tha ben bernanke.at happened and an emotional recounting. tell us your most moment during this crisis? >> the worst moment was the lehman weekend, the knowledge it would fail, the fear and uncertainty associated with that. the next couple of days, as we had to deal with aig, talk to congress -- >> what does that mean worst moment for a fed chair? were you worried that the economy would blow up? >> yeah. i was very worried. my whole background was studying the great depression, studying financial panics, effects on the economy. i saw that we were having the granddaddy of all financial panics about to explode on us. i thought the consequences would be tremendous. >> was there a good moment? a great moment? >> besides today. >> handing over the reins? >> as an economist what better job could you have? you had all these people thinking about what's happening, and providing leadership for the global economy. it was -- >> does janet yellen call you for advice? >> no, she doesn't do that. i think it's a good

one with zero interest rates, thank you, ben bernanke, have to get money elsewhere. liz: that's an interesting point. >> so now banks are charging their deposits more and more. the money has to come from somewhere and the way that politicians make down banks for tens of billions of dollars. where does that money come from? it comes from people like going to an atm machine so you can shop the thing, and also take a little more cash. because -- like whack-a-mole. you hit the fee there, goodnights come up somewhere else. >> can i just add one other thing, we want in the banking industries competition, competition drives down prices. and i hate to put down frank again, what has he done? the number of banks in the united states keeps shrinking and slinks shrinking. you get less competition and higher fees so the same liberals who created these policies are now complaining the ones that are left are charging higher fees. liz: the reality check is bounced in there in washington d.c. [laughter] >> i like that. that's a great line. liz: the policies little upon there. anyway,

please welcome, ben bernanke!rman of the federal reserve from 2006 to 2014. before that, you were professor of economics at princeton university, and you have a new book about the the action y'all took during the 2008 economic implosion called "the courage to act: a memoir of crisis and its aftermath." where did you find the could you remember to put the word "courage" in your own memoir? >> i totally blame my wife. it was entirely her idea. >> stephen: oh, she likes you? >> she does like me and she thought i did a good job, so there's at least one. >> stephen: let's talk about the job you did and what it meant for the economy and what it would have mant for the economy if you guys hadn't had your hand on the tiller at the time. now, what is money? ( laughter ) okay. how does it-- you got one? you got some money in there? okay, here's a 20. thank you. now-- ( laughter ) now, what is money? okay, does money have any intrinsic value? >> no, it's good because other people take it. like you just did. >> stephen: exact

ben bernanke on who should have taken the fall for the financial crisis. and much more. >> woodruff: we take a deeper look now at today's surprise shake-up on capitol hill with former republican house member vin weber of minnesota and washington post reporter mike debonis. gentlemen, welcome. mike debonis, to you first. anything to add about why kevin mccarthy pulled out? >> really, right now, you know, it was a matter of pure politics within the house republican conference. it became clear that his path to the speakership was going to be very narrow and that his ascending to that post would do little if anything to solve the internal problems and the divides within the conference. he said it himself in his press conference earlier today when he today before the microphone, he said we need a fresh face. the question is he was the fresh face to have the republican for at least the last five years. he was one of the young guns in a class with peoplereich eric cantor and paul ryan. eric cantor was kicked unceremoniously out of congress last year by tea party

jeff, ben bernanke is still defending the bailout. >> absolutely.ynic might look at the comments amy and ask is this all about selling his new book "the courage to act" which hits book shelves this week? so finally ben bernanke is saying we think some more executives should have gone to prison but hey, wasn't he part of the system that used taxpayers' money to bail out many of these banks? ben bernanke saying that when he saw some bumper stickers saying "where's my bailout" he felt bad about that but at the end of the day no many executives did go to prison for what happened and the argument is well you don't go to prison for just running down a bank. and unfortunately that's what happened and in many cases it was low level employees like in the libor story that were actually found guilty of manipulation rather than the executives at the top of the tree. so ben bernanke finally feeling it's time to move with the people and talk with executives who should have gone to prison. >> geoff, new details continuing to emerge in the volkswagen emission scand

