ammunition, the fiscal policy does of april to play. >> alan greenspan, may i ask if you agree with ben bernanke that this is a moment at which governments around the world, particularly in the western world should be spending the money? chairman bernanke: usps hypothetical. -- you asked me a hypothetical. [laughter] >> if there is another recession, which presumably at some point there will be. in order to combat that recession should governments spend more money? --irman greenspan: [laughter] no, in fact that make the major problem that exists is essentially productivity growth over across the spectrum of all economies has been under 1% for the last five years. ec, in thee in the united states. i think a major problem as i see gdps how do we create growth rate which enables us to get all the values that we get productivity? effectively times of expansion in the labor force? janet has accurately pointed out the labor force is our slack in employment is gradually dissipating. the unemployment rate is kind resell level soon -- with the can do groups issue of productivity, then we have no major ad

three chairs ben , bernanke, alan greenspan, and paul volcker. the international house of new york. it is about one hour and 15 minutes. [applause] welcome. fromcalvin sims, the dude the video and also president and ceo of international house. i want to thank you for joining us. we are very excited to have what we call the fabulous four fed chairs. this evening is going to be spectacular for a variety of reasons. first, i want to take a cue from leadmckay, the former writer of "saturday night live." he said there is nothing people love more than a federal reserve joke. [laughter] so i will tell you a joke.

interview not only janet yellen, ben bernanke, alan greenspan. the most legendary combo of interviews. >> but three of the four cannot move markets whatsoever. >> that's true. and nobody is actually looking for her to move markets that much. >> be more jealous if the panel had draghi, kuroda, carney, and yellen. that would be epic. we'll organize that one. >> this is "worldwide exchange." we'll go global. fareed, you've got nothing on us. >> once we've organized that. right. our top story this morning, jpmorgan releasing ceo jamie dimon's annual letter to shareholders last night. among the highlights, dimon says he's not worried about negative interest rates in the u.s. that's because the chief executive notes housing is in short supply. car sells are at record levels. consumers are spending what he calls the gas dividend. dimon is more concerned about rates rising faster than people expect, which is odd for aening baaing ceo to outline that rue. the banking ceo also warns high

fareed: alan greenspan, may i ask if you would agree with ben bernanke, that this is a moment at whichovernments around the world, particularly in the western world should be spending -- mr. bernanke: i did not say that was the moment. you asked me a hypothetical. [laughter] fareed: if there is another recession, which presumably at some point there will be, in order to combat that recession, should governments spend more money? mr. greenspan: let me just say this. i thought i had run out of time with my sneeze. but i appreciate i did not. [laughter] mr. greenspan: no, i think the major problem that exists is essentially the issue that productivity growth, over pretty much across the spectrum of all economies, has been under 1% per year for the last five years. this is true in the oecd. it is true in the ec. it is true in the united states. and i think our major problem as i see it, at this stage, is how do we create a gdp growth rate which enables us to get all the values that we get out of growth without getting productivity? because the gdp growth rate is essentially output per hour

he was talking to ben bernanke, who got us into this during the financial crisis. asked, how's it going to go when you're going to get us out? bernanke said, well, i don't have to do it. so yes, it was light hearted but also nice to see that they didn't sound very nervous about getting us out of extraordinary policy. bernanke said he didn't think the taper tantrum was that big of a deal, talked about communication challenges, and talked about the international sensibilities, which i thought was interesting. sort of this new unofficial mandate of the federal reserve, which we're hearing a lot more about. >> i think janet yellen enjoyed that setting for having to talk rather than being in front of congress, which is often a little more heated. but interesting to mention that, of course, because the more dovish tone out of the fed has been one of the reasons stocks have rallied. one of the other reasons has been oil prices. more resilient in general over the last month than they were at the start of the year. big moves today. one of the reasons why stocks are up globa

