. >> as a specialty of american history and has covered alan greenspan in the past but this is history and it stands out. it is narrative rich histories like lincoln and a couple of others who do that pioneering work from alexander but the father of the battlefield. >> i'm not sure. >> it is very dramatic and lincoln of course the second piece to that is that lincoln needed this victory to deliver his message but at the time morale was very low even though it was a victory by a narrow margin use that as a catalyst. >> the battle of antietam and then to write. >> this october is the 100th anniversary of the largest battle in u.s. military history that took place over two months in the fall of 1818 and he writes about one particular battle that took over one week during world war i and there were 600 u.s. troops and they go through this brutal terrain and they do the nearly impossible but they were surrounded they even refused an officer surrender in 18 later they were destitute but the story is really told through four particular soldiers but that resulted in seven medals of honor so it

specialty is american history, he does write -- such a versatile writer, covered in the past alan greenspan and frederick olmsted and walt whitman. this -- it's really a narrative of abraham lincoln and of course -- and a couple others who we hear from are the pioneering war photographer, alexander -- forget his last name -- but second is the father of battlefield medicine, jonathan letterman. >> the photo is on the battlefield in 1862. >> i'm not sure of that. i should know that. i don't know. >> host: very dramatic. >> it is, and lincoln is at the fore because the second piece is that lincoln needed this victory to deliver his emancipation proclamation which he had written prior to war but at the time morale in the north was very low, even though it as victory by the narrowist margin, lincoln used it as a catalyst to deliver this proclamation. >> the battle of an team thumb -- an -- >> guest: this is the 100th 100th anniversary of the largest battle in u.s. military history, the offensive, took place over two months and the fall of 1918. and ed langle is writing about one particular battl

bobby greenspan with cns news. obama's cia director john brennan says president trump's obama's ciaence -- oklahoma's director john brennan said the press conference in helsinki quote raises -- was nothing short of treason is. the you agree that his actions were treasonous? not.ryan: i do it disputesport, the finding of the intelligence community's assessment of that vladimir putin wanted trump to win. yesterday, putin said he wanted trump to win. did the republicans make a mistake in the report? >> i would refer you to the intelligence. community they were concerned by the tradecraft that was the intelligence committee. let us be clear, russia did meddle with our elections. not only in our elections, they are doing it around the world. they did it to france, they did it to moldova, they are doing it in the baltics. they are trying to undermine and delegitimize a marker see itself. let us be really clear about that -- but delegitimize democracy itself. we have passed sanctions on accountable.d them more importantly

alan greenspan was with me yesterday and he said we know we are getting a strong second squared. >> therst quarter was a seasonal issue. our objective is higher than 3. the revision was not material and we are looking forward, not backward. maria: are there areas in terms of triseeing the impact. technology, healthcare, what industries do you see as responding the most of across the board? >> i think it is across the board. one of the things i was impressed by yesterday when i went to wisconsin. i knew about bringing flat panels back into flash flooding in the yts united states. they are creating advanced medical device. i got to witness advanced surgical radiology in was all different times of aspects of advanced medicine they are going to manufacture those times of equipment here in the u.s.a. maria: the new 1040 tax form has been released it's supposed to make it easier for individuals to file their taxes. how does it make it so much easier. >> we said there would be a postcard size form and we delivered on that. many americans will be able to fill out the simple form. this is about

we will need to address this i assume we will at some point and the sooner the better chairman greenspan often commented on the role of the gse's in the economy in 2004 in testimony before the senate concerns about systemic risk are properly focused on highly leveraged financial institutions such as the gse's. to fend off future possible difficulties which we assess as likely if the gse expansion continues unabated. preventative actions are required sooner rather than later. those were his words in 2004 and honest words today pressure is brought on the administration to release the gse's out of conservatorship. although why oppose this move absent congressional action i do hope that if this were to occur there is no doubt today with fannie and freddie given their size in the housing market would be regulated as systemic leave important. do you share this view? >> the form in which this reform takes place is up to you not to us. but i would really hope that these institutions would not be systemically important some point when you figure out a process when they can be moved off the balanc

