today is ben bernanke's last day as federal reserve chairman. we're going to examine how the central bank goes into the future. it is the chinese new year, the year of the horse. i'm going to speak to the man who designed the u.s. postal stamp that celebrates the occasion. we will also talk about groundhog day, and go to the man who knows punxsutawney phil. all that and more coming up in an hour. let's go to headlines with loomer's su keenan. >> disney is said to be close to a program agreement with federal litigation over technology. disney could receive compensation for technology known as auto hop that lets dish -- skipers get commercials and broadcast shows that they recorded. finishing the day down four percent, blame it on barbie. mattel trailed estimates from analysts, while hot wheels declined eight percent. the company reported profits that missed analyst estimates for mastercard. >> i want to go to washington dc where there has been a lot of news today, and i want to bring in our white house correspondent phil mattingly. i want to star

liz: let's talk about the ben bernanke deposition. what will he be asked?> this is what i understand. there was questioning about the legality of these bailouts including a ig. he wanted to be bailed out the same way they bailed out the big banks. they didn't totally wipe out the shareholders but gave the money. liquidity, gave 100% but wiped out shareholders and diluted the shares. i would say white thing out the shareholders which was an unprecedented move. that is unconstitutional. i will give you the cliff notes version and we could argue fine points of law all day. ben bernanke's testimony will be given, paulson's testimony has % been given, the new york fed president became treasury secretary, hank paulson was treasury secretary in 2008 and now it is ben bernanke. when we get these documents will be fascinating reading even though it is after the fact of the financial crisis. liz: you watched my copy of the wolf of wall street. remember when eastern european woman was wrapping money around her body to do the swiss thing? that is in a way coming to pas

is she going to continue down the path that ben bernanke he set in late two thousand and thirteen with her tapering i think that that's a big issue and i think the equity markets are looking at that in great detail in addition we still talk about you know the job market i mean we had a report recently of just over one hundred thousand new jobs created as you know that as of the last month and i think that those numbers are not good enough numbers for us to go forward in the in the u.s. and i think that's going to be something that all institutional and individual investors take a look at as they position their portfolios for two thousand and fourteen now having said that i think the key word here is diversification i think that in order to whether the storm and we see these huge swings in the equity markets the dow jones just dramatic swings downward in january so you have to be prepared and you have to be patient and think longer term but stay diversified in terms of your investments because if one industry or one set of stocks or mutual funds fall out of favor you have access and all

she is very different than ben bernanke. in the financial times, it was written every chairman seems to get hit by a crisis in their first year. whatever might blindside janet yellen, she started off with a problem that affected none of her predecessors -- what do you think about that? >> that is true. guidance seems to have gone by the wayside. they spent an awful lot of time saying why they were not paying attention to the 6.5% rate. there are some other things they could do. they are more radical. they have less of a chance of it -- of success. >> let's hope not. we have to leave it there. thank you. do not miss tomorrow. i'm going to be hosting our special coverage of janet yellen's first testimony before congress. by the pimconed managing director bill gross. make sure to tune in. we will be live on capitol hill from 10:00-12:00. , is carl icon backing down -- icahn backing down? the pot industry maybe foraging. now there arson new headwinds facing the state licensed marijuana businesses. we will tell you all about it.

finally, toasted or roasted ben bernanke at his final fed meeting. if there were cheers for him or a wave goodbye, it is not documenting that. >> peter cook joining me in studio. thank you. more on the fed minutes, brian wes perry, former chief economist at the congressional joint economic committee, will join me in about 10 minutes right here. let's show how the equity markets were doing before the fed minutes. the international monetary fund said risks are threatening the global economy here it the s&p and threen about two quarters at 1837. the dow jones industrial average also falling. the nasdaq composite index on this wednesday is down more than one third of one percent. let's get the latest on the ukraine, where their president just granted sweeping powers to the army and police. we are joined on the phone with the latest. of thisthe significance action? >> we are still trying to figure new formerknow the head the navy comes from a region, the premier region, which is very lawyer. -- very loyal. he has not really explain himself on that move. -

