36 Burst results for "FED"
Fresh update on "fed" discussed on Morning Edition
"Recorded almost entirely in his bed stye apartment You got to hear this That's coming up at noon today or 93.9 FM 62 and the sun is trying to shine out there Support for WNYC comes from Netflix's new movie the harder they fall a western that gives the old west new blood starring Jonathan majors zazi beatz Regina King Idris Elba and Lakeith Stanfield now playing in select theaters and on Netflix on November 3rd Leadership funding for WNYC is provided by the Jerome Al Green foundation a proud supporter of New York City's major cultural institutions If you believe democracy requires a free press your station is WNYC 93.9 FM and a.m. 8 20 NPR news in the New York conversation Live from NPR news in Washington I'm Dave Mattingly President Biden spoke at a CNN town hall last night in Baltimore where host Anderson Cooper asked the president for an update on negotiations over his domestic spending priorities Are you close to a deal I think so Progressives and some moderates have been trying to reach a $2 trillion compromise on the president's three and a half $1 trillion budget proposal Democrats in the House have linked passage of a bipartisan infrastructure package to a budget agreement with The White House The Federal Reserve is imposing new restrictions on trading activity by board members and senior staffers NPR's Scott horsley says the changes follow criticism of trades made while the fed was actively involved in the financial markets The new rules prohibit trading of individual stocks and bonds and require that any investment be held for at least a year Federal Reserve policy makers and senior staff will also have to get advanced approval before buying or selling mutual funds and leaders of the fed's regional banks will have to report transactions within 30 days Fed chairman Jerome Powell says in a statement the new rules are intended to offer reassurance that policymakers are focused only on the Central Bank's public mission Active trading of individual stocks and securities by two regional fed bank presidents last year through criticism both men have since retired He was Washington This is NPR news from Washington WNYC at 8 32 Good morning Michael hill 62 in sunny out there mostly sunny and 68 today Immigrant groups and labor unions in New Jersey are pushing back against the port authorities plan to allow Amazon to operate a 250,000 ft² cargo facility at Newark airport make the road New Jersey organizer yam belic Gomez protested outside yesterday's port authority meeting She is concerned the air cargo hub will worsen local air pollution about one in four children in Newark have asthma We don't want to sacrifice clean air just for jobs you know coming in And we don't even know if they're good jobs You know they say that they're going to bring a thousand new jobs with this airport hub But we don't know if they're going to our residents the residents are going to be directly affected by this We don't know.
Joe Biden's America: Lower Your Expectations and Wait in a Breadline
"Washington Post has just published an article don't rant about short staff stores and supply chain woes. You should delight in the suffering. Get used to bread lines obviously. American consumers might have been spoiled, but generations of them have dealt with shortages of some kind. Now it's our turn. To wait in line. Tweets came up all across the weekend of young Democrat socialists who were saying, you don't understand, the type of community and camaraderie that was born out of bread lines. It was a beautiful thing. One of the great things that came out of the Soviet Union were bread lines. Zero sarcasm when they say this, by the way, zero. Tucker Carlson says that the American way of life is quickly declining. An intentionally so. But the rich the powerful well connected, they will be well fed. Joe Biden will not miss a meal. Mark milley will definitely not miss a meal. The people in charge, they'll be well fed. But for those of you that are going to try to feed your family, this Christmas season expect 20 to 50 to 70% price shock. Supply shocks. You see abundance covers a multitude of sins. There's only two explanations for what they're doing here. Either they want to break the back of the American economy to try to fit in the great reset as quickly as possible or number two, they're trying to break the back of the American economy to try to create some sort of a revolution. I'm not sure that's the one though. Because I don't people are getting so uneasy, people are getting so anxious about this, I don't think that the ruling class will be able to manage to successfully manage what's coming
Disrespect: There’s No Other Way to Describe How Little the Biden Administration Thinks of the American People
"The New York Post editorial board had posted a great editorial. It's fairly brief. But honing in on that word disrespect, the post writes, there's no other way to describe how little the Biden administration and Democrats in general think of the American people. Asked about secret late night shuttling of illegal immigrants to various parts of the country. White House spokesperson Jen Psaki made a joke about the flight times saying they were earlier than you might like. Ashton got a supply chain crisis, upsetting the economy and driving up inflation. She quipped that it was the tragedy of the treadmill that's delayed. Americans care about how many illegals are being led into the country. The White House crew doesn't care. It's not a law or rule. They want to enforce. Americans care about whether they'll be able to buy holiday gifts and how much they're paying for groceries. Democratic officials don't care, it doesn't affect them, Psaki thinks you're waiting on a peloton when you're trying to feed your kids. How infuriatingly insultingly out of touch they are. Writes the New York Post editorial board. So Kamala Harris takes a jet and a gas guzzling SUV to lecture us about climate change. President Biden wished for scolds us about COVID, then walks maskless through a restaurant. The rules aren't for them, of course. And the media wonder, who are the deplorables who vote against these betters? Who would reject this obviously superior course? Who will kick the Democrats out of their majority next fall? The post says it's that great swath of America that is sick of being patronized by these arrogant elites. It's not a joke, Jen Psaki, no one is
Why Does Gen Z Believe Leftist Garbage?
"Welcome back to one on one with me, Sebastian, and amala E. So, you are at the forefront. You are probably the newest national personality for this amazing institution that is pragya university. Will you tell us a little bit about first because you're in the trenches? Will you tell us why? Generates, what are you Generation Z, what are you? Yeah, I am. Okay. So why does Gen Z? Believe all this garbage. Break it down for us. Is it just the schools or tell us how they believed what you believed? I think it's a multitude of things. I think schooling is really important. I think that's a big part of it now, although it wasn't such a big part of it when I was younger, but the rise of CRT, critical race theory and DEI, diversity equity and inclusion is particularly putting young people at risk to believe this sort of ideology. But I think more so than that. It's social media and mainstream media. What they do is they pull these emotional stories. I'll talk about it in my case, things like tamir rice, Eric Garner, Michael Brown, the police brutality narrative. I was inundated with that narrative by mainstream media and by social media. And of course, you hear these harrowing stories of abuse. And so you'll like a post talking about how Michael Brown was shot and killed for being black and suddenly that's all you see on your social media feeds. And the big tech overlords are cognizant of that. They're pushing this sort of ideology to young people and everybody on their platforms. So I was getting it from social media. I was getting it from mainstream media. And then I had the brilliant combination of also getting it from my mother at home. And it didn't matter how successful I was as a young black female. I went through school. I was valedictorian of my high school. I worked a job after school. I started my own club at school. I got all these scholarships. I was inquired by Yale to go to Yale. And yet you would have asked me and I would have told you, I'm a press because I'm a black woman in America. And it's because these emotional stories that do not speak to a larger truth or a larger systemic pattern are so pervasive and they're able to cut through actual logic and reason when it comes to young
USDA rethinks approach to controlling salmonella in poultry
"Federal health officials are rethinking their approach to controlling salmonella in poultry plants in the hope of reducing the number of illnesses the USDA says all levels of salmonella contamination found in poultry plants in recent years has been reduced that has not translated into a significant reduction in the estimated one point three million salmonella illnesses reported each year so the agency wants to set up pilot projects that focus more on the strains of salmonella that cause the most illnesses they're also looking at steps farmers can take to reduce the bacteria out before chickens and turkeys are slaughtered like using more vaccinations adding probiotics to feed and doing more to ensure that birds bedding food and water remains clean I'm Shelley Adler
Workers Continue to Quit Posts Over Employers' Vaccine Mandates
"It was a Dan von Gino, who told his radio employer this week, if you make my team comply with a vaccine mandate, I'm out. I'm gone. I'll leave this company. The ESPN reporter. She's gone. She's out. She quits. Your sports, if you're a sports reporter, ESPN is a dream job. You know what it takes to have to walk away from that job? How about a state trooper in Washington state, 22 years? Out. Because he doesn't want to get the vaccine. So there are people that are pushing back for many for many people. It's a pragmatic thing. You know, you gotta feed your family. No guarantee you're going to get a job if you quit the job you're in. Or get pushed out. Is it evil? To fire a state trooper, over a medicine that he doesn't want to put into his veins? I would argue it is.
