35 Burst results for "Federal Reserve Board"
Yellen Is Creating a New Senior Treasury Post for Climate Czar
"Secretary. Janet yellen wants to add a new senior treasury post climate czar. According to people familiar with the matter yellen is considering sarah bloom. Raskin a former deputy treasury secretary who worked with yellen on the federal reserve board in interviews and speeches raskin has warned regulators that they need to do more to shield the nation's financial system from the risks posed by climate
Fed stresses its commitment to low rates as economy stumbles
"The federal reserve is pledging to keep its low interest rate policies in place until the corona virus pandemic is well behind us we're gonna remain accommodative until we actually see improvement in the economy and not just in the outlook and federal reserve board chairman Jerome Powell says the economy will remain at risk as long as the pandemic prevention bars and restaurants at four hundred thousand jobs we lost last month month and that's all because of the spread of the pandemic for its part the fed is keeping its benchmark short term interest rate pegged near zero and we'll keep buying treasury and mortgage bonds to keep longer term rates down he says Congress is relief bills have help too but ultimately getting the pandemic under control getting everyone vaccinated getting people wearing masks and all that that's the single most important economic growth policy Ben Thomas Washington
Fed keeps rate near zero and sees brighter economy in 2021
"SOCCER MAHOGANY Washington Federal Reserve Board Chairman Jerome Powell says a key interest rate will remain near zero. As the economy continues to struggle. During the pandemic. 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. Fed officials painted a brighter picture of for the economy next year,
"federal reserve board" Discussed on NewsRadio WIOD
"November was a winning month for Wall Street, though it ended with the losing session that AL fell 272 points or 9/10 percent, and yesterday's trading, the S and P 500 lost nearly half a percent. The NASDAQ had a tiny lost less than 1/10 of a percent. European and Asian stocks bounced back and Tuesday trading a closely followed reading on factory activity will be released this morning. Economists think the supply manager's manufacturing index will show that the pace of growth slowed in November wards estimate of November vehicle sales and a government report on construction spending are also on the way today. Federal Reserve chair Jerome Powell will go before the Senate Banking Committee today. In prepared remarks released ahead of his appearance, Powell tells lawmakers the news on vaccines is very positive for the medium term. But he cautions that for now the economy is facing significant challenges and uncertainties. He also says he is concerned about the resurgence of the virus. Jimmy back to you. All right. Thanks for much. Well, what's going on in Congress right now? What is the story with these people? That's what like that's my question for Bill's infer. He's our NASA chief correspondent. You follow my Twitter. It builds the nine and one bill. Good morning to you tell us what's what's on the plate of Congress. They're back for a couple of days. Couple days. Yeah, Really? Yeah. This return after the Thanksgiving holiday only has nine legislative sessions technically for the House of Representatives and 14 for the Senate, although they may stay after that, But still not a lot of time to get a lot done here, Jimmy. There's a lot there. As you mentioned. Number one on the list has to be a spending bill. I mean that continuing resolution that was passed earlier this fall expires on December 11th. So there could be a partial government shutdown at that time without another spending bill. We've kind of become used to that over the past few years. This time of year s, Oh, they're working on something to get something done there. However, the House Minority leader, Kevin McCarthy, is already said that the spending guidelines that have already been agreed to violate a budget cap. We'll see what happens there. Then you have the defense authorization bill, which is a robber $740 billion to fund the military. Okay? I usually not a problem, except the president has said he would veto it. If there is a provision that forces the military to rename bases that had been named after Confederate officials see what happens there, then you have the prospects of a stimulus package, which seemed to be reducing by the day here. The president had promised a big stimulus package after the election. His attentions are diverted elsewhere, and you have to keep in mind that the current stimulus that was passed well, gosh, back in the spring now certain provisions expire at the end of the year. So there is a need to get that done. Whether it will happen is anybody's guess So, Jimmy there. There's an awful lot to get done here in a short amount of time. Yeah. All right. So who's this? Judy Shelton. Now? Don't have this. Yeah, Here's a name to keep in the back of your mind here because you may be hearing about a Judy Shelton was actually nominated for a position on the Federal Reserve Board of Governors last year. But in the last month, Mitch McConnell has decided to try to get this nomination through Now. It's controversial. She's been described by one publication of the hyper partisan extremist. She believes that we should go back to the gold standard. He really doesn't believe the Federal Reserve should be an entity as it now stands so very controversial in her nomination has been blocked once already, Jimmy And but Mitch McConnell used a procedural move so that he can do it again, eh? So there's a feeling that he may try to get this through in a lame duck session, which has never been done to put somebody on the Federal Reserve Board of Governors, almost like a final parting shot. Azaz the Democrats take over the White House. This is gonna be like I said. Keep that name in the back of your mind. Yeah, There's also maybe that he's doing this because he knows it'll be blocked. And, uh And then some of that there's some kind of Herschel appointees by By President elect Buyten in the economic side, and it may say, Well, look, you didn't give us ours. We're not giving yours so goodbye that that could be part of it, too. Let's see how this plays out. You know, they're tit for tat up there in the Washington D. C in a couple of days in through there. You got that right? Hey, thanks, but we'll talk to wherever. Good day to see you. Thank you, Jimmy 6 26. Millions are sports just made what you can give me the Seahawks back alone. In first place in the NFC West. Russell Wilson threw for 230 yards and scored. DK Metcalf caught 177 of the those yards. Seattle holds off the Eagles 23 17 on Monday night football in Philadelphia, the Ravens and Steelers having to wait at least one more day for their Week. 12 game, Jimmy. It's been moved for a third time to tomorrow afternoon at 3 40 the NFL. Meanwhile, scheduling a triple header for the day after Christmas. Jimmy Buccaneers play the Lions at one o'clock, followed by the 40 Niners against the Cardinals. The nightcap. The Miami Dolphins visiting Las Vegas Raiders. Oh, good. I'll hang out of the stadium late, you know, sleep there may because it'll be dark because they're playing in Vegas and will be a hard rock. I'll just take a sleeping bag, and now that you're home after that. When that be nice. I just might as well just 50 yard line of people pay a lot of money for that. But they would see that Bonus for me. We'll.
Biden names diverse economic team with four women in top roles to help build recovery
"Group that features four women in top roles, including former Federal Reserve Board chair Janet Yellen as his choice for Treasury secretary. Reporter Jim Tankersley of The New York Times has been following these developments closely. He covers economics for the paper, and he's also the author of the recent book, The Riches of this Land. Jim Tankersley. Thanks so much for being with us again. What do these choices as a group tell you about Joe Biden's priorities What he may do once he takes office. Well, thanks so much for having me Judy. This is a group that is really focused on workers and on labor and maybe one of the most of union friendly groups of top economic advisers. We've seen in the White House in a long time and in particular for policy right out of the gate. It's a group that's going to be very committed on the idea of trying to get the economy up and running as fast as it can as quickly as possible in order to boost worker wages. And it's gonna be not at all shy about pushing additional deficit spending by the federal government in order to get there. And specifically with regard to covert relief, Covad economic relief. Can you tell anything from looking at this group? But what what might happen? Yeah, They've been very clear a number of them from Janet Yellen, the Neera tanden on down on these pics about the sorts of things that need to be done to help. People and businesses and state local governments survived. This pandemic on DAT includes more direct aid tol division ALS. It includes more help for small businesses and in particular age of states and local governments who have big budget holes, But also things like passing pandemic paid leave, You know a program to give family and paid leave. The workers who are on the front lines of code in particular, and I think that you will see all of those policies pushed early on by the biting teeth. So let's talk specifics. Janet Yellin at Treasury, the first woman to hold that job as we were saying, what do we know? Based on her record? What to expect from her. Janet Yellen is a labor economist by training on someone who really pushed the Federal Reserve when she was the chairman of the reserve to keep interest rates low for a long time in order to stoke growth, and I think we'll see more of that out of her hear more of a focus on inequality and unworkable is and you know another thing that she's focused on a lot in the last couple of years is on Tearing down the barriers of discrimination in the economy to help women in particular succeed, and I think you'll see her focus on that as well. It's it's been a big deal for her in the economics profession, but it's something that she is talked a lot about having enormous consequences for the broader economy. And then Cecilia Rouse, who President elect Biden Has said he wants to head his council of Economic Advisers. Not as well, a known name as the others. But so what should we know about her? She'll if she's confirmed, should be the first black economist ahead the Council of Economic Advisers she was on the council under President Barack Obama. She's also a labor economist, ah, real expert in a variety of things having to do with labor and education, and just like Jenna Galan has, as focused a lot of academic work on the effects of discrimination. S O. There are some common themes here with the team. And then there is Tol, the Office of Management and Budget. Neera Tanden, who has been around she's someone who I think is familiar. Too many who watch what's going on in Washington. What do what do we look for? From her? Near attended, runs the center for American Progress, which is a liberal think tank, and she has been on adviser to Hillary Clinton. She's been around Washington for a long time. She is someone who has really pushed on a variety of sort of liberal policy agenda items that is more of a political player than the other two. But I think with Neera Tanden, you will see Ah, focus in the Ownby. If she's confirmed on things like climate change healthcare on you on sort of Not shying away again from running budget deficits. Tosto growth, which is you know a real, I think departure from what many progressives thought they might be getting if I hadn't had appointed someone who was more of a moderate deficit, longer term deficit Hawk Democrat to that position. And Jim. What about with regard to Senate confirmation? These three positions we've been talking about all require Senate confirmation. What is expected for each one of them for yelling for rouse and for Tanda. Well, I think Janet Yellen appears likely to be confirmed. Based on the comments that we've seen in the last 24 hours from Republican senators. She's someone who has been confirmed by the Senate before. So is this is the arrest who I think is like that he converted also in less Republicans find some things in her academic work that they really object to Neera Tanden again as a more political player and someone who's Twitter feed has really offended. A lot of Republican senators may face more opposition and that was signaled by Republican senators in the last day that they don't like that she has taken after Republicans in public comments and so that that maybe get hard for them to confirm her. A lot will depend on whether Democrats control the senator Republicans do after the runoff elections that Georgia in January. And one other thing, Jim. I mean, people look to see the differences between this team and the Trump economic team. Pretty significant difference. Sure, there's just a big difference in how they approach the economy. The Trump team came in with a real focus on how do they sperm or business investment of the economy? How can they do more by taking away regulations by cutting taxes to make businesses happier and get them to spend more money on investments of this team is much more focused on workers. How do they support workers? How do they change regulations or even bolster them? To make it easier for people to work and to make that work pay off with higher wages, so it's just completely different angle at looking at the economy and very different policies that will result Him. Tankersley with the New York Times
Senate blocks controversial Trump nominee to Fed board
"Nominee to the Federal Reserve has stalled in the Senate after Vice President elect Kamila Harris returned at the chamber to cast key vote. Judy Shelton's nomination to join the Federal Reserve's board of governors is in limbo after handful of GOP senators missed the vote because of covert related concerns. Shelton is a critic of the Fed and was AB was opposed by three Republican senators.
Judy Shelton nomination for Fed board stalls in Senate procedural vote
"Of the Senate's blocking President Trump's nomination of Judy Shelton to the Federal Reserve's board of governors, the 66 year old Shelton's one of the president's economic advisors, A couple of Republicans joined Democrats and a procedural vote on moving the nomination to a confirmation vote. The final vote was 47 to 50 51 votes were needed to move the nomination forward and Democrats called Shelton and qualified and said her views are outside the mainstream of economic thought.
