. >> you're down in washington for an event where ben bernanke was present.t asked a question. what did he ask, and who did he pose it to? >> so the imf and world bank meetings are going on. that's usually an occasion for tons and tons of central bankers to come to town. the indian central bank was doing an event at brookings, and he's made some very controversial statements lately saying that central bankers around the world -- what he really means is the united states -- ought to be more considerate of other countries around the world when it comes to their impact on monetary policy as a result of it. well, the first question, front row, ben bernanke. i took a picture. i was standing behind him. and his first question was to the head of the indian central bank -- and it wasn't actually really a question -- i think we have that picture -- he almost criticized the head of the indian central bank. he said wait a minute. you said we don't consult? i meet with them, i was there eight to ten times a year. so we do a lot of consulting. and your criticism is basica

i actually think ben bernanke than american hero and i think that what that mandate is incredible and he's taking all kinds of grief and he didn't see the subprime crisis coming. but given the hand that he was dealt to play, he did what he could and i think a lot of people would've done the same thing. >> host: do you foresee a class action lawsuit given what you've written? >> guest: that's like zero some bickering between political parties. you want people to fix the problem. gimme a solution. here's the problem. let's just do this and not worry about wanting people or the names of high-frequency traders who did all this. don't think people on national tv. it's just not necessary. the more that there is there is a less likely solution because the people who have perpetrated upon feel like they are exposed. and so let's just fix it. >> host: the thing that we can start looking at this problem? >> guest: yes, i do. the money is funneled into the process with these advantages on these exchanges are the overwhelming debate. and we will see this fog machine in ngress and what & dat dave

i think what is extraordinary is ben bernanke has been criticized. been criticized by members of congress. but somebody who speaks his language of obvious intellect, mono au mono. and somebody who is in same position to say what you're doing hurts us. and having him really defend it in a way -- >> it's the first time he can probably fight back not being in the central bank any longer. he gets to defend what done and talk openly about it. >> i want to show you two more photos. the thing ends. they come out. rajan walks up, and shakes his hand and says, ben, i'm going to miss you. i'm not saying they were enemies. it's not friend. it is not like they have seen each other meeting after meeting over time. and people were taking picks. it's the kind of age we live in when a central banker is treated like a celebrity. >> we won't know how he is going to be looked at for five years. >> maybe 10. can i tell you something really petty? missed the whole thing. >> where was he? >> on vacation. >> he might be with bob weir. >> what should investors expect. rbs c

i actually think ben bernanke than american hero and i think that what that mandate is incredible ande's taking all kinds of grief and he didn't see the subprime crisis coming. but given the hand that he was dealt to play, he did what he could and i think a lot of people would've done the same thing. >> host: do you foresee a class action lawsuit given what you've written? >> guest: that's like zero some bickering between political parties. you want people to fix the problem. gimme a solution. here's the problem. let's just do this and not worry about wanting people or the names of high-frequency traders who did all this. don't think people on national tv. it's just not necessary. the more that there is there is a less likely solution because the people who have perpetrated upon feel like they are exposed. and so let's just fix it. >> host: the thing that we can start looking at this problem? >> guest: yes, i do. the money is funneled into the process with these advantages on these exchanges are the overwhelming debate. and we will see this fog machine in congress and inside the sec w

page and sergei brynn, plus, the ceo who pulled it altogether, eric schmidt, and alan greenspan, ben bernankend topping the list, apple's steve jobs. >>> pioneer, innovator, genius. steve jobs transformed the way we think about technology and the apple. walter isaacson is job's biography. >> steve jobs is the creator at large, he started a company in his parent's garage with the kid from down the street and turned it into the most valuable company in the history of the world. >> growing up in silicon valley, jobs became the oddest fusion of california's engineering and hippy cultures. he was not a programmer, so much as a marketer and dreamer whose big idea was to sell his friend, steve wozniak's creation. >> he was smart enough to know he needed other's engineering. but what he was able to do is bring everything together into a package and then figure out how to build a business around it. >> and what a business he built, more than anyone, jobs put the personal into personal computers, creating elegant machines that sometimes looked like a toy and often as not were as easy to use as one. >>

so i actually think ben bernanke is an american hero. i do. i think what that man did is incredible, and he has taken allgyns of grief, and i've said nasty things about him. its botherses me he didn't see the subprime market coming but given the hand he was dealt to play, he did what he could and i think a lot of people would have done the same thing, knowing what he knows. anyway. >> host: do you foresee a class action suit given what you have written? >> guest: you just want the problem to be fixed. that's like a hate -- zero sum bickering between political parties. you just want people actually in a room to fix the problem. they give you a solution. here's the solution. let's just do this and let's not worry about lynching people, figure ought the names of the he-frequency trader who have done this, embarrassing people on national tv. it's not necessary. the more of that there is the less likely there's a solution because the people whoa have been perpetrating the problem feel like they're exposed. sort of like -- that's just fix it. ... ex