Inside the Shade War Between Joe and Kamala With Jack Posobiec
"I've seen Jack talk about the shade war, I'm really interested in knowing more about Jill Biden versus Kamala, what's the dynamic like? Oh, it's huge. Build out some of that out more piece from The Bronx. Thank you. And thank you for subscribing to the Charlie Kirk show podcast. Go ahead, check. There you go. Yeah, so the shade war has been going on. I mean, we all kind of know that Kamala Harris, of course, was nobody else's pick either. However, in the wake of George Floyd, the Black Lives Matter movement, Joe Biden was kind of in a box. He had to choose someone who was African American. And then so Kamala Harris was the one a lot of the media, a lot of the elites have been pushing her early on. Remember very early on she did that town hall with Jake tapper, just out of nowhere. Nobody was talking about Kamala and suddenly CNN is feeding her on the entire audience saying, oh, combo is going to be amazing. She's going to be great. Very, very naked on her feet. Obviously. But like Hillary Clinton in many ways, she's kind of the California version of Hillary Clinton, where she plays the inside game. She understands what's going on. She plays people against each other and you know, the inside politics, the office politics, the palace intrigue, if you will. I mean, look, she went from somebody who was a staffer in San Francisco all the way up to being the senator from San Francisco. People want to talk about how she did it. My point is she did it. She made it happen. Right. That's ambition. That's a 100% ambition. This is what she is dedicated her life to. So I wanted to go to Joe, and say, you know, Joe, you're not supposed to put someone as your vice president that you know will betray you, then they get the chance, right? You know, with Trump and Pence, you never had that with wish and JD. And obviously with Obama and Biden, Biden was never a threat to
Judge Holds DC Corrections Officials in Contempt Over Treatment of Jan. 6 Defendants
"This is from Fox News dot com Federal judge finds D.C. jail warden in contempt Demands the Department of Justice civil rights division probe January 6 detainees I hope Philly bump is listening over there at the Washington compost Remember him mister producer He was very upset that I was talking to Julie Kelly and would come and often about the treatment of the individuals that had been rounded up with S.W.A.T. teams and so forth and brought to a Washington D.C. jail Now we're around 630 of them Some of whom hellman solitary confinement some of whom weren't getting the medical care that they needed Some of whom weren't able to speak to their families for a period of time some of whom were fed crap for meals Phillip bump never went to the jail to try and find out what was going on They were there at the Washington compost Same way with the New York slimes They're not much interested But I am A federal judge has found the warden of a D.C. gel in the director of the D.C. Department of Corrections in contempt of court yesterday And called for an investigation by the Department of Justice to determine whether the jail has violated the civil rights of January 6th defendants
White House: LA port going 24/7 to ease shipping backlog
"The port of Los Angeles will become a twenty four hour seven day a week operation to try and help you supply chain issues according to the White House boards in LA in Long Beach where they started operating twenty four seven last month account for forty percent of all shipping containers ensuring the U. S. as of Monday there were sixty two ships there and another eighty one waiting to dock and unload according to the marine exchange of southern California president Biden will announce an agreement today with union and business leaders the White House says will help relieve the backlog the administration also says Walmart target home depot Samsung fed ex and UPS are all increasing their hours to move the products I'm Julie Walker
Fewer in US turn to food banks, but millions still in need
"An Associated Press review found the distribution numbers from food banks across the country have dropped over the last six months but the need is still elevated Katie Pitts Gerald is the CEO of feeding America she says the amount of food being distributed by their more than two hundred partner food banks is still fifty five percent above pre pandemic levels in Fresno at the central California food bank numbers have leveled off but remain twenty five percent higher than in twenty nineteen staff there report that many people are still out of work particularly women who are primary care givers in the home foodbanks are trying to predict how long the elevated level of need will last taking into account child tax credit payments but also the end of the nationwide eviction moratorium and expiring unemployment benefits Jennifer king Washington
Why McConnell Helped Schumer Increase Debt Limit
"Jake. It's here. i was about to slander. You betcha they wrote punchbowl news last night and took the day off. 'cause the feds rob welcome back by now no i. My phone was on silence. I apologize not problem. Date chairman of punchbowl. Get your punchbowl news at punchbowl news dot com check last hour. I played chuck schumer speech. You wrote your assessment of the binding legislative agenda. Did you take into account the impact of the shimmer speech which brosseau told maria barham yesterday has deeply soured the republican caucus. I mean to the point. They don't want to talk to the guy. yeah. I actually don't. They didn't talk much to anyway. I don't find that big. I don't find it to be this positive. I've been through a lot of michael's where speeches what we're supposed to ruin relationships. The fact is the reality is. There's not much cooperation that we anticipate anyway. I think the conventional wisdom is wrong on the democratic side. I think that because mcconnell blinked and this lasts debt limit fight he makes it less likely appoint again And i think that i just i. I don't think the speeches what did it. I mean it's not like we were in a golden era for cooperation. What did you make joe mansion face in his hands and then leaving. We reported at the time that he He used next live instead. It was. I read batting. Yeah i can't remember exactly what it was I think listen. I think i am the cynic here is you know hugh i think. Being against schumer is beneficial for him. But i do think. Joe manchin owns chuck schumer in a way In the sense that he can't get anything done. Schumer can't without joe mansion so You know what mansion said In in many respects was right that if you want to have more progressive agenda you don't have to worry about joe manchin so like progressives to the senate you know and i think that's the reality of it now. Can i explain to you. My theory of what happened last week. I think mitch mcconnell one. Even though people think he lost. I think he intended people think he lost so that he could win. In december he could not allow the debt crisis right now so he waited and waited and waited extended it till december and he will allow it in december. Couldn't allow it now. It might have the reconciliation going to a higher number now. The democrats have to work out their reconciliation and if they do they're going to have passed trillions of dollars in spending and they're gonna have to borrow for it to reconciliation to get your take ship sherman. I don't think that yeah i mean. Listen i i think that he. I don't think that he won or lost. I think this was kind of a stupid fight with an. It's now it was a stupid deal. That really screws over everyone involved. I mean i agree with you. He couldn't have a he could not afford to have a default And he did. In the only the i guess i would say. He won. Because schumer's main argument against reconciliation and lifting with reconciliation was that he didn't have time that was schumer's made argument yao He can't make that argument. So i i and i hear that I do hear that. There's a lot of anger in the republican conference. Though i mean. We can't underestimate that On what mcconnell. There's no movement to get rid of them that silliness that is coming from whatever wherever trump. We're getting that from. Oh you mean getting rid of mcconnell not not a not a chance
What Democrats Are Doing Is a Moral and Constitutional Abomination
"Are fed up. And i promise you this idiotic. Effort to force people to get a vaccine in the workplace is a huge part of it. I'm angry about it. And i'm angry about about to get a booster. I guess i don't know. I'm going to get the what happens with the booster johnson and johnson. I got an employee who's going to get his booster today and eric's all set to go set up an appointment. He got to the pfizer. Vaccine the to dose. And he's going to get fis booster. I wanna find out what my antibodies are. I keep forgetting to call the doctor and get a test set up. I wanna know where my antibodies are. And what he thinks. I should do about getting a booster. I think he believes. I should get one if he does. I'm gonna get it. I shouldn't be fired if i don't and we are into a state and this article is so important i want to read more of it. From joy pullman of the federalist and you hear from this last guy in north carolina paul. Who's about to be fired after a thirty year. Career at american airlines when he america. You're gonna fire your pilots. Paul did at the airline but apparently thirty percent of american airline pilots aren't getting the vaccine joy pullman rights what democrats are doing as republicans stand down yet again is a moral and constitutional abomination not even the fig leaf pose of a pen signing balderdash phil document is needed for today's democrats. Whatever they say you do
Taxes and Prices of Everyday Goods Go up Under Joe Biden
"I went to the food store today To get a copy of the New York Post Which is a great newspaper And on the cover in addition to beauty can be a beast There was Biden's tax on the middle class $175 per month I'm sure you've heard this True cost of inflation on average American family on $175 a month is over $2000 a year Something like that We're about 2000 a year And they're just getting started We all cost of inflation they have a whole section on here by the editorial board which is outstanding 175 bucks a month that's the hidden tax the average American household is paying for the Biden economy Some of this is indeed transitory as the fed officials like to say I would suggest it's not I would suggest it's not I don't believe it is In fact I believe it's going to get a lot worse I know it's going to get a lot worse And they have some examples 12 back of Pepsi last year was 3.33 today 5.95 Now these are things that most people consume Dozen grade a eggs last year buck 25 Now I'm buck 50 Pringles a can of Pringles Buck 50 last year buck 70 now But look how fast these prices went up pop tarts two bucks last year Two 25 now He once steak sauce 4.75 last year 5 bucks now
Exposing the Swampy Motivation Behind Merrick Garland's School Board Strike Force
"Is merrick garland conflicted. There's a conflict of interest here. Clearly as his daughter is now married into the family and as part of the family of the company that parents are speaking out against and merrick. Garland says oh. Don't worry i'll throw the feds at them. We're just going to send the fbi and intimidate and chill future speech since two thousand september. Two thousand twenty one. But just last month. Panorama educations anton. Tanner raised sixty million dollars to expand operations. His father in law merrick garland then tells the fbi to investigate any potential parental interference or disruption. That might impede his daughter and son-in-law business interests we used to have laws against the sort of stuff but it's no surprise that the same thing. How joe biden creates chinese policy to benefit his family. So same thing hunter biden says. Oh i don't know who's buying my art. Even though breaking news stories shows today he's hanging out with the people that are buying but always follow the money everybody that there is a profit motive and there's an incentive behind the clampdown merrick garland. Being a scorned man is using federal police. The fbi to go after you regular parents so that his family could potentially remain
DOJ's School Board Violence Memo Targets Concerned Parents
"While we were doing our speech at the university of michigan some news broke. And as i got off the stage producer. Connor says charro. You won't believe what. Merrick garland the attorney. General of the united states has now decreed or announced. I said well. I usually am not surprised to shocked. But what is it. The justice department last evening has now announced that they are going to use government power to go after parents that are challenging their school boards. Now remember this. All started because this whole narrative all started because the national school board association viola garcia specifically called on the biden regime to start labeling parents speaking out of school board meetings as domestic terrorist. He said that on cnn. I'm gonna play that tape and just a little bit. So the justice department pressured by the national school board association of america responds by saying miss citing an increase in harassment. Intimidation and threats. Okay let's go through those three different things intimidation. Let's start with harassment. What is the definition of harassment. Exactly asking questions showing up the school board meetings writing comments someone's facebook feed number two intimidation what is intimidation. Exactly where in the united states. Federal criminal code is illegal to harass and intimidate somebody under their definition there is their definition of harassment intimidation showing up and actually showing the curriculum that the school boards have been passing the graphic pornographic material that has been implemented for example. Let's play cut thirty two. We have cut thirty to cut thirty. Two stacey langston. This is just one example. We have played dozens and dozens and dozens of these examples over the last couple months. I myself have showed up at school. Board meetings am i guilty of intimidation harassment for speaking and challenging power. Uncut cut thirty two. I want you to listen to this. Is this now. The fbi is new definition of domestic terrorism. Like thirty two. Both books describe different ax. One book describes a fourth grade boy performing oral sex on an adult male. The other book has detailed illustrations of a man having sex with a boy the illustrations include fillet. ceo sex toys masturbation and violent nudity. Now that's stacey langton who says basically in the curriculum is for the graphic material. But i shouldn't apologize because i didn't say it. That's what's in your children's textbooks. I don't. I don't have to apologize for that. Some people send us emails. Charlie why are you planning these tapes so terrible. it's what children are learning exposing. Something actually can have a moral good which it has here so stacey langston is she intimidating harassing her school board. The justice department continues by saying and threats of violence against school board members. Hold on is that what local police for
Here's How Feds Are Going to Do a 'Threat Assessment' of School Board Meetings
"What's being done here ladies and gentlemen is beyond imagination This is clearly Marxism This is clearly federal law enforcement doing the dirty work of the Democrat party and the teachers unions the superintendents in the educational bureaucrats not to mention the school boards They have absolutely no federal authority to do any of this Even as they try and hatch some kind of argument They're going to monitor social media I'm telling you what they're going to do They're going to look at flyers at her handed out That's essentially what this letter provides The hell else do you do a threat assessment They're going to have a hotline so any teacher union member or teacher union boss or school board member or whomever can call and say I feel threatened That's all I have to say I feel threatened Then the full force of the feds will drop on your heads We're losing this country And we're losing our local school systems They're out in the open now You have candidates like Terry mcauliffe literally running for governors saying you parents out there and you taxpayers out that you have no say in your school system That should infuriate every parent and every taxpayer in the state of Virginia and every other part of this country Whether you're black or brown or yellow or white or red whatever you are that should infuriate you that you have no say in how your child is to be educated in a system that you pay for with your own property taxes
Ex-Facebook employee says network hurts kids, fuels division
"A former Facebook employees says the social media giant knows its products hurt kids and stoking division in America Francis how being says company executives are aware of apparent harm to some teams from Instagram and that algorithms governing what shows up on Facebook feeds contribute to polarization they know how to make it all safer but won't because they have put their astronomical profits before people how then tells a Senate panel the responsibility lies with CEO mark Zuckerberg the Buck stops with mark there's no on her currently holding mark handled by himself Facebook and other tech giants like Google and Amazon face minimal regulation how can says lawmakers must step in to stop Facebook from hiding crucial information from the American people and stop the many harms is now causing soldered make ani Washington
Is a Parent Responsible for Their Child's Education?
"Is the education of your children your responsibility your parent. What is the role of a parent. When it comes to your child's education now it might seem rather obvious well. It's my responsibility as a parent. Well this is something that half the country or the people in charge of our country might fundamentally disagree with. I'm reminded by this passage of the code of nature sacred and fundamental laws in seventeen. Seventy five right. Before the french revolution french socialist writer wrote this that all children upon reaching the age of ten will leave the common paternal residents and will go into the workshops where they'll be housed fed and dress were. They will be instructed by the masters and chiefs of the various professions whom they will obey as they would their own parents. They will all receive common treatment now. Of course this idea that the state is actually in control of your child was implemented in very clumsy way through the jackson's and the french revolution but it was also implemented in the cultural revolution in mousa- tongues china in the russian revolution in russia to break the bond between a parent and a child has always been a top priority of the collectivist.
