phil, alan greenspan says kill it right now.s looking at it from a fiscal conservative point of view. nobody else is, it seems. >> no, he really is. and there are a lot of concerns about the deficit and growth. but i can tell you what the market wants, and the traders say pass it now. the entire world realizes our tax system is broken especially when it comes to corporate tax. it has to be fixed. so i really don't -- i'm not concerned about the deficit. i'm concerned about losing businesses and losing economic growth. and now we're hearing about this senate plan. they're going to have seven different brackets? i don't know if they're coming up with tax reform or trying to match the ncaa. liz: sorry to interrupt, but it has just passed 24 yeas, 16 nays. again, we explained this is the house ways and means committee. now that passed bill has to go to the full house for a vote. scott bauer, we know this, that as soon as the senate plan came out, the home builders -- which were getting killed and the likes of lending tree which do a

powerful central banker in the world some past fed chairman have even attain near cult status like alan greenspan. he opened the money floodgates and sent equity markets into a feeding frenzy it led to a time of unprecedented growth field by credit until the bubble burst in two thousand and seven unleashing a global financial crisis greenspan wasn't around anymore it was his successor ben bernanke who had to do the damage control. but he kept monetary policy loose the u.s. economy had gotten used to extremely low interest rates a rapid reversal would have caused shocks to the system. it was business as usual under his successor janet yellen at least at first now she's opened the door to gradual rate increases amid stable growth in the us the federal reserve stronger intervention in the economy stands in contrast to the policies of the european central bank which has favored a lighter touch and focuses on inflation the fed reacts to developments in the job market ellen's term ends in february and this man may replace or jerome powell the former investment banker is a republican and already part of

powerful central banker in the world some past fed chairman have even a teen near cult status like alan greenspan. he opened the money floodgates and sent equity markets into a feeding frenzy it led to a time of unprecedented growth field by credit until the bubble burst in two thousand and seven unleashing a global financial crisis greenspan wasn't around anymore it was his successor ben bernanke who had to do the damage control. but he kept monetary policy loose the u.s. economy had gotten used to extremely low interest rates a rapid reversal would have caused shocks to the system. it was business as usual under his successor janet yellen at least at first now she's open the door to gradual rate increases amid stable growth in the us the federal reserve stronger intervention in the economy stands in contrast to the policies of the european central bank which has favored a lighter touch and focuses on inflation the fed reacts to developments in the job market yellen sturm ends in february and this man may replace or jerome powell the former investment banker is a republican and already part of t

history here according to pew research rates under fed chair is paul volcker over sixteen percent alan greenspan fourteen ben bernanke around thirteen percent yellen eleven jay powell one of the fake. well jay powell is a continuation of janet yellen policies he's probably on balance of a better choice than leaving yellen position because yellen was complacent she didn't act aggressively enough she didn't lose the best she. so she was just holding steady when change was certainly called for in the u.s. monetary policy. or unemployment is below the natural rate so it's only four point four percent inflation is tame and she should have acted she could have saved her job i think power will be a little bit more aggressive a little bit more realistic about what the economy actually needs he's been critical of the failure of the fed to unload its assets off of its balance sheet he's been critical of not raising rates aggressively enough so he is an elitist he does come from wall street he worked in the carlyle investment group. but on balance i would say it's a slightly it's a slight improvement over

maria: alan greenspan used to say watching where markets guys important.adds to the backdrop in terms of decision make on interest rates. how do you see the current situation where the market is up $4.5 trillion in value since the election. >> i think they are manageable, number one, u.s. market cap to gdp is 140% now. the last time it was at this level was 1999-2000. we have gone 15 months without a 3% declient u.s. stock market. that basically is unprecedented. the last market you can go to was the japanese market of 88-89 before it went down substantially. i don't think we are japan. by the many worth noting that. march general debt is high. the other thing i look at, what concerns me, trading volumes are lower than they were 10 years ago. part of that may be low volatility. part of it may be impact of regulation including the volcker rule. so i'm not sorry if we do a thorough review of the volcker rule and connect that with is that part of the lack of trade liquidity. what i'm watching for is not so much are valuation levels too high. i'm looking for e

