way more straightforward than what we get from this same rate manipulator the fed now despite ben bernanke in the past suggesting the central bank could do a better job of communicating with the public we still hear a prevalence of fed speak in need of translation here is some well that's circumstance the committee would no longer be increasing the policy accommodation its policy stance would remain highly supportive of growth finally the committee today also modified its guidance about future rate policy to provide more information to the public but how to dissipate or react to evolving economic conditions are not exactly a common language and translating fed changes in language gives rise to questions like this here's a tweet from a reporter what does the beige book change for a moderate to modest growth mean now i spoke to james savage earlier he was v.p. of public affairs at the cleveland fed from two thousand and eight to two thousand and eleven now he runs a company building and managing corporate reputations which is why lately he's been thinking a lot about the missteps fed's. so t

market and overall better stock market and that has our own jeff cox beginning to wonder why isn't ben bernankerting to unwind the steps he's taken. >> and he joins ron insana who is not worried about bernanke putting the brakes on. you feel low rates over a prolonged period will lead to inflation at some point? >> ron and i have been kind of trash talking here for the last half hour or so. >> exactly. >> don't start without us, getting ready for this thing. maria mentioned the housing numbers. how about the jobs numbers. how about industrial production? how about retail sales? i don't understand why are we printing $85 billion a month? the fed is not letting up on the gas. the fed is putting its foot further down on the floor here going into completely uncharted waters. they have no idea where this is going to take us, but we do know, i know i went to the supermarket last week and i wanted to drink drano by the time i got out of the place. we're still paying over $3 a gallon for gas. we have -- we are building a case for unintended consequences, and we have been sold this story for the last 12

ben bernanke is speaking out about this and you'll hear what ahead to say. later on the president says he'll reveal his exact gun control plans later this week. it surely will include a call to ban assault rifles. now the newtown police chief is speaking out for such a ban and obama wants to use executive orders for it. this includes solvency and spending limits and limited government. we'll be right back. ...so as you can see, geico's customer satisfaction is at 97%. mmmm tasty. and cut! very good. people are always asking me how we make these geico adverts. so we're taking you behind the scenes. this coffee cup, for example, is computer animated. it's not real. geico's customer satisfaction is quite real though. this computer-animated coffee tastes dreadful. geico. 15 minutes could save you 15 % or more on car insurance. someone get me a latte will ya, please? officeyour business needs...k... at prices that keep you...out of the red. this week get a bonus $15 itunes gift card with any qualifying $75 ink purchase. find thousands of big deals now... at offic

chairman ben bernanke was first appointed fed share in 2001.since the great depression. chairman bernanke was uniquely prepared for this extremely .omplicated role a as a highly respected economist, he taught at harvard and mit before being asked to serve on the princeton faculty. he is an expert on the role of central banks and he is renowned for his research on policy during the great depression, specifically how the fed could have handled things better. in fact, in 2000, he wrote a paper entitled a crash course for central bankers, which was published in foreign policy. he has a deep and longstanding commitment as well to education. he recently took a timeout to do a town hall meeting for k-12 teachers. so i am particularly pleased to say that, joining us in the audience, is an advanced placement economic class from a high school. we're delighted to have you with us. a word about our format. for the first portion of our time, dr. bernanke will join me here on the stage in a conversation about a number of economic issues. for the rest of the

>> let me say, comparing jack lew and ben bernanke is a little tough because bernanke has demonstrated --. lori: they have to work together. >> i understand, but i mean, i'm talking about in terms of their contribution to the recovery from the financial crisis of 2007, 8, pick your number at the end of that. i think bernanke is going to down in history as one of the finest fed chairman. i think it is really an open question whether he would want to continue. he may. or certainly whether the president would reappoint him. but the fact is, he has done a heck of a job by any measure. lori: how the president characterizes bernanke that the fed is creative considering all the action they have done. if he does leave at the end of the term they will go with dovish janet yellen person or more hawkish, richard fisher type? >> the answer to that obviously. i hope we have someone as intelligent and capable in that job as ben bernanke as we have had over the course of his term at the fed. he has been remarkable in my opinion. lori: switch topic as little bit. everybody is buzzing about the preside