>> ben bernanke, we do a dr. george extraordinary measures to save the american economy through this global recession and crisis, you faced a lot of people from, what was in this venture own part of the you are appointed by a republican president and you have republican congressman, republican senators. you have the republican governor of texas say that you were engaging in treason. how did that make you feel? [laughter] >> it didn't make me happy. [laughter] you describe the job a powerful. i think both responsibly sight of which are huge responsibilities, all of us, in different contexts in different events to try to use the power of the federal reserve a long with our colleagues and the static it's a wonderful institution. it's not a single person organization. there are a lot of people working together but we had tremendous responsibility to try to address these terrible risks. i think it's a good thing that within reason that the federal reserve does have some independents and some room to operate so that th

current fed chair jared -- janet yellen was joined by ben bernanke, alan greenspan and paul walker -- paul volcker. this is one hour 15 minutes. [applause] >> welcome everyone. president of -- we are excited this evening to have the fabulous for fed chairs -- fabulous for fed chairs. it is going to be spectacular for a variety of reasons. i want to take a cue for adam mckay. he wants said there is nothing that people love more than a federal reserve joke. [applause] i will tell you a joke. it is a joke by a federal reserve chair, who served from 1951 to 1970. you may have heard this but it is worth restating. he said the job of the federal reserve is to take away the punch bowl just before the party gets going. [laughter] ofwill learn the process taking away the punch bowl, or adding something to the punch in the bowl. house,rd about this whose mission has been about values that promote empathy, respect, moral courage. you couldo question get some global perspectives taking an international course but nothing compares to the daily exchange here in this wonderful community. , study and

greenspan, may i ask if you would agree with ben bernanke, that this is a moment at which governments around the world should be spending -- mr. bernanke: you asked me a hypothetical. [laughter] if there is another recession, which presumably at some point there will be, in order to combat that recession, should governments spend more money? mr. greenspan: let me just say this. i thought i had run out of time with my sneeze. i appreciate -- [indiscernible] the majort, i think problem that exists is essentially the issue that productivity growth, pretty much across the spectrum of all economies, has been under 1% per year for the last five years. this is true in the oecd. it is true in the united states. i think our major problem as i create a, how do we gdp growth rate which enables us to get all the values we get out of growth without getting productivity? the gdp growth rate is essentially output per hour effectively times the expansion in the labor force. we have, as janet has correctly and accurately pointed out, our slack inr force, our employment is gradually dissipating. the un

joining me on stage in new york were the current chair, janet yellen, her predecessor, ben bernanke,nd paul volcker who served from 1979 to '87, alan greenspan who led the fed for almost 20 years joined the group from a d.c. studio. listen in to some of the highlights. >> alan greenspan, when you were running the federal reserve, people would sometimes describe your performance there as god on a good day. i think senator john mccain said that his strategy to succeed you was to have a dummy made up of alan greenspan and put him in the federal reserve chair like "weekend at bernie's", that movie. in wall street they would celebrate your birthday with cakes and things like that. did that go to your head? >> no, but it sure enough embarrassed me. i very much appreciated that. i got past the embarrassment very easily. >> paul volcker, you had a very different situation. you were hung in ef agee when you raised interest rates because people thought you had single handedly plunged the american economy into a recession. how difficult was it to deal with that? >> i thought they were cheering

farid zakaria zakaria, he was the host of this fascinating conversation between janet yellen, ben bernanke, paul volcker, and alan greenspan. an economist at bank of tokyo mitsubishiaseen joining me for the hour. almost totaln silence. this was a fascinating conversation. what stood out for you? >> there's really nothing like it that i can think. it was supposed to be more on leadership of the various fed chairmen from years past and not about interest rates, but there was an awful lot there about current monetary policy. i felt one of the interesting questions was asked, why don't you do more? why don't you overshoot inflation? why don't you help boost wages in the economy, for instance, which is a hot topic right now in the election. and it was interesting to me no, thelen said, economy is actually progressing quite well right now, and she even said there is some evidence that inflation is moving up. remember, in recent comments, she said she wasn't so certain that inflation was up. to me, the core pce is 1.7%, which is close. that was quite interesting, i thought. mark: did you get a se

her predecessor, ben bernanke, said quantitative butng had been successful, warned it was a mistake to the entire stemless burden on central banks. billionaire activist investor daniel loeb has prevailed in a iaming campaign of seven & holdings. eb sent the critical leather to the company's board last month trying tohe ceo of oust a key company figure to make way for his son. he is 83 years old and has chronic health problems. holdings has seen a slump, but gaining ground today on the news. yesterday, the board rejected a plan to remove the 711 japan president, the key executive key daniel loeb praised as to the success of the unit. that prompted suzuki's resignation hours later. int retailing sell the most three years in tokyo trading forecastting profit by a third. a stronger yen you wrote of the and warmoverseas sales winter weather hurt demand for 's coats and thermal outerwear. it is down from the 100 billion forecast made in january. the company has bet on expanding clothing brand outside japan, opening stores from london to paris, but this has made the company more vulnerable to

