everyone just got kind of comfortable with him in the job john mccain used to make a joke that if alan greenspan died, there was movie weekend at bernie's where like bernie dies or he it. he said if greenspan ever died, he wanted to just prop him up in his seat and pretend that he was still running the. and i, i think the fed got really complacent in his final years with kind of because the economy had experience, especially in the 1990, such a long period of they they they got complacent about how they were managing their job as a regulator of the banking system and also kind of how understood the economy and how it responded. financial crises and shocks. and i think if they had had new blood in there sooner it just it would have been a more nimble place. i described bernanke i mean as a person he's he's he's an interesting guy he's he's not the most social person in the world. so he's a he's a very kind of quiet, introspective man. and he had to run this committee of 19 people and get them all to on policies in a very intense environment which which i think perhaps was a bit uncomfortable for

thought i would show it to you however because it is the known -- only known photo and existence of alan greenspan smiling. [applause] this is ari flesher, i was chewing him out here. i am saying re: i am sick and tired of you not answering all the wonderful questions asked by our hard-working press corps. are you sure we are not leaking enough? are you sure that we have given them enough access to me? i've got an idea. i will do more interviews. with baseball tonight. [applause] part of the job of a president is to meet with representatives of special interest groups. [laughter] here i am meeting with representatives from the american cloning council. [laughter] i try to work with republicans and democrats alike. for political reasons some democrats prefer that it not be known they are working with a republican president so they slip in the back door. like hillary clinton here. [laughter] it is now all work of course one day i decided to show the staff the white house bowling alley. boys and girls there's a reason you wear those special shoes. [laughter] another job of the president is dealing wi

[applause] this commissioning model of the 1983 commission that was chaired by alan greenspan. it led to legislation that successfully extended the life of the vital retirement programs for all americans. how america seemed to have confidence in the future. this action will stabilize and ensure the future of supplemental retirement programs americans depend upon. as governor of arkansas, as you know, i had a priority i expanded access to computer science education. [applause] it was a priority of mine is the result was going from 1100 students are to computer science to over 23000 students taking computer science. oil from 20 certified teachers to over 650 who were certified to computer science in our classrooms. [applause] we made it required to be offered in our rural schools as well as our urban schools. the result is arkansas led the nation computer science education and made a real difference in the opportunities for young people. it is critical that we follow this model as a nation we are going to compete with communist china. the fact is u.s. test scores in math and scie

i still talk to alan greenspan, now and again.when you are dealing with your colleagues on the fed board, and you disagree with them, do you say "look, i am the chairman of the fed. i am the person who has to make the final decision and this is what we should do." or do you not do it that way? chair powell: it is a process of reaching agreement. and i hear what people have to say, i tell them what i think. i am the one who has to bring a proposal in front of the full committee, not just the board, but in front of the full committee on monetary policy. and it works. we have to reach an agreement. we get to a place -- you can tell today, we are blessed with a diversity of perspectives on the fomc with 19 people. of course we are. you have one thing that unites all of us which is a strong commitment to getting inflation down. david: when you want to talk to members of the federal reserve board, do you go to their office, or do they come to your office? chair powell: i like to do both. i don't like to sit in my office all day and and

. >> if we go back in history, this is august 11, 1987, when alan greenspan became the chair, the concept started of fed put. the fed was very active in terms of easing monetary policy, but there was a great moderation in terms of inflation. we are in a different environment. inflation is a bit more persistent than what we experienced in the last 10 or 20 years. hence, the fed will take a little longer -- rishaad: is it a structural change in inflation? >> there is a structural change in inflation. deglobalization, decarbonization, aging society, and some of it is added to the disinflationary impact over the past 30 years we have seen, so i do think it is more persistent and will take longer to come down. rishaad: stick around. we will have more from him looking at perhaps credit and bonds elsewhere. we have the united states and japan condemning north korea after it launched a suspected intercontinental ballistic missile toward waters of japan's main island hokkaido. the auditor shelter was lifted after authorities said the missile did not post any major threat. the lunch came after kim