Angel Mom Agnes Gibboney Describes Son's Death at the Hands of an Illegal Immigrant
"Bless you. Agnes give on you welcome back in studio. Thank you my pleasure so tell us what brought you here. What's the event that's occurring right now. I'm here with fair. they have. they're holding an event. Called few to fire were several injure families angel moms and dads are having interviews to tell their story and as you know dr gorka my son ronald was not the only murder victim. So let's watch hold it up a little bit higher. We've got video feed as well so your here. You are fighting the good fight because of people like ronald desilva. We'll show the other photographs in a moment in a moment. Talked to those who are not familiar with with your story tell. The story of ronald ronald was murdered by previously deported. Criminal illegal alien. Who had a long history of arrests and he was deported and came back to the united states got arrested and the judge did nothing other than sentenced him to three weeks in jail and released him on probation in about a year later he murdered my son he intended to shoot someone else and unfortunately got my son. What happened to this individual. Who killed your son ronald immediately. He fled to mexico and The police found out that his girlfriend was depositing her welfare check at the credit union. In omani where my husband was deputy chief of police and so they would were threatening to take cook children away if she didn't tell him to come back so eventually the second time they went down to pick him up. He turned himself in the second. The second time and was sentenced unfortunately by very liberal judge and la county who pleaded with him to take a plea bargain from first or second degree murder down voluntary
"fed" Discussed on The Peter Schiff Show Podcast
"The unemployment rate for african americans would actually be six point one percent which is still pretty high and so the question was. Would it be appropriate for the fed to actually tighten policy when you still have six point. One percent unemployment in that subset of the communist even though the overall economy was at full employment if the african american economy was not at full employment would it be fair to that community to start raising rates. Even though that community hasn't reached full employment. Which of course is a ridiculous question to ask. Because the fed can't micromanage the economy to that degree and if the overall economy is already at full employment it can't just keep the monetary spigots on even under the keynesian nonsense to try to drive the african american unemployment rate down to. Let's say four and a half percent because what would happen to the rest. The economy right in their vernacular it would overheat so. You can't do that but at least to his credit pal admitted that look. We can't do anything about that. That if you want the gap between white and black unemployment narrowed. Don't look to the fed..
"fed" Discussed on POLITICO Dispatch
"Might that be. So the main name that you hear is Lael brainard climate change by all accounts is going to have important impacts differentially across the economy over a long period of time. You just look at areas that have been afflicted by wildfires or by more frequent historic levels of flooding and she is also on the fed board. She would be sort of an easy choice because people already know where she stands on things. Markets would expect that there would be relative continuity in the fed policy. So they wouldn't have to worry about whether they need to readjust as to what the fed might do on monetary policy on the interest rate side. Obviously she might be slightly different but it wouldn't be a a radical change on that side and she's the person that you know. Basically everyone on the left can agree on whether they're you know vocally enthusiastic about her or not. She sort of the person that everyone on. The left has decided that they can live with. Do we have any indication at this point of where biden wound up coming down on this so biden has not publicly given any indication as to where he might go on. We do know that. Treasury secretary janet yellen who herself used to be fed chair has told people that she thinks. That powell deserves a second term. And she'll be sort of a key person in that decision Powell was also sort of the bipartisan choice. He he would be likely to get a lot of a lot of votes. But there's also a lot of pressure because there hasn't been a democrat really in that role much at all over the last more than thirty years. It's basically just been janet yellen in that time and so there are. There are a lot of democrats that are saying you know why not put our own person in there victoria guido. Thanks so much for talking with me. Thanks for having me on. also today. The treasury department says it plans to award the remaining thirteen billion dollars in federal renzo aid to states and localities that have been the most effective at delivering the assistance congress authorized forty six point five billion dollars in emergency rental assistance to keep tenants house during the pandemic but the program has been plagued by bottlenecks at the state and local level for months just over. Ten percent of the total funding have been distributed to renters and landlords by the end of july houston philadelphia in new orleans are among the city's expected to receive additional aid. The treasury department says state and local programs that have quote substantially expended their first round of funding and obligated lee. Seventy five percent of their second round will also be eligible for more money and the justice department is announcing a ban on no knock entries for its law enforcement agencies and choke holds unless the use of deadly force is authorized. The new directive applies only to law enforcement overseen by the department including the fbi. Da and us marshal service it does not apply to immigration enforcement agencies or state and local law enforcement. The move comes over a year. After the deaths of george floyd and brianna taylor taylor was killed by police. In march. twenty twenty after officers executed a no knock warrant on her home. And floyd was murdered in may of twenty twenty after minneapolis. Police officer derek. Chauvel knelt on his neck for over nine minutes. Today's episode of politico dispatch included music composed by brake master cylinder. Be sure to subscribe to politicos. New podcast global insider which just launched. Today you can find a link to it and this episodes shown outs. I'm jeremy siegel. Thanks for listening. The following message comes from politico dispatch sponsor. At and t. Accessible affordable broadband helps communities reach their american dream for moms like brooke dryden it means ensuring that their children have access to the virtual health care. They need in order to thrive and achieve their dreams. That's why at and t. is making a two billion dollar three year commitment to help. Close the digital divide to learn more visit. Att dot com slash connecting communities..
"fed" Discussed on WSJ What's News
"We'll be hearing from federal reserve chairman. Jerome powell today. The fed is in the middle of its two day meeting early. In the pandemic the fed committed to buying up billions of dollars in assets such as bonds each month to signal confidence and certainty to a market that was volatile and getting weaker now with a rebound in the us economy. The fed is focusing its discussions on went to scale back these policies to get inside the feds thinking. We're joined by the wsj's chief economics correspondent. Nick tim rose either nick. Hi mark so nick. We've heard lots of talk about the fed scaling back. these purchases. our listeners may have heard of it as tapering. What do we mean here. The idea of tapering is simply how. And when do you pull back on. The purchases of those treasury securities mortgage backed securities. The fed is buying eighty billion a month and treasuries and forty billion a month and mortgages and they're not likely to stop cold turkey instead what they did the last time they reduced these purchases or they tapered them was gradually reduced. The amounts they bought every month and so they gradually went down to buying zero over the course of a year. So when it comes to the scaleback why does it matter how quickly that happens. Investors are going to pay a lot of attention to how quickly that happens in part because the fed has signaled that they don't want to raise interest rates until they have finished that process of tapering or of completing the purchase of assets. So if they end that soon. It means that it's possible. The fed could feel you know have more flexibility to raise interest rates. Sooner if it takes a long time it could the fed in to you know waiting even longer before they discuss when to raise interest rates. Then there is this question of inflation which has confronted the fed so far. The fed has been hands off. Has that position changed at all. No it's not likely to have changed yet. The fed now has had three months of surprisingly strong inflation readings. They already expected there to be a balance just from the reopening effects on the economy but the increases have been broader-based and larger than the fed expected. So there is a debate right now. There are some people who think gee this is looking a little bit harder than we thought. Maybe we need to change our policies sooner because maybe inflation's not gonna come back down to our target which is two percent a year as soon as we thought. There were other people who say no. It's very clear. These are being driven by airfares and hotels and used cars. Things that have been disrupted by the pandemic or by this semiconductor chip shortage and it would be foolish to decide now to raise interest rates if we think these things are going to reverse. So it's it's the debate is not going to be resolved at this meeting. It's probably not going to be resolved at the meeting after this one. But it's there and the feds gonna wanna see a few more cards before. They changed their view or their narrative about what's happening with inflation and nick a big moment during these fed meetings. Is the news conference with the chairman at the conclusion. Wall street has been given some hints as to win. The near zero interest rates will be raised. I'm wondering if that will be a big question when the chairman takes qna today it's always a big question. It seems unlikely that we're going to learn as much today as we did at the last meeting. If you recall the fed's last meeting officials produced their quarterly economic projections and along those projections. They say where they think. Interest rates should go and those projections were surprised because more officials were pencilling in interest rate increases next year or the year after they hadn't done that in the previous set of projections and march. There won't be a new set of economic projections at today's meeting. So it's unlikely we'll see much how their views have changed. But we know now that there's a bigger divide a bigger debate because of this great economic uncertainty right now that's permeating officials who have to decide on interest rates chief economics correspondent nick. Tim rose nick. Thank you thanks so much. Mark and finally went prices for just about everything are rising. There are ways to cut costs. If you're careful here at the journal we've been looking at ways for people to reduce their monthly broadband. Internet bills personal tech columnist. Nicole win has more. A lot of folks were blindsided by sudden price hikes. Some signed up for internet didn't realize they were signing up for an introductory price a promotional rate that expired suddenly after two years that two year expiration date was somewhere in the fine print but not explicitly in their bill and so when it came time to a price hike there was no warning and they experience increasing rates every year. You can hear tips from nicole on what to do about your internet bill on our sister. Podcast your money briefing. And that's what's news for this wednesday morning. We'll be back tonight with the new show but were always reporting the news on wsj.com and the journal app a mark seward for the wall street journal have a good day and thanks for listening..
"fed" Discussed on The Peter Schiff Show Podcast
"But there is one. I think republican senator who was very concerned about inflation getting out of hand and about the federal reserve being too timid and being too slow to react because remember the tradition is to be preemptive not to wait until the inflation genius out of a bottle to try to put it back in but to prevent the genie from getting out of the bottle in the first place and because it's so difficult to get the genie back in the bottle is worth it to gamble to make sure it doesn't get out right even if it's a false alarm okay. Better safe than sorry. That's been the tradition. Well what pows done now said. No we don't want to play it safe. We're just gonna gamble. We're just gonna throw the dice on this. We're basically going to bet the farm. That inflation is transitory. Because that's really what powell said because he assured this senator that even if inflation is not transitory right if the fed is wrong and the inflation fire does not go out all by itself. We can rest assured that the fed is going to put it out. Right pal asked that all americans just have faith in the federal reserve. Now why they would have. Faith is beyond me given their track record. But powell says the american public should have faith that when push comes to shove defend will finally do the right thing. Even though we've done the wrong thing up until then we will do the right thing. If it turns out that inflation is not transitory we will make you transitory. We will do whatever it takes to bring inflation back down to two percent. Because powell said we've got the tools right. The fed has the tools to fight inflation. And so we'll be able to bring it back down to two percent now. He said that we don't want to use those tools. Now pal said this or reluctant to use them now because we don't want to hurt the recovery but don't worry we'll use them later. That's what makes absolutely no sense because if how has the tools but won't use them now when they should be used pre-emptively and in fact it's too late to pre-empt inflation. I mean the horses way out of the bar door by now. That bridge has been crossed right. So it wouldn't be preemptive now. I mean the inflation. Genie is already out of the bottle. They're just hoping that the genie goes back in the bottle. All by right. that's the point. We're at right now but if the fed is reluctant to use its tools now because it might jeopardize the recovery. Why would it use those tools later when those tools will do even more damage to the economy because the longer the fed waits to fight inflation the bigger fight because the worst the inflation guests. I mean maybe you could say that inflation is in its infancy. Well would you rather fight an infant or wait for the infant to grow up and become a full grown inflation mobster which is what the fed is allowing and then have to fight it because if the fed is reluctant to use its tools now because those tools might hurt the economy. Think about how much war those tools will hurt the economy in a year or two when inflation is a much bigger problem and therefore it has to use the tools in a much bigger way right. There has to raise interest rates much higher if it waits longer to do it. It has to slam on the brakes much harder and of course if the fed waits a couple more years before finally admitting that inflation is in transitory and then fighting it think about how much more debt the..
