greenspan put which means that any time markets went down greenspan would bail them out and print more money then bernanke it's a cover then janet yellen sic over and now jay powell is taken over so i got 4 successive fed chairman and woman who have been engaged in this obvious fraud with bernanke the way he was very had a very bad poker face and you could tell he didn't believe a word he was saying he was just setting himself up for that job at citadel when he got out of the out of the fed and cash in so many politicians and policy and fed chairman do but it's interesting in that we've had now 35 years of this fraud and it goes from chairman to chairman to chairwoman to chairman and as a result the subsequent crash and devastation could make the what happened in

greenspan that this changes anytime soon?dministration recently came out with their budget, and they predicted that rates would stay around these levels, 2% or lower for the next ten years. is that what you think? >> no, i don't think that's what they think either. the problem that we have got, as the population ages and people retire, they then begin to seek secure resources, ten years hence, to fund their increase the expected life. and what they are doing is they are buying safe securities with ten years in the future or 20 years in the future. and they are doing that to make sure they have the resources to live the lives they had lovable trade lead will they were working. a very substantial part of what's this cause and effect is, the impact is that the demand for secure bonds mainly as the population of retirees grows, is driving interest rates down. maria: what is your take on the federal budget deficit the $202 trillion in debt this country faces and what the ultimate impact of this will be? >> politically at this stag

greenspan put which means that any time markets went down greenspan would bail them out and print more money then bernanke it's a cover then janet yellen sic over and now jay powell is taken over so i got 4 successive fed chairman and woman who have been engaged in this obvious fraud with bernanke he was very had a very bad poker face and you could tell he didn't believe a word he was saying he was just setting himself up for that job at citadel when he got out of the out of the fed and cash in as so many politicians and policy and fed chairman do but it's interesting in that we've had now 35 years of this fraud and it goes from chairman to chairman to chairwoman to chairman and as a result the subsequent crass and devastation could make the what happened in france look like a picnic and france went into a severe economic tailspin and the whole country crashed and i think this is this crash that these 4 fed folks set up could be bigger lawrence. you know i have to agree with the maxim in it if you had hyperinflation before in history you know why aren't argentina and others and general

alan greenspan. the former chair of the federal reserve. just before the decision tomorrow of the fomc. our thanks to david westin and former fed chair alan greenspan. a couple of headlines in the last two minutes, president trump orders meat processing plants to remain open, according to a source. the president will use the defense production act to designate meat processors as essential and critical. hillary also word clinton will endorse joe biden this afternoon. the new york times reported that hillary clinton will endorse joe biden this afternoon. this is bloomberg. ♪ vonnie: this is bloomberg markets. i'm vonnie quinn. the fomc beginning their meeting today ahead of the rate decision tomorrow and the statement which investors will be awaiting. spoke to alan greenspan about his view on the coronavirus crisis. he is concerned about demographics these days. joining us for a look ahead to the fomc decision day, a wrapup of where we are right now in the economy, we have ed yardeni. numbers this week, they will not be pretty. how swift and

at least with alan greenspan bailing out everybody in sight. and there's a limit to that but the limit is much higher than that originally seemed like it was you know because in part because an unlimited central bank printing press is a great tool for what would people in the beginning the world is basically ok and in part because it's global everybody has a fee a currency printed press so all the different countries can watch each other's backs and the fact that they were able to cooperate in this you know essentially of a global long term inflation. has meant a big they will get away with marketing the should have but the cost of massive increases in debt. and there there is a limit somewhere there's a number of weeks yet. but we won't know until after the fact what that number is you know i suspect it's pretty close to where we are now but chances are that for sure. but yeah from here on out we get more and more experimental we take bigger and bigger risks and i do think the. well bailing out all the industries that are going to blow up beca

more and more and more giant bubbles and huge collapses and the fed comes in way more than alan greenspan used to you know at the beginning now it's like they are the market so one thing you notice with that is that bad news corp's deliver is the best possible news they can deliver for shareholders any time there's bad news there price rockets especially if somebody like boeing which is too big to fail is the one aeronautical engineering company in the united states that 7 percent of our exports it's got to survive certainly more than jamie diamond's j.p. morgan so freaking boeing post 1st annual loss and more than 2 decades a 737 max crisis continues now sometimes max you are a broker at bad news like that like the 1st loss in 20 years normally foot's a got to dump that turkey nope it was up as you see here 1.74 percent in the premarket on that news and then it went up even further right so let's put this into historical perspective so let's say after world war 2 the 1950 s. it's america it's booming you have 2 soda companies and they're competing they're the dominant players in the soda