chairman greenspan often commented on the role of the g.s.e.'in our economy in 2004 in testimony before the senate he said, concerns about systemic risk are appropriately focused on large, highly leveraged financial institutions such as the g.s.e.'s. to fend off possible future systemic difficulties, which we assess as likely, if the g.s.e. expansion continues unabated, preventive actions are required sooner rather than later. those were his words in 2004. ominous words, no doubt. today, pressure is being brought on the administration to release the g.s.e.'s out of conservatorship. although i oppose this move absent congressional action, i am hopeful that if this were to occur there is no doubt today that fannie and freddie, given their size and role in the housing market, would be regulated as systemically important. o you share this view. mr. powell: the form in which this takes place is up to you. it's not up to us. and i would say i really hope that these institutions would not be systemically important. at some point. i would think when we

why are we raising rates now he blames greenspan for his loss >> nixon understood this really well >>losing in 1960 to kennedy because of the fed. and he was not going to let that happen in '72 and he brow beat arthur burns and we don't want to let that happen again but it could >> the same similar thing happened under h.w all of his people were screaming at the fed this hands off the fed attitude only started with bill clinton i was there with bob ruben and others and he listened to the arguments and decided it was smarter not to do what the bush administration had done. steve is being hyperbolic. i don't disagree with him that much if, in fact, it's a slippery slope and we slip down it, this is bad >> i'm very conservative as you know too conservative would look back and say there's a reason why bill clinton, george bush, barack obama did not comment on the fed. and there was efficacy to it and it led to better policy by the federal reserve. so i'm conservative in that regard relative to you, joe. >> well, president obama -- i think part of the reason this hasn't come up for awhile

i have a comment. , my firstntleman question is how old were you in wasral -- when greenspan concerned about the biggest problem that might be paying isn the national debt, which why i supported the bush tax cut ? host: why you concerned about age? caller: because he has been watching the money for it is why i supported the bush tax wh. guest: i am a proud member of the baby boom generation. host: do you have a follow-up question? caller: my point being, $21 trillion is a very large chunk of change. it was about $5 trillion when they cut taxes. and at that point, that is when it started to boeing. - -- balloon basically the money has been transferred out of the treasury and into the hands of the top 1%, maybe 1.5%, maybe 1.25%. so you cannot just rip that back. said,ke the caller before what is the problem with raising tax rates? not to mention the fact that the people before talking about drug prices. donald trump talks about how we are getting ripped off by other countries. meanwhile, other countries are mostly ripping us off by letting us pay the high price of drugs that they get re

i think we will want to see a bit more from the likes of greenspan and up and so on but what they have done every game is enough to win a part of the denmark game obviously where they fielded a lot of replacements. they just going out there with the mind set we're going to win this game we don't care how we don't care if we're going to go on go we get on with it we're going to do what it takes to get through to the next stage and i think that will be what they do against croatia as well i think i think in some point all the exertion just has to get to croatia you know three times they've gone to a short time twice they've gone to penalties as well emotionally physically it must be getting to them but i think france being a much better side than england as well will be able to take advantage of that. they have i've won all the games in ninety minutes france so you've got to think of it as croatia basically having played an extra game of football just in the knockout stages and i think i think i'll have an effect ok we have all these words see. will open the door to france success will h

alaneconomists -- greenspan have been talking lately.at that is a risk factor.'t think we are there by any means. to the contrary, i agree with jay powell's assessment that the economy is looking pretty good right now. canthe next 18 months, we keep that scenario in our back pocket and then, beyond that, we have to start asking ourselves about the risk factors as we push this expansion out into the second half of 2019 or even into 2020. haidi: the behavior of the dollar, how do you explain that? it seems like the economy may be looking a bit shaky. the economy is looking good. the dollar store goes up. how do you explain what we are seeing when it comes to the u.s. dollar at the moment? robert: maybe it is the best currency relative to some other options. if you look at what is happening right now with international capital flows, the fed is tightening. pulling capital into the u.s., and some of the things the fed is doing right now may be hurting emerging markets, so this is a self-perpetuating strong dollar story. i do not see anything getting in the way of th

