year's run up and risk asset yeah it tells you i told you all about this six months ago remember ben bernanke in the janet yellen they started something called tapering and i said that's nonsense because of the global basis there is no taper because the european central bank would really pick up the slack and then add even more to the global supply of fake money during this quantitative easing period that's exactly what this story is telling us tapering is a lie there is no tapering because one big global slush and the e.c. be picked up and did much more than the ten or twenty billion dollars a month that bernanke you know yellen is taking away from the system there is no tapering because you can't take a ponzi scheme so this is going to continue until you have comes a a bond collapse or be a war well also you know the fact is that you have these you know the potato wedge in this case is the cheap money and then they're just pouring it into risky assets which is just the same potato wedge but sold at five hundred percent more hasn't gone through a process of actual value added or wealth creat

because there's so much communicating now, and it's not just ben bernanke, it's not just janet yellening their two cents in, and i don't know whether it's a good thing because we all end up being a little bit confused. >> i think that's definitely a part of it, a potential downside, but i want to take issue with your intro, the separation between public relations and monetary policy. at least in the minds of the federal reserve, a large part of the public relations is monetary poli policy. when i look at the reasons why the fed has this pr machine and how it works and how it operates, and of course, we're talking about janet yellen giving an interview for a profile in "the new yorker" today, and that followed those two interviews that ben bernanke gave to "60 minutes." the fed, there's academic research that backs up this notion, mandy, that greater transparency leads to better outcomes for policy. that's especially true at zero interest rate policy, it's especially true with qe. the fed has gotten hammered from both the right and the left when it comes to zerp and the qe. third, it's

president obama seeking advice on the economy from ben bernanke. houseere part of a white luncheon. the meeting coming one day before the stock report. you will be happy to know that fabian cousteau is done with his record days under the seat. those are some of the top headlines. >> thank you. combination designed to build assets, profits, and move the business forward. connect one is working to strengthen its business. jersey'ss new fourth-largest bank. frankg me now is sorrentino. is the chairman and chief executive of connect one. 1 we were talking about, july has -- what is it takes is months. six months from announcement to deal close. that includes rebranding. very short. of time. three regulatory agencies. it was a big left. that is our dna. we do everything with a great sense of urgency. >> that urgency you are talking about is that you have to combine two systems, cultures, workforces. give us an update. >> all those things started the moment we announced the deal. we did not wait. we are going to do that immediately. , rantingy of the close change, signing changed. phone,

president, ben bernanke was appointed by president bush and, of course, janet yellen by barack obama.eel that at some point, it's been several years that we are now at such low rates. we have got to make these markets and investors and the rest of americans grow up and prepare for tighter rate environments. the last three cycles like this we were raising rates when unemployment was higher than 6.1%. >> right. you know, there are two views on what the fed is doing. one is the view that the fed is behave anything a keynesian manner to stimulate demand through lower interest rates. low interest rates means the stock market bubble which creates net wealth and more spending, it also helps firms refinance their debt and spend more, and it helps people buy houses. there's another view of what the fed's doing, and that's kind of a cronyism view, and the fed is helping keep interest low to help fannie and freddie which likes to issue mortgages and also helps the big banks with loans at 15% and borrow at 26 basis points on a cd. here's the thing, if the fed keeps on going with these low interes

it was greenspan and ben bernanke. melissa: on that note, i'm going to thank my illustrious panel and send you on your way. thank you so much. hashtag, take that haters. twitter crushes wall street expectations but can it beat facebook in the quarter results competition? >>> hands-free is the way to be. forgetting needing the newest car model dim one enknow straight tiff let es drivers text and talk on the road without ever taking eyes off the wheel regardless of their ride. i don't know what that squeaking is either but more "money" coming up. ♪ thank ythank you for defendiyour sacrifice. and thank you for your bravery. thank you colonel. thank you daddy. military families are uniquely thankful for many things, the legacy of usaa auto insurance can be one of them. if you're a current or former military member or their family, get an auto insurance quote and see why 92% of our members plan to stay for life. if your denture moves, it can irritate your gums. try fixodent plus gum care. it helps stop denture movement and

