17 Burst results for "Paul Volker"

"paul volker" Discussed on Real_Sports: A Snapchat Sports Pod

Real_Sports: A Snapchat Sports Pod

07:37 min | 1 year ago

"paul volker" Discussed on Real_Sports: A Snapchat Sports Pod

"They'll finally figured out they finally didn't take the regular season that seriously and go out and win sixty five games. They're saving it all for the playoffs. Like this is finally going to be the time where the Turn around. It's the thing every year but it's it's so early. They held a lead in the conference finals. They they've seen what it takes to blow. They also seem what it takes to come back against it. The clippers were down. Oh to going on the road But yeah it's a problem and to your point on honest. Losing by fifty. I don't know to me that completely kind of goes against itself. No player can turn a fifty point game around. You know if it's a ten point. Twelve point loss. Maybe he can have a massive massive impact. But you lose fifty. That's just very much like the bucks. Were miserable away from them. The netzer lethal james. Our incomes back by the way. It's a wrap we can. No one has watch the finals. We can all head to the beach for the rest of the summer. I don't care about the matchup with the sixers. I thought that way about the but it's it's toast. The rise of blake griffin has been insane. Joe harris is a sniper getting wide open. Threes best point shooter left in the playoffs. Potentially right now so. The nets are the best team in the league. All that spending is as we discuss that little ligament from his right. Tush to the back of his right. Nee of hardens back by the conference finals. it's unfortunately roses sweetjames reverend else. Nuggets sons sons nuggets down sons. Actually the nuggets played pretty well in game one. It just got away from them. Similar to the bucks net series sons gone. This from phoenix looked amazing chris. Paul shoulder apparently fully healed. I don't know if you got to see a game. But the sun's man i'd keep harping on upgrade them. Kennedy is preaching to the choir man. I am feeling on the west. I am suns fan. We're feeling good. How about that crowd how. 'bout phoenix. I image some credit. Because i before this or last year for a multitude of reasons their on court performance their irrelevance to the league their fans. I would've called the sons of fake franchise What i'm seeing something and it's not even from the basketball team right. We've seen from the basketball team all year. The sons got a crowd the sons. That's an absolute to play in it. It looks like Listen man like i said. I'm fully in on p. Three having finals patch on his jersey. I also take this series is done. Listen the nuggets have been fun. Ever since murray went down they've been a good story This is the second round of the playoffs. Good stories don't really last. this long. is march madness. You know what. I mean this nba playoffs. I'm so with you. And i think we sleep on yokich and the nuggets like every year like we picked is there's every year and then like they're the team that gets knocked out early and then we pick against the nuggets in like they always find a way and even in the next round those find a way to stretch it. That's why i picked the sons in seven for the series. But when i really took a step back and you look at it i mean in game one. Eight and matched yokich punch for punch was literal. Wash in terms of statistics. And then the edge in the series is the guard plan and the major gap between the guards. You're supposed to get that with damon. Cj in the first round but c. j. didn't show up and you know second round booker and cb three versus composite. When austin rivers heller out pozo. And can i have a large zillion please fuck who come pozo argenta. Let's his name falco falko For though composite. He's the man he just you know he's just not i'm chris. Paul volkers level. He's a little ricky rubio type. He's a bench guard who hustles but thrust into starring role in them. You know the one x factors obviously can Junior porn thirty a night. And when you can throw lank and strength with bridges and crowder just it matches up so well for. They saw langston strength. I kinda like that too. We should get on it. But yeah i. I've of downgraded two sons and five potentially now but once again i'm sure yokich in the nuggets will surprise us. They can score in bunches so we shall see but feel really good about the suns. Getting out of that round other western conference really. Think it's close. Yeah no i it five. I could see and seven That's the fun of the playoffs clippers. Jazz jazz come back. Take game one. Pg terrible qui- pretty bad. They both had a little spur in the fourth. Ended up coming down to the last shot of the game. But i this jazz team without mike conley gets the win I real- i note We're not doing it dude. I'm t- can't buy into every team left in the playoffs. I know i. I've i've been selling stock slowly on the clippers since the end of the regular season turnover all that stuff I'm telling you the jet. The problem is the jazz three points efficiency. And the way suga is i would so you. You're like without a doubt. You take the clippers in the series. Well i mean that's harder to her pedestal to stand on today. Considering the fact they have to win four in the jazz. Left-wing three i would okay. I'll take this with you. I'll take this bet with you. I'll take. I think the jazz have a better chance of playing the nba finals in the philadelphia. Seventy sixers. I don't think that's that's that's a good bet so the nets and there. They have the best team the league in their in their conference that they stole to go to gaza telling me to calm down with the jazz. But you're very confident. You gotta finals the jazz. I just can't wrap my head around the jazz playing a like listen. Mitchell had forty five last night on thirty shots. He's being a little bit more efficient but the market always corrects itself. Go bare ten points like the jazz style applies dude. You can't give me a whole six minutes. On ben simmons and then say go bare ten points go. Bear is so massive for that team. It's unbelievable he box game when the game shot he's a threat like he is so people actually the best player on that team which is insane to me because you know because people are stupid. People are stupid but the jazz is and that's why they're such a threat is just whenever the ball is moving their gotta find the open shooter like this team shoots so many threes in similar the rockets a few years ago like the rocket. Yeah like they live and die by the three but when will the jazz die by the three. You know what i mean. Like the rockets in game seven died by the three. They may twenty million streams. But but it has that kind of feel to it where it's like yes. I love that like like one time like the jazz are gonna lose a game. Because they don't hit shots and then they're gonna lose a game because Paul georgia on the other end like to me. There's not enough balance there for me to be so overly confident in the jazz whereas the clippers have guys like kurai. I know playoff pay and all that. But it's still paul george where it's like. I'm going to trust the guys that i know for a fact can can do this regardless of who's around them versus the team..

paul george Joe harris mike conley Twelve point fifty ten point Mitchell blake griffin fifty point Paul georgia five Eight thirty shots Paul Kennedy ben simmons Paul volkers last year chris four
"paul volker" Discussed on Adventures in Finance: A Real Vision Podcast

Adventures in Finance: A Real Vision Podcast

05:40 min | 1 year ago

"paul volker" Discussed on Adventures in Finance: A Real Vision Podcast

"And so i think politically. We are going to continue to surprise to the upside on fiscal. I just don't think it's marketing meaningful anymore. Because this is now. I think accepted by most investors. I think the bigger issue right now. That i'm seeing conversations with with hedge fund managers and so on. Is this sense that the fed is still orthodox. I think there's still a sense and reverence for paul volcker a i. You know i come from a different role to come from the world of politics and to meet. Paul volker is was a man of the time. And what time was he. Well he was in a world where you had a decade of secular of stagflation. You had a decade of stagflation. Ralph gums did move. The median voter united states away from demand-side policies and towards the less affair. That's why we had the reagan tax revolution we had it because the media voters including your demographic point of baby boomers coming to their most productive tax higher thais taxpayers decided that they needed less go but that revolution allowed full volker basically raise interest rates in calls a recession and causing employment to go. He was unelected technocrat crush the economy for the sake of crushing inflation and he wasn tarred feathered for it. I don't think we're that world. So when i see. The market is pricing in three rate hikes. Twenty twenty three. I think that's a mistake especially because fiscal policy by the way is going to turn at some point hostage or negative. We're in this new boy to cyrus consensus. Just you've set such a high water mark. You can't keep up. So i'm supposed to believe that. In twenty twenty three the social cohesion problems economic on equality social unrest civil rights issues. I supposed to believe that ahead of the next general election. A biden appointed head of the central bank of the united states of america is going to raise interest rates three times like no way. There's no way that's going to happen. Growth is gonna come down to more meaningful levels. Maybe sub two percents. Why would the fed raise rates at all at that point and so this is what i think comes next mike. I think too. Many investors are looking at the current bed in think in like ignoring what they're telling us they're telling us the day have broken with orthodoxy telcos that since last year in jackson hole. They've been telling us when they when they started looking at unemployment through a much more complicated lance that brings in unemployment rates for different minority groups. And so on. They're telling you they're completely hand. Hand in the business of generating nominal gdp growth does and. So that's what i would say is what's next and so how's that meaningful investors where it's meaningful because right now the dollar's rally and the dollars rallying for good reason to growth differentials europe has bungled the vaccine's china slowdown dollar has this bid now as the growth differential narrative grabs attention investors. You know there's a french election coming down. the pipeline. Marine le pen will make another run for it..

