of you know we can step back from you know ben bernanke you could he said as chairman of the federal reserve bank that he could reverse the quantitative easing in 15 minutes and nobody know the difference is just a temporary measure around greenspan thought it was later after he retired repudiated his entire career and mentioned that his thought about the economy we're all completely wrong about we know that it can't possibly taper opposed it cannot possibly taper a ponzi scheme gold is going to $3005.00. 100. we told you here 1st and the most because we're the best of course it's the dollar it's all the fear out balling against gold gold is just a real thing that has had value for 5000 years and again another thing that we've pointed out is so much money printing so little velocity and you've seen the money printing just go this is it going but it wouldn't like it's always been pretty high but now it's gone exponential this is the sort of hyper inflationary moment i guess if you look at the chart the red line has shown that the money velocity is collapse so all those central bankers

the honorable ben bernanke is the distinguished fellow in residence -- [inaudible] >> looks like routing a problem with the feed from the sub sort committee on the coronavirus crisis we are working to resolve the issue and hope to resume our live coverage shortly. unfortunately we were unable to resolve the issues with our live feed on the select subcommittee on the coronavirus crisis. we hope to have the entire event for you later in our program schedule. >> tonight a special edition of booktv erin weeknights this week. starting at 8 p.m. dinesh d'souza examines what he calls the new face of socialism. pulitzer prize-winning "washington post" reporter mary jordan discusses the life and influence the first lady melania trump. later, robin hood ceo westmore spoke about the 2015 baltimore uprising following the death of freddie gray from the perspective of resident who witnessed the unrest. enjoy booktv on c-span2. >> next week the house and senate return to legislate abysses for the august recess on monday and tuesday the house takes up the fiscal fiscal yea1 national defense authorizatio

and later, ben bernanke and janet yellen testify on the impact on the economy at a hearing held by the senate select subcommittee. a look at how covid-19 is affecting beneficiaries of social security. the ways and means committee will get underway at noon. q&a, john burka special edition of the magazine. >> there's a lot going on in our country. it is unsettling times for a number of americans with everything having to do with the covid crisis to the lockdown to the killing of george floyd. the presidential election. a lot of people are taking the opportunity to re-examine first principles and try to figure out where we stand as a nation. >> what sunday night at 8:00 p.m. eastern. >> beth connelly studies opioid use prevention and thetment in her role as project director at the pew charitable trust. y, oneonnol headline on the opioid pandemic during the coronavirus pandemic, opioid overdoses are skyrocketing as covid-19 sweeps across the u.s. and the old epidemic returns. can you describe what we are seeing and what the data shows pond opioid use in the past four months? crisisthe opio

ben bernanke and dr. janet yellen. dr. bernanke was appointed chair of the federal reserve by president george w. bush in 2006 and oversaw the federal reserve's response to the global financial crisis. before his tenure as fed chair, dr. bernanke served as the chair of president bush's council of economic advisers. dr. yellen served as vice chair of the federal reserve until 2010 to 2014, before being appointed chair in 2014 by president barack obama. dr. yellen also previously served in the white house as chair of the council of economic advisers. this is the first time that either dr. bernanke or dr. yellen has testified before congress since stepping down from the federal reserve these extraordinary times require congress to seek out advice from experts with extraordinary experiences. as congress works to end this economic crisis and enable a strong recovery, we are fortunate to benefit from their individual insights and gain from their unique position as federal reserve chairs in the last economic crisis and recovery. i

to expire this month for millions of out of work americans two former federal reserve chairs, ben bernanke and janet yellen have urged kojt to approve the benefits and stimulus >> russell wilson expressed his concern about getting back on the field. the seattle seattle seahawks quarterback said he is concerned about safety his wife is currently pregnant with their second child. >> in a wide ranging interview, president trump threaten today withhold funding from schools that do not reopen here's nbc's kelly owe dom with more >> reporter: as covid rages, president trump does not see the threat as a firestorm. >> we have embers and we do have flames florida became more flame like but it's going to be under control. >> reporter: frustrated by soaring cases -- >> many of those cases are young people that would heal in a day. they have the sniffles and we put it down as a test. >> reporter: he claims testing itself makes the situation appear worse >> we find cases, and many of those cases heal automatically we're finding in a way we're creating trouble >> reporter: while the president boasts abo