. >> stephen: they are very excited about ben bernanke in here. ben-ben-benny and fed. i've been waiting to sing that for, like, 10 years now. folks, i don't know if you pay attention to the news. i do sometimes. we are about to reach a major milestone in the presidential race. tomorrow, we will be just one month away from being just one year away from the 2016 election. and even,000 technically the election hasn't really begun to begin, we know powerful people are leaving office. and i wouldn't want to be one of the politicians out there trying to replace them because the fellas. to slip up so they can make fun of you on their late-night comedy shows. what a bunch of jerks. unlike politicians, i've got it easy. sure, there are a lot of cameras but if i make a mistake, i can always ( bleep ) it. i mean ( bleep ) it. damn it! i am so angry i could punch a nun. let's edit that out, please, okay, and keep any nuns away from me for a while. point the, the candidates out there might not always mean what they say. we're not mind readers, and we can only guess at what they mea

candid insights into the fall of lehman brothers, the bailout of aig and joining me right now is ben bernankeok, "the courage to act", doctor bernanke, great to see you. this book will no doubt be the record of what went on with you at the helm during that unbelievable moment in time for our country. why did you write this book? >> well, i wanted to give my personal viewpoint what happened, it was a chance to go through my e-mails and records and think about what happened and try to understand it myself and i thought it was important to give the perspective of the fed in the center of the activities and hasn't been anything written by the fed and we cover not just the crisis, but the period since then which has been quite interesting, monetary policy, quantitative easing and the european crisis, all of those things talk about. maria: i'm glad you titled to "the courage to act", because it required great courage to step in with nontraditional ideas in terms of putting things in place to lift us out. can you go back to those days and tell us what was the toughest? what were the days that you we

joining us now is ben bernanke, author of "the courage to act." good to see you. >> thank you. >> thank you for joining us. how would you characterize the economy today? >> we're moving forward. moderate growth. i think the biggest drag on the economy now is the global economy. you see emerging markets being slow, tchina slowing down. that's a drag on us. our housing sector, auto sector, jobs being created, those things are pretty positive. >> housing and autos have been pretty strong, particularly autos. i'm glad you mentioned autos, that's one area that did come roaring back. in the book, you take us through the dark days in terms of when i always say the lights almost went out, when general electric was worried about paying employees. take us to the darkest day. what was the toughest and required the most courage to act? >> well, the toughest times clearly the weekend and week that followed and lehman failed early monday morning, then aig, the world's largest insurance company came close to failing, the fed and treasury intervened to prevent it

stay with us. >> rose: ben bernanke is here. he was chairman of the federal reserve from 2006 to 2014. he was at the center of the government's response to the financial crisis in 2008. in 2009 "time magazine" named him as its person of the year. today the u.s. economy continues to recover slowly from the great recession. interest rates remain at historically low levels as the fed carefully considers when to begin raising them. all of this and more is captured in "the courage to act: a memoir of a crisis and its aftermath." i am pleased to have ben bernanke at this table for the first time, welcome. >> glad to be here. >> rose: let me talk about "the courage to act." it actually comes from your wife. >> it was her suggestion. >> rose: you believe it's the essence that in order to respond to a financial crisis, you have to act, you have to act boldly, and you have to know what you're doing. >> that's right. and the poll -- the politics was terrible, a lot of backlash. i dedicated the book really to all the policymakers around the

but, again, ben bernanke is being disingenuous.all about book sales and ben bernanke, it's not an acknowledgment of his role in this. i find it appalling. stuart: scott shellady, what do you say about individuals should have been charged and go to jail? >> i saw the interview and i thought it's one big cop out. like any other liberal psychologist, i would say let's stop looking for blame and let's look in the mirror for accountability. that's what should be done here, not what he's saying. stuart: next up, driverless, robot taxies. they're going to be in a japanese town. ashley: it's south of tokyo for those of you keeping score at home. they're going to run the trial taxi service, you're seeing pictures of the elderly because they're going to use the taxis for elderly people who have no access or good access to transportation. they're going to put them in the robotic car, and they'll have a driver in case something goes wrong. by all intents and purposes they're supposed to do nothing and let the robotic tackies do their job and b