ben bernanke had a blog post recently where he talked about negative rates and possible future toolsd might have. any discussion that talks about the evolution of the fed toolboxes bound to be revelatory -- relevant. who are you most excited about? guest: obviously, we hear from janet yellen quite a bit. but she is always interesting. i think it's interesting and ben bernanke in a recent blog post, he specifically said something interesting which is that he wanted to talk about negative interest rates because theoretically, that would be good for the economy, just talking about it. to sink bill -- to signal to people that there are more tools would be good. it will be interesting to see if he talks more about future avenues. carol: i'm curious to see -- if there will be an interaction between them. whether or not anyone thinks central bankers have overstepped their bounds. joe: that's an interesting question. perhaps as they're been too much of a burden placed on them because of the fact fiscal policy makers in the u.s. and europe are perceived to not be doing particularly well. caro

scarlet: coming up, ben bernanke will join janet yellen tonight in an event that brings together the current and former fed chairs. next, we discussed the chart tied to the fed you can't miss. ♪ market: saudi arabia plans to sell a stake in its oil company by 2018. the deputy crown revealed details of an ipo that could make it the world the biggest publicly traded firm. ernest among these -- moniz in israel. >> the old discussion over exports, a long talk about what would be additional value captured was in the u.s. i think the market will sort all of this out. i don't see it as a major disruption overall in the mark: in venezuela, workers get a next her day off every week for the next two months. the president trying to save electricity by declaring every friday in april and may a nonworking holiday. a long drought has pushed water levels to a critical threshold. the jet disappeared wednesday while flying over southern mountains. a search for the jet and crewmembers continues. global news 24 hours a day powered by our 2400 journalists in what and 150 news. his around the world. -- n

so the fact that the central bank is trying to be more open minded, thun one of the things that ben bernanke did, and stuff that we are still learning and we are not sure and one can the federal reserve and the other extraordinary measures were accomplished with the fed creating all that new money, click, click, click. there might. if they start to do that, can the federal reserve unwind this huge dash of reserves and they believe that they can but that is as of yet unproven and we have gone to new territory aggressiveness for which the fed has acted. the american central bank is the only one that i know of that has a dual mandate, it is charged with protecting empowering of dollar and also maintaining full employment. most of the time, for example, paul would tell you those are the same thing. only way you maximize is to making sure there's no inflation or deflation, but there's periods when there's room to do things to promote employment that wouldn't necessarily be inflationary or a little inflationary and the two objectives come into conflict with one another. there's a potential conflic

call it fed all-star night as current chair yellen was joined by ben bernanke and paul volcker on stage and alan greenspan via satellite from washington. they gave a qualified but generally healthy outlook to the u.s. economy, yellen rejecting the charge the u.s. is in a bubble. >> we think it's partly transitory influences, namely declining oil prices and the strong dollar, that are responsible for pulling inflation am below the 2% level we think is most desirable. we're making progress there as we. and this is an economy on a solid course, not a bubble economy. >> reporter: you can only hope this doesn't end up in a jeopardy! question, famous last word busy a fed chair for $100. alan greenspan spoke about how difficult it is to forecast. >> monetary policy is very largely economic forecasting. and our ability to forecast is significantly limited. and we have to keep the context of what we say in the context of what we know. >> reporter: greenspan famously warned about the dangers of irrational exuberance in stock prices in december 1996, only to see prices soar 75% over the next three

that's how much housing prices fell when ben bernanke said that. good calls along the way. brought down inflation. we're just picking out the follies here. and there is janet yellen, equity valuations of smaller firms as well as social media and biotechnology appears to be stretched. july 2014, do you want to take a guess? what is 45%? that's how much biotech went up. they're not all that wonderful. they it really raises -- existential question about the fed. we had austan goolsbee talking about this forecasting model has not really proven great. we know that running policy based on gold creates undue restrictions on their ability to react to changes in the business cycle. so we need some way to figure out what the right quantity and price of money is, and we're a little bit sort of groping in the dark now. >> so what is the conclusion of all of that, that they got to find another methodology? >> i think they have to. brian wants to grope in the dark a little bit. did you want to -- >> you know my views a little bit. i will say this, steve. here we