>> bobby greenspan was c-span news. obama's cia director john brennan said that president exceedspress conference the threshold and was nothing short of treasonous. do you agree that his actions were treasonous? >> i do not. >> you talk about this investigation that happened in the house. in that report, it disputes the findings of the intelligence committee that vladimir putin wanted trump to win. yesterday, he said he wanted trump to win. did the republicans make a mistake in that report? >> i will refer you to the intelligence committee. they were concerned about the tradecraft. we believe there were mistakes made. russia didear, metal, not only did russia meddle in our elections. they are doing it around the world. they're doing it to the baltics. russia is trying to undermine democracy, delegitimize democracy. they can look good by comparison. making is weare know they interfere with our elections and we have passed sanctions on russia to hold them accountable. what we intend to do is to make sure they do not get a

she lived in new york and she a coterie of people she influenced, one of whom was alan greenspan. who viewed himself as the disciple, he was unapologetic and he was chairman of the federal reserve board, economic adviser to president, and a major economic euro. he turned down some of it that -- but the influence during president ford's time. host: you mentioned edward abbey. appalachiaw up in and served in world war ii. as rent butrtarian on behalf of a different philosophy, to preserve the south west and he became a radical environmentalist. almost an anarchist. he wanted to preserve the southwest which he loved. he spent many summers and work in the -- in moab, utah. he was quickly, his name was cactus ed area he was not particularly ecumenical. some of his writing is misogynist and racist but he was so dedicated like rand was to individual freedom, he was so dedicated to replace, the southwest and preserving it. andaid the american tourist automobile people have their national park, that is the interstate highways but he did not want tourists, he was a great believer in freedom

on wall street tonight, it is a, quote, "once in a century financial crisis" according to to alan greenspanyesterday, and then today it got even worse. the dow had its worst point drop since the markets reopened after the 9/11 attacks. lehman brothers has filed for the biggest bankruptcy in history. and merill lynch is being taken over. >> the largest financial disaster in decades and perhaps the end of an era in american business. >> what happened in september of 2008 was of a scale i had never seen before. >> you really did think, oh, my god, the financial world could collapse. >> confidence in our financial system and in its institutions is essential to the smooth operation of our economy. and recently that confidence has been shaken. >> after a tumultuous two terms, president bush's dealing with the financial crisis that could be devastating to the nation. >> fear has taken hold of the financial market. >> this is irrational panic. people are selling first and asking questions later. and bush and his team decide that the answer's going to be government. >> i faced a choice, to step in w

prices sort of like teaser mortgage rates we had in 2001, 2002, 2003, where everybody, including alan greenspanknew this couldn't last forever. they were too low. they masked so much with respect to due diligence, true risk, affordability, and i think the same thing could be true about teaser import prices and yes, lots of these things are made in china and we all know that many department stores have a saying, every day low prices well, every day low teaser import prices. just think about it a minute, there's a lot of similarities. the main difference is the longer timeline. you know, it's still boiling fraud, but it's boiling ever so slowly i guess what i'm saying is that flood structures, no matter how flawed, or the reasons they're put in place, take central banking, for example, japan, europe to some degree, we're exiting, they have simulated and accommodate and they become normal just like the odor of natural gas. after a while, you're immune to it it really is the same and the point of this is there are many that come on our channel and my own thoughts have change on this that ultimately

for bernanke, it was the financial crisis greenspan, 9/11. volcker was high inflation for jay powell, his major challenge will be how to incorporate this rouge thrust of fiscal stimulus at a time of near full employment and that will be his challenge i don't think he knows the answer and i know we won't know the answer >> god news is that most of that is being conducted upward to the 10% of america that owns 80% of the stock market in the form of buy backs. we're going to break every record if trends continue. this fsummer, if you look at whe the bigs spike in buyback activity happens, it's over the next four to five weeks. so you are going to see that buyback activity on full display. i don't know necessarily if a lot of that money ends up with the real economy i know it ends up in people's 401(k)s and corporate insiders personal net worth it may not be ultra stimlative >> to your point, i think the yield curve has flattening because of the concerns about the fed. other things, too, international growth is slowing. all that but that i think

administration on to give them either a pat on the back or the opposite so he like yellen, bernanke, greenspanff with the 3 wood instead of the driver and hit it down the fair way >> it's not the fed's job to fix some of these things but it's their job to react to some of these things do you agree that it is more powell's job to look at trade as a hypothetical risk? >> trade is a real economic risk, but he can't adjust policy today to the here ridea of whata or may not do. everyone has a view. but until you begin to see it actually impact economic numbers, policy has to stay with what's right in front of it, which s as he said, an expanding economy. growing employment, and wages that are beginning to catch up, but not there yet. >> there's a debate going on inside the fomc about market signals, the shape of the yield curve, correlation versus causation questions. janet yellen brought up in her last press conference that based on yesterday's testimony, where do you think powell stands on that? >> i think he stands on outsourcing the issue of what is a neutral rate to the market a child spread i

