ben bernanke has got the whole economy hooked now on cheap credit. it is masquerading the economic growth. if you look at the trade deficit that came out last week, it's exploding. the account deficit is getting bigger. the jobs we're creating are making us poorer, not richer. what we need for economic growth, is savings, investment and production. we're not getting that. all we're doing is spending borrowed money. when you spend borrowed money, you can create some jobs like we created jobs during the housing bubble. but when that bubble bursts, all those jobs disappear. and what you're left with is a gigantic hole which is what we're digging for ourselves right now. we don't have any growth. our economy is getting sicker. ben bernanke refuses to allow the cure. what we need is interest rates to go up. the federal government price fixed interest rates. its not letting the market determine interest rates. because interest rates are too low, americans spend too much, they consume too much, they don't save enough. they don't invest enough. the governmen

>> ben bernanke, i mean, this is the reason, i mean, all of this comes back to 0% interest rates anding about the banking sector, and he's worrying about the economy still. he would rather create a wealth effect of people buying stocks and the economy getting better and the risk inflation, no doubt about that. and 0% interest rates and that's why people are buying commodities and why prices are going up and gas prices are going up. i don't think that 0 percentage rates are going to last forever. i would rather see a little inflation, than a depression. >> oh, everyone likes the-- >> when you open up your 401(k) statement one better and the prices are going up, you feel better and the thing ben bernanke said he didn't think that they were responsible for the housing bubble. and-- >> no, he probably said, i don't think alan greenspan is solely responsible, but there was fanny and freddy and risk taking-- >> and what i want to race with you though is this. if the genie is out of the bottle and more companies saying, i don't know what you're saying, ben, but we see inflation and i'm sure

so why, everyone asks, does everyone hate ben bernanke? roger wrote this book, "ben, the big hero." hi, roger. there's a lot of things you talk about with ben bernanke taking attacks from the left and the right. i've always been fascinated with people jumping from their chairs on the conservative side don't credit bernanke at saving the crisis in its darkest hour. what is the suggestion and how does he parody their arguments? >> i think a lot it have is tea party anti-bailout, ben bernanke became the face of bailouts of bear stearns, the t.a.r.p., and government should never be anywhere near the free enterprise system. he's the bad guy. i think there is also sort of an old testament view, a ron paul view, that anything other than hard money in your pockets is somehow evil. and ben bernanke, you know, is the guy printing the money, right? by the way, that's in his job description. by law the fed prints the money. that's why dollar bills say federal reserve notes. but to a segment of the republican party, this has become a bad thing. they want to go back to the gold standard when they

coming up on kudlow, did fed head ben bernanke send stocks plunging today by what he didn't say? or did the market misinterpret bernanke? i want to throw that into the mix when we do stock market work. >>> plus, an exclusive live interview with former federal reserve governor and bernanke and kevin warsh, what he has to say about life, liberty, and the pursuit of happiness. free market capitalism always the best path to prosperity. "kudlow report," we'll be right back. i've been riding since i was 17. flat out my whole life. ran into a pretty serious medical issue. i was prescribed one drug one place, another somewhere else. turns out if i had taken both drugs together, i'd have been in real trouble. but unitedhealthcare spotted the danger, and warned my pharmacist in time. we only get one shot, and i want to leave this life exhausted. we're more than 78,000 people looking out for 70 million americans. that's health in numbers. unitedhealthcare. our machines help identify early stages of cancer and it's something that we're extremely proud of. you see someone who is saved because

this man, ben bernanke, says he expects moderate growth in the u.s. economy to continue in the months ahead. he's again though steered clear of announcing a third round of kwaun at this timetive easing. he says the fed's benchmark lending rate will stay near zero percent until the end of 2013. his prudence is paying off in other areas as well. you remember that he asked all major american lenders to prove that they could withstand a severe downturn, and of the 19 banks that underwent the so called stress tests, 15 passed muster. that's one more reason for investors to be cheerful, nina, this wednesday. >>> yes. slightly better than the european banking stress test that we saw released four or five months ago. here in europe stock markets have just opened. they're really taking heart from a number of things that ben bernanke was saying but also let's remember that some of these gains are being cautioned by an ongoing rise in the price of oil. let's take a look at the ftse 100. the u.k.'s finance minister is saying that he's moving potentially 100 year

