we are assuming some sort of normalcy that ben bernanke sets will take time.personify the story of the markets this morning. it drove this 20% rally. warns the second quarter of 2020 could go into q2 of 2008. efg says they are torn between green and fear. put strategies to the downside and to the aussie dollar. you are looking at a potential downgrade. they are cut to negative by s&p from stable and of course, it was disappointed by the qe program in australia. brent up. look at the emfx complex. our guests said they are scaling back some of the em exposures. the emfx board for morgan stanley said it is time to get bullish. 6% upside. this is just three out of the basket. 3% upside. they say buy a high-yield or's. that has begun to normalize -- high-yielders. that has begun to normalize. nejra: the latest on the coronavirus. the u.k. and new york state had their deadliest day since the pandemic began. new york's number of new cases have slowed. av reported its fewest infections -- they reported their fewest infections. boris johnson has spent a second night in

david: you worked closely with ben bernanke then, and with the head of the new york fed.current administration, there is tension between the fed and the treasury and the fed and the white house. do you have any comment on whether the fed is sufficiently independent or not? should we do anything to make sure it is more independent than it already is? hank: the thing i am most proud of is that the solution came on a bipartisan basis. i think the last two times congress has acted on a bipartisan basis, anything that was consequential, was the tarp authorities and the authorities for fannie and freddie. ed, itk the way we work worked across administrations. to get to the current situation, i never ever want to bet against what we can do during a crisis. i do know stephen mnuchin is very competent and understands financial issues. i have a high regard for the chairman of the fed. i believe if we had a crisis, they would figure out how to work together. david: any regrets in this incredible career? and what would you see as your legacy? hank: if we had not had the financial cri

former federal reserve chair ben bernanke will weigh in on the actions the fed is taking to mitigate the economic impact of the covid-19 crisis. we'll highlight some of the books written by david mccullough. and atlantic council senior fellow jamie metzl will look at the future of genetic engineering and if it can be used to fight against covid-19. find more information on your program guide or online at booktv.org. and now, historian

. >> this weekend on book tv, tonight at 9:15 eastern, ben bernanke talks about the actions the fed is taking to mitigate the economic effects of the covid-19 pandemic. his latest book is "first responders." >> we are not really talking about a stimulus package because people cannot go out and shop. we are talking about emergency relief. what we need is a fiscal package that makes sure that people can survive this with low income. that businesses losing revenue can pay their bills, their rent and utilities. >> sunday on after words, jim onelvey offers his thoughts innovation and competition for start up businesses in his new book "the innovation stack." thingturns out there is a that happens -- a process that can happen when you start to solve a perfect problem. something that is not been solved before. most of what we do is copy it and most of our tools, training, and comfort are with solutions that exist. >> and at 10:00 p.m. in his book "hacking darwin" the author looks at the future of genetic engineering and he discusses if that can be used in the fight against covid-19. >> we hav

ben bernanke brushing off comparisons to the great depression.he says if all goes well, the economy should be -- he says if all goes well, the economy should be in a better position 22.the year 200 global news 24 hours a day, on-air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. i am viviana hurtado. this is bloomberg. nejra: thank you so much. from that update on of the u.s., let's look at an update on germany. german institute senior a cut -- sees the economy shrinking over 10% in the second quarter. they see the economy shrinking 4.2% in 2020. they see the economy growing by 5.8% next year in. 2021.g with europe -- staying with europe, eurozone finance ministers ended a conference with no agreement on a strategy to mitigate the damage of the coronavirus pandemic. the call lasted more than 16 hours but they were unable to reconcile views over possible joint debt issuance and conditionality attached to the european mechanism. joining us is maria tadeo in brussels. we went into this m

afternoon, glenn hutchins here, welcome to what i prove will hope will be an insightful session with ben bernanke and david wessel. when the financial crisis hit in 2008 and been bernanke was fed chair, he had to create one from scratch. a few of us expected that his successors would need to refer to it so soon but generally for all of us he left a copy for jay powell that i would recommend for people on this call if they're interested. there's a good book called firefighting which is a summary of the crisis and one called first responders which gives deep into the individual programs and i recommend everyone have a look at it over the next couple of weeks. and among other things it's a distinguished economic historian suited to put this horrible event that we are experiencing in context so it will give us a sense today of what will determine how deep this recession will be, perhaps how long it will last , how effective the fiscal and monetary policy response has been and perhaps whether the covid-19 recession will leave long-lasting scars on the us and global economy so i'll turn this over to be