>> well, it's going to make a difference because she's basically continuing ben bernanke's policy, and think it will make a difference in a sense that, you know, she proved to be quite efficient today. her first time giving a congressional testimony. she basically answered in a very strongly fashion, a very simple way, and i thinks that great. that means we're going to see the fed become more transparent. and i kind of believe that's going to be quite good in terms of people understanding what the central bank is trying to do. there is no question that, you know, she's going to be a very open fed chair lady, someone that you can understand. i think she has laid that--made that very clear to the markets. the markets are the best barometer of indicating whether or not they're going to have a love affair. i think with today's positive market reaction the answer is yes. >> what are the hallmarks of the yellen philosophy? what should we know about what she sees when she looks at the operation of the economy? >> i think that the slalom course that janet yellen has taken in position as chair

tenure an a-. >> reporter: economics professor alan blinder, a past vice chairman of the fed, hired ben bernanke at princeton, so of course he's biased. but in his post-crash bestseller, after the music stopped, even blinder takes bernanke to task for letting lehman brothers fail, freezing credit worldwide. that lowers the grade from a straight a or a+. >> the lehman episode just sticks in my craw, not to save lehman or put them to bed in a more gentle way, this is a joint mistake of ben bernanke and hank paulson, who was secretary of the treasury, but it was very consequential. i mean as you know, all hell broke loose the very next day. >> reporter: but at a town hall in 2009, bernanke told jim lehrer that the fed didn't have the legal authority to intervene in an investment bank like lehman. >> in the case of lehman brothers, there was just a huge $40, $50 billion hole that we had no way to fill and no money, no authorization, no way to do it, so we had to let it fail. we had no choice. >> reporter: to blinder, though, the government made up all sorts of tools during the crash. >> guess what?

she made it quite clear she will stay the doveish course set by her predecessor, ben bernanke. she specifically used the word continuity in stressing the fed will stay on the path of trimming its bond purchases, but she said the recovery is, quote, far from complete. investors took those comments, ran with them as a sign the fed believes the economy is on track for further growth. stocks advancing in a broad-based rallies that is lifting all ten s&p sectors. in the markets right now, dow jones industrials jumping 211 pointings. as i mentioned, the nasdaq, that is a big gain there, a full percentage point, and the s&p 500 now at 1821. i was thinking earlier, okay, we've held above 1815, suddenly we're above 1820, up a full 20 points or 1.19%. another reason for the optimism in the markets is renewed hopes that a debt ceiling deal could be in sight in washington after house speaker john boehner called for a vote this evening to extend the nation's borrowing limit through march of 2015, here's the cue, without conditions. the market loves all of this. it creates a perfect storm mo

between g millerrand ben bernanke. she is not a paul volcker. it disturbs me she might not be willing to tighten in nevada time wwen the economy needs it. we have all this base money out there, four times as much as when ben bernanke took office and if we don't extract that from the economy sometime we will see hyperinflation so we need fid leadership which is willing to do that. dennis lockhart and some people might be willing to do that but is she? i am wearing a pink today in honor of the new fed chairperson. liz: she has been in the chair for two minutes. she has been very clear that barring any dramatic problem with the data she is going to continue on the march to tapering. she is off to a good start if you are a hawk. why don't you see it that way? >> i hope you are right but historically she has been more of a dove. she is in a position where she needs to be the new person. ben bernanke was not but it remains to be seen. she has always heard on the side of labour and took too easy monetary policy. adam: the fed