i did just get out of class with fed chairman ben bernanke. a really interesting class where he ends up laying the ground work historically for current fed policy. i do want to play you a piece of the interview i had earlier today with fed chairman ben bernanke when i asked him about the current situation in the economy and rising rates. >> you know, i'm here to talk about history and about the fed's role in the crisis and so on. we're going to continue to analyze, you know, the financial data we get. the committee i's going to lookt everything that's happened. it's an interesting period. we've seen improvement. we've still got a long way to go. we're going to keep looking at it. >> i thought one way i could ask it you might want to answer, will interest rates still be exceptionally low when a junior graduates? >> i don't know. depends on how good their course work is. if they get through in time. >> i thought i could get an answer out of him that way. in the course what he talked about was the gold standard and the stakes by the federal reser

will write down exactly why you should be worried about what you just saw an ben bernanke hero or villain it's the question explored in a cover story of the atlantic we'll tell you what we think let's get to today's capital account. what a special day it is not every day you get to see a goldman sachs executive director telling everyone why he's leaving goldman in a new york times editorial by now everyone probably knows who greg smith is it really does tell you what he says is the formula for being a leader at goldman so we can read this execute on the firm's axis which is goldman speak for persuading your clients to invest into stocks or other products that we're trying to get rid of because they are not seen as having a lot of potential profit or be elephants which basically just means to trade whatever will bring the biggest profit to goldman or see find yourself sitting in a seat or your job is to trade any illiquid opaque product with a three letter acronym yeah we know those m.b.a.'s c.d.'s c.d.o. that kind of thing but we just want to say wow how far we have come since the days af

i think that's compelling and at the same time you have a guy like ben bernanke he. you know still printing money yeah and still running a very loose monetary policy and traditionally that kind of monetary policy has been friendly to hard assets like houses probably the hard assets like gold buffett in his most recent annual statement annual letter said that exact thing it with respect to houses that you are in an environment where dollars will lose value and you want to do things to protect to protect your wealth and he would buy two hundred thousand houses if he could. curiously he has no interest in gold but but he sees the same the same picture in a lot of people to two i like air because he's hedging between crony capitalism and also to some of the flipside of that thing you're looking at i also thought it was interesting that you said that this was the reverse but on the bond market and also a bad begets inflation i really appreciate you being on the show and helping us navigate this crony capitalist world which we can both criticize but also to figure out how

these are your headlines for march twenty third two thousand and twelve ben bernanke today is meeting in washington with central bankers for what sounds like a central bank and love fest where they're gauging the impact of their easy money policies this after the head of the federal reserve has made the rounds this week defending these very policies to students as professor piri is arguing that loose monetary policy did not cause the housing bubble the increase in house prices was way too large to be explained by the relatively small change in interest rates. but we have the pleasure of breaking that news to investor jim rogers he helps us set the record straight and the white house announces its nominee for the traditionally washington dominated position of world bank president i believe that nobody is more qualified to carry out this mission then dr jim kim. is dr jim yong kim a physician president of dartmouth college not a banker not an economist nor a diplomat also not larry summers he's born in south korea immigrated to the u.s. when he was five so does that still lightly confus

ben bernanke. am pleased to acknowledge that we have with us two of the number of falculty members. some of them will be teaching later in the series. today is the first university lecture series delivered by a sitting chairman of the federal reserve. and i think it does provide an extraordinary opportunity for the students who are here in the classroom, but also for those watching online who have an opportunity to gain insight into the nation's central banking system and a wide range of issues that affect this country and the world. i do want to say there are microphones available for the students and certainly encourage you when the chairman's lecture is over, to avail yourself to those and we hope there will be a lively exchange of questions and answers at the end of the lecture. it's now a distinct honor to introduce the chairman of the board of governors of this federal reserve system, dr. ben an bernanke. he servesas chairman of the federal reserves open market committee. before his appointme