Paul volker last year mike central bank Ralph gums paul volcker a china three rate three times Marine le pen united states of two percents Twenty twenty three america biden twenty twenty three europe french jackson hole
"paul volker" Discussed on 90.3 KAZU

90.3 KAZU

03:42 min | 1 year ago

"paul volker" Discussed on 90.3 KAZU

"S. And see a nation struggling to manage covert 19. I get e mails and text messages from all over the world just kind of shaking their head. What is happening? Why? The U. S response been so ineffective Looking at the US from beyond our borders. We take a global view of America. It's the world Stay with us for the world That's coming up at six tonight. Right here on K c U Increasing clouds are expected across most of our listening area for tonight, followed by patchy fog. Scotts Valley residents can expect mostly clear skies followed by patchy fog overnight tonight. This is marketplace. I'm Kai raised all we would be remiss if we did not mention a big speech coming tomorrow from Fed Chair J. Powell. The title. Monetary Policy Framework Review. Is. I think we can all agree a tad dry What It's going to mean in real life, though, says economist him Dewey at the University of Oregon. And dry it all My expectation is the Fed's going to basically loosen up how they've been thinking about their 2% inflation target. Specifically, the Fed will actually try to overshoot there 2% target a little bit to make up for periods of undershooting, the 2% target. And that's a big deal because central bankers today are still really, really leery of inflation, flashing back as they do to the 19 seventies, and Paul Volker and a prime rate of 21, a half percent But what is this speech going to mean? For you and me where you're going to notice? A difference is maybe over the longer run like in this recovery, the Fed will probably won't raise interest rates as early as it did in the previous recovery. So maybe as a result of that the recovery is a little bit faster. And that would mean jobs that that broom or quickly that wages that grew more quickly and then maybe inflation was a little bit higher. And as so often happens with the Fed pal, merely talking about higher inflation could just nudge the economy all by itself. Even the expectation that policy will be easier for longer could actually induced some of us to take economic activity now because it improves our confidence about the future. Tim doing at the University of Oregon there with the setup for Jay Paul's big speech tomorrow on inflation, it's all virtual. By the way, the Fed conference tomorrow You can watch pal speech. So you should you so choose. Go to the Kansas City. Feds. YouTube site YouTube dot count slash Kansas City Fed There are few things more important when it comes to building wealth in this economy than access to a bank or some other kind of financial institution. Yet, according to a study by the Federal Reserve a couple of years ago, black Americans are three times more likely to be unbanked or underbanked than whites are. And that leads me to a guy by the name of Bill Bynum. He is the CEO of Hope Credit Union in Jackson, Mississippi. Bynum grew up though. In Jim Crow, North Carolina. When I was a kid, My grandmother took me to a credit union that was in the garage of the vice principal of our segregated school in North Carolina. You have to be the town called Bynum, which is probably named after someone who known my ancestors on DH. The credit union. Provided financial.

Federal Reserve Bill Bynum Fed Hope Credit Union University of Oregon Paul Volker North Carolina US Scotts Valley YouTube America Jim Crow Dewey Kansas City J. Powell Jay Paul Tim principal Kansas
"paul volker" Discussed on KQED Radio

KQED Radio

03:24 min | 1 year ago

"paul volker" Discussed on KQED Radio

"Pg dot com Line, Michelle Hennigan Julie Deafness will be here after marketplace We look at traffic and then at 4 30, all things considered Hurricane Laura. Could cause catastrophic damage in parts of Texas and Louisiana. NPR will have the latest after the newscasts on all things considered. The programme starts at 4 30 here on public radio. This is marketplace. I'm Kai Rizal. We would be remiss if we did not mention a big speech coming tomorrow from Fed Chair. J. Powell. The title Monetary Policy Framework review. Is. I think we can all agree a tad dry What It's going to mean in real life, though, says economist him doing at the University of Oregon. And dry it all My expectation is the Fed's going to basically loosen up how they've been thinking about their 2% inflation target. Specifically, the Fed will actually try to overshoot there 2% target a little bit to make up for periods of undershooting, the 2% target. And that's a big deal because central bankers today are still really, really leery of inflation, flashing back as they do. In the 19 seventies, and Paul Volker and a prime rate of 21, a half percent. But what is this speech going to mean? For you and me where you're going to notice? A difference is maybe over the longer run like this recovery. The federal Polly won't raise interest rates as early as it did in the previous recovering, So maybe as a result of that the recovery is a little bit faster and That would mean jobs that that broom or quickly that wages that grew more quickly and then maybe inflation was a little bit higher. And as so often happens with the Fed pal, merely talking about higher inflation could just nudge the economy all by itself. Even the expectation that policy will be easier for longer could actually induced some of us to take economic activity now because improves our confidence about the future. Tim doing at the University of Oregon there with the setup for Jay Paul's big speech tomorrow on inflation, it's all virtual. By the way, the Fed conference tomorrow You can watch pal speech. So you should you so choose. Go to the Kansas City Feds YouTube site YouTube that counsel in Kansas City. There are few things more importance when it comes to building wealth in this economy than access to a bank or some other kind of financial institution. Yet, according to a study by the Federal Reserve a couple of years ago, black Americans are three times more likely to be unbanked or underbanked. And whites are and that leads me to a guy by the name of Bill Beina. He is the CEO of Hope Credit Union in Jackson, Mississippi, by them grew up, though. In Jim Crow, North Carolina. When I was a kid, my grandmother took me to a credit union that was in the garage of the vice principal of our segregated school in North Carolina. You have to be the town called Bynum, which is probably named after someone who's known my Ancestors on DH. The credit union.

Federal Reserve Fed Chair Hope Credit Union University of Oregon Hurricane Laura Bill Beina NPR North Carolina Paul Volker Michelle Hennigan Kai Rizal Julie Deafness Texas J. Powell Jim Crow Bynum Louisiana Mississippi Jackson
"paul volker" Discussed on WNYC 93.9 FM

WNYC 93.9 FM

02:15 min | 1 year ago

"paul volker" Discussed on WNYC 93.9 FM

"I'm Kai Rizal. We would be remiss if we didn't did not mention on the program today. A big speech coming tomorrow from Fed Chair J. Powell. The title. Monetary Policy Framework Review. Is. I think we can all agree a tad dry What It's going to mean in real life, though, says economist him doing at the University of Oregon. And dry it all My expectation is the Fed's going to basically loosen up how they've been thinking about their 2% inflation target. Specifically, the Fed will actually try to overshoot there 2% target a little bit to make up for periods of undershooting, the 2% target. And that's a big deal because central bankers today are still really, really leery of inflation, flashing back as they do to the 19 seventies, and Paul Volker and a prime rate of 21, a half percent But what is this speech going to mean? For you and me where you're going to notice? A difference is maybe over the longer run like in this recovery, The federal probably won't raise interest rates as early as it did in the previous recovery. So maybe as a result of that the recovery is a little bit faster. And that would mean jobs that that broom or quickly that wages that grew more quickly and then maybe inflation was a little bit higher. And as so often happens with the Fed pal, merely talking about higher inflation could just nudge the economy all by itself, even the expectation that policy will be easier for longer. I could actually induced some of us to take economic activity now because it improves our confidence about the future. Tim doing at the University of Oregon there with the setup for Jay Paul's big speech tomorrow on inflation, it's all virtual. By the way, the Fed conference tomorrow You can watch pal speech. So you should you so choose. Go to the Kansas City. Feds. YouTube site YouTube dot com slash Kansas City Fed There are few things more importance when it comes to building wealth in this economy than.

Fed University of Oregon Kai Rizal Paul Volker YouTube Kansas City J. Powell Kansas Jay Paul Tim
"paul volker" Discussed on KCRW

KCRW

02:17 min | 1 year ago

"paul volker" Discussed on KCRW

"I'm Kyra. Is that all? We would be Ramesses if we didn't did not mention on the program today, a big speech coming tomorrow from Fed Chair J. Powell. The title. Monetary Policy Framework Review. Is. I think we can all agree a tad dry What It's going to mean in real life, though, says economist him doing at the University of Oregon. And dry it all My expectation is the Fed's going to basically loosen up how they've been thinking about their 2% inflation target. Specifically, the Fed will actually try to overshoot there 2% target a little bit to make up for periods of undershooting, the 2% target. And that's a big deal because central bankers today are still really, really leery of inflation, flashing back as they do to the 19 seventies, and Paul Volker and a prime rate of 21, a half percent But what is this speech going to mean? For you and me where you're going to notice? A difference is maybe over the longer run like in this recovery. The federal probably won't raise interest rates as early as it did in the previous recovery, so maybe as a result of that the recovery is a little bit faster. And that would mean jobs that that broom or quickly that wages that grew more quickly and then maybe inflation was a little bit higher. And as so often happens with the Fed pal, merely talking about higher inflation could just nudge the economy all by itself. Even the expectation that policy will be easier for longer could actually induced some of us to take economic activity now because it improves our confidence about the future. Tim doing at the University of Oregon there with the setup for Jay Paul's big speech tomorrow on inflation, it's all virtual. By the way, the Fed conference tomorrow You can watch pal speech. So you should you so choose. Go to the Kansas City. Feds. YouTube site YouTube dot com slash Kansas City Fed There are few things more importance when it comes to building wealth in this economy than access to a.