. >> mike, how would you characterize it compared to, let's say, ben bernanke?are going to have to rise, and you can see that in the way the economy is developing. it is a question of when and by how much, and the how much might be as important as the when at this point. we have lived in this zero rate environment for so long and it has had such a distorted effect on the market. >> would you say she has had the steps? -- she has had missteps? hadh, sure she has missteps, and then burning he did as well. this is her opportunity to say, this is what we mean and -- and ben bernanke did as well. this is robert inergy to say this is what we mean and this is why we mean it. >> what do you think, bernie? we did have some good numbers a couple of days ago with retail sales. case, then i'll have the expectation that qe continues to unwind. all thatis all it -- is important to me as an investor. >> right, you will anticipate that qe will continue unwinding and that interest rates are going up. how do you place investment with all of that in mind? >> first, we are a global

is time for it to look at what ben bernanke said in 1999 when he was analyzing the bank of japan. on theested they may err upside and allow for access inflation, 3% 4% inflation. at the beginning of the crisis people or putting these options on the table and people push them out, thinking they were not good options because they do not on credibilityrd on inflation. i was under the perception this would be a short run thing. maybe it is time to put other options -- >> seven years on. gautti eggertson with us. stellingr user growth and sending the stock stumbling yesterday. what are's first-quarter earnings. this is "bloomberg surveillance," streaming on your tablet, your phone, and bloomberg.com. ♪ >> good morning, i am tom keene. futures -3, dow futures -8. .aybe it was not a failed dick costolo on "market makers" at 11:00 a.m. some sporting charts on the migration of users at twitter he will discuss on "market makers" this morning. >> let's stay with the idea of twitter, the number of users increased last quarter by 25%, sounds great. not good enough for investors. in the fourth

singer who is unique in saying this is the fault of janet yellen and ben bernanke.nother thing i said that i found offensive. it is not like janik yellen. -- janet yellen. mr. singer apparently does not think the federal reserve chairman go out with workers and people who are less than multimillionaires. he'd think she should eat caviar with his wall street pals. that is an offensive view. means isaul singer that this is not the kind of thing the federal reserve chair does. she is making a political tour. she is doing a little pr. >> i'm sorry, he's wrong. >> she doesn't need to be doing this for the cameras. >> that is historically wrong. some of thatn did and paul volcker did some of that and ben bernanke did some of that. the federal mandate has a dual mandate unemployment and inflation. there is nothing in the statute that says the federal reserve should only spend time with wealthy market investors. it's important the federal reserve spends time with real workers. >> this brings us to the larger issue of income inequality. this resonates with a lot of people. a

everything that's happened here in washington, all the movements of ben bernanke, alan greenspan is notng called to testify up on the hill these days, still respected, still an admired guy, but questions about, question, the performance of the fed under his watch, some of those decisions, whether it did fuel a credit bubble. the debate continues. >> i want to put out spot. what is a question you would have ask christine lagarde as a washington insider? folks, you can't believe how the i am and i am world bank headquarters are on a moat, a word from jamie dimon, a moat around political washington. what would you ask madam lagarde? >> the question right now is really not that she can take a victory lap, but the i.m.f., everything going on, we see -- i look at greece today, and the bond -- it is amazing, a unique turn of events. what is the fear of complacency right now given everything that's happened and where we are today, the fact that greece is successful? what's the risk of complacency here in the united states and across the world? >> peter cook with us, our chief washington corresp