the dow recorded its second biggest gain following a speech by ben bernanke. fed chief said recent jobs data has been positive but it's still out of sync with the modest growth. investors pleased since that implies the bank will continue to hold interest rates low and keep the door open for further quantitative easing. at the close the dow surged 160 points to 13,241 recouping all of the 150-point loss the blue chips suffered last week. the nasdaq gained 1.75%. health care and pharmaceutical shares rose. pfizer, eli lilly and tenet gained as they began the consideration of president obama's health care bill. >>> lionsgate shares gained. "the hunger games" had its opening. that surpasses estimates for sales of 70 to 90 million by a long shot. lionsgate has grown more than 75%. >>> home builder linar and walgreens will report earnings. that's a wrap of the day on wall street. i'm felicia taylor. >> a mystery story coming out of china. the united kingdom is investigating the death of a businessman. neil haywood was reported to have died of excessive alcohol intak

and the story is entitled hero ben bernanke you save the global economy so why does everybody hate him well let's just take a look back to give a little bit of context to two thousand and nine when bernanke was named time magazine's person of the year. ben bernanke you first glance might seem like kind of a colorless bureaucrat in fact he's a mensch. he's an immensely thoughtful you see in the interview in time magazine he's someone who recognized this. what he was doing and the chairman whether it is greenspan. they can do no good they cause our troubles they cause the inflation they cause the bubbles and therefore the but the correction is always there for yes dr paul and even in this article it points out that bernanke he has always referred to bubbles in quotation marks that just kind of sums it all up like i did doesn't even believe that bubbles really exist except you know well in this case. bernanke is always scared me because he's not a greenspan greenspan you he was king was compromised he was wrong to compromise ideology and he was he was on a power trip but bernanke he actua

meantime we did talk about fed chairman ben bernanke. he is expected to testify back on capitol hill today giving part two of his semiannual testimony on the economy, the senate banking committee at 10:00 a.m. eastern time. bernanke surprised the markets. he didn't ofrp that the fed is considering another round of easing measures. he's expecting today to reensure investors rates will stay low for a while. he is encouraged by a pickup but is still cautious on the overall economy. >> the recovery of the u.s. chi continues but the pace of expansion has been even and modest by historical standards. after minimal gains in the first half of last year, real gdp increased at 2.25% and enthusiastically rate in the second half. the limited information ava available for 2012 is consistent with growth in coming quarters at a pace close to or somewhat above the pace that was registered during the second half of last year. >> and in addition to ben bernanke's comments, philly fed president says the u.s. economy is improving at such a steady pace. the c

the head at the new york times is ben bernanke seeing modest growth for the economy.

-- >> would you re-appoint ben bernanke? i would fire him tomorrow. >> bernanke a republican first appointed by a republican president in 2006 nominated for a second term by the current president a democrat has been at the helm during some of the most tumultuous financial times in the 99-year history of the fed from bank bailouts to quantitative easing bernanke's actions have been seen as overstepping by conservatives and falling short by liberal economists like paul krugman. the opinions from both sides of the aisle have made bernanke a polarizing and because of his position an unpopular figure. look no further than mitt romney telling cnn in 2009 that bernanke was doing a, quote, good job but singing a different tune during the 2012 debates. >> would ben bernanke have a job in your administration? >> no, i'd be looking for somebody new. i'm -- i think ben bernanke has over inflated the amount of currency that he's created. >> bernanke takes most of his public heat on capitol hill. one of the most memorable moments happened