david: ben bernanke has made some news already.bt ceiling limit, not only is congress not goin going to raist ceiling limit, but he thinks we should get rid

the economy according to ben bernanke - what the fed chair has to say about the state of the country's finances. and, how automakers are setting a new pace for competition. plus, traders who are sweet and sour on apple. first business starts now. you're watching first business: financial news, analysis, and today's investment ideas. good morning. i'm angela miles. it's tuesday, january 15th. in today's first look: as facebook makes its big reveal on its new product today, shares briefly climbed above $32 yesterday. bloomberg news reports dell is in talks to end its trading days and go private. federal regulators order jp morgan chase to improve its risk management after losing billions in trading last year. and american airlines bond holders meet today to weigh in on whether the airline should merge with u.s. airways. ira epstein of the linn group joins us now. always a pleasure to have you on the show. what is going on with the market? it is so resilient. where is all this money coming from ira? > > think about it: 2012, the end of the year, we didn't know where we were in taxes, peop

tonight, ben bernanke discusses the economy at the university of michigan. in the house committee meets to discuss the funding legislation. later, the bipartisan policy center on a talk to talk about options of dealing with the debt ceiling check out c-span studentcam 2013 video documentary competition. the deadline is friday january 28. the grand prize is $5000. >> i welcome all of you here today. on behalf of the gerald ford school of public policy, university of michigan is honored to welcome the honorable ben bernanke, chairman of the board of governors. today's conversation is in a series of distinguished lectures at the school. we are pleased to produce today's events and to have have president mary sue coleman with us. i would like to welcome all of them and thank them for joining us today. it is an honor and truly a personal pleasure for me to introduce our special guest. the charge is to promote a healthy economy and a complex and critically important mission. german ben bernanke was first appointed as the chair in 2006 and he has served in that rol

stop that now you mention that paul krugman likes this policy and i'll tell you it was actually ben bernanke who likes the policy i wish this was modeled because they say this is a near copy of the remarkable experiment in the early thirty's under cork keogh takahashi described by ben bernanke as the man who brilliantly rescued his country from the great depression now what he did was devalue the currency by sixty percent forty percent on a trade weighted basis which prompted a trade war with the british empire at that time who imposed all sorts of tariffs but takahashi was assassinated by army officers in one thousand thirty six when he tried to tighten by cutting military costs policy degenerated into pan leader lurched into hyper inflation so even ambrose evan preacher says yeah it was great though from one thousand thirty two to thirty six until he got assassinated in the hyperinflation came when we should follow his policy. right it was great until the assassination darn well you know comparing this period to the thirty's is wrongheaded as well because in the thirty's there was a liquid

august sixteenth six pm it's a thursday this is when geithner was in this meeting with lacker and ben bernanke discussing the forthcoming reduction in the discount rate this is the rate that only banks get at the discount window when they have to go to the fed to borrow money in a crisis situation of liquidity so. let's look at the charts of the s. and p. five hundred that day you see that here and was there ahead shows what happened on august fifteenth and continued through sixth the sixteenth was an aggressive bout of selling that took the s. and p. from thirteen ninety down to thirteen sixty at the close of the prior trading day and subsequently sent it lower by another thirty points to thirteen thirty at just about two pm eastern time what happened next would have otherwise remained a mystery if not for the declassification of the fed's two thousand and seven transcripts because suddenly out of nowhere and unprecedented bow of buying started with no news to serve as a catalyst the buying sent the s. and p. soaring by some fifty points in the span of an hour so that was two pm eastern time

ben bernanke. pimco handing down 10 commandments from the fed. we will get divine intervention from pimco. >> an interview with john mcafee. he has a home here in america an he will be here to tell us where he is and what he's been up to. ♪ [ male announcer ] this is karen and jeremiah. they don't know it yet, but they're gonna fall in love, get married, have a couple of kids, [ children laughing ] move to the country, and live a long, happy life together where they almost never fight about money. [ dog barks ] because right after they get married, they'll find some retirement people who are paid on salary, not commission. they'll get straightforward guidance and be able to focus on other things, like each other, which isn't rocket science. it's just common sense. from td ameritrade. >>> hear me! all hear me! all pay heed, the lord, the lord jehovah, has given unto you these 15 -- wait, 10, 10 commandments. >> well, they're not quite carved in stone but with ben bernanke also has quite a few tasks on his check list. pimco came up with 10 commandm

