short term and wages could face downward pressure. and in just twenty four hours bitcoin made a thousand dollar gain jumping all the way to eleven thousand three hundred seventy seven dollars and thirty three cents by nine sixteen am on wednesday however it dropped an hour later to ten thousand seven hundred seventy seven dollars and twenty seven cents for context a crypto currency was worth six cents in two thousand and ten at the beginning of this year it was less than a thousand c.m.e. group already announced its plan to launch bitcoin futures by the end of this year but nasdaq might be hopping on the crypto bandwagon too according to a report in the wall street journal now as tax contract would debut on nasdaq futures. on wednesday federal reserve chair janet yellen gave her final testimony to the joint committee economic committee on capitol hill well she said we can expect a gradual increase in interest rates to come she didn't offer much beyond that here

to discuss further is danielle de martino booth president of money strong l.l.c. and author of fed up an insider's take on why the federal reserve is bad for america danielle yellen gave a pretty positive review of the u.s. economy and what was likely her last address to congress take a listen to what she said was a draw against this year seventeen million more americans are employed now we did eight years ago meanwhile the on the employment rate which to four point one percent in october has full and six tenths percentage points since the true newfie year and this is nearly six percentage points. in twenty ten but you still wouldn't confirm if the fed will raise rates in december why not. oh i don't think that the fed is going to fight the market they've never bought the market when there's this high of a probability for december so i would fully anticipate the fed pulls the trigger on

december the thirteenth she she's just characteristically yellow and not committing to anything but i was fairly intrigued by some of the other things she hit on in her testimony today as as it regards with regards to the to the debt levels in the united states as well as trying to avoid boom bust cycles and i found these to be fairly ironic statements coming from tear yellen some of the critics argue that she did nothing but leave a mess for her successor an op ed in seeking alpha read with the help of politicians and the government she increased the money supply increased the purchasing power of the dollar even further and oversaw the best possible part of a nearly decade long unprecedented low interest rate environment that has in its wake left significant economic bubbles and record levels of household debt that will have to be dealt under somebody else's watch pretty tough assessment there what are your thoughts on that statement. it is but she's truly enjoyed the honeymoon i mean if we can think back to how good we all felt towards the latter

part of the one nine hundred ninety s. i mean it was one thousand nine hundred in one thousand nine hundred nine we were all partying we were all happy the last time america's assessment of the economy in fact was as positive as it is today was in one thousand nine hundred ninety nine so yellen has enjoyed this but this is on the heels of the most overvalued markets since one thousand nine hundred nine the most overvalued bond market in the history of mankind and the most overvalued commercial real estate market as well again this is as was said in that seeking alpha this is going to be somebody else's mess to clean up and i don't envy them. during his testimony on tuesday jay powell hinted that we could see a continuation of interest rate hikes as yellen suggested as well and didn't take opportunities to comment on the tax reform plan when asked by some senators who do you think that he will really be that much different from yellen. look i truly appreciate the fact that he sounded like an adult. whoever asked of the question in the senate yesterday he pushed it right back on them and said this is not the fed's

purview this is your job do it and he moved on and i found him to be very articulate and very forthright and aggressive even in the way he was able to push on to the next subject because these are things that are not in the fed's purview to to address nor should they be and i have high hopes that jay powell brings independence back to the federal reserve and forces the fiscal authorities to start doing their jobs or one thing that stuck out to me was powells mention of the opioid crisis which he tied to long term unemployment about the fed so is this something you think road. all due deference to his very much acknowledging a very economic issue with the crisis that we have that is not again something and fiscal issues you mentioned all these jobs that will potentially be lost to automation in the years going forward it is that it is the job of the fiscal authorities and take place such that we don't have the gradation of education in

one nine hundred seventy s. and one nine hundred eighty s. to rising inequality in the decades that followed these are fundamental changes are politicians not central bankers must address so can you elaborate on what you meant by that well how was very he was very articulate in saying that that the inequality crisis that we have on our hands didn't happen overnight this was the degradation of the u.s. education system that occurred over several decades of a time when when you just unionization took over the ability to educate our children on an equal level and now we have what the aftermath of this terrible crisis of education in this country i will say that federal reserve policy has exacerbated it and why did the inequality gap by by helping the top one percent gain wealth as they have these past few years thanks to the thanks of the feds unconventional monetary policy but again it is the job of the fiscal authorities to to reform the education system not that of the fed one thing that's brought up