BREAKING: Herman Cain Dies Of Coronavirus At Age 74 in Atlanta
"A political consultant who worked for Herman? Cain on his twenty twelve presidential campaign is announcing that he has passed away. from. covid nineteen. That's breaking news here in Y'all I'm not confide. This is not. Confirmed other than through Ellen. And I'm Yup. nope. It's IT's confirmed folks. Herman Cain has died of the corona virus. age seventy four. In Republican presidential candidate in two thousand twelve. Herman Cain ran his platform very famously was the nine nine, nine tax reform plan. He had been Fox. News contributor and a newsmax contributor newsmax is confirming his death He was admitted to the hospital on July first two days after being. DIAGNOSED WITH COVA night teen. Ten Days Prior, he had been at the Rally for the President they they don't know where he got the virus. And Herman Cain has now. Passed away He was the President of Godfather's pizza. He. Rose through the ranks He joined coca. Cola. He worked for Pillsbury. He was regional vice president for Burger, King, which at the time Pillsbury owned and then he took over. Godfather's pizza turned around made it a profitable company. And his big issue is marketing. He became the chairman of the Federal Reserve Bank of Kansas City in Nineteen ninety-five He was in the position for twenty months in nineteen in two, thousand nine you'll recall the president renominated him for the Federal Reserve. Board? He ultimately withdrew his nomination. He dabbled in politics in one, thousand, nine, hundred sixty was an adviser to the Bob Dole Jack Kemp Campaign for President He ran for the Senate in two thousand four. He was defeated in the primary by Johnny Isaacson actually campaigned for him in two thousand four. Now he beat colon cancer it was stage four and two, thousand six he was diagnosed with it the and then from two, thousand, eight, two, thousand, seven, of course, he had the Herman Cain Show in Atlanta? On WSB, I was actually hired in two thousand eleven to replace Herman on WSB Because Herman had decided, he was going to run for president and he had been in the line to replace Neil Bortz they needed somebody to replace Herman as a result. So they hired me Herman off and ran for president. He at one point was the front runner for the Republican presidential nomination, and then he the ultimately lost the nomination and came back to radio has has wound down his career over time and. Herman Cain now dead he was a good man. Seventy four years old affected by coronavirus virus. Prayers for his family. And for for those who knew and loved and worked with Herman Cain God. Bless him.
Fed sees dim economic outlook as virus squeezes economy
"The federal reserve says a corona virus pandemic will act as a drag on the economy for months to come federal reserve board chairman Jay Powell following Wednesday's policy meeting said a key interest rate will remain at just above zero percent as a pandemic continues to be the most compelling factor against the economy a full recovery is unlikely until people are confident that it's safe to re engage in a broad range of activities the fed announced no new policies saying it will continue to buy about one hundred twenty billion dollars in treasury and mortgage bonds each month as a way to inject cash into the financial markets Despard borrowing and spending the fed's overall message is that it will keep rates low indefinitely with the economy in a severe downturn Tim McGuire Washington
Fed sees dim economic outlook as virus squeezes economy
"The federal reserve says a corona virus pandemic will act as a drag on the economy for months to come federal reserve board chairman Jay Powell following Wednesday's policy meeting said a key interest rate will remain at just above zero percent as a pandemic continues to be the most compelling factor against the economy a full recovery is unlikely until people are confident that it's safe to re engage in a broad range of activities the fed announced no new policies saying it will continue to buy about one hundred twenty billion dollars in treasury and mortgage bonds each month as a way to inject cash into the financial markets Despard borrowing and spending the fed's overall message is that it will keep rates low indefinitely with the economy in a severe downturn Tim McGuire Washington
Senate Banking Committee Approves Contentious Nominee Judy Shelton for Federal Reserve Board
"We begin in Washington. Judy Shelton, President Trump's contentious picked for the Federal Reserve sport of Governors. Was cleared a key hurdle to confirmation by winning the approval of the majority of the Senate Banking Committee. She was back in the party load a party line vote today 13 to 12 committee also voted in favor of Fed nominee Christopher Waller, currently director of research at the ST Louis Fed. His nomination past 18 to
Disagreeing With Fed Chair, Trump Again Touts Negative Interest Rates
"Trump is said a bunch of times he wants negative interest rates you know Powell had a press conference today and you basically just laughed at the idea like he was there's like no in every fed speaker in the last week has come out against negative interest rates there's been negative interest rates in Europe and Japan and I would really characterize them as successful their economies are still more bond they haven't been successful in speeding up the economy I would say that they've been a failure trump likes negative interest rates because it likes to borrow money I think it's that simple so the mechanics of how this works is first of all if the federal reserve board to lower interest rates the lower fed funds safe from zero to minus order percent okay so the banks you know like Wells Fargo they borrow on an overnight basis in the fed funds market and they would basically be borrowing and lending at minus twenty five percent so the question is will they pass that along to depositors if they don't pass it along to depositors because basically they're lending to you so if they don't pass it along to the positives and the banks are going to incur a loss so what my guess is they'll probably pass along at some point it's been passed along in Germany in you might have a checking account or savings account that has negative attempt of a percent negative two tenths of a percent interest rates so what that means is is that if you deposit a hundred dollars in your bank account at the end of the year you'll have ninety nine dollars and ninety cents so you know minus point one percent interest rates probably aren't going to change anybody's behavior I mean the alternative is what you could do is you could take all your money out of the bank account this habit is in cash and keep it in your house but that's not really practical I mean if you a two hundred thousand dollars in your bank account now you have two hundred thousand dollars in cash in your house it's worth it to pay the tiny amount of negative interest rates to the bank just so you hold money in the bank there's been some studies have shown that you can lower interest rates to minus three quarters of a percent before cash hoarding starts to kick in many incidentally that's where negative interest rates are in Switzerland there minus three quarters of a percent but it changes it's just wacky stuff it changes everything because if you think about it if you get a cable bill right now from your cable company the cable company wants you to pay fast so if you pay fast they deposit the money in the earn interest on it but with negative interest rates the cable company doesn't want you to pay fast they want you to pay slow they want you to pay as slowly as possible and they want to stick you with a negative interest rates so in a world with negative interest rates everything gets turned upside just totally
Supreme Court struggles with independence of Consumer Financial Protection Bureau
"The consumer financial protection bureau was created with the aim of protecting consumers from abuses in the banking and financial services industry today at the Supreme Court the court's conservative justices voiced skepticism about the independent agency NPR legal affairs correspondent Nina Totenberg has more in the aftermath of the two thousand eight financial crisis Congress created the consumer financial protection bureau lodged in the offices of the federal reserve board the bureau has enacted new rules to safeguard the mortgage market and protect consumers from abusive and misleading practices involving everything from credit cards to debt relief the CFPB is headed by a single director with a five year term and in order to ensure that the director is independent the law bars the president from firing him for any reason except for malfeasance inefficiency or neglect of duty that independence is being challenged as unconstitutional by a firm that's being investigated for misleading practices and by the trump
Ubers path to profitability
"We have of course been following the corona virus story. It's human toll is growing. We're also going to have a personal story about one. US business struggling to deal with its impacts a little later in the program but to start off the Federal Reserve Board said today that the virus now poses a quote new risk to US markets and global growth. Here to talk about all of that plus the other economic news of the week are two weekly rappers. Honest Watson is with the New York Times so deep ready is at politico and they both join us from our DC bureau today. Hey to hey molly all right I. Let's start with this corona virus news and I'm going to channel Cairo's doll because I know that he has been asking each week. During the weekly wrap is this virus potentially the Black Swan event that triggers the next recession so far. It's mostly been no so deep I'll start with you is that changing. It could be a-changing we talk about black swans as if we We obviously were not expecting this but now we also have a black hole of information. We don't know what is going on in in China right now. That is the the core of the fear. That's going through Economists and traders and everyone else around the world who has has to deal with this is information flow out of China. Being closed communist society is very difficult. And there's a lack of trust with the global community and when you have a lack lack of trust you have fear. So that's what we're going through right now and we don't know whether this is going to be a few weeks or a few months or few years and when you have that kind kind of uncertainty you have a big problem on your hands when you're trying to figure out what's going to happen in the next few weeks or months or years right now. Of course we also had conversations with China this week about implementing part of the phase one deal to cut tariffs on a how Oh do these ongoing trade conversations affect this growth picture and then where does the virus plan with all of that so it does seem likely that the spread of the virus is going to delay the implementation of the US China trade deal especially the big purchasing component that the country agreed to two two hundred billion dollars of additional purchases over the next couple of years It definitely looks like that is going to be pushed down the line and some of those other promises are going to be called into question In terms of the growth prospects from that You know signing that. Trade deal really resolved one of the Big sources of uncertainty for the global economy last year. And now it's just been replaced with another one basically so China counts for a third of global growth So spillovers there a a slow down. There absolutely has the potential to spill over to the US And today you did see the Federal Reserve Board warning about this Virus creating less appetite for risk a US our appreciation less trade and lower commodity prices so affecting the US economy in a variety of ways. Help me on. I WanNa stay with you for a little bit. But of course champion city helped me level set on trade for a second. Because if I feel I think we L. Fill little lost in which parts of trade conversations. We should be focused on this conflict brewing potentially with Europe where you wrote on about our starting trade talks with Kenya to stave off China in There's still uncertainty about trade with China. What should we be focused on here? Yeah so the president has declared victory for now with a China South Korea. Japan Canada Mexico. you know. Some of those conflicts could rise up again at any moment particularly China But suffice to say the administration is Pretty Happy with the deals that they signed with those countries but they aren't aren't Stopping their their immediately turning to these other fronts most notably picking. What could be a really great big trade fight with the European Union They're also working on a very small deal With India but with one which still could be the biggest trade deal that we've ever signed with India Potentially coming up in the next few weeks there are discussions underway with the the UK But that's really not likely to be finalized noise until we see more about the terms under which the UK and the European Union will be trading and then as you mentioned the US announced this week that I we're going to be launching. Trade talks with Kenya and so they see that as a template for agreements with other African countries. And it's also an explicit effort to counter China's investments in Africa in the trump administration says that Africa has been Investing very heavily there and they see these trade agreements as kind of geopolitical Jio political toehold on the continent again And then city just like a couple of seconds left but give me your five word breakdown of the jobs report today. Quite strong except manufacturing. What do we make big picture? Quite strong except manufacturing. It means that we're we're We're in the roaring twenties. We're we're doing Surprisingly well this late into an economic expansion in the The almost at the eleven year mark for the Economic Expansion but the fact that factories have Have not been growing as faster gains. We got in the report in Twenty nineteen where the second smallest gain since twenty ten when we came out of the recession so it shows that that all of these concerns about trade about the state of the global economy about what's happening overseas that does have an impact in an industry that people still care a lot about in the United States and if the factory sector falls and other things could fall afterward all right thanks so much you
The Dark Side of Being a Millionaire! (The Truth About Being Wealthy)
