it is ben bernanke he control the president it was radical on november twenty sixth two thousand and eight for the u.s. federal reserve to print six hundred billion dollars uniquely only for their member banks in that it was a let them eat cake moment here they were saying yes we brilliant economist at the federal reserve bank no history we know what happened before the french revolution we know what happens when you just throw theone brioche to the people and cause massive wealth and income gaps now like i say about quantitative easing it's all zeros and no ones there's no code it's just zeros it's just more nothing zeros as far as i can see it's nothing there right at least with zeroes and ones as code there's a finite end to it it's an algorithm it's a routine it repeats that it's not infinite we started thinking about things like in argentina when they went to hyperinflation how the price of milk which changed multiple times a day we saw what recently happened in venezuela when they instituted socialism and what happens is hyperinflation there. and understand the geo political la

better life. . >>> when the conflagration began more than ten years ago, ben bernanke, tim geithner andsen didn't know each other as well, b bernanke is head cha. they have written a book at their experiences called firefighting. the financial crisis and its lessons and they join me for an exclusive interview. gentleman, a pleasure to have you on. >> interesting to see. >> you tim, one of the things that you write in the book that is most worrying is were another crisis to happen and we know that these kind of crisis happen in the history of capitalism periodically, the united states government collectively does no longer have the tools to do the kind of rescue that you guys did ten years ago? >> we're in better shape in many ways in the sense the financial system is more stable and the post-crisis reforms are much tougher and applied at a much broader share of the system f. those are protected and not eroded or weakened over time, that will buy us a measure of stability. but it is truly that we, if we go into another crisis, we will not have the things any country has to use and we had

ben bernanke and hank paulson.interview with them when we come back. drive safely... with drivewise. it lets you know when you go too fast... ...and brake too hard. with feedback to help you drive safer. giving you the power to actually lower your cost. unfortunately, it can't do anything about that. now that you know the truth... are you in good hands? through the at&t network, edge-to-edge intelligence gives you the power to see every corner of your growing business. from using feedback to innovate... to introducing products faster... to managing website inventory... and network bandwidth. giving you a nice big edge over your competition. that's the power of edge-to-edge intelligence. ifor another 150 years. the fire going ♪ to inspire confidence through style. ♪ i'm working to make connections of a different kind. ♪ i'm working for beauty that begins with nature. ♪ to treat every car like i treat mine. ♪ at adp we're designing a better way to work, so you can achieve what you're working for. ♪ rather than worry

i remember when ben bernanke gave an interview to 60 minutes saying, if we had inflation, we can stopno problem, the problem is deflation -- it is harder to stoke than it is to stop. do you buy that? michael: yes. no doubt when ben bernanke was talking, that was probably in the aftermath of the financial crisis, and there were very clear risks of deflation at that point. if you look at the set up in the u.s. today where the economy is growing at full employment, whether there is much risk of deflation -- i think there is probably still more of a chance of inflation. i do think that there is this question about whether the central bank can actually generate significant inflation if they need to. you think about the u.s., they have had very accommodative monetary policy for a long time, and you have not had -- you have had core inflation, but nothing run away. there is the question about how much inflation can be generated. anna: i was looking at this chart here. .he u.s. core cpi top forecast mixed picture being painted by that. in terms of the influence trump , politics justcy does no

ben bernanke described as a lifelong commitment to using what she's learned as an economist, to improve the lives of average people. as chair, she focused on how the feds work shaped the job market and addressed inflation, striving to improve conditions for american families, who had been deeply impacted by the great recession working to build an economy that could benefit all members of our society. prior to her time as chair, dr. yellin served as president and cheech executive officer of the federal reserve bank of san francisco, where she played an important role in identifying the key factors that would shape the coming financial crisis. particularly in the housing market. she's served as chair of the counsel of economic advisers the professor amerita at the university of california berkeley, where she's served on the faculty since 1980, currently, dr. yellin is the incoming president-elect of the american economic association and a distinguished fellow in residence with the economic studies program at the brookings institute, where she focuses on monetary policy strategy and financ