Fed University of Oregon Paul Volker YouTube Kansas City J. Powell Kansas Jay Paul Tim
"paul volker" Discussed on AM 1590 WCGO

AM 1590 WCGO

08:17 min | 2 years ago

"paul volker" Discussed on AM 1590 WCGO

"100 That's 844305 78 100. This is the Jared Dealing, Charles say one more time. I'm not going to say it again. Um, I just got back from Atlanta. I got back about midnight last night. You know, it's a pretty long drive. Ah, it landed in Myrtle Beach. It's about six hours. I did it in 5 40 Driving fast on Drew for Dr I'm not really a fast driver, but I was driving fast, but I got my tattoo Slee finished on my left arm and it looks pretty bad ass. It looks pretty awesome. And it is sore feels like a bag a smashed hammers. It feels bad. I had a lot of black work done. I have large areas where it's just all black, including on the inside of my arm, like the upper inside of my arm. And that wass Very painful. It was very painful. And the funny things you know, getting tattooed is kind of like an interesting experience. It's I find sort of enjoyable like there's something About like small amounts of pain over long periods of time. It kind of releases some endorphins when the pain gets really bad, like it's just weird, like your body does weird stuff like you know, it releases all this adrenaline. You start feeling all these emotions. I mean, it's it's pretty wild. But I'm glad I got it done. I've got to go back for one more in November, and then we'll be done. I swear I'll be done. I want to talk about a list Milano. I think, Listen, Ilana was like every boy's crush back in the eighties, and I thought she was super cute. Back then. I didn't want to Who's the boss all the time? I was always on the lookout for a list. Milano. I saw her. This Wass 2007 or so I saw her at a restaurant called Nobu, 57 in New York City, and I didn't recognize her at first. So I saw this woman walking with a date and I said that is the most beautiful woman I've ever seen in my entire life, and she sits down like 10 feet away from me. And then I couldn't stop staring at her and I was like, Oh, that's Eliza Molano very attractive, just amazingly attractive. She's also very liberal and very active on Twitter. So she tweeted this Last week, she said. We need a national shut down now. Print cash. Give people universal basic income Until we get this pandemic under control. I'll say that again Print cash Give people universal. But what So you know, Okay. That's a proposal will consider that for a second. So what would be the consequences of that? I mean, just to have the Federal Reserve prints money and give it to people and have them sit at home. Like What? What would they do with the money? We'll. I think Amazon would probably go to 10,000 for starters, but that's kind of my point is that it would create lots and lots of inflation. Having the Fed print money and handed out to people is a bad idea. It's a bad idea, and I think anybody Who has any intuitive understanding of economics. Knows that this will create lots and lots of inflation. And by the way, the markets right now are starting to price inflation. Copper's going up gold is going up. Silver is going up. If you look at the back end of the year occur between tens and thirties that steepening there's just a lot of inflation indicator's out there. And that's what happens when you print trillions of dollars, and when the government spends trillions of dollars and goes trillions of dollars into debt, that's what happens. You get inflation, So we're seeing signs of it everywhere. And No. We're starting to get like we've seen in the data. We've you know, we've got slightly more inflation than expected last week. C P. Ay, the Consumer Price index had they were expecting 1.1%. We got 1.2% and not like that's really a big deal. But the reason why it's sort of a big deal is because we're in the middle of a pandemic. Which is a deflationary shock, and you would not expect inflation to be beating expectations in the middle of a pandemic. It's you know, It's noteworthy. Don't you think it's weird that we're getting inflation rather than deflation in the middle of a pandemic? Prices should be going down. Consumption is down. Prices should be going down, but prices are not going down there going up. My grocery bill is higher. It's demonstrably higher. And I talked about the cat litter. Example all the time. I'm spending probably 50% more on cat litter than it was five years ago. Everything is more expensive meat got more expensive. There's a lot of stuff that you know. Toilet paper got more expensive. Feels like I've been talking a lot about inflation lately, and it's important. This is like the big theme. This is the big thing. This is the beginning of this. We're gonna be talking about this for years to come. Uh, I I saw an article last week. About how the Fed is now the Fed has an inflation target. Okay, so they want inflation to be 2%. That's their target. And what that means is if inflation is higher than 2% they want to try to bring it down. But if inflation is lower than 2% they want to bring it up right now. They're trying to bring it up. The article was talking about how they want to abandon the inflation target altogether or overshoot the inflation target by a lot. To get inflation going. And this is a very bad idea, because once you reverse inflationary expectations, it's very difficult to get them under control. And is almost impossible. I mean, we you know, were here enjoying these low prices because of Paul Volker and 1981. We're here because of him. So Anyway, that's kind of a longer economic story. He was chairman of the Fed. Jimmy Carter made him chairman of the Fed towards the end of his term, and he was chairman of the Fed until 1986 under Ronald Reagan. And he raised interest rates. Ah lot. Hot in order to get inflation under control and It unleashed a hurricane force recession. You want to talk about a bad recession, GDP was down 6%. Because of those rate hikes in the beginning of Reagan's term, and there was no politics about it. Reagan did not try to stop Volker even though Volker handed him a recession. Reagan did not try to stop Volker. Because everybody the consensus was that inflation need to be brought under control. Everybody was on board. I mean, the Fed is not in a position right now. Where they can raise interest rates. So Is it too early to start protecting yourself? From inflation. Well, Ah ah, it might be too early to start protecting yourself, but it's not too early to start thinking about it. And one way you could do. This is the awesome portfolio, which we've talked about a bunch. There's lots of protection against inflation in the awesome portfolio because you have gold and you have real estate. You also have stocks. Stocks are also Protection against inflation. By the way, if you want to check out the awesome portfolio, go to the awesome portfolio dot com. Gold is probably the cleanest way to protect yourself against inflation. Goldman New highs again today it's very close to taking out the all time highs of 1900 announce which they made.

Federal Reserve Ronald Reagan Paul Volker Milano Myrtle Beach chairman Atlanta Jared Dealing Twitter Wass Eliza Molano Ilana New York City Amazon Charles C P. Ay Jimmy Carter
"paul volker" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

