when the financial crisis hit in 2008 and ben bernanke was chair, there was no playbook.he had to create one from scratch. a few of us expected his successors would need to refer to it so soon but fortunately for all of us he left a copy for jay polyps consultant. i would recommend for people on this call if they are interested is a very good book called "firefighting" summary of the crisis and one called first responders which is gets in deeply to the individual program. i recommend everyone have a look at it. over the next couple weeks. been among other things is a distinguished economic historian, well-suited to put this horrible event we are experiencing now in context for us. to 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 what's likely to come and whether the covid-19 recession will leave long-lasting scars on the u.s. and the global economy. i will turn this over to ben for his remarks after which david wessel will pose question

when the financial crisis hit in 2008 and ben bernanke was chair, there was no playbook.ad to create one from scratch. a few of us expected his successors would need to refer to it so soon but fortunately fol

owned by a hedge fund manager who has a hedge fund whether it could be said adele for example or ben bernanke the former fed chairman sits on the board and it's run by a guy who just bought an apartment in new york for a quarter of a $1000000000.00 so the yacht was a gift from the set yes and that it sits over there in the bell haven country club in new hampshire in kent so that area for example is a compelling or it's a gift and his job is to buy government bonds that are going in negative anneal right so those government negative yielding bonds negative interest rates which will bankrupt everyone in the. in the world if you're a hedge fund guy who's been gifted a yacht to buy those bonds you can make money on price appreciation if year on that side of the interest rate apartheid wall as i call it. and so that's the quid pro quo that's the deal that's the deal and if somebody asked coronavirus on your way it's your yacht well we know how that goes up right when we come back much more coming your way. problem drugs don't always come from unscrupulous dealers but from pharmacies to in every st

private equity are like the capo de capo there that's where tim geithner goes to work that's where ben bernanke us work that's where former presidents go to work is for private equity groups and private equity what they do is they find nice healthy profitable companies with pension funds and huge amount of assets like sears remember sears had all these. 100 something year old company with lots of beautiful buildings worth a lot lots of real estate and they strip all this out swap it for that and lo and behold it falls apart under a big debt load and so my theory is that the larger picture of the money laundering is. the system is a fee add debt based system is it's putting in essentially what i'll say is feudalism and longer ring and out on the other side comes capitalism which there's a believe this is all capitalism and it's a free and fair market right well let's say you had a group of folks and the objective was to shove all hundreds of billions of the trillions of dollars into their pockets. and not just a little bit of money but the g.d.p. equaling size of money like if the g.d.p. is $20.

in 2015, former federal reserve chair ben bernanke sat down with democratic senator sharod brown of ohio to talk about actions he took during obama administration in response to 2008 financial crisis. >> i used to sit down in the front porch with my grandmother and she would tell me about her youth when she was living in connecticut and the story she told me, she was very proud because her children were able to go to school and able to wear new shoes every year but lots of the kids in town, you know, didn't get new shoes or in some cases didn't have shoes. i said why not, the shoe factories in the connecticut factory had shut down in the depression and fathers lost their jobs and therefore not enough money to provide shoes for the kids and i was 6 or 7 year's old i saw something wrong with. all they could do is open up factories and they could produce shoes and she said, no, it didn't work that way. that's the real puzzle that the factories are still there and the workers are still there for some reason it's not happening. the system isn't working. it was a real puzzle to me. i'm not goi

when the financial crisis hit in 2008, and ben bernanke was fed chair there was no playbook so he had to create one from scratch. a few of us expected his successors would need to refer to it so soon, but farm for all of us

powell has confronted a challenge only ben bernanke has confronted. fferent kinds of challenges. ben's challenge was originating in financial markets, and everything was imploding because of the vulnerabilities in markets. chair powell is facing a situation in which an external shock has created an unprecedented situation. he moved quickly to push the fed to get in place a set of emergency programs. he has made it clear the fed will do what they believe needs to be done. i am sure he will be the first to say he has a lot of work ahead of him. jonathan: i do not want to cause any trouble between you and your i wonder whenut he first got the job and there was a sign of thing -- there was a side of him where he wanted to play the hard guy with financial markets, the god was going to run the fed cannot respond to where the s&p 500 was on any given day. is there a part of you that feels the federal reserve has completely capitulated to financial conditions, that is the exclusive channel which monetary policy throws flu -- flows through and that is the only

dates.termines i had a good conversation with one of the restart recovery commission members, ben bernanke, former chair of the federal reserve. we covered a number of topics. i said i want to make sure we have got this right. he was overwhelmingly of the same opinion, you have got to deal with the virus first, create confidence around public health and with that are you able to take the steps we need to take as it relates to economic recovery and reopening. we are in a position, back to both of these principles, of being able to put some of this as you have seen into practice. we know that the trends we needed to see have emerged in our hospitals which is where we have the best opportunity to track the impact of covid-19. across the board, every metric we have followed is showing us we can move forward. you have got new hospitalization , patients in the hospital, onients in icu, patients ventilators not just down dramatically from the peaks, but they are down meaningfully even over the past couple of weeks. if you flip over a green ball means we are having a good day, meaning whatever the

