alan greenspan that. brexit is latin american populism.ssibly italy as well. we had a guest in the studio the other day and he was making the point that the situation with greece at the moment is untenable unless somebody cuts the depth and at the moment there doesn't seem to be any sign of that because germany of course is heading into an election and germany is one of the biggest creditors. the americans are very frustrated about this, we heard from president trump's trade adviser speaking just last month saying germany is keeping the euro artificially low by keeping countries like greece on board. there are plenty people in america who would like greece to be cut loose the weaker countries can drift away and the euro becomes stronger and therefore there would be a more equitable trading partnership between europe and the united states. it is interesting, a lot of the people talking at the moment about greece. mr trump clearly a supporter of brexit but not everyone here in washington still the same as the president does. clearly the form

that was former federal reserve chairman alan greenspan. that lets you create and send pictures or videos with a brief shelflife. some of you may be using it, in fact. brief shelflife. some of you may be using it, infact. shares brief shelflife. some of you may be using it, in fact. shares will begin trading on the us stock exchange on tuesday, and overnight the shares we re tuesday, and overnight the shares were priced at $17 per share, above the $40 price range it had previously indicated, that values the company at $24 billion, despite the company at $24 billion, despite the fact that snapchat is yet to turn a profit. in fact, it lost over $500 million last year alone. so what has investors so excited? 0ur correspondent has the answer. in just five years, snapchat has gone from a little app that was created bya from a little app that was created by a couple of college kids to a virtual giant in the world of social media, with a 160 million daily active users and on thursday it will start trading on the us stock exchange. so why are inves

katty kay spoke with alan greenspan. esther greenspan: -- mr. greenspan: it is a very important change in style. which everyone is commenting on correctly. which i frankly expected to see the day he got into office and was shocked that he didn't. twitter,ys off of the we will all be better off. it was a good performance compared to what he did in the past. katty: he made a lot of spending proposals he would like. infrastructure, military, family . where is the revenue side to pay for all? mr. greenspan: that was not a speech that was meant to be taken literally. there is double entry bookkeeping. one must ask how you fund various things. there is nothing in there except vague notions about strong economic growth. where is that coming from? we are at the moment going through a period of significant stagnation, which has gone on for five years. this is having a very critical impact on the psychology of the economy. with growth society that almost looks to some form of populism. what we're looking at at this moment, from what i can see, is somethin

that is alan greenspan. some breaking sports news from spain.e has to be perfect. near record—breaking humility cold air in central canada. violent storms in the south, tornado activity in reducing during wednesday afternoon, gusty winds, hailand wednesday afternoon, gusty winds, hail and flash flooding. the cold air lock david great lakes means he could see disruptive snow. the last of the height of bridges across the east. as the thundery squall pushes over the eastern seaboard, the floodgates open to the north—west. cold air pouring out of canada right across the north—east. frosty nights and sunshine, but also some snow. we are going to see that across the new york area on friday. temperatures are good 15 degrees lower than they were earlier in the week. temperatures dipping down to -6 week. temperatures dipping down to —6 in montreal. we have had some pretty rough weather across northern saudi arabia into jordan pretty rough weather across northern saudi arabia intojordan will stop some thunder have developed and some flooding in places. an

. >> we want to wish a happy birthday to alan greenspan who turn 91 years old today. >> a bird flu scare here in the u.s. >> let's kick this off with gm, the news is exiting the european business. this is now creating a new european car giant. let's talk about the bird flu, a dead lay firm chicken that would mark the first u.s. case out of commercial poultry farm this year and first time year in tennessee. they have been put under quarantine. the market, looking at future we expecting down take. this is after we saw record after record in u.s. markets. the key point this week is job reports. 185,000 for the month of february. back over to you. >> all right carolyn, thank you. >>> still ahead it was a huge night for justice tin timberlake at i heart show. you're watching "early today". maybe it can quickly give this teen a thicker mustache? doesn't look like it. will clearasil act fast to help this teen concentrate on his math test? darn. can it help... nope. no. so let's be clear: clearasil works fast on teen acne, not so much on other teen things. more "doing chores for dad" per roll mo

us stocks soar after the speech, but the former chairman of the federal reserve, alan greenspan, tellsamerica under donald trump will have 3% more growth. that's how he's good to fix it and pay for it all. can you do it?