at about the same time she was speaking on capitol hill, her predecessor, ben bernanke, was being forcedovide a exactly what happened during the financial crisis, particularly when it came to bailing out aig. we're tracking bernanke and yellen with peter barnes in washington and charlie gasparino who has details on bernanke's really unprecedented testimony. peter, what did we hear that was new from fed chair janet yellen, and i know you had to go through every single word. >> reporter: well, liz, she got a blizzard of questions about the weather -- [laughter] ah, sorry. [laughter] and, of course, the question is, are the weaker economic numbers that we've been getting lately like the ones here due mainly to the bad weather, or is there something else going on? rough patch, another swoon like we've seen in past years? and if it's a swoon, fed chair janet yellen said, of course, the fed will consider shifting gear on policy, maybe pausing the taper of its billions in bond purchases each month. but, yellen said, it's too soon to tell. >> what we need to do and will be doing in the weeks ahe

she is crafting a message along with ben bernanke.art of the reason you saw continuity as well. it is not just handing out the baton but someone who was all part of the same time team. liz: all part of the same team but don't you think she showed a tiny sign here and there she would be willing to shift if necessary? >> absolutely. that is what she has to do. i think continuity, i think the continuity almost went too far. i do think, it is interesting, bullard made comments about, you know, he thinks unemployment rate will 6%, and we're more normal economic environment by end of the year. very interesting from another federal reserve president. they're putting a spin on very rosy until they change the forecast. well they could change the forecast. i was supposed to be in washington right now. my trip got canceled to washington for the same reasons that janet yellen's testimony got postponed. it is interesting to me there was, almost for me too much continuity but just right for financial markets. yellen needed to show them. she is part

on his last day as chairman of the federal reserve will ben bernanke be remembered as the man who redefined central banking? >>> detroit wants to do right by its workers and put money into pension funds for municipal employees and retirees. the trouble is the bankrupt motor city wants to do that ahead of paying bank bond holders and bankers as part of its plan to restructure $18 billion in debt and emerge from chapter 9 bankruptcy protection. in a separate development detroit leaders reached a deal to continue to provide health insurance benefits to city retirees. >>> president obama is asking ceos to do more to hire out of work americans, specifically people who have been unemployed for six months or more. the president invited today a group of 23 corporate leaders to the white house, including the ceos of boeing, e bay, bank of america, and marriott. >> we've engaged employers of all sizes, all around the country, including many who are here today to commit to a set of inclusive hiring policies for making sure recruiting and screening practices don't disadvantage folks who've been out of

she has a career in the fed and work with ben bernanke. is a continuity issue. >> just like bernanke, she wants to encourage congress to do their part. listen to what she says -- >> of course, monetary policy is not a panacea. i think it's absolutely appropriate for congress to consider other measures you might take in order to foster the same goals. >> there you go. just like her predecessor -- i wish she would step out and say something unexpected. >> but the market is doing well. shouldn't she want to stay the course? >> she's got other things to keep in mind. >> she did encourage congress to do something. i think we would all agree the chances of that are slim. >> we will cover more when we come back. had six hours of testimony from janet yellen. coming up, what is washington doing to help regulate bitcoin banking? who better to ask that her next just, the original bitcoin source code writer. in the loop,"ing " with their special guest host sallie krawcheck. ♪ >> welcome back. i am here with matt miller in our guest host, sallie krawch

but ben bernanke gave guidance that they are going to continue near zoro funds policy through 2014. it would be very difficult for the fed to retreat on that promise now. >> so two more years of low interest rates. >> yes, if you are buying a house or car that's good news, if you are a saver it's not much good news. >> we are focused on janet yellen appropriately her first day before congress. she is not the only person that decides interest rates. there is a vote. now it is possible that janet yellen is on the minority side on some of those votes or was in the past. this can't all be put on yellen, and it couldn't be put on bernanke or before. this is a collective. >> and are there hawks and aboves in the federal policy making circle. >> yes, there are, and this fed is under transition, because i think it is four seats are changing. you have one seat about to be vacant and three nominees that have to be confirmed before the senate in the next month or so. so of the seven governors, for example, we're having pretty much half of it change. so we may see a vastly different fed some of