ben bernanke's comments are weighing heavily on sentiment not just across europe but also across the world markets as well. this is because he's offered a down beat assessment of the recovery. it is one of the things that has these markets pausing for the moment. european leaders and finance ministers are also in brussels today. over the next two days to come. what they'll be doing is hosting a series of summits designed to strengthen the region's finances and also to prevent another greece-like situation from happening again in the region. speaking of europe, yesterday we saw the ecb providing about $712 billion worth of cheap loans to the banks across the region. that has been moving the markets for the best part of two days. that operation was slightly more than the last time they engaged in this kind of operation. the last time it was $652 billion in total. 0 banks took up these kind of loans, manisha. >> let's go back to what you were talking about, ben bernanke. we had the testimony from ben bernanke affecting these asian markets, the hang seng down 1.3%, the asx in sydney down

the financial sector or the mainstream media they keep won't tell you oh it's all fine yes man ben bernanke you running up and down the aisle seen everything is ok you know in fact it is all ok look when bernanke is meds wear off he's going to be like back kone guy called me twenty twelve guy running down the street buck naked slapping the ground with a gorilla stomach was duties of goodies with his ball that he looks like a relatively old you know alpha gorilla sitting back there you know farting. really that's all he does he goes in front of congress and he farts and he paid you know they're saying oh you're farting sounds like we're all in great shape thank you professor bernanke let's look at some of the headlines that betrayed the everything is ok bernanke he is a consummate professional he's a hero sort of stuff shock slowdown in u.k. growth as g.d.p. contracts point three percent so britain's economy contracted more than expected in the last three months of two thousand and eleven shrinking point three percent as a country's dominant services sector weakens and meanwhile household in

bonzai news exclusive pilot goes bird watching jim cramer there and pressing the print button is ben bernanke you of course and he is in charge of our global economy i thought it was a good analogy to compare this to the jet blue pilot that went a little bit bizarre on the flight to las vegas yes well what happened he burst out of the cockpit running down the aisle they did look in first peanuts well max passengers subdue screaming jet blue captain as mid-air rant diverts flight a jet blue flight captain had to be tackled by passengers today after you ran up and down a path flight screaming about terrorism and al qaeda and a terrifying mid-air outburst he was shouting say your prayers but it is very similar to how the guy in charge of our global financial monetary system is doing the same thing and yet the passengers are not tackling the captain as it were but they're sitting there calmly as if the plane isn't out of control you know if it is the pilot of the american economy then he's not reading the instruments very well that informed him about what the economy is doing the gauge there this

ben bernanke stays on message. while the conditions are improvinging, it's still too early to declare the economic recovery a complete success. >>> the gdp lower in the fourth quarter. >>> consolidation in asia takes place. hon hai become's sharp biggest shareholder. >>> former ecb executive director lorenzo bini smaghi says the crisis may not be over. >> so many times we thought the worst of the crisis was over and then new waves of instability came in. so i think it's no time for complacen complacency, and we have to prepare for the worst. >>> welcome back. you're watching "worldwide exchange" with christine tan, ross westgate. i'm jackie deangelis. great to have you with us this morning. let's look at the futures and see how the trades are setting up on wall street. it looks like the dow could be up by 11 points, the nasdaq by 2 and the s&p . the ralgy seems to have run out of gas, at least for now. we saw the dow drop at least 44 points and we saw window dressings, seeing some buyers getting into particularly s

it's been a busy week in the spotlight for the federal reserve chairman today ben bernanke you spoke at the opening of a fed conference in washington with other central bankers this rounds out a week where he gave two lectures in his college class the first ever talk by a sitting fed chairman live streams for everyone to see not just the students they got the spot there now you could call it class or you could call it indoctrination or an attempt to rewrite history or a p.r. offensive in the face of criticism regardless it's friday so we have some time we took some time to look at his lesson plan with more scrutiny and yesterday he tackled the issue of the housing bubble and the debate over the role of the fed's loose monetary policy in creating it so here is professor bernie accompanied by his power point slides making his main point and excuse the camera work. the evidence that i see and we've done within the. suggests that monetary policy did not play an important role in raising house prices during the. ok first of all this is false on its face because the housing bubble was not