improved. , who in 2014, became the first woman to lead the central bank, and leading the fed with ben bernankealex -- alan greenspan. global news 24 hours a day powered by 2400 journalists and more than 150 news bureaus around the world, i'm vonnie quinn. tom: we will dive into this historic moment last night. he went right at it with yellen on monetary policy. vonnie: absolutely. -- he wasn'tthink supposed to ask those questions. it was great. it was really something. vonnie: the lowdown for michael mckee. tom: michael mckee will give as wins -- wisdom and the next hour. of up 94, oil gets a lift. it is all within the range off of yesterday's sport. the fix at 16. i would point out german to your yield continues to grind closer to three decimal points. that is a headline item. flattened out yesterday afternoon. that is a big deal. francine? francine: happy friday, tom. --don't do that very often concerns about brexit. citigroup is saying the brexit risks are moving east and it is the post-communist economy that would be hurt the most. european stocks gained .6%. the yen is the story. small id

not convinced we will see a sustained reduction in inventories. 5:30 eastern, janet yellen, ben bernankealan greenspan, and paul volcker will participate in an event. you can watch that live on bloomberg tv. thank you. ♪ david: it is time for the bloomberg business flash, a look at some of the biggest news right now. treasury secretary jack lew says he disagrees with the court's ruling and says that life is not too big to fail. nor thethis dangerously lessons of the financial crisis. that research shows companies are making fewer bets on startup companies. last year have that he was number of venture deals in war years. boeing has landed for new orders for its 747 jumbo jetliners. ordered 12 737's. they also delivered fewer jetliners than they did a year earlier. stocks are just about at their lows of the session. we do have some green on the board. wynn. i want to go to jumping to its highest in eight months. they are up by more than 9% toer a company raised them outperform from market perform. just yesterday, they said they byld see $2 billion ebitda 2019. jumpath & beyond getting a fr

janet yellen speaking on a panel last night alongside ben bernanke and paul volcker on the economy. >we think it's partly transitory influences, namely declining oil prize and the strong dollar that are responsible for pulling inflation below the 2% level we think is most desirable, so i think we're making progress there as well, and -- and this is an economy on a solid course, not a bubble economy. >> do you buy into that? >> no. listen, her definition of transitory is different than mine and her definition of a solid course when their own gdp is at 0.4%, to me i don't see that as solid footing but perhaps she does. she also think it's an extraneous dollar and oil that is causing all these things but it was their actions that started this, the catalyst for these things to move so i think they are living in la la land. >> until the labor market fams apart and easy to say backward look, if you look at the services economy it's adding jobs. i know what's going on with the manufacturing economy and in fact it's shedding jobs and it's not a very impressive thing. we know inventories are h

ben bernanke did thqat, and mario draghi did that.ng laid that out there, what does whatever it take me for the european central bank? they have done a lot. >> they have done a lot but europeans have to learn to boost their own economy. people have to borrow, people have to invest, to build new things. they are not doing that. carol: what about the bank of japan? which you guys also include in this. but they have done a lot. but they have also thought about things to stimulate the economy. it is not just global central bank issues. >> in japan it is interesting. the political system has a lot to do with why the economy is not working. there isn't enough -- they are not changing the way people behave. that basically is a huge damper on the economy. that is why they face deflation. carol: what is whatever it takes mean for the federal reserve? i feel like janet yellen and company have done a lot. they have done quantitative easing and kept rates low. >> yellen has done a good job. she has managed everyone's expectations. she says a litt

i spoke to ben bernanke. he described everything as an experiment. in that world, gold does better. there are tens of trillions of dollars of sovereign debt with negative yields to maturity. gold has zero yield. zero is higher than -50. francine: i made this chart for you. this is the golden cross on the s&p 600. it shows the 200 day moving average versus the 50. it means on a technical level it goes up. jim: i agree. the reason stocks are going up is because johnny elmore has gone full dutch. there is nothing the stock market doesn't like about free money and maybe negative interest rates are on the table for next year. that is bullish for stocks, but also for gold. gold and stocks sometimes correlate. there is no long-term correlation. in a world of easy money and negative yields, it is good for stocks and good for gold. francine: what is your technical level on gold? is it technical level or a lot like the yen? they don't know how far it can go? jim: i have a technical level. $10,000 an ounce. francine: that has not changed? jim: it gets bigger over time because it is accumulatio