08:23 min | 2 years ago

"paul volker" Discussed on Bloomberg Radio New York

"Develop winning tax strategy visit Kanaris sick dot com slash text inside John tells Kate just joining us now on the fine section chief FX strategist kick right to have you with us a little bit of a snooze in financial markets going in some key risk events your thoughts on that a couple of days away from the fed the CP a general election and I December fifteenth strike deadline yeah I think it went up to a point that you know the the payroll data last Friday for the cotton market down because the jury is out on whether the US companies I don't know recovering trundling all slowing or full size can conceal some encouragement we we still don't know we get random headlines about whether that little one be a US Chinese trade deal other import tariffs will want the imposed on the fifteenth and so we were waiting for some of the side of the double waiting for these the election and and and all these meetings so you have a market is I came in this morning nothing has moved its moved a little bit more since I've been here but I mean nothing happens when I came to work this morning it is being really quiet on the China U. S. front kit what you read into silence I think both sides if I had to guess it would be that neither side wants to turn around and make the situation worse but they don't have a deal yet that is not normal consented to get old cumbersome deals in the sense that the phase one deal is an exercise in in into finding something you can agree on the given that the big deal some in some more concrete he's he's going to be really hard to agree much before the US elections but neither side I think once you decide once the economic consequences on the US consumer or on China for example of the next round of terrorist or on the global economy and financial markets and centered generally of everything falling in so that they'd like to keep talking positivity but but that but that struggling to actually getting down on paper even even modest Sir I mean maybe I can agree to responding to make fundamental import tax you'd have thought so yeah and get something very modest together but that's all get a there is a sort of intangible here of the ongoing negotiations we don't know whether that will actually come to some sort of trade resolution at least in the short term on the other hand we are getting economic data whether it's the German manufacturing figures in the outlook that seems to be deteriorating for twenty twenty or at the UK economy which unexpectedly stagnated October which marked three straight months without growth the first time since two thousand and nine how much you paying attention to that to sort of influence on your trade calls well I'm I'm almost a million UK company just is slowing you know who's going to hire who's going to invest what kind of cap ex can you possibly imagine but we can ask them quite so long going round and round in in decreasing circles on this we need we need to get resolution in any form so that you can come in we can start solving it sometime this is for with thick so anything I would bet on the confidence that for the U. K. next year's rate cuts Frank on Europe you know yeah it's it's it's more Germany and the rest of it it's more money factor in the rest of it if you put a chart of German manufacturing output against your than GDP you get depressed that that we're not going to get good news so we get global trade rising again in Europe or less someone holds a rather huge rabbit out of a bag of two twenty twenty it's way too much work for me you've got eighteen trade ideas euro Jack dollar South Africa long Indonesian short a stroll you're in I don't know India I guess I I which raises on with charcoal journal I want to know so we can afford the next arsenal victories which trade do I affect now on the eighteen I'm on I'm buying yet against almost everything it says so at the top of the page a month that's my that's my simple funny part of I think bond yields mobile seven had the lows because nothing there's no inflation still is looking to get more reason from the fed ex shipping yet more hidden from the C. D. second find out how to do it we'll get using from the U. K. the bank of Japan is one central bank that doesn't really know what he can do to ease monetary policy further I'm gonna get I'm gonna get a stronger yen I'll probably get us from the Chinese you I'm from here as well next year that's that's the trick or you could just buy thirty year bonds we could be terrible thirty of months together in nineteen eighty two would be rich well that's true I mean L. Paul Volker of the late Paul Walker of someone that suggested that would be a good strategy it's a baby away from the FX for my kids jokes but with bonds with a terrific two thousand nineteen is it a year just click a coupon yeah I think we will see you know your shields I mean the US isn't islands and and I think it's it's you're you're you're not gonna get very far your appeals council much further break council much further on in Europe from here but I do to some conversions to come from from the US side of this I am in shock I mean I'm amazed and impressed that American investors when I spoke to them so upbeat about about the United States I think you have to call in the is slowly slowing and says no policy is no policy in place or on off of the side of the election is going to turn around so I think as it slows was noted for much inflation is a magnet that cross treasury yields towards German but deal was the Tellico the guys with that kid eventually one day before long before before us memex when a the friendship with fellow weakens checks while before close you on that Tom came went to his first game yesterday kit to watch western he didn't tell me you don well I tell you what the first off is dreadful so on public yes it was on behalf of the all seeing for that the goal stood nine minutes about within the game but I I I was happy by the end tell you that he was a spurs fan deleted I'm thankful yeah but I think that's what you find they haven't they have they have a very good manager wonderful you stadium in some of the best goal time to go over the weekend explain kit to our U. S. audience why when I'm in a London cabinet bring up arsenal the cab drivers become essentially hysterical what what it's a football club that has lost its way for well over a decade now and the slope is very slowly getting worse and used to play the softest most entertaining football around some now plays of the speed of a smile on the despairing on some of them keep on going on and on and on about how expensive the ticket prices are which you know that's not the place it's it made it to the stadium if I could say one thing would be leaving the station is all full of the moment of the harm grant and needs to and merry to me with all this there's no U. S. equivalent maybe Montreal a hockey Dallas in football but there's no U. S. equivalent what about that yes Sir no no no the no even when a we're in darkened jets kit thank you very much Kitty knows that soaked in chief FX strategist and for now at least an arsenal football club season ticket holder but no idea how long that lost him I don't know they they they were saying there's a lot of empty seats it's really an egg thing may I don't pretend to understand but the good job of pretending to understand itself start home study and his mistake leases refusing to try and pretend he was in the studio I'm I'm just I'm enjoying the I'm enjoying the chat section about you out down four tenths of one percent of the S. and P. five hundred in the bond market the treasury story for you this morning you it's kind of a single by six point to one eighty on a two year or one sixty and foreign exchange a little bit about performance from sterling once again the Swiss see is bit the pound is strong about two tenths of one percent big week ahead but a bit of a snooze in financial markets ahead of some key risk events we ought twenty four as out from a fed decision from New York and London you are listening to a mix of items on Bloomberg radio for more in depth look at the London football we have John Tucker but close enough house Democrats poised to unveil two articles.

John Kate Kanaris section chief one percent nine minutes thirty year two year one day
"paul volker" Discussed on AM 1590 WCGO

AM 1590 WCGO

04:21 min | 2 years ago

"paul volker" Discussed on AM 1590 WCGO

"Talk about recessions tonight recessions are obviously bad things what is a recession what is the definition of a recession recession has something that happens periodically which results in a lot of angry people a recession is when economic activity declines and it's measured by GDP GDP stands for gross domestic product GDP is measured in the Keynesian way of adding up consumption investment net exports and government spending it's mostly consumption okay and the funny thing about economic activity is that it goes in one direction for awhile and then it goes in the other direction for awhile but we're still not really sure of what causes it to go down nobody nobody knows in the financial crisis in two thousand eight GDP declined six percent or thereabouts which is a very severe recession next an exceptionally severe recession the recession before that in two thousand one jeep he was barely below zero was not severe at all that recession in particular felt really bad because the stock market went down a lot but in terms of actual economics the economy was not that bad nineteen in nineteen ninety one there was a pretty good recession and that was based on the hill the SL crisis in commercial lending in commercial real estate and stuff like that and they called that the jobless recovery after that it was called the jobless recovery because a lot of school that were at my age cannot get jobs and then in nineteen eighty two was a terrible recession really one of the worst ones of all time just as bad as the financial crisis because but a reserve chamber of chairman Paul Volker raised interest rates a lot those are the last four recessions we could keep going when you talk about nineteen seventy four and all that stuff why do recessions happen why do they happen and we don't know precisely what the timing we don't know why they happen at a specific time for example when Lehman Brothers went bankrupt on September fifteenth two thousand eight the economy turned abruptly and was was really interesting you know there's some Google and and my T. basically have these programs they're called price projects there's a billion price projects and there's like the Google price index in the measure inflation just based on online goods and what they saw when we were brothers went bankrupt was that inflation plummeted in real time in a matter of hours after leaving bankruptcy and that was the beginning of the recession that was the very beginning of the recession up until that point things were bad but we had yet dipped into recession and that was the first time so nobody really knows the exact timing but I can sort of tell you why we get recessions there are periods of time where people get really optimistic and we have over investment and people start you know in the beginning they have good ideas and then they start to have bad ideas and we have over investment in what you call Malon best when people start investing in bad things and then all he those investments don't pan out in people pull back on spending and kind of everything goes to hell at the same time I remember when I first moved to South Carolina in two thousand ten there was a strip mall there was a sushi place in a strip mall sushi places call King Kong sushi if you're ever in myrtle beach I highly recommend going to King Kong sushi the best sushi place I've ever been to it's cheesy southern sushi but it is really good when we went there it was the only thing it's a big strip mall two giant strip mall and it was the only place that was open in the strip mall the only store fast forward nine years in the whole place is fall into top in in the parking lot is full all the time let's take a call Patrick from Austin Texas Patrick what can I.