ben bernanke said he's cautiously optimistic about the next few years. and now our third story "outfront." fingerprints wanting. martin o'malley proposed a sweeping gun law. what it is going to do is submit gun owners to fingerprinting. it will ban assault weapons and high-capacity magazines, require gun safety courses and background checks. he goes further than his democratic governor, and anthony o'donnell tells "outfront" the reality is martin o'malley is trying to get to the left of cuomo in new york because he wants to run for president in 2016. eric, former obama administration official rosa brooks, and our legal analyst, paul cowin. martin o'malley not the only politician who has 2016 ambitions who is stepping out in the gun law fray. louisiana republican governor bobby jindal wants a law to keep guns away from the mentally ill. how much is this push really about positioning for 2016? >> i think some of it definitely is about 2016. some of it is they want to be doing something. they hope if they're seen as doing something now, by 2016, the particu

ben bernanke he's seen walking and talking here, but it's pretty much staying in place, staying the coursen monetary policy again. no end to quantitative easing as it's known in the foreseeable future. so time to move on to the friday jobs report perhaps. we're always looking at the next thing here on countdown to the closing bell. good afternoon everybody. i'm liz claman. this is the last hour of trade. arguably the most important hour because it's how the market ends, not how it begins. the fed made it pretty clear to the markets that rates are not going up any time soon. asset purchases that it's been making will continue. but the reaction in stocks, what do we see? a bit of selling pressure in the wake of the no decision decision. dow jones industrials down about 23 points at the moment. but when you take it in the bigger picture, trading near five year highs. if the blue chips were to finish the day in the plus column, it would be the 7th day of gains out of the past 8. a nice stringing together, but, you know, yesterday kind of interrupted that. now the dow is just about 1 1/2% from

ben bernanke, obviously a central figure here. see a person who basically transforms over the course of 2007, from someone being completely unaware of the building risk to someone takes on very interventionist role, he really embraced that role reluctantly, comes up time and time begin, not wanting to bailout banks. not wanting to be a source of a put for financial markets. he was, admitting even december 2007, he says that he was conflicted about taking an aggressive interest rate stance. quite conflicted. janet yellen is another really interesting character peter talked about. yellin, more quickly than most other people i think, grasped that there was a real problem that went beyond housing. yellin comes out as a voice at the fed who figured this out before a lot of other people did and wanted to get the fed moving quickly. the other character who i find real interesting, don't forget janet yellen could be the successor to bernanke at the fed. ashley: right. >> the other real interesting character is tim geithner. the tim geithn

. >> ben bernanke called on congress to raise the debt ceiling. he said the u.s. can avoid defaulting on its day. the dean and the university's ford school of public policy moderates this discussion. this is just over an hour. >> thank you very much. it is also my great pleasure to welcome all of you here today, and on the half of the gerald r. to ford school of public policy, the university of michigan is extremely honored to welcome the honorable ben bernanke, chairman of the board of governors of the federal reserve system. today's conversation is the latest in a series of distinguished lectures, "policy talks @ the ford school." we are so pleased that susan white could introduce today's event and we're also very pleased to have president mary sue coleman with us today, as was regions american nelson and power, who were already mentioned to you. we also have several of the university executive officers and deans. and i would like to welcome all of them to thank them for joining us today. while it's an honor and truly a personal pleasure for me to introduce our

. >> stephen: then ben bernanke goes to the fed break room vending machine, inserts the count and picks either cheese nips or save the world economy. [cheers and applause] folks -- frankly, i do not think this will ever hasm first of all, when -- ever happen. first of all, what do you put on a trillion dollar coin snon the tail side a bald eagle breathing fire while making love to then american flag. what is on the snead obama? boehner? i'll tell what you it should be the charmin bears because when you pull an idea like this out of your ass, you're going to need something soft. [ laughter ] besides, it doesn't matter, all of this means nothing because a one trillion dollar coin doesn't solve anything. our nation's debt is $16 trillion. we can't make a $16 trillion coin. that's just silly. we'll be right back. [cheers and applause]>> stephen, everybody. thank you so much. [cheers and applause] folks in just a few minutes my guest will be jimmy wales, founder of wikipedia, the gigantic free online encyclopedia that invites users to write and edit all the articles. it's that feature that a