once in a century financial crisis according to alan greenspan.yesterday and today, it got even worse. the dow had the worst point drop since the markets reopened after the 9/11 attacks. lehman brothers filed for the biggest bankruptcy in history and merrill lynch has taken over. >> certainly, the largest financial disaster in decades in the country and perhaps the end of an era in american business. >> what happened in september 2008 is a scale i never saw before. you really did think, oh my god, the financial world could collapse. >> it's essential to the smooth operation of our economy. recently, that confidence has been shaken. >> fear has taken hold of the market. >> this is irrational market. >> bush and his team decide that the answer is going to be government. >> i faced a choice. to step in with dramatic government action or to stand back and allow the irresponsible actions of some to undermine the financial security of all. $700 billion taxpayer assets on the time for those clogging the financial system. >> shows how much resistance ther

alan greenspan is very big on the t word. trust. of trust with this cnbc interview yesterday? i think it puts into question their ability to maneuver but ultimately the fed were being that. it's the data. jerome powell is going to maintain his trust in that structure and normalize monetary policy in that regard. did you see any movement? jerome: rates rallied a little bit with the possibility that the fed doesn't normalizes quickly. if you look at where we are and more importantly the iterative fed program, they are still gunning for a 3.4% tim and a rate over the perceivable horizon. bright.s is let's go to the iterative wonder, michael mckee. does the press conference change with jerome powell now? he has to respond. it will depend on whether he has an opportunity to september because there's no press conference and no dots for the august cap -- calendar. tom: it's a different world, mike. living in al is news transfer media that mcchesney martin and and earns never knew. -- and burns never knew. this point, biotime you to septemb

liz: do you agree with that or is he typical of at least some federal reserve chiefs, alan greenspan was criticized for having been behind the curve and really seeing what was happening >> yeah, i mean, as a great opinion and i think the yield curve typically is a good indicator but right now it's the wrong kind of crisis or the wrong kind of yield curve to be looking at it and saying that's going to be the magic or the crystal ball on the recession. i mean, right now, the five to 10-year yield that's being ruled by global growth and right now i think the market is reassessing that to see if there really is that positive momentum in the real economy, because look, we had empire manufacturing number down, got slaughtered on monday. we had three housing apartment numbers in a row down. liz: well that's because there isn't any inventory. i mean, we've got the june housing starts and yes, they were down to i believe a nine- month low but that doesn't worry me because it's for a reason there's just too much demand and not enough profit. >> no it doesn't worry me either because a lot of th

every three months, like you know, just in lockstep formation as they were done years ago under alan greenspan but today he said, for now. as former fed insider when you start to introduce conditionality into the rate tightening path that means that he may be thinking of. he is not at first time to when the first time the fed might think of pausing in this tightening campaign, susan. you have to pay attention to the nuances with these testimonies. >> something we call keeping powder dry. gary? >> look, we still have easy money and everything is based on what the markets do and the economy. just keep in mind, i've been ais aing this forever, regardless what we do, europe and japan still have negative rates and they're still printing money. you have easy money around the globe backstopping the economy and markets. and as long as that continues everything is a-okay. let me be clear, if we do get a bad market, the economy heads south, i expect powell to stop everything in its track and lower rate before you can say boo. >> what do we do to take advantage of conditionality? prolonged tariffs in int

alan greenspan was with me we know we'll get strong second quarter but what was wrong with the first? >> it was seasonal issue. whether 2.0 or 2.2. our objective sy here than three. the revision in my mind was not material. we're looking forward. we're not looking backwards. maria: are there areas in terms of industry seeing impact more than others? technology, health care, which linda mcmahon mentioned earlier, what areas do you see responding the most or is it across the board? >> i think it is across the board. one of the things i was very impressed by yesterday when i went to wisconsin i knew about bringing flat panels back into manufacturing in the united states. i didn't realize until i got there yesterday they're creating advanced medical devices. so i got to witness advanced medical machine radiology, surgical radiology. there was all different types of aspects of advanced medicine that they're now going to manufacture those types of equipments here in the usa. maria: secretary, the new 1040 tax form has been released. supposed to make it a lot easier for individuals to file