afternoon, glenn hutchins here, welcome to what i prove will hope will be an insightful session with ben bernanke and david wessel. when the financial crisis hit in 2008 and been bernanke was fed chair,

former federal reserve chair ben bernanke will weigh in on the actions the fed is taking to mitigate the economic impact of the covid-19 crisis. we'll highlight some of the books written by david mccullough. and atlantic council senior fellow jamie metzl will look at the future of genetic engineering and if it can be used to fight against covid-19. find more information on your program guide or online at booktv.org. and now, historian adam hochschild who was a founding member of america's communist party. [inaudible conversations] >> good evening, everyone, and welcome to politics & prose. hi name is matthew zipf, i'm part of the events team here. each year we host close to 1,000 authors here at the wharf and at union market. please see our web site, politics.prose.com or pick up a paper copy of our events calendar at the desk. before the event, i do have a few short housekeeping items. first, please silence your cell phones so we don't have any buzzing or ringing during the event. when it's time for the q and a session after the presentation, please come up to the microphone there a

know create a bank account a little it difficult to get an annuity from the local punter when the ben bernanke come in the solar power is a storage in the battery bank while over her cross mission lines make sure that electricity is brought to every household. the total cost of this installation was $3000000.00 rupees or 37000 years. it's that of the graham who just has successfully set up solar micro-grid in 65 remote villages. these decentralized micro grids are now and dolly own and operated by local communities with each household being judged according to such. reading spot of one was the stan member village banerjee committee it ensures that the grid runs effectively and his responsibility for and voice in the house runs. i mean that he would get in the last week of every month our committee holds an eating then discuss the billing and status of us even with the sewer capital sometimes a customer is unable to really play with a one month and we allow them to believe that within the next month bill little but if it's still on paid off to keep in mind we will demand the mining place and te

i don't see it you know in ben bernanke out of it as. a lot of people that are into this but i think certainly the bar of the media bill. for the short to medium done with it is and i think they have realized this and this is wiped out really pushing forward towards modern took control of the aunties there and then i think they have set they have almost sensed from don't look. so good to get that you know that they couldn't really reach an some kind of a settlement between them and not aggression between the if that's ok i mean in one sense and floor to all a certain extent there will probably let go all of their ambitions and rolling over the whole country as long as they can get some. hands of the oil really and i think this is what they are a kind of medium all short term to do exams that i would. do you haven't carried all of south of yemen with you not supported by every governor at when you say you speaking on behalf of the people of southern yemen you're not speaking on behalf of all of them are you. well i don't think there's any

of hedge fund citadel one of the biggest had funds they then they're not embarrassed by hiring ben bernanke you former fed chairman to come over there and during this ballot process bernanke he is a direct colonial connection to a monopolist oligarch the whole hedge fund tune the federal reserve and they're negotiating and they're front running and they're high frequency trading and they're trading derivatives and they are interfering like a jerram man during ghetto blaster booster political hack to undermine our law by standing in a so we have this and merging under class of people living out there and zombie land and the next step will be to vilify them and to scapegoat them and to say that they're less than human and then we know where that comes let's continue on this theme of the supply chain of risk because there's always risk. in the world in nature the antelope bounce in your cross the field has to get to you know her family or friends over there but the risk is alliance going to right that's the risk and that's why they develop that's why they can run so fast and jump that's like t

and they had to roll powell put which of course is a continuation of that janet yellen put the ben bernanke he put and the inventor of the central bank put alan greenspan the idea that they're in the business of keeping the dow jones going higher and not in the business of protecting the purchasing power of average americans but my question is that. progressives they have been saying that the solution to this capitalism problem is socialism but the capitalists are saying capitalism doesn't exist anymore free markets on excess anymore so where does that leave us dr michael hudson we're not in a capitalism anymore and we're certainly not of socialism anymore what system are we is exactly the used to be called state socialism in the late 19th century when you had germany had the trying to reweigh integration between the government the military and the industry and the bank. and you have something similar today the question is socialism for a boob will it be socialism for the one percent socialized lockwood's or will it be socialized socialization or the 99 percent you socialize again and spend