ben bernanke save the world, didn't he? and janet yellen, the perpetuate for safety.e contact me on twitter. i decided to show you a two-day chart because that's very exciting. by the time you get to friday, you won't know what hit you. thee fair, mark barton made point this morning. the reason i'm showing you the two-day is that this move happened higher in government , notyields on the gdp data on the federal reserve minutes. at 4%, wayng in above estimates in the market. she's going to cry. i better stop. the move on treasury based on the gdp data, not -- i repeat not -- on the fomc statements. >> this year or next year? find out when christian scholz thinks the fed will raise rates. stay with us. ♪ >> welcome back. this is "countdown." i am mark barton. 6:17 a.m. the fed is turning bond buying for another $10 million or months but the committee says they are still wary of a rate hike. for more, berenberg's christian schulz joins us now. what's your assessment on when the fed is going to start raising interest rates? the

i told you all about this six months ago remember ben bernanke in a janet yellen they started something called tapering and i said that's nonsense because on a global basis there is no taper because the european central bank would really pick up the slack and then add even more to the global supply of fake money.

year's run up and risk asset yet it tells you i told you all about this six months ago remember ben bernanke in a janet yellen they started something called tapering and i said that's nonsense because of the global basis there is no taper because the european central bank would really pick up the slack and then add even more to the global supply of fake money during this quantitative easing period that's exactly what this story is telling us tapering is a lie there is no tapering because one big global slush fund and the e.c. be picked up and did much more than the ten or twenty billion dollars a month. that bernanke you know yellen is taking away from the system there is no tapering because you can't take a ponzi scheme so this is going to continue until two outcomes a bond collapse or be a war well also you know the fact is that you have these you know the potato wedge in this case is the cheap money and then they're just pouring it into risky assets which is just the same potato wedge but sold at five hundred percent more hasn't gone through a process of actual value added or wealth creat

in the beginning of this presentation i mentioned rand paul with a standoff with ben bernanke, when he declared that silver is money. is he right? i have to say on this point, i side with the fed. silver is not money because it does not fit the definition. is webster definition something as a general medium of exchange or a means of payment. speaking, my plumber will not take silver. neither will my garbage man, and neither can i pay taxes. hence, not money. and yet, if i had silver and no money, i would figure out how to change it. but the u.s. dollar is loosely associated with gold holdings. the conflict lays in the money game and how it is played. where will these federal reserve experiments and policies leave? no one knows for sure, and that includes all of the members of the board. and there is one fact they can be noted from history. paper money can become worthless very fast. germans are well-known buyers of gold and silver because of the inflation last century. they remember. world, many have lived through a currency collapse, including those in the 19th century usa since 1994,

year's run up and risk asset yet it tells you i told you all about this six months ago remember ben bernanke in the janet yellen they started something called tapering and i said that's nonsense because of the global basis there is no taper because the european central bank would really pick up the slack and then add even more to the global supply of fake money during this quantitative easing period that's exactly what this story is telling us tapering is a lie there is no tapering because one big global slush and the e.c. be picked up and did much more than the ten or twenty billion dollars a month that bernanke you know yellen is.

our guest host, ethan harris, is the author of "ben bernanke aid." -- "ben bernanke's fed." janet yellen is an academic. she is a math person, isn't she echo -- isn't she? >> yes, the idea that she is not going to deal with the goals of the fed and inflation, all of that is silliness. she will deal rightly with the fed. phd's in economics and people that talk a lot and, no disrespect, do less math. she has prodigious phc skills, doesn't she? >> yes, she was a very good economist prior to her public service life. what is going on right now is that i think people don't realize that when the fed thinks about the condition of the labor market, you are looking for real health, and that means more than a drop in unemployment rate. it also means wage growth. wage growth and general compensation growth is only 2% of half of the normal label. -- level. when the fed says there is still a lot of room for recovery, i hear "wages." >> it used to be years ago that of there there was worries costly thing to ever higher inflation. but no, i don't agree. -- >> no, i don't agree. costs, the p