"fed" Discussed on Rich Dad Radio Show
"About money. Thanks to robert barnes. He's a guy with george gammon taken on the fed which i love and i'm glad we got it down to the rich dad level of comprehension. This is called the revenge of the nerds. And that's what this whole thing is these nerds are getting. Even i was jock in school. And i should never pick knows a little bastards. Do you know what i mean. It went to my high school reunion. You saw the nerds it into this. We all there's all nerds in our high school classes we all had nerds so yours class. Third independent person wasn't a jock. Wasn't i was made to kind of floated between everyone wasn't smart enough to be and i wasn't cool enough. I was not in the in crowd was a dumb jock. I play football. You know and jeeze nasty little bastards. The banks are our very okay. So robert burns. I mean he's taken on the fed but he's fighting. He is fighting fighting fighting for our freedom and for our liberties and it was such a breath of fresh air to hear all the legal lawsuits and things that are coming against this elite who want to control the most refreshing news like the red crowd took on game stop and took on whatever the taking on these days but we can fight back and so we use the same weapon they use on us social media. We use social meal. Take them on. I'm glad to hear that about locals. Because they've proven so let's fight back. You know what i mean. I i didn't like nerds though. I don't like them now. Roberts said that you because you've asked this question of so many of our guests. Why why are they doing this. Why are they doing this. Why are they doing this. And i think robert. Barnes gave us the best answer when he said they know the world will not accept what they wanna do evil bastard they that we do not want it and they know it and so they're using every trick in the book to make us compliant. That's what it was called the lillo atrocity. They got the german people will. How can we get the german people to you know. Murder total eighteen million six million jews eighteen million people but it all started with what they call a lil atrocity. We'll get them to wear a yellow star and thus the mask. That's your vaccine carton so that got to murder us all a little bastard. So i should never have picked on him bob. Turner here in our in our office. He's he said it really well. He says all we're doing is questioning. We're just questioning things. Were just questioning into question is like now. You're a racist. Now you're a conspiracy. Theories were just questioning. What's going on. Bobby kennedy junior a lot credit by that guy's got guts. Man you can just let the world run you over. It's like we're talking about certain members are families all you got your conspiracy theorists ongoing. No look at what they're doing is taking up that stupid mask on you taking a stupid vaccine. That's what hitler did idiots. You know as jim. Rogers said the other day. All way from singapore's is the one thing we learn about. History is what sarah so anyway. This is a great stimulating. I'm refreshed ready to fight back. And we want to bring robert barnes back and give us updates as we go. I think that's the most important pieces that we can fight back and we need to fight back and so don't just lay down and be compliant you've got we gotta fight. Final words are i. It's refreshing because i feel like there's a bunch of us that kind of feel the same way we're ready to fight but we're looking for that leader to help us take on the big because we can't do it ourselves and i feel like connected to robert burns for some reason i feel like i'll follow this guy wherever he's going which might not be smart but you know so i. It was very refreshing. And i'm excited about what he's talking about. What's coming down. So so what was it like. Because you're in miami george camman's event. What was it like to set the audience of watch this guy stand up there and he was actually the first speaker that i saw. We skipped the very first one. And i was instantly drawn in. I wanted to learn more. I could not wait till we got back. You know so. I could get him on the show to learn more because he's so smart he knows his stuff and he's taken on some very high profile clients and one exactly and so gave me confidence that this guy you know is the real deal so an when they start asking for more money to fight. Please donate generously. This is worth donating money to so we'll put a link to robert burns website in the description burns live p dot com to learn more about all the work he's doing and going to do with george gavan because georgia's elite guy funding. The final word. Kim no this is refreshing home all about the freedom of speech. I'm all about our freedoms and liberties the constitution protecting that so This was a very uplifting program for me. And i'm excited about moving forward in this direction as a us marine one of the highlights of georgia's vents in miami was the marines. Walked in and i forgot where i came from that a major and a staff sergeant and always remember that line because that was my education that went to military school and six years marine corps. And so i always remember colonel. Jessup played by jack. Nicholson in a few good men. And this is to all the american people all the people that world you want the truth. You can't handle the truth. I think that's what's wrong. With america we listen to the nerds. Thankful is the rich radio show. Podcast is a part of the c. Suite radio network for more top business. Podcasts visit c dash sweet radio dot com..
"fed" Discussed on Rich Dad Radio Show
"Any comments well yes. I'm really so happy to have robert barnes On the show today because he is giving us the legal perspective and very very high profile attorney. Trial attorney But you know that. I'm white why i love. It is because it it. It's sanity to me. Because i am pro-constitution i am pro free speech. I am pro. Free markets. And i am pro law. This is as as trump said. We are a country of laws. And i am pro law and all the narrative out there just as nonsense to me so i'm just thrilled to have you on giving a perspective from the legal side so thank you again to robert george. Gammons event in miami last couple of weekends ago and it was a blue. The audience robert just mesmerized the audience and so it was fantastic from tastic program. Political step one setback. Is robert kennedy jr. man that guy's a fighters and he mean he's like his his family. Oh absolutely i mean. I mean that that goes way way back. I mean obviously his father was assassinated. When he was a teenager his uncle was assassinated when he was When he was also a teenager. I mean so. He went through a or a little bit younger than that and and he just always been willing to speak his mind and his own family went through things that led him to say maybe vaccines. Aren't this sort of magical gift from the stork. You know like somehow like babies are born the that maybe there's something else. Maybe these are just drugs like anything else and we should treat them accordingly and From that he his children's health defense has been the one of the lead organizations particularly on the left one of the only organizations on the left that has been willing to say. These lockdowns are wrong. We should have public health public dialogue opposing censorship. he's brought major lawsuits against facebook for colluding with the state to suppress his organization in all he would do his site government reports and scientific studies. It wasn't like he was. You know looking out for anybody on the reddit thread and he was saying. Here's this theory you he was saying. Here's what this study shows. Here's what this study shows. Here's what the vaccine reporting services reporting so the and he's doing critical work at children's health defense does a publication called the defender. He's also very very good at at putting the dots together. So you know. He started putting the dots together very early on about bill gates that this was an about other related groups that have an ulterior agenda buying up the world's farmland like the bill gates one of the number maybe now the number one farm owner farmland owner in the united states. Like why exactly is that. I just don't i. It's a good a good way to think of this. As you say robert is just don't trust the nerds probably bad. You can't give them too much power you got to keep them locked up in the room. And that's the case with gates and so rob bobby. Kennedy's doing great work. Anybody with a vaccine issue or any other issue related to cova. that's under eighteen. Children's health defense is going to be taking the lead in bringing legal actions and petitions and lawsuits all around the world. So that's the organization to go to for people over eighteen. I'll be and some other lawyers will be taking a thank. You thank you thank you. Thank you and your website. Robert is barnes law l. l. p. is in peter dot com and so we'll be updating stuff. There in terms of the fed lawsuits will be updating stuff there with the kobe lawsuits for example. Well the legal ethics boards don't allow me to Give free legal or certain kinds of legal advice. So we'll happen to sometimes a letter will come to me By you know by in a bottle and his letter what happened to be a letter that anybody can copy and paste and uses. They want So the ethics sports can't complain and they actually this let her work. I did a letter for during the elections about certain aspects of audits and then that ended up leading to some good results and we did the same with the vaccine mandate as you know the the letter basically outlines the various legal objections have articulated here but putting sort of colloquial language accessible language so it doesn't look obvious it looks like it's written by someone who knows what they're talking about but not necessarily a lawyer in a bunch of people have used it all across the country and a good number of them have got good results because often when employers find out. Hold on a second. I might be on the hook. If there's something wrong with the vaccine if i mandate it there's a fair number of employers that reconsider their position because god so you know the it's a useful thing. I put that up on her locals board. That people can find and that that's a way to kind of help people but the law's the law firm website will have a lot of that stuff on it over the coming months so that people can use it however they want to use it as barnes law. Llp yes thank you now. Let's go into a georgia communist doing you. Well he's his crowd fund into appoint you to take on the fed. Can you guys take on a big organization. Why why pick on task. Why pick on eight hundred nerds exactly exactly nerds with real money. I mean what's amazing is. The fed is sort of dodge this for forever under this sort of fake some days. They're public some days. They're private depends on who they're talking about who's asking questions whether they're a governmental entity you're with their obligated by transparency or not when they want the power. They claim their governmental agency when they don't want people asking questions. They claim there a private entity and in two thousand ten. They lost several big foyer cases but they were very heavy. Lift freedom of information act. Yes exactly that's right of information. Act really powerful. People should look at it all. These vouch emails that are coming out now or because judicial watch and other people did a bunch of Foia requests the same with. I mean hillary clinton's email scandal all because people just kept asking for foia requests a lot of scandals over the last fifty years. It's some nour- a nice nerd. Some obsessive ordinary everyday person. Saying you know what. I wonder what this is writing a letter. And a foia request and what who knows what they stumble on in this case. Some people stumbled on maybe. Kobe was manmade. And maybe our government knew it all along so the same thing is is. I want to use in order to audit the fed. We got foyer. The fed and ultimately we're probably going to have to sue the because presumably So george came to me. And said hey. I want to do something to get behind the curtain to see what's really going on in the internal workings of the federal reserve because the federal reserve. You know i. I always have a principal for my clients. I'd say Never in writing and always in cash as uncle earl along would say back in the day but the government does is really bad at doing that. So the and consequently. I think there's gonna be a lot of stuff in writing and a lot of interesting cash transactions. And so. I wanna see where we and we're going all the way back to nineteen thirteen. So i have a bank auditor. Guy who's just been a bank auditor and a bank executive for twenty years. And he's doing this in secret. I'm not putting his name out there for obvious reasons. But he's been you know he's a he's a guy who's been studying the fed for forever so he's coming up with a long list of questions. Other people are sending the items..
"fed" Discussed on Rich Dad Radio Show
"Two funder of the world health organization. And the way. I put it as as people can agree or disagree with bill gates. My view is we should have public discussion and debate and dialogue about this. And we shouldn't let bill gates tell us what our lives are going to be and what bill gates thinks is bill gates knows. What's best for you and you shouldn't decide for yourself. He should decide for you. I mean here. You have a guy running around. They're calling him. They're treating him like he's a scientist. All he was was a big tech monopolist. Who is really good at stealing stuff as he himself bragged about with steve jobs and then really good at monopolizing stuff. I mean this is not a moral or or medical hero so pretty accurate the nerds running the world revenge of the nerds and the darkest one the ones that were you know. Had the really dark little. You know american psycho little drawings when they were fifteen in the back of the class you know they. They weren't the fun ones that you wanted secretly cheer for. They weren't the school jock. That's that's for sure. Oh no definitely not. I love what you said robert that the world would not accept what they wanna do. And so when we come back i wanna. I do want to get more into the the the whole controlling of the narrative that's out there with the mainstream media They've just put it. They've just made it so anybody that questions. Anything is a conspiracy theorist they're wrong. We're racist we're this. We're that and how do we. What do we do. How do we fight against that. So mr barnes is rich makes us money because we keep things simple and we're now back down to revenge the nurse.