have done and ensuring that the recovery continues and until now you know what i'll skip over ben bernanke and how sam ervin for for your sake i want to ask you what do you think the challenges are that are facing our successors both mark carney and janet yellen. of the situation both the u.s. and u.k. are similar in the sense that in both countries you've got a recovery you pretty much similar pace and both central banks are going to have to decide where to look what posts to unwind the extraordinary support that it made available in the last couple of years now of course there are two questions one is interest rates and the other is q.e. in the case of america it's what pay she winds down the continuing exercise she would. be for a time being would stop to it q.e. but the question is of course what do we do about this huge stock of options that rests on the bank of england's books certainly in the states but the fed got a huge stock of problems and no interest rates what they produce they've got a move in time it's either an inflationary choke off or a pothole developing a potential mark

members agreed to completely remove the 6.5% unemployment target for raising interest rates ben bernanke put in a while back. they unanimously agreed the number was outdated. because we are awfully close to it writes now and the economy is not where it needs to be. so what is the acceptable jobless rate and when will the u.s. economy get there and sustain the shock of higher interest rates? joining me now, thomas perez, u.s. labor secretary for reaction. they voted anonymously to get rid of the 6.5% unemployment rate before they would heighten rates and some suggested make it so low it will be hard to hit 5.5%. what was your reaction first of all to that? >> the fed is independent, so we respect their judgment. anything we can do to continue to spur a faster pace of growth is something we certainly welcome. we have had over 49 consecutive months now to the tune of 9 million jobs. the president would be the first to say he wants to pick up the pace of growth, and so that is why immigration reform, infrastructure investments, anything we can do to continue for this climate that can help us

there was a huge inflow into local emerging market bonds, and it kept flowing until may 2013 when ben bernankeed that the fed might taper its bond-buying, and that set off turbulence. since then, the excess money that flowed into emerging markets has flowed out of local so you might think that now is the perfect time to buy, but that is using september 2012 as a reference. a think ultimately, it is good buy, but you will have to experience some volatility along the way. >> u.s. growth was about 1.5% in the first quarter of this year. pimco expects economic growth of 2.5% to 3% over the next year. why is pimco so optimistic? >> we retain our cautiousness with respect to the longer run outlook on growth. many factors will keep it down -- demographic influences and deleveraging and that sort of thing, but we are optimistic or the next year, owing to a number of things. the reason why the consensus is a 2.8%, and we agree with it, is because of the reduction in fiscal drag. you do not hear about the fiscal cliff or the sequester any longer. these elements will reduce the percentage by a point, and

we've also had jeremy stein leave and ben bernanke has not been replaced.his would only bring the fed up to five members, leaving them to short. some community bankers are under consideration. we have not had one on the board since susan by club. but we do not have any indication of when the president might make those nominations. lex -- >> thank you so much. general motors avoided posting its second quarterly loss since bankruptcy thanks to higher prices on its new pickups. said autoson is is ant -- brian johnson auto analyst from barclays. welcome to "bottom line." officer himinancial a check stevens, says clearly the headline results are overshadowed by the recall campaign charges. without the recalls, how strong a corner would have gm had? was $.29 even adjusting for some of the one-time items, so it was actually a fairly strong quarter and most of the regions. north america came in much better than we expected. it shows that a pickup trucks, while not getting the share we have been hopeful for have been getting the price. thanuld be less of a loss that

this will mark the first time he has made public appearances with ben bernanke or john paulson sinceft the treasury in 2013. phelps felt -- michael coming out of retirement at the 2016 rio olympics. the 22 time olympic medalist will compete for the first time since the 2000 12 london games in a meet in arizona at the end of the month. stearns 29 in june. he captured 18 gold and 22 overall at the last three summer games. that is look at top stories in the news at this hour. time for a commodities purport. seen a lot of volatility in oil, particularly over the weekend. trade to a nymex five-week high. again, closing right above $104 mark. the unrest justifies the level one veteran trader says. meanwhile, the spread between west texas and brent widens to a five dollar spread which narrowed to just over three dollars friday. meanwhile, summerlike conditions in the city over the weekend. natural gas following on while them -- milder weather ahead. >> goldman sachs striking a bearish tone. why? >> principal terms, the calm after the storm. expecting commodity prices to fall. got their boos