as you heard me say federal reserve chairman ben bernanke he began his call into lecture series today he spoke to undergraduate students at george washington university right here in d.c. for becoming the first chairman ever to help teach a college course now eighty students apply wrote essays really wanted to be a part of this to become indoctrinated and why the federal reserve is important i would argue let's highlight a few of his powerpoint lessons since we listened and watched his lecture attentively so here's where he's talking about the fed being the lender of last resort he says the qualities there are that they lend freely against good assets at a penalty great to discourage excessive use of that's what he told those students that's funny though because we the federal reserve has done anything but lend against good collateral in recent years you know traditionally the fed has accepted only the highest quality collateral in return for a loan the prime example is u.s. treasuries during the two thousand and eight crisis however the fed post-crisis was willing to accept seemingly

i take note that ben bernanke is talking to bankers today. i'm sure he'll play that up. i think we'll see that snowball form and it's starting to take the momentum and pick up steam. >> ryan, we had a guest earlier on cnbc saying it's all well and good seeing the markets rallying and rallying and we've been printing money and inflation is going to come and bite us very soon. would you agree with that. >> we 're on a -- no doubt, andi don't want to preach too much sunshine, we're still in a precarious position. any time you start printing money, you're -- you're on a slippery slope. i think that there is definitely an opportunity here for us to weather the storm. and hopefully we'll do that. and i'm starting to see businesses drive that. but i am concerned about the amount of money we printed. >> jens, the dollar rally we continue to see, whether it's a risk-on rally or risk-off, is that going to continue in. >> yes. the big news over the last couple of weeks is we've seen the dollar rally together with risk assets, which is a very big departure over what we've seen in th

ben bernanke said today the u.s. economy is doing better, but higher gasoline prices could temporarily reduce consumer spending. the chairman of the federal reserve was on capitol hill speaking to congress, updating lawmakers on the state of the economy. in a word, tom, he sees "modest" growth. >> tom: susie, bernanke's comments came shortly after the government reported that the nation's economy grew by 3% in the last three months of last year-- higher than previously thought. also today? the central bank's survey of regional economies-- the beige book-- had some encouraging news. hiri is picking up, th housing market is improving, and manufacturing activity is expanding. >> susie: as for what the fed might do next to boost the economy? bernanke didn't give too many clues. darren gersh reports. >> reporter: sure, growth is about average now and unemployment is falling faster than the federal reserve expected, but federal reserve chairman ben bernanke was not about to take his foot off the gas. he defended his drive

ben bernanke knows that. they all know it. they think the world's a bunch of saps!terrupt for a minute. we have news from walmart, i want to get this out, it's a blue chip and moving the stock. look at shares of walmart and where they are indicated this morning, company now saying that's going to be increasing its dividend and that may not be a surprise, the company increases its dividend every year since march of 1974 but raising it by 9%, paying an annual dividend of 159 a share versus the 146 it was paying. comments from mike duke says they're doing this because they actually see their core walmart u.s. business back on track, and because their financial position allows them to increase that payout to shareholders. for the record they played out $11.3 billion to shareholders during fiscal 2012. but that speaks to the company's strength. 9% say pretty big deal. >> it's a 9.5% yield, sorry, not a 9.5% -- it's a 2.5% yielder, add 9% on to 2.5% and 10% of 250, and 2.75%. >> part of the larger story so many people that we've had, investors who we had on the show have

ben bernanke was on the house side of the capital yesterday today taking questions from the senate house committee including daniel akaka. >> chairman bernanke, this is a question which is a followup on your discussion with chairman johnson and senator grapple. in your testimony you note there's been some modestly encouraging data recently including slightly better performance in the labor market, improved consumer sentiment and some increases in manufacturing. but these signs of economic recovery are not necessarily reflected yet in the experiences of our workers and their families in the communities. putting aside the crash in the eurozone, what possible set backs concern you the most with respect to in our economic recovery, for instance could action to cut critical investments too quickly send the economy back into a slow down? talked about in my remarks was there still is a little bit of a contradictions between the improvement in the labor market and the speed of the overall recovery in terms of growth, in particular, i mentioned that will income had been flat for consumers in 2011