"paul volker" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

06:46 min | 2 years ago

"paul volker" Discussed on Bloomberg Radio New York

"A masters in business with very results on Bloomberg radio my special guest today is being yeah apple bam he is the lead writer on business and economics for the editorial board of The New York Times where he has worked since twenty ten he is the author of a new book the economist our false profits free markets and the fracture of society album welcome to Bloomberg thanks it's great to be here let's start with your career we we did you begin as a writer out of college my first job was at the Florida times union and Jacksonville Florida I covered the news beat an account outside of Jacksonville the news beat meant anything that happened was my problem at the right about it so that includes crimes and crime government forest fires county fairs sold more meetings at you name it it was my problem when did you first start focusing on economics and and business after Jacksonville I I moved to the Charlotte observer and the managing editor called me in one day and asked me if I wanted to cover banking and I was a little skeptical but you tell me how you're the new banking reporter so that's that's how it began did you have any academic background or any training in this sort of they just throw you in blue now I didn't really I got thrown in blind I didn't know much about the subject at all I was really one of the things I love about journalism is the opportunity to learn and to study as you work and so I'd really wasn't immersion experience I learned as I as I worked so what was the process like be coming I'm looking for the right word maybe it's adept at covering banks because they're kind of a squishy yeah groups are hidden down it's not the easiest topic to cover first story I ever wrote I didn't get the millions in the billion straight so there is there is a learning curve for sure it was fascinating you know Charlotte in those years bank of America and Wachovia both there and and warring with each other and I was sort of the center of this rapidly growing industry and it was completely fascinating to be there and writing about it so from covering banks in Charlotte that's not a giant leap to covering the biggest bank of all the federal reserve how did that transition happened so it basically involved through the financial crisis I spent a lot of my time in solid writing about mortgages and and the financial crisis went to the Boston globe where I continue to do that then came to the Washington post at the week that Fannie and Freddie were were taken over by the government as the paper's national banking reporter and I covered the financial crisis for the next eighteen months about two months after I got to the Washington post the paper sent my wife a box of chocolates with a note saying you know we're sorry you haven't seen your recently maybe again some day so that was an intense period and then I came to the times in twenty ten I initially cover financial regulation but then was asked to move over to the federal reserve as as Dodd Frank came into lives and those issues started to settle down a little bit so in twenty eleven and I basically began covering the fat and monetary policy and what was that like all of a sudden now you're the New York times reporter for the federal reserve that must've been quite heavy a ton of access I assume the scene you're fed people governors and and chairman and others what what was that like yeah you feel a real responsibility I don't know if I fell to my teddy as as sort of a little scared at first because a lot of people are counting on you to accurately represents what the fad intends to do what it's communicating you do have a lot of access that the fed takes very seriously its efforts to to communicate and and to convey its messages and one of the ways it does that one of the primary ways it does that is through big media outlets like the times or the journal or Bloomberg and it works very hard to to explain itself to people like many people in my job and so yeah you do get to spend a lot of time at the leading figures in monetary policy talking to them picking their brains trying to understand what they're thinking all rights frankly fascinating and and it was really an interesting experience particularly you know in twenty eleven when the fed was in the middle of this sort of two Malton trying to figure out how to deal with a new set of economic circumstances so this new transparency as some of called it is very much a sea change from what the world was like forty years ago there were no press releases there certainly wasn't a press conference the fed open market activity can effectively be seen and how prices on the short end of the bond market would move that was pretty much the only way anyone had an idea that the fed was doing anything how different is it today then when they seem to be cloaked in in mystery in secrecy I wasn't around back then but I think that a big part of the changes how much the fed is communicating directly with the public if you go back forty years ago the person who had my job was still spending a significant amount of time with Paul Volker had access to him was hearing his thoughts I had the opportunity to question him directly but that wasn't happening in a televised news conference vocal wasn't going out there and talking directly to the public on sixty minutes or you know holding town hall forums are you know all these innovations in fed policy that we've seen in recent decades so part of what happened at the fat as it so many other institutions is they realized you know they could step out from behind the curtain and control their own communications and speak directly to their audience and obviously they're doing that much more aggressively than ever before I don't recall Volker tweeting a whole lot that wasn't he wasn't big on that but okay power doesn't treat either so maybe that's that the next fed chair will move on to Twitter may but there are a bunch of federal reserve researchers and if you look if you go through any of the regional fed or the main fed there's a ton of stuff it's a ton of content they generate that works its way into Twitter in the blogosphere and eventually in the mainstream media so it's not like the fed is remotely quiet they are very active in trying to communicate their messages and to be clear there was an intellectual revolution the fad at you know forty years ago again really believe that there was some value and mystery that you didn't want to be to clear the you didn't want to tell the public exactly what was about to happen and there's just been this sea change you know Ben Bernanke famously said that ninety eight percent of monetary policy is communications is managing expectations that idea that the fed's primary job is to communicate and to communicate clearly is a new thing in the world and they're doing it in every way they can see as you said there on Twitter fed presidents wander around giving public speeches all the time there's a sense that some of this is a bit of a cacophony and and sometimes the message gets lost in the noise but they're trying that this is now clearly the goal in a way that it wasn't in an earlier era coming up we continue our conversation with Binnya apple them of The New York Times author of the economists our discussing.

"paul volker" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

06:40 min | 2 years ago

"paul volker" Discussed on Bloomberg Radio New York

"Is being yeah apple down he is the lead writer on business and economics for the editorial board of The New York Times where he has worked since twenty ten he is the author of a new book the economist our false profits free markets and the fracture of society been yeah welcome welcome to Bloomberg thanks it's great to be here let's start with your career we we did you begin as a writer out of college my first job was at the Florida times union and Jacksonville Florida I covered the news beat an account outside of Jacksonville the news beat meant anything that happened was my problem I had to write about it so that includes crimes and crimes everything and forest fires county fairs soul record meetings and you name it it was my problem when did you first start focusing on economics and and business after Jacksonville I I moved to the Charlotte observer and the managing editor called me in one day and asked me if I wanted to cover banking and I was a little skeptical but you tell me how you're the new banking reporters have that starts out again did you have any academic background or any training in this sort of they just throw you in no I didn't really I got thrown in blind I didn't know much about the subject at all I was really one of the things I love about journalism is the opportunity to learn and to study as you work and so I'd really wasn't immersion experience I learned as I as I worked so what was the process like be coming I'm looking for the right word maybe it's adept at covering banks because they're kind of a squishy yeah group in down it's not the easiest topic to cover first story I ever wrote I didn't get the millions in the billion straight so there is there is a learning curve for sure it was fascinating you know Charlotte in those years bank of America and Wachovia were both there and and warring with each other and I was sort of the center of this rapidly growing industry and it was completely fascinating to be there and writing about it so from covering banks in Charlotte that's not a giant leap to covering the biggest bank of all the federal reserve how did that transition happened so it basically involved through the financial crisis I spent a lot of my time in solid writing about mortgages and and the financial crisis went to the Boston globe where I continued to do that then came to the Washington post the week that Fannie and Freddie were were taken over by the government as the paper's national banking reporter and I covered the financial crisis for the next eighteen months about two months after I got to the Washington post the paper sent my wife a box of chocolates with a note saying you know we're sorry you haven't seen any recently maybe again some day so that was an intense period and then I came to the times in twenty ten I initially cover financial regulation but then was asked to move over to the federal reserve as as Dodd Frank came into lives and those issues started to settle down a little bit so in twenty eleven and I basically began covering the fat and monetary policy and what was that like all of a sudden now you're the New York times reporter for the federal reserve that must've been quite heavy a ton of access I assume to senior said people governors and and chairman and others what what was that like yeah you feel it a real responsibility I don't know if I fell to my teddy as as sort of a little scared at first because a lot of people are counting on you to accurately represent what the fad intends to do what it's communicating you do have a lot of access that the fed takes very seriously its efforts to communicate and and to convey its messages and one of the ways it does that one of the primary ways it does that is through big media outlets like the times or the journal or Bloomberg and it works very hard to to explain itself to people like me people in my job and so yeah you do get to spend a lot of time with the leading figures in monetary policy talking to them picking their brains trying to understand what they're thinking all rights frankly fascinating and and it was really an interesting experience particularly you know in twenty eleven when the fed was in the middle of this sort of two Malton trying to figure out how to deal with a new set of economic circumstances so this new transparency as some of called it is very much a sea change from what the world was like forty years ago there were no press releases of certainly wasn't a press conference the fed open market activity can effectively be seen in how prices on the short end of the bond market would move that was pretty much the only way anyone had an idea that the fed was doing anything how different is it today then when they seem to be cloaked in in mystery in secrecy I wasn't around back then but I think that a big part of the changes how much the fed is communicating directly with the public if you go back forty years ago the person who had my job was still spending a significant amount of time with Paul Volker had access to him was hearing his thoughts I had the opportunity to question him directly but that wasn't happening in a televised news conference vocal wasn't going out there and talking directly to the public on sixty minutes or you know holding town hall forums you know all of these innovations in fed policy that we've seen in recent decades so part of what happened at the fat as it so many other institutions is they realized you know they could step out from behind the curtain and control their own communications and speak directly to their audience and obviously they're doing that much more aggressively than ever before I don't recall vulgar tweeting a whole lot that wasn't he wasn't big on that but okay pow those in tweed either so maybe that's that the next fed chair will move on to Twitter may but there are a bunch of federal reserve researchers and if you look if you go through any of the regional fed or the main fed there's a ton of stuff it's a ton of content they generate that works its way into Twitter in the blogosphere and eventually in the mainstream media so it's not like the fed is remotely quiet they are very active in trying to communicate their messages and to be clear there was an intellectual revolution the fad at you know forty years ago again really believe that there was some value and mystery that you didn't want to be to clear the you didn't want to tell the public exactly what was about to happen and there's just been a sea change you know Ben Bernanke famously said that ninety eight percent of monetary policy is communications is managing expectations that idea that the fed's primary job is to communicate and to communicate clearly is a new thing in the world and they're doing it in every way they can see as you said there on Twitter fed presidents wander around giving public speeches all the time there's a sense that some of this is a bit of a cacophony and and sometimes the message gets lost in the noise but they're trying they this is now clearly the goal in a way that it wasn't in an earlier era coming up we continue our conversation with Binnya apple them of The New York Times author of the economists our.