on park avenue for 250000000 as the hedge fund manager can griffith recently did who also hired ben bernanke he has his pet the condiments to work for him you would do it right i mean everyone would love to print their own money and buy rare arts of work or sights for gray or works of art like your soup there you know. people in this fashion standards high during the pandemic i have a feeling people might not see it because there might be overmodulated in terms of that's why god like laura you're like i am so toshiba's representative here on earth i am the bishop of bitcoin well of course we're talking about distribution and distribution and how it's not a problem of of having no supply there's plenty of supply of money there's plenty of supply of capital it's all there we you know all these things are produced all this wealth is produced and it's just about distribution because if you don't have this reaction if you have a lot of rocking rotting carcasses and rotting products in the field then you encounter a situation because. you know if a farmer had a sprinkler system you know going thro

ben bernanke's gospel was protect the financial system at all costs. lessons learned from the depression. effects the spillover that you perceive in the collapse of oil as it filters through the hydrocarbon system, and then through the financial system? yes, thanks, tom. would not use the word casual on this. it is driven by a massive collapse, and stores that are increasing. that is a reality, and it is creating its own stresses for the industry in the high-yield sector. -- the energyry story is a separate story from the rest. theess with the extent that collapse in demand is continued, there is going to be damage, but eventually a recovery is in line of thee broader framing macro story. i would say the main point is response overy the course of only a few weeks is very significant. sheet aboutlance 3.5 trillion -- sorry, 7 trillion in this crisis over the course of a couple of weeks. whereas with the global financial crisis from 2008, through q3 combined, it was after that. moreover, addressing the financial stress on the credit side for corporate's.

. >> glenn hutchins here, hope it will be a fascinating and insightful session with ben bernanke. when the financial crisis hit in 2008 and been burning he was head chair, he had to create one from scratch. a few of us expected successes would need to refer to it so soon but for all of us, left a copy for jake powell to consult. i recommend for people on this call if they are interested in very book called firefighting which is a summary of the crisis is one called first responders which gets deep into the individual programs. i recommend everyone have a look at it over the next couple weeks. been among other things as interesting as the economic historian. what we are experiencing now, put that in context, give us a sense of what will determine how deep this recession will be, perhaps how long it will last, how effective the fiscal and monetary policy responses been and what is likely to come and whether the covid-19 recession will leave long-lasting scars on the us and global economy. i will turn it over to ben for his remarks after which david wessel will host questions and the

when the financial crisis hit in 2008 and ben bernanke was the federal chair she had to create one from scratch. a few of the successors would need to refer to it so soon but for all of us he left a copy and i would recommend people on the call if they are interested there is a good cold firefighting and one was first responders. i recommend every one have a look at it over the next couple of weeks. among other things, a distinguished economic historian who put this horrible event that we are experiencing right now to give us a sense today about what will determine how deep this recession will be, perhaps how long it will last and perhaps what is likely to come and whether the covid-19 recession will leave long-lasting scars in the global economy. i will turn this right over for penn's remarks after which david will pose some questions and then there will be instructions on how the audience members can ask their own questions. over to you and thank you for doing this. >> thank you everyone for joining us this afternoon. in january and february we had a strong economy that has happened i

now, the federal reserve and ben bernanke said whatever treasury bonds they generate to give money to the federal government, they buy them, and they keep interest rates artificially low, and there are many economists who seem to think you could do this forever. host: let our guest responded that. caller: -- guest: great points. i think you know the issues very well. let me start at the beginning. this is a lot like climate and so many ways. only do we need our in aical leaders non-scaremongering way, but to lay out the facts. this is not a grassroots issue. we have members who care about this issue, but it is never going to come from the bottom up because it is so hard for people to see how the national debt affects their daily lives, even though it does throughout the economy. but this is an issue where we need our leaders to explain what the facts are. thise need to start with idea that you could have the leaders talk to the public about the fiscal health of the country. that is a great idea. layout those numbers, and then you need for them to tell the truth about what the options