new leader of the fed continued to stress her desire to support the policies of her predecessor, ben bernanke. janet yellen was the chief architect of the current game plan and continues to support that strategy. for "nightly business report," i'm hampton pearson in washington. >>> federal reserve chair janet yellen held the market's attention for nearly all of tuesday's trading session. the more she answered questions in front of the house services committee on capitol hill, the higher stocks moved. traders liked almost all of what yellen had to say, piling into stocks, pushing the major averages closing just below session highs with the dow jones industrial average falling just 7 points shy of the 16,000 mark. all s & p large cap sectors closing higher led by energy, telecommunications and material stocks. only a handful of stocks in the s & p 500 posting losses for the session. economically sensitive stocks made particularly strong moves as yellen's comments gave a bit of a safety net for riskier technology, energy and commodity stocks. the market applauded nearly everything yellen had to

after the collapse of lehman brothers, what's ben bernanke thinking? >> right after the collapse of lehman brothers is kind of his last moment of hopefulness that maybe they can escape this thing without a disaster. there's a meeting actually two days after that sunday, that fateful sunday night, when the government decided to let lehman brothers go. bernanke says in this meeting, maybe monetary policy, the level of interest rates, is in the right place. they had kept them at 2%. within a matter of days everything changes. they're in the process of bailing out aig. 36 hours later, ben bernanke and hank paulson go to congress and they say that the government has to step up and bail out the whole banking system. and within a matter of weeks he's moving to slash interest rates. so, you know, bernanke -- that september meeting was really a great example of him playing catch-up and not immediately recognizing the gravity of events that were in front of him. >> okay. how about tim geithner? he later goes on to be treasury secretary. what were his positions a

she will go with continuity with ben bernanke's policy. timetable about cutting money printing. you're right, scott, it is the q&a that is the big deal. we're off. we're running. the opening bell has rung. trading has begun. it is tuesday morning. the dow is opening ever so slightly higher. a very modest uptrend in the very early going. let's get to individual stocks. google signed a big ad deal with comscore. that is a company that measures the digital world. it will let google know in real time what ads you are watching. any impact on the stock nicole? >> the stock is slightly higher at. working with comscore, which we quote comscore, all the time. it will give google access to great moves and companies brands like kellogg's. stuart: time something important. thanks, nicole. amc's "the walking dead" beat the olympics among young viewers. not much impact. it is up 11 cents but 65 bucks on amc. we have higher profits at cvs. it filled more prescriptions. remember they will not carry cigarette products as of october the 1st. the stock is bo

another quote, ben bernanke on that same day says "in each event, each instance, even though there is this sort of unavoidable ad hoc character to it, we are trying to make a judgment about the costs". the state appointed emergency manager of detroit submitted his blueprint for emerging from bankruptcy today. the plan to restructure the motor city's $18 billion of debt includes significant cuts to city workers' pensions and slashing payments to bond holders. but it also includes investments to reduce crime, demolish abandoned properties and attract new residences and businesses. >>> just ahead, our market monitor tonight is recommending some stocks that he says will gain at least 10% this year. we'll talk to him straight ahead. >>> some of the nation's biggest cable tv and broadband providers are now battling another challenger to their subscriber numbers and their bottom lines. it's google. and its ultrahigh-speed internet service may be coming to your city relatively soon. josh lipton now with more on the broadband war. >> reporter: take a look at this map. do you see your city on t

coming out we look to the future today and say goodbye to the past i'm talking to you ben bernanke he then a friend same kind of talks auditors accounting and accountability or lack thereof you want to miss my interview with her from earlier in this week and then finally we reluctantly let you sound off on today's show after a week of twisted comments and harrison was kind enough to source just two weeks of post live television we do keep it clean well dressed i'm on today show now let's get to it. let's begin with a moment of silence for our departing federal reserve chairman mr ben bernanke. ok moving right along that's it done now let's look to the future for several years we've had technology available to us that allows one to pay for goods and services with smartphones no wallets necessary at all now my cell phone today i have both the square out and the google wallet up downloaded and i want to make this very very clear i am not i repeat not a first generation adopter of new technology and never have been and i probably never ever will be i still like re my books on paper and i'