and it seemed to me that no one would read a roman novel by alan greenspan. >> seth: right. [ light laughters.>> eth: -- you wouldn't have time to write the suspenseful romance one. how did you multi task to get ne 'em both >> i'm very flexible in my writing style. >> seth: okay, gotcha. [ laughter ]t i do w ask about "rules of engagement." >> yes. >> seth: this is your first book?hi >>is my very first book. >> seth: okay. and what was the inspiration for "rules of engagement"? >> my ex-boyfriend -- i read his dissertation. he's a chemical physicist. we were still friendly at the time he sent to me.nd we're still fr now, too. i wanna be clear. but at the time, i read his dissertation and he had this interesting chemical and it became the premise of the book. what i decided to do was to make it a spy novel. but i remembered i was angry with him so, he languies in prison in this book. >> seth: okay. [ laughter ] and did you find that cathartic? >> it was very cathartic, yeah. >> seth: okay, gotcha. and he didn't even know. he was like, "i thought i was dating stacey, not selena." [ light ughte

with arthur burns and richard nixon, even alan greenspan, you saw pressure on these fed chairman.saw economic performance not looking good. joe: this is just my opinion. chairman powell does not strike me as hawkish. he seems to have some skepticism of the usefulness of the idea of the unemployment as we know it. be what president trump backfires that it makes people on the fomc more inclined to assert their independence through policymaking? >> absolutely. that is a great point. two scenarios. the fed says we are independent and we are going to raise rates whether we like it or not. the other would be if the fed starts to slow down. tariff war's get worse, the fed gets reluctant to raise rates aggressively. the fed is would say slowing down because it is being pressured by the white house. either way you have to say that the fed's motives may be questioned more because trump has injected himself in this debate. joe: you can't unring a bell. julie: i want to come back to the audit the fed idea. this is something rand paul has been pushing for years was seen as a fringe idea. is th

alan greenspan said", president carter anticipated many programs his successor, ronald reagan embrace. he fostered major deregulation of transportation, communication and thinking. most importantly appointed paul one of the most committed fighters to the chairmanship of the federal reserve. he succeeds in offering a balanced view of the carter presidency. a splendid read. david ignatius said this. he called carter smart, decent but unlucky man in the white house. i was deputy secretary of the cabin and i had a second row seat to the first half of the presidency. i left in 1978 but stayed in touch. my late husband and i met in the roosevelt room and the west wing. president carter credits himself with our over 30 years of marriage. sydney surfer a time which has played a big role in the carter post presidency. that is not covered in the book but has lasted for decades. so when you write the book about the post presidency it has to be a minimum 8000 pages. this morning, sue will give 15 minutes of opening comments followed by a panel which i will moderate we will go to your questions. o

alan greenspan was with me we know we'll get strong second quarter but what was wrong with the first? >> it was seasonal issue. whether 2.0 or 2.2. our objective sy here than three. the revision in my mind was not material. we're looking forward. we're not looking backwards. maria: are there areas in terms of industry seeing impact more than others? technology, health care, which linda mcmahon mentioned earlier, what areas do you see responding the most or is it across the board? >> i think it is across the board. one of the things i was very impressed by yesterday when i went to wisconsin i knew about bringing flat panels back into manufacturing in the united states. i didn't realize until i got there yesterday they're creating advanced medical devices. so i got to witness advanced medical machine radiology, surgical radiology. there was all different types of aspects of advanced medicine that they're now going to manufacture those types of equipments here in the usa. maria: secretary, the new 1040 tax form has been released. supposed to make it a lot easier for individuals to file

i see myself following in the foose steps as three prior chairman who worked on this greenspan-bernanke. >> when you say trance pearns a, what are we talking about in a specific fashion? >> we doubled the number of press conferences. i'll have a press conference after every fomc meeting. that's monetary policy, a way for me to get out and talk about what the committee did at each meeting, and communicate to the public in a comprehensive way. i've also focused very much on communicating in terms that people can understand generally, not just economists. there's a very small professional audience that understand what we do very, very well. you know, economists in wall street and that kind of thing. i think the rest of the country needs to be let in on this too. >> i absolutely agree, especially in this era where we have a savings crisis. people need to understand the movement that you make as fed chair, how it relates to monetary policy and how it affects them and how they invest for their future. so i absolutely applaud your efforts in terms of press conferences, but also trying to shape

