? I'm watching the news. And there's just a constant stream of information things are changing by the minute and some of it is is fact some of it is conjecture. Some of it is somewhere in between. What's that stream of information like inside the White House and in our government? Yeah well an advantage. You have when you're working in the White House is that you get you. Get the best information that's out there. I always joke that one of the wonderful privileges. You can pick up the phone call pretty much anyone in the world and say. I need to help the president understand about your area of expertise. Can you spend some time with me? The person will always say yes. And then you have. You have a tremendous Roster of experts working in the government and then also outside of government Who can help feed you information? So the information tends to find you and if it doesn't you've you've got a team of talented people who can go find out The best available answer to any question. That's out there but there definitely is sort of a fog of war we're You think you know what's going on and you probably have a better picture than almost anyone else But there are a lot of unknowns. There are a lot of things that You know that you're just making educated guesses at so that's tough in hindsight This is one of the big mistakes. In terms of historic analysis is in hindsight. It is very easy to forget the things that now seem obvious. But we're not obvious time You know the biggest mistake about hindsight announces at the time. You didn't know what was going to happen next. And while you thought you knew what your actions and decisions might Might produce you're not always certain And then the other thing is is stressful And so you learn how individuals react to stressful environments and then you learn how teams React to stressful environments and you know I think it also depends on how long the crisis Lassen how long the pressure is applied. It's one thing to be in a stressful situation for days and weeks. It's a whole another thing to be in it for weeks and months and wears on people and In overtime that takes a toll because the people who are making these decisions are after all humans right. That's actually kind of interesting. And and so how? How do you keep team functioning under these kind of in under this kind of situation? And where might we might be doing this for a long time? Yeah I'm not sure I have many tricks. We were in in one respect. We were fortunate in that the the financial crisis in two thousand eight hit in year eight. So of the Bush team We knew how to operate as a team. We knew how the mechanisms of governments worked on a lot of US had four or five or six or seven years under our belts working for this president working with each other So we had those advantages of experience and know each other and frankly had a really good team In that last year With with Hank Paulson sort of as the the field. General for the president with Ben Bernanke over at the Fed and Kevin Warsh And with a lot of amazing people internally and so that teen Kinda you know it means that you don't have to worry about those aspects of it. You can just focus on the crisis of hand. So we had a bunch of pros. We had a bunch of pros. Who knew how to work together. And then you know you just you kind of say look. There will be time to sleep and time to rest on the back end of this. We're just going to keep pushing basically because we have to. I think the other thing is the morale is really important and and Bush thing. We were really fortunate because the morale comes in large part from the president You know the morale and the tone I always say that the tone in the White House is eighty percent set by the president and twenty percent by the White House Chief of staff and we had a president and a chief of staff who were creating a tone and environment where the rest of us didn't have to worry about the politics We could basically just focus on. What was the? What was the best policy? And how do we try to make it happen? So then you mentioned the that you knew how the government works and the government with all of its departments and with experts who sometimes have competing priorities. So in general strokes. Can you talk about how to how these departments all work together and coordinate during a crisis like this? Well that's what the White House policy councils are for. At the time we had four of them there are now three In the White House of the National Security Council is the granddaddy of them all And the National Economic Council in the Domestic Policy Councils And I worked in a on the National Economic Council staff so these are people who work in the White House for the president and Their job is to coordinate policy making in their in their area for the All the information that comes in for the president goes through the Policy Council to sort of structure. It make sure the presence president knows what's going on and what that best information is and in particular because the president has got a lot of advisers each of whom is responsible for looking at a part of the problem and the Policy Council Stash. Job is to make sure that the president has the information that they need to look at the whole problem. And so when you run one of these Policy cancels you get very good at running meetings and conference calls to pull all the advisers together To to compare information to figure out what decisions the president to make and then to make sure that the president hears from all of you know his advisors that he needs to we. We would joke that. Our job was to set up clean fights cleaner where you'd have conflicting advice. The you know one team advisors would set a precedent you do X. And other advisers would say the president should do why you. WanNa make sure the president gets the information. He needs so that he can make that decision and then when he makes the decision that everybody throughout the executive branch actually executes. Does what the president wants to do right so you would actually present. Exxon wide both team ex ante y presented the president. Let him make that decision. Yeah and I shouldn't describe as really two teams that a mismatch speak mistaken. Are My these are. These are different advisors who were all part of the president skiing. But right right right just disagree on a particular question and You know these. These decisions are hard. None of the options are particularly good. Because you're always over constrained But there are just different. Trade offs different choices that the advisers would make. And what you WANNA do. Is You want to hear the president. Have the president here. Those arguments be able to push the advisers. And then say okay. Here's what we're going to do You know the privilege of working for the president. Is You get to be in the room to make the argument or the option that you think you should make. And then when he hasn't sides it you've got to go out there and execute even if he went with The other option one that you didn't recommend be interesting thing about the financial crisis is that there were a lot fewer disagreements about what to do among

President Trump White House Assistant To The President Keith Hennessy National Economic Council Bush Bush Institute Stanford Graduate School Of Bu Palo Alto California Policy Council United States Exxon National Security Council Director Hank Paulson Ben Bernanke Kevin Warsh
"ben bernanke" Discussed on Marketplace with Kai Ryssdal

Marketplace with Kai Ryssdal

01:45 min | 1 year ago

"ben bernanke" Discussed on Marketplace with Kai Ryssdal

"For marketplace. <Music> <Music> <Music> <Music> <Music> <Music> <Music> <Music> <Music> <Music> <Music> <Music> <Music> <Music> <Music> <Music> <Speech_Music_Male> There's a series we've <Speech_Male> been doing for a while <Speech_Male> now called adventures <Speech_Male> in housing. <Speech_Male> It's about the work <Speech_Male> arounds. People are <Speech_Male> using in the journeys they <Speech_Male> are taking <Speech_Male> trying to find a place <Speech_Male> to live in this economy. <Speech_Male> Even <Speech_Male> before the pan-demic <Speech_Male> housing was an unenviable <Speech_Male> adventure <Speech_Male> for a whole lot <Speech_Male> of people and it is even more <Speech_Male> so <Speech_Male> now <SpeakerChange> here <Speech_Male> is today's <Speech_Male> installment <Speech_Male> my name. Is these <Speech_Male> rich <Speech_Male> and I live in <Speech_Male> Los Angeles <Speech_Music_Male> California <Speech_Music_Male> <SpeakerChange> <Speech_Music_Male> <Speech_Music_Male> on the client assistant <Speech_Music_Male> at a mental health <Speech_Music_Male> center. <Speech_Music_Male> I'm a smoothie master <Speech_Music_Male> at a smoothie shop <Speech_Music_Male> and I'm <Speech_Music_Male> a waiter on <Speech_Music_Male> a boat in Marina del <Speech_Music_Male> Ray. <Speech_Music_Male> It's just <SpeakerChange> a very <Speech_Music_Male> weird time to do <Speech_Music_Male> any sort of this <Speech_Music_Male> <Speech_Music_Male> and <Speech_Music_Male> find a new place <Speech_Music_Male> to live <Speech_Music_Male> <Speech_Music_Male> basically <Speech_Male> my current <Speech_Music_Male> residents my <Speech_Music_Male> leases ending <Speech_Music_Male> And I have <Speech_Music_Male> to move out. I don't have the <Speech_Music_Male> option of staying. <Speech_Male> And <Speech_Male> while it's already <Speech_Male> difficult to find a <Speech_Music_Male> place to live that <Speech_Music_Male> circumstance <Speech_Music_Male> is just kind <Speech_Male> of multiplied <Speech_Male> doubly <Speech_Male> triply so <Speech_Male> by the fact that <Speech_Male> <Speech_Male> two of the two <Speech_Male> of my three jobs <Speech_Male> have shut down <Speech_Male> and the third. <Speech_Male> One looks like it might <Speech_Male> do that as well. <Speech_Male> So finding <Speech_Male> money <Speech_Male> to put down <Speech_Male> a deposit on <Speech_Male> a new places. Difficult <Speech_Male> <Speech_Male> and fewer <Speech_Male> people <SpeakerChange> are renting <Speech_Male> right now because <Speech_Male> of concerns <Speech_Male> around the <Speech_Male> virus. Fewer <Speech_Male> people <SpeakerChange> are <Speech_Music_Male> looking for new roommates <Music>

