mr ben bernanke you ok he was not on the list he was known was guess who he was on the list he was missing and i think that the reason is they didn't do the equation that they used to derive the names on this list did not give enough weight to the balance sheet or a central bank so if you're if you're a disaster but you're managing the bank of. the only at ben bernanke you have the two trillion dollar balance sheet that can do a lot more damage if you have nuclear weapons ok you're certainly slightly the range you're far more dangerous than a fool with the range tyrant who always is a k forty seven. but these guys are you know these guys like ben bernanke use of the sr yeah and we argue with zero percent as arsenal dimitry that affects the entire globe new interest rates and rates affect the entire globe but it scares me absolutely that you kidding me the u.s. dollar is been the reserve currency since world war two yes so this guy is a global banking money because i'm going to go there are going to lose control my give me all fired up because i was relaxed. and apparently evidently in no n

mr. ben bernanke, the fed.he market did not really react is that what they went to the fact that it looks of this is going to give him the trigger that he needs to pull the plug in more stimulus. what do you say that? do you think today was the final thing we needed for ben bernanke to do something? >> the likelihood of additional monetary stimulus wind up in response to the weaker than expected in plumb a report, but i wouldn't put the probability at being much above 50%. you know, despite troubling news from the employment front that also applies to a flat wages and relatively flat and hours worked, we have had pretty good showings by other sales, retail chain sells and by home sales. and the improved performance by household expenditures tends to offset the troubling news that was provided by today's weaker than expected employment report, and that may put the fed on hold until the next meeting. cheryl: all right. well, thanks to both of you. i didn't bring up those estimates. i could have, but i didn't pay

mr. ben bernanke. he got more money. we are going to be worse than the middle east soon if we do not do anything sen. ok? enough money the banks have. enough money the wall street has. that is all he does, keep printing got -- key printed moneys. it is enough. call ben bernanke and tell him to quit to printing money. we will not be able to survive any more. host: let's listen to the fed chief and announcing quantitative easing 3. caller: our assessment is that the policies we have undertaken have had a real benefits to the economy. they have provided some support. they have eased financial conditions and help reduce unemployment. with all that being said, a monetary policy is not by itself able to solve these problems. we are looking for policymakers in other areas to do their part. we will do our part and try to make sure unemployment moves in the right direction. we cannot solve this by ourselves. host: once again, asking congress to assist with the economy. let's look at some of the news stories related to qe3. other

mr. barack obama by ben bernanke and boy, did he try and separate himself from the politics of this and talkedbout it in a press conference this past week saying it's only about the economy, but you look at how that market reacted the day of this announcement. >> neil: oh, sure. >> the federal reserve could have waited, as well-telegraphed as this has been changed the date that interest rates would stay at zero, not done anything else, waited until after the november elections, but he decided not to and hallelujah. >> neil: and mitt romney's made clear he would not replace ben bernanke with ben bernanke. he wants someone else. and he said this throughout the primary campaign. the president has been very supportive of bernanke. and i'm just wondering whether it's bernanke's way of saying, i remember what you said, governor, and remember what you've done, mr. president. >> i would just say this to dagen and people who think it's political. have you seen the recent economic statistics and-- >> it's not political ands' responding to-- >> the census data, the middle class incomes are lower than-- >

mr. bernie -- ben bernanke said was bond buying could help unemployment. we are at 8.1%.picture is in a very bad direction. anything that the fed did, does that help the unemployment picture? >> not directly. trying to pump as much liquidity into the market as possible. let's try to do what we did or not do in the 1930s or what japan did not do in the 1990s. let's try not to make the same mistakes. maybe we will make new ones but the feeling is that the fed is going to cushion the blow that the economy will likely experience when congress does not get together and avoid falling off a fiscal cleft. is building up before we call laudable window. dennis: some people said half a trillion we needed. it is at most $350 billion after that. that is not enough? >> i interpreted it differently. i saw this as open-ended which leaves nothing in the bag. what ben bernanke has done is say i am giving you everything i got annexing stage right and focus on what the real problem is. the fiscal cliff that we are three months away from him barking over the edge of. stop focusing on me. [tal