is watch ben bernanke monetary policy is even more reckless and irresponsible than was alan greenspan said it's all going to blow up on janet yellen to start with the banking system in the financial sector financial sector which i would say is a course in the genic adaptation of the underlying premise of capitalism. the system itself isn't designed to cater to what we would term technical sustainability or social stability in other words you have something called market efficiency which as we all know has to do with the movement of money and the acquisition of efficiency for a profit. attainment the need to have economic growth to keep people employed all of these attributes require service seen in in truth require technical in efficiency so the more we improve society the more we have technology that can be used for extended periods more we adapt our technology more we're able to create sustainable products the more we are able to solve problems in other words the less fuel there is to drive market efficiency and keep the economy going we have this shadow banking system as with that

i actually think ben bernanke than american hero and i think that what that mandate is incredible ande's taking all kinds of grief and he didn't see the subprime crisis coming. but given the hand that he was dealt to play, he did what he could and i think a lot of people would've done the same thing. >> host: do you foresee a class action lawsuit given what you've written? >> guest: that's like zero some bickering between political parties. you want people to fix the problem. gimme a solution. here's the problem. let's just do this and not worry about wanting people or the names of high-frequency traders who did all this. don't think people on national tv. it's just not necessary. the more that there is there is a less likely solution because the people who have perpetrated upon feel like they are exposed. and so let's just fix it. >> host: the thing that we can start looking at this problem? >> guest: yes, i do. the money is funneled into the process with these advantages on these exchanges are the overwhelming debate. and we will see this fog machine in congress and inside the sec w

perhaps even more clearly than ben bernanke, who did better at that, arguably, then alan greenspan. she wants to make sure that everyone out there including those who do not have economic degrees understand what the fed is doing and why, and i think that is what we will get from her going forward. is she providing enough transparency? again, an open question, but she is certainly trying to explain exactly the rationale behind it, and i think that will be one of her trademarks going forward. i don't see her straying from that any time soon. i don't think she is going to get more confusing, if you will, going forward. >> thank you. i want to get a quick look at the markets. a market check with our very own julie hyman. taken away. >> thanks. let's look at what is going on in stocks. we have not seen that much movement after janet yellen spoke. much steady after she came out with her comments. read,ms of the investor not much change. in terms of individual stocks we are watching, bank of america is on the list. . surprising loss numeralquarter loss was five cents a share. we are also l

>> that is one of the problems with ben bernanke commenting on gas prices last year.'t driven a car in six months. no, they don't know, neil. i think there is a couple of issues here. look at all the liquidity and stimulus the fed pumped into the economy. one of mandates besides maximum employment is price stability. we've got anything but that. neil, if you look at real inflation numbers you highlighted it doesn't fit what the fed is doing. if they saw real numbers what they were no way they would be stimulating as hard as they are because that is what is driving up all the prices. neil: jared. >> the cpi is flawed index and old and convoluted and changed to help the government. remember this, over 50% of america is on some sort of government entitlement program. a lot of those programs are basically tied to something called cola, the cost of living adjustments. neil: right. >> the cpi keeps that as minimum as possible. we at chatwood index looked a at group of 500 different items we saw a 10% in 2013. things like baby sitting and how much for a coffee. we don't look

this piece of paper cost nothing to produce, there's nothing behind it except the goodwill of ben bernanke, and the u.s. congress. this

ben bernanke over the years did express, i think you could say some level of frustration that fiscalolicy was not more active in supporting the job market and the economy because with the budget debates and all of the wrangling in congress, didn't seem to get much done and various proposals to support the economy and workers in the job market, just didn't move at all. but as far as specific policy measures, i think in general, i think they would all agree more skills training is needed and that it would be good that employers hired long-term jobless workers and gave other incentives to bring these people back into the labor market. host: pat from new york up next on the independent line for don lee of "the los angeles times." caller: you said yellen would change her direction when unemployment got to 6.5%. going at the rate of 192,000 jobs a month like in march how many months more will it be before we get to the 6.5%? guest: thanks for the call. i said janet yellen and the fed have previously indicated 6.5% would be the threshold, not a trigger. in the last policy meeting they erase