history here according to al pew research rates underfed chairs paul volcker over sixteen percent alan greenspan fourteen ben bernanke iran thirteen percent yellen eleven jay powell one of the fake. well jay powell is a continuation of janet yellen policies he's probably on balance of a better choice than leaving yellen position because yellen was complacent she didn't act aggressively enough she didn't unload the bad she. so she was just holding steady when change was certainly called for in the u.s. monetary policy. or unemployment is below the natural rate so it's only four point four percent inflation is tame and she should have acted realistic about what the economy actually needs he's been critical of the failure of the fed to unload its assets off of its balance sheet he's been critical of not raising rates aggressively enough so he is an elitist he does come from wall street he worked in the carlyle investment group. but on balance sheet at the fed back to the gold standard in that he knows the implications of monetary policy kerry policy which many of them have been at ever claimed anyw

powerful central banker in the world some past fed chairman have even attained new cult status like alan greenspan he opened the money floodgates and sent equity markets into a feeding frenzy it led to a time of unprecedented growth fueled by critics. until the bubble burst in two thousand and seven unleashing a global financial crisis greenspan wasn't around anymore it was his successor ben bernanke who had to do the damage control but he kept monetary policy loose the u.s. economy had gotten used to extremely low interest rates a rapid reversal would have const shocks to the system but it was business as usual under his successor janet yellen at least at first now she's opened the door to gradual rate increases amid stable growth in the us. federal reserve stronger intervention in the economy stands in contrast to the policies of the european central bank which has favored of lighter touch and focuses on inflation the fed reacts to developments in the job market yemen's term ends in february. jerome powell is the man tipped to replace her the former investment banker is a republican and already

>> i bring back a phrase from the past, the conundrum was that as alan greenspan was raising rates, there was a question of how much fraction monitor -- traction monetary policy would get. the federal reserve is leading the procession toward the exit, doj is very far behind, the ecb is somewhere in between. that tells you it will be reflective in the exchange value of the dollar, rate differentials across the u.s., ultimately the federal reserve policy will get traction. the answer to what do you do if you tighten financial conditions, don't tighten. it will mean you will have to tighten more. scarlet: how will it look? will it be a snap back, sudden, abrupt? used to say monetary policy cuts rates by going down the elevator and raises them by going up escalator. low, long, tends to be gradual in terms of policy rates what happens in equity markets, the exchange value, it could be much more abrupt. what a privilege to speak to:, who could be a president, a governor, even a vice chairman of the fed. let's listen to abby joseph cohen of goldman sachs. structural have big changes in the econo

than it is a capitalism is morse so totally not promote it's a fricken socialist compared to alan greenspan right this desire to play is that come into your view of things at all i mean i've heard different arguments for bitcoin princella leeds as it's like the new enron what we already established that he's a he isn't as well compensated now isn't so he said if there's no central government there's also a little back and so how could how good could it be and now he's facing jail have his wealth confiscation but is part of this socialism this american socialism really kind of go on a tangent here but just go picking your head of it there's a certain american tradition of self-reliance and anarchy if you will going back to thorough you know and going back to the well whitman and you know that's a very american way of thinking and it's not hard core you know it is a it's different form of thinking that we haven't seen represented in the daily discourse anymore does that factor into american socialism at all or your thoughts let me just clarify one thing which is that i am not the post-modern

this is chart 4905, the inflation target under janet yellen, then ben bernanke over here, and alan greenspannet yellen has done well to engender tightness in the labor market, starting to feed through to wages, but stability has been the missing component. you have expectations that a fed under a new governor might take a different look at inflation and whether the inflation target is relevant or necessary given how all the other metrics and to be doing quite well. that his pretty tough. when we look to the fed compared to other central banks, it's a tool mandate is unique when you compared to the ecb. presents the fed with flexibility. will be the powell chair, he has a border around him and it is difficult to shift people significantly up way from what has been a successful mandate for the past 20-30 years. the one distinction with powell is what he said about his concern about china corporate debt and the potential for disruption and financial stability and portfolio flows. that hopefully provides us with more concern that the fed will look to what the spillover effects for the rest of th