"I think is so fun about the show? Brian is all the time we talk about. Happy uplifting positive generally optimistic people I think so. We always try to have a positive thing that we're sharing with our audience but this is a little bit different because we wanted to kind of talk about you know things are always rainbows and UNICORNS. Sometimes even there is a dark side to good things. That's that's kind of what we wanted to share in today's episode. It was one of those things because I know a lot of everybody. We have an entire society that is built upon. Get here do do this. When do this in your twenties? Then we'll look. We have our own series. We love our network by series. And it's supposed to give you the tools and techniques and things so you know what to focus on win but I do feel like there's also while we're giving these tools and sets and things that you should be looking at and focusing on there's industries out there that are trying to say say hey in your twenties live this way and look I told everybody pre show. I just came back from Las Vegas. I was shocked at how many watched shops ops luxury handbags belts and it hit me. I was like this is the game if br thirty two year old bronner thirty-three O'Brien wanted rolexes Alexis Brightlingsea tags now forty late forties Brian. This is like he's about as I was mad. That bring the charger to my my apple. Watch I mean because I just I think the steps recorded so it's just funny how there is a whole system out there in society pushing you on what you should try to be accomplishing how you should spend your money. We you want to help you avoid the dark path of void the pitfalls. And make sure that you're having a healthy relationship with money. I want to create a win win win win and what I mean by that is is that I want your friends and family to be happy with how you are with your relationship with money I want you you to be fulfilled with your relationship with money and then I want your community community benefit. Because you're making things better all around you so this can be a win win win situation. So let's jump into this because we broke this into all the different segments that you need to be mindful and then we put money got tips to make sure you navigate eight this well so the first one is money can ruin your relationships. I think this is one. This poll people. What's one of the downsides has to monitor the downside as well? I feel like most folks would come up with this one pretty quick because you kind of see horror stories of this and the news and with celebrities famous folks. It's no surprise that whenever there's money honey evolved and certainly whenever. There's a little bit of money or a lot of money. Things can get tenuous and stressful. We focused on. You know thinking about this. We're in show no prep. Yep We focused on significant others. You know relationships between couples but I will tell you one of the saddest things that I experienced as a financial planner is the residual zigic effective when families fight over money too. So it is. This is not just for couples. Money can mess up all types of relationships and we had a pretty shocking stat. That kind of kick this off. It was thirty. Five percent named finances is a is the primary troublespot with their partner. And I think that was one of the largest and and this was data from From a suntrust study I think that finances was one of the single largest cause of stress in a marriage relationship relationship or a spousal relationship and I thought it was because that one I made them put the word research because it looked like that was this Lod brought to you by Suntrust Bank. You know we which which kind of scared me? But it was a research study they had but then the Federal Reserve Board actually hit because the government is compiling data at all times. I thought this was interesting. Mismatches ashes. Between couples credit scores can be the biggest indicator one of the bigger indicators. That your your marriage or your relationship is headed for a tough spot easily within the first five years now that one I always found that really interests when we're talking about that because that's not something I immediately think of whenever I'm talking to like have friends getting married talking to clients. We're thinking about getting married. I never really asked him the question. Hey have have you done a comparison of your credit scores. This is not something but it is interesting. If you think about behavior Laden it probably ably does tell you a lot about the behaviors and actions of the person that you're gonNA join this long term commitment reason your insurance company basis a lot lot off of your credit score so it is one of the things that I thought was interesting when when I was doing data research for the show divorce but we talk about all the time. That the quickest way to lose half of your net worth is go get divorced but there's actually now this is this has got a little edge to it because this is from the mid to thousands around December of two thousand five there was a study from marriage and divorces impact on wealth. This doesn't say fifty percent. What did it say? The actual wealth impact says the average wealth trump is actually seventy seven percent as a result of divorce. So attorneys must be expensive record. Not only pay. which have left is just not a a wonderful wonderful endeavor? If you're thinking about wealth building this is the exact opposite of that so you just WanNa make sure that as you build resources wealth you understand how it can affect relationships. So let's talk about how you can ensure these. The money got tips to get you through all these issues. The first one is I want you to control and focus your inner voice now. Look you're like what the heck is he talking about. We all do it. You're not a Weirdo that you have something that goes on. You're constantly talking to yourself itself. At least I hope you are. That are either. You're the only one on hoping that most of you guys talk to yourself a lot more than you even probably we realize that we talk about the invisible hand of success mall the time on shows that you gotta wake up that invisible hand to get you from destination A.. Hey to be embiid is where you want to be in literally. So it's one of those things that that inner voice is so much more powerful at works with money at works with your success in your career. It definitely works in relationship so you have to focus on what that inner voice to say. One of the greatest piece of advice is one of the greatest pieces of advice vice. You ever gave me a brown. You gave this to me when I first got married and I was talking to you about because when you get married it's just unique figuring out how to live and work with someone else and you said here's what's really interesting about inner voice. We are our inner voice. All has a predisposition it's either inherently negative or inherently positive and. Sometimes you don't get to control where it starts which you do get to controls where it finishes and you can actually control troll. What the inner voice in your head saying I think when you refrained me to realize that it was a game changer that I could actually control what that voice was saying? Those those voices that you're whispering into your own head are more powerful than you realize so. Give them credit give them respect make it positive number two. You've got to find balance. I I know whenever I see the word balance when somebody especially because it makes me think of everybody's saying work life balance you know it's so touchy feely. And it's not really because I'm an analytical thinker on things but it really is embo. You said this don't prioritize career advancement for yourself over relationship building. What did you mean by that? A lot of folks they will go try to conquer the next mountain. Try to conquer the next. He'll try to go achieve success. Go do the next thing. Not Realizing the collateral damage that relationships whether it's significant others family children. Whoever it may be that they're leaving in the wakes he just had to be careful that getting the top of the mountain doesn't force you to sacrifice all the people that are along the journey with
How Is The U.S. Economy Doing?
"Begin today a little piece of audio you a mere twelve seconds. Not Too long won't be too painful but inside it. There is a whole lot to digest. Here you go. I believe that monetary policy is and a good place and should continue to support sustained growth a strong labor market and inflation running close to are symmetric two percent objective. Those those of you recognize that to be a member of the Federal Reserve Board of Governors. Not too tough really given the subject matter. Go to the head of the class. If you identified the Speaker as Richard Clara the vice vice chairman of the Fed a gold star to you. Now why are we starting with him. A couple of reasons honestly number one because the Fed has been taking some heat it lately for having gotten a lot of its economic forecasting wrong. Hello inflation number. Two because Clarita said today and chair Powell says often the really the economy's pretty good number three because pugh is out with a study today. That says not everybody out in the actual economy agrees with the fat so so two interviews with which to test those premises. I about the Fed Sarah Bender. She's a professor of Political Science at George Washington University where she studies the Fed. Welcome to the program. Thanks thanks for having me. What do you make of the vice chairman speech today and more importantly how the feds sort of is positioning itself in this economy right now? Well the Fed is saying saying so far. So good The comedies on a good track Congress's given us a dual mandate of low sustainable unemployment and low inflation Kevin. And we're hitting him. He's not telling us really where things are going in the future. He's saying data dependent meeting by meeting. But he's telling telling us the economy is on a good course he Said and and chair. Paul says this all the time that they're going to you know work to keep the expansion going as as long as they can and one of the things chair Paul says and Clark said it today was that You know the longer expansion goes the more it helps people at the bottom. How much can the Fed really do though for the people at the bottom of this economy but the fence so far is doing a lot by keeping a monetary policy not so loose and accommodative right and you see wage gains at the lower end of the economic spectrum at a certain point though? There's only so much that monetary monetary policy can do and absent fiscal policies. That might say deal with job training or job relocation or healthcare. There's is only so much weight that can be put on monetary policy makers. Let me carry that forward to an interview. We're going to have here in a couple of minutes with A upholster from pugh who has a new study out today about economic inequality in this country. What can the Fed do on economic inequality which consistently ranks pretty high in terms of what what people are worried about in this economy? Well the best contribution they can make is to keep an eye on employment and do as much as they can to Stoke job growth but without sparking inflation keeping an eye on the health of the financial system so that people have access to quality and so forth at the end of the day though. It's really the limits of what monetary policy makers can do. The really simple line is heading into an election year. Right is. It's the economy stupid frame that for me in terms of the Federal Reserve and the role of the economy in the next eleven months of of our common experience. Well Congress gives the Fed to commands. Keep inflation low keep jobs growing. That's what the Fed is aiming to do. Oh here and the extent that they're successful it means the economy's growing and on an even keel in. That's what helps incumbents get reelected Sir Bender under she's At Brookings also Professor Political Science at George Washington University professor. Thanks for your time. Am I appreciate sure. Thanks for having me okay. So all of that said interview number two now from the Pew Research Center who study out today shows as I said that not. Everybody agrees that the economy is all sunshine and Light Ruth Galmoc. She is a senior researcher at Pew Rookie to have you on for having me if I say that seventy percent of respondents to this Survey that Y'all did if if I say that they believe the economy is rigged. Is that too strong word. I would say that. They think that the economy is unfairly favouring powerful special interests interests so we asked whether the economy was generally fair or whether it unfairly favored these powerful interests and seven and ten Americans that they did not think it was fair. We should point out. There's as a partisan divide here as with most things in this country now that's right. Republicans are about evenly split with about half of Republican. Same economy is generally fair and half of the economy saying unfairly early favors these special interests whereas Democrats overwhelmingly say that the economy is not fair. okay so Brass tacks your who's got the power so we asked Americans who they thought had too much power and influence in today's economy and about eight and ten or more American said that politicians Titians corporations and people who are wealthy had too much power we also had majority saying health insurance companies banks and other financial institutions and tech companies had too much cower Let me ask you then who doesn't have the power or is parallel. I suppose another way to put it. Yeah we asked to people. Apple felt did not have enough power and Americans pointed to people who were poor the middle class and interestingly small businesses. Yes say more about that because when I read this in small all businesses came up I was. That's the thing that got me on the phone with you to be honest. Yeah I'm and one interesting thing was we saw a partisan divide and how Democrats and Republicans on looked at a number of these groups. Republicans were less likely than Democrats to say that large corporations had too much power but when it came to small businesses Democrats and Republicans were largely in agreement that that small businesses did not have enough power. Today's economy. So what else do people need to know about this. I mean as they read this and they hear that you know seven ten people think the economy is is unbalanced. Silence shall we say instead of rigged. What are they supposed to do that information? It's hard to say What people are supposed to do? In this survey we did sort of dive into what Americans think about economic comic inequality in general and while most Americans say that there's too much economic inequality in the country. They didn't rank particularly highly as an issue. So it's hard to sort they how that will play out Raquel Nick. She's a senior researcher at the Pew Research Center. Thanks a lot. I appreciate your time. Thanks for having me
Trump says euro dropping 'like crazy' against dollar, blames Fed
"President trump is once again attacking the federal reserve board for not lowering interest rates today on Twitter trump said the US does not have a terror of problem but instead insisted we have a fed problem he added that badly run and weak companies are blaming the small terrace instead of reassessing their own bad management trump says the euro is dropping against the US dollar given the European Union a big exported manufacturing advantage in the fed is doing
J. Powell, Fed And Chairman discussed on Bloomberg Businessweek
"Minute federal reserve board chairman J. Powell signaled in his congressional testimony that the central bank may be set to cut interest rates as soon as this month and minutes from the fed's June policy meeting just released show that many officials saw a case for rate cuts because of rising risks to the
Trump says he intends to nominate Christopher Waller, Judy Shelton for Fed board
"President trump announced two new nominees for the federal reserve board today NPR's Scott Horsley reports two of trump's earlier picks for the central bank were forced to bow out trouble is that Twitter that he plans to nominate Christopher Waller and Judy Shelton to the fed seven member board of governors Waller has a conventional resume he was an economics professor at Notre Dame and now serves as director of research for the federal reserve bank of Saint Louis Sheldon is more of a wild card she's advocated a return to the gold standard and also told CNBC last month she like to cut interest rates to zero within a year or two the president's last two fed nominees Stephen Moore man Herman Cain dropped out of contention before either man was formally nominated critics describe more and Kane is overly political putting the central bank's independence in potential
"federal reserve board" Discussed on Bloomberg Radio New York