lot of concerns about being the third county to take on this controversial measure that hasn't ben bernanke shown to have impact in the two counties that have i am metved it. ~ hasn't been shown toshiba i have a lot of faith in our public health ~. my concern about laura's law has nothing to do with the individuals that will be implementing it. i do think we have strong leadership here in san francisco and that we have progressive values and i am certain that if dph implements it, they'll be able to do it i think in the best way moving forward. and i also really feel for the families who have individuals struggling with mental health. i think all of us know individuals that are suffering from severe mental health issues and i can't think of something that is more heart breaking and more challenging for family members to deal with. i understand the fear many family members go through that can address their son or their daughter's even violence at home and just want someone to come and take this issue away from them, whether it be the police or department of public health and just make the pr

president obama taking a price on the economy from ben bernanke today.the whitet house luncheon. the meeting coming just one day before the u.s. jobs report. interfered --e interfered a couple of times but done with his record 31 days. said he was feeling great. good news from him. top headlines at this hour. back to you. >> a bank designed to build assets, profit and help move the business forward. connect one working to strengthen its business. combined thing -- combining with center bancorp. talk about the strategy behind the deal, frank sorrentino, chairman and chief executive of connect one. thank you for being here. as we were just talking about, cases, this has in many -- you might say why does it take six months, but in the banking world that is considered a short amount of time? >> very short. six months from the announcement an actual deal closes including rebranding both companies and getting ready for system integration three weeks from today, that is a very short time. it was a really big lift but that is connect one dna. we do everything wi

disaster that is the detroit metropolitan area the head of the central bank was making more than ben bernanke in two thousand and eight for this small country he's. scott a seven hundred thousand year old mortgage that he was actually foolish enough in my estimation to take in two thousand ugh so stupid here look there's all this stuff just the bankers are shots we know that they are thieving sure but your rats you know it's a ban bernanke here mark carney there is a cut from the same cloth as any of the isis you know they're the same people basically exactly when you say that they're devalue the currency so this is the opposite of us terry because you're all you know you're flooding the economy with money essentially while you're writing off debt in other words you're making this you're inflating the debt out of a way as i say not you not you not defaulting on the debt we're defaulting on a part of it no never since the debts were denominated in euro's if you're going to . then tell the swedish banks that are going to pay off those debts in your local currency then in effect you're writing i

a group of economistsa the white house today including former chairman of the federal reserve ben bernanke and harvard professor feldstein. the meeting comes a day before the june employment report and the same day the private sector added 281,000 jobs, according to payroll processor adp. for more on this obama economy, we're joined now by arthur laffer, former member of president ronald re economic policy advisory board. art, great to have you here. >> thank you, lou. lou: and what do you make of this sitdown with sandwiches and a bunch of economists. >> guess who was number one in the post world war ii era, ronald reagan, which i love, as much as i do the other side. these guys are going to sit down and talk about the same old stuff and not much coming out of it. however, you know the right answers and what we should do. in the near-term, you could politically easily get a change in the corporate tax code. you could either lower the corporate tax rates dramatically and broaden the bases of a number of democrats and republicans want, or do what i'd like to do and make all taxes territoria

at the beginning of this presentation i mentioned the former congressman's faceoff with ben bernanke when he declared that silver is money. is he right? i have to side with the fed. it's not money because it does not fit the definition. webster's first definition is something generally accepted as a medium of exchange, a measure of value or means of payment. generally speaking my plummer won't take silver, neither will the garbageman or the local municipality for payment of taxes. hence it's not money. but if i had silver and no money, they would figure out how to change it, i can tell you that much. but the u.s. dollar is loosely associated with its gold holdings and the confidence that many bestow on the united states as a great nation. the conflict lays in the money game and how it is played. where will these new federal reserve experiments and policies lead the u.s. dollar? nobody knows for sure. and that includes all the members of the board of the federal reserve. there is one fact that can be noted from history. paper money can become worthless very fast. germans, for instance

president obama seeking advice on the economy from ben bernanke.