in that sense i'm in agreement with chairman ben bernanke. it's remarkable in this period when the fed has been struggling to get inflation high enough that the criticisms have continually been, gee, the fed has been too inflationary. it's remarkable those criticisms keep on being raised. >> we have seen nothing in terms of inflation. i know you're featured prominently in the book. did you see the interview this morning? >> i did not see the interview, i have read the book. i read it quite awhile ago, and gave ben some comment at that time. >> do you agree with his assessment of how it went down? >> yes, i do. we were close to having a great depression. this was super scary stuff. to me, you know, i am friends with ben. i think he will go down in history as a hero because he helped prevent a great depression. many people did not understand this. so members of the participants did not understand the severity of what was going on, how dangerous it was. we were lucky to have somebody who studied the financial crises and the great depression duri

. >> rick, i was curious to your reaction to ben bernanke's interview. i thought one point stood out, he said we didn't intend to create the bernanke put. it was this idea of moral hazard and continual bailouts and the fed is always there. >> of course there is going to be a moral hazard. you can't bail out. you can't bail out. baling out firms in a free market capitalist society is like taking hell out of the religious framework of the catholic church. okay? you need that notion. you need the ability of firms to fail. once governments or fed or central payers step in it chaings everything. ben bernanke and paulson pulled the switch on the track and we are now on the wrong track in my opinion. in terms of inflation, you can look at financial inflation and in terms of commodity, volatility, ask the harper in canada or in australia what the central bank did with the foreign exchange volatility they created. talk to emerging market central bankers and they put them through all of these exercises only to leave them, what, stranded without any removal of acco

ben bernanke.he regulator. >> we don't have a centralized regulation agency that was created after dodd-frank? >> you know who set that up? bill clinton. >> agree with you. >> should barney frank have gone to prison with him nor encouraging the very activity that they led. >> nothing more than rank class warfare. >> it sounds good on the campaign trail. >> we're going to hear more of it. >> come on, $600,000 was given by wall street to hillary clinton. who better friend of wall street is there than -- >> [ indiscernible ]. . ...as a combination of see products.. and customers. every on-time arrival is backed by thousands of od employees, ...who make sure the millions of products we ship arrive without damages. because od employees treat customer service... ...like our most important delivery. od. helping the world keep promises. >>> caucus, 40-member strong. congressman daniel webster to be the next speaker of the house. whoa. >> hello, i'm kimberly guilfoyle, along with juan williams, eric bolling

greenberg tells me why ben bernanke's new book is all wrong. find out what they say really happened surrounding the government bailout of the insurance giant. ♪ betty: time for the bloomberg business splash. a look at some of the biggest stories in the news right now. acquiring 55,000 temporary workers to go with an expected 12% increase in business. 3.5x handled more than million packages from the day after thanksgiving through christmas. the office of eric schneiderman said it is concerned consumers who are paying for service from verizon, time warner and cablevision might not be getting the fees that are being advertised. shareholderargest in square is leaving the board ahead of its ipo. therefers not to serve on board of public companies. he on 17% of the famous company. he has been on the board since 2011. you can always get more business news at bloomberg.com. nasdaq, abigail is standing by. abigail: stocks have been on nasdaq. right now we are flat. investors are taking a breather after last week. one stock that is down ahead of its earn

do you agree with ben bernanke that more bankers should have been prosecuted? can e-mail us, find us on twitter and our personal handle should be coming up there across the screen. that's going to be a very interesting conversation. >> don't want to miss it. >>> portugal governing coalition has claimed victory with just over 38% of the vote just shy of a parliamentary majority. julia is in lisbon with the reaction. julia. >> reporter: thanks so much, carolyn. as you quite rightly mentioned, the incumbent prime minister, the first european leader to be re-elected after passing many measures in four years of austerity in a country in europe, as carolin pointed out he didn't get the majority he was looking for, it's a minority. he has to rely on defeated socialists, the center left party, in order to pass policy going forward. there simply aren't enough parties together. we spoke to a well known political commentator here in portugal and i asked them what kind of deal can be done behind the scenes between the incumbent coalition and the opposition socialist party