another day of testimony by the fed chairman ben bernanke. yesterday he testified before a house committee. and again today, he reiterated his concern that chronic long-term unemployment does threaten to reduce the nation's supply of skilled workers. ben bernanke also said he's woersds that more than 40% of america's unemployed, 5.5 million people have been out of work for more than six months. he said if that problem persists, more of the long-term unemployed will lose jobs skills and it will be tough for them t >> here's more from the testimony. tim johnson, democrat south dakota. >> u.s. consumers are deleveraging to reduce high debt levels. credit is still tight for u.s. companies and households. and fiscal policy has begun to tighten. as we consider economic growth in the near and long-term, should congress enact drastic spending cuts and balance the budget this year or would a plan to curb deficits and address structural issues over a longer time horizon make more sense economically? also, what sectors of our economy could provide susta

far more positive on that ben bernanke you can see the first round of that are in a positive territory though all eyes are we focusing on the u.s. as labor figures are coming out today let's see how the u.s. finished up yesterday as you can see it was a negative close they'll be closing up since day in just about an hour's time for how those figures are for you a strange writes them the plot against the dollar are not for profit taking off a huge cash injection by the european central bank the ruble is gaining value against the european currency but we're treating against the dollar now gold is indeed it's still in the black this after pulling back from a fall of five percent in the previous session because of the us federal reserve chairman ben bernanke is an announcement because he didn't signify whether or not we're going to see more pumping of cash more printing of cash because the silvas go back up it was in the red last hour. how is doing or oil is at this hour a saudi arabia or the most bull race in four years as it was the shortages caused by tensions with iran i k than in othe

then walked in professor ben bernanke, also known as the chair of the federal reserve. 30 undergradsm george washington university then began with a round of applause. the lecture then began. it is unusual because ben bernanke is again the first sitting fed chairman to ever help teach a college level course. the first of four scheduled at the gw campus. and one of the questions, lessons from the great depreg. -- depression. >> i need to talk a little bit because it's less familiar what a financial panic is. in general, a financial panic is sparked by a loss of confidence in an institution. how many of you have watched "it's a wonderful life?" well, less people are watching christmas movies. one of the problems jimmy stewart runs into is a threatened run on his institution. what's a run? let's imagine a situation like jimmy stewart's situation before there was any deposit insurance. no fdic. and imagine you have a bank on the corner, a regular commercial bank. and this bank makes loans to businesses and the like and it finances itself by taking deposits from the public. and deposits a

and the hero on the cover is ben bernanke. peter, in the greenroom, just outside there, you told me -- and i believe this was on the record -- it is now. get ready. >> it's always on the record. >> if it was my contract ual obligation to do everything possible to wreck this economy, what i would do is go back and follow every single thing that ben bernanke, the hero, did in the last three years. explain that. >> sure. you know, first of all you mentioned you think the government needs to protect investors. investors need protection from government. they need protection from people like ben bernanke. i mean he is the greatest threat to american investors. he's got interest rates artificially low, he is destroying the value of our currency, the dollar, and the government -- [ applause ] and the government is forcing americans to participate in the world's biggest ponzy scheme. we need to be protected from government, not the other way around. the reason i'm

the headlines from around the globe this morning, ben bernanke weighs in on europe. the debt crisis is easing but the central bank stands ready to help if needed. >>> in europe the government is focused. expected to make a u-turn on the top tax rate while they seem ready to balance the country's books ahead of schedule. >>> here in asia, the u.s. monetary funds says slower growth is scheduled. keeping most asian markets in the red. >>> good morning. you're watching "worldwide exchange." let's take a look at the future, see how we're poised for trade on wall street. it does look like we're looking at a higher open. the dow could open by as high as 48 points, nasdaq, 8 and change, s&p 500 by more than 4.5. there was uneventful trading on tuesday. we did see a little bit of a pullback on some of the concerns over slowdown growth in china. there was concern about the headline miss on the housing sector data we saw. in terms of decliners it was energies, industrials, and materials. surprisingly the financials did hold up yesterday in terms of decliners. we saw them outpac