"paul volker" Discussed on WAFS Biz 1190

WAFS Biz 1190

06:37 min | 2 years ago

"paul volker" Discussed on WAFS Biz 1190

"Is Banja apple bam he is the lead writer on business and economics for the editorial board of The New York Times where he has worked since twenty ten he is the author of a new book the economist our false profits free markets in the fracture of society ma'am welcome to Bloomberg thanks it's great to be here let's start with your career which way did you begin as a writer out of college my first job was at the Florida times union and Jacksonville Florida I covered the news be an account outside of Jacksonville the news beat meant anything that happened was my problem at the right about it so that includes crimes and crimes everything and forest fires county fairs sold more meetings at you name it it was my problem when did you first start focusing on economics and and business after Jacksonville I I moved to the Charlotte observer and the managing editor called me in one day and asked me if I wanted to cover banking and I was a little skeptical but he told me a year the new banking a part of self that starts out again did you have any academic background or any training in this sort of they just throw you in blue no I didn't really I got thrown in blind I didn't know much about the subject at all I was really one of the things I love about journalism is the opportunity to learn and to study as you work and so he was an immersion experience I learned as I as I worked so what was the process like be coming I'm looking for the right word maybe it's adept at covering banks because they're kind of a squishy yeah group started and then it's not the easiest topic to cover first story I ever wrote I didn't get the millions in the billion straight so there is there is a learning curve for sure it was fascinating you know Charlotte in those years bank of America and Wachovia both there and and warring with each other and I was sort of the center of this rapidly growing industry and it was completely fascinating to be there and writing about it so from covering banks in Charlotte that's not a giant leap to covering the biggest bank of all the federal reserve how did that transition happened so it basically involved through the financial crisis I spent a lot of my time in solid writing about mortgages and and the financial crisis went to the Boston globe where I continue to do that then came to the Washington post at the week that Fannie and Freddie were were taken over by the government as the paper's national banking reporter and I covered the financial crisis for the next eighteen months about two months after I got to the Washington post the paper sent my wife a box of chocolates with a note saying you know we're sorry you haven't seen recently maybe again some day so that was an intense period and then I came to the times in twenty ten I initially cover financial regulation but then was asked to move over to the federal reserve as as Dodd Frank came into lives and those issues started to settle down a little bit so in twenty eleven and I basically began covering the fat and monetary policy and what was that like all of a sudden now you're the New York times reporter for the federal reserve that must've been quite heavy a ton of access I assume to senior said people governors and and chairman and others what what was that like yeah you feel a real responsibility I don't know if I fell to my teddy as as sort of a little scared at first because a lot of people are counting on you to accurately represents what the fad intends to do what it's communicating you do have a lot of access that the fed takes very seriously its efforts to to communicate and and to convey its messages and one of the ways it does that one of the primary ways it does that is through big media outlets like the times or the journal or Bloomberg and it works very hard to to explain itself to people like many people in my job and so yeah you do get to spend a lot of time of the leading figures in monetary policy talking to them picking their brains trying to understand what they're thinking I frankly fascinating and and it was really an interesting experience particularly you know in twenty eleven when the fed was in the middle of this sort of two Malton trying to figure out how to deal with a new set of economic circumstances so this new transparency as some of called it is very much a sea change from what the world was like forty years ago there were no press releases of certainly wasn't a press conference the fed open market activity can effectively be seen and how prices on the short end of the bond market would move that was pretty much the only way anyone had an idea that the fed was doing anything how different is it today then when they seem to be cloaked in in mystery in secrecy I wasn't around back then but I think that a big part of the changes how much the fed is communicating directly with the public if you go back forty years ago the person who had my job was still spending a significant amount of time with Paul Volker had access to him was hearing his thoughts I had the opportunity to question him directly but that wasn't happening in a televised news conference vocal wasn't going out there and talking directly to the public on sixty minutes or you know holding town hall forums you know all of these innovations in fed policy that we've seen in recent decades so part of what happened at the fat as it so many other institutions is they realized you know they could step out from behind the curtain and control their own communications and speak directly to their audience and obviously they're doing that much more aggressively than ever before I don't recall Volker tweeting a whole lot that wasn't he wasn't big on that but okay power doesn't treat either so maybe that's that the next fed chair will move on to Twitter may but there are a bunch of federal reserve researchers and if you look if you go through any of the regional fed or the main fed there's a ton of stuff it's a ton of content they generate that works its way into Twitter in the blogosphere and eventually in the mainstream media so it's not like the fed is remotely quiet they are very active in trying to communicate that message and to be clear there was an intellectual revolution the fad at you know forty years ago again really believe that there was some value in mystery that you didn't want to be to clear the you didn't want to tell the public exactly what was about to happen and there's just been this sea change you know Ben Bernanke famously said that ninety eight percent of my trade policies communications is managing expectations that idea that the fed's primary job is to communicate and to communicate clearly is a new thing in the world and they're doing it in every way they can see as you said there on Twitter fed presidents wander around giving public speeches all the time there's a sense that some of this is a bit of a cacophony and and sometimes the message gets lost in the noise but they're trying that this is now clearly the goal in a way that it wasn't in an earlier era we continue our conversation with Binnya apple them of The New York Times author of.

"paul volker" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

06:45 min | 2 years ago

"paul volker" Discussed on Bloomberg Radio New York

"Is a masters in business with very results on Bloomberg radio my special guest today is being yeah apple down he is the lead writer on business and economics for the editorial board of The New York Times where he has worked since twenty ten he is the author of a new book the economist our false profits of free markets and the fracture of society welcome to Bloomberg thanks it's great to be here let's start with your career we we did you begin as a writer out of college my first job was at the Florida times union and Jacksonville Florida I covered the news beat and I county outside of Jacksonville the news beat meant anything that happened was my problem I had to write about it so that includes crimes and crimes everything and forest fires county fairs soul record meetings at you name it it was my problem when did you first start focusing on economics and and business after Jacksonville I I moved to the Charlotte observer and the managing editor called me in one day and asked me if I wanted to cover banking and I was a little skeptical but he tell me how you're the new banking reporter so that's that's how it began did you have any academic background or any training in this sort of they just throw you in no I didn't really I got thrown in blind I didn't know much about the subject at all I was really one of the things I love about journalism is the opportunity to learn and to study as you work and so I'd really wasn't immersion experience I learned as I as I worked so what was the process like be coming I'm looking for the right word maybe it's adept at covering banks because they're kind of a squishy yeah group started and then it's not the easiest topic to cover first story I ever wrote I didn't get the millions in the billion straight so there is there is a learning curve for sure it was fascinating you know Charlotte in those years bank of America and Wachovia were both there and and warring with each other and I was sort of the center of this rapidly growing industry and it was completely fascinating to be there and writing about it so from covering banks in Charlotte that's not a giant leap to covering the biggest bank of all the federal reserve how did that transition happened so it basically involved through the financial crisis I spent a lot of my time in Charlotte writing about mortgages and and the financial crisis went to the Boston globe where I continue to do that then came to the Washington post at the week that Fannie and Freddie were were taken over by the government I as the paper's national banking reporter and I covered the financial crisis for the next eighteen months about two months after I got to the Washington post the paper sent my wife a box of chocolates with a note saying you know we're sorry you haven't seen any recently maybe again some day so that was an intense period and then I came to the times in twenty ten I initially cover financial regulation but then was asked to move over to the federal reserve as as Dodd Frank came into lives and those issues started to settle down a little bit so in twenty eleven and I basically began covering the fat and monetary policy and what was that like all of a sudden now you're the New York times reporter for the federal reserve that must've been quite heavy a ton of access I assume the scene you're fed people governors and and chairman and others what what was that like yeah you feel a real responsibility I don't know if I fell to my teddy as as sort of a little scared at first because a lot of people are counting on you to accurately represent what the fed intends to do what it's communicating and you do have a lot of access that the fed takes very seriously its efforts to communicate and and to convey its messages and one of the ways it does that one of the primary ways it does that is through big media outlets like the times or the journal or Bloomberg and it works very hard to to explain itself to people like me people in my job and so yeah you do get to spend a lot of time at the leading figures in monetary policy talking to them picking their brains trying to understand what they're thinking all rights frankly fascinating and and it was really an interesting experience particularly you know in twenty eleven when the fed was in the middle of this sort of two Malton trying to figure out how to deal with a new set of economic circumstances so this new transparency as some of called it is very much a sea change from what the world was like forty years ago there were no press releases that certainly wasn't a press conference the fed open market activity can effectively be seen and how prices on the short end of the bond market would move that was pretty much the only way anyone had an idea that the fed was doing anything how different is it today then when they seem to be cloaked in in mystery in secrecy I wasn't around back then but I think that a big part of the changes how much the fed is communicating directly with the public if you go back forty years ago the person who had my job was still spending a significant amount of time with Paul Volker had access to him was hearing his thoughts I had the opportunity to question him directly but that wasn't happening in a televised news conference vocal wasn't going out there and talking directly to the public on sixty minutes or you know holding town hall forums you know all these innovations in fed policy that we've seen in recent decades so part of what happened at the fat as it so many other institutions is they realized you know they could step out from behind the curtain and control their own communications and speak directly to their audience and obviously they're doing that much more aggressively than ever before I don't recall vulgar tweeting a whole lot that wasn't he wasn't big on that but okay power doesn't treat either so maybe that's that the next fed chair will move on to Twitter may but there are a bunch of federal reserve researchers and if you look if you go through any of the regional fed or the main fed there's a ton of stuff it's a ton of content they generate that works its way into Twitter in the blogosphere and eventually in the mainstream media so it's not like the fed is remotely quiet they are very active in trying to communicate their messages and to be clear there was an intellectual revolution the fad at you know forty years ago again really believe that there was some value and mystery that you didn't want to be to clear the you didn't want to tell the public exactly what was about to happen and there's just been this sea change you know Ben Bernanke famously said that ninety eight percent of monetary policy is communications is managing expectations that idea that the fed's primary job is to communicate and to communicate clearly is a new thing in the world and they're doing it in every way they can see as you said there on Twitter fed presidents wander around giving public speeches all the time there's a sense that some of this is a bit of a cacophony and and sometimes the message gets lost in the noise but they're trying they this is now clearly the goal in a way that it wasn't in an earlier era coming up we continue our conversation with Binnya apple them of The New York Times author of the economists.