ben bernanke is a modest man and yesterday's move was an immodest man. modest man with an immodest mission. he's putting all his chips on the table. >> he was talking about mrke's big move that ignited the market rally. not only a big week for big ben, mark zuckerberg revived his sagging stock price. who delivered the most for investors. zuc, cook or bernanke? >> i think all three. i like what zuck had to say. that was one of the wild card of the group. zuck came out and gave us reason why we should have hope for facebook right now. we know about the heavy valuations. what he defined margin businesses that they were definitely be growing into and other areas. because of that, and the emphasis on mobile that makes me say zuck. >> look at the chart. one week, up more than 16%. he saved face. >> this time around. i think in the longer term and i'm actually i talked about this the other day this isn't a trade. for me this is an investment. in the longer term they can deliver. and because of that, i think this stock can go a lot high zbler who delivered the most for the markets. ? >> i'm very happily married man, was i considered leaving my wife for bernanke, he

mrs jewkes. coming to the. polls. like to see paul volcker but ben bernanke you know. just my quantitative easing ben. well in germany they're also having a very difficult time responding to this madness and the central banks around the world of course yen divider min he called this bond an asset buying he called it what he called it the devil's work well germany eyes gold standard this is a report by do each a bank cold gold adjusting zero they say we are in a time that is quote zero for growth yield velocity and confidence we believe that there are nearly zero real options available to global policymakers the world needs growth and is willing to go to extraordinary lengths to get it to patients dead you know those doctor shows are there due in part massage and then the doctor says. right now it's just a global economy it's dead it doesn't it's in a coma dissolving it's japan but no global the banks are completely comatose policymakers are smoking crack the wall street bankers are high on meth amphetamine they they're completely. entered into a period of utter and. social experimentation where were t

plus, if ben bernanke thinks the economy is so bad that he had to act so quickly and dramatically, then the question becomes can mitt romney walk through the bad economy door that mr. bernanke has now opened? we'll get to that later in the show. now, let's turn back to our other breaking news story of the night. the u.s. downgraded by rating agency egan-jones. they say qe-3 is the reason for the downgrade. now, since bernanke pulled the trigger on qe-3, markets have gained almost 300 points. the achilles' heel in all this? king dollar. that's what egan-jones talked about. we'll get back to that story. i want to break down the numbers because this is an interesting story. stay with me on this. this is the exchange value of the u.s. dollar, the trade weighted u.s. dollar. and down here we start with the first qe -- i'm sorry, the second qe which was november 2010. notice how the dollar fell sharply with qe-2, not qe-1, but qe-2. that hurt consumer incomes and wound up hurting the me. my point is there's such big numbers here, let's go back and look at this. we have ending of qe-2, the ending of qe-2, all right, into mostly the late 2010 and 2011. look what happened.

my theory is ben bernanke knows where jimmy hoffa is. come clean, mr. bernanke.ting this once and for all. >> the feds on line 2 for bob. >> it impressed me people didn't know who jimmy hoffa was. there's going to be a time i'm going to have to explain to people who o.j. simpson was. >> time goes by. >> unbelievable. very depressing. >> we can find o.j. we haven't been able to find the real killers yet though apparently. >> i'll leave it at that. >>> in one of the best tweet smackdowns ever, oreo recently asked followers if they had ever brought cookies into a movie theater. yes, i have. which prompted this response from amc theaters. "not cool, cookie. a reference to its no food policy. oreo quickly fired back. fair enough but don't hate the player, hate the game. and back and forth it went with amc's answer game on, oreo. game on. jane and bob, what do you think? this kind of social engagement help or hurt the brands themselves. jane? >> i think it helps very much. particularly amc theaters which has twice as many followers on twitter as oreo. and it was clever