"fed" Discussed on The Indicator from Planet Money
"You if we were grading on a curve these extremely boring and wooden speeches given by federal reserve chairs these actually represent shocking level of sharing and openness. This is according to sebastian mallaby author of the man who knew the life and times of alan greenspan if you go back to the early one thousand nine hundred eighty s. The central bankers almost didn't communicate at all with the markets and with the public. They were changing rates. They wouldn't even tell people there. Yeah there was near press conference. There was no announcement behind. close aide. they just did it and then over time bit by bit. The fed began to communicate. More specimens says that it was a major economic crisis that ultimately coached the fed down from it's fortress of secrets namely the housing crisis. Two thousand and eight so at that time banks and markets were collapsing and federal reserve chair. Ben banenky saw that he could speak out and actively reassure markets stabilize them almost immediately by announcing and explaining policies and actions federal reserve was taking. Its super tempting. For central bankers to exercise the awesome power. They have when they do communicate with the market. And there are amendments when the economy is really in the dumps and the need to stimulate it but of course there are two sides to the open communication coin derian case in point the taper tantrum. The tape attention. It happened in two thousand thirteen years. After the worst of the housing crisis was the economy is growing. Jobs are coming back all of the money that the fed has been pumping into the economy for years. That have worked. Things were stable but then fed chair. Ben banenky he said something that rocked global markets. Here the wiz that roiled the globe if we see continued improvement and we have confidence. That is Going to be sustained and we are convinced that that is sustainable. We will respond to that so translating from fedspeak to english. Burkey is saying yeah. Things seemed to be going pretty well. If that keeps up we might slow down the billions of dollars in stimulus pumping into the economy every month. Just like tapered off very slowly. At some point maybe special says that people heard these words and they lost it. I mean people just totally free care. The stock market went on the bond market went down currencies crash and so there was this huge great global financial panic just based on the fed chairman. Saying maybe at some point. Not sure. When i might to something. Sebastian says that because the federal reserve was such a cryptic sphinx. So long everyone had become hyper sensitized. Any hint that the federal reserve gave the what it was going to do. So vague talk about future plans made. Everyone assume that the federal reserve was about to take drastic immediate action. The markets panicked. They threw a tantrum. I mean the idea suggests that you've got a child is having a tantrum because they were used to getting a chocolate bar after lunch. You're saying that maybe in the future at some point you ain't got a chocolate bar after lunch. And they are so used to that that they have attention and the result. The fed leaned even hotter into that stilted fedspeak. Sebastian says that every phrase single word. That jerome powell says tomorrow. We'll have gone through dozens of people. Dozens of times things like the economy is still recovering. Or should we drop the words still. I think we could probably debate that for twenty minutes. And this isn't a specially. Tricky moment for the federal reserve sebastian. And that is why. Jerome powell speech. Tomorrow is such a big deal so the federal reserve has been pumping billions of dollars into the economy every month since the covert crisis hit is also pledged to keep interest rates near zero but at the moment prices across the country are rising and it would seem to be a time to at least maybe start talking about eventually possibly nudging interest rates up or maybe easing up on the stimulus eventually just to let the economy cool off if things keep going as they are but sebastian says that the fed also noticed that if it's so much as hint any of us could be another massive global tantrum right long. The fed would like to telegraph to markets that they're not going to raise interest rates but at the same time in the future. Anybody sensible knows that they're going to have to ease off but if they say that about the future it will have an impact instantly that minute. We know that the fed knows that it has to raise interest rates. The fed knows that we know that it has to raise interest rates. The fed can't say that that's the kabuki. Sebastian says he wishes that could be just this reset of this weird dysfunctional relationship between the fed and the markets have the fed. Just tellas straight up. Real talk talk like a human being just once please the first time they did that. The markets were collapsed. But after a few times they would come to realize that the fed is just showing what the truth is which is at some point they will taper but they know when the ferber is the markets. Cry themselves to sleep. But if you were the fed chair what you do in this situation. If i were the fed chair i would have a tough time. Doing anything different. I would probably do the same thing i understand. I mean if you're fed chair you've got all these people's pensions and jobs and companies and workers and all of these people who could potentially be a casualty of you know real talk. It's enough to make even a loquacious person turned into a mystifying. This episode of the indicator was produced by. Sam sei with help from billy moon. It was fact checked by michael fought. The indicator is edited by cape cod. Canon and is a production of npr. Also please follow us on twitter. We are at the indicator..
"fed" Discussed on The Indicator from Planet Money
"If we were grading on a curve these extremely boring and wooden speeches given by federal reserve chairs these actually represent shocking level of sharing and openness. This is according to sebastian mallaby author of the man who knew the life and times of alan greenspan if you go back to the early one thousand nine hundred eighty s. The central bankers almost didn't communicate at all with the markets and with the public. They were changing rates. They wouldn't even tell people there. Yeah there was near press conference. There was no announcement behind. close aide. they just did it and then over time bit by bit. The fed began to communicate. More specimens says that it was a major economic crisis that ultimately coached the fed down from it's fortress of secrets namely the housing crisis. Two thousand and eight so at that time banks and markets were collapsing and federal reserve chair. Ben banenky saw that he could speak out and actively reassure markets stabilize them almost immediately by announcing and explaining policies and actions federal reserve was taking. Its super tempting. For central bankers to exercise the awesome power. They have when they do communicate with the market. And there are amendments when the economy is really in the dumps and the need to stimulate it but of course there are two sides to the open communication coin derian case in point the taper tantrum. The tape attention. It happened in two thousand thirteen years. After the worst of the housing crisis was the economy is growing. Jobs are coming back all of the money that the fed has been pumping into the economy for years. That have worked. Things were stable but then fed chair. Ben banenky he said something that rocked global markets. Here the wiz that roiled the globe if we see continued improvement and we have confidence. That is Going to be sustained and we are convinced that that is sustainable. We will respond to
"fed" Discussed on The Peter Schiff Show Podcast
"It's not a problem. Any increase in crisis that we're seeing are merely transitory and therefore the federal reserve is not going to have to raise interest rates to fight off an inflation problem. That doesn't actually exist. And i think the reason that yellen was forced to walk back or comment is obviously to the extent that she thinks that the stimulus spending may ultimately be the catalyst for higher rates is. Because that spending would be inflationary because that would be the reason that the stimulus necessitate an increase in rates is because the stimulus were to prove to be inflation in which of course by definition it is because the stimulus is being financed by inflation. So janet yellen then had to walk that back by saying no no no. We're not worried about inflation. And so we can keep having all the stimulus spending and we're not going to have to raise interest rates and so that was refreshing for the markets because again the market's can't deal with the reality that rates may have to go up to fight inflation and the fed doesn't want the markets to have the deal with that reality. The fed wants to markets living in a fantasy right because that's the only reason at the markets are going up because nobody is factoring in reality and the last thing to fed wants to do is prick that bubble and so the minute there is any indication that some errors coming out because maybe janet yellen says something that it advertently let some air come out. She's quickly back talking to the media to walk back. The comments to reassure everybody. There is nothing to worry about. There is no inflation. Everything is transitory. And so you don't have to worry about a rate hike so just keep on buying stocks and don't worry about anything right. Don't worry about the risks Just just keep on buying keep on partying because the parties never gonna end because the federal reserve never gonna take away the punch bowl but even if that punchbowl is there indefinitely as an investor you have to recognize yourself that if you keep drinking that punch it's toxic.
"fed" Discussed on WCBM 680 AM
"Fed chairman Jerome Powell says Fed will keep buying government bonds to reassure markets and keep firing rates low. We will continue to increase our holdings of Treasury securities by at least 80 billion per month, and of agency mortgage backed securities by at least 40 billion per month. Until substantial further progress has been made toward our maximum employment and price stability goals. Howell says the economy is recovering faster than expected. Medium projection is 5% at the end of next year and moves below 4% by 2023. Powell says the economic path is hard to predict his virus cases, growth remains difficult to assess the timing and scope of the economic implications of these developments. Ongoing surge in new covert 19 cases, both here in the United States and abroad is particularly concerning and the next few months are likely to be very challenging. This is town hall dot com. Lawsuit challenging Alabama's mandatory facemask mandate. Has been thrown out. Opponents have claimed it was unconstitutional. U S. District Judge Keith Watkins dismissed the lawsuit, calling it a shotgun pleading. That makes a lot of accusations without organization or solid legal claims. Health officials have credited mass with lessening the impact of the Corona virus. The vast order, which was first imposed in the summer and extends at least through January, 22nd. Requires people over the age of six to wear mask and indoor public spaces and outdoors when it's not possible to stay. At least 6 FT. Away. John Scott reporting United States could have Drew Brees back at the starting line of his earliest son against the defending Super Bowl champion Kansas City Chiefs. Rockets. Any quarterback has been designated returned for the club's injured reserve list after missing four games. With fractured ribs and a punctured lung. Or the story's, a town hall dot com. Patrick Pause. Wcbm Baltimore with the mess out there tonight. Still looking at winter Storm warnings. Winter weather advisories Rain Some snow freezing rain, sleet could be heavy. At times, we could see new ice accumulation attempt to 3/10 of an inch drop back to the middle. Upper twenties wins Make dust up to in over 25 to 30 MPH Thursday way will turn mostly sunny, slight chance for snow very early. Get up into the mid thirties to around 40 host body Thursday night. Mostly sunny Friday. Jeffy an open letter channel talk.