we should point out ben bernanke will be on u.s. "squawk box" for an exclusive interview. that should be interesting. that comes your way at 8:00 a.m. eastern time. it's interesting that he also pointed out that he at the federal reserve in 2008, it wasn't his mandate to pursue these investigations. it was up to him, he probably would have looked at individuals more thoroughly. i guess he's kind of passing the buck saying it was the department of justice that maybe should have launched more investigations. he said, you blame financial firms or entity, it's not like you can charge an entire company. >> he's right in terms of passing the buck because it really sits with the justice department, it doesn't sit with the fed. he mentioned those comments while he was still in office, that would have caused a lot of turmoil. they're essentially independent. it doesn't surprise me that he's coming out with that now. he obviously echos the view of many other people out there. why have there been no criminal proceedings against many of the executives that caused the turmoil. lehman,

among the frontline's federal chairman ben bernanke. he has now written a book about his experiences, calling the courage to act. he joined me a short time ago. you compare leading the federal reserve to try not to dry a car off a bridge could help close to the american financial system come to complete collapse? ben: after lehman the system was a degree of panic and went to extra ordinary panic and came close to nearly shutting down. ,he effect of the u.s. economy you saw tremendous job loss in the last few months. saver: you were able to aig but not able to save the bank lehman brothers, and the public perception was that you just let lehman fell. whether the case you couldn't save them. ben: we didn't have the authorities. we had a purchaser that came in. had two prospective purchasers in this case, but both fell through. we didn't have any capital to invest. this was before the congress passed the tarp. lehman didn't have enough collateral to justify the lending that would have taken to .ffset we knew it would be a damaging event. w

we will be right back with ben bernanke. stay with us. ♪ charlie: ben bernanke was chair of the federal reserve from 2006 22014. -- 2006-2014. in 2009, time magazine named him person of the year. interest rates remain at historically low levels. all of this and more is captured in the courage to act. i am pleased to have ben bernanke at the stable. let me talk about -- at this table. believe in order to respond to a financial crisis, you have to act, act boldly, and you have to know what you are doing. charlie: politics was terrible, a lot of backlash, and i dedicated the book to all of the policymakers around the world who were supposed to be passive and attacked the crisis and brought it to an end. charlie: mostly central bankers or political leaders? not many members of congress. mr. bernanke: congress was mostly, you know, in the critical mode for the most part. charlie: let's talk about some of the headlines and talk about carolinag from south to harvard and from harvard to m.i.t., and to stanford and to princeton. idea

alix: hank greenberg taking aim at ben bernanke. they refuse his claims and his .ew book about the aig bailout scarlet: first we want to head to the bloomberg news desk with julie hyman for details. julie: lackluster is the way to sum up to this activity. what we have a slightly negative two. part of it is the waiting game that markets are playing. it is a very busy earnings week, but the proposed limits -- preponderance of volume is not here today. a fed meeting as well. investors are not expecting any change in rates, but nonetheless, you still have a little tiny miniscule that of suspense at least going into that meeting. we did have economic data today as well. purchase of new home slumping in september to attend month low. as he will see on the bloomberg terminal, you'll see the biggest month over month drop in these monthly home sales going all the way back to july 2013. this drop is the biggest since that point in time. the data that we have gotten so far this year has been pretty positive, so this is a little bit of an inter

ben bernanke with bloomberg later. then bloomberg "surveillance" on radio.e lacqua with christine lagarde later this morning from lima, peru. our single best chart. with james stavridis of the fletcher school. it is a simple chart. the collapse of ukraine. ok, i guess? financial crisis? ok, i guess. then collapse. syria has already collapsed. but there's further to go in economic decline in syria. admiral stavridis: there is. and syria is like humpty dumpty. i am not sure we are going to put the pieces together again. when we look at what vladimir putin wants to do at a minimum, he wants to carve out the western part of syria. where we have to take on islamic state and the kurds in the north and west. that is an economic disaster of epic proportions. tom: within the newspapers this morning, -- carter's comments, i go back to again -- our secretary of defense, what is your to do list, not boots on t he ground, which will take weeks. what do you do now? you do not dial 1-800-putin and say, you are a bad boy. what is the adult process? admiral stavridis: we sta