yellen, ben janet bernanke, sherman greenspan, and paul volcker in the same room. that is at 5:30.el mckee will give wisdom in our next hour. ♪ today, 4 fed chairmen will be in new york. i wonder if james dimon will be in the front row at 5:30 tonight. let's go to our morning must-read. francine: this is the first-ever joint panel. his letter writes in to shareholders, he was talking about the risk of fed policy mistakes and weighs in on the brexit. he said he is talking about the brexit and its uncertainty. it will hurt the economy of britain and the european union. that is jamie dimon, the jpmorgan ceo. stephanie flanders, also with jpmorgan. looking at the risks of exit, there is a clear realization that these are risks for the world economy. it is no longer confined to the u.k. or europe. stephanie: what happens when you have a steady growth rate seems to be more in the 1% range rather than 2% or 3%. will have more of an impact if it comes with a broader slowdown. that is why people are talking about the broader economic impact. particularly in the eurozone. if you're seeing a

when janet yellen takes part in a discussion with a liker fed share -- chairs alan greenspan and ben bernankeall appearing in a room discussing the economy. logan, us now is kevin who is forecasting a fed hike in june. before we get to what happens later this week, i'm cures about the labor conditions index which shows a negative reading for the second month in a row. as julie and i were talking about, we are now looking at it takes 19 indicators and puts them all together. it correlates very well with the economy. kevin: the fed put this index together to get a read on the economy away from the unemployment rate. why? because labor participation was falling. it led to declines in the unemployment rate but exaggerated the improvement in the labor market. it wanted another measure of what was going on. they put these 19 indicators together into an index. it is interesting that the index has actually fallen. the unemployment rate did go up. but also hours worked went down, manufacturing employment wind down, and there's a low level of 37%. throwing all these numbers into the mix and you find th

janet yellen ben bernanke, alan greenspan and paul volcker. joining us now is an expert who studies the fed past and present -- kathy jones is joining us. the chief fixed income strategist at charles schwab. it sounds like it powerhouse tonight, right? do you expect anything to come out of it? we have that many together and they are all going to try not to say something that will move the markets. >> i think janet yellen is at a distinct disadvantage to the rest of them. she has to be very careful about what she says. it should be really interesting. there are a lot of great topics i would love to hear them talk about. betty: indeed. inflation is going to be one of them. i want you to look at my bloomberg -- i want the viewers to look at it on the screen. it shows you inflation performance during these first four fed chairmen. it has kind of trended down over the decades. what do you make of that? on the one hand, there is success. on the other hand, yellen as one of the toughest jobs on the chart. kathy: that's right. i started my career when

yellen was joined by ben bernanke, paul volcker, and alan greenspan. healthy outlook to the u.s. economy with yellen rejecting the charge that the u.s. is in a bubble. >> we think that it's partly transitory influences, namely declining oil prices and the strong dollar that responsible for pulling inflation below the 2% level. we're making progress there as well. this is an economy on a solid course, not a bubble economy. >> you only hope this doesn't end up in a jeopardy question. greenspan was plainspoken about how difficult it is for the federal reserve to forecast. monetary policy is very largely economic forecasting. our ability to forecast is significantly limited. we have to keep the context of what we say in the context of what we know. >> no one knows that more than greenspan who famously warned about the dangers of irrational exuberance in september of '96 only to see stock market prices surge over 76% the next three years. bernanke suggested that the subprime numbers wouldn't hurt the economy. still, here's what bernanke said about the u.s.

ben bernanke her predecessor. paul volcker the legendary figure who is deeply associated with international house. and from washington where he just celebrated his 90th birthday, alan greenspan. [applause] >> madam chairman i have to begin with you because i think everybody is interested in what you will say. if you look at the economy very carefully, are we in an economic bubble? is it as perilous as some people on the campaign trail are suggesting? >> i would say the u.s. economy has made tremendous progress in recovering from the damage of the financial crisis. slowly but surely with well over one year have averaged 225,000 jobs per month the unemployment rate is now a 5% so we are coming close to our congressional goal of maximum employment. inflation, which my colleagues here who has given much of their time to bring that down from unacceptably high levels it is running under the 2% goal now we're focused to move that up at 2% but it is a transitory influence with climbing oil prices and a strong dollar that