"Go further. Bruce bills has been in his short career on Wall Street with the company j c Bradford and company. Myself terrific behind house, and Thomas have emboss, who had the sawdust on the floor with a cigar. You know, nobody could hit the thing on the floor. Bruce Biddle joins us Bruce. I make light of it in our ancient this. But the reality is a lot of people are reading your Baird note going. Where do I find the courage, if we begin with the idea we've never seen this? How do I stay in the market? Well, I think one thing you have to consider that really has never changed in that is that the concept that you don't fight the Federal Reserve Board. And the reason you don't is because it may take some time, but the Federal Reserve Board typically eventually gets their way. So I think that's one actually that you have to keep in mind. A lot of things have changed since the nineteen sixties over the Kanner, but certainly, a lot of things remained the same certainly Ted policy, does, and also investor psychology. So there was a lot of pessimism around market around the economy. I mean, the most forecasts it'd be session. I've seen in a long, long time and. You sound. We say, good morning to the wonderful memory of Barton. Big spruce continue. So that pessimism, contrary opinion. And it also showed up in the flow of funds you saw you saw investors pilot vigil funds this year and pile into bond funds. It may that's pretty that's a lot of pessimism. And typically when the crowd gets too large, on one side, and you want to take the other, you want, you want to go the other way, and I think that's what's happening here. So Bruce were ten plus years into this psycho twenty twenty may or may not hold a recession for the US economy. But the fed is clearly accommodative. What sectors do you like right now? Well, what we've seen this year is kind of unusual headache. We've had a very strong stock market, which typically, you would find aggressive areas of the market really leading and that's not been the case. What's happened in the current example, is that defensive sectors utilities, because similar Staples wreaths? They've been at the top of the leadership board determines relative strength of the S, and P five hundred sectors. Now, what we should see if this said cut that we're all expecting in July or September, if that's going to spur growth in the economy, which is start to see the industrial do better, the financials do better. And we are ready saying the materials sector started do better so should shift away from defensive nor cyclical stocks. So overall, Bruce, one of the concerns is the, you know, the consumers really continuing to lead this economy, maybe there's some slowdown in some of the manufacturing sectors. What is your sense of the consumer right here? Do you think the consumer can continue to push this? Economy forward. The consumer can the reason for that is, let's face it. We all know what the labor market situation is. We've got wage growth for the first time in a very long time and actually, the consumer has gone down some of the debt. Now, we still consumer debt growth in student loans. But you don't see so much mortgages and credit card debt is expanded much more slowly in this cycle. So consumer has been pretty good shape here. And so, I would I wouldn't -ticipant that GRANDE tenue Bruce, we talk in the gloom buns price, down yield up that retail investors. Get one statement in the next month. Get the other statement or seeing her bond portfolio into percents three percent four percent. Whatever the opposites occurring. Now they're getting a statement with the bond gain, then they get another statement with a bond gain in next month is going to be a doozy. What do you do when you wanna lock in Bonn gains? Well, typically when you want to lock in gains, you bring down your door. Ration-. But of course in the solar industry environment. That's not very attractive. But I think that's what you'd have to do here, and you'd have to believe that eventually, these low interest rates are going to spur the economy on now. The Federal Reserve Board is not only concerned about the US economy appears to me that their actions also reflection. What's happening globally? Where Europe and China and Japan are all experiencing sustained down drafts and the fed is worried about that, and to fashions one that it'll roll over into the US and to what it means for inflation. Let's leave it there. Bruce Biddle, thank you so much bear. A nice summary here of courage. With futures down twenty six thousand seven six eight as well. Paul, we heard that from Janet Henry of HSBC with a vengeance. She made clear that was an international press conference yesterday. Mince, any words, you have very, very interesting. And as you call it earlier today, termi kind of the, the fed chairman is kind of the bankers central banker to the world. And I think we're certainly seeing that with the also with some very dovish language earlier in the week. So clearly given the global economy's. It's all eyes are on the US right now. We will see futures up twenty eight. Dow futures up to thirty three the vix thirteen mandolin right now, exactly fourteen point zero zero, but that's exceptional. Let me get that chart up here right now. I don't know what the path has been on the viks. Dean current got that memorized over macro.
"federal reserve board" Discussed on 710 WOR
"Real dips. So why is this happening? What is occurring? Why are people seeing the market's rally at this lovely rate of return? Well, we are seeing the fed being particularly accommodative the market is going to be tested by the fed. They are meeting on may the first, and they are going to take a look at what is going on because this could be deemed to be inflationary when the market rallies this way, you cannot have an Ober dovish fed with the market at record highs. So if I'm on the Federal Reserve Board, and I have not been invited to join now that Herman Cain is no longer going to be member of the fed. I'm looking in my mail for the invitation it has not arrived. But. Jerome Powell the fed chairman says we are going to keep rates low. But at the same time there is going to be pressure mounting for the fed to look at what is going on with the stock market is the fed going to snuff out this rally. I don't think so. But what I'm looking at is every sector of the market, basically moving higher. The laggard has been the smaller companies the small caps now. All of a sudden they have turned up, but they were the laggard every level of this market increase has been met with scepticism instead of excitement. The average person is basically saying I'm waiting for the market to come down. I'm holding cash back and I'm going to enter on the dips. That's very smart. But at the same time the market keeps moving higher so with things acting as well as they have and with the average investors seeing their statements showing nice increases, it makes everybody feel pretty good. I want to bring you back to the first week of January..
"federal reserve board" Discussed on WSB-AM
"Moore for the Federal Reserve Board economic. Advisor. Larry cudlow downplays. Moore's derogatory comments about women. I don't think he was making a statement. I think he was making a spoof. Moore says women athletes don't deserve pay parity with men and women should only be allowed to work NCWA games and halter tops. He also calls. It a joke. WSB news about your health US's. The most measles cases and twenty five years largely because misinformation is turning parents against vaccines. According to the CDC's, Amanda cone. She says parents need to know the vaccine is safe in multiple studies to show that the measles vaccine is safe. We have one of the vaccine supplies in the world. Most all of the cases have been people who have not been vaccinated. So with the jumping cases highly recommend that parents check their kids sex nation status and make sure that children have gotten both doses of the MR the measles vaccine Sabrina cubit WSB. WSB money update. Mcdonald's launches a campaign to hire older workers to work the early shift that is not particularly popular with teenagers Donald's will post openings on the AARP online job board to fill some two hundred fifty thousand jobs this summer position range from cashier to shift manager Donald says older workers tend to be team players and they show up on time. The falcons pick fourteenth in the first round of the NFL draft tonight, unless there's some behind the scenes maneuvering a big move tonight. It would be trading up to get Houston defensive tackle at Oliver. Who's a perfect fit and extremely talented. Otherwise, the offense of line is still a mess and a secondary needs of work which could include LSU's, greedy Williams or the Andre Baker from Georgia. WSB sports director Jay black says the draft starts at eight o'clock on channel two cat unveils. Its first new permanent flavor in the US in a decade. But it's going to have to be a stocking stuffer the new mint dark chocolate kit, Kat bar doesn't come out until December. It's meant cream on top and dark chocolate on the bottom while. The US sticks to tried and true milk dark and white chocolate. Over seas. The candy bar gets more veterans with flavors, including green, tea, and strawberry. Cheesecake WSB news time is six eighteen Smilin' Mark McKay up and over trouble on I twenty we'll get a traffic update.
"federal reserve board" Discussed on 860AM The Answer
"A defamation lawsuit not against Chelsea small, but against John small lawyers. I've never seen that before. But I. My next guess full disclosure is a friend of mine have always liked him. He wrote for a number of years for the Wall Street Journal, also a. Member of the Heritage Foundation and topic and omic advisor to President Donald Trump and recently has been nominated for position on the Federal Reserve Board Stephen Moore. Thank you very much taking the time. Stephen moore. Have you ever seen any controversy over the nomination of somebody for the Federal Reserve Board? I think controversy over the chair but not for somebody on a seat on the board. Have you ever seen any controversy like this? No. And I talked a lot of reporters know. You know, cover the the sad for many many many years, and they say they've never seen anything like, you know, I think it's it's Larry it's kind of a little bit slathering actually, the left is so terrified of me on the fed. Because of I, you know, my supply-side pro-growth ideas that the idea of someone who is not he may thinks outside the box is is very terrifying to the left. And so that's why there's been kind of smear campaign against me. And I keep saying, look, let's talk about the economy. Let's talk about you know, how you how you keep your Konomi growing. And how you do these things, you know, cutting taxes reducing regulation sound money. The things that I believe in you know, they don't they don't wanna talk about that. They wanna talk about things that happened twenty years ago that have no relevance in you know, to the fat. Well, one of the day is CNN for whom used to work win believe these com- column that you wrote occurred you were an employee at CNN when you were allegedly a sexist writing. Sexist things. Well, look, I mean. Honestly want this to be about, you know, how do we keep the economy going? How do we make sure the fat doesn't kill the economy because it's great? Konami we've had in twenty years for the job. It's the best academy fifty years. I'm very the reason Trump Tammy for this position played small parts in helping put that economic agenda together as you talk about this every night. A lot of people hate Trump and anything associated with Tom. And I think that's what this is about that. You know, these people almost unhappy that the economy is doing so well that people rooting against the economy, and and I want to keep it going. I want I want wages to computerize. You saw the number that came out a couple of days ago that the number of new number of people who are signing up for unemployment benefits, the lowest since the mid nineteen sixties, my guest is kind of a Stephen Moore. He's been nominated as you heard by President Trump for the Federal Reserve Board Stephen created club for growth. Stephen, you know, you know, how relevant is that your attitude about ladies basketball, relevant that is for Federal Reserve policy. I mean, really. Funny comments about about ladies basketball, my girlfriend doesn't like ladies basketball makes the same comments you make. So she sexist too. I mean, I guess I guess he's blown her chance to get on the Federal Reserve Board as well. I mean, I wrote some politically incorrect columns some go back to the turn of the century. You know that will time ago that you know, I kind of wish I hadn't written. Now, they really don't reflect my views. But what it is? This version though. I mean, even me anybody anytime anywhere about the economy how to make it grow. How do we make sure that people operas is? I said, you know, Trump is done. I think of phenomenal job in going Konami. He's selected to affect because he likes it. My ideas. There's a lot of fear like one thing. I wanna do the is that that the very nervous about I wanna I wanna open sunshine. I want transparency at why is it Larry that the fed acts in private and in secret all the time. And nobody knows how decisions are made when they're made. Why did make the decisions that's not the way? This is one of the most powerful agencies of government and most people don't even really understand how it works. Frankly. I don't know how it works. I mean, that's a secret chamber over there. I'm talking to Stephen Moore, economists he's been nominated for position on the Federal Reserve Board by President Trump this stuff that people are saying that you wrote this that and the other about women's basketball. And you're now saying that that you wouldn't have said it right now, let me tell you how the left handle the scandal. Like this in quotes, joy Reed has a program MSNBC. She had a blog two thousand seven two thousand eight Stephen where she wrote some pretty scathing things about gays she trashed the movie Brokeback mountain. She didn't want to see two people kissing and now she's gonna show an MSNBC and the and the things she wrote surface. She denied she wrote him said she'd been hacked they did an investigation she wasn't hacked. She said, well, I still don't feel that. I wrote them that wasn't me. It's now a new. So that person there who wrote that it's not me not a problem. She's still there so say you were hacked. Say somebody. Yeah. I mean, I think my point is, you know, look, my career I've been been this business about thirty five years at never had any allegation of any kind of sexual misconduct or any kind of you know, harassment or anything of that nature. You know, I I know the left is going to all of every girl I ever dated and every woman I've ever worked for me. And, you know, virtually everyone says, he's an upstanding, you know, gentlemen, and things of that nature. This idea that I'm some kind of sexist, I think is very unfair accusation. But again, it goes back to your point that you just made this is about the Ford and our monetary policy. You know, what is a, you know, a joke piece that I write twenty years ago have to do. I mean, again, why can't we just debate my economic ideas of people don't like them, and they don't think they they worked on I should be turned down. But I think what happened was the left realized right out of the gate that they could not beat me, a make onomic ideas. And that's why they have five or six full time reporters, you know. Going after you know, looking at my twenty five thirty years of goals. I've written, you know, very, you know, me I mean, I I'm not saying I'm not an angel. I mean, if they dig deep enough, they'll probably find that's impolitic. But you know, it's about the economy stupid. It's not about you know, that I said twenty years last question Stephen Moore, and you've got to be careful, otherwise you might be accused of being sexist, but how does somebody like AOL see graduate from B you with a degree in economics? How does that happen? And I think the way she thinks it's a it's a real tragedy in our education system. I don't I don't blame her. I blame the education. It's too that people can come out with an economics degree and not understand the first thing about how economy really works the very restaurant where she used to work shut down shortly after she got elected to congress, and the co owner of the restaurant said the recently shut it down Stephen is because of the fifteen dollars minimum wage and these guys want fifteen dollars minimum wage across the nation. Honestly, be me up. Scotty. We don't need a fifteen dollars minimum wage right now. Because the way you saw targets wages are going up. Right. Wage. They're going up that ex- all the wages of these companies going up because of the free market system booming economy. That's the way you want wages drives. Right. Stephen moore. Good luck that very much taking the time. Appreciate it. Got it. We come back. The brothers who attacked the lawyer for the brothers who attacked allegedly attack. Duffy small or suing the lawyers for Jesse small at what. Larry elder all across America, though. Larry elder show. Stuck in traffic?.
