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Mar 21, 2024
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he is not paul volcker. paul volcker was willing to with stand it.reing the needle. by a six month time period he missed the whole transitory thing when inflation was obviously not transitory. he got us to where we are right now. not ready to pat him on the back. he has a tough job particularly with the way federal government spending way it is counteracting his fighting inflation. i'm not ready to give him any sort of ribbon, are you? charles: i'm not, i'm not. the stage is set. we'll see what happens. i'm having a hard time believing any of it to be honest with you, jim. >> amen. charles: thanks so much, my man, talk to you soon. folks we have a guest coming up who will tell you where to put your money over the intermediate to longer term, right? you want to be careful of these crazy swings. alli mccartney has been on the show so many times. she is one of best in the business. grab a pen and paper. be ready to be in position right after this. ♪. it's odd how in an instant things can transform. slipping out of balance into freefall. (the stock marke
he is not paul volcker. paul volcker was willing to with stand it.reing the needle. by a six month time period he missed the whole transitory thing when inflation was obviously not transitory. he got us to where we are right now. not ready to pat him on the back. he has a tough job particularly with the way federal government spending way it is counteracting his fighting inflation. i'm not ready to give him any sort of ribbon, are you? charles: i'm not, i'm not. the stage is set. we'll see what...
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Mar 16, 2024
03/24
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interest rate cuts are going to happen but the federal reserve chairman, certainly not paul volcker would an economy as strong as it is with financial conditions. >> that is what jerome powell wants to do, to follow what paul volcker did. there are two interests at stake. lower interest rates. wall street wants that. they had virtually 0% interest rates for 10 years. it generates a lot of deals, generate a lot of income from making deals. on the other side of that, if inflation rises, it hits the middle class, it eats into their income, their wage increases. powell is trying to avoid that with interest rate increases and try to make sure inflation is under control. on behalf of all americans who are hurt and who know they are being hurt. paul: let me turn to another subject. president biden's statement that he opposes purchase of $14.1 billion starting with intervention. good decision? >> i spent a lot of time talking about economic rationale for that decision. this is a political decision, riskier than the president is acknowledging. this is throwing out crumbs, but if they kill this dea
interest rate cuts are going to happen but the federal reserve chairman, certainly not paul volcker would an economy as strong as it is with financial conditions. >> that is what jerome powell wants to do, to follow what paul volcker did. there are two interests at stake. lower interest rates. wall street wants that. they had virtually 0% interest rates for 10 years. it generates a lot of deals, generate a lot of income from making deals. on the other side of that, if inflation rises, it...
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Mar 15, 2024
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. >> it was paul volcker. larry: paul volcker.nd you had wayne with angel and manly johnson and --manly johnson and wall street jockeys like myself urging them on because that was real price level stability. the fed should do that now, by the way, because tease are warnings signals. >> i want the people at the fed to go to the grocery store, buy a car, pay for their energy bills because you just get a totally different perception of of what's happening with prices -- >> because it's really easy for any mom at home who went to the grocery store today to know that she buys the same a basket of 15 items, and she knows that's costing her $125 today and it was probably $95 -- larry: fries and a milk shake at mcdonald's cost rich howly $17. [laughter] he's the editor of "national review." two fries and a milk shake, and there was no -- what is it you call it? shrinkflation? the only shrink shrinkflation -- >> but when you've got credit card interest rates at 20.75% and you have 45% more credit card debt today than you did when biden too
. >> it was paul volcker. larry: paul volcker.nd you had wayne with angel and manly johnson and --manly johnson and wall street jockeys like myself urging them on because that was real price level stability. the fed should do that now, by the way, because tease are warnings signals. >> i want the people at the fed to go to the grocery store, buy a car, pay for their energy bills because you just get a totally different perception of of what's happening with prices -- >>...