Fed's Powell affirms rate cut

Marketplace with Kai Ryssdal

02:50 min | 1 year ago

Fed's Powell affirms rate cut

"If it is safe for you to do so at the moment and and you happen to have some loose change in your pocket or your purse toss a coin for me. Would you heads the economy is fine tales. The Fed is going to cut rates at the end of the month. Yes a trick question because both are true but that's only half. Maybe a quarter uh of the story here for the rest of it are Catherine Pell. She writes for The Washington Post. City bready is at politico. Hey Everybody Hey Katherine. Let me start with you <hes> and and put put this question to you. The Fed Chairman Jay Powell went to Capitol Hill Hill today said in essence the American economy is fine were a little worried about global headwinds and so we're going to cut rates because why because there are those risks out there <hes> including <unk> as you pointed out global headwinds trade policy uncertainty he talked quite a bit about that <hes> at the prompting of members of Congress well <hes> so there are risks out there <hes> the headline numbers look good but the goal of the Fed is he put would it is to prevent us from getting into a recession to to keep it looking pretty good not to wait until things get so bad that <hes> that it's a little bit too late for the Fed to catch up and try to make things better she deep the cynic in me says you know he's doing this because the market wanted the market expects it and what the market wants. The market gets from the Fed. Yeah some people think he's being bullied by market. Something pissing people think he's being bullied by Donald Trump <hes> and J. Paul would love nothing more than to just say you know everything's fine. Everything's going to be fine markets. Go Away trump. Go Away. Leave me alone. We've got a strong economy going here but he he's already seeing signs of trouble. You see in the bond market signs of trouble classic Nick Indicators of a recession at some point in the next eighteen months. We're seeing it in global trade data suggesting that a recession could be around the corner. None of this means that it's absolutely going to happen but this is a risk management approach that a central bank needs to take so deep. Let me stay with you for a second really quickly on this and and the terms relations with Congress it was clear that for all of the president's <hes> sniping at the Fed and the chairman that he appointed <hes> the members of Congress that <hes> question the the chairman this week have his back back full stop yeah. They don't like the Central Bank chairman being bullied by the president. They don't like the idea that everything is going to be a political game with political manipulation especially in this environment where the president doesn't seem to be trying to do that all over the place and so they're they're trying to stand behind him and say do what you think is right. It's a very different situation. Ben Bernanke and Janet Yellen would have loved to have this from <hes> Republicans to say you know what we trust you follow the data. Do what's right but at least J. Paul has that now

FED Chairman J. Paul Congress Catherine Pell President Trump Donald Trump Jay Powell Capitol Hill Hill Ben Bernanke Nick Indicators Katherine Janet Yellen The Washington Post Eighteen Months
The Fed was unusually chatty Tuesday

Marketplace with Kai Ryssdal

02:01 min | 1 year ago

The Fed was unusually chatty Tuesday

"The marketplace number oh, the day this Tuesday is five five members of the Federal Reserve's open market committee. That's the one that gets to decide interest rates. Remember five of them gave public speeches today. And believe me when I tell you for the fed that has a whole lot of talking central bankers have non at least historically been the most say, what's on your mind group of people that has been changing those we've been reporting and as marketplace's Mitchell Hartman tells us today, it has potential upsides and downsides back in nineteen Ninety-six. Then fed chair Alan Greenspan, uttered, the words irrational exuberance in a speech investors thought he was saying stocks were overvalued and the market tanked, probably not what Greenspan intended. But he did want to be opaque, says economist Frederic Mishkin, who served as a fed governor in the mid. Thousands. Michigan says one time after testifying to congress. One of the congress, people said that was very clear and Alan Greenspan, said, well, then it must have been a mistake. But under the next fed chair, Ben Bernanke transparency and frequent communication became guiding principles. That's continued under his successors. If you can get the markets understand how you react to future events that can actually make things monetary policy of warfare, active. A lot of what current chairman Jerome Powell. Communicates says university of Michigan economist, Betsey Stevenson is to reassure us that the feds got. It's all on the ball and on the news. Oh, and they're aware that obviously, the trade issues had the potential to have a big impact, so they're watching it really closely chairman Powell does have to contend with one communications challenge. His predecessors didn't says, dean Baker at the center for economic and policy research, and that's a president who publicly criticizes the fed POWs going to bend over back. Quds to say, we're not gonna listen to the present telling us to lower rates not Baker says, if economic conditions warranted Powell won't hesitate to cut rates and explain exactly why.

Alan Greenspan Federal Reserve Jerome Powell Dean Baker Ben Bernanke Chairman Michigan Frederic Mishkin Mitchell Hartman One Communications Congress University Of Michigan Betsey Stevenson Quds President Trump
Fed holds line on rates, says no more hikes ahead this year

Tom Sullivan

06:26 min | 2 years ago

Fed holds line on rates, says no more hikes ahead this year

"Our buddies over at the Federal Reserve. Nice big fancy lunch yesterday today two day meeting, and they came out and said no interest rate hike, not only no interest rate hike today. But no interest rate hike probably for the rest of the year. They're not I mean, they're not guaranteeing that. But they signal that they will not raise interest rates anytime this year. This is a big turnaround from where they were just a month ago. So this was eleven of the seventeen officials who vote on this said, the fed should not raise interest rates at all this year. That was the only two of them said that in December. So went from two to eleven of the seventeen or basically, a majority said, Nope, we don't need. We're going to turn around our policy. We are not going to raise interest rates at all this year. The remaining six officials said well, maybe one between one and two increases would be needed. So what this is saying loud and clear is things are slowing down. They're worried about the economy slowing down, and they don't want to be the one. Pushing us over the over the cliff. So they're the more. They raise interest rates things. Become more expensive. Borrowing is more expensive for businesses. So for businesses to grow and expand and hire more people. They a lot easier for them to do. So interest rates aren't climbing the other part about this. Is there's there's the interest rate projection. But there is another part to it. Which is they during the past two thousand eight recession. The great recession. They went through the process. This is Ben Bernanke as days of buying four trillion dollars worth of treasuries. And what that does is they they buy them from the banking system the banks that make up the membership of the Federal Reserve Bank. They buy them from them. So what that does is they give to the banks more cash. Well, if you're walking in the door, and you say, hey, I would like to get a loan for fill in the blank, whatever your reason is if the banks have lots of money, the only way they can really make money on it is to lend it. So they got boatloads of money that the fed is pushing at them you walk in the door and say, I want alone, the the chances of you getting that loan are much higher your credit worthiness. Doesn't need to be perfect. There's a lot of reasons why they will make that alone in what they got lots of cash that they won't make another days if the fed is tightening. And that's what they have been doing over the last year and a half or so that means you walk in the door, and they don't have as much money. They're making the the banks by the treasury's back from the Federal Reserve, the banks don't have as much money sitting around you walk in the door and say, hey, I like alone, and they said, well, let's size you up. Let's see whether or not we're gonna make you alone versus other people that we're going to that are asking for loans. We're only going to make loans to the very best credit worthy. Most biggest chances of being paid back without any defaults. So what the fed is doing is. They are a not raising interest rates and there signaling they're not going to raise them for the rest of two thousand nineteen. And they are. Slowing down the pace of the runoff of these four trillion dollars worth of treasuries that they have. And because they've been they've been pushing them back to the banks and the banks have had to buy them. They don't have a choice or member member of the Federal Reserve Bank. So they're saying, okay, we're going to slow down that. And then we're going to end that runoff program in September. Which will be exactly two years after they started it. So I lower people pay attention to the interest rate. But I think that big fat four trillion dollar portfolio of treasuries. They have is been shrinking. But that has a lot more to do. I think with whether the local Bank is going to give you alone or not give you alone the interest rate, so they can go in and maybe the interest rate is climbing, and you go, okay, but I can afford a little more I can pay a little more interest. But the Bank is not going to be interested interested in making loans if they're having to buy back four trillion dollars worth of treasuries from the Federal Reserve Bank. So I think this is. This is is saying. They're not worried about inflation. And they are worried about the pullback in financial risk-taking. And they are concerned about Europe in China slowing down and they're wondering how long the United States can be an island of growth when two of our giant trading partners are shrinking. So this is this is the fed saying loud and clear that they are going to. Pay attention to what's going on around the world. So for right now, it's a big pause. Rates aren't going down. But it does bring up the question of whether or not. The fed will maybe before the end of the year drop interest