. >> we want to wish a happy birthday to alan greenspan who turn 91 years old today. >>> moving markets, a major deal is in the works for general motors and a bird flu scare here in the united states. we have it from cnbc. kate, good morning. >> reporter: good morning to you. general motors strikes a deal to sell the european operations for more than $2 billion. the business includes the opel brand. the europe division lost billions of dollars the past two decades. the deal raises questions about the fate of thousands of jobs in europe. they have 22,000 workers in the uk and germany. >>> a deadly form of bird flu has been found in tennessee. it's the first this year. they have been quarantined and the flock destroyed. tennessee borders several large chicken producing states. south korea banned impart ports from the united states. >>> the federal reserve hikes interest rates when they meet next week. janet yellin all but confirmed an increase is coming. the markets will get several reports topped by the big news on friday, the monthly jobs report. back to you. >> kate rogers for us on th

like when alan greenspan in the late 1990's said were going to fire up productivity growth, so we don't need to raise rates so quickly, janet yellen was basically using the same approach. growth is coming from her activity enhancing reforms and the fed is comfortable with that. if it comes from other stimulus areas there is potential for more of a clash. are there any weak spots in the american economy that you would be cautious about, going forward? >> on the questions is exactly what will happen with the reforms proposed by the administration. reformll happen with tax and regulatory reform. those are some uncertainties and the sooner we get clarity on those and have execution on those, the better. so there is some execution risk that is there. but the economy right now seems to be a reasonably good path. there is always something that can happen, some shock that we don't see. but right now things seem reasonably balanced. kate: thanks so much for speaking to us. the markets had largely priced in the rate hike but we've seen wall street cheering the decision from the fed. the dow jumpe

after the near collapse of global markets, former federal reserve chairman alan greenspan said, "no two anything in common except human nature." and that is where we pick up with pulitzer prize-winning journalist thomas friedman. what part did we as individuals play in what went wrong? what can we do better? thomas: when someone comes to you, selling you a home mortgage, and telling you the only thing they need to do is check if you can fog up a knife, and not show your income statement, that is a pretty good sign that it sounds too good to be true. it usually is. also, should we really have to pass a law that tells bankers, "you cannot give a loan to someone who cannot pay it back?" i mean, do we need to pass a law to do that? so people were doing such manifestly obviously unsustainable things because they always thought, what i call ibg or ybg, i will be gone or you will gone. i will do this mortgage, because i will be gone. i will package this into 1000 bonds, i will sell it to somebody, and i will be gone. they pawn it off to another investment bank in france and they will be gone.

rally rod when the fad was aggressively pushing down the rates the stocks went into free-fall was alan greenspan not as skillful asd been burnett keep blacks and then they say you don't understand what happened was the fed in conducting quantitative easing drawdown the yield on the bond so much that equity was silly game in town.ere to go a very interesting theory but then there bush have been a massive correction in bonds reflecting some of the only major occurred is that i don't see your argument. please explain. the fed created partially in dark -- that had to create its way to the stock market. did not create a $4 trillion but you can believe that. but for that to ensure the stock market for trillion dollars must exit.c in this nother world inhabited by academics put the buyer to expressth optimism a seller must express pessimism. into express that view they must get to express a pessimist so horrible to be i optimistic in nests show pessimism and day equal eachh other out at which point we get to the basic truth about the markets themselves. quite simply do not price in the present but alwa

but what is one that you like to look up, sort of an alan greenspan question. you like to check that would you like other people to check out. what is an underrated data? >> if i were alan greenspan i would have to say something like the weight of gdp. but that would not be my favorite. >> i would say the unemployment report. that's measured compared to other things, most importantly gdp and tells you everything about wages and how many people got a job and what unemployment rate is. and we can ayee or disagree on whether you agree or use different definitions and it has a wealth of information about what is actually the state of the business cycle and it is just incredibly insightful and for the moment, we have full employment? is this a time for the fed to raise rates? you can get so many answers andsome questions and this is an advertising pitch for looking at the unemployment report. so outstanding. >> first friday of every month except what is the exception? >> depends on when the 12th of the month is and in this month is the next week rather than on this