trying to figure out how long considerable is, consensus is about 6 months, not just yellen and ben bernankehat term considerable period of time, it goes back to alan greenspan. so i think people will look for it. charles: monster.com, you know everything' about employment. one of the fed's mandate is employment. last week president obama gave them some credit for job creation do they deserve any? >> i don't know if they directly deserve it, they are always watching and talking about the reports and job creation, i would love to see from fed is policy, to get more confidence on the employer side to make those hires, there is 4 million job openings every month, but when you look at how many jobs are going unfilled, a lot has to do with employer confidence. i would like policys and fed give more confidence and see the employers -- >> before i do that matt, if there is a sense when fed if fed drops considerable and market tanks, will you change what you are doing? >> i don't think there is anyway they drop it. >> matt is right, i don't think there is anybody on wall street, all notes i say nobo

. >> over the past four months inflation has been picking up, and janet yellen's predecessor, ben bernankenflation got to 2% they would start to consider raising interest rates. we're at that point now. the unemployment rate is 6.1%. bernanke said when it was 6.5's they war -- >> that's what worries me. because you're -- >> shouldn't worry you. shouldn't worry you, gradual -- >> no, no. no, here's why i do. i think the fed risks falling behind the curve and this inflation, albeit limited to some food groups, is going to be a worry, and i fear the bond market and these low interest rates are themselves the next percolating bubble. am i right? >> well, you are as always right, neil, and i think what is important to note is that when the fed tightened up in the early 1990s, we saw a big spurt of growth because you can never depreciate your currency down to growth. this gives the fed an excuse to start gradually tightening up and, okay, the market might adjust but we'll get more economic growth afterwards. >> when does that happen? >> well, in. the 1990s it happened after a year, and we have a

. >> that has fiscal income effect ben bernanke used to act knock that himself when he was still an academic. melissa: u.s. homeownership rate plunging to a 19-year low as more financially strapped americans are opting to rent. >> too bad this doesn't happen back in 2003. >> good point. >> might not have had the little thing called the financial crisis. melissa: right. >> i think, i think it is good that banks are not financing people's irrational exuberance. melissa: yeah. >> when i went for a mortgage back in 2004, i remember i wasn't making a lot of money. i was working as print reporter. i had a book i was doing. i remember the mortgage broker telling me, that book could sell gazillions of copies. you could be multimillionaire overnight. why don't you buy the 4 million-dollar home. i looked at my wife, it is business book. it will not sell that well. >> worse even than that i remember when i had a show at night, called, scoreboard. >> it was a great show. i remembered. >> i interviewed a woman who bought a 750,000-dollar house. she said what is your income? i make 350 to $400 a week with

you ask, brian, the guys who sold bonds like they were going out of style in may and june when ben bernanke talked about an earlier tapering than expected? that's why. the fed is gingerly moving here, trying not to upset bond markets. it wants to bring the markets along with it in a very, very gentle way. what are you upset about? >> is rick still there? james car ville was right. when i die, i want to come back as the bond market. with all due respect -- >> it would be the first in history. you know it's really unfair to look at this fomc committee and janet yellen and think like a ceo of a company that has very important decisions to make that the correct, courageous decision will be made. a bureaucratic organization will always err on the side of not being aggressive. we haven't been in a crisis economy in a long, long, long time. i think that's why the house banking committee today passed the rule for mr. hinesing talking about more rules-based -- >> just for the record there's an opposite conclusion from that, which is as follows, the fed was not aggressive enough early on in the tenur