change, of employment or inflation and that's where they get involved and i will say this, alan greenspan said to me several years ago and he said this publicly, there's no factor that can forecast the direction of the currency that's better than the flip of a coin so i don't know that that's something that they can take into account as to where the dollar will go and it's difficult for them to use that in their forecast. i think they're much less concerned with it than i believe guys in the markets think they are. >> steve, thank you. >> pleasure. >> steve liesman, chief economics reporter all right. so -- >> here's one certainty. the market participants don't like uncertainty yesterday larry kudlow, the president's economic adviser, said he's a king dollar guy and he's doing a great job today we have basically the exact opposite from the president. this is the sort of messaging that makes no sense and it doesn't lend itself to confidence. >> to be fair, the president did not say anything about the dollar specifically. >> he would let him do whatever he wanted to do because he's a good g

greenspan had to lower down to 1% to battle the recession we had that started in '00 or '01, whateverhat period, and then bernanke had to lower the fed funds rate from 5.5% to 0% after the financial crisis. they need some room to play in the next sort of crisis, and it's probably going to come on jay powell's watch. so this normalization of interest rates makes total sense. it has to happen. we came off a 0% rate for seven years. >> that has to happen. what doesn't have to happen is the president lying again about funs. he said in that interview, jason that the trade deficit with china was $507 billion in 2017 when, in fact, it was $375 billion. the president is right, china has been getting away with murder for a long time. and we need to do something about it. walk us through do these tariffs make sense and why on earth a president would be straight-up lying when he doesn't need to be. >> right, i think the question is what is our objective vis-a-vis china. if it is what they're doing on, you know, intellectual property, the treatment of businesses there, the way they are advantagin

chairman greenspan often commented on the role of the gscs in questions before the senate. he said, concerns about systemic risk are appropriately focused on leverage for t we assess likely if the gnc continues unabated. requirement sooner than later. ominous word, no doubt. today pressure is being brought by the administration to relouirelouialize and that fannie and freddie would roll out in the market as substantially important. do you share this view? >> the form in which this reform takes place will, of course, be up to you and not to us. i would say i really hope that these institutions would not be systemically important at some point. i would think when you figure out a process that -- where they can be moved off the balance sheet, the idea would be that they do not pose similar risk. >> let me move on to another question for you, mr. powell. certain money market funld supportment nav in 2008. i remember where i was when that occurred. t the. . the fact is that the value of the underlying assets of those products fluctuate. they go up and down. as i said, in opposit

we will need to address this i assume we will at some point and the sooner the better chairman greenspan often commented on the role of the gse's in the economy in 2004 in testimony before the senate concerns about systemic risk are properly focused on highly leveraged financial institutions such as the gse's. to fend off future possible difficulties which we assess as likely if the gse expansion continues unabated. preventative actions are required sooner rather than later. those were his words in 2004 and honest words today pressure is brought on the administration to release the gse's out of conservatorship. although why oppose this move absent congressional action i do hope that if this were to occur there is no doubt today with fannie and freddie given their size in the housing market would be regulated as systemic leave important. do you share this view? >> the form in which this reform takes place is up to you not to us. but i would really hope that these institutions would not be systemically important some point when you figure out a process when they can be moved off the balanc

greenspan questions and they were giving you a standing ovation you have been a deficit hawk going wayto you is simple, we're spending $52,000 a second, the federal government where have we gone off the rail on deficits and is it a tax issue? was tax reform the culprit >> obviously not the taxes are too high, the taxes should be lower. the regulations and all the philosophy of government that we need to run a welfare or warfare state. it's a spending problem and it's a very weak congress that cat p -- capitulates to all the demands. they capitulate and keep on spending to stay in office it's a philosophy taught in our schools for a long time that deficits don't matter. it's astounding that they don't listen to it they're taught this. they think we don't know what we're talking about. and on a short run, you can borrow a lot of money, a can don an individual. and a country that palszs the reserve currency can do it for a long period of time. but this is an addiction >> hold on a minute, dr. ron you hit on something, we just had another texan on, and he was saying that the president has