has a difficult task ahead of her late last year her predecessor at the nation's central bank ben bernanke and now is that the fed would soon begin drawing down its multibillion dollar bond buying program more commonly known as quantitative easing a drawdown started during the final months of bernanke these ten year that yellen will be responsible for most of her job will involve more than just fiscal policy however the same time as she manages the fed's draw down yellen will also have to convince the world's leaders that the global economy can survive without easy american money sounds dramatic but yet yellow yellow really does hold the future of global capitalism in our hands at least to summers so to some extent after all is only five years ago the global economy entered its worst downturn since the great depression things of no doubt improved since the day lehman brothers went under but the markets are still fragile and are arguably one currency devaluation or one debt crisis away from another crash so can yell and help guide the us through the stormy seas ahead is a time to radically

movie don't know if they want to be matt dillon or bob dylan ben bernanke you are man of a thousand elec uppers janet yellen doesn't tapering special effects from abacus two thousand and seven a c one in the failing crazy glue no worries friends follow it won't be too long before the director cuts the same yeah it's all like that in a good movie. as a pillow when i close my eyes i see people in mosul. you know sometimes i think that you're a model in itself is a face covered by most. people in most on both sides of the barricades if you must . you know sometimes just feels as if all of ukraine is no most. i've got a quote for you. it's pretty tough to. say what it's about story. it's just describe what would smear about john stead of working for the people most issues in the mainstream media or working for the german bridegrooms division. it was. coming up on our t.v. breaking news coming out of ukraine and protesters are once again filling the streets of the nation's capital demonstrators and. police continue to crash and some fatalities have been reported a look at the unrest in ukrain

the big challenge for janet yellen is it will she be able to keep this up and you know i think ben bernanke he was able to over the last five years create the expectation that the stock market couldn't fall almost to me have people saying it on financial news repeatedly as long as the fed's in there as long as the feds you know you know pumping money into the system you know prices are going to go up so you have to buy that's that's been you know the last five years and i think right now we're seeing even with the recent poll back i think it has somewhat to do with the fact that there's a new person at the fed ben bernanke is not there anymore and it's it's really a psychological support the fake created this expectation that the stock market would keep rising no matter what and i think to the extent that that support is broken it's going to be very hard for janet yellen to see really install a floor under asset prices now in your film the fed it came across as a serial bubble blower that helps wall street at the expense of main street now this concept is infuriating to millions of people b

recent pullback i think it has somewhat to do with the fact that there's a new person at the fed ben bernanke is not there anymore and it's really a psychological support the fake created this expectation that the stock market would keep rising no matter what and i think to the extent that that support is broken it's going to be very hard for janet yellen to see really install a floor under asset prices now in your film the fed it came across as a serial bubble blower that helps wall street at the expense of main street now this concept is infuriating to millions of people but the question is how can we as regular citizens do anything about it. i mean that's you know the strange thing about the fed is these aren't elected officials so it isn't as easy as going to the voting booth you know next fall and saying you know i want somebody new to run the fed you know the fed is a creature of congress and i think the way the average person can impact the fed is by letting their their congressperson know that they're not happy with current policies and and one of the goals of the film is to bring abo