"federal reserve board" Discussed on 710 WOR
"Now ready to go that means literally hundreds of thousands to millions of high paying jobs once we really begin to tap into the very d-. Eap resources of natural gas and energy and oil and clean burning coal that we have in the United States. And also people forget the oil it Anwar that now has all obstacles have been removed oil companies we'll be moving in. And again, they're going to be hundreds of thousands of new high paying career jobs for fellow Americans. Assuming the world doesn't end in twelve years. Assuming the new green deal is just this bizarre fantasy being bantered about assuming the wealth tax. Does not come into play or those marginal rates that I just mentioned. Yeah. The president is exactly right on the economy. We've had great economic news now for a couple of days, you know, the people that are benefiting the most the people that I care the most about in in two thousand sixteen the forgotten men and women of America and blue collar workers are enjoying wage hike. Wchs more. So than at any other point in the past fifteen years, the people that have been benefiting the most from the president's deregulation and the biggest tax cut in history. That's right. Those that were in poverty on food stamps under Obama millions have left those roles, and when you look at the numbers, you see oh, another two hundred thousand jobs created in March as we moved now closer to the creation of six million new jobs in America may sound like a small deal, but I'll take it Sierras after years of closures. They're now beginning to Oprah open a more, well, smaller war concise stores around the country. A lot of it's going to be focused on their tolls craftsmen and Kenmore their washers and dryers and other appliances. And that means more jobs for people also Steve Moore is with us author of. Trump Domic's the inside inside the America I plan to revive our economy senior fellow at the Heritage Foundation. And I understand that you will apparently be moving to the Federal Reserve Board on some other name. I heard Herman Cain. Hi, sean. How cool is that Herman Cain is now been nominated as well. So we will be I think quite a team over there. And you know, everything you said on the economy is so spot on. And I I am so proud of this president I was privileged to work as a senior economic advisor, Donald Trump and one of the one of the claims about me that the left is making as well. He's going to be too loyal to Trump. And I I never things I disagree with Trump about a love the wettest guy done for the economy. I saw the president two weeks ago, and and I only half jokingly to stop creating so many jobs. We don't have enough workers to fill all these jobs and that jobs report that came out today is a blockbuster. And I'm going to give you one statistic on that is just blows me away. I don't know if it blows you seven point six million number of unfilled jobs in the American economy, that's the surplus number of that that's bigger than the entire pop. Relation of Indiana. You know, what's amazing about this? Because I knew wants to testing that. I've been thrown around as we have a million more jobs at least available than we actually have people on employment. So it almost brings it to the point of full employment. Forget the records. I mean, you know, it's amazing that I'll debate liberal sometimes, Sarah. Well, this is Obama's erection e Ed thirteen million more Americans on food stamps, eight million more in poverty, and by the way, crazy uncle Joe, creepy uncle Joe's gonna have to run on this. If he gets the nomination, the lowest labor participation rates since the seventies worse recovery since the forties lowest homeownership rate and fifty one years he took on more debt than all forty three presidents before him combined and the only president never to reach three percent GDP growth in his entire two year term ever. And you know, when you look at those numbers, they say, well, you herited a bad economy. I'm like. Seven years ago. I mean, he had time to fix all of this. But he made everything worse. But you know, I I like the site none other than Barack Obama himself who I think it was about a month before the two thousand sixteen election. You remember that I know you played in the air where Obama says well house, Trump gonna create all these jobs. I was going to bring manufacturing construction back with magic wand. President must have a magic one. We here's another statistic for you, John since the election of Donald Trump United States is creative one million manufacturing construction and mining jobs. And it's like a u-turn they were falling and then Trump's come in. And and they're all a back big time. Well, I mean, those are the jobs that again, that's the forgotten men and women in this country. Exactly one of the things that I really think the president doesn't get credit for he doesn't allow these companies to leave without getting on a phone and saying why would you consider leaving this great country? What what is the obstacle that exists within government that would incentivize you to leave now and a lot of the companies, I guess it all started with carrier air conditioner, you know, they laugh, but now they're all coming back there when the companies now are able to repatriate their monies back to America. What is the percent on that around ten percent? We estimate is a little under one trillion. One billion one trillion dollars has been brought back to the United States in just the last what about a year and a half. And by the way in that continues is no time limit on on the amount of time companies. Can you know pick up America they can come back streaming in? It's gonna keep streaming and. Got has had a lot to do with this. We wanted. We were unapologetically pro American business. We wanted businesses succeed. We wanted to make them competitive in the world because if you don't have healthy businesses, you can't help healthy jobs. Maybe thing I'm most proud of. I think the president probably would share this. You know, this thought is that the wages are growing. I mean and not just wages for high income people in the Wall Street Journal have an amazing report a couple of weeks ago, Sean that the highest wage gains have been for the lowest income and lowest skilled workers. That's what happens when you create a tight labor market. Well, the thing is is. And then I look at these proposals. If there's you tell me of this ninety percent top corporate marginal tax rate and a seventy percent individual marginal tax rate. Tell me, you know, to me if you want to know what's going to happen. Just look at New York, California, Illinois, New Jersey where there is now. Ben and continues a math. Exits of people with money that have their businesses and they're leaving in droves. And you look at the population increases in places like Florida, Texas, Tennessee, the Carolinas they're leaving for these states, which by the way, also offer better, weather and right? But there's no they don't have the burdensome regulation or the high taxation to deal with and it is incentivizing all of them to leave and they're leaving. Exactly, right. I just wrote a column called the four states of the Apocalypse Now that you can guess which for those are it's New York, New jersey, Connecticut, and my home state of Illinois, those are totally democratic dominated states with very liberal policies. High tax rates, you know, relations forced union rules, and those states are in a state of financial collapse. I you know, when I go to Florida, Texas. I'll I see is license plates from Connecticut in New Jersey. Well, yeah, I know. All right. So let's talk about now we had the historic low rates from the fed and no increases barely during the Obama years. Correct. The rates were very low under under Obama. And you know, my concern is that Trump, you know, the class plaque lately is because I was very critical as Donald Trump was that the fed was raising interest rate that time when we had high employment, you know, the best labor force market and fifty years, you know, high-growth four percent last summer, and no one place, and I just couldn't understand why the bad which out raising rates when everything is going so well for the American economy, and and I can some flack from that. But that's where I stand I want stable prices. But I don't see when you don't have any employment. You got a booming economy. Why why disrupt out that picture look America's done? Well with to to me, they do it. It's almost like the fed was helping President Obama politically. And then it almost seems like oh Trump's president. What do we care impacts the economy? That's the feeling. I got my wrong. I like there's some may be some truth to that. But the point is look we've had actually Deplace show me anywhere. Prices are rising. And I guarantee you talked to farmers. You talked to the people know patch. They don't see any inflation AC their prices falling. So I'm for stable prices. I think that's the best effect can do and for hydro that when I get over there to the I want to be the growth lock the guy who believes Trump Trump, Larry, sir. We think we can get three to four percent growth rate with the right policies and Trump ever optimist, which put it presents. Get the five. But you know, you said it never got the three percent growth in eight years in office in Trump is in the second year. We got three percent growth. Unbelievable. All right. Stay right there. Steve Moore, he along with Herman Cain. There should be a major shift now at the fed, and that would be good news for the Konomi turns out that the current fed chairman Drome Powell is well, there are people that have let's say policies that I don't think are conducive to the economic growth that America can possibly have low interest rates for may mean, oh, people can buy their first home. That means that oh older people can refinance their homes at a lower rate and save money every month and stay in the home that they love quick break. Right back. We'll continue. Final hour of the Sean Hannity show is up next on Shawn's couldn't serve.
"federal reserve board" Discussed on State of the Union with Jake Tapper
"Because I think there's a misinterpretation number one the dollar should be sound very number two. Inflation should be. No, look, here's the key point. We believe that strong economic growth does not cause inflation. We believe I spent a career on this more people working and succeeding does not cause. And plugging, unfortunately, many of the economic models used by the Federal Reserve and elsewhere, and I'm not here to pick on the Fed's independence. I just wanna say this. They have a model. I hate to go to it. But it's called the Phillips curve, which basically says the lower the unemployment rate the higher the inflation rate that model has been disproven for decades chief Ed people spokespeople on the fed themselves, including Jay Powell, the chairman have said that model doesn't work. Now. Look this is so important, right? President Trump has every right to put people on the Federal Reserve Board with a different point of view. You don't have to rush pell-mell into tightening policy and raising. Age just because the economy is growing. So and that's present President Trump's key point. What did he say the other day? He said, you know, if we have lower rates the compound it could take off like a rocket ship. I which means four four and a half percent. And I happen to think that's terrific point. Poets is very well informed. I'm successful investor. He's a successful businessman. He wants people on the fed who share his philosophy, and he is not a political issue. He's entitled he's an issues..