former fed chair ben bernanke. now a fellow at brookings. his just-released a book. out thege to act" financial crisis. welcome to ben: nice to be here. stephanie: take us inside this book. for you, during the crisis, what was the scariest moment where you said, this is that you crisis? this is a turning point? ben: the scares moment would not be a big shot which is lehman weekend. i think of lehman week. after lehman failed, merrill lynch was taken over. we had to bailout aig at great political risk in some sense. morgan stanley, goldman sachs, wachovia, a lot of firms came under pressure. the financial panic accelerated that week. the spread went to the roof. it was a turning point because on the one hand, the crisis got so much worse. on the other hand, that that was beginning of the political response. stephanie: hindsight being 2020, if there was something that we you could do over, what would you do? ben: we did all we could. we could not save lehman. we did not have the tools to save it. we knew it was going to be a problem. we made the right call in savin

alix: we will hear about the behind-the-scenes negotiations that occurred with ben bernanke. ♪ scarletu are looking at a live picture from capitol hill where house republicans are holding a secret vote to nominate house speaker. kevin mccarthy is said to be the favorite. phil mattingly will be joining us to give us the recap. a lot of people wonder who really wants this job. alix: that is a great point. ben bernanke and john mack, former chairman and ceo at morgan stanley were on bloomberg go this morning. they were asked to recount their experiences during the 2008 crisis. thebernanke: a lot of pressure turned on investment banks and one of the things the twodid was make the companies holding companies which were mostly symbolic. it was essentially ensuring the market that the fed would now be overseeing those companies from a supervisory point of view. morgan stanley and goldman sachs went out and got private investors and that was key to strengthening. mr. mack: it did not happen right away. hank paulson and i had a conversation, a very forceful conversation of what they wanted morg

ben bernanke has a terrific book out.things i took away from it was there is a limit to what monetary policy can do. given the situation in this country and largely around the world with central banks, at some point you have to look at fiscal policy, don't you? and we had larry summers on who said there should be a lot of investment in infrastructure. made ai think larry has big impact with his concept of secular stagnation. congress has been unable to move on anything. the federal reserve has done a very good job of being the catalyst for the economy because congress is doing nothing. real fiscal policy is not likely to come out of this congress. david: would you be in favor of a copperheads of tax reform? david: copperheads of tax reform -- imprehensive tax reform think it is not going to happen right now. david: i know you do not want to have a negotiation right now, but would you be supportive of -- david: i would be in favor of putting everything on the table and figuring out what makes the most sense for the america

. >>> plus, ben bernanke on bringing the world back from the brink of financial disaster. >>> finally, want know who will win the 2016 presidential race? i'll tell you about the people who have already got the answers. super forecasters. i'll explain. >>> first, here's my take. justin trudeaux sweeping victory in canada that voters in the western world are moving left. the last year has seen the new leader of britain's party and bernie sanders has shaken up the democratic primaries. theless so lessons are complica. he benefitted from the ten-year itch. voters usually want a change no matter how popular the leader is. think of tony blare. canada's conservatives have held office for nine years and their leader is no tony blare being perceived as intelligent but reserved. his party was in third place months ago. some of the momentum has to do with his name. he's the son of canada's most famous prime minister but much of it had to do with the kind of campaign that was neither very left wing or popu list. he promised to run modest deficits. that's something most mainstream economists would

neil: ben bernanke has a book out, the former fed head.after the financial melt down, he is trying to justify what happened back then and decisions he made back then, when we were in the middle of this free fall. still expressed a surprise. don't want to give whole book away. only halfway through it, that more wall street insiders were not locked up and put in jail. charlie gasparino is here. lizzie macdonald is here. gary kaltbaum is here. lizzie, on him speaking out now about this, first, to more of these guys should be in jail comment, what do you think of that? >> not just after the fact refereeing. department of justice and sec tried. they investigated these firms. the accounting rules allowed for this community reinvestment act, number of press presidents and congressman tried to fix income inequality by giving everybody a house. being brave with your book release after the fact. i will probably read it as well. he is saying i wish i communicated more. that would have fixed things too. what he was communicating there was no subprime