Federal Reserve Federal Reserve Bank Ben Bernanke Europe Treasury China United States Four Trillion Dollars Four Trillion Dollar Two Years Two Day
Fed's Powell says no immediate policy responses needed to economy

CNBC's Fast Money

01:03 min | 2 years ago

Fed's Powell says no immediate policy responses needed to economy

"CBS has just announced that Jay pal. The fed chair is going to be on sixty minutes this weekend in an interview that has already been recorded of CVS saying that pal sat down with CBS is Scott Pelley this week in Washington DC for what they're calling a wide ranging discussion that includes the fed chairman's remarks on interest rates the outlook for America's economy, and whether the US financial system is vulnerable to. Attacks. They also say that because the interview is on the at comes almost ten years to the day since Pelly interviewed then fed chairman, Ben Bernanke during the great recession, Burnett Anki and his successor Janet Yellen appear in the interview alongside pow in one of the interviews for the report to discuss how they advised him to handle the job and the criticism that comes with it that will obviously be fascinating viewing. And so interesting to see whether or not they discussed the criticism from here at sixteen hundred Pennsylvania Avenue from the president of the United States who's been very critical of J pals approach to handling interest rates at the fed. We'll see whether they get into that at all in the

FED Jay Pal CBS Chairman United States Scott Pelley Ben Bernanke Burnett Anki Janet Yellen Washington President Trump America Pelly Sixty Minutes Ten Years
US Shutdown and Brexit: 2 governments paralyzed across the pond

Investor's Edge

02:32 min | 2 years ago

US Shutdown and Brexit: 2 governments paralyzed across the pond

"June twenty third two thousand and sixteen. Brexit was voted on. They still can't figure out what the hell is going on in the UK. We are on day. I don't know twenty six twenty seven on our shutdown. It looks like it's going to continue. We're hearing talk of some Republicans or some advisors or in Trump's ears and saying listen, this is just gonna keep going because the other side's not gonna do anything. This is affecting things. I was thinking about you know, they got the Super Bowl Atlanta soon. What are you gonna do about TSA? They're on how many people are going to go through Atlanta airport. Just these things, you know, head into my brains. Eight hundred thousand people some living paycheck to paycheck are not getting paychecks. They have to drive. Uber's I got some ask clowns emailing me, then they just didn't government, anyhow, we don't need them. How do you know? Look, I am the biggest proponent of government is too big. I am the biggest proponent that. The forefathers a turning over in their grave thinking about how many people are in our government. I this is like a couple of million a few million people in our government. And how much welfare and welfare programs and this program in that program, and this that and the other thing, but the bottom line, these people still have the jobs that they apply for the expectation is they're working they're getting a paycheck and because of a bunch of morons on both sides of the aisle. They're not. And I already explained to you why they're both sides of the island morons. I don't have to go through it. I have other words I can use for these people. But I can't say them on radio and believe me I'd love to. We still have the tariffs going on. We still have economic numbers around the globe coming in not very good. We had more today here in the US decelerating numbers. So how is the market continuing to go up? Well, as we've told you on January fourth. Ben Bernanke did a one eighty on monetary policy. Excuse me, shape Powell. On top of that you have Europe in Japan that have been promising for months that they were going to roll back. They're printing money and all that they're not anymore.

Ben Bernanke Atlanta TSA Brexit UK Donald Trump United States Europe Japan Powell
"ben bernanke" Discussed on P&L With Pimm Fox and Lisa Abramowicz

P&L With Pimm Fox and Lisa Abramowicz

03:20 min | 2 years ago

"ben bernanke" Discussed on P&L With Pimm Fox and Lisa Abramowicz

"And they're kind of testing things along the way. Jason Schenker of Ben Bernanke key, former chair the Federal Reserve said that long-term low interest rates low long-term interest rates around the world since the financial crisis have made the job of central banking, more difficult. Can you comment on that? Yeah. I mean, there's a couple of things around this. Right. I mean, look there were folks who've made managing director at some of the world's biggest investment banks who at the time where they made in D had never seen a fed rate hike had never seen interest rates of Vero. So what happens is this your first point about mixing financial market understanding with macroeconomic theory. What happens if you have practitioners who never seen? Recessions never seen a downturn. Never seen interest rate. I it increases uncertainty because decision makers in funds and in corporations are really going to be looking at their their first Pence of these things that introduces uncertainty and risk in terms of actual corporate actions, capitalizations and and other damage in financial architecture content. Right now. I just want to bring you up to speed because we are seeing a very big rally in US equity markets. The NASDAQ is up three point seven percent. Ten year. Treasury yields are experiencing their biggest sell-off by at least one measure in at least a year. So Jason I'm just wondering going forward here. What do we need to see to sustain this rally in risk assets? And sort of the the pain that we're seeing in the safe bond. Well, I think the most important thing from a technical standpoint in the equity markets for the last five years has been hundred twenty moving average. We're well below that on the NASDAQ. And the Dow if we were to go back above that. I think there'd be you know, a lot more room above. But right now, we're still in a in a zone that's reflecting a lot of pressure uncertainty and risk. I think as we look forward at the data housing date is going to be important auto date is going to be important in business investment in the watch that line item in the next couple of GDP airports. I think that's gonna be really really important because there's a lot of risk there as you see higher interest rates companies by the Ford a lot of their purchases into twenty eight teen presents downside risk to those sectors in twenty nine hundred. Ben, Burnett key said that expansions don't die of old age that they get murdered. Do you agree? Well, you know, I think it it might be more that they die unexpectedly right and burn kit and probably to hit reference sort of what the expectations were before the financial crisis. And you know, here we are, you know, ten years plus later, I think that it comes surprise to many win the things go bad. They tend to go bad a lot more quickly than people in -ticipant. And so it doesn't have old age. It's sort of swiftly once the smart money knows that the party's over. Thanks very much for being with us. Jason Schenker is the president of prestige economics. Also, the chairman of the futures institute and a Bloomberg opinion contributor based in Austin, Texas, and you can follow Jason and his work on Twitter at the prestige econ..

Jason Schenker Ben Bernanke US Federal Reserve Vero managing director Twitter Texas Ford Austin chairman -ticipant president Bloomberg futures institute
"ben bernanke" Discussed on Biz Talk Radio

Biz Talk Radio

06:06 min | 2 years ago

"ben bernanke" Discussed on Biz Talk Radio

"Three hundred and seventy back three hundred and forty-three today. Advance the clients very good today. Thirty three to four up down volume. Excuse me, twenty six to four twenty seven to four on the NASDAQ. Yeah. And the big story today. Wow. My surprise to most surprise a really strong jobs. Number estimates were about one hundred eighty thousand created three hundred twelve thousand what created a great great number. And a good question would be how it blew hell. Does this really mesh with durable goods numbers that just came out? Icke all these other numbers from regional Fettes, real Icke, China, Germany, Japan, so many other areas how can that be? I don't know. What I do know. And I want you to listen carefully. Is typically when they come out with one of those numbers the next numbers. Not that good. That's like a one time great bump up, but will hold out. Hope it continues. Nevertheless, we are not gonna throw cold water on that. That is one of the first surprise we've been telling you the norm was going to be surprises to the downside. And that's all we have got. Surprises to the upside. A really good surprise today. And for me the most important surprised to the upside the job market. It's great when people have jobs, Hispanic. Became the Hispanic numbers to set nineteen from going back to one thousand nine hundred seventy three best-ever twenty seven point seven million Hispanics with jobs they record. So that is great. Great news. But that was not. The store the market gapped up some on that news. We're up a couple of hundred points. But there was a. I know confab means a meeting, but a private meeting. So let's call it a public confab believe it or not in the same room being interviewed. What Jay Powell the fed? Janet yellen. The expert had Ben Bernanke the fed head yachts before that. And they went at it. Jay Powell changed? Jay Powell changed? What was my biggest complaint about Ben Bernanke? He targeted markets. I'm gonna post the report this weekend on what happened in two thousand twelve. I remember it like it yesterday. The q one q e to an operation twist. The markets were heading into a bear market and out of nowhere. Ben banenky announced kill three forty billion dollars a month of money printing being zero percent interest rates. Markets rallied in the patient at the start. When they started Kiwi was sell the news markets will get in trouble. Brunetti out of nowhere says our just gonna take it the eighty five billion. What's a trillion a year? And market the romped. December seven th two thousand twelve is when they started that extra and the next year markets were up markedly. Now Jay Powell did not announced that he was taking rates down to zero percent. He did not announce printing of money, but he's certainly telegraphed. They are at the ready, and they are paying attention. Tomorrow. So markets romped today. It is my job. To flush it out, as you know throughout this bear markets. There is not been one day where I have said to you. I am buying. I am jumping in. I have said Ehlo. I have said the low for now, which usually is weeks a took seven weeks the break. I'm always looking for that day or a couple days that says dowry. You could test. And if we're all little stops. And you get out, and that's it. Now. I will know everything. Well, let me take everything back. I will know a lot. Over the weekend. It will be a double scan weekends. But I already done some things and in this hour, we're going to let you know, what was specifically sink. Keep thingers cross. We than here. The positives of told you oil price crash big tax cut the individual business. Interest rates. No bounce up. Today is still a two point six five on the ten year. Still very low. And we're down a lot. So what's next? Much more..