the worst ben bernanke on the northwest side of the north platt to minnesota with gusts up to 16 miles per hour. of course withot it a of airport delays and low visibility. a lot are saying don't travel if you don't have to in areas of south dakota and minnesota today. that's a look at the big weather story of the day. now here's a closer look at your day ahead. >>> you can look at these temperatures. it's more like early march-like temperatures. a few stuck in the 30s. still windy and warm in areas o texa yesterday the dust was unbelievable. >>> when we come back, we'll give you your weekend forecast. it features another big storm. this one could have tornadoes. we'll give you the details coming up. >> bill, thank you. fast forwarding into your day, we wl remember explain rapper and community activist nipsey hussle. the staplete c in downtown los angeles is hosting nipsey hussle's celebration of life. b.e.t. will broadcast the 1:00 p.m. service live as well as stream it on its website. >> a senate hearings looking to get rid of robocalls. they will give an update on the efforts. >> a

david: so she became chair when you are there, and also ben bernanke. so who was the better chair?er] jay: it is a tie. [laughter] david: ok. so when the opportunity came for you to be appointed as chair, as i recall, there were several candidates that were considered by the president. had you ever met the president before? jay: i never had met him. i met him for the first time when i had my interview for chair. david: how long did you spend with him? jay: less than an hour. i can't remember exactly how long it was. david: ok. so after it was over for you, you said, i did that pretty well and i will get this job, or you didn't know? jay: i didn't know. i felt like the interview had gone well. david: you are a guitar player, right? jay: i am an amateur musician. yes. david: you sing as well? jay: i sing badly. i try to accompany people who sing well. david: you used to be a golfer, you are not a golfer now? jay: i can't do a lot of golfing now, but i have been a road cyclist for many years. david: is that safe when you are the chairman of the federal reserve board? i am afraid to go

the president asked ben bernanke, the fed chairman what happens if we don't do had and ben said if weking at a crisis of the magnitude of the great depression or worse. and the president said well, that makes the decision pretty easy. >> under our proposal, the federal government would put up to $700 billion taxpayer dollars on the line to purchase troubled assets that are clogging the financial system. >> $700 billion. that's billion with a "b." basically to rescue the banksing that everybody thinks caused this problem in the first place. >> occupy wall street. >> did a lot of the bankers get away with murder? yes, they did. but if you don't put fresh money in there this whole thing's going to come down and enormous harm is going to be done to an enormous number of people. >> george bush's bailout of the banks doesn't stop the country from sliding into recession. >> with karina, iraq and the economic collapse, he was staggering out of the white house. >> the american people vote to bring a democrat back into power. barack obama wins the election by a landslide. against republican can

mallon was quick figure like alan greenspan today or ben bernanke, though his treasury secretary get it was said of mellon that three presidents served under him c-span: how does that relate to the mellon name that we know now, that mellon bank? >> guest: who was mellon? mellon was a very wealthy man. he made much of his money. he created an empire in pittsburgh of steel, aluminum, mellon was also what my call a venture capitalist. he would give a man money if a man had a good idea, see what happened, maybe in and selfies share when men succeeded but sometimes he died in. sometimes he didn't but he loved new ideas. he cratered ale institute to generate patents. very production oriented, , not just what we say a rent seeker. not to some about what other people had and held onto it like a monopoly. so mellon came to this job, the job of treasury secretary, with a wealth of experience from the private sector and a few convictions, and his best partner among the presidents, i believe david kendall dean, the malabar cover would say this,, too, was coolidge who understood mellon. he knew h