and the intervention by the fed the activist fed who came in the greenspan put that you would never ever lose money if you just continued to believe in the s. and p. 500 because the fed would have your back well you see the divergence really take off that you know nominal g.d.p. has just been the same slowly rising just like gold over the past few decades since alan greenspan but the s. and p. 500 has taken off doesn't care about earnings or anything like that you know because the g.d.p. is based on consumption and tied to wages and earnings and economic activity and manufacturing and things like that are tangible the s. and p. is based entirely on the ability to as zeros to your earnings statements based on the money that's being given to you by your king god the federal reserve bank and so there is no connection and there is no need as i've said before the 3 trillion dollars or so that are collected every year by america's internal revenue service to fund the budget is is not needed whatsoever they can simply print all the money they need it's a token amount compared to the amount

we talk withal lain greenspan come -- alan greenspan coming up.al workplace loyalty, why this generation is faithful longer and what company is reaping the benefits. 5 a g's future, we go inside the technology that will change everything. first, quick break and then showdown in sin city. democrats squared off last night, taking aim at mike bloomberg. we take a look. celebrating black history month, barbie makes history with a new collaboration, details right here. stay with us. ♪ i am a champion. ♪ and you're gonna hear me roar. ♪ louder, louder than a lion. ♪ i am a champion. ♪ and you're gonna hear me roar and when you open a new brokerage account, your cash is automatically invested at a great rate. that's why fidelity leads the industry in value while our competition continues to talk. ♪ talk, talk 1 in 3 deaths is caused byn cardiovascular disease. millions of patients are treated with statins-but up to 75% persistent cardiovascular risk still remains. many have turned to fish oil supplements. others, fenofibrates or niacin. but here's a numb

tom: is the greenspan era ending?alan greenspan was of a gradual approach of sixteenths and eighths of a percentage point, are we going back to larger increases? did the greenspan era and yesterday -- era end yesterday? bill: i am not sure that greenspan would necessarily disagree with what the fed is doing, but we are not in the era where you tighten pre-into the lead because using the economy is getting to full employment. you wait until it translates into rising inflation before you actually change monetary policy. so it is a meaningful shift. with that said, i think the fed is already acting that way today. the fact that when the fed stopped raising rates and reversed course a year and a half ago, that was partly due to the idea that we want to get inflation above 2%. so we have already seen a shift in policy. lisa: does the fed have any control at this point in actually boosting the inflation rate that they want to boost? bill: that's where a lot of skeptic.have been you haven't been able to a compass that over t

is to spend the same like slowly rising just leg old over the past few decades since alan greenspan but the s. and p. 500 is taken off doesn't care about earnings or anything like that i know because the g.d.p. is based on consumption and tied to wages am earnings an economic activity and manufacturing and things like better tangible the s. and p. is based entirely on the ability to as zeros to your earnings statements based on the money that's being given to you by your king god to federal reserve bank and and so there is don't come action and there is no need as i've said before that the 3 trillion dollars or so that are collected every year by america's internal revenue service to fund the budget is is not needed whatsoever they can simply print all the money they need it's a token amount compared to the amount of they print 16 trillion and they collect 3 trillion in taxes it's a now it's not it's a rounding error is nobody needs that money well these 2 are required just like the taxes make it feel real so if you didn't have to pay taxes like it's all of monopoly game but it feels re

greenspan insists that benefits reform is essential. ♪ >> we are already turning a corner.we now start to make major changes our productivity growth rate will slow down. below where it is now which is 1% a year. we are trying to spend more than we have. we made the decision that we will spend only what they have. it took 500% interest rate. >> i want to talk about the underlying series at the moment. you don't talk about monetary policy per se. you have been good about that. i must ask a fiscal question. we have a heritage of a generation that have told us that someday there will be trillion dollar deficits. they are upon us right now. what is the greenspan prescription to help our grandchildren and your great-grandchildren with this conundrum? >> first is to address the source of the problem. the source of the problem is that we have a defined-benefit program for social security. for pretty much everything else. what we need to do is go to a a defined contribution program. the 401k is all we have. that will put a damper on our major problem. if we can resolve that, we have

i think it was bob heller from san francisco, and greenspan. you can use a market basket of commodities. 25 commodities. that's judging the value of the dollar. rising, ifation is the market is rallying, that tells you have to do something. you have to tighten up the dollar. if it is falling, he probably loosen up. that's what i would use. i am an old gold guy. i think nowadays you probably have to make the basket a little larger. we never going to have balance of payment transfers in gold. -- again, i worked at the fed, open market operations, and volcker. the used to move gold from one country to another to sell down payment accounts. they don't do that anymore. so, robert finch. >> and trying to make you both happy and give you each a magic wand and three picks. specific policy actions. you only get three, though. you don't have to agree, three policy pixie would implement right now, whether it is immigration, regulatory, corporate, individual taxes, capital gains, whatever. but will be the three things you would wish for? you know, the: rea