liesman spoke to him in a rare interview since leaving his post. >> reporter: former fed chairman ben bernankequite e. quiet since he left office about fed policy at least in public, waded into the great rate debate today in a live television interview to promote his new book. bernanke made fairly clear his view. he supports the fed's current easy monetary policy and would appear to be in no hurry to raise rates. >> i would just point to the inflation rate. even if the fed had no interest whatsoever in growth and employment, which of course it does, but it has a 2% inflation target, it needs to get inflation up to that target. and you know, easy money is justified by the need to get inflation. >> as to why the economy is not firing on all cylinders bernanke said the lackluster performance is the result of slower productivity growth. bernanke's new book "courage to act" hit the bookstore shelves today. it's a factual, political, and at times emotional recount of the financial crisis and the extraordinary actions taken by the fed. he defended the fed's policy, saying they led to better results f

if you ask ben bernanke or any of the other so-called free market economists whether or not they're forontrols of eggs or potatoes or bacon they'll say oh, no, price controls cause a distortion, they lead to shortages or abundance or food rotting on the shelves. but then you ask them about money and they're like oh, no, we should control the price of money. but it's a fallacy in their argument. and if the price controls are bad for the market they're also bad for the money as well. >> candidate rand paul also told john that he's in favor of a flat tax, smaller government, and term limits. >>> and finally tonight, more than 150 million americans will get vaccinated for the flu virus this year, and that means big business for some well-known pharmaceutical companies. in the first of a three-part series meg tirrell looks at the big numbers behind the flu-fighting industry. >> reporter: many think the flu's not that big a deal. but every year as many as 1 in 5 americans get sick with the virus. flu causes more than 200,000 hospitalizations and thousands of deaths each year. it takes an econ

now last night former fed chair ben bernanke was on the late show with stephen colbert.ied to assure colbert that lessons learned from the financial collapse of 2008 would protect it from happening again. but first colbert had some more straightforward questions. >> what is money? >> okay. >> you got one? you got some money in there? okay, here's a 20. thank you. now, what -- what is money? is everything okay now? are the banks all good? we take the regulations off of them -- >> no, no, no. don't do that. >> oh. >> we put some good regulations on so we don't have this problem again. >> oh. >> but the economy is coming back. >> uh-huh. >> unemployment rate was 10%. now it's 5%. so we made a lot of progress there. >> mm-hmm. can i ask you something? >> yes. >> is this as happy as you ever look? >> yeah, this is about it. yeah. >> like to see ben bernanke smile. now let's turn to russian president vladimir putin. yesterday celebrated his 63rd birthday with a little game of ice hockey. putin teamed up with nhl stars including pavel bure in a game against old friends, russian

maria: ben bernanke, on the rebound, in studio.me to be in any rush to raise interest rates. it was all about the data and from a credibility standpoint don't they have raise interest rates? >> great interview and i found that disappointing. they are at emergency levels now. of lot of people, certainly respected, thought he did great job, a little disappointed recently with the fed. at an end of the did we have to get the dish the markets don't work, they manipulated prices, the fixed-income mutual funds, they don't price correctly in this environment, zero interest-rate or negative interest rates, 1-third of the world knows this is crazy stuff so they could be a leader and are not doing it. maria: global markets were important in a global economy like china also said the fed has to watch markets because there's a knock on affect. that is going to factor into the decision. dagen: if you they back and read not the actual transcript of fed meetings when they come out five years after the affect, you can go back and look at what the f

memoir of crisis and aftermath by federal chairman of the federal reserve ben bernanke.fascinating read because we get the inside story. we were all on the outside o. thank you, sir. >> thank you. another amtrak train accident. we will have the latest straight ahead. 130 yards now... bill's got a very tough lie here... looks like we have some sort of sea monster in the water hazard here. i believe that's a "kraken", bruce. it looks like he's going to go with a nine iron. that may not be enough club... well he's definitely going to lose a stroke on this hole. if you're a golf commentator, you whisper. it's what you do. if you want to save fifteen percent or more on car insurance, you switch to geico. it's what you do. this golf course is electric... san fwhile this parking loting lies still. life, proposition d and mission rock will create a new neighborhood right here with 40% affordable housing, 8 acres of parks and open space, all connected to public transit, and generate $25 million a year in revenue for san francisco. vote yes on d to turn this into this. ♪ >>> a sca