"fed" Discussed on The Peter Schiff Show Podcast
"It's been a rough ride for US stock indexes since the Fed's announcement on Wednesday that it had decided to leave interest rates unchanged, , and of course, , it was followed up by a Powell press conference. . In the last three days, , the Nasdaq composite is down by just under four and a half percent <hes> s and p five, , hundred down almost two and a half percent Dow Jones holding up better down about one percent clearly. . What was weighing down the SNP and not so much. . The Dow are the tech stocks. . They're really dominant in the NASDAQ. . That's why it's down the most what people are blaming the sell off on is the fact that the Fed was not dovish enough if you can believe that first of all, , what are those statements that the Fed did make is they intend to leave interest rates at zero throughout at least twenty, , twenty three. . Now, , I'm not really sure if that means that maybe they're going to start raising them in twenty twenty three or they'll leave him at zero through the end of twenty, , twenty three and they're not going to start raising them until twenty twenty four but whatever it is, , it's a pretty solid commitment to leave rates at zero. . I don't think the Federal Reserve at any point in time following the OH eight financial crisis made a commitment <hes> that solid right to leave rates for so low for so long, , but I'm not the only one. . That saying that this wasn't enough I mean even Neil Cash Gary came out today I was reading an article he wrote and he says that the Fed's commitment not to raise rates wasn't strong enough now I don't know what he's talking about I mean how much stronger could they have made it I mean could he added a few more not even thinking about thinking about <hes> it's pretty clear. . The feds not to raise raise but maybe cash carey wants a more definitive statement that like we're not going to raise rates. . No matter what. . <hes>. . In his article that he wrote a kind of saying that the Fed's commitment to not raise rates wasn't strong enough <hes> what he did say though was that you know if we are surprised by unexpected heating up of inflation, , he said, well, , , you know that's an easy problem for the Fed to solve a really a unexpected heating up. . In is an easy problem to solve how exactly is the Fed going to solve and unexpected heating up of inflation? ? Well, , it only has one tool, , right monetary policy. . All it can do is raise interest rates and shrink. . It's balance sheet. . It can sell treasuries and reduce the money supply which has been growing dramatically although the balance sheet his condiments stuck right around seven trillion <hes>. . So that hasn't really been moving I. . Think we're getting ready for another big jump in that balance sheet though. . But. . How's the Fed? GonNa ? get a fight inflation. . How was that an easy problem to solve? ? It's an impossible problem to solve which is why the Fed isn't even going to try. . I. . Mean It's amazing of Kashkari actually thinks that it will be a simple thing to reign in an unexpected <hes> heating up of inflation when that would require much bigger rate hikes mean the reason that cash. . Carey wants to make sure the market knows that rates are going to stay zero indefinitely is because he knows how important these artificially low interest rates are to prop up the bubbles in the economy. . Well, , if he knows how important it is to keep these bubbles from deflating, , how can he believe it's going to be so simple to raise interest rates if inflation picks up without pricking. . The bubble. . So the whole thing is ridiculous but as I said on one of my prior podcast about the market I think that the Fed is going to have to deliver a much larger dose of monetary stimulus because whatever stimulus has already been telegraphed to the market is already baked in. . So now they need more rate the drug addicts need an even larger dose of this monetary. . Heroin, , they need shock and awe at this time. . So in that respect cash carriers right that in order to get the markets to go up to fed has to bring more to the party as far as more money printing another round of Qe, , a massive commitment to print money and to keep interest rates at zero but we're cash carriers. . Wrong is the ability of the Fed to actually. . Put out the inflation fire if it really starts to rage, , it can't, , and basically what cash gary really wants <hes> the Fed to say without actually saying it because he understands the ramifications is that we are going to keep interest rates at zero. . No matter what happens to inflation no matter how high inflation goes we're going to stay at zero see that's really what he wants, , and in fact, , that's what. . The Fed is going to do whether they wanNA, , come out and say it or not. . You have to read between the lines. . They can't raise interest rates because they'll prick the very bubble that they deny exists and the reason they're keeping them zero. . The reason they're saying that they're never going to raise them is because they understand this and so they're trying to thread this needle right without breaking the bubble. . and. . So when He comes out with these comments. . He's clearly lying in fact, , the one thing about the bubble. . Is that nobody at the Fed wants to acknowledge its existence in fact at the press conference that? ? Followed up on the decision to leave rates zero. . What are the most ridiculous comments that Powell made? ? Is His denial that there was a bubble because somebody asked him and I don't remember who? ? But one of the reporters at this press conference asked Powell if he was worried. . About this easy monetary policy about his commitment to keep the rates at zero till twenty, , twenty, , three, , twenty, , twenty, , four. . If this risked creating bubbles in the financial markets
"fed" Discussed on Marketplace with Kai Ryssdal
"In Los Angeles. I'm Kai Ryssdal. It is Monday today. The sixth of January. Good as always to have you along everybody. There are military and national security challenges aplenty in the current state of affairs between the United States and Iran all or most of which are are being covered elsewhere there is though a historical and economic context. That's important here a context that may well shape. How at least some of what's happening turns out sanctions of course and the threat of more of them? Hussein scarring is an emeritus professor of business and International Studies at George Washington University. Welcome to the program. Thank you you for having me By Way of background into Fr- refresh right he's probably worth pointing out here That sanctions have been imposed on Iran by virtually every president since Jimmy Carter right that is correct. Okay now do they work. Have we gotten what we want out of those sanctions. Well there were times that Sir we kind of got what we wanted but really sanctions. Do not work immediately. They take time because you're trying to cause enough pain on the the country to change his policies and we kind of got there in two thousand and fifteen. We signed an agreement with them. But but that's about got it right. That is the nuclear deal. Of course the president trump has pulled us out of. Let me ask you then the pain that's being inflicted. What does that look like in the Iranian economy today? Well the things that you notice is that Iran of course there's been very little external or foreign investment in Iran economic growth has been quite bad in Iran largely because the sanctions but also because of terrible economic policies but also because of the Iran Iraq war which devastated the country in between one thousand nine hundred and nine thousand nine hundred eighty eight so you have had slow economic growth the price of imports of Ghana and they have not been able to get get the things that they want and the quality of life has really gone down you are. You're born there right yes. I was born in Iran. I left when I was nine years old. I I imagine though you still have friends friends possibly family when you talk to them What's it like well? They are of experiencing hardship. I I mean I remember vividly in the case of a person who was willing to go to jail. He in fact went on a robbed a grocery store a bottle of milk and went to jail because he needed milk for his children Henrik and so things are bad and I think that the they used to blame a lot of this on the regime but I think that in in the last few weeks especially over the last weekend a lot of the blade is being put on the United States. It's worth mention here just On the way out that it's not just. The united estates has sanctions on Iran. Right now there are European Union sanctions also United Nations sanctions. Yes but I think the kinds of sanctions that the United States has which basically financial sanctions and what they do is the following. They tell every country if you're institutions your banks have business dealings with Iran Ron then you will not have access to the US market and so the companies are afraid that if they do anything with Iran then the United States will sanction there. Talk to me for a second about oil would you. Because that of course is their primary source of foreign reserves and they're exporting almost nothing now right that is exactly correct. Iran basically it's exports exports. I would say by far the most important oil. Then there's natural gas and petrochemicals and basically all of your exports have gone down to almost zero and the only export outlets for Iran's export is basically to Iraq and to Syria. Okay so crystal ball this for me and this really will be the last question. A If somehow there is a climbdown from the current tensions and some mutual agreements are reached about the future course of events. How how long does it take the Iranian economy to to get back to something near normal? Well I think it all depends what you mean by near normal I think near normal normal for me. It's a country that is run. Well that the decent policies a lot of interaction with the rest of the world. I think that will probably take take two three years. But Iran Yin's to feel the beneficial effects. I would say within six months interesting. How cintos Cari is the emeritus Iran professor of business and International Studies at the George Washington University In Washington DC professor. Thanks for your time Sir. I appreciate it. Thank you for having Me Wall Street Street on this Monday traders choosing to see the calm and not the storm the major indices up oil down gold. The historically safest of havens was up just is to bid. We'll have the details when we do the numbers it's entirely possible. You missed it over the weekend given all the other stuff but Ben Banenky. He ran the Federal Reserve Coupla a couple of years ago he had some interesting things to say at the annual meeting of the American Economic Association in a speech entitled The new tools of Monetary Policy Burki said and this is a quote. The Fed should also consider maintaining constructive ambiguity about the future use of negative short term rates now first of all constructive ambiguity. How much do you love that? Very Greenspan Ian if you ask me but also negative interest rates. That's a big deal coming from a very important Horton to communist the whole idea of negative rates. Were depositors have to pay the bank to store their money. Forum is to make saving so financially unattractive that it's better to spend spend the money invested in other words it's unorthodox though yes happening elsewhere in the global economy but as marketplace's got song reports from Washington the Fed might well l. need get creative the next time the economy goes south the fence main way to juice a slowing economy is to cut interest rates so banks lend more and businesses and people borrow more but a decade ago in the great recession interest rates. Were near zero. So the Fed got creative and bought bonds to lower long-term rates still dartmouth economist Andrew. Eleven with working for Fed Chair Bernike at the time says that wasn't creative enough. The toolbox really wasn't adequate in two thousand ten and two thousand twelve. We just didn't know that at the time. But in in retrospect I think it's pretty clear now banenky wants to add a controversial new tool to the box negative interest rates for banks that would discourage them from stashing shing their cash in the Central Bank and nudge them to lend even though the economy is still growing Levin says it's good to have more options for when things stall again the level of interest rates. It's around one and a half percent which means there's really not much room to cut much less room than there was ten or fifteen years ago to offset Saturday recession or some other kind of sock. The Fed Chair Jerome Powell has not endorsed pushing the so called the Federal Funds Rate Below Zero but Burnett. He's trying to change his mind. As is Princeton's Alan blinder. A former fed vice chair. The Fed has ruled out several times. And pretty emphatically going negative live on the Federal Funds Rate Bernanke. Who was advocating? And I certainly agree that. They shouldn't rule out for Nike. Encouraged the Fed to employ quote constructive ambiguity. That is to be unpredictable as to whether and when to make interest rates negative in Washington. I'm Scott Tong for marketplace. The corporate news of this Monday of the Bovine Variety borden dairy the Elsie. The Cow Company is filing for chapter eleven bankruptcy protection. The one hundred sixty three year old firms had its current debt was unsustainable back in November. You might remember Bordon's bigger competitor. Dean foods filed as well and is said to be looking to sell itself to to a dairy co op market place's Kimberly. Adams looks at what's going on or maybe what's going wrong in milk. The milk industry is doing. Okay just not the stuff we drink. According to Peter Vitaliano an economist with the National Milk Producers Federation total use of milk what we call commercial use of milk produced in the United States actually been growing pretty consistently for years. Now it's the fluid part that's declining. People are eating plenty of cheese and yogurt and other milk products but vitaliano says we only drink about twenty percent of the milk produced plus the growth of plant based drinks. You're soy milk. OAT Milk even banana milks are eating away at the market. Share for cow's milk so the consumer changes the demand patterns have changed and Dean Foods and borden are just I in the wrong sector. Merrin Bozic teaches about the economics of the industry at the University of Minnesota. Another problem for milk processors. Is that big chain grocery tree. Stores don't really need them anymore. If for example Walmart who has been buying milk from Dean foods and others up until recently now they make their Camila dental implants all. These problems left an opening for private equity firms to swoop in Borden CEO. Tony Sarsam says some of the strings. Attached to investments didn't really set the company up for success. We found ourselves in a situation where the debt was outside for the size of the business and for the basic needs of the business to actually actually grow and prosper size says with the chapter eleven restructuring board and can work with debtholders to sort out a more fluid arrangement in Washington. I'm Kimberly Kimberly Adams for marketplace..