. >> show me any time in modern history with any nation even alan greenspan said last week when you work your virtual full employment into a tax cut to borrow money? you have huge unemployment you don't have a substantial dent you could pump credit but with full employment that has not played out in any nation. and my republican colleagues in acknowledged as much today with the rules that and read something as permanent. in some of the things that people really like and what the chairman said we always come back to fix those. so that means we have just created these extenders in this group i have a lot of respect for has said this bill is not 1.$4 trillion number, it is to point to a trillion because you had of what will happen with the middle class tax cut runs out. so then tell the people the real cost. and again he hasn't done get to it as an much of the just ought to be straight with people of we will later this much on read. >> but in our conference but the process is not completed so how will how did you start to be friends to work together? noone i have seen bob but in the first w

alan greenspan stops by. deputy chief of staff to president george w. bush karl rove is here and present at six flags chairman jim reid andersen is with us as well. you said that the impact on business of the tax plan we are talking about. take it off right here talking trade in beijing. president trump slamming what he calls the one-sided trade relationship between the u.s. and china in a speech to business leaders in beijing today but was stopped short of xi jinping for the balance. watch. >> trade between china and the united states has not been over the last many, many years a very fair one for us. i don't blame china. who can blame the country for being able to take advantage of another country for the benefit of the citizens. i give china a great credit, but in actuality, i do blame past ministrations. maria: the comments came during the second day in china which included some investment deals between the two countries amass in december $250 billion in deals are pretty incredible. weigh in from as national spokesperson, former spokesperson for the

david: it is like alan greenspan's rational exuberance.ncing instructor. good journalism there. said thatrs in china before the shanghai composite burst we had people buying property ahead of the subprime mess that led to the 2008 global financial crisis. are piling in.le could there be a a lot more upside. why not get in now and get out before it all topples over? >> it is a reasonable question. to thee may becoming final stages or the beginning of the final stages of this bubble, that is where we normally get the most violent moves. godoes not mean it can not crazier still. at the start of the year, it would have seemed crazy at 3000, now 10,000, why not 20000 and 30,000? there is no anchor for value here. there is no too far when it is about belief leaf and speculation and you have to rely on anecdotal morning signs. it is very hard to call the turn. why not wait for the turn and see how far it crashes. angie: i see a lot of people on twitter. david: do we have enough data to figure out the price move up of this asset? >> i don't think

each of the four rate hikes we've had in the current cycle of normalization and we saw it under alan greenspanng back to powell volcker as well, in the run up to a rate hike, people tend to go long the dollar, anticipating higher dollar after a rate hike. they often tend to go short gold that's a logical thing to do in the ensuing weeks and months, once we had the reality of the hike, they unwind those trades so they sell the dollar and buy gold counter intutively, after a hike gold softens if we get a rate hike in december, that's what will happen >> is that a short-term reaction if we consider a full rate hike cycle and take all of next year into consideration, assuming three hikes, what do you expect to happen with gold in light of that >> i don't think three 25 basis point increases in a year will unsettle gold. we will not get the rate hikes unless we get the inflation they're set to counter, which means if we get rate hikes and inflation, we'll still be in low to negative real interest rates. as somebody once said, zero yield will always be better than negative yield >> that's true georg