ben bernanke's words how recessions occur the other issue is maybe it will make the u.s.nally the last this whole notion of complacency and goldilocks let's view that against a kroutd bus stop everybody is complacent. low interest rates parking money but should this and i'm referring to equity markets get any type of liftoff for a elevator of outlier reasons that bus stop is crowded. where do you think those riders are getting on the bus at much higher prices. back to the "squawk alley" game. >> i want to show you a chart of trade web. ticker tw just began trading on the nasdaq a few moments ago surging more than 25%. the ceo is going to join us next stay with us check it out, our unlimited plan on the brand new samsung galaxy s10. oooh. premium entertainment on the infinity screen! people have seven different premium entertainment options to choose from. 'cause people are different. like how you cut the crust off of your sandwiches, and i eat them. and i'm pretty laid back and casual, and you... iron your jeans. i'm actually very happy you noticed that. cool... that's co

perry, then the governor of texas, was running for the republican nomination in 2012, he said that ben bernanke, the republican fed chair appointed by president bush, that if he came to texas, he wouldn't be welcome in texas because he was seen to be, you know, debasing the currency and goosing the economy to try to help president obama. so, president trump and herman cain, people like that were saying, they ought to raise interest rates. well, now they're doing it and they're doing it at an appropriate time to do it, although they've paused it now, and he doesn't like it as much. he doesn't like the idea that this economy is slowing down, fed says 2.1% this year, lower in his reelection year and he's trying to see what he can do about it now. >> john, good to see you as always. >>> up next, 2020 democratic candidates make their pitches to black voters at the national action network convention opening up on a variety of issues, but perhaps no one was more open than senator bernie sanders who held nothing back when talking about president trump. >> it gives me no pleasure to tell you that we hav

i much preferred than janet yellen or ben bernanke. he should not have raised rates in december. that did cause a market retractions slowing of the economy, the president is right on that. if every mistake i made at end of the year, i would be in trouble. president has perfect right to weigh in on all these issues. he may well be right that caused that much of a decline in real gdp. jay powell should consider all the factors when making decisions. connell: interesting the politics that plays into all of this. and forth overlie gasparino steve moore, a friend of yours,. >> yeah he is, whether or not he gets nominated to the federal reserve board, whether or not he gets confirmed, charlie's reporting that he will go to bat for him because he want the him as a counterweight to jay powell. what do you make of that? >> i don't think that is true. i think steve moore is fin fine person for federal reserve board. he has qualifications. knows his economics. a great writer on economics, has been great for years and years. knows the field well. he would be a wonderful member. whether he is

to get bogged down in the fed stuff but to hear the president say quantitative easing i'm sure ben bernankeng, you know, going -- what are you talking about? we are not going back to that. >> my ears perked up, too. >> the president is looking for a scapegoat for a softening economy that's inevitable. he wants to point the blame somewhere else. >> he does. as we know he's nominated steven moore and herman cain for the board. he got rid of janet yellen because apparently she didn't look the part. >> yellen would have kept interest rates lower. >> explain that. >> to look if part of a member of the fed you have to be boring. >> that's the irony here. janet yellen would be giving him the fed policy he wants now. >> i think that's right. >> herman cain and steven moore. you're on capitol hill. >> mm-hmm. >> republicans have seemed to be falling in line on some of these borderline nominees. >> mm-hmm. >> they complain about it, get cranky about it. when it gets to committee they all seem to fall in line. >> yeah. >> will that happen here? >> i think so. >> both of them? or do you think one of th

by the way, many people on the fed, including previous chairman, ben bernanke worked as chief economist is not unusual for the president to take someone that agrees with his economic views, that was the case when barack obama chose janet yellen. i'm not sure why it is inappropriate. and it happens to be true. i was the one said if donald trump was elected, we could get 3% growth and full employment. wages are rising. by the way, when i get to the fed, erin, i'm going to be dogged in terms of promoting growth. i want to be the growth. i want high wages for workers, stable prices. i disagree with the idea that higher wages are a problem. we want higher wages for workers. >> so the top banks testifying on capitol hill this week were asked specifically about your previous statements supporting overturn of the gold standard. >> i don't think i said much about the gold, i'm not in favor of gold standard, i am in favor of using commodities as forward looking indicator where prices are. >> i want to play something. do we have steve? here you are. >> i think we have to reestablish some kind of g