"paul volker" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

06:46 min | 2 years ago

"paul volker" Discussed on Bloomberg Radio New York

"This is a masters in business with very results on Bloomberg radio my special guest today is being yeah apple bam he is the lead writer on business and economics for the editorial board of The New York Times where he has worked since twenty ten he is the author of a new book the economist our false profits free markets and the fracture of society welcome welcome to Bloomberg thanks it's great to be here let's start with your career we we did you begin as a writer out of college my first job was at the Florida times union and Jacksonville Florida I covered the news beat and I county outside of Jacksonville the news beat meant anything that happened was my problem I had to write about it so that includes crimes and crime government forest fires county fairs sold more meetings at you name it it was my problem when did you first start focusing on economics and and business after Jacksonville I I moved to the Charlotte observer that and the managing editor called me in one day and asked me if I wanted to cover banking and I was a little skeptical but he tell me how you're the new banking reporter so that starts out again did you have any academic background or any training in this sort of they just throw you in no I didn't really I got thrown in blind I didn't know much about the subject at all I was really one of the things I love about journalism is the opportunity to learn and to study as you work and so I'd really wasn't immersion experience I learned as I as I worked so what was the process like be coming I'm looking for the right word maybe it's adept at covering banks because they're kind of a squishy yeah groups are hidden down it's not the easiest topic to cover first story I ever wrote I didn't get the millions in the billion straight so there is there is a learning curve for sure it was fascinating you know Charlotte in those years bank of America and Wachovia both there and and warring with each other and I was sort of the center of this rapidly growing industry and it was completely fascinating to be there and writing about it so from covering banks in Charlotte that's not a giant leap to covering the biggest bank of all the federal reserve how did that transition happened so it basically involved through the financial crisis I spent a lot of my time in solid writing about mortgages and I'm the financial crisis went to the Boston globe where I continue to do that then came to the Washington post at the week that Fannie and Freddie were were taken over by the government as the paper's national banking reporter and I covered the financial crisis for the next eighteen months about two months after I got to the Washington post the paper sent my wife a box of chocolates with a note saying you know we're sorry you haven't seen your recently maybe again some day so that was an intense period and then I came to the times in twenty ten I initially cover financial regulation but then was asked to move over to the federal reserve as as Dodd Frank came into lives and those issues started to settle down a little bit so in twenty eleven I basically began covering the fat and monetary policy and what was that like all of a sudden now you're the New York times reporter for the federal reserve that must've been quite heavy a ton of access I assume to senior said people governors and and chairman and others what what was that like yeah you feel a real responsibility I don't know if I fell to my teddy as as sort of a little scared at first because a lot of people are counting on you to accurately represent what the fad intends to do what it's communicating and you do have a lot of access the the fed takes very seriously its efforts to to communicate and and to convey its messages and one of the ways it does that one of the primary ways it does that is through big media outlets like the times or the journal or Bloomberg and it works very hard to explain itself to people like me people in my job and so yeah you do get to spend a lot of time of the leading figures in monetary policy talking to them picking their brains trying to understand what their thinking I'd frankly fascinating and and it was really an interesting experience particularly you know in twenty eleven when the fed was in the middle of this sort of two Malton trying to figure out how to deal with a new set of economic circumstances so this new transparency as some of called it is very much a sea change from what the world was like forty years ago there were no press releases of certainly wasn't a press conference the fed open market activity can effectively be seen and how prices on the short end of the bond market would move that was pretty much the only way anyone had an idea that the fed was doing anything how different is it today then when they seem to be cloaked in in mystery in secrecy I wasn't around back then but I think that a big part of the changes how much the fed is communicating directly with the public if you go back forty years ago the person who had my job was still spending a significant amount of time with Paul Volker had access to him was hearing it starts I had the opportunity to question him directly but that wasn't happening in a televised news conference vocal wasn't going out there and talking directly to the public on sixty minutes or you know holding town hall forums you know all of these innovations in fed policy that we've seen in recent decades so part of what happened at the fat as it so many other institutions is they realized you know they could step out from behind the curtain and control their own communications and speak directly to their audience and obviously they're doing that much more aggressively than ever before I don't recall vulgar tweeting a whole lot that wasn't he wasn't big on that but okay power doesn't treat either so maybe that's that the next fed chair will move on to Twitter may but there are a bunch of federal reserve researchers and if you look if you go through any of the regional fed or the main fed there's a ton of stuff it's a ton of content they generate that works its way into Twitter in the blogosphere and eventually in the mainstream media so it's not like the fed is remotely quiet they are very active in trying to communicate their messages and to be clear there was an intellectual revolution the fad at you know forty years ago again really believe that there was some value and mystery that you didn't want to be to clear the you didn't want to tell the public exactly what was about to happen and there's just been this sea change you know Ben Bernanke famously said that ninety eight percent of monetary policy is communications is managing expectations that idea that the fed's primary job is to communicate and to communicate clearly is a new thing in the world and they're doing it in every way they can see as you said there on Twitter fed presidents wander around giving public speeches all the time there's a sense that some of this is a bit of a cacophony and and sometimes the message gets lost in the noise but they're trying that this is now clearly the goal in a way that it wasn't in an earlier era coming up we continue our conversation with Binnya apple them of The New York Times author of the economists.

"paul volker" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

06:40 min | 2 years ago

"paul volker" Discussed on Bloomberg Radio New York

"Being yeah apple bound he is the lead writer on business and economics for the editorial board of The New York Times where he has worked since twenty ten he is the author of a new book the economist our false profits free markets and the fracture of society been yeah ma'am welcome to Bloomberg thanks it's great to be here let's start with your career we we did you begin as a writer out of college my first job was at the Florida times union and Jacksonville Florida I covered the news beat and I county outside of Jacksonville the news beat meant anything that happened was my problem at the right about it so that includes crimes and crime government forest fires county fairs sole reward meetings and you name it it was my problem when did you first start focusing on economics and and business after Jacksonville I I moved to the Charlotte observer and the managing editor called me in one day and asked me if I wanted to cover banking and I was a little skeptical but he tell me how you're the new banking reporter so that's that's how it began did you have any academic background or any training in this sort of they just throw you in blue now I didn't really I got thrown in blind I didn't know much about the subject at all I was really one of the things I love about journalism is the opportunity to learn and to study as you work and so I'd really wasn't immersion experience I learned as I as I worked so what was the process like be coming I'm looking for the right word maybe it's adept at covering banks because they're kind of a squishy yeah groups are hidden down it's not the easiest topic to cover first story I ever wrote I didn't get the millions in the billion straight so there is there is a learning curve for sure it was fascinating you know Charlotte in those years bank of America and Wachovia both there and and warring with each other and I was sort of the center of this rapidly growing industry and it is completely fascinating to be there and writing about it so from covering banks in Charlotte that's not a giant leap to covering the biggest bank of all the federal reserve how did that transition happened so it basically involved through the financial crisis I spent a lot of my time and solid writing about mortgages and and the financial crisis went to the Boston globe where I continue to do that then came to the Washington post at the week that Fannie and Freddie were were taken over by the government as the paper's national banking reporter and I covered the financial crisis for the next eighteen months about two months after I got to the Washington post the paper sent my wife a box of chocolates with a note saying you know we're sorry you haven't seen your recently maybe again some day so that was an intense period and then I came to the times in twenty ten I initially cover financial regulation but then was asked to move over to the federal reserve as as Dodd Frank came into law and those issues started to settle down a little bit so in twenty eleven and I basically began covering the fat and monetary policy and what was that like all of a sudden now you're the New York times reporter for the federal reserve that must've been quite heavy a ton of access I assume to senior said people governors and and chairman and others what what was that like yeah you feel a real responsibility I don't know if I felt so much heavy as as sort of a little scared at first because a lot of people are counting on you to accurately represent what the fad intends to do what it's communicating you do a lot of access that the fed takes very seriously its efforts to communicate and and to convey its messages and one of the ways it does that one of the primary ways it does that is through big media outlets like the times or the journal or Bloomberg and it works very hard to to explain itself to people like me people in my job and so yeah you do get to spend a lot of time at the leading figures in monetary policy talking to them picking their brains trying to understand what they're thinking all rights frankly fascinating and and it was really an interesting experience particularly you know in twenty eleven when the fed was in the middle of this sort of two Malton trying to figure out how to deal with a new set of economic circumstances so this new transparency as some of called it is very much a sea change from what the world was like forty years ago there were no press releases there certainly wasn't a press conference the fed open market activity can effectively be seen and how prices on the short end of the bond market would move that was pretty much the only way anyone had an idea that the fed was doing anything how different is it today then when they seem to be cloaked in in mystery in secrecy I wasn't around back then but I think that a big part of the changes how much the fed is communicating directly with the public if you go back forty years ago the person who had my job was still spending a significant amount of time with Paul Volker had access to him was hearing his thoughts I had the opportunity to question him directly but that wasn't happening in a televised news conference vocal wasn't going out there and talking directly to the public on sixty minutes or you know holding town hall forums you know all these innovations in fed policy that we've seen in recent decades so part of what happened at the fat as it so many other institutions is they realized you know they could step out from behind the curtain and control their own communications and speak directly to their audience and obviously they're doing that much more aggressively than ever before I don't recall vulgar tweeting a whole lot that wasn't he wasn't big on that but okay power doesn't tweet either so maybe that's that the next fed chair will move on to Twitter may but there are a bunch of federal reserve researchers and if you look if you go through any of the regional fed or the main fed there's a ton of stuff it's a ton of content they generate that works its way into Twitter in the blogosphere and eventually in the mainstream media so it's not like the fed is remotely quiet they are very active in trying to communicate their messages and to be clear there was an intellectual revolution the fad at you know forty years ago again really believe that there was some value and mystery that you didn't want to be to clear the you didn't want to tell the public exactly what was about to happen and there's just been a sea change you know Ben Bernanke famously said that ninety eight percent of my trade policies communications is managing expectations that idea that the fed's primary job is to communicate and to communicate clearly is a new thing in the world and they're doing it in every way they can see as you said there on Twitter fed presidents wander around giving public speeches all the time there's a sense that some of this is a bit of a cacophony and and sometimes the message gets lost in the noise but they're trying that this is now clearly the goal in a way that it wasn't in an earlier era coming up we continue our conversation with Binnya apple them of The New York Times author of the economists our discussing.