yields were going down in the dollar was weakening and i was the time of the famous conundrum from alan greenspansavings from asia piling into the united states. this time we are seeing something slightly similar, but for very different reasons. i do not think there is another conundrum right now. asia theye savings in are not suppressing interest rates. it is expectation from the fed hiking cycle. they see long-term interest rates staying very high for very long. long-term interest rates have not risen on the back of rick interest hikes. heard moments ago that there could be up to four hike this year. you are telling me during the break that this is an uncomfortable position and it will jump on any opportunity to hike rates so you can give itself more time and space to react done a lot, right? is to managereason unemployment and inflation. asre are two key variables the fed chairman said. the second reason is you want to have interest rates at the level that gives you options in the future. there will be a downturn at some point. reflationary relax pressures at some point. they want to have inte

you know the maest the challenge of central banking in democratic sociy, alan greenspan warned, quote irrational exuberance escalated asset value. the market swooned to those markets. along with consumer confidence rallied for another three years. both of them peaked in january 2000. i'm wondering what is the resistance to optimism in a country which was once envied by the world for unbridled belief in its own greatness. katie, what the hell happened? we used to be most optimistic people on the planet? >> i don't know if i'm the best person to tell you. i'm a bit of a pessimist. i was finance major in college. look where i am now. i'm a journalist. the of course the great recession that occurred. we're still recovering from that. such slow growth under obama and definitely a slog. there is optimism under trump. saying right things. doing right things, inspiring us but he can be all over the place. people are still hesitant because they see things going well but l not totally sure trump will seal the deal. charles: adrianne before donald trump arrival on the scene, social media, newspa

the story is accumulating large reserves, the reason was the bailout from the financial crisis, alan greenspan and robert rubin, post harsh terms, they want to deal with the imf after that. that was a lesson they learned in latin american, south asia, anyone position to regulate reserves in the developing world did so after 1997. these countries instead of running trade deficits were net lenders, very diverse story so the people who argue for the current system were the enemies of the world poor, not bernie sanders is that is true in theory and with a look of the period 1997, you are welcome to ignore it but that is not reality. a lot of people in the developing world happy to work on what they were doing. in michigan, ohio, and in the developing world happy to train as doctors, lawyers, dentists, and professionals, very difficult to do. and other professions, doctors want to know best. without having completed us residency programs. we want to assure standards for doctors. competent doctors, and in protectionism. and in canada, twice as much. and the human price for that, the difference of wh

. >>> happy birthday, alan greenspan. >> 91. >> "fast money" begins right now. >>> "fast money" starts right now, i'm scott walker in for melissa lee. our traders on the desk, tonight on "fast," a top technician says one group of stocks is so bad, it might actually be good for your portfolio. plus mohamed el-erian will tell us what he believes is really behind the rally. >>> and otheh, snap, shares of p falling. the company slapped with sell ratings. were are so many analysts so cold on the hottest ipo of the year? we'll explain. >>> first, white house press secretary sean spicer taking impromptu questions outside the white house moments ago, we go to eamon javers. >> reporter: that's right, scott, i had a chance just a few minutes ago to ask sean spicer here about a spears of tweets we get from president trump just in the past hour. i believe we have some of those tweets loaded up. the president here talking about exxonmobil, touting that company for a $20 billion investment initiative that the white house says will create thousands of jobs in the gulf coast region. interestingly, tho

a way to get this settled and in the reagan administration they put together pat moynihan and alan greenspanl security. >> and that's why they didn't do that, set up your own and buy yourself time. that would have been the other thing. >> stop the repeefl obamacare. take that sting of we need to take this thing away from obama. if you've got problems with it. fix it. that's what legislating is for. >> now i'm going to answer hugh's intrigue. march madness known for its heartbreaks and all things that could be applied to republicans this week, but one super pac was so sure that repealing obamacare was a slam dunk that they ran ads during march madness games thanking republicans to replace the affordable care act. it seemed to be a victory lap for a non-existent win. she came out against the plan. she was a "no" on this, and it was interesting where they were nervous. it was des moines, it was darryl issa was in there and you had identified those folks. >> she brusted her own bracket is the way you look at it. >> but i don't know if anybody had a worse friday than paul ryan. i asked paul ryan

