banks bernanke so this is ben bernanke speaking to the press he says we have asked the banks to essentially do stress tests and ask looking at all their positions all their hedges what would the effect on their capital be if if greece the faulted the answer is that the effects are very small right now this is going to be a recurring theme throughout this entire portion of our program the fact that ben bernanke the law is i mean this is the beginning of all law because it doesn't mention the shadow banking system as it was described by former prime minister gordon brown when he says that the effects are minimal he's talking about the effects of what these banks report to regulators as being their balance sheet but we know now going back to two thousand and eight that they simply don't report trillions of dollars of liabilities on their balance sheet and then when these blow up they claim that the market did it we had no idea and bernanke knows this that's why bernanke at the end of the day because he's sheltering financial terrorists he should be waterboarding i mean he actually says there t

that's the word today from federal reserve chairman ben bernanke. speaking at a conference in atlanta this afternoon, bernanke said he's not worried about the economy slipping into recession. >> tom: but susie, bernanke did acknowledge the u.s. is not producing new jobs fast enough. he called the job market "far from normal." still, the fed chief expects economic growth to pick up in the second half of this year. as darren gersh reports, bernanke says one critical component to that growth outlook is the consumer. >> reporter: yes, the economy is slowing, but federal reserve chairman ben bernanke does not see it stalling. >> with the effects of the japanese disaster on manufacturing output likely to dissipate in coming months, and with some moderation in gasoline prices in prospect, growth seems likely to pick up somewhat in the second half of the year. >> reporter: that would be welcome news for the president. a recent poll shows confidence in his handling of the economy has fallen. today, mr. obama tried to address those worries. >> i'm not concern

> susie: the federal reserve says the economy is growing more slowly than expected, but chairman bernanke believes this too shall pass. >> i do personally believe that the slowdown is at least partly temporary, and that... that... we will see greater growth going forward... >> tom: but the central bank offers no new plan to boost growth or jobs. it's "nightly business report" for wednesday, june 22. this is "nightly business report" with susie gharib and tom hudson. "nightly business report" is made possible by: this program is made possible by contributions to your pbs station from viewers like you. captioning sponsored by wpbt >> susie: good evening everyone. the men and women of the federal reserve said today the economy has worsened. wrapping up a two-day policy meeting today, they said the economic recovery is progressing "somewhat more slowly" than expected, the job market is "weaker than expected," housing continues to be "depressed" and inflation has "picked up." and tom, despite that gloomy picture, the fed still says it will end its program to buy government bonds on june 30 as

federal reserve chairman, ben bernanke. he's been painting a bleak picture of the u.s. economic recovery as well. weaker growth, nina and stubbornly high jobless numbers. not what investors want to hear. >> not indeed, andrew. let's go straight to the european markets and see how they're reacting to these kind of comments coming out of the united states late last night. we're about an hour into the trading day. it's a sea of red. the cac 40 down by 0.8%. similar situation for the dax and ftse 100. let's move along and talk about the currencies now. the euro is down by almost 0.5% against a rising dollar. the situation in greece very much in the forefront of investors' minds. the pound is also taking a hit, down by one-fifth of 1%. yesterday we had the publication of the bank of england's minutes. that had many believing that they won't raise interest rates until next year. we saw more quantitative easing. let's look at the yen. >>> it's all about the economy at the moment. let's take a look at what happened here in asia. a bit of a mixed day. the trend was down, the s&p

banks bernanke so this is ben bernanke speaking to the press he says we have asked the banks to essentially do stress tests and ask looking at all their positions all

then, fed chair ben bernanke holds a news briefing. we'll also see quarterly results from fedex and carmax. also tomorrow, hilary kramer is our "street critique" guest. email your questions to streetcritique@nbr.com. >> tom: the biggest changes to cigarette warning labels in a generation were announced by the government today. they include graphic images of diseased lungs, rotted teeth, and a cadaver. just over 20% of adults are smokers. the director of the center for tobacco products, dr. lawrence deyton, thinks there's an economic savings to scaring smokers to quit. >> almost $200 billion are lost every year in our economy directly related to smoking. >> tom: but morningstar tobacco stock analyst philip gorham says prices drives down smoking rates more than health threats. >> the decline of consumption is less linked to health scares; it's more linked to price. we've found a very clear correlation between pricing increases and consumption declines. >> tom: the new labels will show up on cigarette packs in september 2012. >> susie: to