it is ben bernanke who is int mr. ing up the money. that's a problem. interest is running at 9 billion a week. that is a problem. we've reached european style debt levels. is that a problem? last week we were downgraded. all these are causes for concern right now. point two, the president blames president bush for much of this debt. the wars and the tax cuts. that's what's to blame. the president's ignoring massive increases in spending, a stimulus program and a failure to reform long-term entitlements. number three, he was asked how big was the debt when you came into office? he couldn't answer. he said, i don't remember the number precisely. yet in the campaign, in '08 he had said repeatedly george bush's debt was unpatriotic. seems like the president conveniently forgot the $10.6 trillion when he walked into office. bill: 10 trillion. i thought it was nine trillion. what he said we have to do it in a balanced way. that's code. >> that's code for a tax increase. it is code for, to balance you've got to increase taxes, and he says, cut spending. but hi

ben bernanke had this afternoon he pretty much laid out the reasons why. unemployment is incredibly high. much higher than the fed thinks it should be. much higher than full employment and mr. bernanke said he's willing to use all the tools he has to bring it down. as he pointed out, he says he's going to buy $40 billion a month in mortgages and, importantly, he says the fed will keep doing that or something like it until the labor market substantially improves. that's a big change in their stance, that latter part. >> woodruff: how different is this from what the fed has been doing? what they've done before? >> well, in one sense it's not different. the fed has bought trillions of dollars now. what makes this somewhat different is that they say they'r're not putting out a set sum of money. we're not doing this for six weeks or six months, we'll do it until we get results so that open-ended promise to do whatever it takes to bring down unemployment is the most significant change in this round. >> woodruff: and describing the results. i noticed at the news conference he was asked several times by reporters to explain what it was he was looking for that would signal things w

mr. henry frank. best of the darwin economy, he's also the co-author of "the ben bernanke textbook, the principles of economics." he earned his ph.d from uc berkeley -- [laughter] go bruins. and was a peace corpse volunteer in rural nepal. fun. after the opening statements, each attorney will call two witnesses who will be the subject of cross cross-examination, afterward the jury will rule on the case, and if the defendants are found guilty, i will impose a judgment. let me give instructions to the jury. are you listening? very good. you guys look so excited and sweet, very optimistic. at the end of this hearing, you'll be required to determine whether there is sufficient evidence beyond a reasonable doubt, reasonable doubt that mr. moore and his wall street supporters are responsible for public malfeasance. is that understood? oh, that's great. very good. all right, mr. frank, you may begin with your opening statement. [applause] go ahead. >> thank you very much, judge kennedy. it's an honor to be able to present the case before this distinguished group, and i want to say we have a very mixed bag o

. >> ben bernanke has been telling members of the senate finance committee and the house ways and means either today or yesterday, mrt, that a recession will occur if we can't solve the fiscal cliff on taxes and for that matter, spending. you know, mr. bennett, my thought, this country cannot take another recession. psychologically we can't take it, or morale can't take it. >>> our household budgets, we just can't take it. >> what if we woke up and congress in a bipartisan way actually enacted meaningful debt reduction and put us on the path to get us out of the mess we're in. there's nothing that would reassert our leadership in the world more quickly than that. instead of everybody running around moaning and growning that we can't work together to get something done. we ought to work together to get something done. >> literally in the last century, i worked for ronald reagan in his first term. and the gipper used to say, if i can get 70% of something, i'll take it now and then go for the 30% later on. that's a compromise philosophy, it's not a bad one. could you sign on to such a thing? get your own 70% and wait t

mr. volcker was the greatest fed chairman of all time. what grade do you give ben bernanke? >> ben bernanke did a phenomenal job i think in 2008. he did exactly what a fed chairman is supposed to do when confronted by the potential for panic. the fed is the lender of last resort and it's got to throw money so that banks can get through this period of illiquidity. does the stimulus they just started create a rob. i agree we don't have an inflation right now. but the man to my right knows very well how hard it is to pull back when you have to. pulling back when you have to means raising interest rates and when he did it in the 1980s, he did it against the background of the great inflation of the 1970s. he'll tell you or he told me he did it because he knew he had public support. >> right. >> even though congress would scream and yell he still had public support. >> it is a pleasure speaking with both of you gentlemen. the book by william silver, the man behind the book, paul volcker. thank you. >> thank you very much. pleasure being here. >> it's about 21 after the hour. here'