. >>> a judge addresses ben bernanke's comments. ben bernanke said more banking execs and ceos should have gone to jail for caution the last recession. the judge says that the former fed chairman should look in the mirror. >>> hillary clinton, embracing her image on "saturday night live." our expert panel will tell you if it is enough to turn her poll numbers around. >> all anyone wants to talk about is donald trump. >> donald trump? isn't the one that is like, oh, you're all losers? [cheers and applause] welcome to today's working world. companies everywhere are working harder and investing more. but achieving the right outcomes has never been more difficult. xerox engineers a better way for people, process and technology to work together. improving how the world shops, travels, pleases customers, learns, banks, and stays healthy, so... life works better. work can work better. with xerox. when a moment spontaneously turns romantic, why pause to take a pill? and why stop what you're doing to find a bathroom? cialis for daily use, is

memoir of crisis and aftermath by federal chairman of the federal reserve ben bernanke. is a fascinating read because we get the inside story. we were all on the outside o. thank you, sir. >> thank you. another amtrak train accident. we will have the latest straight ahead. iflike i love shrimp, come to red lobster's endless shrimp... ...for as much as you want, any way you want it... sweet, spicy, and crispy. like wood-grilled teriyaki shrimp... ...and buttery garlic shrimp scampi. and yeah, it's endless, but it won't last forever. but i've managed.e crohn's disease is tough, except that managing my symptoms was all i was doing. and when i finally told my doctor, he said humira is for adults like me who have tried other medications but still experience the symptoms of moderate to severe crohn's disease. and that in clinical studies, the majority of patients on humira saw significant symptom relief. and many achieved remission. humira can lower your ability to fight infections, including tuberculosis. serious, sometimes fatal infections and cancers, including lymphoma, ha

ben bernanke in the hot seat. he tried to stop the collapse of financial system. defending his decision not -- >> i was talking about the department of justice's strategy. i thought, i thought at the time that they would be better going after the folks that made the decision, after all it's people and not banks that actually make decisions. >> bernanke is creating new memoir, we are going to hear more on the financial crisis when he appears on mornings with marÍa. that's right here on fox business. maria >> nicole: maria bartiromo will have all the right questions. president obama signing aid, at least 10 people were killed in south carolina after powerful storms dumped 20-inches of rain in some parts of the state. some died in neighboring carolina. threat because of ricing rivers and governor also warning about drinking water. >> we have quite a few water issues that we're seeing either people are without water or con nam -- contaminated water. we want to be careful. >> nicole: taking necessary precautions. hundreds of roads and bridges closed in south carolina.

david westin and stephanie ruhle will sit down with ben bernanke he.heading to the vanity fair new establishment summit. emily chang will highlight what west."d on "bloomberg ♪ david: welcome back to the bloomberg market day. the vanity fair new establishment summit where emily chang is there on the ground talking to all the newsmakers and tech. you were talking to ed williams. emily: yes, we did speak with the cofounder of twitter. since namingerview jack dorsey permanent ceo of twitter. interesting to see his unfiltered take on how they arrived to this decision and what you think's about the fact that jack will be doing two jobs at the same time. musk does not recommend it. >> i don't think jack would recommend it either. he has his commitments at square. it is not ideal. we don't want anyone's time split. it did not change the fact that we feel a key is the best choice. -- feel like he is the best choice. >> they did talk to a lot of outside candidates he felt jack is the best person for the job despite that he has another very important job as well