not a great figure like alan greenspan today or ben bernanke the treasury secretary. three presidents served under him. c-span: how does that relate to the mellon name we know now the mellon bank? >> guest: melon was a very wealthy man who made much of his money with an empire in pittsburgh of steel aluminum. he developed what we might call a venture capitalists. give a man money and if the man had a good idea to see what happens. maybe he would sell his share. sometimes he butted in and sometimes he didn't. he created a whole institute to generate patents very production oriented. not just someone who bought that other other people hadn't haven't held onto it like monopoly. he was the creator of wealth. now his job of secretary with a wealth of experience from the private sector with few conditions and the best partner among the president the mellon biographer would say if you understood melon. it wasn't all about calvin. c-span: he died in his early 60s right after he got out of the presidency. what happened? what was his health light? >> a lot of them did. we are b

fed, ben bernanke left the he has been writing about the unconventional policy methods.imple rate cut. anna: what do you think of the way the fed thinks about monetary policy around interest rates as separate from the rate policy? he makes a distinction about the use of them. how do you interpret that? steven: intellectually, it is good to have separation but when they do qe, there is a big grab for duration. they are swapping high duration for low, and there is a strong signaling effect for the market today, and going forward. the presence of a large balance sheet means the fed and central banks have skin in the game, if you like. it is kind of underwriting the lower for longer view because they are hardly going to hike against themselves. the biggest issue on the street. tom: the great fear of the people opposite you as we will see an abrupt drop in price and higher yields, with an emphasis on the word "abrupt." will you have time to manage your portfolios? steven: you have six months of low inflation and it might tick up in six months time. a lot of people want to buy

made his takes in life or with economic, calling economic calls, tell me bernie sanders never -- ben bernankemistake? tell me alan greenspan didn't set the scenes for the financial crisis? connell: i'm not saying, that is criticism, just his own personal financial dealings, he hasn't been a great economist, his calls have been wrong. >> larry summers when he was treasury secretary pushed through something that was known as glass-steagall, allowed big banks to merge with security firms. that is one reason we had a financial crisis. connell: how did that one work out? i get you. >> everybody makes mistakes. steve is a smart guy. he is a supply-sider and i think the supply side community, i think you should talk to laffer about this today. connell: he is on today. >> they are planning to rally behind him because they think that mcconnell is wishy-washy. connell: fair. we'll talk more about it later. thank you, charlie. have to run to the new tax plan coming out of one top democrat in the senate. maybe it signals what the democrat was do if they win the white house. that's why we're talking about

mohamed: ben bernanke warned that when it comes to losing unconventional policies for macro economic benefits, costs, and risks . the longer you persist, the lower the benefit and the higher the cost and risk. tom: i want to go to your wheelhouse, negative interest rates, you have clear outcomes early on and then they become diffused. has the value of negative fromest rates diffused years ago? mohamed: yes, the transmission mechanism is stretched if not exhausted, and the second reason is we are realizing that negative interest rates for a long time undercut the ability of the financial sector to provide credit and long-term financial protection, which means risk aversion among households goes up. francine: are central banks realizing? mohamed: yes, mario draghi actually mentioned this. coming from the ecb is quite a change in terms of recognizing it is about cost and risks, not just benefits. thecine: has the ecb locked window to normalize and is this a policy mistake? mohamed: i think the window has closed tremendously, but what is key -- and the ecb and mario draghi have been very