mr. john taylor said that were in for a big round of inflation. >> it is very risky. it could cause inflation. it could disrupt financial markets. ben bernankeout that in his jackson will speech and he talked about it again today that there are risks to all of this. but he says that all of these risks are manageable and that the price is worth the price. under the mandate, to get unemployment down, they have to keep going. they have to keep trying to take whacks at it. >> gerri, we have evidence of monetary policy, it led to a crash and also the tech bubble and the nasdaq bubble. that all emanated from these policies. in the last year, the fed has brought up 60% of all her bond issuance because nobody in their right mind wants to pay under 2% 42% yields on it country that has $1620 in debt. if they ever saw, i don't know what would happen. if you want to see trouble, we are going to get it. >> it is no coincidence that it's eight weeks before the election and the way that they are doing this. gerri: we will have to leave that little discussion for another day. diana and peter and jerry, thank you for coming on. really interesting conversatio

mr. speaker, i i will you will recall. george bush, republican president of the united states, hank paulson, republican secretary of the treasury, and ben bernanke, who i think is neither republican or democrat, but appointed by the republican -- mr. frank: he is republican but three times appointed by george bush to -- mr. hoyer: and came to us the country is in trouble, at risk of going into a depression. we need you to act. and who acted? the democrats in a bipartisan response to president bush. who walked away? 2/3 of the republican party, the president's party. 2/3 of them walked away, and as a result we failed the first time. we came back and added another 30 democrats, 172, and the republicans couldn't even get to 100 to support their own president to keep this country out of depression. ladies and gentlemen, two years ago, as the previous election approached, election unveiled the long list of pledges. their pledge to america reads, and i quote, plan to create jobs and economic uncertainty and make america more competitive. must be the first urgent domestic priority of our government. so first we offer a plan to get people working again.

ben bernanke on the heels of new accommodation at the federal reserve today. welcome to the "closing bell." i'm maria bartiromo at the new york stock exchange. mr. bernanke giving the markets what it wanted, saying the economy was too weak to do it on its own. >> welcome from me as well. the fed chairman wrapping up this news conference where he reiterated the central bank's key points at its latest policy meeting. the talk about $40 billion buying of mortgage backed securities. they're not going to be buying an additional treasury market securities. they're going into the mortgage-backed market at this point and trying to buck up what has been a weak part of this economy right now in the housing market. >> and the open-endedness of it also a factor here. >> they're going to monitor the economy as they go. >> you heard him say the committee will continue to the end of the year. the program to extends the average maturity of holdings. interestingly, they said if the economy does not pick up, we'll continue with our other policy tools. when asked what those policy tools are, they said the balance sheet and communication tools. so basically talking

in our analogy to me the real issue is, is that they've admitted, ben bernanke admitted, many fed officials like our guy in chicago, mrmbination charles evans, they've all admitted it isn't an ideal program. it might not really pass at huge cost benefit analysis but gosh darn, somebody's got to do something, no matter how small the improvement or the impact is. you know, mohamed, in my opinion, the biggest problems with this aren't going to show up for a time down the road. the fed's balance sheet, which as we read in some of those "new york times" op. eds, they crack me up in the morning, this is all free, just accounting just a couple of different categories on the accounting statement. eventually whatever that balance sheet is it will get totally monetized with the velocity of money, when the economy kicks in. i believe mr. taylor might have written an op. ed a while back that described that phenomenon. when this thing grabs it's going to be like fred flintstone feet hitting the ground moving and probably the reflation, the epicenter probably of this strategy, is going to kick in. so future generations or people th