breaking news right now from ben bernanke on the debt ceiling.> thank you very much. ben bernanke commenting on the fiscal cliff. saying there was progress there but the u.s. economy and the theretos from the fiscal debate, the u.s. economy is not out of the woods yet. raising the debt ceiling, he said, gives the opportunity to spend now. like a family trying to raise its credit rating not deciding to pay bills. we think we're getting some effect in lowering interest rates but it's still early yet to tell. we have found qe to be an effective tool. we will continue to assess how effective. just before you came to me he was asked one of the criticisms. aren't the fed quantitative policies overspending by congress. the chairman saying it's not the fed's job to play games and make congress do what it should be doing on its own. >> he keeps saying this in so many words. you'd think people would get it at this point. thank you so much. >> you would think, yeah. >> steve leisman. president obama telling republicans to move quickly on the debt ceiling. j

apple and dell aside, ben bernanke said to speak about an hour from now to give a big speech.e're always curious what he is going to say but could it be a market moving type of address from the fed chief? kevin: it is worth noting today perfectly after they have come out last weekend with indications from voting members that may b maybe qualitative usg program could and did 2013. we will be looking for hints to see if there's any follow-up from the chairman on this because he is the one making the ultimate decision here. you look at the treasury prices today, we're off of our highs, not a lot driving things. a lot of data coming out this week that looks new to show us the health of the economy and with q4 earnings coming out this week, we will be watching and listening to corporate executives to see what the capital spending limit look like and that may drive things for the first half of the year. cheryl: more news in the oil market. tom riley right now at the nymex and i want to focus particularly with you on the issue of the oil contracts. we saw a big bump to the upside. ma

also after the close fed chief ben bernanke has a monetary policy speech. that certainly those things combined could effect the markets this week. >> really big stuff. >>> we'll smile and say good morning, to you. thank you for joining us here on ktvu channel 2 morning news it's monday, january 14th i'm dave clark. >> good morning, i'm pam cook. >> in the news this morning one oakland city leader calling for a state of emergency in oakland after another violent weekend on the streets. four people were killed. 11 others were wounded just since friday. ktvu tara moriarty is in oakland right now. she tells us the latest shooting that happened last night. >> reporter: out of control that is what oakland's vice mayor is saying about the rash of violence this weekend. larry reid says the city needs to call for a state of emergency he believes the move would free up mutual aid funds from the state. the spike in violence did lead to a conference call between oakland police chief and the mayors and several staff members. the most recent shooting happened at a birthd

we have ben bernanke pushing on the rope, pushing on the bank balance sheets.ve got banks that don't want to lend that money out in interest rate because the small business owners who are supposed to be recipient of that money according to the federal reserve are too risky to take loans at that rate. so it is high pojcated and used to gamble in derivatives market. all of this is happening opaquely, off balance sheet and the big fear is what happens when the black spawn comes along and everyone calls in their collateral. >> steve, do you disagree? >> i think it is factually inaccurate to say the excess reserves are high pojcated. i do believe there is excess reserves out there and that there is a small increase in lending about a half trillion since 2010. most reserves were made excess. they are not required, showing they haven't turned into loans. my understanding is that you cannot hihypothicate in loanes. the only difference is what is in excess reserves and the loans that are out there. . bill, as far as i understand, it is something the banks are not doing

like ben bernanke saying time to ditch the debt ceiling all together. is it as silly as he says it is? we'll debate that. more "money" ahead officemax has exactly the ink... your business needs... at prices that keep you...out of the red. this week get a bonus $15 itunes gift card with any qualifying $75 ink purchase. find thousands of big deals now... at officemax. ♪ music kids will spend 15 minutes watching online videos like this one. brushing for two minutes now, can save your child from severe tooth pain later. two minutes twice a day. they have the time. ♪ . melissa: so moving onto another budget fight and accusations that republicans will hold the debt ceiling hostage over spending cuts, federal reserve chairman ben bernanke said there is no practical purpose to the debt ceiling and it is a device to prevent the u.s. from paying its bills. why are we watching washington fight over it? maybe we should get rid of it. here is susan occhs, american banker columnist and former senior advisor to president obama and stephen hayes, "weekly standard" and