greenspan, we love to see you.y cnbc's inclooux in action forum examines how concrete immediate action can be taken to create sustainable solutions to allow for equity and opportunity for all. join us today by risegtering at cnbcevents.com/inclusion every feeling. a product of mastery. lease the 2020 es 350 for $359 a month for 36 months. experience amazing at your lexus dealer. ♪ ♪ ♪ a lot goes through your mind. with fidelity wealth management, your dedicated adviser can give you straightforward advice and tailored recommendations. that's the clarity you get with fidelity wealth management. you know your kid doesn't step around puddles. and you know cheap leaky diapers are an amateur move. you need luvs pro-level protection. luvs. parent like a pro. . >>> canopy growth is releasing a martha stewart inspired line of cannabis in linking up with a cannabis company, stewart has come a long way from turning out cook books and home decorating tips it came after her brief prison stint in 2005 offering a line of meal kit

alan greenspan. i spoke to chairman greenspan last night. really looking forward to this. , as he considers the effect on america's productivity and economic might. later today. this is bloomberg. ♪ ,"m: "bloomberg surveillance in london, in washington. we will see what david westin brings in the coming weeks it a smart conversation to wrap up week. right now, a smart conversation with francine at our london desk, his john normand of jp morgan. the correlation he brings into the asset classes of equities, fixed income, currencies, and commodities. what is the headline of note this weekend, john? what has changed with all that is going on with international relations? how does that correlate into the correlations? john: to me the headline is that there are a lot of developments in play, none of them really that major, meaning that even though the oil price surprised, it is not that much of a surprise or shock in the context of an oil market wher production is diversified. some of the data has been consistent, most of them moving in the right direction. and a lot of headline

exclusive interview with former federal reserve chairman alan greenspan, his thoughts on the state ofhe was economy and the stimulus logjam. markets are now lower and bouncing around on speculation whether lawmakers will finalize a stimulus deal. after thea announces bell today, all but guarantee to report a fifth consecutive profit. markets,heck of the the major indices are down at this point, about a quarter of a percentage point of peace and they had been higher earlier. the dollar index is partially to blame at 92.5 so lots of weakness for the dollar index partially thanks to sterling. brexit trade talks are on again and that is a new deadline of mid-november being set by boris johnson and europe that has sterling higher than the u.s. dollar. a quick look at some of the twitter is having a better day, it looks like it might be shielded liability wise and it has the stock up. law that istract based on earnings last night. let's send it over to david wilson with the former federal reserve chairman. david: on behalf of our bloomberg radio and television audience worldwide, we welcome

and the so-called greenspan put and then the bernanke he put and then the janet yellen put and now the jay powell put it seems like the fed has not really been doing on it supposed to be doing and that is taking away the punchbowl when things get too frothy it seems like they've actually been exacerbating this problem for several decades and now here we are in 2020 what the worst crisis and oh you know depending on how you look at it 506100 years and they they have no real ammunition left dan dan what do you think i think unlimited is plenty of ammunition and i think if. you know if they were overly easy we would have seen that as they said in the dollar the dollar has been super strong against all currencies and that tells you. that policy in fact in fact has be. tighter than it should have been and i think. in terms of taking away the punchbowl they tried to do that in 2018 it led in december to a complete wipe out again. largely because the underlying pressures in the world economy are still deflationary and there are a lot of reasons for that and you can talk about that for hours a

. >> alan greenspan says the only way to curb deficits is to pull back benefits. >> we are trying topend more than we have. >> that's all ahead on bloomberg best. ♪ hello and welcome. i'm sebastian star lick, and this is bloomberg best, your weekly review of the most important business news, analysis, and interviews. let's start with a day by day look at the top headlines. we began with markets reeling from a geopolitical shock in iraq, an attack that killed one of iran's top military officials. ♪ >> the fallout of a top iranian military commander is widening. lawmakers in iraq have voted to expel american troops. iran says it will no longer abide by the nuclear deal reached with major powers in 2015. >> president trump also threatening iran with major retaliations if they "do anything." where are we right now? >> we are hearing reprisal talk on both sides. we are hearing from iraq, the parliament voted that they do not want u.s. troops in iraq. -- this is the death the death, of course, for the nuclear accord. what happens in terms of any retaliation from iran? >> oil hit $70 a barr