remember, it was in no small part -- and alan greenspan agreed with what i'm about to say, because wefinancial deregulation in the '90s and 2000s, we ended up with a market crash that cost the economy trillions of dollars, 26 million jobs, $11 trillion in lost wealth, and that's not something we should forget, even though it was ten years ago. >> william, so, if we're caught in this constant pendulum swing of undershooting and overshooting on regs, where do you think we are about right now? >> well, i think it's time to begin the budget regulations. jared raises some good points there, but let's look at how budgets of the small business sector and the medium-sized sector are affected by regulations. increasingly, you have to hire people just to comply with the regulations. these are folks that are not producing the services or the goods where the profits come from. what our research shows i that there is a now almost unexpectably high cumulative cost of regulation. it's a burden. that's where the trump administration's one in two out regulatory budget is welcome. is will stall or slow

a way to get this settled and in the reagan administration they put together pat moynihan and alan greenspanlved social security. >> and that's why they didn't do that, set up your own and buy yourself time. that would have been the other thing. >> stop the repeefl obamacare. take that sting of we need to take this thing away from obama. if you've got problems with it. fix it. that's what legislating is for. >> now i'm going to answer hugh's intrigue. march madness known for its heartbreaks and all things that could be applied to republicans this week, but one super pac was so sure that repealing obamacare was a slam dunk that they ran ads during march madness games thanking republicans to replace the affordable care act. it seemed to be a victory lap for a non-existent win. she came out against the plan. she was a "no" on this, and it was interesting where they were nervous. it was des moines, it was darryl issa was in there and you had identified those folks. >> she brusted her own bracket is the way you look at it. >> but i don't know if anybody had a worse friday than paul ryan. i asked

in the reagan administration they put together pat moynihan and aa alan greenspan and solve social securitye that sting that we need to take away this thing from obama. if you have problems with it, fix it. legislating is for. >>> march madness is known for heartbreak, which could be applied to republicans and health care. one pac was so sure that repealing obamacare was such a slam dunk, they ran ads thanking republicans for replacing the affordable care act. the ad seems to have been a victory lap for a nonexistent win. by the way, barbara comstock who was shown there, came out against the plan. >> she busted her own bracket. [ laughter ] >> i don't know if anybody had a worse friday than paul ryan. i asked paul ryan about his bracket pick last week when i interviewed him. here is what he said to me. >> speaker ryan, do you have wisconsin in your final four? >> yes, i do, actually. i haven't gone all the way. i have a rematch with kentucky. but we win this time. >> so friday at 3:30 he pulls the bill on health care, no more repeal or replace, hugh. friday night, this is how wisconsin's se

your member alan greenspan, the new paradigm. he talks about the new era.- r-value way should and's stretched? i have had a number -- are valuations stretch? could the fed see any of that recovery? didier: if we would define the new era in the way schiller is describing, is the great financial organization. we are asking the fed to normalize interest rates. we see the economy recovering. we see the investor buying equities in order to build up of the great financial normalization. people accumulate risky acquisitions because they are well rewarded. manus: it is possible that the eu moves more aggressive? the dots could be shifted later in the year. the you think the ecb will taper or move on rates earlier than consensusbuilding? didier: it is a definite possibility because they are following the steps of the fed. the fed is the leading central-bank these days. great scheme of normalizing interest rates, shifting policy away from monetary policy, and looking towards the future of spending and everything. manus: thank you for being with us. how the dutch actu

. >> if i were being alan greenspan i would have to say the weight of gdp. gdp.e rate of >> i would say and that's measured -- compared to many other things. unemployment falls everything -- unemployment everything about wages and tells you about how many people got a job and unemployment ration. and at the end of the day it has a wealth of information what is .he state of the business cycle are we at full employment? should we be thinking about whether there is signs of a slowdown? you can get so many answers to so many questions. this is a pitch. it is outstanding. >> first friday of the every month, with the exception of -- what is the exception? >> he depends when the 12th of the month and it is next week rather than this coming friday. >> there is no question and release of are statistics. i take home and spend hours reading every chart and looking at the data. and this is really gives you all of the detail by different demographics and how you cut it by educational levels. what is happening with the economic well-being in the country and makes for fasc