lisa: ben bernanke said yesterday that so-called helicopter money could be atentially helpful as stimulusool. what is your view on helicopter money? >> one way to think about helicopter money is a combination of monetary stimulus and fiscal stimulus. we at the funds have been that monetaryew accommodations have been very helpful and needed, central. that it is not that healthy with monetary policy bears the entire burden of stabilizing the economy. we definitely would welcome more of a fiscal push by infrastructure investment. i think one way to think about helicopter money is that it is monetary and fiscal policy working together. david: maurice obstfeld from the imf, thank you for joining us today. youtube front man is testifying before a senate subcommittee on the causes and consequences of violent extremism and the role of foreign assistance. which makes it impossible for these agencies to plan, which is madness, absolute madness. ♪ another idea -- ♪ ♪ david: this is bloomberg markets. winds a bill by brazilian -- lawmakers first the brazilian president was step closer to impeachment.

that i think people are starting to think more about that you hear helicopter money, even though ben bernankeentioned a long time ago and it's been -- >> we were at 110 before this. how much further are we going to go? >> on a fundamental basis japan runs a current count surplus or argues for a stronger currency anyway. and with the fed not changing tone, what we got yesterday from the fed was more or less dovish, not expecting anything in june. it is going to be a struggle to get the currency much weaker. >> a opens up the downside. so worth watching. the federal reserve votes to keep rates on hold citing domestic slowdown. in one of the more hawkish points they removed a reference for quote international risks from its liszt of concerns. how does this impact possibility of the june rate hike? >> some changing language in the april policy statement that prompted a market debate about whether the fed could potentially hike rates in june or september. whether the u.s. central bank is on e course for one or two rate hikes this year. it said growth appears to have slowed and that jobs have impro

today where the big question after hillary clinton's big win in new york last night is whether ben bernanke has a shot at -- bernie sanders has a it shot at the democratic nomination. scott thuman following the campaign trail. is this the end of the road? scott t.: there is greater separation now between the front runners and the rest of the field on both parties at this point. but just because they are down doesn't mean they are out. >> the race for the democratic nomination in the home stretch. victory in sight. scott t.: it sounds like hillary clinton is saying the race is over and bernie sanders should drop out. he is not taking it to heart. sanders is still mathematically in the race with a possi the time and the tallies aren't on his side. the light time there was no incumbent running for office was 2008. then senator barack obama didn't clinch until clinton conceded in june. john mccain hit the magic delicate in march. mike huckabee dropped out but paul stayed in until june. in 2012, gingrich and paul stuck around until may. >> i can't tell governor kasich what to do. >> or democrats

janet yellen and former fed chairman ben bernanke, alan greenspan and paul volcker will share their thoughtshouse here in new york. i want to bring in chris, economist at bank of tokyo. you have had the privilege of meeting all four fed chairman. what are your thoughts? chris: it is pretty remarkable. whostart with volcker wanted to keep inflation low. now we had janet yellen at the end he wants to boost inflation. it is quite interesting. very, very different styles from all four. almost humorously you can say is this an intervention? the former fed chair, one chairman, they want to talk to janet and say what you doing in terms of your policy right now. it will be quite remarkable. the only

ben bernanke bernanke said economic expansions don't die of old age, but if you look at the rally on&p, it certainly seems like we're getting into senior citizen status here. it's been the longest bull run on record. the one beforehand was back in the 1950's, mark, i'll give you one number. 2,608 days, how long the current rally has been lasting on the s&p. that means we've gone up 207% and $15 trillion has been added into the stock gains. some of that flowing through. where's my part? let's check in on how u.s. stocks are trading right now. we are lower, though, as well, mark, so let's turn to bloomberg's abigail doolittle, who has more live from the nasdaq. abigail: the nasdaq down more than 1%. the index is now down seven days in a row. if the nasdaq finishes lower, it will make for a seven-day losing streak and the longest since the beginning of january. the second biggest drag on the nasdaq today, betty, gilead sciences. shares of the biotech giant are plunging after the company missed first quarter earnings and sales estimates. earnings were down 18% on a sequential basis, and