can >> this weekend on book tv, cosart night at 9:15 eastern, former federal serve chair, ben bernanke talks about action the fed is taking to mitigate the effects of the covid-19 pandemic. his book is called first responders. >> fiscally, we are not really talking here about a stimulus package because people can't go out and shop. what we are talking about here is emergency relief. what we need to do in a fiscal package is make sure that people can survive this period with very little income, that businesses that are losing revenue can pay their bills, pay the rent, pay the utilities. >> and then sunday on after words, square do founder offers his thoughts on innovation and competition for start-up businesses in his new book. he is interviewed by a "washington post" technology policy reporter. >> it turns out there is this thing that happens, this process that can happen when you start to solve a perfect problem, something that has not been solved before. st of what we do is copying, and most of our tools, training and comfort is with solutions that exist. >> and at 10:00 p.m. in his

when the financial crisis hit in 2008, ben bernanke was fed share he there was no playbook he had to create one from scratch. a few of us expected successors would need to refer to it so soon, fortunately for all of us he left a copy to consult. i would recommend for people on the sculpt they're interested there's a good book called firefighting which is a summary of the crisis in first responders which digs deeply into these programs. i recommend everyone have a look at it over the next couple of weeks. been among other things has been distinguished economic historian being well-suited to put this horrible event we are experiencing now in context as well it gives a sense today about what will determine how deep this recession will be perhaps how long it will last, how effective the fiscal and monetary response has been, and perhaps will likely come and whether or not the covid-19 recession will leave long-lasting scars on the u.s. in the global economy so turn this over to ben for his remarks after which david wessel will pose some questions and after that there'll be some instructi

when the financial crisis hit in 2008 and ben bernanke was the federal chair she had to create one fromcratch. a few of the successors would need to refer to it so soon but for all of us he left a copy and i would recommend people on the call if they are interested there is a good cold firefighting and one was first rede

when the financial crisis hit in 2008, ben bernanke was fed share he there was no playbook he had to create one from scratch. a few of us expected successors would need to refer to it so soon, fortunately for all of us he left a copy to consult. i would recommend for people

if you look at what we've been doing we been doing quantitative easing since ben bernanke and janet yellene done all of this this last round they increase the monetary base by $4 trillion. it's huge huge amount but we have not seen any inflation. we have not seen it and i don't see any signs in the economy right now for inflation reemerging. the only thing that would lead me to it be a little bit stingy on that is the price of gold has risen but long bonds, there is no expected inflation that i can see in any other market indicators so that's not where i'm focused, and that's not where i'm worried right now, although god knows we have created an environment such that if inflation were to reignite in this economy there would be absolutely nothing to stop it from continuing. mark: let me ask you this. what caused inflation in the 1980s. >> let me go back to the 70s which is where it really started. i was there in the white house in the 1970s --dash. mark: although i have to tell you i bought a home and i was paying 12% interest. >> that was early 80s. the u.s. went off gold, we change the pr

1.16%, dow gaining about 300 points second day in a row of gains former federal reserve chair ben bernankepeaking today at the brookings institution weighing in on whether more stimulus is going to be required. >> easier financial conditions are helping the system, making it easier, for example, for corporations to borrow so they can continue to survive, but it's not really time yet to stimulate spending and get people to go out and buy cars and houses that will have to wait till the health situation is better at that point, monetary policy will go back to normal function. >> not every day we hear from ben bernanke on zoom or skype video. anastasia, how do you think about the impact of stimulus and how much more is needed and what investors are expecting at this point, whether it's fiscal or monetary >> reporter: i think the impact of both the monetary stimulus and the fiscal relief, i should say, has been significant. first of all, in terms of sides, we're talking about quantitative easing programs that are limited. in aggregate they'll add $5 trillion in bond purchases across all the cen