. >>> happy birthday, alan greenspan. >> 91. >> "fast money" begins right now. >>> "fast money" startsr melissa lee. our traders on the desk, tonight on "fast," a top technician says one group of stocks is so bad, it might actually be good for your portfolio. plus mohamed el-erian will tell us what he believes is really behind the rally. >>> and othe

all you need to know, alan greenspan and paul are on the same page you need to read "the end of alchemyred to bring you catherine mann of brandeis university. she owns the international .ynamic of economics we continue with mervyn king. this is bloomberg. ♪ >> this is "bloomberg surveillance." he ceo of mercedes-benz says sees no signs of a slowdown in sales growth from china. as i said before, 40% closed in the first two months over a strong year. it does not give signal of a reduction of the momentum of our brand. as the bestposition luxury car brand confirmed as it heads in the right direction. mervyn king inh celebration of "the end of alchemy." the futureing, and of the global economy. he is with francine and london. a fed meeting on march 15. it is a delicate issue to speak about central-bank policy. are we and a time of orthodox theory? where normal monetary analysis works, or with our great distortion are we on unfamiliar ground? think we are on unfamiliar ground in terms of models. is simply see that that inflation is close to the long run desired level. unemployment is below t

we're outside of the world where we would monitor sort of the size of alan greenspan's briefcase to figured raise rates. because she's tell graphing this so strongly to the market it allows the market to react and the dollar has reacted over the course of the last few days, strengthening. today it sold off a little bit. but ultimately interest rate gaps between the u.s., europe, japan are widening and we should expect a stronger dollar on a go forward basis. >> do you agree with that? the other thing going on here sound likes all of a sudden the border adjustment tax might be going forward. we spoke with people this morning and if the idea is maybe it's phased in over a long period of time so the revenue doesn't come right away but the increase to the deficit examines right away for the corporate tax, maybe that weakens the dollar. i don't know if that's part of what we're seeing here. >> what we heard is something we need on paper to find a way to pretend there's going to be a trillion dollars coming. if the market believes it's happening the dollar goes up i think. >> the interesting thi

alan greenspan said irrational exuberance. stuart: he did. >> animal spirits were so alive.uberance went on another three years. that is lesson to be learned. don't equate confidence where we are in the last number but in terms of trajectory. stuart: okay. >> it gives you a road map this can go on for lot longer. stuart: that's important, charles. >> right. stuart: you have always told us you can expect a pullback here and pullback there. >> absolutely. stuart: but over the longer term you unleash animal spirits you get in now because it is going up. >> absolutely, yeah. stuart: take as strong stomach to come on television say we're at 21,000, we're only just getting started. >> i do the work and i look beneath the surface and see. this earnings season, nine of 11 sectors, growth more rapid since december 31st. we're seeing evidence of it. this is right beneath the surface. this is not just sentiment in the wind, this is reality. it will be infectious for everybody. stuart: it has not been like this for years and years and years. i think you do have to go back to the late '9

alan greenspan was saying that five, six years ago.akes away health benefits from the poor and to get rid of an investment tax for people making $250,000, it seems to accelerate that process. and, again, i don't know -- i'm sure there is a better way to fight against income inequality. but tax cuts for the richest, that is not it. >> no. >> we have tried that since 1981 and the rich keep getting richer and the poor keep getting poorer and not because of tax policy. that is because of technology and globalism but it's rapidly accelerated and it elected donald trump, yet, donald trump is surrounding himself with billionaires and trying to pass legislation that makes the rich richer and makes the poor poorer. >> joining us from washington, a member of the budget committee democratic senator chris van hollen of maryland. very good to see you. are you seeing a little bit of kind of like the past is pro log again? the same thing happening all over again? what is your take? >> well, i think we now know why they kept this secret for so long an