alan greenspan, who i have a lot of respect for, today pointed out when you are close to full employmenta tax cut with borrowed money is really not verypolicy, so i have been disappointed. kevin: on the issue of lowering the corporate tax rate, several democrats in the past, senators, have suggested that is something they could get on board with. according to the framework released by the senate republicans, they would delay the implementation until 2019. the lowering of the corporate tax rate from 35% to 20%. could -- is that something you could get on board with? sen. warner: the lowering of the corporate tax rate i am for. you just have to make sure they are paid for. one thing i am concerned, when they talk about offshore money, maybe in taxing, there is no requirement for any of these companies to reinvest in america. there is no requirement for any of these companies to add additional training requirements. are a patriot, maybe some of the companies hurt by trade on to get some of those jobs, instead, what we have heard both publicly and privately is a lot corporations have talked

not so amazing to the federal government and the former fed chairman alan greenspan would go nice with hourly. we were really just give me enough profits at the government's expense. government agency, like omb and cbo, the ones that the point he had come and they started to do authors did not not mix to figure out how much we were truly costing the government in a subsidy sent wouldn't be appearing on the appropriation bill anywhere, but there have to be some implicit subsidy the government was providing by the fact that f. was still in our name. i was beginning to write for one of feminist theory tune to the outside terminology. i remember a cartoon that had two pudgy children sitting in a sandbox. that's how the world began to cs. they were coined to describe us as a government duopoly, government hedge fund. things began to complain that we were crowding out the business. housing groups argued if we were going to make that much money, we certainly should pour back into affordable housing. the pressure was on to try and stay on the good side of everyone, to be good corporate citizen

look what happened with alan greenspan, took over from volcker, raised interest rates, flattened theurve and then 1987. i'm not saying that will happen this time around, but we're in the full swing of the fed tightening cycle people call it normalization, that's a nice way of saying they're tightening flattening the yield curve my sense is that -- everybody talks about powell and a new fed chairman but you are very rarely seeing initially that the new chairman puts his or her own stamp on the fed. you have to remember it's a whole committee. the fed chairman has just one vote it's not like canada where it's almost a dictatorship in terms of what drives policy. i'm not making a big forecast as to what powell will do or not do except follow what janet yellen has already been doing let's face facts here. we're only two to three hikes away from inverting the yield curve, then you will find all the economists out there saying dismiss the yield curve this time even though it's the best leading indicator. >> there's been focus this week on the very strong rallies we saw around the rest of t

alan greenspan said these tax cuts will pay for themselves., he came back and testified before the ways and means committee, no, i was wrong, they don't pay for themselves. the conservative tax foundation has estimated that the increase in the debt under this bill -- this is the conservative think tank -- $989 billion. >> neil: you're right about that. what i'm curious about, sir, where we go from here. because what i do notice regardless what you think of this republican plan and a lot of warts in it to your point, we'll still have about half the people in the country pay nothing federal income tax at all. they still pay payroll taxes. there's fewer and fewer americans carrying the burden for this. i'm wondering whether there's room for a plan that includes everybody, everybody paying something. something into this. >> i tend to agree with that, neil, as you may know. frankly you say where do we go from here. where we ought to go from here is where we went under ronald reagan and tip o'neal. we ought to go to a place where in a bipartisan way

. >> alan greenspan never said anything, he didn't talk to anybody, no transparency and people accusedanet yellen of being too transparent, if bill lee is correct, at least now, he's not the guy yet 100%, right? dont things change when you are actually sitting in that chair? >> they do, but he's committed himself to continuing the approach that yellen and bernanke had. the fed puts up forecasts in a couple weeks of where they think interest rates are going to be over the next three years, and committed himself to following on with that policy, and i think the market likes that transparency. i would make one other point why is this market going up so much? i think one of the things that the market is focused on today is taxes and the president was up on capitol hill meeting with senators today, my sense from all reporting coming out from the lunch, senators are sounding more optimistic about getting on board with the bill. there are a number of lawmakers who have been on the fence, bob corker is one, susan collins, looks like they're coming around to voting are in measure and that's one