movie don't know if they want to be matt dillon or bob dylan ben bernanke here man of a thousand elec up there's johnny yell does a tapering special effects from abacus two thousand and seven days you want to tell him crazy glue no worries friends valon it won't be too long before the director cuts the same yeah it's all like that in the movie. speak your language. programs and documentaries in arabic in school here on all t.v. reporting from the world talks about six of the r.p. interviews intriguing story are you. trying. to find out because it's. called. this is also international welcome by the house of representatives in the u.s. state of kansas has come under fire after overwhelmingly approving a bill which would need a life of discrimination again to be trolls however they state senate now plans to kill the proposal also he's gay and that chick and went to see people in the u.s. capitol frankel gave me just like. kansas lawmakers have outraged the gay community here in the u.s. says you know last year the u.s. supreme court ruled that the ban on same sex marriage is unconstitut

ben bernanke on other hand joining brookings institution.fed policy? barney frank, a cnbc contributor. good to see you. >> good morning. >> i'm not sure how much you've been able to read this morning but the ism number was no good. follows durables which was no good. jobs number, of course, no good. trying to taper. is janet yellen running into a buzz saw? >> it's not a buzz saw. but there's uncertainty. remember, the decision to taper -- i was a supporter of the expansion that ben bernanke put into place with overwhelming support from the entire open market committee with one or two dissenters, and i think it's worked well with one of the negatives predicted -- they always have the option of tapering off the taper. they've never said this is an automatic thing. yeah, we are in a situation where growth hasn't been what we wanted it to be. it's obviously too early on the basis of one set of numbers to say that. you'll see continuity. continuity will be that, well, janet yellen clearly agrees with ben bernanke and i guess with any rational eco

she was there for all of the ben bernanke years, and participated in forming those policies.o one expected her to change monetary policy direction at all, maybe if things get bad when she will slow things down in terms of the paper. otherwise, it is steady as she goes. the only change may be in the communications policy. >> echo mckee, also joining us from washington is our chief washington correspondent peter cook, thank you so much. let's get a check of the markets, in the wake of that jobs report. wall street apparently liking what it heard today, stocks and treasuries rising even as that weaker than forecast jobs growth and drop in the unemployment rate is triggering debate about the outlook for the fed stimulus policy. crude gas and heating oil leading commodity gains right now. the s&p broader marker is up over a full percent. the dow jones industrial average on the rise as well, up nearly a full percent. indexe nasdaq composite rising as well, up 1.5% at warty 118 -- at 4118. coming up, we will take a look at the health of the market. there are multiple ways to watch b

the hell were they thinking fed two thousand and eight edition this is a quote from fed chairman ben bernanke at the time september sixteenth two thousand and eight two days before the collapse of lehman he said i think that our policy is looking actually pretty good our quick move early this year which was obviously very controversial and uncertain was appropriate he's of course referring to the seventy five basis point in interest rates on a sunday night to rescue bear stearns and j.p. morgan but here he is before the collapse of lehman brothers where he said. it's all that getting really good when we also know looking back five years that ninety percent of the game post collapse was grabbed by less than five percent of the investors not less than five percent of the households in america and around the world grabbed ninety percent of the gains in stock markets and doubled some banking stocks have quadrupled in quintupled ninety percent of those gains were grabbed by insiders friends of hank paulson remember hank paulson told his investor friends that they were going to bail out goldman sac

maybe we should write another list and a lot of people even a lot of gold i mean according to ben bernanke the outgoing fed german it's just a collectible a trinket that people might want or addition tradition yet it came to a thing called the barbarous relic so apparently people actually want gold well apparently. but of course i want gold and i think you know you in your view is one gold and then we'll go council figures that came out last year for last year they were released last week show that no matter what governments say or no matter what restrictions put on people still want to hold gold and particularly in china last year but look in india where restrictions put on what was really interesting by the local council figures was the first time in twelve years i think u.k. and u.s. demands go to go demand climbs particularly in the area of jewelry so people do you still want to hold gold and we can say there isn't a parallel way of gold demand on what's happening in the economy whether likely or in fashion that. you're associated janssen has a piece about china's gold what's happening