mr. speaker, i i will you will recall. george bush, republican president of the united states, hank paulson, republican secretary of the treasury, and ben bernanke, who i think is neither republican or democrat, but appointed by the republican -- mr. frank: he is republican but three times appnted by george bush to -- mr. hoyer: and came to us the country is in trouble, at risk of going into a depression. we need you to act. and who acted? the democrats in a bipartisan response to president bush. who walked away? 2/3 of the republican party, the president's party. 2/3 of them walked away, and as a result we failed the first time. we came back and added another 30 democrats, 172, and the republicans couldn't even get to 100 to support their own president to keep this country out of depression. ladies and gentlemen, two years ago, as the previous election approached, election unveiled the long list of pledges. their pledge to america reads, and i quote, plan to create jobs and economic uncertainty and make america more competitive. must be the first urgent domestic priority of our government. so first we offer a plan to get people working again. t

obviously a long-running stance on ben bernanke that the monetary policy, the costs are outweighing the benefits. but he would not comment on whether or not they would actually fire mranke once they take office. >> which you would imagine would be the case and is a smart thing to do. we have two more employment numbers before the election. each is going to provide fodder for both camps. >> just quickly on the markets here because we are coming off a very big day in yesterday's session, still continuing to see big gains in the euro declines in crude oil and small gains here in the markets. coming up, a "squawk on the street" exclusive with jan hatzius. what impact will today's job reports have on next week's fed meeting and the possibility of additional stimulus. and is apple about to put pandora in a box by starting a rival music service? with the fidelity stock screener, you can try strategies from independent experts and see what criteria they use. such as a 5% yield on dividend-paying stocks. then you can customize the strategies and narrow down to exactly those stocks you want to follow. i'm mark allen of fidelity investments. the expert strategies feature is on

economy going off the cliff, then generate employment which is what ben bernanke is finding so hard to do at the moment. >> question for mrer? >> how long does the consensus on the fmoc stay. we have only one dissenter right now. i think there's more contested sentiment among the board, but for the moment, bernanke has the votes. >> tom, thank you for coming in. >> probably 6-5. i do. i think it's probably -- no, 6-7, 7-4, or something. 11-1? >> i thought it was 11-1. >> it was. but it's probably -- >> in terms of -- that he's able to build a consensus. who told us that? >> we'll talk to fisher about it. fesh fish you are wasn't t ish f fisher wasn't the dissenter. >> he went along with the quhwh thing. as we said, the fed making a splash, but you tonigyou don't wait for the full story. richard fisher is a voting member and he'll join us with what happened behind closed doors at the top of the hour. [ horn honks ] hey, it's sandra -- from accounting. peter. i can see that you're busy... but you were gonna help us crunch the numbers for accounts receivable today. i mean i know that this is important. well, both are importa

ben bernanke. if he came out and said, ladies and gentlemen, me and mr.nes, everybody should listen carefully. you may think it's wrong, but i sure would not go out and short stewed prunes on that idea. that's the problem that a lot of people are having. a lot of people are underperforming the market because their ideologies are getting in the way. >> thank you. let's get another capital markets op-ed. gary, talk a little politics. >> we'll get to that in a second. i steered clear of politics for quite some time. but let me talk about a cool breeze about what's happened. think back to mid-august. we did that informal survey. we asked people what would be the most important factor for the equity markets in 2012. 65% said it was going to be the election, if you remember. it has not been the case since mid-august. and as e we said all along, it's been about central banks. i do think that's going to change. i think politics will once again become something that has an impact on the equity markets. that it will start this week. you'll start to hear about it on

it is ben bernanke who is printing the dollars to lend to the treasury, and that brings real danger. like inflation. piling up an extra 1 trillion dollars a year should be a concern, mrn he rewrote economic history, to blame bush for our debt. the wars and the tax cuts, that's what did it. how convenient to forget the bursting of the dot com bubble, the slowdown it created, then 9/11 and the recession which followed. the tax cuts got us out of that mess. so here we have a president who glosses over massive debt, blames somebody else and gets history 101 dead wrong. no media coverage. what a contrast to the firestorm that greeted mitt romney when he correctly points out that we have indeed become an entitlement nation. oh, dear. [ engine revving ] ♪ [ male announcer ] every car we build must make adrenaline pump and pulses quicken. ♪ to help you not just to stay ale... but feel alive. the new c class is no exception. it's a mercedes-benz through and through. see your authorized mercedes-benz dealer for exceptional offers through mercedes-benz financial services. stuart: highlight reel, roll it. obama supporter big-time why hasn't he done is it? >>i'm going to lay out