rally which at this exact point back on december 5, 1997 is when federal reserve chairman then alan greenspanffer offer ed infamous if you will irrational exuberance speech: sent stocks for maybe a week and stocks turned up and actually went straight up. now i think there's a chance we could go parabolic from this point too but even if it doesn't you have to have exposure to this market if you're considering it i love materials, i love the industrials, technology, also it starting to spot some of the value names, oversold, household stocks that could rebound on their own merit or through acquisitions. you can't be afraid to chase stocks where the fundamentals are improving particularly when they improve faster than the share price and you could of course balance that in your portfolio with industries that could rebound as well. according to a report from bloomberg, breaking news just late this afternoon, uber hit a cyber attack that exposed information of 57 million customers around the world, management paid a ransom only $100,000 and they got the promise that information would be discarded

alan greenspan, the respected fed chair, pointed this out just within the last two weeks that tax cuts paid for with borrowed money do not provide the kind of growth that this budget projects and this tax reform projects. now i could go through a whole litany of other concerns with this legislation. i for one believe we do need to do international tax reform. i for one believe we need a corporate tax rate that's more competitive. i for one believe we need repatriation and to bring back tax profits that have gone abroad. but we've seen analysis recently that shows that this legislation may actually increase the amount of american jobs that are pushed overseas, for example, because of the averaging of tax rates in their so-called territorial system where a company could build that factory in a relatively high tax state, move that intellectual property to a place like the cayman islands, average out the tax bill combined and end up paying the country, our country, nothing. and at the same time continuing to see job loss around our country. there are a group of us, close to 17 of us, and m

cannot admit, what alan greenspan finally admitted he got wrong in the mortgage crisis. they can't admit the system malfunctioned because they think it would be an opening to the regulation they hate. >> that led to the crazy of the cfpb would have been garden variety, but for the fact the financial industry created such a big hole we weren't ever able to get out of it. the cfpb was a response to the financial crisis created in large part by the financial industry. i find it hard to understand. let's be fair. say it's not perfect. things that probably should fixed. what are they? >> go back and i don't want this to slip. yes, an ideological objection. for all their complaints and argument, it's out of control, going to be out of control, irresponsible, they can't bring forward a single problem. the reason, talked of any example what they don't like they would be providing evidence for the program, because the public oh, yeah, glad they did that. what could be fixed? well, i now realize we could have been a little more specific in saying, and we meant this current scheme

. >> last week alan alan greenspan during dusk and the reserve chairman asked us if the reform plansould move the needle and economic growth. what happens next? here's what he had to say. >> the federal debt is rising at a very rapid pace than there is nothing in this bill which will essentially stop that from happening. so, my view is width premature fiscal stimulus, whether it's tax cuts or expenditure increases. >> interesting you would say expenditure increases. that's why they wanted to a corporate rate cut so businesses are spending more money on expenditures. >> well, if anyone knows about expanding economy and getting too, alan greenspan would. we think that going forward the corporate tax reform is critical. we wouldn't be surprised if the race had of said 25% versus 20%. we think that's going to lead to the bill passing. >> 20% was his redline. >> you did it although he also said he's willing to make deals. the american people would be okay if he saw compromise happening. the american people are starting to get confused because there's so many different things people are fo

everybody will be looking to see what jay powell says what kind of hints he gives in these speeches alan greenspan certainly did this janet yellen did the same really expect the same from jay powell what he says going forward will have a great deal to do with. his interest in where the economy should be headed and it will certainly impact other economies around the world so let's let's hope that he doesn't tweet then senseless words so much in fact. joe watkins always good to talk to you thank you. thanks so much thanks for having me. america's top diplomat will visit me in mar to discuss the right hander crisis secrest rex tillerson is expected to meet leaders on nov fifteenth pressure is mounting on the white house to impose measures against her hand just government and the us senate a bipartisan group has introduced a bill which put restrict military cooperation until violence stops the u.s. refugee chief says it's time for the united nations security council to find a solution to the rancher crisis philip aggrandize spoke to al-jazeera as james bays about his recent visit to refugee camps and