alan greenspan, i think, many people point to the maestro and that's the main mistake you made that hee was hanging out. >> we were talking about ways and in relation and we not even seen it until just now. that is one thing that deserves credit. we not releasing big wage inflation. the risk is facing massive speculation whether crypto currencies or prices are getting ahead of the fundamentals and that's our biggest concern. charles: the market watch, the dow is cheaper now than the market is turning 16 and a half and i was over 20 - >> were much more skeptical of evaluation. or forward earnings estimates. s&p is up 20% and that's a consensus and we could paint a picture where it's down 10% if we see continued inflation, global growth fall off from go-between issues and i have margin earnings. charles: you think the p/e ratio and where would you put a dent? >> earning estimates are too high. [inaudible conversations] charles: even though we blow them out of the water last quarter and guidance is phenomenal? you think all of that is - >> if the global trade stuff settles and we come wit

bush said i appointed greenspan and he disappointed me. >> that's after the fact. >> after the fact. >> not in the course of what the fed is doing. >> i'm doing my best, melissa. i do not believe in our modern history there is an analog of a president talking so openly and, i guess, honestly would be another thing. and critically of fed reserve policy chairman powell gave an interview and he said that the federal reserve is independent and he doesn't really follow the ongoing, in terms of the political side of things i also am pretty sure that as chairman, jerome powell has not met with president trump. >> he described himself, the president, during the campaign as a low-rate guy. >> he's in real estate for goodness sakes. >> that's exactly what he said >>> steve, stay with us. on the newsline, frederick michigan, nominate e mishkin. thank you for being with us. >> good to be with you. >> what is your reaction to what the president just said and how, if at all, does it affect the independence of the fed to do what it thinks it needs to do in the best interest of the economy? >> well,

greenspan. >>> welcome become wall street getting ready for the busiest week of summer about 30 companieso report earnings what to expect at brad mckiln chief financial officer with commonwealth network and our cnbc contributor good to see you both tim i'll start with you. we were talking about how the rising dollar was a earn concern. maeft movement from the dollar in the past 24 hours what do you think is the take away there are obviously companies and sectors that will get a reprieve from the dollar weakness. >> look, i'll stay away from the politics no one wants to hear my politics any way. a weaker dollar and less fed are more positives for stock market. as we go to the earning season, the bets have been pronounced i would say top and bottom line. this is largely a good thing yes, if i think about what's going on with the airlines, a massive rally the last couple days emerging markets up 139 5% today. there are dollar sensitive industries and a lot of people weeks aig were talking about the strength of dollar at 95 and the dixie i was concerned about breaking a resistance level and f

tom: alan greenspan would say this is important. resilient equity market to provide confidence, and he is getting it in spades. that allows for him to move towards neutrality and even restrictive stance? kim: i don't think it is the equity market that is driving policy. tom: i agree. it helps. kim: it doesn't hurt. raiselan to gradually interest rates and normalize at a level that is consistent with history as opposed to the accommodative stance they had today. -- have today. francine: what do you worry about in the markets and the economy right now? we have morgan stanley saying we will see a big drop in equities. we have geopolitics, trade tensions, the shutdown. is the market good at seeing these pressure points? are they cool or too anxious about it? kim: the purpose the fed has in raising rates is to sustain the recovery. to ensure the economy can continue to grow for a longer time. if markets discount that healthy future, it should not be very bad news. if they are looking only at the next quarter or two, they are going to hav

tom: chairman greenspan talked about the spread the difference between chairman powell and martin acrosstethered to phillips curve to phillips wedded curve certitude? abby: he is fortunate to have an outstanding staff and they are well aware of it. the people at the fed like the rest of us need to understand oh we are all trying to use are in many cases -- data we are all trying to use is flawed. what i'm concerned about is not taking into account some of the things paul sweeny addressed and that is the impact not just on productivity but also one gdp growth on newer technologies. francine: is that what economists are getting wrong? or is there something else to worry about? whether it's economic models or actual economists misjudge? abby: i am concerned we are not giving proper attention to technology not for a lack of trying, we just don't have the data and the commerce department is not collecting it as we need. i'm concerned we aren't collecting data properly in the service sector and the other big area is multinational trade. it's about the only place we have good -- the only place