Jay Powell Ben Bernanke Ehlo Janet yellen Ben banenky Fettes Kiwi Brunetti China Japan Germany zero percent three forty billion dollars seven weeks ten year one day
December Jobs Numbers on Tap

WSJ What's News

03:32 min | 2 years ago

December Jobs Numbers on Tap

"The holiday shortened week and the partial government shutdown means we'll see a lighter economic calendar. This week all leading up to the release of the December jobs report on Friday, a final snapshot of the twenty eighteen employment picture joining us now from Washington with more details on the data is Wall Street Journal reporter, Sharon, none. Sharon Lister with the jobs report out on Friday twenty eighteen was a really strong year for the economy. Do you anticipate any surprises in last year's final jobs report? Yeah. Absolutely. We've continued to see really solid jobs growth and the unemployment rate is kind of hovering out of multidex low. But as you know, we've seen market volatility kind of increase in recent months. So if we're if the picture were to change because of that market volatility, I feel like this report would would be the first signs of employers. Pulling back on hiring as a result from that market volatility. But if you look at business and consumer sentiment gauges things seem to be. Pretty elevated still so remains to be seen whether or not businesses are actually going to start pulling back their hiring at the same time. There are also concerns about the tightening labor market. The journal has been reporting that job seekers across different industries or quitting in search of better opportunities, which is making it tougher employers to keep in retain talent. Yeah. I think the average American would probably say who cares? I have a great job with finally wage growth. But you're right employees are now able to command in some certain sectors and certain parts of the country higher wages than they had previously because you know, employers are essentially begging for talent and some and some places and because we've seen this wage growth. There have been concerns that maybe would see inflation flare at the same time. But that just hasn't been the case, in fact, actually inflation is kind of cooled in a little bit in some areas in recent months, and finally Sharon, we have an important appearance to note this week on Friday the same day that will see the December jobs report Federal Reserve chairman Jerome Powell. Will will take part in a panel. That also includes his predecessors former fed chair Janet Yellen, and Ben Bernanke that should be an interesting gathering. Oh, yes. All of us here in our little bubbles will certainly be watching it very closely. I will it'll be very interesting. I think a lot of people will be watching particularly for any talk of the fed pulling back its pace of rate increases since the recent global market route that we've seen now, of course, chairman Powell certainly isn't went to come out and say, we're we're thinking we're gonna raise rates, you know, fewer times, but you know, any kind of potential utterances that could could signal that maybe they're thinking this way. And we we've already seen that in the dot plot that they released that a lot of officials think that they'll probably be just two or three rate increases and so far Federal Reserve chairman Jerome Powell has reserved commenting more than necessary on recent criticism of the Fed's rate hikes despite criticism from the president, do you anticipate that he might get some support in that regard from his predecessors. Who may be able to speak more freely perhaps on the president's criticism of the fed. That's a really interesting question. I mean, I definitely think that Yellen and Burnett Anki have been known to kind of stay out of the political foray. And I think they'll probably continue down that path. I don't know they they may not necessarily mention President Trump by name, but they'll certainly probably go on about the importance of an independent fed and how that it should be. How should be free from political influence, which of course, would be would be alluding to the recent Trump comments.

Jerome Powell Sharon Lister Federal Reserve Chairman Wall Street Journal President Trump Janet Yellen Washington Donald Trump Reporter Ben Bernanke Burnett Anki
Trump Criticizes Powell, But Congress Supports Him

WSJ What's News

03:31 min | 2 years ago

Trump Criticizes Powell, But Congress Supports Him

"Federal Reserve chairman Jerome Powell has faced criticism from President Trump for the central bank's interest rate hikes, but congress has not joined the criticism instead indicating support for the feds course of rate increases, the fed has raised interest rates three times this year and is expected to do so again at their policy meeting in around two weeks. Let's talk about this relationship between fed chair Powell and congress with Wall Street Journal reporter, Nick Tim rose who joins us from Washington, Nick, President Trump has called the fed out of control and crazy for raising interest rates, but lawmakers particularly Republicans think this path of rate hikes is great don't they? That's right. And it's important to put into context the feds relationship with congress. It really matters to the central Bank because congress created the fed and congress has the power to change the feds legal mandate, which right now is to seek stable prices and maximum employees. And so in the context of the Fed's independence, which you hear a lot about when the president has been attacking the fed will truly matters to the fed is what congress does because if congress were to open up the Federal Reserve act and make changes to it than that that would be seen by some people as a direct attack on the fed. And so the fact that congress here is not only are they not embracing what the president is saying, and that could change, of course. But that you have Republicans who were critical of the fed over the past decade for keeping rates too low who are now a defending what the fed has been doing even though the president of their own party has been attacking the fed. That's very important. Let's talk about that history for a minute haven't Republicans long called for a faster pace of rate hikes to more normal levels from post-crisis lows. Yes. During the Obama administration Republicans were concerned that the fed was to easy. You had Republican leaning economists who sent an open letter in twenty ten to then fed chairman, Ben Bernanke, he saying you're risking with your bond buying programs all sorts of terrible things currency debasement inflation, it'll be the rampant those things did not happen. And now that the fed has been raising rates. It would be hard to maintain a ideologically consistent position and switch from attaching the fed for doing too much when the economy was weaker than it is today. And now they me as much stronger to say, oh, gee, you're overdoing it again. It's it's possible that you could see criticism in the future. But for right now, you haven't on the other hand, the market's really skyrocketed about a week ago or last week after fed chair pal signaled flexibility and setting rates, isn't that the case? Yes. And there was a member of congress who oversees a monetary policy subcommittee. Andy Barr from Kentucky who. Actually, put out a statement after that speech, basically, encouraging chairman Powell to stay the course. And so what you're seeing from Republicans has been a message of defending what what pal has been doing. They've also defended President Trump's right to say, whatever he wants about monetary policy. And then you have Democrats who have been relatively deferential to chairman pal so far at least on monetary policy. The main disputes they've had with the fed have been on some of the moves to loosen

FED Congress President Trump Chairman Jerome Powell Ben Bernanke Wall Street Journal Nick Tim Barack Obama Washington Reporter Andy Barr Kentucky Two Weeks
"ben bernanke" Discussed on The Indicator from Planet Money