about powell frequently is that he has different experience than janet yellen is not a lifelong academic he had a career as a lawyer he worked in the private sector and then eventually made his way to the fed but the same could be said about you know several members of of the government specifically in congress not everyone was a lawyer before they were elected some of them were teachers or journalists in one case a reality television star on the real world but we know that congress still doesn't have the best approval rating it still hovers around ten percent so you think that argument holds a lot of weight. well i think that the argument is very valid because you want somebody running the federal reserve from a variety of backgrounds who has an understanding of different aspects of not just the economy but also the financial system few people realize that jay powell was at the treasury department when a huge treasury. degrading scandal broke out he was the person in charge of bringing down solomon brothers and putting warren buffett at the helm at the time

and fully understands the interworkings between the financial markets and the congressional authorities and the treasury department and the economic data we need somebody with this full breadth of experience and i welcome jay powell as a change agent at the fed the trumpet ministration really wants to do a lot on cutting back regulations do you think powell assuming he is voted in by senate you think of a big role in that i think that yesterday he very subtly sanctioned the fact that too big to fail needs to go away and i really applaud it what he had to say that he no longer felt that any financial institution in this country was too big to fail and that means that if they make their bet hopefully they'll be able to lie and lie in it in the future the flip side of it is what he what he recognized and that is that dodd frank imposed onerous regulations upon small and mid-size banks in this country that have been buried in compliance costs and enable to do their jobs for

the communities that they serve and i completely agree with him that a lot of the regulatory. a lot of the regulations have been put in place for small and midsized banks need to be rolled back i welcome these changes that with randy quarrel's who's also going to be working with him on regulation danielle de martino booth president of money strong l.l.c. and author of fed up and insiders take on why the federal reserve is bad for america thanks so much for your time thank you bianca appreciate it. time now for a quick break but stick around because when we work turn does the consumer financial protection bureau how the future at all will find out when the president of public citizen and wells fargo is in more hot water for its auto insurance and mortgage lending practices as we go to break through the numbers at the closing bell.

so we bankers are jumping off buildings and jumping off the earth by the fia world of being crushed by crypto so of merchants pressure mother you can fish for these good breakers i use bug to dead bait get a good look at the bait right here and you can go fish or dead banker. about your sudden passing i've only just learnt you were yourself and taken your last wrong turn. to you as we all knew it would i tell you i'm sorry suddenly i could so i write these last words in hopes to put to rest these things that i never got off my chest. i remember when we first met my life turned on each parent. but then my feeling started to change you talked about war like it was a cave still some more fun to feel those that didn't like to question our arc and i

secretly promised to never be like it said one does not leave a funeral in the same as one enters the mind it's consumed with death this one different person may speak to you because there are no other takers. claimed that mainstream media has met its maker. manufacture consent to the public will. when the ruling class is some

project themselves. the final. judge in washington has ruled that president trump's budget director mick mulvaney can remain as the new acting director of the consumer financial protection bureau but all of a knee has argued and voted against the existence of the bureau to talk about what that could mean for the c.f. p.b.s. future bart chilton sat down with bartlett nailer president of public citizen art first asked him for his take on the judge's decision here's what he had to say. the judge denied the request of the anguish for a temporary restraining order on the ability of nick know of a need to become the acting director of the see if he'd be i think it's up to the courts presuming this will be appealed to make the final decision i think the argument is that the statute that created the consumer financial protection bureau

provides for a succession plan in the absence of the director and that would be the. the woman in this case leander english there is a complete there is a default law federal vacancies act that provides that in the absence of such a clear statute then the president can name somebody that is confirmed by the senate and that's what the president did with mick mulvaney for planning purposes let's just assume that theoretically at least mick mulvaney stays at the c.f.p. be for the forseeable future he clearly hates this thing a president trump says the agency is a sick joke so what do you think he'll do bartlett on on scaling back the c.f. p.b.s. work. well given the universe of good works that the c p b has accomplished and would plan to accomplish under a sensible leadership potential harms are enormous. there's

a fourth forthcoming role on payday lending this is the lending that goes to some of the most vulnerable of our citizens and that can be this aerated there is a consumer complaint database this is where if you have a complaint with the bank you can petition to the f.c.c. your petition is part of a database that's public you can see if other people had some of those same problems. p b then contacts the financial institution to see what the problem is and ideally. if there is really a problem then restitution is paid this could go dark under more veiny a host of other potential rulemaking could be simply put in the trash can and he can roll back any number of areas from enforcement we do know that we unfortunately have a very predatory financial industry that is you know lifting the wallets of so many