"fed" Discussed on Freakonomics
"Hey let me ask you this. Who in your view is the most successful fed chair in recent history and why Oh my gosh. I can't even pick a favorite movie. I really struggled to pick favorites. It doesn't have to be a favourite. Maybe just describe some either actions or temperament or handling of term of Fed chair in you know medium recent history less four five six decades. Whatever you just particularly admire but tell told me why okay okay let me talk about Janet Yellen because I worked so closely with her so we're Janice President of San Francisco Fed before she becomes vice chair and we're in the financial crisis and she's got all these economists over the system working on these issues studying things calibrating brady models and we're giving her all the research and we feel like we've done our jobs impart because we've given all all the research and at one point and I won't use the the phrasing she us but at one point she adjust frankly had enough and she puts both hands down on the table like and she says there are people there was a word in between these are people's lives and it was this emphatic call to we are not making widgets here like what if this is your mom and dad out of work would if you lost your home. What is your not studying people losing homes. What is your losing homes and it was that level of vulnerability and humanness that I I said okay that's a leader that I get and so then she goes on to be the vice chair and I saw her do this. In her vice-chair work and she was the chair. I saw her navigate a very rough waters on. Should we raise earlier than we did. As an institution would just full employment really look like and I again saw her. Stay steadfast and essentially say you know on my watch. I'M GONNA balance both sides of the the dual mandate and think about financial stability all at the same time so you asked earlier is due condoms really believe that economics is about people and we'll Janet Janet Yellen does so current. Fed Chairman Jay Powell has had an interesting tenure to say the least given the I guess iconoclastic nature of the trump trump administration. There's never been a president as far as I know in recent history. At least who's been so outspoken about the Fed and its moves Here's a couple recent tweets. The president tweeted. We have the greatest companies in the world. There's nobody even close but unfortunately the same cannot be said about our Federal Reserve. They have called it wrong. At every step of the way another tweet the Fed has got to do something. The Fed is the Central Bank of the United States not the Central Bank of the world. So can you describe five what it's like to be a central banker in a time when the president is willing to publicly rebuke the central banks work. Well let me see. I say that we all live in a much more open world than we used to that. We've always had disharmony. There have been times when people think the Fed's Ed's not doing something right or this group isn't doing something right. Another government institution isn't doing something right the thing that's different now and I would say it's globally different is that that things are just more accessible. Twitter has made all the debates that used to be behind closed doors and we'd learn about them long. After people had departed their positions have been to live live but there's always been that unspoken rule that the Fed because of its political independence. The president was not supposed to be in conversation with the Fed certainly in a public arena so that's changed. I don't need I'm not a historian but I am a casual student of history and when I go back and read periods of history things look as contentious and debatable. It's just very public now and what I want to say about the chair is that I admire the fact that the chair and the Federal Reserve has not gotten caught up in conversations about are we worried about our independence and instead is restated the principles that made us independent in nineteen thirteen and has continued to do the best work so let's talk about the economy generally. It seems to me like it's in a really interesting sort of strange place. Unemployment employment is very low. Wage growth is small but it is positive stock. Markets are at all time highs. You recently told The Wall Street Journal. We have good solid college. Domestic momentum consumer confidence is high consumer. Spending is solid. We see a strong labor market so the fundamentals that keep the economy going are present and yet. There's a great repeal of anxiety over the economy. Some of it may be cyclical. It's been a long time since the recession but what do you think of the sources of that anxiety over the economy and you think they are legitimate. We'll I think there is something to the idea that people get nervous. When expansions lasts a long time we have this whole group of literature that says expansions don't don't die of old age and yet everybody thinks they do so. I think there's just general nervousness. When you hit your ten year mark the longest expansion in history the natural human tendency is to think it can't last forever then you look at it in the data and there's been a lot of uncertainty. There's trade uncertainty. There is brexit uncertainty. There's geopolitical uncertainty. There's just the general financial volatility that comes from just markets trying to figure things out that creates uncertainty so this just creates creates a level of angst that makes people even more cautious than they would be if they were simply just thinking the expansion would run out of gas because it's old so all those factors actors are ones that create mood issues and you know the big question that I've been wrestling with the last nine months is what's going to win the data or the mood. If you look at the data the data are good apart from business investment. There really isn't any week indicator in the US economy in the business. Investment is unpredictable because of the uncertainty largely around trade. Would you argue the no. I don't think it's just that I think that's a part of it for sure but one of my ways I spend a lot of my time is to go out and talk to business leaders and community leaders when I talked to business leaders and this has been going on since November October of twenty eighteen so I start talking to them about this uncertainty piece back when uncertainty starts to spike and they weren't talking about trade. They thought that would be resolved. They were talking about the expansions getting along in age and so we might just simply are footing so then that uncertainty got replaced by Brexit then it became trade that it was the debt ceiling now. It's trade again so I think for businesses they've been on the cautious fording for a long time but most of the people I talk to are still executing on what they call their plan as which means I'm investing enough to continue growing but I'm not going to invest in these marginal projects that are really going to take me to the next level until I see how the lead land shapes up you know oh it's easy to focus on the problems or the faultlines or whatnot but let me ask you something about the strength of the US economy so if we were talking at the the peak of the great recession and you said that you know the US economy which was the primary driver of the great recession and was hit particularly hard that the US economy on me would be one of the world's strongest and steadiest economies ten years later. Would you have believed it. I mean I wouldn't have so I guess what I'm really asking is what does that indicate does it indicate some intrinsic strengths of the US economy that are typically overlooked in the daily commentary well. I guess I disagree we on that I mean I thought we were well positioned to get ourselves into a better positioning in and out of the situation we had but it's a good question about. Why did I have any of that optimism. We were really hit hard early on so we were in the emergency room and when you're in the emergency room you bring an all hands on deck approach. You know it's easier to throw everything you have at something when you know it's a really bad problem we were among the most severely affected early on but that meant we put everything we had to it and we worked hard to to stimulate the economy. We had fiscal packages. We had monetary policy packages. Did you know variety of moves outside of even the the interest rate to try to stimulate the economy so that was where we were we recognized at the time that this was a long hard slog. It wasn't lowered the interest rate and then as soon as you saw any green shoot you go back to normal it. was you gotta be lower for longer on interest rates. You've got to be stimulative on the fiscal side. You've got to be helpful on the relocation retraining side. You basically had a once in a lifetime. You hope shock and you have a lot of work to do to get you out of it there. There is this sort of rising sentiment among some economists rows chetty comes to mind and also among the occasional presidential candidate. Andrew Yang comes to mind the idea they're expressing is automation and AI and other technologies advance the very nature of work will continue to change as well the relationship between humans and working that we aren't really well equipped to handle these changes structurally and we're not that nimble so what's your end the feds position -sition on that complicated problem so here's the deal of course. We need to think about structural change. The economy is changing at a rate of speed that looks like like something that I'm sure people who didn't have electrification and they got electricity and then we had assembly lines felt but it's happening in so we need to think about what is our future. Look like there should be a high bar for change because change is difficult and we don't want to tear down things just to say. We did it but there should be this considerable I thought given to how do we not solve the problems of fifty years ago but how we solve the problems of twenty years from now well. Can you give me some specifics. What what kind of structural changes specifically would you advocate for them. The question I have is we haven't revised our social safety net in forty fifty years ears. Should we take another look and see if that's the right thing to have at this point in time in the modern workforce are the systems of retraining unemployment insurance divisions between welfare programs versus entitlement programs insurance programs versus entitlement programs. Are those the right definitions missions. Is that really helping family when they have an economic shock find their footing again. I love to hear your thoughts on a universal basic income mm-hmm you this was something the Nixon administration tried to get through and we ended up with supplemental security income instead and the reasons that they couldn't get Republicans and Democrats to agree and they couldn't get lots of people to agree because the concerns about universal basic income where that would be a work disincentive so I liked the principle of let's think about what the social safety net should look like in the future and let's make sure that we're taking care of people who really have fallen on hard our times and can't take care of themselves. I think we oversimplify the problems to make them easy to understand but the actually then end up not being very effective in maybe it's this time in our future complicated world just recognize policies or complicated seek about trade. The idea that trade is good for everyone is still true but it's only true that it makes everyone better off in real time if we redistribute the proceeds from the trade more evenly against the people who got displaced by it so that's an obvious obvious thing we could tackle. That's part of the social safety net that we've only waved at honestly what you just described. That disequilibrium is kind of consequence. It's a quince of the globalization and shifting workforce at a lot of economists twenty thirty years ago told us was going to work out better Larry Cats. It's you know one of the most well regarded Labor economists in the world has admitted recently that you know we didn't get very right. We Mis underestimated the costs for people people who would be misplaced so to people who have lived back. What do you say to them when you as a Labor economist working at the Fed now now says hey this time we get it this time we understand this time. We're going to make a better plan so thirty years ago. Economists honest writing about various problems were using what we now call partial equilibrium models. We're looking at the narrow slice and some some of the assumptions embedded in trade dislocations were that people would retrain they'd get some subsidy from the government for retraining and then they would easily reenter the workforce in a different skill so there would be a painful transition costs but there wouldn't be this very large friction that prevented them from ever reentering or displaced him forever ever so we completely underestimated the costs because we were looking in this very partial equilibrium world so the answer to people isn't trust us. This time will be different. We got it right. The cancer is the public should be asking these questions. Okay I get it. Trade is good. If you redistribute the proceeds powers that redistribution going to happen and how am I going to get retrained not economist simply got it wrong and we shouldn't trust them again. I think it's revisiting of the social contract. What do do we mean. When we have a program that has winners and losers. Do we simply accept that cost or do. We say you know what as policymakers we have to find a way to mitigate that difference and my work is a public policy. Person Or public servant is always been. It's our job to serve the whole public so we help mitigate that different. You can't always do it but certainly one generation from the time it happens. We should be able to do it. That should be our goal Tell me something that you believed for a long time to be true until you found out that you had been wrong or if wrong is not a word that resonates nicely. Tell me something substantial that you changed your mind about how and why the the data tell us the whole story. I was a true group believer in the profession of my training that I could look at the data if I studied it and I did natural experiments and used aggregate data and I read everything I could possibly read. I have a real good line of sight into what the reality of a situation was and I was totally wrong and I had had this hit me right in.
"fed" Discussed on Freakonomics
"Fed after starting out as a high school dropout so even in that bad fortune you had the good fortune of having a a kind of safety net arise around you that you wouldn't have anticipated. Your couldn't have foreseen but you know I'm I'm sure that for many people when they have such misfortune that safety net doesn't rise up some curious how that specific period of your life informs the way. You've approached your economic research. It made me realize that we're leaving so much talent on the table think think about full employment if we have so many people sidelined and we don't take advantage of them there were restricting them for sure but we're also restricting our economy so it becomes a key theme in in everything I do and it it goes all the way back to the the time I fell through if not by good luck and good fortune I would have been one of those people and I never would have been married daily early on freakonomics. What did your siblings ended up doing. My sister is a medical receptionist and both my brothers have had episodic employment in construction or other things and you know just living on the boom and bust of whatever the economic cycle brings them and you know they're not in line to be the first people employed because they all dropped out of high school. We all dropped out of high school in the end and while we all were able to go back and get a ged eventually eventually. It isn't something that's easy. If you don't go beyond and GATT additional education I know there's a lot of research showing that shocks to the system mm-hmm as a child and it sounds like your family had a lot of different shocks to the system are really influential downstream and employment education outcomes and so on it sounds as though your family is I guess a median example of that and a lot of ways yeah shocks you experience when you're young wrong they affect your parents and they affect you and the ultimately affect your children and in my case they have affected my nieces and nephews who are raised by my siblings and so so shelly and I my partner have been trying to interject but these are strong inertial pains essentially and it takes escape velocity at every generation even my nieces and nephews to lift them out and so you'll see more people in my extended family continue not to go to college then who go to college all right so let's drill down a little bit on education as a driver of economic success. Obviously the federal government is not in charge of education although it does have a hand on it in a number of channels so let's just take a couple examples that are problematic one. Is You know. US Educational Standards Compared to other rich countries. It's relatively quite quite poor and then you know higher. Education College is is problematic from a financial perspective from no others. We've seen massive massive college tuition debt skyrocketing so if you're pointing to education the the big driver of success it's very easy to point to those touch points as not failures outright but real problem points it would seem as though things are not moving in the right direction so make your best case that you and your colleagues at the. Fed Reserve have some sense of what to do because otherwise it feels like you know you're saying nice words and thinking nice thoughts but the evidence for successful outcomes isn't there we'll. I'm undaunted by unsuccessful pasts. I just meant to be harder for the future so so it's more than nice words though now the jury's out about whether we move the needle but we would quickly put the ones we've tried and didn't move the needle aside and start on something new you my go-to low income communities and not a single person in those communities says that a college degree isn't worth it so then you ask low income communities. What do we need to help your students get college ready. They can teach them the reading and writing and the arithmetic part of it what they need is the social fabric that supports those kids and allows them to see themselves in the future and so here in San Francisco we have variety of educational programs but one that we're really excited about right now is the first gen program and we're building virtual bridge for people between High School and college and in that were very influenced by the research of course she wouldn't be surprised that the most likely reason kids drop out in the first semester isn't the funding it's fitting in is not feeling like they belong and so we have over a hundred and fifty first gen employees and we're building this basically virtual posse coming up after the break we ask Mary Daly to name her favorite fed share of recent history and we find out why why it's so hard to read even the near future of the US economy. The big question I've been wrestling with is what's going to win the data or the mood. It's coming up up right after this freakonomics radio is sponsored by state farm state farm believes in strengthening communities where the challenge all state farm employees and agents to give back.