shaw halley con jeremy brown books on the economy with authors peter wallison, henry paulson, ben bernankee, aron glanz, marian cooper and others. later, authors kessler, bob woodward, and steven moore discuss their books about president trump. enjoy book tv now and over the weekend on c-span2. >> sunday night on q&a wall street trader turned photojournalist chris on his book dignity. about the plight of those living on the margins of society in america. so is a sunday morning i believe or saturday be it was empty because all of the semites were gone. is the industrial point immediately the intelligence just came right through. and we spoke for about an hour, half an hour or so. she told me her life is like a clichÉ of everything wrong that can happen to somebody. eventually, i asked her what i asked everybody a photograph what is one -- how do you want me to it describe you in one sentence question she just shot back and said that's what i am a prostitute, mother of six and a child of god. so sunday night at eight eastern on c-span's q&a. ♪ ♪ television has changed since c-span began 41 y

i think ben bernanke said it best.said think of this like a short-term natural disaster versus a prolonged long-term downturn. that's a good way to look at it, especially since the government has been so proactive. liz: i hope you both are right. phil and thomas, i really appreciate you guys coming on. i do want to have our viewers turn their attention to the lower band here. we look like we are losing a lot of steam. dow jones industrials, the high of the session was a gain of 409. we are up 60 points now. s&p had been up about 45 just a second ago we were up only 1. the trend starts to look a little dicey with about 39 minutes to go before the closing bell. moments ago, we just got the word, folks, the house has indeed started to vote on the $484 billion stimulus plan to combat the economic damage from the coronavirus. here's what we know. they are going to be moving in and out of the house in groups of about 40, with floor officials disinfecting the chamber in between each group of votes. we will be watching this. w

this weekend on book tv, former federal reserve chair ben bernanke talks about the actions the fed is taking to mitigate the economic effects of the covid-19 pandemic. his latest book is "first responders >> we are not really talking here about a stimulus package because people can't really go out and shop. what we are talking about here is emergency relief. what we need to do primarily in a physical basket -- fiscal package is to make sure people can survive without income, that people can pay their bills, pay the utilities. "afterwards" on the founder of square offers his ideas for start up. he's interviewed by a policy reporter. >> it turns out there is this thing that happens, this process that can happen when you start to solve a perfect problem, something that has not been solved before. most of what we do is copying and most of our tools and training and comfort is with solutions that exist. book,10:00 p.m., in his jamie mental looks at his book and the fight -- and technology in the fight against covid-19. >> we have never been able to develop diagnostic tests this quickly. wi

made during the financial crisis in 2007 when the fed was buying just treasuries i asked chief ben bernanken action sooner powell learned the lesson. he's not making the same mistakes bernanke did. secretary mnuchin doesn't want to go down in history as the guy who presided over the depression either he's making sure small and medium size businesses can get grants and loans that will be forgiven as long as they don't layoff their employees this payroll protection is under fire because it's misy there have been delays it's far from perfect. i say who cares. this is a huge incredibly ambitious program. millions of small businesses have filed for loans of course the sba has a gigantic backlog. they'll eventually get it right. if you need a loan go to your smaller community banks. they don't have as many lines. he said heed do whatever it takes to stabilize the euro zone the fed is taking a page from malcolm x. propping up the economy by any means necessary. i love it. remember only bridge, we can't go back to business as usual until there is a cure or vaccine and we eradicate covid or at least

ben bernanke said it in a presentation earlier today. tom colicchio has said, we could lose 50% of our businesses. think about the retail and restaurant industry. that's 50 million employees. we knew the amazon effect was already hurting the american mall. it's crushing it. but let's just talk about one more thing, oversight. do you remember when occupy wall street was born? it was after the financial crisis when there wasn't transparency around how that tapper money was given out to institutions. now you're seeing the administration take away more and more oversight and give more and more control to secretary mnuchin. and i'm not saying secretary mnuchin is up to anything nefarious, but while the country is literally suffering from a health crisis and we're dying economically, not being transparent about where all of this money goes could create true social unrest, where income inequality could get significantly worse and people will be standing up, fighting against this. that is my biggest fear of what we will see one year from now. >>