americans. to simply making sure that. companies are operating as they should be perhaps the most conspicuous example of misconduct has been wells fargo which created millions of fake accounts in the service of trying to have say it meet sales quotas and it was the c f p b that brought this case charging roughly one hundred million dollars in fines and it has made it americans even more aware that companies as big as wells fargo with some five thousand branches can be engaged in such widespread misconduct it's it seems that the that the fox may not just be guarding the hen house the fox may be inside the red alert red alert but speaking of you know money that's been returned to actual consumers i mean it's something like twenty million maybe close to thirty million american consumers had twelve billion with

a big dollars that was in or purposely collected returned to them and part of this is a deal with wells fargo but it's also some of the art other large financial institutions bank of america and citibank and do you think that that sort of thing will continue or might mick mulvaney just put an end to that. the worry is that he will put an end to that i think you can measure the hostility of the financial sector by that figure you've mentioned some twelve billion dollars has been returned from this industry to the some thirty million customers from her. when that was taken and i think that the the the propensity of financial firms to do that and do it even where c.f.p. is has yet taken force and action is so pervasive that as that a directive from a new director to fall asleep or to be less aggressive really imperils the

american consumer the financial industry has grown to where it used to absorb something like three cents of every dollar american consumer dollar to something like six cents and it's not because they've become more efficient the way you know your smartphone which probably has more computer power than what got us you know navigated the apollo missions to land on the moon and that has that has grown more efficient more less expensive whereas the financial sector simply dealing with our money has grown more expensive that's just the overarching plumbing the financial sector in addition to that there are the scams of the hundreds of which that the c.f.p. be has uncovered and found restitution for the victims all of that is in jeopardy under a director again who believes this agency shouldn't exist in the first place. but just real quick you mentioned a minute ago bartlet about the less fortunate among us and how there is

a we know there's a racial wealth gap in the u.s. and see if b b is really chartered to protect consumers from discriminatory practices on mortgages credit cards car loans and we don't want that gap to widen even they've dealt with payday loans and payment of wages with prepaid cards which disproportionately harm people of color minorities and returned again return it makes me think about one of the reasons that independent agencies is that they can actually remain a buck and that and politics comes into play with the new. duration and you know bet happens in government of course elections have consequences but this agency was set up to not deal with politics since much does this concern new this decision with regard to other financial regulators the other four five that are out there yes this one in particular the c a p p was set up to have a senate confirmed independent regulator such that when he or she makes difficult

decisions they are immune from influence from politicians at least temporarily he could be taken to a sort of step he could be simply removed from office unlike a senate confirmed director of having having him serve there but it is taking place all over the financial regulatory agencies from the controller of the currency to the federal reserve we are putting in wall street agents people that you know a few weeks ago were learning who was put in control of america's national banks the age bill of what the trump administration's car purchases what the bank to pay for collision coverage that they did not meet on top of that cars improperly repossessed five hundred seventy thousand customers were acted and potentially will receive their money back it's estimated the bank will have to pay one hundred million dollars and cash to customers affected and thirty million dollars to be paid to and account adjustments wells fargo also admitted to charging some

customers improper fees to extend the entrance rate commitments they received from the institution on their mortgage applications just last year wells fargo came under fire for creating as many as three point five million accounts using fictitious or an authorized customer and from ancient wells fargo then had to pay restitution to customers who were harmed in addition it said it is making changes across our risk management functions and line of business operations to rebuild the trust of our customers and team members according to me this year. wells fargo has had to pay up more than a few times this year as we know but in this situation what sort of consequences specifically are they facing yet so right now the enforcement action that's being weighed against wells fargo is a cease and desist order and it's all. mill of generosity going does this because it helps people is just it's one of the side

effects is that it comes this applies more blubbering for they put their money on your car immediately after you get done half of all plasma based drugs today come from private companies and are produced from paid plans much smaller compromise you know a motor car will give you one of the risks of pay donation which you need to then is proof that the frequency of pathologies is much higher in pay donations and many say though if i was lying when i say it's moves over two years old he will go in the money using the drug and who runs the blood business. hey everybody i'm stephen baldwin gushingly task hollywood guy you know suspects every proud american first of all i'm just george bush in our view to say this is

my buddy max famous financial guru well just a little bit different i'm not a abraham lincoln lawyer no no no windows up with all the drama happening in our country i'm shooting the road have fun meet everyday americans. and hopefully start to bridge the gap this is the great american people. but we in the caribbean who are who respect the environment who protect the environment who respect the rule of law being punished for it because the one doing . the problems of the other ways which always think. the country doesn't have a right a responsibility to protect its citizens and one of we can determine what we see in

the actions that you were taken in your country. we have a great team we need to strengthen that's really good. headlines on a.