The Indicator from Planet Money

03:49 min | 2 years ago

"ben bernanke" Discussed on The Indicator from Planet Money

"Capital One, what's in your wallet capital? One in a. Okay. Ryan, here's where I wanna start in discussing whether or not the global economy will be able to fend off another recession. I think normally before the last recession DeWitt communists, used to think about this was the economy's not doing well looks like a recession is coming and so central banks would start to lower interest rates and in doing so they would make it cheaper to borrow money. Your argument is that that might not work as well. The next time there's a recession can you tell us why? Sure. Well, you're absolutely right. Like, we're all used to you know, things start to look a little sour, Alan Greenspan. Or Ben Bernanke your whoever coming to the rescue knocking down interest rates a little bit. And getting the economy going again, you know, the problem that we face not just in the United States. But but really all over the world is that over the last thirty years interest rates have crept ever farther downward and so very early on during the global financial crisis central banks around the world cut their interest rate. It's all the way to zero and what you zero it's really difficult to go much below that you can go a little bit into negative territory. But funny stuff starts to happen with the banks. Then. Yeah. And also because zero percent is literally free to borrow money. So if that's not working if that's not doing right exactly what we would have hoped would have happened is that we we have the global recession then growth springs back really quickly. And so then since we're able to kind of reload the gun, right and put interest rates backup. So they'll have room to cut them in the next downturn. Unfortunately growth over the last decade has been so weak that they really haven't been able to do that. And so even in the US where rates have gone up more than elsewhere. We're still only at around two percent. And that's just that's just not enough to get the economy going again when the next storm comes okay, so monetary policy might essentially be out of firepower. Let's now talk about fiscal policy. This is when the government either spends money to get the economy going again, or it gives people money back. In tax cuts and hopes that they spend the money and that gets the economy going, again, we'll fiscal policy be available to fight the next recession. Well, technically, it will be available. It will be an option there for governments. Most governments can borrow it super super cheap rates. And so it's not a huge deal for them technically to think about adding a little bit of deficit spending in injecting that money into the economy. The problem is that to really get a big fiscal boost. You know, you've got to have people in the legislature saying, all right? We think this is important. We're gonna pass this law. We're gonna pass this infrastructure Bill. If you look in the US, it's kind of a perverse that we've been running bigger deficits over the past couple years because right now the economy is sort of in in good shape. But those deficits are pushing up the amount of debt that the US government has has. So when the next recession comes around some people are going to be saying, you know, what we really can't afford this. And I I don't think that's right. I think the government can't afford it. But that political argument is going to be a lot more salient. The next time around. Yeah, that's interesting. So you're saying that because governments have more debt now that they'll be reluctant to take out more debt again when there's a recession to spend, and it kind of leads me into my next question, which is what about the debt that like people and companies have in other words, people in companies in the private sector, private sector debt as opposed to government debt. How does that influence the ability to fight the next recession? Well, it's another really big issue. Right. Because as as we said before the the way that a lot of this stimulus policy works is encouraging people to to go out and borrow and by that car now, but of households or companies are already really in debt, then it's going to be much less attractive for them to add to that that debt pile..

United States Alan Greenspan Ben Bernanke Ryan thirty years zero percent two percent
"ben bernanke" Discussed on Biz Talk Radio

Biz Talk Radio

09:19 min | 2 years ago

"ben bernanke" Discussed on Biz Talk Radio

"You're listening to. Edge the last bastion of quality programming with Gary kaltbaum, it doesn't get better than this. Once again to investor's edge. So. The one of the biggest thefts in history. In history. I'm not sure anybody is tried to count up. How much money was ripped off from savers? And handed over to the banks and lenders that screwed everybody in the first place and had to get a taxpayer bailouts. Think about that. Eight total screw job by Barack Obama. And Ben Bernanke. But nobody says anything nobody yells and screams. There was no million person March at the at the treasury department. No one's picketing or protesting. Ben bernanke. Nobody's pissed off at Obama because Barack Obama argon alway he's the favourite of the media. And he's a darling are Harbaugh. So Barack Obama got away with banenky keeping rates at zero just completely stealing, and my guess it had to be five hundred billion dollars of interest that it should have been paid to the the middle class. Whatever people that what money markets and better yields on bonds or bond funds. They were ripped off. And you guys cheered me on thanking me. Fast forward. Donald Trump, by the way. Obama even with all that was below par in economic growth is whole term. And I know they take try to take credit bullcrap. New you know, who gets the credit? The great people of this country that worked their arses off every day to better themselves and try to better themselves for their family. And their friends in themselves, the great capitalistic system that Obama tried to ruin with more rules regulations fees, fines, mandates taxes, more government, control. Look what he did with ObamaCare. Remember that? Right. You know, the media didn't report member Gruber, we've been Gruber. One of his head architects on video saying we lied to the American public and the media don't give a crap but Donald Trump lies, and it's the end of the world. So fast forward to Donald Trump. And here we have this capitalist guy that's had problems in the past. He went bankrupt a few times I used to complain about many years ago. What he did with this casinos and stuff. He didn't do good things with them. He screwed bondholders overheat. But he's not the first guy to do that. So whatever, and he went down and out and came back all the way. And I think it had to do with a little bit. You know, there's this old line. When you owe the banks a little bit of money. It's your problem you own. But when you owe them a ton of money, it's their problem. Well, I think he owed so much money that the banks and lenders had no choice, but to work it out with them over time and it worked out great. And I must tell you Donald Trump makes great golf courses. I played a couple damn Brunson. Well, too. He's. Terrific real estate terrific hotels topnotch nine oh Semione. Somebody puts his name on whatever. Whatever he's done a major comeback. I applaud them. But I have a big problem with them. Now. And I'm really worried. That he is going to cause serious problems as we move forward. I believe because of Donald Trump. The market lifted off. Right after the election. The next day broke out and had a magnificent move. And I give Donald Trump all the credit. All of it. In that. He really got the animal spirits working against businesses that felt hamstrung by Obama. With rules everything enough. And by the way, I was listening to somebody the other day. What's the difference between Trump and Obama, and you already said, well, we still have regulations, and we still have regulators. But under Obama, all the talk was how much they will get a fine us. And now all the talk is how much they want to help us. So this the rules and regulations. But now the regulators are on the side of business to do better and working with them. And that's because Donald Trump. Change the playing field. I give them all the credit in the world on that. I give them all the credit in the world for lowering corporate taxes, by the way, Obama called for low income taxes, but he was never going to do it. Democrats have been calling for. Court lower corporate taxes but tactics, but that was Bs to win elections. So Trump does what they were promising. But now it's tax cuts for the rich. Okay. Another words again, the left and the bull crap. So I give Donald Trump. All the credit, and I wasn't so thrilled with the individual tax cuts. I'm not thrilled that he's screwing the blue states. Also with the there was a cap on how much you can write off and stuff like that on taxes and all that I'm not thrilled with that. You know, he's going after the states that don't like him, and I don't like that. But what am I going to do? But I give him a ton of that credit now where I've taken the credit away. He's rate raised government spending. Paul Ryan lie. Mitch McConnell light. They're not conservatives. They're not. They're not deficit hawks. There. Bullcrap artists. For years and years, you give us the power you give us the presidency. We will do everything on the debt and deficits and they just lie. They lie to your face. And of course, Paul Ryan's outta here f three lie to your face McConnell, still around and those you're happy with them what he's done with the Justice and stuff, but he lied if you're a fiscal conservative, and you believe in balanced budgets and doing the right thing for the future. He lied Trump signed off on it. I have a problem with that. I have a serious problem with tariffs. Nothing. I like about him. But Trump used them at worked with Canada and Mexico. Hasn't worked with China. As of yet. But we keep hearing. Well, China's being hurt more. Then us, and that's true. But this still not good. And the longer it lasts the worst. It's gonna get and there's really no winners and all this. We're reading about company after company at the company here that has higher costs has the raise costs half the pass it on. So we're not thrilled. And then what we're really not thrilled about. That's up next. We'll have the markets. I'm Gary this is the one and only investor's edge. Alone and rarely have visitors. So when I slipped and fell in the kitchen last month and couldn't get to a phone. I knew I was in trouble. I could barely move. I tried calling for help. But no one could hear me as I lay there. I couldn't help. But think of my kids and grandkids having to go on without me. I was terrified it took eight hours for my neighbor to find me it could have been the end of me..