ben bernanke, chairman of the board of governors of the federal reserve system. today's conversation is the latest in our series of distinguished lectures, policy talks at the ford school. we are so pleased that region white could introduce today's events and we are also very pleased to have president mary sue: with us today as well as regents emeritus. we also have several members of executive officers and beans. i would like to welcome all of them and thank them for joining us today. this is an honor and truly a personal pleasure for me to introduce our special guest. at the central bank of the united states, the fed's charges to maintain a healthy economy and financial system. this is an incredibly important mission and makes the person added, one of its most important -- the person at its top one of its most important executives. he headed the fed during one of the most difficult times of financial policy since the great depression. with consistently high and unemployment, evolving global challenges, and some very contentious situations between congress and a

after the bell ben bernanke praised washington's fiscal cliff deal which he said probably would have caused a recession this year but cautioned, quote, we are not out of the woods yet. >>> a troubling new report finds more than one in four workers are dipping into retirement funds to keep up with their current bills. apparently folks in their 40s are most likely to do this. >>> some good news on the housing front. new numbers show home prices rose 7.5% in 2012. that's the most in six years, thanks to improving demand and fear of foreclosures. >>> swatch scooping up henry winston's line of watches for $1 billion. >>> toyota sold just under 10 million vehicles last year. >>> coca-cola is taking heat for its new ad campaign, meanwhile, encouraging people to come together to fight obesity. critics say, coke is just doing damage control to combat its contribution to the country's growing obesity problem. we'll find out what facebook's big mystery is at a much-hyped media event today. rumors are ranging from a new search feature to rival google to a possible facebook smartphone. >>> and ni

one of the more interesting threads is the transformation of fed chairman ben bernanke. to dove. my own feeling is that we should resist a rate cut until it is clear from economic data and other information that is needed. i prefer to avoid giving the impression after bail-out or put if we can by december he was saying, in proposing the liquidity measures there are usual hazards and so on in my view at this point the imperative of helping markets function more normally and support economic functioning is stronger. putting more hazard decide there. it is clear from transcript, to be fair, response spo tot crisis of decades, doing policy one certain way. they today throw out the old rule back and once they did it, looking back, and answering the question, changing again at the right time. >> here we get the actual transcripts. what we've got before and minutes of meetings, no name summaries, and minutes tend to be something of a document designed to also influence market opinion. this is bare bones stuff. >> thank you very much. >> my pleasure. >> thank you, tyler. let's r

the term fiscal cliff was coined by ben bernanke. bernanke did not want us or did not want the country to get into the situation of higher taxes -- in large part, i think that would have made his job even harder because the higher taxes would have flowed -- slowed down the economy and there would have been even more pressure on the fed to engage in monetary easing, quantitative easing as it is called. the fed really cannot do all of that much more than it is doing. interest rates are at historic lows. bernanke did not want tax increases, so he was trying to control or affect what was going to be happening on the fiscal side. it was really more of a ramped than a cliff in the sense that the sequester cuts -- we will talk format that i'm sure -- but the automatic cuts that were put in place with the debt ceiling deal of the summer actually would come into play well into the year and some near the end of the year. there was or there is quite a bit of time on that. the tax rate increases, i think very few people actually felt there would

like ben bernanke saying time to ditch the debt ceiling all together. is it as silly as he says it is? we'll debate that. more "money" ahead what are you doing? nothing. are you stealing our daughter's school supplies and taking them to work? no, i was just looking for my stapler and my... this thing. i save money by using fedex ground and buy my own supplies. that's a great idea. i'm going to go... we got clients in today. [ male announcer ] save on ground shipping at fedex office. [ male announcer ] how do you turn an entrepreneur's dream... ♪ into a scooter that talks to the cloud? ♪ or turn 30-million artifacts... ♪ into a high-tech masterpiece? ♪ whatever your business challenge, dell has the technology and services to help you solve it. ♪ . melissa: so moving onto another budget fight and accusations that republicans will hold the debt ceiling hostage over spending cuts, federal reserve chairman ben bernanke said there is no practical purpose to the debt ceiling and it is a device to prevent the u.s. from paying its bills. why are we watching wash