sign that impending doom is oon the rurisen >> if you recall what happened in the 19 nineties allen greenspan was spouse to say that ininterest rate said were extremely low. that did not protect him from the 2008 crasis fop if. >> thank you, fies good to esee you e. >> coming up when we return. >>> remember those flame therefores elon musk has a new product he's selling and it's already sold out. then in the next one the c stay tuned. you're watching "squawk" at fidelity, our online u.s. equity trades are just $4.95. so no matter what you trade, or where you trade, you'll only pay $4.95. fidelity. open an account today. >>> welcome back to "squawk box" surff's up elon musk's company now marketing surf boards made from similar carbon fire as tesla interiors. despite the $1500 price tag all 200 boards have already sold out. if you have your heart set on riding the waves on the tesla board, some have already suffered on e bay for up to $4,000 he did look, this is probably a high margin product. so could can help with cash. >> pretty sharp looking. >> apparently fits in the middle sand the model

other way statistically shows better reliability in terms of recession >> doesn't it also sound like greenspanterm rates would not go up. so the last cycle, we were also trying to explain away the flatness of the yield curve. >> it didn't work until it did much, much later so it was not a twie invest, right? it was like one of those broken clock indicators >> you need a more cow bell tie up >> one we do have is the outlook for the probabilities for rate hikes. if you look at them, they're still seeing the fed hiking. they haven't backed off that although that third hike from now is not until june 19 if you have 50% probability so there is indication it slows down a bit next year what would that be that's be 2.5 on that third one there. so the market not so quick to think the fed gets there >> all right steve's going to stick around. joining us now is nathan sheets. nathan, good morning to you. >> good morning. >> should we not fear the yield curve? >> so i would -- i'd say the yield curve is a very important indicator. and i think the flatness of the curve that steve highlights is very much gi

i have a comment. , my firstntleman question is how old were you in wasral -- when greenspan concernedhe biggest problem that might be paying isn the national debt, which why i supported the bush tax cut ? host: why you concerned about age? caller: because he has been watching the money for it is why i supported the bush tax wh. guest: i am a proud member of the baby boom generation. host: do you have a follow-up question? caller: my point being, $21 trillion is a very large chunk of change. it was about $5 trillion when they cut taxes. and at that point, that is when it started to boeing. - -- balloon basically the money has been transferred out of the treasury and into the hands of the top 1%, maybe 1.5%, maybe 1.25%. so you cannot just rip that back. said,ke the caller before what is the problem with raising tax rates? not to mention the fact that the people before talking about drug prices. donald trump talks about how we are getting ripped off by other countries. meanwhile, other countries are mostly ripping us off by letting us pay the high price of drugs that they get reduced pr

maria: even alan greenspan came on the show last week and he said we're going to have a very strong second for those numbers in a couple weeks on the gdp. the president just tweeted on ms-13. he wrote this, when we have an infest aation of ms-13 gangs in certain parts of the country, who do we send to get them out? i.c.e., they're tougher and smarter than the rough criminal elements, that bad immigration laws allow into our country. dems don't appreciate the great job they do. november. he followed up with another tweet saying that how can the democrats, who are weak on border and weak on crime, do well in november? the people of our country want and demand safety and security while the democrats are more interested in ripping apart and demeaning and not properly funding our great law enforcement. you wonder how that's going to impact the midterm elections with all these calls to abolish i.c.e. we want to go to the battle over the high court, disagreements among democrats and republicans driving a vicious wedge throughout the country. the latest signs of the deepening political divide. joi

maria: we know that -- even alan greenspan joined us last week dagen said we know that second quarteret second investigatory gdp final. dagen: it is what have you done for me lately the markets a little bit going into not keep bringing up trade but trade is an issue. maria: one -- right. dagen: investors waiting to see, a real world impact businesses possibly retaliation becomes more clear, that and what have you done important me late in terms of earnings requests incredible growth looks like the least for the year percentage gain peaked first quarter. >> maybe never mind growth and q2 now looking at ahead you mentioned some headwinds victoria this is mike block, by the way, are you concerned that there is going to be guidance that is a little more uncertain in earnings season given some of the headwinds that you mentioned especially the tariffs and trade in general? >> yeah i think we are going to have to be a little cautious companies don't like uncertainty markets don't like uncertainty we definitely have that with tariff and trade issues we just don't know what is really going to