a recent example would be ben bernanke, who was george bush's chair of the council of economic advisers's nothing wrong with that. but i think what's gotten a little bit confused here is the potential political dimensions of the appointees. and you're right they need to go through a process. he the senate -- if mr. moore makes it to the senate banking committee, they need to quiz him closely on why his way of looking at monetary policy is better than the others they need to make him spell out his analytic framework how it would be applied. and they need to ask him about why he was so wrong in the past. >> how about does it matter how he views the world and i ask this because a lot of his writings have come to light recently including many that strike a pretty misogynistic tone i just pulled one quote out of a 2002 essay that he wrote about sports and he proposes a rule "i propose no more women refs, no women announcers, no women beer vendors, no women anything." >> i think it's very troubling i think to have somebody who has such a view, sort of a contempt for half of the human race and

ben bernanke also extolled the virtue of consensusbuilding within the fed.tle dis his leadership. but the appointments or potential apartment of stephen moore to the fed would create real tension in those deliberations, and some argue that is worth having that discussion on whether or not rates are too high. tom: let me bring up a chart here -- i am watching a tornado on the east coast weather watch. team coverage with "bloomberg surveillance." but stephen gallo, here is the dollar, range bound back for years -- four years on the bloomberg dollar index. how does mr. trump interpret that? it is not like it is a runaway strong dollar. stephen: it is not a runaway strong dollar. you have a wider fiscal deficit in the u.s., although i think this is, if anything, a longer-term concern, the fact that the u.s. has a widening fiscal deficit. if anything, it is short-term, dollar supportive, because the other jurisdictions are not doing enough fiscal stimulus. the fiscal multiplier is lower. that is good for the growth and amec in the u.s., the wider fiscal deficit.

you can't tell me janet yellen and ben bernanke weren't political in any way.sidents of the united states have a long history of knocking heads. it's not surprising that the president would try to put his stamp on the fed by bringing in two guys from non-academia and two guys that are probably going to vote to lower interest rates in the face of jerome powell, who wants to hold things steady. so why is he getting a lot of pushback? could be the allegations that surfaced during his presidential run. i'm not sure. but i think greg and danielle have it right when it's going to be a lot easier to go with stephen moore than herman cain. i wonder if these are the best two guys that you could find. i really like finding people that are not necessarily cut from the same academia cloth as the rest of the fed and aren't going to subscribe to the group-think. but are these two really the guys that we want? robert caplan came from the private sector. i think he's got a great mind, he knows the financial sector, knows the shadow banking system. neil: they are easy money adv

in fact, ben bernanke and i have a lot of some of the things that he said specifically to congress in "collusion" about the gold standard, if he went actually on defense, a defensive movement against the gold standard being brought back when no one was even asking him that question, when the financial crisis was at its height, to banks and to congress which is interesting because it was basically saying we need to create money right now. this is really not the time to be talking about pegging it. that said, there are central banks who do stockpile more gold and do think not that we're going to go back to a gold standard but that it could potentially be part of sort of more global currency or benchmark that will include pieces of a gold standard which will at least also give some sort of a peg to simply being able to create dollars which will create money just at will. ... in terms of actual money it's the corporation the members are the big bangs are like shareholders in the corporation. this is how they get the money to utilize that said it's also an electronic process now. there was

the first was for ben bernanke and hank paulson in the bush administration to let lehman go bankrupt.n their hands to bail out the financial industry in an appropriate manner. third, there was a failure by the republicans and the democrats to spend enough money to get the economy going again and get full employment. stuart: did you realize these were mistakes that being made when you were there in the administration? >> i wasn't in the administration because we're talking about the transition period. in fact all the major decisions that defined the rest of the president's tenure, president obama's tenure were made before he was even inaugurated there was a healthy debate about all of these things but here is the way they thought about it. take news of mick jagger's heart surgery. suppose the surgeon said you need quadruple bypass but i don't think that would be popular so i will only give you a double? that is kind of what happened here with respect to the size of the stimulus. stuart: the stimulus as i recall was $860 billion. >> good memory. stuart: i'm hold but i got a memory. >> d