Donald Trump Barack Obama Ben Bernanke Gary kaltbaum treasury department Mitch McConnell Harbaugh Gruber China golf Paul Ryan Brunson Canada Mexico five hundred billion dollars eight hours
"ben bernanke" Discussed on Biz Talk Radio

Biz Talk Radio

08:11 min | 2 years ago

"ben bernanke" Discussed on Biz Talk Radio

"Last bastion of programming with Gary kaltbaum. This. Once again to investor's edge. So bomb. The one of the biggest thefts in history. History. I'm much anybody anybody's trying to count up how much money was ripped off from savers. And handed over to the banks and lenders that screwed everybody in the first place and had to get a taxpayer bailout. Sick about that. A total screw job by Barack Obama. And Ben Bernanke. But nobody says anything nobody yells and screams. There was no billion person March. At the at the treasury department. Picketing or protesting. Ben bernanke. Nobody's pissed off at Obama. Barack Obama argon alway he's the favourite of the media. And he's a darling. So Barack Obama got away with keeping rates at zero just completely stealing. Ooh. My guess it had to be five hundred billion dollars of interests that it should have been paid to the middle class. Whatever. People want money markets yields on bonds or bond funds. They were ripped off. And you guys cheered me on thanking me. Donald Trump, by the way. Obama even with all that was below par economic growth this whole term. And I know they take try to take credit bull crap. You know, who gets the credit? The great people of this country that worked their arses off every day to better themselves and try to better themselves for their family. And the friends in themselves the great capitalistic system that Obama tried to ruin with more rules breath relations fees, fines, mandates taxes, more government, control. Look what he did with Obama Care. You remember that? Right. You know, the media didn't report member the Gruber. We've been Gruber. One of his head architects on video saying we lied to the American public and the media don't give a crap but Donald Trump lies, and it's the end of the world. So fast forward to Donald Trump. And here we have this capitalist guy that's had problems in the past. You went bankrupt a few times I used to complain about many years ago. What he did with this casinos and stuff. He didn't do good things with them. He screwed bondholders overheat. But he's not the first guy to do that. So whatever, and he went down and out and came back all the way. And I think it had to do with a little bit. You know, there's this old line. When you owe the Bank a little bit of money. It's your problem you own them. But when you owe them a ton of money, it's their problem. Well, I think he owed so much money that the banks and lenders had no choice, but to work it out with them over time and it worked out great. And I must tell you Donald Trump makes great golf courses. I played a couple damn Brunson. Well, too. He's. Terrific real estate terrific hotels topnotch. I know some Yonne somebody puts his name on whatever whatever he's done major comeback. I applaud them. But I have a big problem with them. Now. And I'm really worried. That he's gonna cause serious problems as we move forward. I believe because of Donald Trump. The market lifted off. Right after the election. The next day broke out and had a magnificent move. And I give Donald Trump. All the credit all of it. Isn't that? He really got the animal spirits working businesses that felt hamstrung by Obama. With rules and regular everything enough. And by the way, I was listening to somebody the other day. What's the difference between Trump and Obama? And you know, what he said, well, we still have regulations, and we still have regulators. But under Obama, all the talk was how much they will get a fine us. And now all the talk is how much they want to help us. So this the rules and regulations. But now the regulators are on the side of business to do better and working with them. And that's because Donald Trump. Change playing field. I give them all the credit in the world on that. I give them all the credit in the world for lowering corporate taxes, by the way, Obama called for low income taxes, but he was never gonna do it. Democrats have been calling for. Quote, lower corporate taxes but tactics, but that was Bs to win elections. So Trump does what they were promising. But now it's tax cuts for the rich. Okay. Another words again, the left and the bull-crap swipe Donald Trump. All the credit, and I wasn't so thrilled with the individual tax cuts. I'm not thrilled that he's screwing the blue states. Also with the. There was a cap on how much you can write off and stuff like that on taxes and all that I'm not thrilled with that. You know, he's going after the states that don't like him, and I don't like that. But what am I going to do? But I give him a ton of credit now where I've taken the credit away. He's rate raised government spending. Paul Ryan, light, Mitch McConnell light. They're not conservatives. They're not. They're not deficit. Hawks. The bull-crap Artis. For years and years, you give us the power you give us the presidency. We will do everything on the debt and deficits, and they just lied. They lie to your face. And of course, Paul Ryan's outta here after lie to your face McConnell. Still around those you're happy with the muddies done with the Justice and stuff, but he lied if you're fiscal conservative, and you believe in balanced budgets and doing the right thing for the future. He lied Trump signed off on it. So I have a problem with that. I have serious problem with tariffs. Nothing. I like about him. But Trump used them at worked with Canada and Mexico. Has it worked with China's of yet? But we keep hearing. Well, China's being hurt more. Then us, and that's true. But this still not good. And the longer it lasts the worst. It's gonna get and there's really no winners and all this. We're reading about company after company if the company here that has higher costs has to raise costs have to pass it on. So we're not thrill..

Donald Trump Barack Obama Ben Bernanke Obama Care Gruber Gary kaltbaum China treasury department golf Brunson Mitch McConnell Paul Ryan Canada Mexico five hundred billion dollars
"ben bernanke" Discussed on Knowledge@Wharton

Knowledge@Wharton

04:05 min | 2 years ago

"ben bernanke" Discussed on Knowledge@Wharton

"How do you then? How do you view the path then that going back to the recession here in the United States that that Ben Bernanke he took running the Federal Reserve with the high levels of QE. And then I guess to same degree, Mario Draghi with these doing, you know, similar type of things in Europe. Hey, I mean, that was where the sort of collusion happen if we go back ten years ago and and the years, even after that financial crisis moment, what what happened was the fed did not have enough wherewithal because actually the financial crisis in the Bank and community was so much worse than was even reported to to simply plug those gaps in and help. Just the US thanks and sort of leave it alone relative to the rest of the world of happening was required. Other major central banks to to collude to work together in order to precipitate the same quantitative easing and cheap money atmosphere throughout the world. And and so even in some of the earlier statements he was making in congress so forth. And I talk about them in my book relative to Mexico relative to China and so forth. He tried very quickly to move away from the cause of the financial crisis being the US financial system over which the fed the Federal Reserve, as opposed to have regulatory authority. So it's supposed to be watching crisis at our building, not sort of ignoring them. He tried to quickly push the idea that there was a global crisis that was somehow independent of the financial crisis that have been caused predominantly by US Bank. Why was it caused by US? Thanks because they were the ones who largely manufactured the mortgage related or toxic assets as they became known in in the wake of leading up to the financial crisis, they produce them in the highest quantity. They distributed and sold them throughout the world in highest quantity. They lent money to buyers to two communities to pension fund, not pension funds, but to municipalities and so forth throughout the world in order to buy and continue to buy these assets as they were deteriorating, they cause the national crisis over neck. You tried to do is walk that back and Sarah. Well, maybe we did, but we fixed it and look at Mexico. They're, they're hemorrhaging China's not doing great things and so forth and tried to basically diffuse. Use the role that the fed had played and the only one who could really do that monetarily beneath those speeches was to require the rest of the banking, central banking community to produce conjure record amounts of money as well to do the same thing that kept the the cost of money globally which it still is at about zero percent. So even now with the said, raising rates which they started to do in December twenty fifteen and have continued through the last session, they still have a situation where in the world that European Central Bank has negative rates, and the Bank of Japan is negative rate. So net net, nothing has changed in the world. They're telling this same policy forward on a global basis. We talked about the effect on consumers a little bit, or I should say the non effect of, you know a lot. A lot of this money pumping and conjuring as you call it the quantitative easing and low interest rates and so forth. But there's two other points you make in the book, which I think are worth discussing one is that all that money given to the banks, their traditional role is to lend that money out and they're supposed to be lending it out to help the economy to small, medium sized businesses, which they completely failed on. They actually use the money to do other things. You talk about that in the book. The second thing that I think people don't realize is that by keeping those interest rates so low, they really were slamming retirees and pensioners who depend on interest rates that are more. Let's say, what they used to be in order to fund their retirement. And partly for that reason, I wouldn't say only that..

Federal Reserve Mario Draghi United States Mexico US Bank Ben Bernanke China Europe Bank of Japan European Central Bank congress Sarah zero percent ten years
America may not have the tools to counter the next financial crisis, warn Bernanke, Geithner and Paulson

Bloomberg Daybreak

01:56 min | 2 years ago

America may not have the tools to counter the next financial crisis, warn Bernanke, Geithner and Paulson

"Financial, Services committee we'll bring you the question and. Answer portion of his testimony live the ten AM Wall Street time Well the, fed appears. Confident it. Has the. Weapons needed to fight the next. Financial crisis some former policymakers are not so sure Bloomberg's John Tucker is here live to explain good morning John joint briefing with reporters former fed chair Ben. Bernanke the former Treasury Secretary and New York fed president Tim Geithner and former Treasury Secretary Hank Paulson. Voice concerned about America's ability to combat another financial meltdown Gardner said the fed has less scope to act as, interest rates are lower and argued, that the emergency, powers the proof so essential a decade. Ago are somewhat weaker today Bernanke is worried about longer term consequences of rapidly rising government dead Paulsen also agreed adding it, will slowly strangle us John Tucker Bloomberg daybreak thank you, John on. The trade. Front sources. Tell Bloomberg. That European Commission president young Claude Yonker will. Meet with President Trump in Washington next week where they'll explore the possibility of negotiations to reduce tariffs On cars Yonker will likely. Signal, willingness to consider a deal to reduce auto levies between the US and EU countries. Turning to corporate news now the CEO. Of, Texas Instruments Brian Crutcher has resigned after less than, two months on the job, Charlie Pellett has, the story TI cited violations of the maker's code of conduct. His predecessor rich Templeton will assume, the role on a permanent basis in a statement. The company did not elaborate but it did say quote the violations are related to personal behavior that is not consistent with our ethics and. Core values but not related to company strategy operations. Or financial reporting Charlie Pellett Bloomberg daybreak thank you Charlie Berkshire Hathaway's move removing a cap on stock buybacks that will, give chairman. Warren Buffett. Greater leeway. To dole out profits to shareholders..