. >> it is very impressive because normally for the past four years basically it has been what ben bernanke has said to us and the market would just move up. so the stocks are being differentiated. winners are being pushed up. those who are disappointing are being beaten up. we'll see tomorrow what happens when market opens. lou: as we, as we move into tomorrow, is it your expectation that we're going to see the really beaten sectors, financials, have been beaten up pretty good, are we going to see resilliance or further beatings? >> i think we'll see further beatings as we go into the summer. for this particular short period of time, i think probably we have bottom fishers coming in and bottom-fishing going on. in other words they're finding really good ones and putting money in. lou: for the rest of the year, higher or lower, about the same, what do you think? >> i think if the market has a normal pullback, what we used to have -- lou: 10%? >> 10, 15%, the market has a chance at the end of the year rising. that is the sweetest spot for the market is that, the fourth quarter. lou: quincy c

last may 22nd, ben bernanke made a statement that surprised the market. the leadership at the time was in the dividend yielding stocks. that's when it seemed to have rotated into the high beta stocks. then we get to march 19th of this year, and we have another rotati rotation. so i would be very cautious about throwing out all these stocks that have come down significantly, but i think it's safe to say that the growth over value leadership going forward is probably behind us, and i would recommend a more balanced approach, but be careful near term, because some of these stocks are down a lot, and the fundamentals are very good. >> a quick thought from you, mike, on the kinds of stocks you like at these prices? >> the big quality value companies, tie le went down with andrew's momentum stocks. they are at a very good value today relative to just about anything else in the world. and i think that they're probably better than any other asset category i can think of. >> andrew, mike, thank you for being with us. we appreciate your time. >>> tyler, if you want

almost like when ben bernanke came in as the fed chair you had a drop in the market pretty much over the next six months, 0.2% where the market was done for six months after he took office and then it ramped in 2006. we're in an environment people don't know what janet yellin is going to do. in the backdrop, the one thing she said i think is not getting enough reporting they will have a much slower progress of interest rate hikes than in the past which means the yield curve won't in vert for quite some time. once we get through that thought process, loan demand, easier lending standards and capital market activity will benefit the banks. >> tony, thanks for coming on, great to see you again. >>> one more note in terms of the markets. goldman was out with a big note today saying some momentum stocks could get remomentum behind them talking netflix and gilead, cnbc, google. >> what ends up happening at a certain point people say this is not a momentum trade and make this about the individual companies again. when you look at stocks like gilead and netflix, they really have little to do

so i actually think ben bernanke is an american hero. i do. i think what that man did is incredible and he has taken all kinds of grief and i have said nasty things about them i'm sure. he didn't see the sub-prime crisis coming and i think given the hand that he was dealt to play he did what he could and i think a lot of people would have done the same thing knowing what he knows. anyway that's all i have to say. >> host: do you foresee a class-action suit? >> guest: we just need for the problem to be fixed. i hate this zero-sum bickering between political parties. all we want to do is fix the problem. they have given you a solution. here's the solution to the problem. let's just do this and let's not worry about lynching people and finding out the names of the high-frequency traders that did this in embarrassing people on national tv. the more of that there is the less likely there's a solution for the people who have been perpetrating the problem feel like they are really exposed. let's just fix fix it fix it. >> host: do you think congress

janet yellen and ben bernanke before her they they won't get the business of d. capitalization so it's time for the people to get into the business of decapitation and if you won't do capital then we decapitated by the way to the morgan bank was charged thirteen fines last year for what would normally be criminal activity for a normal being but they didn't have to admit to any guilt or crime in those cases now you know go back to the system you also have a situation where you know if the worker isn't needed and the worker is the one that creates wealth and all the money the capital of the cash being created by the central banks and the private banks and the companies part of the reason why their profits are so high is they're using their own revenue stream to buy more shares in their company driving up the prices so there is also like the infrastructure of labor itself is becoming dilapidated so we're going to look over to vietnam an emerging economy allegedly communist nation where there is also similar dilapidation of the infrastructure in the bridges and tunne

. >> if we were to see even lower interest rates or some innovative stimulus, the way ben bernanke did in the u.s. >> absolutely. i'm sure the head of the european central bank will have the wisdom to determine when it's best. >> did you see the remark he's made about your commentary about the european central bank saying, i hope christine lagarde is telling the other central banks, like the fed, what they -- >> we do. as was identified by one of the newspapers in this country. we do say what we have to say when we think that it's appropriate to say it. and we are not driven by other's institutions agendas. we have taken the view that the ecb should be addressing the issue of inflation targeting within the right range, at the right level. we have consistently said so for a few months. and, you know, there isnew in w days ago. >> let me move on to the ukraine and the imf aid package that you have been talking about. where are we in terms of giving aid to ukraine right now? >> the imf team was on the ground as of day one, march 10th we were there. we did a fact-finding together with the