speaking as chairman of the fed, you were supposed to speak in tongues or something like that ben bernanke moved away from that janet yellen moved away from that and i think jay powell has moved this to an entire lew any level of frankness that little clip you just showed crossed red lines. you know, it's something i think former fed chairs wouldn't have said he was very comfortable saying it and what he meant of course is that if these are not unprecedented times in which you do unpres denned things, that does that mean >> what did you make of what he said about income inequality >> that was another thing. the fed often has gotten and certainly happens in the financial kris i, blamed for worsening in a -- and ben bernanke and janet yellen have always said correctly that was never our intent but other people commenting on it said well, if you boost the stock market, going to raise inequality jay powell had a different take on that and very appropriate take on it today. and he has before. which is that this horrible recession depression, whatever you want to call it, it's a completely new a

he commissioned a 21-person task force, which includes ben bernanke, richard trumca. i'm going to pan out and let david take a look behind me. there's been a few folks walking, running, jogging across the park. i'm no al roker, but it looks like it is going to be a beautiful day with temperatures in the 60s and 70s out here in new jersey, alex. >> that was funny. golfers can only putt into a paper cup for as long inside the house. gary, thank you very much. >>> dr. sun, good to see you. dr. fauci expressed concern about reopening. are you concerned about this? >> i'm actually doing okay now now that patient volumes are down. so we're going to be okay for anything because that's what we signed up for. but it does concern me that there is an increase in risk any time you go outside during a pandemic without any working proven cure or vaccine. so you have to take responsibility for your actions. i will take care of the second and third wave. but you have to own the decision if you go outside, if you were to get infected and bring it back home to your family or make more

ben bernanke. these are the sorts of questions they are wrestling with with us.e get about 25% or 30% of our workforce that commutes to where they are going and could, if they choose to, stay at home. most of them have done just that. there is a huge potential shift in that. you have another group of folks who have no choice but to be close to other coworkers or to the customer. i think that experience will also change. i think we will look back five or 10 years from now. i know this is trite and people say it, but i think it is real. -- 9/11 in your prior life -- we will look back five or 10 years from now as we did after 9/11, and things we never imagined or part of our lives and we took them as a natural part of our life, i think the same thing will be true here. david: if you will permit me, let me ask a personal question. how are you doing? it is not lost to me that the first day you had a case new jersey you are undergoing serious surgery. you came back. we have watched you keep up this pace. how is your health? how are you doing? gov. murphy: i appreciate

it was powerful when ben bernanke did that and said the banks won't fail that was the beginning of the next layer of the bull market. the next leg on "60 minutes" -- no, that would be history repeating -- nah, could it be? powell's positive commentary boosted markets overseas moreimportantly it sent the price of oil surging >> buy, buy, buy >> over 30 again at these levels most of our producers are solvent, thanks to all these sign posts of strength, we knew we were going to have a real good day. dow was looking like it was going to open up 350 points. talking with becky and andrew, it was going to be a good day. boom, the news hits. moderna, the biotech company that uses artificial intelligence to find any gene therapies and vaccines promising news from the phase one trials, bear with me, for the covid vaccine. we did get a positive read through. normally in phase one we only care about safety. you're just making sure the vaccine doesn't hurt anyone. eight people got a higher dose of the vaccine were able to produce antibodies that hopefully can stop the virus over a longer period of

ben bernanke was really the beginning of it, and then janet yellen with communication and so on. what does the central bank become after this, particularly now that we have in ministry should waiting and more than ever? -- we have the administration weighing in more than ever? that is really the question. it will depend on a lot of things. if the ball, progress on the virus and how deeply the fed has to go further into monetary policy. congress and the president and the fed think their role should be. they are working hand in glove with the treasury to part. we haven't seen anything quite like that since the accord of the early 1950's. the fed stopped liking that and got out of it, and now they are sort of back in it. at some point, they are definitely going to want to get back out of that again, but then congress, it will be up to them to decide if they want a completely independent central bank. would they prefer a central bank that works with the government? whereey set up a system the fed isn't subject to political influence if they do that? a lot of questions. i think the on

andrew, who do you think they'd want to send the money direct to >> i think if ben bernanke could have, he would have preferred to find a direct route to individuals and homeowners and people who actually needed the money because the fed is a blunt industry. >> who would you send it to now, everybody needs it would you send it to cruise ships, hotels, small businesses? >> no, no. you look through the tax record. individual tax records from last year, you'd say whatever you made last year, assuming under a certain number, pick your number, $60,000, $80,000 and we'll effectively send you the money like you were on payroll currently as if you were >> i don't know how that makes sense. you are talking about going to a restaurant that is closed down can you send me more money, it doesn't mean i'm going to spend it >> no, no. you'd means test it. a, means test it on the number and whether you have a job yes, if you worked at a restaurant last year and made whatever number it is and you 0 obviously can't work, they'd send you that money. that is taking place all across europe when people look

the people at home kind of like when ben bernanke went on in march of 2009 and said this is over. we're not going to let more banks fail when i listened to powell, okay, it looks like by any means necessary. they don't want more layoffs so you combine no more layoffs, moderna, fed cheief who was much more go, go in terms of making sure people won't be laid off anymore on "60 minutes" and number of upgrades a big week for stocks that could do well. europe was strong. there are -- there are a number of green chutes, what can i say? if moderna is for real, i don't want to say it it's just too early to say it's for real >> it is too early >> i don't want to do it >> it's hard to know where the starting gun is, jim, on promise like this. your point about upgrades, nvidia taken to outperform doubles the target to 425. that's a longer-term story on ai and data analytics, but williams-sonoma with an upgrade on the idea that people will take their travel spending and use it in the kitchen. >> i love that that's one of the names you're supposed to sell off of good news from moderna. that's