. >> and ben bernanke, love the beard, ben, love the beard, ben. he was on cnbc with his first tv interview since leaving the federal reserve. why he says there should be no rush right now to raise interest rates. >> i wonder whether he loves your beard, too. >> i'm hoping. >> the mutual beard appropriation society. stocks extending their recent rally wiping out losses for september. with today's gains they are all out of correction territory. at least for today. the dow is currently up by 1.4%. 225 points to the good there, folks. s&p is up by 26% or points or 1. and the nasdaq is up by 47 points. good way to start the week, right, mary? >> it certainly is, mandy. that september swoon we saw in the market seems to be a distant memory today where as you pointed out the s&p is now up for the fifth straight session. art cashin saying we bumped up to resistance on the s&p at 1979 to 1983. so we've kind of been hanging around these levels. nevertheless, the makts are up across the boards. these are some of the groups leading the markets higher includin

and ben bernanke, the architect. talkingn "charlie rose" about his new book, and they were talking about committee members when they meet to the death rates. let's listen. mr. bernanke: inflation has been quite low, and for good reasons, the fed has set a target for inflation at 2% for year, which was done when i was chairman. i think it is important that the fed reach that target. i think they agree with that. so the judgment they are making is this. first, how strong will the economy be? will the economy keep growing at a pace sufficient to keep putting people back to work and to have the economy heating up enough that inflation will move back to target? is this bail, there focus globally on 2% inflation. we have had that in the u.s. since 2011. how will staying lower longer stoke price increases? will: it doesn't, right? not getting enough growth to generate that. price increases now paint what they are telling us though is that they are going to the price increases in the medium-term, five-yearhe 2, 3, horizon. w

ben bernanke would argue that they have done that.ot the going up that it is concerned about. it is whether or not stocks are extremely volatile. people have suggested that there is -- bernanke said that the fed will never let the market go too far down. they put a floor under that. he is arguing against that, saying it is not the fed's job to care whether you make money or not. pimm: having said that, i know that the minutes today are going to be scrutinized for some details. what are we going to look for in terms of inflation? there doesn't seem to be a lot. the line from the fed has been that inflation will return. it is not happening right now. it is going to be low for a while and then it is going to come back. on what do they base that? people will be looking for more details and how they came to the conclusions they did. they say that unemployment is going to continue to go down. why do they see that? we are looking back and see some slowing in the economy. which makes these interesting minutes. a lot of what they would have sa

maribel aber is at the nasdaq good morning. >> reporter: ben bernanke wanted more wall street executives to go to jail. the justice department focused on financial firms. bernanke made the comments in the interview toyed to the release of his memoir the courage to act. >>> stocks shrugged off disappointing consumer reports. wholesale report is do out later this week. >>> linked in will pay out $13 million to settle a lawsuit over e-mails sent as follow up reminders being contacted is if you didn't respond to an invitation if the e-mails were sent on your behalf you have until december 14 to file a claim. you could receive as much as 15 monday dollars. pepsi is going back to the future. the soda giant is selling a limited number of bolts mootery mcfly it will cost 20.15. check the social media pages closer to october 21. pepsi going back in time. >> i like it, maribel. >>> the weekend coastal storm took a toll on beaches at the jersey shore. the beach washed away at third avenue in north wildwood. cell phone video shows part of the town surrounded by flooding. >> it was all the way up to

the first about ben bernanke.e on our program for a full hour 8:00 to 9:00 on monday morning so you're not going to want to miss that but in the meantime this book which was embargoed if you will has been discovered or found by an associated press reporter that now went to a store and found the book and has now gone through it. >> it was just accidentally on the shelf early. >> occasionally these things happened. i was sent to get a couple of books. you'd run to find a bookstore and they would put the book out before they were supposed to or you could go up to the manager and say do you have the book and the books have tape all over them and they'll open it and sell the book. that's apparently what this reporter did. the story talks about lehman brothers and his feelings toward what he calls a surreal moment and it's how much the world hated the bailouts. and that's been a common theme. >> but being surprised. >> being surprised that fat cats were getting handed checks. >> and the political backlash and for hill,