movie don't know if they want to be matt dillon or bob dylan ben bernanke your man of a thousand alec uppers johnny young does a tapering special effects from abacus two thousand and seven days you want to tell him crazy glue no worries friends while mom it won't be too long before the director cuts the same yeah it's all like that in a big movie. choose your language. clearly we can we know if you're going to send us a feel some of the. choose the news get consensus you can. choose the opinions that invigorating to. choose to stories that impact your life choose be access to your office. the house of representatives in the u.s. state of kansas has come under fire after overwhelmingly approving a bill which would legalize the discrimination of gay individuals however the state senate mel plans to kill the proposal but he got a check on went to see what people in the u.s. capitol think of the legislation. kansas lawmakers have outraged the gay community here in the u.s. says you know last year the u.s. supreme court ruled that the ban on same sex marriage is unconstitutional so you hav

my mom said ben bernanke we would like some more interest on our savings. this is something i hear from my constituents lot in my role in my arkansas district, one of the largest planned retirement communities in the country, largely middle-income retirees who are prudently investing in things like cd and money market accounts and other fixed income at and falling behind because of the lower interest rates the last five or six years and feel it would be unwise to enlist in riskier assets suitable for younger people. i had questions about that. the best way to raise them is through this video retired navy commander made expressing the same concerns. if we could roll the video. >> my name is janelle. i served in the navy from 1960-1983 with three combat tours to vietnam, 68, 69, 72, and the arab-israeli war, 73. and in civilian work i developed defense electronics systems for 25 years. now, semi retired, i use my experience to help other companies grow and supplement my retirement income. we have three children plus a foster daughter from vietnam and nine gra

for ben bernanke, things were so bad that the only way was up. he had toe had to do, pump money into the system and get the vote going the right way. keeping it afloat is going to be tricky for her. >> no question. i would rather have a stable economy. in which you have these very subtle communication challenges. likes you say the labor market is the single most important thing for the fed to be paying attention to. but people are beginning to say more and more and more that the fed could be behind the curve when it comes to the fed -- labor market, because there are structural forces like automation and robotics that change the labor market, and that economists don't understand because they have never seen that before and cannot model. >> here is the key point. there are short-term challenges and long-term challenges. the fed has asked, what do you do for a stable short-term environment? there are long-term challenges, and if you go back to 1970, at that point in time, one in four workers needed post secondary education. the fact we are not prod

and a person who has opinion and willing to express the more than ben bernanke. and the character is such, based on academic reasoning and academic analysis. and doesn't make a lot of people angry. dagen: a good thing she may bring more flavor too. >> yes or no. she is trying to perpetuate the silly notion that low interest rates cause an increase in spending. low interest rates and increase of spending and causes a decrease in spending. it works both ways and the fed wants to have us believe they are our salvation and the president's policy does not work that way because we are interest rate receivers as well as interest rate payers to the current policy keeps us locked and the no-man's land very low growth. dagen: you are going to stay right there. and kevin we appreciate you being here. and we get to see her in the coming years. hope she breaks that at some point. maybe she is reserve today, maybe thursday, the testimony, she breaks that on those lawmakers. connell: let's go back to the hearing and see what janet yellen is up to. the democratic congressman. ha

yellen officially took over the office on saturday, replacing ben bernanke.he's been a member of the fed board of governors since 19-94. as chair, yellen will direct economic policy for the u-s central bank. >> coming up in this morning's tech report. a smart phone that is the first of its kind. why flat smart phones are so last season. >> welcome back. you are looking at lanes of the bayshore freeway backed up because of an accident at the expressway. the chp stop all the traffic and now they have cleared the accident from the middle lane to the right-hand shoulder. it is already backed up and a new accident has been reported. >> it is time for the tech report with gabe slate. >> here is, the first smart phone with a curved, flexible display. i really like it. this is a lng android smart phone. sprint, is the first carrier to offer this. unfortunately you cannot just walk in the store and find this. that will be in the stores after february 7th. the way you can get your hands on the first curve phone is to go on line or you can call aspirin to order it and t