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Mar 1, 2024
03/24
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volcker.or some reason in december, perhaps on the heels of janet yellen saying real rates were high enough to tighten financial conditions, he completely punted during that press conference and -- when he was asked about financial conditions. as a result, we have seen a concerted loosening of financial conditions, a rally and risk asset markets, and the reflexive consequence of that is inflation , which was on a real disinflationary trend, seems to have picked up a bit. in addition, there are things that happen like cola adjustments. if we look at the income data from january, i believe it was 1%. so there are still inflationary forces at play, stronger financial conditions and asset markets and looser financial conditions aren't going to help. sonali: i'm going to offer one reason, i spoke with alix waxman about the fed balance sheet and managing the 10 year. let's look at what he had to say. >> the fed has done a very good job. they have been smart with respect to the 10 year treasury. if y
volcker.or some reason in december, perhaps on the heels of janet yellen saying real rates were high enough to tighten financial conditions, he completely punted during that press conference and -- when he was asked about financial conditions. as a result, we have seen a concerted loosening of financial conditions, a rally and risk asset markets, and the reflexive consequence of that is inflation , which was on a real disinflationary trend, seems to have picked up a bit. in addition, there are...
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Mar 11, 2024
03/24
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target was in the mid-70s, what happened back then we saw inflation return in hit double-digit levels paul volcker had to step in and raise short-term interest rates to a record high of 20% to stamp out inflation but guess what that brought on every session in the fed is trying to thread the needle right here have a difficult job to do and rates are going to stay higher for longer issues the question of how high and how long i would not expect to see a rate cut prior to july of this year. ashley: interesting, very quickly we are talking about bitcoin above 72000. it's been on a tear, what is your take on that. >> there's a lot of reasons, number one the massive inflows in the etf's and the helping coming up in a month or so there is so much optimism that people want to front run the event, history shows that in the run-up to two or three prior happenings we have seen a run-up in a little bit of a selloff, is it sustainable at this level i'm not so sure i would not be surprised if we saw a pretty decent pullback before the having and another run back up into it. what about supply and demand
target was in the mid-70s, what happened back then we saw inflation return in hit double-digit levels paul volcker had to step in and raise short-term interest rates to a record high of 20% to stamp out inflation but guess what that brought on every session in the fed is trying to thread the needle right here have a difficult job to do and rates are going to stay higher for longer issues the question of how high and how long i would not expect to see a rate cut prior to july of this year....
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Mar 18, 2024
03/24
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there is no paul volcker, there's no others. alan greenspan.nd i would love to see someone get in there and control it using quantity roll in letting marcus determined that having the fed follow markets so that market is clear rather than causing this hyperinflation which is literally what they have caused. >> neil: you are a walking encyclopedia, talking about the fed's balance sheet. those financial institutions that go back to the meltdown in 2007 and eight and nine. it still on their books. if you are in charge of the fed during something like that would you rescue those banks? >> no, i would not. i would not of rescue those banks. i would not bond the intervention. had a lot of financial crisis in our history over almost 200 some years and those financial crises cause a lot of damage. once there over which is about five, six, eight months, the game starts again and we don't have protracted losses. what we are done with the financial crisis of 2007-2008-2009 is because permanent losses where you bailed out losers and we taxed winners and we
there is no paul volcker, there's no others. alan greenspan.nd i would love to see someone get in there and control it using quantity roll in letting marcus determined that having the fed follow markets so that market is clear rather than causing this hyperinflation which is literally what they have caused. >> neil: you are a walking encyclopedia, talking about the fed's balance sheet. those financial institutions that go back to the meltdown in 2007 and eight and nine. it still on their...
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Mar 10, 2024
03/24
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gee william milner made the same in the same statements in the same his successor paul volcker.same statement. now, my question to you is why is it that there has been such a striking difference between the excellent pronouncements of all chairman of the fed? therefore, it's not personal.jod of company, unfortunately for the country. why is it that there's been such a wide divergence between? the the one hand, and what i regard as a very poor performance on the other, because monetary policy is not the only element. fiscal policy equally important, you'he economy, to the treasury yes, to the congress. we'll to. mr. brown yeah, that's right. the relationship of fiscal policy to monetary policy as one of the important things. could you remind us, the general distinction of monetary policy? well, taxation raising revenue and and spending and deficits yes, exactly. and i think that you have to realize that when i have talked for a long time about the independence of the federal reserve, that's independence within government, not independence of the government. and i consists with th
gee william milner made the same in the same statements in the same his successor paul volcker.same statement. now, my question to you is why is it that there has been such a striking difference between the excellent pronouncements of all chairman of the fed? therefore, it's not personal.jod of company, unfortunately for the country. why is it that there's been such a wide divergence between? the the one hand, and what i regard as a very poor performance on the other, because monetary policy is...