you and wanting to ask you all day, this video we've been showing all day of janet yellen and ben bernanke sitting together and alan greenspan, what did you think all of them in the same room at the same time? >> circle the wagons and protect the leadership. i think this is because the kfrds and central banks the notion there was a grand diety may be less than true when investors scratch their heads as to the nation if the globe created 60 trillion of new debt since the crisis and that brings deflation nar pressures, they created a position they are trying to cure. it's crazy. >> we have to go at this point. thanks. we'll be talking more about that meeting last night, unprecedented gathering of former fed officials. >> like seeing all of the presidents together. >> mt. rushmore of monetary policy there. >> shares of qlogic spiking after exploring options including a sale. it has the stock up about 7%, pretty huge volume, trading resumed after being temporarily halted for volatility. you can see there shares up more than 6.25%. >> thank you, we'll see you later. we have 50 minutes left in t

." >> ben bernanke campaigning in binghamton, new york, in the last hour, he continues to slam hillaryl interests. also went after her about climate change. we'll have a live report. as the hunts for delegates heats up, trump last night calling the delegate process rigged as ted cruz captured all of colorado's available delegates over the weekend. we also have an update on a story we first brought you last week. saudi arabia and other arab nations buying up u.s. farmland and raising water, intensive crops like alfalfa for export to the middle east. we're learning more why that is happening. have update for you. andrea: thank you, jon. >> thanks, and dejaw. sandra: the mainstream media taking aim at donald trump. "the boston globe" publishing this mock glover in its ideas the imaginary april 2017 cover includes headlines like, deportations to begin. and markets sink as trade war looms. it also includes more humorous story summaries like this. quote, nasa engineers halted launched of an unmanned probe amid fears its new gold leave trim would interfere with radio communications. the paper

ben bernanke said he expected it would naturally shrink over time. >> the fed will stop reinvesting securities as they mature, simply step back, and over a period of a number of years, it will just go down. in the end, all we have to show for it is the fact that over the last five years from those securities, besides the first quarter that they helped our economy recover, the fed has sent profits to the treasury of half a trillion dollars in profit, which has reduced the burden of the taxpayer by $500 billion approximately. so on the whole, it's been a pretty successful policy, and it's one where the rolloff has already been planned and laid out. >> joining us now around the desk is michael bell, global market strategist at jpmorgan asset management. thank you for joining uses this morning. happy friday to you. the central bank debate really continues to run the trade here all week. we've been following it quite closely. we had that big bounce on wall street that was undone yesterday after we heard expectations of a more dovish fed. where do you see the fed going this year? >> i think the fed

global capitalism am a we had this semblance, this illusion -- remember the great moderation of ben bernankeit was the most and moderate capitalist world, but it seemed moderate because you have this recycling. you had capital flowing into wall street, constantly pain for the expanding trade deficit in the united states. but it financial is private money that does become busted under the weight of their own hubris. in 2008. ever since, the global economy is in disarray. amy: yanis varoufakis, i want to turn to a clip of your conversation that you had this week at the new york public nypl.ry, live at the interestinge more moments in the history of science and scholarship was actually in 2008, as you know, for decades, economists had been claiming with extreme arrogance understoodmpletely how to control and manage an economy. there were fundamental principles like the efficient market hypothesis, rational expectations. and anyone who did not accept this was dismissed as a kind of strange kind of moron. the whole system collapsed. the whole intellectual edifice collapsed in a most amazing fashi

. >> why can't't ben bernanke forr chairman of the e fed get a mortgage? toto the same thing. i coululdn't get a mortgage andi was putting 25% down paymement n a loan. the only people are e getting mortrtgages were people that qualified under the normal - --a used to be 10 years ago alyoyou had d all you have to do is walk and a bank and y you got a mortgage a announced the exact opposite so it's really difficult to get a ln n from a nknk. deirdre: i'm glad you coecected me on theifafannie mae and freddie mac cocould i forgot the big three and the banking. >> d freddie and fha are doing exactly what thewere doing in 2006, andeven. i watch thmovie e big short. did you see it? actualally did we len any lesss from what happened in the swer ino. deirdre: c comback steve moorer. more to o talk about as always steve moore. more than half a million peoe are protestingarget over its new pro-transit gender babathrom policy. we will give you more dedetailsn a minute and frorom the entertainmenent world beyoncÉ doubling down on black livives matter. the supeper bowl