three, allen greenspan and ben bernanke. controversial and historic, they were the ultimate central bankers. two, bill gates, the weltiest man on earth and the greatest philanthropist of his age. one, steve jobs, compute respect music, movies, telephones, tablets, he mastered them all with style. you can check out the full list of the 25 on cnbc.com right now. >>> our coverage is just starting. this hour we're going to talk live with two people on that list, includings the richest man on one of the seven continents with a truly fascinating story. you won't forget him, plus the man who brought the world the index fund. we'll be back in two minutes. ♪ ♪ ♪ ♪ [ tires screech ] chewley's finds itself in a sticky situation today after recalling its new gum. [ male announcer ] stick it to the market before you get stuck. get the most extensive charting wherever you are with the mobile trader app from td ameritrade. have been there for america. fannhelping millions realize their dreams of homeownership. and when fannie mae and fredd

to some extent how does a janet yellen or alan greenspan or ben bernanke have to be a cheerleader forr than seeing how things are? you have to remain construckive. if they start talking doom and gloom and they are wringing their hands over that, it can become a self-fulfilling prophecy. do they talk up the economy to some degree? >> to some degree. chairman yellen in particular coming off the problem that ben bernanke had last summer when he engaged in a tiny bit of taper talk and engernderred a taper tantrum. i think coming off that, chairman yellen is actually careful not to be too glowing. i think the somewhat downtrodden report you just heard from michael which i think is perhaps a touch pessimistic and more right than wrong. if she gets too far out in front of that. one of her main messages today is this is a data driven fed and this is the glide path i see and numerous times she said if things don't work out that way we'll have to intervene differently, and you really have to be careful and mindful of that kind of forward guidance. >> hold that thought for one second. >> can we

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. >> the key thing is that ben bernanke was communicating a simple message. we are not hiking.essages a more complex -- janet has a more complex message, that we may start hiking over the next few months. start focusing on the inflation numbers. that will be the key. >> unemployment is not dead. in the summary of economic projections, the expanded version that comes with these minutes, there was discussion about everyone but one member thought it appropriate to raise the fed funds if the unemployment rate went below 6.6%. so there is a soft numerical guidance in the economic projections it has those words were picked out for a reason. >> until we get to six new -- to 6% and the economy is not healthy and not growing at a clip that they would like to see -- >> it was interesting to see -- one of the interesting nuggets in the minutes is that there is a real debate about the unemployment rate and whether or not there is slack in the economy or not. a number of members felt there is not as much slack as the fed angst there is in the labor market and they basically said that inflat

he's been a sort of -- i don't want to say counter weight to ben bernanke because it's not like theyreements, but he has -- adds another intellectual voice. he will be a loss for the federal reserve. >> jeremy stein announcing his resignation from the fed and pending return to teach harvard. >> what is the future for amazon's fire tv? we will talk to a medium wig about the media streaming channel. you are watching bloomberg television. stay here. ♪ >> amazon is staking its claim to your living room with the introduction of its set-top ox called fire tv. ownon is also creating its video content in spending millions of dollars developing online games. the question is will this pay -- this play for your television set be a channel changer? joining us is the ceo of tech tv. he's also the former president of cnn. what does it mean to have amazon in the mix? >> i think amazon want you to fire your tv provider. that's why they call it fire tv. there's a war going on in your house and it's the war for your wallet. you had media companies trying to get your money, your entertainment dollars t

ben bernanke said once we get to 7% unemployment, we will he done with the taper. we have not even begun. >> listen to yourself. who cares about destroying confidence. i care. i think investors should care. >> they should care, but the way people invest, but -- like the way the vote, it is what they care about today. term. they thought long unfortunately, they do not. >> that is absolutely right. stock market down 30% a couple years from now, you concert of kiss those investments to buy. look at warren buffett. he is getting out of cash and into hard assets. >> what about new york real estate? >> that is exactly right. the fed talked about this in chapter three. the fed is manipulating every market in the world as far as interest rates. i do not like to be in a manipulating market. >> the other thing investors care about is results. this is been an operating thesis of years for some time already. let's rewind the clock for arguments sake to the bottom of the equity market. march 9, 2009. since then, the s&p 500 has returned 175%. gold is up 40%. is measured by the