collapse which is why they will not do with but keep on talking when janet yellen for said or ben bernanked i will raise interest rates but inflation is to i said no it will not happen if we ever get there they will move the goalposts and that is exactly what they did unemployment is 6.one. forget about raising rates and the cpi governments distorted version is up 2.1% year over year so we are above that goalpost also and not only have they not raise interest rates but will not commit to when maybe the end of next year or the year after that but the reason is they cannot raise them but what happens if they keep interest rates low forever? behalf to keep a low for ever what happens if you take drugs for ever? we'll happen is if you keep upping the dosage? the more of the government's drug the more it needs it builds up a tolerance so you need more and more but eventually if you keep taking the drug you will overdose and you will die. if you live by a quantitative easy you will die by quantitative easing it is the currency the dollar that collapses because for the government to keep this pro

when ben bernanke and his colleagues instituted qe 1 in 2009, financial conditions and the economy weresfunctional meltdown. the policy was brilliantly conceived and a no-brainer from a risk/reward perspective. but the current policy make nos sense from a risk/reward perspective. five years into an economic and balance sheet recovery, extraordinary money measures are likely running into sharply diminishing returns. on the other hand, history shows potential long-term costs could be quite severe. i don't know whether we're going to end with a malinvestment bust, due to a misallocation of resources. whether it's inflation, or whether the outcome will actually be benign. i really don't. but neither does the fed. given the time, resources and effort policymaker have put forth to make sure we don't experience another financial crisis from dodd-frank, to recapitaling the banks, to other measures, does it make any sense to double down on a monetary policy, which many of us believe was the pry marry imp 'tis leading up to the financial crisis. yes, we strongly agree there were bad actors and re

janet yellen has taken over for ben bernanke. where does he stand?ggressive policy, which is bringing success. it is what we need at the ecb. >> the structural, the investment that is needed. >> to be frank, it is everything. we have everything. yes, we do not have this in europe. at this date, it is at a standstill. x yesterday's inflation number highlight the need for further measures down the line? likely to have additional measures. it will not be enough. ecb is putting in lace the right framework -- in place the right framework. it is not enough to kickstart. >> will be italian prime minister's push to allow a bit to meander around the edges, will that give countries like france and italy room to boost growth measures? to reduce unemployment? is that the sort of policy we need, patrick? >> he has a lot of credibility. in italy, he has been putting in place the right structural reforms. in france, a little bit has done -- has been done, but a lot more expect it. -- expected. he is ahead of the curve. >> how much more can european asset markets mo

. >> host: ben bernanke i think you describe, he comes across as an excessive interventionist. >> guest: yes, that was a much bestow. i think greenspan set the ball rolling in 87. one thing you've got to learn about all these people running the federal reserve is that they are obsessed with 1929, and the one lesson they learned from 1929 is -- >> host: bernanke had written a -- >> guest: and done research on the obsessed with the idea that in 29 the federal reserve, the authority if you like didn't do enough. and they contacted the money supply at the wrong time and all the rest of the. endless liquidity pumping liquidity into the system is very much their response and what they learned. >> host: do you think it was the right response? >> guest: i think to do it willy-nilly as they did was perhaps slightly risky. i think they perhaps overload, perhaps with some of the long -- wrong lessons from 29. like friedman pointed out in 29, they made it worse by shrinking the money supply. they didn't need to do that, but these endless bailouts, in less huge amounts of money that people can't eve

and janet yellen and ben bernanke still treating the economy as though it's in crisis. equity traders don't seem to be too bugged because they know in the end, what's in "the new yorker" that i've read, easy money will outlive any types of tailwinds -- excuse me, headwinds to the economy. and i think that's what stock traders are looking at. >> you're suggesting that the longer the fed waits to raise rates, the harder time the market is going to be able to digest that. and also the dangers of inflation coming into the picture down the road. is that what you're putting forth? >> reporter: i think you've just listed two unintended consequences. i think that the litany of unintended consequences is much larger. the list is much longer. and the ultimate questions about how it turns out are much more vague. in the end, this isn't what the central bank of the united states was created for 100 years ago. it was supposed to be a nudger. now it's embedded in a political, social type of financial engineering, not the least of which you would never go to an accountant on a persona