show me any time in recent history, modern history i think , any nation and i don't often quote alan greenspan, but i think he said it last week, when you're at virtual full employment and you do a tax cut with borrowed money, good things don't happen. you have huge unemployment and you do way tax cut when you don't have substantial debt, you can pump growth. but with a relatively full employment, borrowed money tax out in any played nation, i would argue, in the last 50 years. some of my republican colleagues acknowledged as much today, and this is some of the rules that you have to getaround. they made some of the things around business permanent. and they made some of the things that people really like, the middle class run for five years, and what the republican chairman said is, when i raised the point that that would mean cuts in medicare, he said we always come back and fix those. so we have just created this of extenders,p who i have a lot of respect for, has said this bill is not a $1.4 trillion number, it is actually a $2.2 trillion because you add up what will happen when that middl

alan greenspan last week said that when you do tax cuts, when you're at relative full employment, which we are, with borrowed money, you may get a quick sugar high, but the growth projections that are coming forward that gary, and gary is a good front of mine, i think are grossly overoptimistic. and i think there's a way to do this, but it should be done in an open fashion, bipartisan, let's take some time. argue it through. not something that is going to create a whole series new of new tax advantages that we don't fully understand because this bill is not seeing the light of day. last point is, and again, i believe that we need a more competitive tax rate, but i do believe as well that in a world where the whole nature of work is changing, when no one social contract that started in the 20th century has disappeared. no one is going to work for most of your firms for 30 years. the real disadvantage for low and moderate income people not having the training they need to continue upgrading their skills. if we're going to do repatriation and give folks ana not why say you need a meaningfu

you had ankles, martin, paul volcker, alan greenspan, they the fed.entials, people have to make it a committee decision and corral everybody. russ: exactly why the market has been so calm, the market assumes the policy and an early powell fed will be the same as a late yellen fed. exciting is an historic day. we will show the white house, maybe they will be in the rose garden, but an informed discussion. smart discussion only on bloomberg. ♪ tom: good morning to our international audience, with us for this historic day of the federal reserve system. perspective.ve us is a historic day. we were talking about the idea of a non-phd economist. new saidto what the will be. new said will be. how will that meeting go? carl: consistent with the has persistedthat under chairman bernanke and chair yellen. we will see the same of that where there is deference to the in-house staff forecast. about jayore i read powell, the more i like the guy. georgetown prep to princeton, then back to georgetown law. the collegiality drifts away win the treasury goes out for sta

alan greenspan last week said when you do tax cuts when you're at relative full employment -- which we are -- with borrowed money you may get a quick sugar high but the growth projections that are coming forward i think are grossly overoptimistic. and i think there's a way to do this, but it should be done in an open fashion, bipartisan, let's take time, argue it through, not something that is going to create a whole series of new tax advantages that we don't fully understand because this bill has not seen the light of day. last point is i -- and, again, i believe that we need a more competitive tax rate, but i do believe as well that in a world where the whole nature of work is changing, where no one -- the social contract that started in the 20st century has disappeared, no one is going to work for most of your firms for 30 years and the real disadvantage spot right now for low and moderate income people not having the training they need to continue to upgrade their skills. so if we're going to do repatriati repatriation, which i agree, and give folks an enormously advantageous rate,

in the timese this of ben bernanke, alan greenspan, at all.t does not seem people are speaking from the same hymn sheet. recent study from the swiss national bank appointed to too much communication leading to policy confusion. this is a relatively recent phenomenon in the world of central banking. last night, the message was this guidance concept is effective, so they are doubling down, even though some people say it's only causing more confusion. rishaad: let's look at governor kuroda of the boj. what was his view on this? >> he wasn't quite singing from the same hymn sheet. he's coming from a backdrop where inflation expectations are entrenched. he said actions are louder and words. they are still so far off from heieving the 2% target, so is caught between a rock and hard place. he likes the idea projections, but at the same time knows he has to be cautious. haidi: on this issue of communication and guidance on inflation, you have governor kuroda in one camp. there has been some criticism saying mark carney probably gave a bit too much gui