"federal reserve board" Discussed on 77WABC Radio
"Seven today. Welcome back to the program. Ladies and gentlemen. You're listening to Gary Goldberg on money matters. And we love to get headliners on our program. And last week. We had Anthony Scaramucci on his guest, we have people coming up future shows that there's a man who's been in the press lately in a very important role that he is being considered for. And that is an end named Stephen Moore who President Trump announced that he might nominate him to the position as governor on the United States Federal Reserve board. What an important job Stephen Moore. Welcome to the program. Thank you so much for having me. Well, thank you for saying that first question I wanted to ask you is what do you want to be a governor on the Federal Reserve Board. This is the governing body that has oversight of our boundary policy. It's obviously extremely important for the future direction me that we get this. Right. We want from from a monetary system stable price level and a dollar that remains stable and strong. And that's what I favor, and so the the Federal Reserve is the one that dates what various interest rates will be how much money is put out in the economy. And so this will be quite an experience for me. I think that people have to recognize this certainly my opinion is a money manager at the Federal Reserve Board probably dictates more about market movements than corporate earnings. They're all intertwined, but when you own a portfolio of stocks, folks, all these companies have dependent upon interest rates, particularly if they borrow money or lend money, so the role of Stephen Moore is about to take on is very very. Very important, and you are quoted in past articles as saying, well, you're cutting interest rates. Do you still feel that way? I do think that the rate hikes in September and December of last year warm sake, you know, we have four percent growth back down with high employment. No inflation, everything was going beautifully done started raising interest rates, and I'm not sure it was necessary. And the growth rate has has fallen you know to about one and a half percent from four percent. You know since that happened. We've also seen commodity prices slide, and you know, consumer prices are barely budging at all. We don't wanna play him. But we don't let deflation either. So I would be open minded I can't make a decision right now. I don't haven't seen all the data. But I would think that at the very least we might want to reverse the December rate increase from people may remember that when the fed raised interest rates, I think it was back. I think the date was like December seventeenth eighteenth. Remember, the stock market collapsed, and we had a, you know, a allowed inside. I remember the day before Christmas. The stock market bell fell by five hundred. Six hundred points and a half day of trading, and then a couple of days after that the fed had to put a tail between his legs and admitted it made a mistake, and reverse course. So I'm not gonna I'm not gonna, you know, set some specific number, but I think the goal should be to keep prices stable, and I've more into anything, you know, with the big declining commodity prices and consumer prices are well below target that we might want to put more liquidity economy is there pressure on you as a potential member of the Federal Reserve Board to to listen to what President Trump wants to get accomplished. And I say that because he is a man in your favor. He's been against your own Powell. Is this a way for him perhaps to get more leverage on the board? What do you truly are you capable of acting? Totally independently is really my question. I am. I look I admire Donald Trump. I think he's a wonderful job. I'm the economy who doesn't and with the seventy one percent economies have in the right direction. But I also think that the well we'll set should be dependent on I'll make decisions based on what I think is best for the country, not necessarily. What is Donald Trump wants now? And I oftentimes, you know, see the world on a similar way. But not always, and I've been critical some of straight policies, and maybe some of his policies with respect to, you know, immigration, for example. I'm a little bit more pro-immigration than he is. But I'll be independent. Yep. Is there a reason in your opinion that you were selected out of the entire pie of individuals who could have been selected their their articles about politics etcetera etcetera playing into this? How would you defend yourself against those who say that? There are very very qualified people. In fact, some people background wise more qualified than you, Stephen. I mean, there are a lot of people. Agreed it out. I'm I I have a pretty strong, you know, policy track record. I've been involved in this game for thirty five years. You know, I've been allow right? A lot more than I've been wrong. And what to do? And so, you know, and by the way, the fact that I don't have a PHD Akam and economics. I know some people phrase miss you about that. I think some of the economists are the ones who make the biggest mistake. So, you know, I have some real world experience that maybe some think it'd be good thing for the fed to pick more people who are not economists who were regular Kelly. Arab chairman Paul is not an economist when I was going to college. And then we, of course, had our faculty members who we used to say PHD stands for press here, dummy and. You don't need a PHD to make very good economic decisions. There's some discussion about a potential recession is this something that you would be concerned about if you if you go in the wrong direction and making interest rate decisions, you know. I mean, I want I want full employment United States fast-growth. I want stable prices. I differ with some of the people at the fed because I believe that growth does not cause place when you have more growth than more goods and services prices fall. They don't rise some people to think otherwise than so I'll I'll be taking on some of the superstitions at the fact that I think are wrong. But obviously, you know, one of the major objectives of fattest. It maintains double prices so that we can have a economy that doesn't slide into recession. There's also been a lot of discussion Stephen Moore about the inversion of the yield curve, and I don't wanna put my audience asleep because they did not necessarily study economics. But it's usually a sign of a recession if short-term. Rates start yielding more than long term rates. Is this something that you think we might have to deal with in the foreseeable future. Because that is a signal that we could be headed for recession in that typically triggers algorithm trading as we saw in people's stocks get sold by the mutual funds for no particular reason, the fact that we have an inverted yield curve right now where the longer term rates are lower than the shorter term rates is an indication that we have maybe a little bit of deflation in the economy, right? That people think vice are going gonna be lower in the future of higher on the future because of an and that's reflected in a lower because, you know, the longer term interest rates are determined by inflation our expectations, and if you have expect patients of no inflation or even negative inflation. Then you're going to have a lower interest rate now to hire one. So I'm not convinced. Look, I don't see a recession on the horizon right now. I just don't see it. I think it Connie's spine. I think it could be growing faster if we had some more witty out there. But we got the. Tax cut in place. We got the deregulation policies. We have you know, that immediate extension for capital purchases for businesses. We have seventy one percent of Americans economies in the right direction. We have the lowest rate in fifty years. I mean, I just don't see it. I don't see the recession. I think this of slow down a little bit. But but not a recession. How important is cohesion on the Federal Reserve Board? I know with all of the brilliant minds that are on that board. You can have some pretty heated discussions, but ultimately, it has to conclude with some decision that will benefit the country in the banking system, etc. If you become a member of the Federal Reserve Board, you studied the other members. I'm sure you think you can get along with all of them. Yeah. I do. I mean, I'm not over there yet. So I don't know. I I'll have to win a lot about how the how about berates, you know, what goes on in the temple one of the things. I am in favour of by the way is more transparency for the fat. So I think more of its deliberations should be open to the public and AB covered by cease downs. You know, how these decisions are being made and the guessing game. But what the fed is doing or why did it resolve by paying attention to what people are saying. So that's one of my goals is to make the Fateh less uh, secretive organisation. Yeah, I read an article about you while back at all remember when but it was really that you were in favor of an open discussion of policy as well as social issues, and I think that's very important. I'm a fan of that. Because it's almost secretive when you come to the Federal Reserve, there's obviously the open market committee discussions in the press plays up some of those discussions periodically. But if you ask the average person how many members of the Federal Reserve Board there, they don't know the answer. That. Well, those, you know, seven members the board, and then there's a bunch of Bank, president original Bank presidents, and so on and, you know, so I hope that you know, when I get there to meet with German Powell. Yeah, you know, tell tell him I I want to help make him the most successful fed chairman of her. You know, if we pursue the way policies that this academy can grow in my opinion, three to four percent growth with no inflation and high employment for another five or six years. So I'm very bullish on the US economy. And I just want to help you make the right decisions on policy Stephen Moore. What do you think is the biggest risk at this point in time to the investment community? I think there were couple of two or three one is the global slowdown economy, which hurts the USO bet the second would have to be the potential for trade war, which I now, which we hope that we get the straight deal done with China, which would be very good today. Konomi and the third is I think that that is a little too tight. And and not providing the action the economy needs in terms of Dowell liquidity to help it grow. And if you're an investor listening to this program, and that's why you do listen to this program when Stephen Moore, and let's assume that he is going to be a member of the Federal Reserve Board of I'm I'm not concluding it. But let's assume that's the case you're going to have a voice there that you just heard, and it is for more more exposure for the public to hear what's going on not a person who wants to raise interest rates, certainly at this point in time, and that should conditional tents helped the stock market. I summit. Okay. That will be my objective. You know? I'm not a superman, and I'm not I have a lot. To learn when I get over there about how the fed operates. But you know, that will be my goal to keep the economy. You're very very rapid pace of growth with a lot of job opportunities for people rising wages. I'm I as I've said many times, I wanna be the growth talk at the at the Federal Reserve Board where I'm the one who's speaking out for you know, policies that promote the most growth and prosperity for American workers. Personally. I was impressed by the fact that your own Powell did back off on his movement towards raising rates. I thought that showed a lot of flexibility, and I think that's a real positive..