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Mar 18, 2024
03/24
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volcker did, alan greenspan, difference what martin did, they are great fed chairman, controlled it,, not leading them. leading the markets when you're not well-educated doesn't make much sense. this fed is not. well, should go further but goodness. charles: art, let me just -- >> sorry. charles: you talked about the role of the fed vis-a-vis the markets you know out today senators warren, senators warren and sanders openly pressuring the federal reserve to cut rates. my concern is that there is going to be an administration one day that does push this fed to become extraordinarily political. the ideology i'm concerned about are things like esg, those sort of things. they have too much on their plate to begin with. >> they do, way too much. charles: senators out there telling the fed what to do two days before a meeting? >> it's crazy. it's not crazy. of course they do that, they're political. that is what they want the fed to be, they want the fed to reignite and push their political agenda which not the right thing to do. prior to the u.s. government getting involved in the money s
volcker did, alan greenspan, difference what martin did, they are great fed chairman, controlled it,, not leading them. leading the markets when you're not well-educated doesn't make much sense. this fed is not. well, should go further but goodness. charles: art, let me just -- >> sorry. charles: you talked about the role of the fed vis-a-vis the markets you know out today senators warren, senators warren and sanders openly pressuring the federal reserve to cut rates. my concern is that...
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Mar 28, 2024
03/24
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move over paul volcker, i'm going for the maestro. >> yeah.2.0. that is confidence. >> he is trying to stick the landing. he has got inflation working in his favor. it is already peaked out. we're going to see a number tomorrow, it will be kind of in the high 2s, maybe 3. i think three is kind of his informal target anyway. >> right. >> whoever decided two was the right number? there is too much downside from two. charles: what about the broadening out? i think yesterday at the close about 80% of the s&p was over the 200-day moving average. i think on one hand that's great, you are starting to say where are the opportunities? is anything cheap out there? >> lots of things are cheap. charles: really? >> financials are cheap. they're trading cheap. charles: okay. >> the entire value index is trading at 17 times. international stocks are kind of laggards, they're trading 14 times. emerging market are trading 10 times. small cams are cheap trading relatively to large caps. small cap value you mentioned is cheap relative to everything else. charles
move over paul volcker, i'm going for the maestro. >> yeah.2.0. that is confidence. >> he is trying to stick the landing. he has got inflation working in his favor. it is already peaked out. we're going to see a number tomorrow, it will be kind of in the high 2s, maybe 3. i think three is kind of his informal target anyway. >> right. >> whoever decided two was the right number? there is too much downside from two. charles: what about the broadening out? i think yesterday...
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volcker here, nice, 9.3%, versus arthur burns down at negative 5.6%.4%. the a least the right side of the screen to be on. there is how the fed is judged by its economist peers. there might be more sympathy, even though ben bernanke said economists are bad at predicting the future. ironically, ben bernanke and his colleagues, offered this assessment on the economy. our forecast is for positive, moderate growth going through the next four quarters. economists are extremely bad predicting turning points and we don't pretend to be even better. he says this right here. then comes the great recession, right? employment skyrockets from 4% all the way up to 10%. that puts into perspective all of this talk of a soft landing. perhaps the track record leaving something to be desired there. now one of the hurdles for the fed, this rate tightening cycle has been the jobs market. it has continued to be really tight. yesterday's jobs opening report was flat, largely in line with consensus. job openings, kind of flat here, fell marginally, roughly 26,000. hiring edge
volcker here, nice, 9.3%, versus arthur burns down at negative 5.6%.4%. the a least the right side of the screen to be on. there is how the fed is judged by its economist peers. there might be more sympathy, even though ben bernanke said economists are bad at predicting the future. ironically, ben bernanke and his colleagues, offered this assessment on the economy. our forecast is for positive, moderate growth going through the next four quarters. economists are extremely bad predicting turning...