"fed" Discussed on Freakonomics
"Your host Stephen Duffner the when the Federal Reserve Bank is in the news these days. It's usually related to its most public policy tool the setting of interest rates as the global financial meltdown and great recession set in the Fed under its then chairman. Ben Bernanke dropped rates to zero. This was in two thousand eight and they stayed there for seven years. The idea was zero rates. Were necessary to prevent a depression and help the economy rebound. Burundi's successor Janet Yellen finally began to raise rates confident. The recovery was was secure in two thousand eighteen yellen was succeeded by Jerome Powell who'd been installed under the newly elected President Donald Trump Powell also oh continued to nudge the Fed's rates higher encouraged by a robust economy and record stock market highs most monetary policy veterans felt that Powell all was playing just right in this environment. You didn't need to make money too cheap and you also didn't want to spike inflation but not everyone agreed with Powell and his most vocal critic almost right from the start happened to be the president of the United States that I think the Fed is out of control. I think what they're doing is wrong. Along the Fed is technically and historically an independent operation. The president is not it's boss but trump has very publicly encouraged how how to drop interest rates despite the relative strength of the US economy why there are any number of reasons other countries central banks have kept their rates low. The European Central Bank's rates are currently set below zero. There's also the ongoing. US Tariff War with China trump macy low oh rates as a useful counterweight in that battle as well as a means to avoid a self inflicted. US economic slowdown should the tariff or escalate furthermore the more the global economy is showing serious signs of slowing down in any case president trump has leaned hard on the Fed to cut rates and in the last few months Jerome Powell and the Fed have done just that twice I in July. We decided today to lower the target for the federal funds rate by a quarter of a percentage venage point. It is intended to ensure against downside risks from week global growth in trade policy uncertainty and again just last week and the Federal Reserve. It cuts the bench mark quarter of a percentage point. The federal funds rate is now one point seven five percent two percent of the Fed's policy setting committee. It is uncharacteristically divided as to the future direction of interest rates. Drome Powell did say there may well be further cuts trump for his part is not remotely satisfied. After the most recent cut he tweeted that Powell and the Fed have quote no guts no sense no vision. He said he wants rates brought down to zero or less a few months ago. We had Gary Cohn on our show. He's the former head of president trump's national economic council. I'd ask cone whether Powell was thinking about interest rates purely on the merits or as a capitulation to trump's twitter demands. I'm going to hope it wasn't I surely hope and I almost pray that what the Fed did was in reaction to what they were seeing in. The data that they felt felt there was an actual slowing of the economy and they were in the wrong place so we thought it might be an interesting time to hear from someone at the Federal Reserve up to learn what they are seeing in the data and what they're doing about it. Mary Daly took over the Federal Reserve Bank of San Francisco. Just under a year ago she started working there in one thousand nine hundred ninety six one of her mentors was Janet Yellen who before becoming chair of the Federal Reserve ran the San Francisco Fed from two thousand four four to two thousand ten and for those who don't fully understand what the heck the Federal Reserve Bank is or does and I honestly really kind of include myself there. what don't you tell us what it is and does so let me start by telling you the banner we put on the Front lobby of our bank in San Francisco and it says right as you walk in the door. Our work serves every American and countless global citizens impractical terms that includes three things we work on supporting a healthy economy through monetary policy given a dual mandate. The Congress gave us we are looking to achieve full employment and price stability but the real thing the underpinning of that is a healthy economy so that everybody has an opportunity to participate eight to their full abilities. The second thing we do is we work on financial intermediation so we're in charge of regulation and supervision to many of the banks and financial institutions itution economy and the real goal there is to ensure that there's interconnectedness among people so that again everybody has access to you savings and wealth accumulation and investment to allow them to fully participate in the economy and then the third thing is the payment system and we are responsible for the safety and soundness the payment system and the piece that everybody knows really intimately is cash the dollar the coins and dollars in her pocket so this sounds like if the Fed word magically tragically disappear tomorrow the way that some people on some fringes occasionally wish for a whole lot of things would happen. Yes yes and when people are asking questions about will why is the Fed getting in the way here or why. Is it doing this thing that I don't understand stand or agree with. It's largely not about they want the Fed gone it's really about they wanted to work more effectively and our the job our mission is to continuously listen to people so that we can take that in but we do know if we would disappear then the risks that were present when we were created nineteen thirteen would once again merge and that was a much worse situation than any of us want to repeat those risks were a series of financial panics panics and bank failures this led. Congress to pass the Federal Reserve Act and the establishment of the central bank the goals then and now were to you stabilize the banking sector ensure the free flow of capital and keep unemployment and inflation low so yes. The Fed has the reach to affect just about every every American every day and billions of other people but it seems to approach this mission at a serious remove the Fed doesn't seem very interested in explaining Y for example a country as rich as ours has so many people just one step away from financial ruin as Mary. Daly's own family was or for why we built an economy that's so good at providing cheap food and clothing and TV's while the cost of healthcare and higher education in real estate have spiked baked beyond the reach of many. Mary Daly does seem interested in wrestling with these dilemmas. She hosts a podcast called Zip Code economies where she travels travels around her region to find out what's happening on the ground. There was an earlier podcast called twice around just talking to my nephew just started his first semester. Mr In college in Missouri One of the state schools and he went in wanting to be a math teacher and he was asking me is a math teacher good career. It's really really want to do but I know. It doesn't pay very much many times. They said well. It depends on what you want your life. If you really want to teach math ask you have to realize that you can probably going to have a smaller home than people who want to work in the stock market and that's okay if those things that matter to you or teaching math and and you don't actually care about having the biggest home in around the block or something of that sort daily gets into a lot of topics that you wouldn't expect a fed president to get into gratitude the nature of facts how a person should know what they quote deserve serve. We have to know the people we serve and if you don't engage in these deep questions of what makes people do the things they do are people missing out on opportunities because they don't actually count the benefits of some of their actions. You know think mentorship. We often thank well we discount the benefits of future. Creations of our of our men teased because we don't see them. These are all things that go deeply to issues like gratitude gratitude and are you getting what you deserve at. How do you even think about that. Those are things that are integral to doing our best work as policy makers loose. That's how I see it. You've said that people misunderstand economics as the study of data or finances and you define it simply as the study of humans kind of psychology. Oh Gee writ large now personally. I would like to think that your definition is legit because I think it's really important for calmest take human behavior into account but I would argue that most economists are not very concerned or maybe just not very good at describing and predicting and maybe influencing human behavior and furthermore I would say most public communication from your own organization. The Federal Reserve Bank certainly doesn't sound as if it's about or intended for actual humans so oh tell me why I'm wrong and you're right that economists like you even the Fed really is about understanding standing people humans social interaction etc etc.. I guess the question I ask myself is why are the perceptions of what economics this is even among economists so very different than the reality of what we do. One reason is. It's really hard to be vulnerable. It's really difficult to say we don't know I'm trained to be quantitative. My whole ethos is about quantitative measurement trying to figure things out but if you do that and I think there are many economists reach this point in their career. If you do that you eventually run into the wall that is the data aren't the answers they're part of the answer but they're not the complete picture and to the. Fed I think that's a reasonable criticism of us as an institution that we haven't haven't always been forthcoming about the people part of our job but we recognize that when Jay Powell took over as chair the very first thing he did is said we have to go out and do this program called. Fed listens and it wasn't just about. We want to hold ten research conferences. We're super good at research conferences but but he said we want to go out and talk to community people about monetary policy. We are not very practice at that so the American dream is a famous and beloved of concept and it's a concept to my mind certainly describes your life your accomplishment but more and more people argue that the dream is not dead at least greatly lately diminished so let me ask you in a nutshell is the American dream dead or alive or maybe better on which dimensions is the American most most alive and on which dimensions most in trouble so here's the thing I've learned over my life. The American dream has has always been mostly emotional and then over periods of our history. The facts have correlated more nicely with that aspiration and sometimes they failed us but it hasn't been that in our beginning of our history it was great and now in the later part of our history is less great. It's gone back and forth all you have to do is go back to the Great Depression and see that it wasn't always glorious so what I see is opportunities to leverage and amplify things that work and fix six and boost the things that don't so if you look at the chances that someone born in the lowest income quintile can rise up to the middle or have them ability beyond on the first or second quintile they rise to about average chances that anyone can move anywhere if those kids get a college education and she think wow the American dream is alive and well fantastic and then you look at how many kids born into the lowest quintile of the income distribution actually get a college college degree and is less than ten percent and so then you think well. That's not so great so that's where the American dream gets complicated. Yes it is absolutely true through that. Get a college degree. You can become someone like me but we haven't brought me to scale. We'll have so many examples that I become the norm and nobody asked me about my story anymore because they see so many people around them who have lived that exact story and that's where I think the American dream the aspiration doesn't fit the data daily was born in nineteen sixty two. We're growing up in Missouri and my father was a postman. My mom stayed at home. Tom And we didn't even know that we were lower middle class. We just knew that we had to buy things at those big stores that sell the day-old things and if you go two days later you can even cheaper but then would you don't know as a kid is that you're super close to falling through and you're just one little hiccup away and my family had a number of hiccups health shocks job shocks marital shocks and as a consequence we fell through and then falling through looks completely different then. I thought so it becomes a shaming event as well. I know that your siblings went to live with your grandparents but you dropped out of high school and started working and you lived with a friend. Yes yes right exactly and I had a different series series of of people I connect with the first people I lived with where my substitute teacher in seventh grade and they let me stay in their attic and I worked worked and I sent money to my family and I helped myself. I paid them a little bit of money. Even though of course when you think of it it was absurd the money I gave them probably was meaningless but it was important to me. I did not have to feel like I was begging and not able to take care of myself and they they helped me build those little bits of confidence. I think that was essential looking back on it and really transformational daily had planned to become a bus driver. It was a union job with benefits but she had a mentor who suggested that she get her. Ged and go to college daily accepted the advice along with a loan of two hundred and sixteen dollars for tuition at the University of Missouri St Louis. She started off studying psychology but switched to economics. She became particularly interested in labor economics and public policy in in Nineteen ninety-four. She got her from Syracuse University but you get the sense that Mary Daly never forgets even for a minute the very long odds she beat to become president of the San Francisco..
"fed" Discussed on 600 WREC
"Fed Lisa Brady, Fox News. The central Bank now projecting no interest rate hikes for the rest of this year. We continue to expect that the American economy will grow at a solid pace in two thousand nineteen although likely slower than the very strong pace of two thousand eighteen chief Jay Powell emphasizing patients again on rate hikes as the overall guidance shifts a bit from the last report job gains last simply said, they were strong. Now, they say they are solid consumer spending. They said growing strongly last time. Now, they say slowing. So there's a sense here that you've got to kind of balance these things, right? Yes. No more rate hikes. But it's also looking like the fed sees a slowing economy, and that's not necessarily good either FOX business network's Jerry Willis at the new York Stock Exchange previously they had anticipated to rate hikes for this year. The Dow is now up sixteen points though after a selloff earlier today. President Trump could talk about the economy has he. Visits a plant that makes army tanks in Ohio, the president taking some heat from within his own party over his continued criticism of the late Senator John McCain. Fox's Jared Halpern is live on Capitol Hill. Georgia Republican Senator Johnny Isakson calls President Trump's harsh words towards the late. Senator John McCain deplorable it will be deplorable deplorable seven months from now if he says it again, and I will continue to speak up I six and speaking with Georgia public broadcasting says the service of US veterans should not be reduced. Senate majority leader Mitch McConnell and a tweet called McCain. A rare patriot and genuine American hero. Similar sentiments shared by. Arizona Republican Martha mcsally who is now serving in the Senate seat held by McCain Lisa. Thanks jared. Meantime, Senate Democratic leader Chuck Schumer says he will reintroduce or resolution to rename. The Russell Senate office building for McCain..