administration is doing versus another at the end of the day now staying on these comments from yellen joseph of u.s. stocks are rebounding on wednesday as yellen walks back comment she made earlier suggesting that rates might rise break it down for us is there a real risk of the economy overheating or is it still too early to tell. well the unwritten job description of yelland in the fed is to keep the american public calm so we've seen this throughout history where you know we were hidden periods or insulation or maybe the markets were behaving in a way that weren't so favored ball and you would hear that the fed would come out and you know roll back some of the things they said previously before they you know made changes. are we still in in a period where it could have been and were over a solution yeah i believe we might be a we're already seen it with gas prices we're seeing in the grocery store right now people are sitting on all this surplus cash from stimulus and they're ready to get out as the economy opens back up and we're seeing this isn't even the rental car industry there in ev

ministration is doing versus another at the end of the day now staying on these comments from yellen joseph of u.s. stocks are rebounding on wednesday as yellen walks back comment she made earlier suggesting that rates might rise break it down for us is there a real risk of the economy overheating or is it still too early to tell. well the unwritten job description of yelland in the fed is to keep the american public calm so we've seen this throughout history where you know we were hidden peri's our insulation or maybe the markets were behaving in a way that weren't so favored ball and you would hear that the fed would come out and you know roll back some of the things they said previously before they you know made changes. are we still in in a period where it could have been an ember over solution yeah i believe we might be a we're already seen it with gas prices we're seeing and grocery store right now people are sitting on all this surplus cash from stimulus and they're ready to get out as the economy opens back up and we're seeing this and even the rental car industry in airlines people

administration is doing versus another at the end of the day now staying on these comments from yellen joseph of u.s. stocks are rebounding on wednesday as yellen walks back comment she made earlier suggesting that rates might rise break it down for us is there a real risk of the economy overheating or is it still too early to tell. well the unwritten job description of yelland in the fed is to keep the american public calm so we've seen this throughout history where you know we were hit periods or insulation or maybe the markets were behaving in a way that weren't so favorable and you would hear that the fed would come out and you know hold back some of the things they said previously before they you know made changes. are we still in in a period where it could have been an ember over solution yeah i believe we might be we're already seeing it with gas prices were seen in the grocery store right now people are sitting on all this surplus cash from stimulus and they're ready to get out as the economy opens back up and we're seeing this isn't even the rental car industry even airlines people c

are you in the camp of janet yellen that taxes should be relays done companies -- should be raised on companies, and if so why is it not sufficient to do deficit spending? josephee that eventually we need to correct our distorted tax system, which in terms of the percentage of gdp raised in taxes, it is insufficient to raise a percentage of the economy where you need infrastructure research, education. a host of needs make a well-functioning economy and society. we also have a distorted tax system that is less progressive than other countries, less progressive that it should be, particularly given the enormous inequality over the last four decades. the question is one of timing. the basic law of economics is scarcity of resources. we have underutilized our resources. we have some capacity to expand production. eventually we will reach capacity constraints and then we will have to decide how our resources are allocated. that is when the issues of taxes become germane. jonathan: i will not get into a debate about the efficient allocation of resources with the nobel laureate. columbia business school professor i've been accused of arrogance in the past but i will