you know this debate i don't think he's bernanke is not a light character he's not influential within either party particularly not the republicans these days so what he's saying makes sense is that really true this idea that if we cut spending will create jobs that's incorrect but whether his message is particularly useful i kind of doubt it now i'm wondering. if he is telling us that you know we often hear from ben bernanke that sure the recovery is still going along it's just slowing down a little bit we're in a low but then the fed they not only downgraded their forecast for you know economic growth for this year and for employment also for two thousand and twelve so does that mean that they're actually telling us that this isn't just a rough patch this is going to last a long time. yet it seems like they did kind of say that this is interesting because you know the the joke is that bernanke you loved has been using this word transitory to describe the weakness of the commodity the price inflation and so it seemed like he actually kind of did the towards this idea that there are b

and the fed chairman ben bernanke spoke at the policy makers meeting. bernanke indicated that u.s. economic recovery may proceed at a slower pace due to a weak housing sector and other problems. bernanke said growth is going to pick up into 2012 but at a somewhat slower pace than the fed anticipated back in april. >> the weakness in the financial sector, problems in the housing sector, balance sheets and deleveraging issues, some of these head winds may be stronger or more persistent than we thought. >> bernanke's comments were less optimistic than the fed's statement which said that factors behind the slower pace of recovery, such as highe prices and energy is likely to be temporary. he stressed that extra credit easing measures were successful as they improved the job market to a certain degree. >> many objective indicators suggested that deflation was a nontrivial risk and i think that the securities purchases have been very successful in eliminating deflation risk. >> the fed downgraded the economic growth estimate for this year between 2.7 and 2.9%. that's from 3.1 to 3.3% ann

speech tonight on withdrawing troops from afghanistan also take a look at what fed chairman ben bernanke he had to say in his second press conference and let's just say that it wasn't good news and then we'll look into an f.b.i. raid that took place last night some reports are saying that it might have to do with an attempt to crack down a little security or to have all the more free tonight but first let's take a quick look out what you're mainstream media is missing. so tonight at eight pm president obama will be giving a speech to the nation announcing his plan his timetable for withdrawing troops from afghanistan and the mainstream media actually noticed this time. tonight tonight president obama outlines the beginning of the end of u.s. military involvement in afghanistan now sources tell c.n.n. that the president will announce ten thousand american troops will be coming home by the end of this year three months our troops will begin to come home tonight president obama's planning to make good on the promise he made in december two thousand and nine years of debate over iraq and ter

morgan that they use to confiscate wealth from americans and people around the world ben bernanke if he had a spine if he had a pair he what a bitch slapped jamie dimon at that conference and told him look we're the boss you're not the boss and then he was also would have admitted that ben bernanke he is beholden to the european central banks that's really what's going on the reason you've got so much turmoil in the u.s. is that as obama himself said this past week the u.s. will be applying funds to help a bailout greece ok how does that happen through the global banking system which ben bernanke answers to which jamie dimon is a mere middling management one well but the important word here is actors and both of them are actors they are pretending to the american population that the fed is a regulator and somehow protecting them from the bankers the fed is a banker they are the private bankers they are jamie diamond jamie dimon is ben bernanke you there is no difference between them so he is lying there and you know what wall street took this performance as bravo they gave it an osca

you have a polar bear all called the federal open market committee run by ben bernanke and they don't fix the price of products per se but they fix the price of money they fix the price of interest rates and the result is the same you've got a commanding control economy that is causing generating enormous price dislocations as you see the price of commodities skyrocket wages collapse and the basic. quality of life in the u.s. is deteriorating rapidly as rapidly as we've seen anywhere in the last fifty years correct oh totally and it's just amazing that they do try to control the prices of everything but at the same time they're not very smart or they're i can like are not very smart because they use all these keynesian economic theories which makes no sense and they don't seem to understand that once you inflate a bubble in one area which is what they did with the housing bubble in the us after the tech bubble they never let any of these problems truly collapse anymore which is a sort of keynesian sort of approach on things that they can somehow smooth out these probables by inflating