he was chairman of the senate approvedommittee, wholeheartedly the appointment of ben bernanke as fed. he has introduced this resolution of that revolution of transparency. but during the period that senator shelby was chairman of the senate banking committee, i don't recall any more calls of transparency from alan greenspan. >> i do think that greenspan and bernanke deserve credit for more transparency with the fed. moving in the direction of transparency. i would say, however -- one of the sections of the bill requires the fed to report international negotiations. senator shelby pushed back tremendously against the fed getting good leverage requirements because some of those negotiations are not seeing the light of day. if you want to ask why we did not hold the fed to the table every day, it is because we were trying to solve other problems such as fannie mae and other agencies. is the fed the only problem in the financial system? not at all. it is hard to choose where to start given the number of problems in the system. i think the question is, it has been 100 years. it makes sens

what ben bernanke started the -- theen bernanke started tradition of giving the keynote speech. fed chairman in janet yellen, they are not expecting her to continue that tradition. the kansas city fed people felt that it went into the wrong direction and everyone knows what the fed is up to right now anyway. >> and maybe we will be combing the statements for anything else. who are in their seats instead? who got the invite? >> the kansas city fed does not release a list of those invited, but you can expect it to win include expected to central bank is from around the world and economics that study central banking. >> you mentioned janet yellen. what will her plan b for the conference? conference?r the >> we are not allowed to say who it --m a guest list, but who is on the guest list, but it is reported that janet yellen will be there. it should be mentioned the press is always there. it is not a big deal for me to get an invitation. >> that is true, but you get to go be with your people. it is fun for you. >> that is true. the wall street economist version of the velvet rope. >>

i look back to when ben bernanke brought up the whole tapering idea and we saw a reaction.at is that will not happen and she will keep her mouth shut for a while. he can afford to write it out here the average person cannot hear it if you lost his own investment, that is only 10%. >> what does this say about him as a risk manager? he is the guy sitting on top and i am an average investor and i see him wheeling and dealing and behaving like a cowboy, i do not know how i feel about him anymore. >> he has always been a little bit of a cowboy. classes and funds, they all go for it. >> the average investor is not calling up though gross. they are looking at what he is doing and then going to their own advisor who is hopefully telling them, you do not want to be in this because you do not have that kind of money to lose. >> if they angry -- if they .gree with him, they can invest >> less leverage and not the same strategy. you are right, you have to know what kind of risk you are willing to take on. not all of us are bill gross. will look at everybody's view and he will look to g

back in may 2013 when ben bernanke first indicated there may be tapering, the temper tantrum, rates wenthing. you could chart the number of times "taper" was used in bloomberg stories versus the 10 year yield. there was a huge correlation, it shot up. complacencyeriod of now. once people die just inflation could start rising, you are going to be able to do the same thing with right high court tightening. as discussion of that goes up, you will see the 10 year rise, at 12 orill not be whatever you mentioned. we're going to see something that looks more like the summer of 2013 then the summer of 2014. >> when does this happen? >> if you look at what the fed is doing, you said they are meeting soon. not going to be much change. they will continue tapering. it will end in october. you don't really have to worry about talks are further tightening until tapering is done in october. the end of this year going into early next year, you're going to start seeing debate over whether -- ot >> meanwhile, the 10 year is 2.46%. >> how do you explain the massive wrong call by smart, well-meaning bond ex