backside, okay because i think on the backside, they need to mop this up a little bit quicker than ben bernanke and janet yellen did on the '07/'08 crisis, but i don't have a problem with mr. rosengren, i don't have a problem to moving rates to where they moved them, and i certainly do have a problem with some of the regulatory issues or the re repo, liquidity, or the dollar swap programs, or the commercial paper programs i think all of those are great but i really think that a 30% unemployment rate is absolutely meaningless, because it isn't coming from weakness within business it's coming from a shutdown from the outside. >> absolutely true, rick it's a self-inflicted shutdown rick santelli, thanks very much. for more now on what we can only describe as the kind of ugly action on wall street, at least as far as equities are concerned, as we kick off the second quarter, let's go to bob pisani hi, bob. >> hello there rosengren didn't have a big impact on the markets, but we've had a nice little rally on the market since cuomo stopped talking. 2489 right now and the s&p 500 so a rally going in t

ben bernanke saying it's not like a depression, this is not going to last for 12 years, but he did say well, in a year or two, we should be in a substantially better position. do we have to start thinking about things in that time? right, wehink that's do believe we will get out of this and the recovery will be quite strong, but the dip in the meantime is pretty significant. we are looking at u.s. gdp falling by 6.2% this year, 9% across the euro zone, and globally a contraction of 1.8%, and that's in gdp terms. we are extent to earnings to fall by about a third in the u.s. and by 45% across the euro zone, by over 20% across asia. these are big numbers, relative to even other recessions and financial crises. because this is effectively stocking up demand, from which there should be a recovery, as long as there is not too much damage in the economy during the period of lockdowns, we would expect quite a strong rebound after. earnings picking up next year by and europe,the u.s. and alongside that some improvement in dividends. it is that improvement into the future that the market is not

. >> glenn hutchins here, hope it will be a fascinating and insightful session with ben bernanke. when the financial crisis hit

>> look, everything that powell has done would make everybody from alan greenspan to ben bernanke to mario draghi or janet yellen absolutely blush. the whole idea of buying junk bonds. today we're seeing energy drunk bonds for example, absolutely melt. the only thing jerome powell has not done is buy the stock market, take interest rates to the negative realm. other than that he threw in the entire kitchen sink. there is not much more you could ask of a fed chair. i'm highly disappointed how much the fed has intervened in the markets because at some point you will crowd out natural investors and their ability to do what their job is which is to allocate capital. if you have a larger bodyworking with treasury, that is simply no longer feasible and that is not also american. neil: all right. danielle, the word on that tomorrow, the old, you know scarlet o'hara thing, we'll see. danielle dimartino booth. that is by the way a "gone with the wind" reference, everyone maybe over the age of 50 got it. i don't know if you got these governors press conferences, for my money, even though he do

. ♪ >> this weekend on book tv, at 9:15 eastern, ben bernanke talks about the actions that the fed isg to mitigate the economic effects of the covid-19 pandemic. his latest book is "first responders." we are not talking about a stimulus package because people cannot go out and shop, that we are talking about emergency relief. but we need to primarily do is make sure that people can survive this with very low income, that businesses that are losing revenue can pay their bills and their rent, >> and the utilities. co-founderquare offers his thoughts on innovation and competition for thetup businesses in " innovation stack." >> it turns out there is a thing that happens, this process that can happen when you start to solve a perfect problem, something not solved before, because most of what we do is copying, and most of our tools and training, and comfort is with solutions that exist. >> at 10:00 p.m., in "hacking darwin" jamie mitchell looks at future engineering and if that technology can be used against covid-19. >> we have been able -- never been able to develop diagnostic tests. now

now the federal reserve, since ben bernanke, since 2008, whatever debt, whatever treasury bonds theyenerate to give money to the federal government, they buy them. and they keep interest rates artificially low. and there are many economists i've heard who seem to think that you can just do this forever. host: ok, peter. let's leave your thoughts there. we'll let our guest respond to that. guest: those were great points. clearly i think you do know this issue really well and i agreed with all those points. let me start in the beginning. this is a lot like climate in so many ways. i'll say some additional ways beyond what you said. not only do we definitely need our political leaders in kind of a nonscare mongering way, but to lay out the facts, this is not a grassroots issue. we have members, we have people who care about this issue. but it is never going to come from the bottom up. because it is so hard for people to see how the national debt effects their daily lives. even though it does throughout the economy. but this is an issue where we need our political leaders to explain what