and then i was at a hearing, alan greenspan explained carefully competition is good for currency. so it is ok for the euro and we will compete with them for value. so that turned out to be the right analysis. the dollar stood up to the euro so it was maybe helping both sides. i did not want to think of it that way, but that is incumbent to really have strong financial strength. financial strength so that the dollar can remain the world's most important currency. >> does china view it that way, that it is basically not a zero-sum game and there are lots of reserve currencies and they want to be part of that? or is this the currency war a bit and trying to replace and immunize potential retaliation, like what we have seen from russia? >> time will tell on that. my thought is china really likes this. they are competing for tourism. very interesting. unlock from covid. they want people to visit china and they want chinese people to do tourism around china, recognizing that that is a good growth industry. they are competing on a range. think of it as big data and tele-com and chips and

asking the congressional and the federal reserve to cooperate with us in a study led by chairman alan greenspanto sort out our technical differences so that can avoid a return to partizan. just, as our efforts will bring economic growth and in the future. they must also be matched by long term investment for the next american century, and that requires a forward looking plan of action. and that's exactly what we will be sending to the congress. we've prepared a detailed series of proposals that include a budget that promotes investment in america's future in children, education, infrastructure air space and high technology legislation to achieve excellence in education. building on the partnership forged with the 50 governors at the education summit, enabling parents to choose their children's schools and helping to make america number in math and science. a blueprint for a new national highway system. a critical investment in our transportation infrastructure future. a a research and development agenda that includes record levels of federal investment and a permanent tax credit to strengthen p

i think i am reminded of what alan greenspan has told me and others in the past, which is nobody reallyection of inflation numbers so fed chairs and fed staff also are watching similar things as we are no question to jobs report today is a very big factor in what they're looking at and the numbers coming out later this week and next week will be important indicators, but i believe that you're not going to see the big recession that some people have been expecting so i'm in the camp that there will at this point at least, unless we have very big surprises at end of the week and on tuesday, a quarter percent hike in may. >> i was going to say, you mentioned jolts. we had ism yesterday we had pce on friday we have bank of australia now. i guess if they do hike again, does the justification for it get naturally thinner? what could they possibly say would it be about some reflation in goods or certainly energy >> i think we are still seeing that unevenness in the labor market, right. we are seeing, for example, you know, you just talked about how many people the banks are laying off just as

tom: joining us is vincent reinhart, head of research for alan greenspan.thanks for joining us, there is the word out there, suddenly. when you get slowdowns, they usually happen suddenly. are we at the beginning or the middle of suddenly for the fed? vincent: we are tuning the quarter -- corner toward suddenly and we are not sure what is at the other end. the plain fact is, the business cycle is uneven, regular. quite dynamically driven. when the unemployment rate starts to rise, it keeps rising. you do not see it at first, then it happens all at once. that is how you can have the federal reserve staff forecasting a mild recession, even as we are getting data like mike just reported. the economy still has some momentum. tom: 21 years ago writing about great inflation, we had a sudden pandemic driven great inflation. can you state that the great inflation of the last two or three years is over? vincent: i got the headline you kept repeating, inflation is halved. i keep having to remember where it started, 9%. we cannot declare victory yet. the great inflati

. >> it was all the rage when we had to figure out whether alan greenspan was carrying his briefcasedo this forward guidance -- they should have already been stopping before that. i do think the economy is slowing down and it is showing in the declines. >> are we super restrictive when we add in the interest rate dynamics and the balance sheet dynamics? are we beyond restrictive? >> people don't have car leases do every year. everyone will have to reset. corporations did a phenomenal job during covid issuing debt, but some of that starts rolling off, and it will take time for the 5% rates to hit the consumer. i think we are at the early stages of that and it only gets worse. it is not anyone is rolling 5% now. we still have people rolling 3% to 6%. >> part of this conversation is about vulnerable parts of the market. i promised you time to come back to the point about the chinese consumer, chinese companies. let's finish there. who is vulnerable? is it tesla? can they go about creating something like a luxury brand to compete with the european players? we know lots of the names in ch