. >> to face fed policy since not only unnecessary, but fraught with unappreciated risk, when ben bernanke and his colleagues instituted qe1 in 20309, financial conditions and the real economy were in a dysfunctional meltdown. the policy was brilliantly perceived and a no-brainer from rafk/reward perspective. but the current policy make no sense from a risk/reward perspective. five years into an economic and balance sheet recovery, extraordinary money measures are likely running into sharply diminishing returns. >> now let's get to kate kelly with some of the other big highlights from delivering alpha. and the first thing stan said when he took the stage was how great the conference has become. >> i know. i was amazed at his stature. >> he made some similar comments before the financial crisis, a couple of years before. >> about the fed, not about cnbc. >> we have a clip, for sure. >> big time. there are clips everywhere. so that was nice. >> yeah, no, it was a great clip. >> and on the record saying -- but you know, he warned not to get too excited because it's not systemic. but it's regi

i talked to ben bernanke, and asked, isn't there a way to ring the bell a little bit louder? >> well, i believe this is a critical problem that congress should try to address and the administration. it's one we've known about for decades. there's nothing fundamentally new here. we've just come closer to the problem without taking the necessary steps. i think it relates to trends in health care costs. combined with an ageing population. that is certainly not news. there are many, you know, organizations that have been trying to explain to the american people how serious this problem is. >> i want to encourage you to continue what you're doing. if i might recommend, open up every speech with comments about this problem. and i also have a fiscal policy question for you. we must do more to discourage the inversion transactions. the use of mergers to avoid paying higher taxes in the united states. and in your confirmation hearing, you said the tax structure -- i'm wondering on the corporate tax part of this, if you've looked at this inversion, or been involved in any discussions a

ben bernanke did not go last year, first time ever a fed chairman did not attend. >> is she going tohiking expedition? >> i've never hiked. >> you would if yellen was leading the way. >> we get up for "surveillance" at about 3:00 a.m. not funny. >> do not feed the bears. mike, you cannot tell us where you're going? >> i can tell you that i am going, the press are in a different category. we do pay to attend like everybody else but they do allow press in as long as we respect the rules of the conference. certain things off the record. >> waking up at midnight to join us on "surveillance." >> thanks so much. with defense budgets at pre-world war ii levels, with the u.s. have enough room to respond in the wake of a new crisis? are we at the same state of readiness? we discussed with maya macguineas, after the break. this is bloomberg "surveillance pickup ♪ >> further breaking news from israel. this is on the soldier. a lot of back-and-forth on this. is aentioning it, now it much more important and serious set of headlines. israeli army identifies the soldier unaccounted for in gaza. sol

scale of who is doing a better or worse job, do you think janet yellen is an improvement over ben bernankeo accuse you of inflation. you gave her a higher grade when you graded her out -- >> last press conference, i gave her a c because i said if she was on a university like university of chicago, but on the scale of central bankers, what did you give her 12? >> a d-plus. she was all over the place backtracking. sets the market up, backtracks. we hear about inflation. first of all, you can want believe -- no thresholds because they removed it from the unemployment, so they are going to smooth out this inflation, so if inflation goes to 3%, they would say -- >> only thing that smooths out is deflation, and yet, other than the 19 30s, it's not happening. that's my opinion. back to you, carl. >> okay. i'll pick it up, thank you very much, rick. >>> a new player in international air travel, mean lower prices for the caribbean? that's ahead on the show. market's in the green, dow up triple digits on this, the first day of the second half of the year. cawhat age you are. take them on the way you

. >>> as the 2008 financial crisis began to federal reserve chairman ben bernanke told a roomful of congressional leaders that a failure to act would seriously affect the u.s. into thandthe world economy. former senate banking committee chairman chris dot told that story and others during a discussion about the economic times. he is joined by the former house financial service chairman barney frank who along with senator dodd passed the reform bill. the comptroller of the agency in boston hosts the event. >> we welcome our first panel i would like to introduce you to suzanne duncan the moderator of the panel. panel. suzanne is the head of global research at state street bank. she is the author of scores of white papers and manuscripts particularly in the area of the investment management you will see her commentary on almost every major media outlet throughout the globe but the thing that we are most proud of that she is a member of the board of advisers of our center for finance law and policy. suzanne will introduce sheila bear. >> thank you very much for the opportunity. i'm honorei am honored