"paul volker" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

06:10 min | 3 years ago

"paul volker" Discussed on Bloomberg Radio New York

"Macro overlay. Louis mazel. Welcome to Bloomberg. Thank you very much berry. You launch this firm in nineteen eighty nine. You're pretty much in the middle of a giant bull market. What made you decide to go into bonds instead of stocks? I started sickened firm very actually for first firm limit visors, which was managing money for handed worth individuals nineteen Eighty-four July eighteenth of eighty four the US even thirty percent withholding up to then. Foreign nationals. Don't invest Dax free in BBL's or im- Bank, CDs or sudden, they opened up the market in lot of you as brokers fly out to Mexico City and try to grab some of that money in my friends started to call me saying you're in the states. We know you quite on you help us surf through these new wait new market. So we did for five years where we're managing Heinad worth individuals, but they were being managed bench applause because there were tax exempt and from there we jumped into the market, but you bring very different perspective to the management of assets. How did growing up outside United States shape? Your view of the world be it developed or emerging markets think of planet people in the US thing that they're sitting in the sun. The US is the center of the universe for us foreigners. We see the US as biggest planet. But it's part of his system. So it's very interesting to see the impact of the US on the other planets, but it's not the center of the universe is just the biggest planet in the universe. And now, we have China becoming another very large planet. How is that going to impact the way the US is perceived? I think the US steeled by far the most important country in the world, the Chinese just because of the shoe size of population over four times bigger than the US will be very big biting the incomplete got beat that. They're still very small compared to the US and their model of growth, which was export to the US makes them smaller. When you're gearing to become the big when you're far away from it. Quite quite interesting, so academic studies have shown that passive management of stocks has a tendency to outperform active over long periods of time. But the opposite seems to be true in the fixed income department active, fixed income strategies outperformed passive. Why is that? Well, you have a choice. What bonds you by the bond market, basically like landmine, if you don't step on your mind, you're gonna do? Okay. And the move along the yield curve will allow you to react faster to what's happening in the economy, the passive in the index does not taking to account the Macarena pack that's happening in the market. So how do you go about creating a macro overlay for fixed income investing? That has always been our approach we analyzed for us money is a commodity when it's scares it's expensive. When it's blamed. Fully cheap. So we analyze we developed the matrix in going from qualitative to quantitative way of processing is not easy. If you put three economists in room, they're going to come out with four different theories, probably all of them wrong. So what we try to do is doing our macaroni. She's starting the growth of the competition. The country's growing understanding the inflation the economic indicators we assigned evalu- to each of them. We created a matrix, which gives us the point count. And we got it the transport which allows us then to going to the benchmark where using which the client is requesting us to use. And the transcriber will give us how long or short debenture. Do we went to be? So when you say trends, I tend to think of equity trends where a market or stock is trending either hire for a long period of time or trending lower for a long period of time. Do. You have the same. Meaning of the word trends in fixed income or does it have a slightly different. I think it's pretty similar, but what you're trying to understand ease. The current and future needs of money, if a country is growing very fast, you know, there's going to be competition for money if the deficit of the country's big, you know, that the government is going to place bonds, and he's going to siphon out money from the economy, if unemployment these very high thing, you know, that there's not going to be a lot of need. There's not going to be Brecon mortaring vestment. So money will be plentiful in rates are going to come down. So there is trained of what's happened in the past twelve months that will impact what will happen in the next six or twelve. So when we look at the great bull market in bonds in the US from the days of Paul Volker breaking the back of inflation in the late seventies early eighties. We've enjoyed a let's call it. Thirty three thirty five year bull market. In bonds is that still in effect and second. How does that bull market in bonds in the US affect the rest of the world? We waiting secular trend towards lower rates. There was an enormous vision of liquidity into the system coming that only from the states, but from Alton central banks, the European Union west placing an enormous amount of money in DC stem. So was it Bank of Japan. So was China couple of years ago? We saw a reversal in Detroit and the announcement of the reverse of the easing the quantitative easing. And the announcement by defend that they were going to start racing rates created a mentality that we had hit bottom and we were starting to trend upwards. But now we've seen that stopped. Wow. Quite quite fascinating coming up. We continue our conversation with Louise.

US China Louis mazel Bloomberg Bank of Japan Brecon mortaring vestment Mexico City BBL Detroit Louise Paul Volker European Union Alton Thirty three thirty five year thirty percent twelve months five years
"paul volker" Discussed on WNYC 93.9 FM

WNYC 93.9 FM

02:22 min | 3 years ago

"paul volker" Discussed on WNYC 93.9 FM

"It's morning edition from NPR news. I'm Rachel Martin. And I'm David Greene. Three of the most important economists in this country sat down for a panel at an economic conference in Atlanta last week, former fed chair, Ben Bernanke and Janet Yellen along with the current pitcher Jay Powell were talking shop and also talking about the latest jobs report, but his Cardiff Garcia and Stacey Vanik Smith planet money podcast, the indicator. Tell us a stellar jobs report is not always a good thing. It was a pretty stellar report. Three hundred twelve thousand jobs added in December strong wage growth. And of course, unemployment is still below four percent. And then here's Jay Powell's response. That's quite welcome. And also for me at this time does not raise concerns about to high inflation does not raise concerns about to high inflation that seems like a weird comment to make right? We added all these jobs, but that doesn't mean I'm worried about inflation. But economists discussed the relationship between unemployment and inflation all the time that relationship is sometimes. For you as the Phillips curve. And that's this idea that if enough people are working it will cause inflation that prices of the things that we buy we'll start going up, and according to the Phillips curve, the reverse is also true. So if unemployment goes up then inflation should come down because then companies don't have to raise wages to compete for workers. There's more workers out there who need a job. And we got kind of a test of this back in the late seventies early eighties. Inflation seem to be getting out of control prices were rising up and up and up into get inflation under control, Paul Volker. He was the head of the Federal Reserve at the time raised interest rates all the way to twenty percent by comparison, by the way, short-term interest rates right now are two percent. But we'll Volker did lead to a weaker economy and unemployment went up all the way up to ten percent inflation. No did come down. So everybody's wondering is chair Powell gonna worry about inflation? And is he then going to keep raising interest rates to prevent inflation from spike. Higher for me. At this time does not raise concerns about to high inflation Jerry Palestine, even though unemployment is low and wage growth is rising. It doesn't necessarily mean that higher inflation will follow. So this relationship between inflation in jobs, even though the Phillips curve predicts it Powell's not really seen it. Let's curvy so busy.

Jay Powell Phillips Paul Volker Rachel Martin David Greene NPR Ben Bernanke Jerry Palestine Janet Yellen Federal Reserve Stacey Vanik Smith Atlanta Cardiff Garcia twenty percent four percent ten percent two percent