ben bernanke and hank paul sen telling us we might have a depression on the hands and all of us sat there thinking how did this happen? how could we have prevented this? and then we found out this is what happened in the real estate market. this is what happened with mortgage-backed securities. we know the rest of the story. the point i'm making is that crisis caught us by surprise. that crisis cost millions of people their jobs. that crisis cost trillions of dollars of wealth vanished in the world economy. this crisis, this debt crisis that's on our horizon, is the most predictable crisis we have ever had. we know this is coming. we see it. everybody knows this. cbo puts it in plain english and black and white math for us. so are we going to keep just whistling past the graveyard? are we going to keep offering budgets to congress that never, ever balance or are we going to get on top of our problems? look. at the end of the day there is a difference in philosophy. and that's good. i mean, that's what a two-party system is all about. that's healthy. and it would be nice to sort of detoxif

. >> is mario draghi more important than ben bernanke was?ght now he is the reason being that europe right now is stabilizing, but you need more stimulus to really get a stabilization to turn into a solid recovery. if you look at what is happening in the u.s. right now, even if we assume that the federal states on its current tapering path, we believe the u.s. economy has enough roads and rate of growth to really get us into a stronger -- >> one of the things you are so good at is synthesizing all of this. i have got a morning must-read, folks. watch, this is really the price dynamics of the system where foreign exchange tells us about inflation. this is in the "telegraph," i thought it was brilliant, the u.s. treasury clearly suspect authoritiesnese have reverted to their mercantilist tricks, driving down the exchange rate. it is no mystery why the world is drifting ever closer to deflation. >> to an extent, it is, but we do not really believe that the world is moving toward deflation in a very significant way. from running plays and -- from

. >> can you say janet yellen or theyoxy ben bernanke that are causing this, the fed with distorted policies are allowing bill ackman to team up to go after allergen? >> because they continue a policy of cheap money? >>, on -- >> i personally i'm surprised as a lot of people of wall street moneyat the era of cheap has gone on as long as it has. but i don't think they can of the luxury of worrying too much about that. they really have to worry about keeping the rebound going because it is tepid. >> marshall sonenshine, we will continue this. let's get to company news tuesday. >> we start what the fight over this french -- company getting serious. german companies siemens preparing its own bid. general electric offer to buy theom any bid that values company at $13 billion. first quarter profit falling at bp. earnings were in line with estimates. -- they have been improve the balance sheet after the oil spill of 2010. disney is boosting investment in its new shanghai amusement park by about 17%. $5.4 billion by the time it opens next year. the ceo spoke to bloomberg television about investing i

the economy isid uncertain, the phrasing caught your ear because it reflected a lot of what ben bernankeast. >> absolutely. i recommend the speech to everybody. every time i have read it, i have taken more away from it. it is an important speech. it sets out very clearly the challenges. said transparency one step further. clearits, making it very we are no longer in a school-based world. we are in an objectives-based world. for the markets, the uncertainty premium goes up, which means investors should wish to get paid more for the volatility premium and the liquidity premium. this is an important event as she puts it in the context from the pivot to qe2 forward guidance. very powerful speech and it is one that tells us a lot as to what is ahead of us and why this unusually uncertain outlook is here to stay for a while. >> does that change the mandate of the fed or any central bank for that matter? >> no, it does not change the mandate for the fed. change how sure the markets can be for effectiveness. the second issue is collateral damage. the consequences. not just for the other parts of

go to cnbc.com to find out more about the showdown between ben bernanke and rajan. >>> ultrahigh definition video as well as a heart monitor, can it really beat the competition? june yoon is in seoul with her thoughts and analysis. hi, june. >> hi, ross. the galaxy s5 has been released in 125 countries around the world. samsung seems to be counting on this model to help second quarter numbers. from what we saw from the earnings guidance this week, they're looking at two straight quarters of lower operating profit. high expectations are five. what we can see so far, samsung is relying less on hardware and more on special features like the ones you just mentioned, ross, rather than the design of the phone itself. also pricing wise, they've priced it 10% less than the galaxy s4 to push up sales. the galaxy s5 was released two weeks ago in korea on march 27th. this pre-release was out of control. it was the telecom companies here that went ahead without their consent because the telcos wanted to start selling them before their new subscriber band has started. of course samsung does not release