Bloomberg FED Charlie Pellett John Tucker Bloomberg Bernanke Claude Yonker President Trump John Treasury Secretary Hank Paulso Charlie Berkshire Hathaway John Tucker United States Warren Buffett Rich Templeton Brian Crutcher Tim Geithner CEO
"ben bernanke" Discussed on WAFS Biz 1190

WAFS Biz 1190

03:20 min | 2 years ago

"ben bernanke" Discussed on WAFS Biz 1190

"Of gunnison capital management we're always waiting for something in the market every single day right the markets on hold awaiting this earth moves that will bend the market wildly one way or another other well on might was the north korean summit today is wins day and it's the fed statement that they will make later on today our important are central banks around the world do the stock market and to the bond markets well it brings the whole market to its knees as they breathlessly await that statement from the fed will they change one word here one word will they become more hawkish meaning on the warpath the raise rates or will they become more dovish they'll become less apt to raise rates anytime soon well today we fully expect another point rate hike today and then of course everyone await chairman jerome powell press conference now that name doesn't roll off my tongue yet in my lifetime i've seen alan greenspan i've seen ben bernanke and i saw the woman who replaced ben bernanke janet yellen jerome powell i'm still getting used to this guy but i think he's pretty much a dove like bernanke like yellen will see what he has to say the bank central bank right now tilting toward four increases in two thousand and eight eighteen that's what some people say and they keep insisting no there's only going to be three so we'll see listen to every word hanging on every word when that compelling statement comes out later this morning well theresa may over in the uk hey narrowly devoid avoided defeat over the e you withdraw bill after conservative rebels accepted significant concessions from the government on the meaningful vote when it returns to the house of lords next week so interpreted that means brexit is still on as the u k will be departing and saying goodbye to the european union and there there are a one big jock me they're open borders all of this kind of thing we've got at least for now they're continue on their course of li ming core ppa now this is different from cpi cpi is what you pay what the consumer pays ppi is what the producers pay this is the inputs into what you buy ppi rises faster than anticipated may producer price index plus zero point five percent i gotta believe a lot.

fed alan greenspan ben bernanke yellen uk european union gunnison capital chairman jerome powell theresa producer five percent
"ben bernanke" Discussed on WAFS Biz 1190

WAFS Biz 1190

02:24 min | 2 years ago

"ben bernanke" Discussed on WAFS Biz 1190

"Inmarsat rebuffed the takeover proposal from echostar saying the bid undervalued the satellite company and its outlook as an independent business gosar has long been seen as a potential bidder for the london based company along with softbank groups one web doc slump has put it out the top of analysts lists of potential targets in the satellite industry which is becoming increasingly crowded and that is your bloomberg business flash the world's stakes three central banks meet this week with very different agendas to be oh jane is expected to maintain its stimulus program while the gears up to discuss the end of its bond buying era meanwhile you've got the fed is expected to hike rates again but as the forum titans policy for fed chairman ben bernanke he said the us economy could face it's while cody moment butcher getting is stimulus at the very wrong moment that the economy is already full employment so you're getting hit by big stimulus which under current law we'll see what happens with its renewed or not but in current law it's going to hit the economy in a big way this year next year and then in two thousand twenty the wiley coyote is going to go off the cliff is going gonna look down and they'll be that'll be centrally withdrawn at that point well let's get back to john's faqih nakas his director of economic research over the gulf research center in our studio in riyadh john ben bernanke he sort of alluded to it there and you alluded to it in our previous discussion but how worried should we be at this point about a policy error by the fed given that the hiking cycle is a certainty right now and the only thing that's unknown is the rate at which the fed actually begins to increase rates yeah i think that we are in a in a period where we will see probably to rate hikes this year and maybe another one next year but what ben bernanke as highlighting is that we do not necessarily need all this public spending and tucks cats at a time when the economy's at a full circle it's doing quite well fool employment so he is quite worried that on twenty twenty you will see these concerns rising so i do think that that's really not.

Inmarsat echostar jane fed us director gulf research center john ben bernanke london softbank bloomberg chairman cody riyadh
"ben bernanke" Discussed on The Jason Stapleton Program

The Jason Stapleton Program

02:14 min | 2 years ago

"ben bernanke" Discussed on The Jason Stapleton Program

"Of students already learning on skills here today with a special offer just for my listeners get two months of skill share for only ninety nine cents that's right skill shares offering my listeners two months of unlimited access to over twenty thousand classes for just ninety nine cents to sign up go to skill share dot com slash stapleton again that skill share dot com slash stapleton to start your two months now skill share dot com slash stapleton okay let's talk about talk about ben bernanke key so burnett key if you there there was an article that was out a while back i think zero hedge was talking about at bridgewater capital which basically is really big investment firm was said that they were pretty much bearish on everything in bridgewater is the they seem to think in twenty twenty and i don't know where people come up with these numbers it's always something weird ray dally oh comes out cheese the chief investment officer bridgewater and says we're berges sean the entire market and we think it's all going to collapse in twenty twenty and i'm like why twenty twenty one twenty eighteen or twenty you know twenty nineteen and a half why is it twenty twenty they're basically if i can compress it down to the nuts and bolts of what they're talking about is they're basically saying because the fed is pulling money out of the market making money more scarce you are going to see a rise in interest rates and those rise in interest rates are going to put pressure on the economy now they are talking about potentially after the next recession seeing more deflation in the economy but as of right now they said we are quote bearish on financial assets as the us economy to progresses towards the late cycle says liquidity has been removed from the market and the markets are pricing in a condition of recent a continuation of recent conditions despite the changing backdrop he says today none other than former fits your been banenky repeated the same assessment almost verbatim in explaining his own suddenly quite dire.

bridgewater capital bridgewater fed ben bernanke burnett chief investment officer twenty twenty us two months
"ben bernanke" Discussed on KQED Radio

KQED Radio

02:17 min | 3 years ago

"ben bernanke" Discussed on KQED Radio

"Los angeles i'm carl resolve the twentieth of march today tuesday is always have you with us everybody the federal reserve is meeting today and tomorrow interest rates are almost certainly gonna go up and we'll talk about that when fed chair j paul does his first press conference wednesday afternoon today though a few words from the guy who used to have pals job i'm ben bernanke and i was the chairman of the federal reserve and these two i'm hank paulson and i was the secretary of the treasury my name is tim geithner i was the secretary of the treasury following hank paulson and before that iran the new york fed this year is as you know the tenth anniversary of the worst of the financial crisis this month is ten years since bear stearns was rescued by j p morgan and the federal reserve so last week i spent an hour with the three people most responsible for fighting the crisis the first part of which we aired yesterday none of us debated it any length as to whether it would be a big problem with bear stearns had failed we all knew that so the question is what should we do about it the other thing is we got very lucky that weekend figures we had a buyer bear stearns was the investment bank that was saved lehman brothers in september of two thousand eight was the one that wasn't which is where we're going to pick things up me tim hank in bed we leeman weekend you to hole up in the new york fed with a bank ceo's trying to find a buyer there isn't one the fed is not in the room in this conversation bright so you don't have that bear stearns we're going to guarantee some of these assets thing going on the number one question i get and i'm sure you three get as well when i go out and do things we actually asked our listeners for what they want to ask you three number one is actually number one is why didn't anybody go to jail which will get through in a minute but number two is why did you let lehman brothers fail leman was terribly weak even relative to the other weaker institutions in this context the world was terrifically fragile very hard to find someone strong enough in that moment of peril there was going to be capable of taking on the vast bulk of that risk like keeping mortgage than the bear stearns context and the tools.

iran chairman of the federal reserv carl Los angeles leman fed ceo tim hank lehman brothers new york treasury tim geithner secretary hank paulson ben bernanke j paul ten years
"ben bernanke" Discussed on WNYC 93.9 FM