janet, same time, same place, same general along spike greenspan, ben bernanke, four said shares. current. 5:30 p.m. new york, 10:30 p.m. london. 5:30 a.m. in hong kong. that will be on bloomberg tv and bloomberg radio. this is "bloomberg ." all of you waking up on wall street, good morning. ♪ jonathan: i know her and 27 seconds from the opening bell in new york city. with us now is donald heberle, 198 billion dollars in private client assets so we will get his investment take but first, a quick check on the markets. futures are negative, negative around 10 points. getting some breaking news in. let's go to julie hyman. julie: official jobless claims for last week, 267,000, slightly lower than 270,000 which was anticipated. another sign that we are seeing some relative help in the job market with some economists nearg that we are at or atl employment continuing 2.2 million on the week. so again, down 9000 week over week. we do see futures remaining in the red following these numbers. the ny wealth management closing and acquisitions this week, the firm brought a silicon valley

ben bernanke was bowl and saying that congress and its move to austerity over the last couple of beersited states, hurt the economy in the attempts to recover and all of them took the position that monetary policy is just about that the limits. we need fiscal policy and on that point, the people in washington are falling down. jonathan: fascinating moment in the beginning when you saw janet yellen movie not script and ben bernanke turned around and said the balance sheet is not my problem and she said, yes, it is my problem. they talked about how they should let it roll off and let the sharing treasuries roll off. what was the number? michael: they have made about half $1 trillion, it sounds better when you say half a trillion. they take the interest payments on the bonds they bought and send it to the treasury. it is a recycled and bernanke called it a profit, it is not a prophet but it does mean you have to risk less money for the government. jonathan: summit call that monetization. david: that is what it is. stephanie: what is your take on the four fed chairs -- does this not put th

perhaps we can sing about it, or perhaps former fed chief ben bernanke scoffed at the idea, or becauselobbying from fans of a hit broadway musical. here's why it matters. with tubman on the 20, the u.s. has a woman of color on paper money. combine that with the government saving hamilton after an outcry, so maybe public opinion really doesn't count, sometimes. more "mtp daily" right after this. it's your home. it's everything you've always wanted. and you work hard to keep it that way. ♪ sometimes, maybe too hard. get claimrateguard® from allstate. it helps keep your homeowners' te from going up just because of a claim. call an allstate agent first. 888-429-5722. accident forgiveness from allstate will keep his rates from going up. but not his blood pressure. michael james! middle name. not good. get accident forgiveness from allstate and keep your rates from going up just because of an accident. and it starts the day you sign up. so whether it's your car or home, let allstate help protect your rates. talk to a local allstate agent and discover how much more their personal service can

it was history in the making for the first time ever, all four living fed chairs janet yellen, ben bernankend paul volker appeared on one stage last night in new york. they say there's not a huge risk of the u.s. slipping back into recession. they are concerned about the global economy. >>> plans to stop airlines from stuffing even more passengers into coach has hit the brakes. the senate rejected an amendment to an faa bill that required that the agency set a minimum seat size for airlines and a minimum distance between rows. unfortunately for us, frank and michelle. >> yeah. [ laughter ] >> i like leg room. i'm tall. all right. hey, we all like to eat on this shift and we hear there's a very special foodie's dream getaway. tell us about that. >> reporter: all right. say bon appetit. airbnb has a listing for one of julia child's vacation homes in france. you can cook up a storm in her old kitchen. but foodies, get ready to pay up. it costs $610 a night. frank and michelle. >> that's cheap. we live in san francisco. >> yeah. >> all right. jill wagner -- >> reporter: it's for the experience.

for the first time ever, janet yellen and ben bernanke -- together. manus: what will that do for the dollar? fxhave our man on the platform for the next 45 minutes. next, what does goldman sachs say it is time to do with asian currencies? the battle of the opinion. goldman versus socgen. ♪ anna: welcome back, it is 6:18. let's get to the bloomberg business flash. kumutha: the u.k. business secretary has refused to rule out a temporary nationalization. speaking on the bbc, andrew marshall said he does not see nationalization as the answer and is confident he can find a buyer. >> i don't think that nationalization is a solution to this. having said that, i don't think it would be prudent to rule anything out. but nationalization is rarely an answer in these situations. but after talking to many involved in this, i think there will be enough time to find the one buyer working with the government and being able to take it forward. orange has abandon its intent to buy the phone business of bouygues. bouygues said that the key sticking point where the emplo