"federal reserve board" Discussed on KGO 810
"I'm John Batchelor. This is the John Batchelor show. It's a great pleasure to welcome. John town may have reclaimed markets. He also writes Forbes to comment on the news that our colleagues see more of the Heritage Foundation from the Wall Street Journal Steve Moore and the club for growth has been nominated by the president of the United States to the Federal Reserve Board on the one hand. It's great news. No, someone you've worked with for many years now to be one of the wise men in Washington on the other hand, it's the Federal Reserve John a very good evening to you. You are the author of why the fed or who needs the fed or what's the fad this wonderful story in which you take a fresh view of the Federal Reserve being outside of reason pretty much what you'd have to say other occult or a or a hobby, but the nomination of Steve Moore, our colleague means that sif kinda enter into the hollowed Cora. Doors and sit at the vast table where the Federal Reserve every few weeks debates our economy, Steve Moore has no friend to the Phillips curve. What is the Phillips curve? And how does the fed us at good evening to your John? Hey, John will the Phillips curve is just this popular notion among economists, and it's a notion that is known to be somewhat monolithic inside the said that economic growth causes inflation. Those and the feds employ believed that the more prosperity. There is the fewer workers. There are such that the price of labor rises and also so does the price of capacity utilization as we run out of manufacturing capacity. But the very notion is laughable, the apple iphone has built in factories around the world by millions of different hands, including robotic hands. So as the Ford f one fifty sort of the clothes, we wear the feds models are rooted in the notion that the US has an impregnable economic island. But in fact, we again access the world's labor force. We access the world's manufacturing capacity. So this notion that we could run out of labor or manufacturing capacity is is blind. By the fact, that were part of a globalised whole. That's why we're such a rich country because we access the world in creating our goods and services that would go a long way to explain. In the mysteries that the fed has on its face every time it comes out and tells us, it's most recent opinion, they keep wondering where's inflation? They think well this demand for employment and wages are going up. So where's inflation? And they can't find it. Whereas inflation, John what's happened to it. Well, inflation is not what the feds thinks it is it does it's not caused by too much growth and anyone who doubts that needs. Just go back to the nineteen seventies. Inflation is devaluation of the currency. What is economic growth economic growth is investment. It's not consumption as the economists. And the fed believe it's investment. A worker is much more productive. If he has a five G or are high speed internet versus dial up a farmer is much more productive. If he's got a tractor versus a backhoe. And so when you have more investment workers become much more productive and more and more is produced that's a short or long way of saying that economic growth is the greatest enemy rising prices of ever known simply because when investment is abundant meaning the economy's growing the price of everything declines there are so many examples, but the first mobile phone in the nineteen eighties, Motorola, creative brick sized half hour better life cost three thousand. Nine hundred ninety five dollars. Now, we have supercomputers in our pockets that 'cause costume microscopic fraction of it. The first laser printer in the early eighties costs seventeen thousand dollars they cost one hundred dollars day economic growth is all about falling prices the feds utterly backwards models presumed the exact opposite. You agree and disagree with Steve Moore who's nominated for the Federal Reserve. Let's begin with the disagreement Mr. Moore does he believe that the fed can interfere in the markets in a positive or negative fashion. Steve believes that the Fed's interest rate machinations have a real economic consequences. My view what I write in the book is that we we act in the real economy is though, the fed doesn't exist. The notion ever forget the one we borrow money. We're not borrowing money. We're borrowing what money can be exchanged for computers trucks, tractors chair's office space, most crucial of all labor. The fed cannot increase the supply of those resources also can't shrink it. A credit is created in the real economy. The fed doesn't instigate economic growth. If it could Baltimore would be booming. The fed can merely confirm what's already happening in the economy. It is a rate follower. Not a rate setter. And so my view is that we should ignore the fetish that important Steve ascribes a much more prominent role to it in the economy that can actually weaken et. He believes that the fed rate increases from last year that markets wholly rejected in reverse actually slowed the economy down. I disagree. The fed has talk now not of rate hikes, but of rate cuts to Steve Moore believed that a rate cut or even a QE that's one of those inside a cut ideas that that can adjust our our our our economy. I'm not just talking about the Mark has our our economy. Does he follow that? I haven't seen anything specific about him. But I think implicit. In his critiques of the rate hikes from last year that he would like to see a fed funds rate cut again to me what the fed does irrelevant. I believe that the conversation will gradually move toward people say why did we ever concentrate on so much as the notion that these guys could influence what's a global price. But for now, the fed is very much the story. And so I think Steve would like to see the fed reduced that rate. Now, you do have agreements with Steve Moore nominated to the Federal Reserve one is about money. How Tom well Steve agrees. With me broadly that money quite simply is money is not meant to rise in value. It's not meant to shrink and value money is what producers need it's an agreement about value that facilitates exchange, I want I've got bread. I want your wine. You want the butcher's meat when you have a stable agreement about value. Everyone can trade with one another easily. When money floats around suddenly trade is fraught with with negative connotations. Because if you get the wrong dollar on the wrong day, you could get less in return for the goods and services, you're offering. And so Steve wants is a stable dollar. I point out in my piece that that's really not the feds area. The Fed's role is not to stabilize the value of the dollar. But I love the idea of him inside the fed talking about things like this. Because you believe he'll be attacked actually the attacks have already started to China. If you've seen the academics in Europe and in America, all puffing themselves up and saying, well, he's not one of us. Oh, yeah. No. It's not great. The the most the the economics profession the most spectacularly wrong profession in the history of mankind. A profession that makes us strategy. Look impressive by comparison presumes to attack someone who's not one of them. We are talking about people who are near monolithic in their view that the killing and. Maiming and just mass extermination of humanity. That was World War Two actually had a growth upside for the United States. The one could not begin to talk about what a joke. What an embarrassing joke. How wrong the economics profession has been for so long, and they think Steve is beneath them the reality is they could learn a lot from the Federal Reserve Board is a large mix of opinions right now the opinion is that the Federal Reserve will stay out of the markets perhaps into twenty twenty. Now, your book presents the case. Well, good for them. We didn't need them in any event that does have a calming effect on those who worry all the time about overnight money, John. I mean, we can see it in the market. Now, there's no longer that panicky feel each time. The Federal Reserve takes takes to the airwaves. Well, I think it's more yet look interventions are bad. They're always in everywhere. Bad B's any time those associated. With government act necessarily doing something that natural market forces would not do. And so any surprised that there's a panicky feeling because you don't know what's next when you basically insert human the rule rule of man for the rule of market, you necessarily get panic, obviously you and I remember it. Well, back in two thousand eight there were no financial crises back, then he was a crisis of intervention. And so I don't see what's different today. It's smaller scale if the government in always would get out of the natural workings of the marketplace with the economy would be much calmer, and certainly less volatile and panicky John Tamna is editor of real clear markets. He's also director of the center for economic freedom at freedomworks, his new book is the end of work. I was referring to his previous park who needs the fad. Both those volumes would fit very comfortably on the bookshelf that Steve Moore will enjoy at the Federal Reserve, and we congratulate. Steve two for his nomination. And we look forward to the hearings and we look.
"federal reserve board" Discussed on 77WABC Radio
"I'm John Batchelor. This is the John Batchelor show. It's a great pleasure to welcome. John town may flair markets. He also writes Forbes to comment on the news that our colleague Steve Moore of the Heritage Foundation. Formerly of the Wall Street Journal Steve Moore and the club for growth has been nominated by the president of the United States to the Federal Reserve Board on the one hand. It's great news to know, someone you've worked with for many years now to be one of the wise men in Washington on the other hand, it's the Federal Reserve John a very good evening to you are the author of why the fed or who needs the fed or what's the fad this wonderful story in which you take a fresh view of the Federal Reserve being outside of reason pretty much what you'd have to say either a cult or a or a hobby, but the nomination of Steve Moore, our colleague means the sif going to enter into the hollowed. Corridors and sit at the vast table where the Federal Reserve every few weeks debates are Konami Steve Moore has no friend to the Phillips curve. What is the Phillips curve? And how does the fed us at good evening to your John? Hey, John will the Phillips curve is just this popular notion among economists, and it's a notion that is known to be somewhat monolithic inside the said that economic growth causes inflation those in the feds employ believe that the more prosperity. There is the fewer workers. There are such that the price of labor rises and also so does the price of capacity utilization as we run out of manufacturing capacity. But the very notion is laughable, the apple iphone has built in factories around the world by millions of different hands, including robotic hands. So is the Ford F one fifty sort of the clothes, we wear the feds models are rooted in the notion that the. The US isn't impregnable economic island. But in fact, we again access the world's labor force. We access the world's. Manufacturing capacity. So this notion that we could run out of labor or manufacturing capacity is is blind. By the fact, that were part of a globalised whole. That's why we're such a rich country because we access the world in creating our goods and services that would go a long way to explain the mysteries that the fed has on its face every time it comes out and tells us, it's most recent opinion, they keep wondering where's inflation? They think well is this demand for unemployment and wages are going up. So where's inflation? And they can't find it. Whereas inflation, John what's happened to it. Well, inflation is not what the feds thinks it is it does it's not caused by too much growth and anyone who doubts that needs. Just go back to the nineteen seventies. Inflation is a devaluation of the currency. What is economic growth economic growth is investment. It's not consumption as the economists. And the fed believe it's investment. A worker is much more productive. If he has a five G or are high speed internet versus dial up a farmer is much more productive. If he's got a tractor versus a backhoe. And so when you have more investment workers become much more productive and more and more is produced that's a short or long way of saying that economic growth is the greatest enemy rising price ever known simply because when investment is abundant meaning the economy's growing the price of everything declines there are so many examples, but the first mobile phone in the nineteen eighties. Motorola, create brick sized half hour better life cost three thousand nine. Nine hundred ninety five dollars. Now, we have supercomputers in our pockets that a costume microscopic fraction of it. The first laser printer in the early eighties cost seventeen thousand dollars they cost. One hundred dollars to economic growth is all about falling prices the feds utterly backwards models presumed the exact opposite. You agree and disagree with Steve Moore who's nominated to the Federal Reserve. Let's begin with the disagreement Mr. Moore does he believe that the fed can interfere in the markets in a positive or negative fashion. Steve believes that the Fed's interest rate machinations have a real economic consequences. My view what I write in the book is that we exact we act in the real economy is though, the fed doesn't exist. The notion never forget the one we borrow money. We're not borrowing money. We're borrowing what money can be changed for computers trucks, tractors chair's office space, most crucial of all labor. The fed cannot increase the supply of those resources is also can't shrink. It a credit is created in the real economy. The fed doesn't instigate economic growth. If it could Baltimore would be booming. The fed can merely confirm. What's already happening to me? Con me. It is a rate follower. Not a rate setter. And so my view is that we should ignore the fetish. Not that important Steve ascribes a much more prominent role to the economy that can actually weaken it he believes the fed rate increases from last year that markets wholly rejected in reverse. Actually, slowed the economy down. I disagree. The fed has talk now not of rate hikes, but of rate cuts to Steve Moore believed that a rate cut or even a QE that's one of those inside a cut ideas that that can adjust our our our our economy. I'm not just talking about the Mark has now our economy does he follow that? I haven't seen anything specific about him. But I think implicit in his critiques of the rate hikes from last year that he would like to see a fed funds rate cuts again to me what the fed does zero relevant. I believe that the conversation will gradually move toward people say why did we ever concentrate on so much as the notion that these guys could influence what's a global price. But for now, the fed is very much the story. And so I think Steve would like to see the fed reduced that rate. Now, you do have. Agreements with Steve Moore nominated to the Federal Reserve one is about money how so John well Steve agrees with me broadly, the money quite simply is money is not meant to rise in value. It's not meant to shrink and value money is what producers need it's an agreement about value that facilitates exchange, I want I've got bread. I want your wine. You want the butcher's meat when you have a stable agreement about value. Everyone can trade with one another easily when money floats around suddenly trade is fraught with with negative connotations. Because if you get the wrong dollar on the wrong day, you could get less in return for the goods and services, you're offering. And so Steve wants is a stable dollar. I point out in my piece that that's really not the feds area. The Fed's role is not to stabilize the value of the dollar. But I love the idea of him inside the fed talking about things like this. Because you believe he'll be attacked actually the attacks have already started. The academics in Europe and in America all puffing themselves up and saying, well, he's not one of us. Oh, yeah. Knows how great the the most. The the economics profession the most spectacularly wrong profession in the history of mankind. A profession that makes us strategy. Look impressive by comparison presumes to attack someone who's not one of them. We are talking about people who are near monolithic in their view that the killing and maiming and just mass extermination of humanity. That was World War Two actually had a growth upside for the United States. One could not begin to talk about what a joke. What an embarrassing joke. How wrong the economics profession has been for so long, and they think Steve is beneath them the reality is they could learn a lot from the Federal Reserve Board is a large mix of opinions right now the opinion is that the Federal Reserve will stay out of the markets perhaps into twenty twenty. Now, your book presents the case. Well, good for them. We didn't need them in any event that does have a calming effect on those who worry all the time about overnight money. John. I mean, we can see it in the market. Now, there's no longer that panicky feel each time. The Federal Reserve takes takes to the airwaves. Well, I think it's more yet look interventions are bad. They're always in everywhere. Bad B's anytime those associated with government act, they're necessarily doing something that natural market forces would not do. And so any surprise that? There's a panicky feeling because you don't know what's next when you basically insert human. The role rule of man for the rule of market, you necessarily get panic, obviously you and I remember it. Well, back in two thousand eight there were no financial crises back, then he was a crisis of intervention. And so I don't see what's different today. It's smaller scale if the government in always would get out of the natural workings of the marketplace with the economy would be much calmer, and certainly less volatile and panicky John Tamna is editor of real clear markets. He's also director of the center for economic freedom at freedomworks, his new book is the end of work. I was referring to his previous park who needs the fad of both those volumes would fit very comfortably on the bookshelf that Steve Moore will enjoy at the Federal Reserve we congratulate Steve two for his nomination. And we look forward to the hearings and we look forward.