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Mar 18, 2024
03/24
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gee william milner made the same in the same statements in the same his successor paul volcker. he is making the same statement. now, my question to you is why is it that there has been such a striking difference between the excellent pronouncements of all chairman of the fed? therefore, it's not personal. and you you have a lot of company, unfortunately for the country. why is it that there's been such a wide divergence between? the excellent pronouncements on the one hand, and what i regard as a very poor performance on the other, because monetary policy is not the only element. fiscal policy equally important, you're shifting the buck to the economy, to the treasury yes, to the congress. we'll to. mr. brown yeah, that's right. the relationship of fiscal policy to monetary policy as one of the important things. could you remind us, the general audience, when you say fiscal policy, what do you mean the distinction of monetary policy? well, taxation raising revenue and and spending and deficits and deficits. yes, exactly. and i think that you have to realize that when i have tal
gee william milner made the same in the same statements in the same his successor paul volcker. he is making the same statement. now, my question to you is why is it that there has been such a striking difference between the excellent pronouncements of all chairman of the fed? therefore, it's not personal. and you you have a lot of company, unfortunately for the country. why is it that there's been such a wide divergence between? the excellent pronouncements on the one hand, and what i regard...
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Mar 20, 2024
03/24
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paul volcker himself was a little from mature declared almost as much in the year 1971 when he was with the treasury department. charles: but it is an essential question. >> yes. charles: you make a great point. listen, we love inflation when the value of our homes inflate, when our paychecks inflate. we don't like it when milk inflates. we don't like it when gasoline inflates. hard to have one without the other when the government is the one cranking out the money whether the federal reserve or fiscal policy. >> correct. inflation is kind of ubiquitous. we have it on wall street. that's the pleasant kind. charles: right. >>ed get apparently if i read the tea leaves, the fed is projecting three rate cuts. new tight spreads to junk bonds treasurys. meaning that speculative grade bond yields are the tightest they have been against treasurys since 2021 or something. charles: right. >> then bitcoin i think is up. charles: yeah, a little bit, a little bit. so it is sort of maddening right? because your work, you, from what i read you actually believe that maybe, maybe the fed, if anything, i
paul volcker himself was a little from mature declared almost as much in the year 1971 when he was with the treasury department. charles: but it is an essential question. >> yes. charles: you make a great point. listen, we love inflation when the value of our homes inflate, when our paychecks inflate. we don't like it when milk inflates. we don't like it when gasoline inflates. hard to have one without the other when the government is the one cranking out the money whether the federal...
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Mar 1, 2024
03/24
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the market is going to find out paul volcker my old mentor said, our job is to act and their job is toet the order mixed up. >> right. >> i kind of feel like that. it's worth remembering median sap from december said inflation for '24 would be 2.4% and we would have three rate cuts with 2.4% inflation. if it was.4% -- 2.4% in '24 that's higher than the run inflation rate was previous so janua january. there's nothing wrong with us being on a path to 2% that involves a be little bit of wiggling up and down, and it's up from what the flow rate was, and we're still cutting rates in the year. if that's how the data play out that's totally fine. it all depends on how the data play out. >> one of your colleagues on the board mentioned the 1995 example of cutting rates which was very gradual. one of your colleagues yesterday talked about a gradual or methodical decline of rates. is that something you think is a process the fed can follow? >> as i say, i don't speak for the committee or anybody else on the committee and my thee sar russ skills are not the greatest of what worded to describe it
the market is going to find out paul volcker my old mentor said, our job is to act and their job is toet the order mixed up. >> right. >> i kind of feel like that. it's worth remembering median sap from december said inflation for '24 would be 2.4% and we would have three rate cuts with 2.4% inflation. if it was.4% -- 2.4% in '24 that's higher than the run inflation rate was previous so janua january. there's nothing wrong with us being on a path to 2% that involves a be little bit...