WNYC 93.9 FM

02:06 min | 3 years ago

"ben bernanke" Discussed on WNYC 93.9 FM

"In los angeles i'm carl resolve the twentieth of march day tuesday as always to have you with us everybody the federal reserve is meeting today and tomorrow interest rates are almost certainly gonna go up and we'll talk about that when fed chair j paul does his first press conference wednesday afternoon today though a few words from the guy who used to have pals job i'm ben bernanke and i was the chairman of the federal reserve and these two i'm hank paulson and i was the secretary of the treasury my name is tim geithner i was the secretary of the treasury following hank paulson and before that ran the new york fed this year is as you know the tenth anniversary of the worst of the financial crisis this month is ten years since bear stearns was rescued by j p morgan and the federal reserve so last week i spent an hour with the three people most responsible for fighting the crisis the first part of which we aired yesterday none of us debated it any length is to whether it would be a big problem with bear stearns failed we all knew that so the question is what should we do about it the other thing is we got very lucky that weekend because we had a buyer bear stearns was the investment bank that was saved lehman brothers in september of two thousand eight was the one that wasn't which is where we're going to pick things up me tim hankinson we get to leeman weekend you to hole up in the new york fed with banks ios trying to find a buyer there isn't one the fed is not in the room in this conversation bright so you don't have that bear stearns we're going to guarantee some of these assets thing going on the number one question i get and i'm sure you three get as well when i go out and do things we actually asked our listeners for what they want to ask you three number one is well actually number one is why didn't anybody go to jail which will get through in a minute but number two is why did you let lehman brothers fail leman was terribly weak even relative to the other weaker institutions in this context the world was terrifically fragile very hard to.

los angeles j paul ben bernanke hank paulson secretary tim geithner treasury new york lehman brothers fed leman carl chairman of the federal reserv ten years
"ben bernanke" Discussed on WAFS Biz 1190

WAFS Biz 1190

01:38 min | 3 years ago

"ben bernanke" Discussed on WAFS Biz 1190

"System for the board of governors itself i think it's critical to have people with business experience banking experience but also the academic economic experience we saw just how valuable that was under the last two fed chairman so for example a ben bernanke his academic expertise was in the great depression of the nineteen thirties and so when the financial crisis hit here and around the world in two thousand eight two thousand nine there was probably nobody better informed than mr brunen key to think about what could be done going forward and similarly when janet yellen was chair of the board of governors her expertise was in labor markets and if you think about where the stresses and strains have been in our economy it has been with regard to the workforce facing both cyclical and structural issues the these have been her areas of expertise so i think it's very appropriate to have somebody with academic expertise come onto the board of governors whether if it's not going to be the person at least there is that strange fair and let's not forget the very capable staff that's a court of governors in washington joseph cohen what kind of guidance or perspective can you offer individuals what can you offer them in terms of a new federal reserve governor what is important for them to understand that would affect the way that they plan for their financial future.

chairman janet yellen ben bernanke mr brunen washington joseph cohen
"ben bernanke" Discussed on WTMA

WTMA

02:19 min | 3 years ago

"ben bernanke" Discussed on WTMA

"That the fed has announced that it's on a pass to increase interest rates and to reduce the size of its balance sheet which will uh being that they're going to sell off bonds and that will push the price of bonds down in the yields up so interest rates go up and uh the market's gonna factor that in and uh no but no one knows how that's gonna turn out in terms of what the ultimate settling points going to be uh if we knew we'd make a lot of money obviously the uh remember that uh ben bernanke ian janet yellen uh who were at the fed it very important junctures um they both especially burn anke uh supported stock markets burn anke uh back in 2013 uh indicated that the fed might step back on its unconventional monetary policies and taper off the purchase of bonds and things like that and the the market fell significantly and then he said oh no no that's not what i meant but in fact the the feds been supporting stock prices and encouraging uh the reach for yield so the fed has played a significant role i would say that most investors would agree uh and uh producing this a robust stock market that we've seen over the last several years and uh we don't know exactly what the the new chairman will do to paul but uh if he is intent on uh if inflation starts to really heat up and go beyond two percent can be a lot of pressure on them to uh uh raise interest rates at a faster pace and uh that will of course lead to uh a backfire in the stock market ask you about the notion of pressure on uh the fed uh they're not directly answerable to anybody except in so far i guess is being retained on the federal reserve board after a period of time uh they pretty much uh can act as they wish granted their international market pressures of the rise of votes of domestic pressures the other the just making them feel bad or or getting looked down on at the country club i mean in terms of actual outright pressure i control you kinds of things i mean congress doesn't really control the fed of the president doesn't really control the fed on a daytoday basis right well.

fed chairman congress president ben bernanke janet yellen paul two percent
"ben bernanke" Discussed on WLOB

WLOB

02:22 min | 3 years ago

"ben bernanke" Discussed on WLOB

"The fed has announced that it's on a path to increase interest rates and to reduce the size of its balancesheet which will uh being that they're going to sell off bonds and that will push the price of bonds down in the yields up so interest rates go up and uh the market's gonna factor that in and uh nope oh but no one knows how that's going to turn out in terms of what the ultimate settling points going to be uh if we knew we'd make a lot of money obviously but uh remember that uh ben bernanke ian janet yellen uh who were at the fed it very important junctures um they both especially anke uh supported stock markets burn anke uh back in 2013 uh indicated that the fed might step back on its unconventional monetary policies and taper off the purchase of bonds and things like that and uh the market fell significantly and then he said oh no no that's not what i meant but in fact the the feds been supporting stock prices and encouraging uh the reach for yield so the fed has played a significant role i would say that most investors would agree uh and uh producing this a robust stock market that we've seen over the last several years and uh we don't know exactly what the the new chairman will do jearl paul but uh if he is intent on uh if inflation starts to really heat up and go beyond two percent to be a lot of pressure on them to uh uh raise interest rates at a at a faster pace and uh that will of course lead to uh a backfire in the stock market ask you about the notion of pressure on uh the fed uh they're not directly answerable to anybody except in so far i guess is being retained on the federal reserve board after a period of time uh they pretty much uh can act as they wish granted their international market pressures of i suppose of domecq stick pressures but other the just making them feel bad or or getting looked down on at the country club i mean in terms of actual outright pressure i control you kinds of things i mean congress doesn't really control the fed of the president doesn't really control the fed on a daytoday basis right well the fed is an agency basically at a uh congress created the.

fed chairman congress president ben bernanke janet yellen two percent
"ben bernanke" Discussed on KSFO-AM

KSFO-AM

02:34 min | 3 years ago

"ben bernanke" Discussed on KSFO-AM

"Triggered by unfamiliar untested financial derivatives being used at a viral level by too big to fail investors baffling a balkanize regulatory system fast forward to two thousand eight exactly the same risk factors but added exponentially more dangerous level but in 1998 when long term capital management failed and its spurred del that you know craziness in the emerging markets it did seem like there was sort of like the big banks got together and said okay we're not going to let this happen well not pollin tara line allied together by uh by bank regulators rights and they said we're not gonna let this happen talk about in two thousand eight that doesn't happen i mean that's where you get into that frightening moment there was a silence on the trading floor is very wants to trade with anyone else i'm scared no one's guy a counterparty there was a there was a run on the money market industry there was a dearth therefore there was a dearth of commercial paper buyers for some of the bluest chips american companies who couldn't sell the commercial paper with which they would pay payroll next week so the real economy aftershocks were spreading faster than anyone could imagine so once again we pull a serendipitous adhoc improvisation and the chairman of the federal reserve at a normally mildmannered reporter like clark kent lake stop as suit and becomes ben bernanke heed the super fed the fed federal reserve chairman and the completely surprising treasury secretary i knew hank hank paulsen when he was cochair of goldman sachs that i always tell people if you have trouble sleeping just read one of hank speeches because he was the you're the least at siree one of those what a least dynamic people they both rose to the occasion and figure it out ways to rescue an insurance giant that neither one of them regulate um and then a way to uh stop a run on money market funds that neither one of them regulated funds were regulated by the sec insurance regulators that you know are regulated by fifty regulators in fifty states so they pushed their authority to the limit and in a few later lawsuits they alleged over for the limit to save the system and that.

reporter ben bernanke chairman treasury secretary goldman sachs insurance giant bank regulators chairman of the federal reserv clark kent lake hank hank paulsen