"federal reserve board" Discussed on AP News
"All the members say their goal is to find a solution as President Trump and says he's not backing away from his demand for five point seven billion dollars for border walls. Tennessee, Republican Chuck Fleischmann. I believe that we need a physical barrier. I want to be candid with my friends. I do think we need a wall a physical barrier where the barrier works. But that's only one part of it. We need all of the above. If a deal isn't reached by February fifteenth that could be another partial government shutdown Illinois Democrat Senator dick Durbin says President Trump has a stay out of the talk choices between shut up or shut down. We've got to do our constitutional responsibility and avoid a shutdown and make sure we take careful look at every president's request an estimated one hundred thirty nine million people are dealing. Subzero temperatures across the country. The most bitter cold is in the midwest. Heading east Rita Foley with more. The temperature dropped a twenty below in Chicago this morning twenty eight below in Minneapolis governors in Illinois, Michigan and Wisconsin declared emergencies some airline flights and train service was cancelled the postal service said it was too cold to deliver mail to many areas. Several people have died in his Arctic cold, including Milwaukee man, found frozen in a garage. I'm Rita Foley. Stocks got a big boost today when the Federal Reserve Board stood Pat on interest rates chairman Jerome Powell of global economic and financial developments and muted inflation pressures. The committee will be patient as it determines what future judgment adjustments to the target range for the federal funds rate may be appropriate. The Dow gained four hundred thirty four points clue closed above twenty five thousand for the first time since December. This is AP radio news. News. A Taiwanese tech company. Backs off plans to build a plant in Wisconsin saga megani. With more when he announced Foxconn plans to build a massive site for making liquid crystal displays a year and a half ago, the president touted the job creation possibilities more manufacturing jobs than we've seen in many many decades. But Foxconn now says it's shifting focus in Wisconsin from blue collar manufacturing to a research hub and will not build a factory there. The state and local governments had promised to pay Foxconn roughly four billion dollars in exchange for investment commitments..
"federal reserve board" Discussed on Marketplace All-in-One
"Why you should care if someone new joins the Federal Reserve Board? I'm David Brancaccio in New York. I like to point out that the policy decision, the single policy decision that affects every woman man and child in America is when the fed changes the cost of borrowing by fiddling with interest rates. So it's relevant. I think to all of us when the Federal Reserve gets not just a new board member, but a new vice chair. Richard Clarita is was confirmed by the Senate yesterday he's an academic unlike fed chair. Jerome Powell marketplace's, Nancy. Marshall. Genzer has more Richard Clarita is managing director at depan firm pimco. He's also an economics professor at Columbia University. Clarita was an assistant Treasury Secretary during the administration of George W Bush. He's researched monetary policy, interest rates and exchange rates as fed vice chair. He'll be second in command to fed chair. Jerome Powell who has extensive experience in the financial markets, but not academe like pow Clarita is expected to support. It more interest rate hikes, which President Trump has said. He's not thrilled with chirp. Powell has said repeatedly that the fed makes interest rate decisions based on what's right for the economy, not politics, but President Trump will leave his Mark on the fed board. He'll appoint six out of seven members in his first term. Three of his nominees have been confirmed. Two more are waiting, and there's still one more open seat. Marketplace's, Nancy, Marshall genzer on the fed beat out of our Washington bureau. Now, let's do the gross domestic product. Yeah, there's news. The US economy grew at a four point, two percent annualized growth rates spring into summer. That's a slight upward revision of what was already a strong quarter. David, Kelly is chief global strategist at j. p. Morgan funds. He says, fine, but has his sights firmly on the current quarter is great to see a quarter of four point, two percent growth. I mean, basically the American economy's a tortoise. Now you had, you know, got this burst of sugar and did a bit of sprinting in the second quarter. We've got this four point, two percent growth, but when we look at what's going on in the third quarter, you know, housing starts is so down. Auto sales basically stole dad. So I think rose going to return to about two percent for the third quarter. So you know a little bit of a sprint out of the economy here, but I don't think it's gonna last since you stay. So essentially we should perhaps for guard the spring into summer quarter second quarter as kind of a fluke. Yes, I think so. I mean, we had some very weird trade numbers which which contributed a lot to this. Now we actually think the trades going to be a drag on the economy going forward. As as our imports go up more than our exports. So I think the economy is so down again, but that's okay. You know, this is an old expansion two. We're in its tenth year, so I really don't want the economy to run to house right now. If it did, we'd have more problems. All right. And we're in that second half David Kelly at j.p Morgan funds. Thank you. Anytime..
"federal reserve board" Discussed on Talking Politics
"Sometimes called offshore dollar credit system or euro dollar system which is very much bound up with what happened in two thousand eight which one way of describing what happened in two thousand and eight is that lots of non american banks who had the strong need for dollars found themselves on able to get them in essentially had to be out by the federal reserve board so you kind of have an international monetary system that both onshore offshore works for dollars at causes profound problems for the financial sector 'unity for states brazilian china found out in different ways over the last few years when it doesn't work so even if you have if you like pressure from the oil side of it to get away from dollars from the states that i've been talking about everybody's got any idea whatsoever about how to substitute dollars in the way in which international monetary and financial system works now one part of that was completely unintended and i think that the federal reserve in achy understand until till two thousand eight how this off sure dada credit system work but we live in the will that that of dollar system created an isn't going away and hurry and so this is the structural reasons some of this is also about confidence i mean you have to believe in the american state frankly to think that dole is worth what it says they're worth on the piece of paper whatever it is that you have that tells you you own donors is there anything that president like this one could do that would sufficiently shake people's confidence in the american state that could change that dynamic so i completely get what you're saying they're all these things that kind of baked in how we done it for a long time it's really hard to change it there isn't a little tone currency the euro is not that attentive currency the chinese not going to be able to create an alternative currency there are no other takers on the out there that we missed one.
"federal reserve board" Discussed on Knowledge@Wharton
"I think that's double the true i used to say that if you were currently on the two most wanted was that the fbi you could probably get some kind of baker bear clicked charter some work but that's mogre true on we've seen very few do knoesel breaking uh operations arising in since the crisis basically some of it undoubtedly has just to john smith but there's a sense in which the barriers to entry who become much larger the not least of which is is the huge fixed costs to supervision which is is very difficult for a small thing to be able to two on beer in a competitive way um do view from turkish our way of of sort of opening up the competitive space will undoubtedly undoubtedly i think technology generally is sort of changing the way that americans now conduct commerce and banking is part of commerce i know that that navy air at the federal reserve board may be sort of a controversial topic but look i think that um that that technology can help overcome those fixed costs clearly uh and certainly what we are sort of trying to design with a responsible approach to innovation allows people through their private choices to order their affairs in a way that allows them a regulatory streamlined approach and so in the sense of our special purpose banks the trust banks credit card banks and bankers banks or the special purpose been tech charger if we get there they are then sells a way to order your affairs and only have limited um you know one regulator basically the occ to operate on a fifty state basis you don't have to worry about being of per classified as a bank for purposes of the bank holding company act.
"federal reserve board" Discussed on Superinvestors and the Art of Worldly Wisdom
"So you have to wonder you're what i'm trying to be helpful we'll we'll so what do you think in terms of hopefulness you know there's there's a lot of potential change coming to the fed will what what are your thoughts on this woman named kevin worshippers tossed around and he's a guy who doesn't think very much along the lines of a lot of the current members his name is thrown around quite a bit i would invite you to look in the index of my book fat up at search out his name he may or may not have in the transcripts encourage district bank presidents to dissent i would have preferred at the time when it rations of tv were being pondered and war was on the federal reserve board voicing his scepticism i would have preferred that he descended himself so let's league that that but there are indeed names of independent individuals people who take a more disciplined approach to monetary policymaking john taylor is obviously one of them i don't think i think it's it's it it's a red herring to say one rule can possibly can can possibly lead the largest bank in the world that being said all tight discipline any four at this at this stage because right now feels like the fed is making policy by throwing spaghetti the wall and seeing it sticks will you my friend john hosman likes to to show that you know in order to justify discretionary monetary policy should have to demonstrate that it has the desired impact the most basic the thing that should happen in that regard in terms of when you say disciplined monetary policy disciplined that's what i think of as you want to do to skew discretionary policy a wave from something like you know taylor rule suggested policy show us why it's going to have the impact that you hope it it's going to have.
"federal reserve board" Discussed on Masters in Business
"Gotten interested in owing them in the fed federal reserve board's uh you know emphasis on in the stock market in in so trying to put things in perspective uh got him hamilton bolton with the by credit analyst had put together a monetary thermometer which was really a one of the first models uh that they had timing model la using federal reserve statistics and i was really fascinated by that so these days there's a near infant amount of charting software you could pretty much access a ton of really highly detailed technical studies some of which are are free some of which are fairly modest modestly priced what has the ubiquity of computing power and all the software done to the world of of trading and investing well it's a it's a it's a good question in the answers complicated uh there's a lot of good ideas and i you know this happens to be one it's fits my psyche on how to invest but there's a lot of good ideas about how to invest and how to make money the woman key problem is something it's too popular it's gonna hurt its effectiveness so uh but this is true of anything i i remember in the 1980s which was a a big period because it was a started my company and it was a is a bull market period and people didn't need risk advisers for a while and and um we got into 1980 seven and uh i got really a really worried about derivatives in uh what they could do to the market but thai anyway referring to portfolio insurance or something broader horde polio insurance which was part of part of using derivatives to do portfolio ensures in actually i thought portfolio insurance is one of the coolest ideas i'd ever heard of in a actually fit exactly what i want to do with my hedge work i want you know i wanna protect my portfolio on a downtrend and so it was a great idea and it was widely soul loan wall street in in uh you know the market started down in fortunately i i was able to to soar to four to see this man.
"federal reserve board" Discussed on Masters in Business
"Gotten interested in other people that seem very successful in the business saw one of my mentors was a guy name edson gould and he was a technician um but he also really believe the stock market in an economy were driven by crowd psychology and he was also a study or of the federal reserve board also came from a became good friends with marty's why he started out as a settlement got two and he ended up uh like me don't fight the fed don't fight the tape so so marty's why is always my answer to that question how come there are no rich technicians and the answer is on a very successful people use technicals as a fundamental basis of their trading in their investment strategy did you get a lotta push back from your work from the fundamental community i think originally uh the there were only a handful alan shaw a mob farrell they're really only a handful of of technicians that that were removed uh in high regard and so we was difficult at first but you know again once you go through a bear market people look around and say you know i need to uh i can't just buying whole all the time about concernover anything i have to manage my risks and so uh it it's gotten obviously a lot more popular how did technicals differ at the institutional level and the retail level well i think retail was you know more interested in just a short term movements in an stocks and this to shoulder more interested in a big picture of maybe tying it in with the macro and and and the fed and cinnamon and what longerterm things and i had also.