mr. stockman was saying a few minutes ago. we should probably have some of the candidates be very specific, ala mitt romney, exactly what the outlook of ben bernankengency plans are, because i think it's huge. i think this is, i can still see chuck schumer pointing his finger at ben bernanke and telling him to get to work and get to work in the context of the calendar and monetary policy. >> i'm actually, i think, rick, we'd spend more time trying to figure out the impact of the policies on banks and on corporations. >> independently, yes. >> i think there's an intuitive sense that the fed can do these things, and that driving down interest rates makes sense. there's a theoretical proposition and what may be missing from what the fed is doing a long-term look at how it affects the system and the psychology of guys making key decisions so yeah, i think, rick, if he was in that position of responsibility might come to a similar conclusion, but i think he spent a little more time looking at the real world, i think that may be a failing of the fed. >> dinakar? >> i think all the central banks are just trying to give people some emotional comfort so th

sharply once fed chairman ben bernanke signaled the central bank's plan at his speech in jackson hole, wyoming, on august 31. the index is now 6% off its july high. july to september, mr. speaker, every dollar in every american pocket, in every community across this land, is worth 6% less than it was just three months ago. how many others have you gotten, mr. speaker? how many letters have you received from your constituents to say that every single dollar they're earning in their paycheck, every single penny in their child's penny bank, every single bank account, every single stock purchase, every single dollar of wealth we have in this country now buys 6% less. again, ben bernanke is a bright guy. allen greenspan before him, a bright guy. we have this independent federal reserve so we can have really smart people who are studied, schooled, decade upon decade, in the economics of our land and of our world, make these decisions, but they impact us. and we're not having that national discussion about what that impact is. 6%, mr. speaker. in just the past three months. you know, we talk a lot about social security and medicare and certainly there's an impact on our seni

ben bernanke has also said the estimates, and i quote, do not incorporate the additional negative effects likely to result from public uncertainty about how these matters will be resolved, end quote. mr president, we're heading toward a train wreck. we are heading toward a disaster for america's national security interests. it all started with the fact that this chamber has not produced a budget for now three years in a row. this is what you end up with when you don't have a budget. you don't have a blueprint about how you're going to spend 3.6 trillion of the american taxpayers' money. we ended up with a budget control act that was cobbled together at the last minute to avoid a crisis on the debt limit last summer which put in place a super committee designed to come up with these cuts. when the committee failed, this sequestration process was triggered. that was last november. we have had almost a whole year now for the administration to put forward their plan about how they would deal, how they would implement the sequestration -- these across the board cuts which disproportionately impact our national security spending. mr. president, it is a -- it's a disservice to the american

and for ben bernanke got to get in a political deal like this, 40 billion a month and the aegon is so crappy and jobs, hello, mresident, what if you don't? talk about values. when paul ryan boasting about mitt romney needs to speak more about himself, mitt romney doesn't do that because he is humble. in his church, which is my church, it doesn't matter if you're a schoolteacher, bishop our mitt romney with his money, you're treated the same way and you treat people with humility. and that's what democrats can't take. and the other thing is, you never have romney on life. you always have biden, yet the president as you bill clinton online. the other day when he was on live bill clinton made a joke about my church, and i me, the mormons have never put anybody's religion down. tried to find it. you will never find it in history. and i didn't appreciate bill clinton got, you know, paul, i'm the president obama is now more like bill clinton on economics, oh, my gosh, but i'll tell you, president clinton to want hillary to win so much in 2016, to put down my religion and make a joke about it, i think i'm sorry. if he