congressionalrst testimony since leaving the federal reserve, former chairs ben bernanke and janet yellenon congress to take action to encourage economic recovery. they recommended the issuing of guidelines to curb the spread of the coronavirus, extending unemployment benefits, and providing financial support to state and local governments. they appeared before the house select subcommittee on the coronavirus crisis. >> the chair is authorized to declare a recessive the committee at any time. i now recognize myself for an opening statement. before his tenure as fed

former federal reserve chairs ben bernanke and janet yellen discuss the impact of the coronavirus on the economy. look at hown3, a covid-19 is affecting social security beneficiaries. the house ways and means subcommittee will get underway at noon eastern. next, a hearing on domestic extremist groups and efforts to counter their activity on social media. the house homeland security on subcommittee on intelligence and counterterrorism heard from former law enforcement officials and experts on american extremist movements, including the cofounder of the global project against hate and extremism. >> this hearing will look at a range of violent anti-government >> this ain't about politics here. this is something that happens on the political spectrum that involves violence, threatening institutions, and we have got to look at it, and that is what we are doing today. so these threats range from decentralized and leaderless it is incredibly irrelevant to me which groups we look at so long that we are looking at the principal ones that threaten people's lives. some of these extremist moveme

the theory of that goes back to ben bernanke where the integrity of the financial system is the only to allow the rest of the system to heal. now the question is how do we get the rest of the system to heal? after the california announcements yesterday, the joey is really out. futures still up 10 points in the s&p 500. and -- tomime keen keene and lisa abramowicz, i'm jonathan ferro. this is bloomberg surveillance. ♪ 49... 50! i found you! good job. now i'm gonna stay here and you go hide. watch your favorites from anywhere in the house with the xfinity stream app. free with your xfinity service. now any room can be a tv room. stream live tv, on demand shows and movies even your dvr recordings. download the xfinity stream app today to stream the entertainment you love. xfinity. the future of awesome. jonathan: from new york city, this is bloomberg surveillance. we are live on bloomberg tv and radio alongside tom keene and lisa abramowicz, i'm jonathan ferro. we kick off our earnings season in new york with j.p. morgan earnings. up 13 on the s&p 500. positive .4%. the last 24 hours we

she and ben bernanke er speaking to a house -- are speaking to a house panel.ntime, it's a time of increased tension in racial equality. our next guest has worked to improve that his entire career. michael lomax is the president and ceo of the united negro college fund. ofn worked off and endowment $100 million or so, they have just launched a new fun with the goal of raising $6 billion and $10 billion for scholarships and other programs. great to see you. give us some statistics about the united negro college fund, how you fund students, and why it is so important this funding keeps rising. are a 76-year-old organization, we raised $750,000 that first year. we have raised $5 billion over those 76 years. we have awarded scholarships to over 500,000 students who have gone on to earn a college degree. we have also supported historically black colleges throughout that time. annually, we support students to the tune of $100 million a year. we are also seeing 50% of black students are the first college attendees in their home. it's incredibly important to keep those

this is bloomberg ♪ alix: ben bernanke is back writing an op ed. part of phil murphy's restart and recovery commission in new jersey, basically saying local and state governments cannot recover by themselves. they need help. we think about what is happening in washington, in the next round of stimulus, this is important. u.k., weurope, in the tried austerity after the last crisis. at some point you have to balance the books, but you don't want to do it short-term. it has devastating consequences. at a moment like this, i would argue the lessons of history need to be learned. it is interesting, the debate in the u.k. is about making the debt that has been taken on super long-term. you don't have that short-term need to balance the books. in the states, the states have to balance those books. alix: i wonder if we are leaning more towards repeating those mistakes that erupted in the last crisis. i wonder if we are seeing that reflected in the market. euro continues to get big. there is trade inflows going into the european market. more rotation, less

ben bernanke and the new york times calling on fiscal stimulus to support the measures taken by monetary policy, and that echoed by said president harper, trying to reiterate the need for congress to pass something before their break in mid-august. likedw, the market has what they see in terms of coronavirus vaccine hopes and this rotation trade. romaine: those are your closing numbers. want to bring you a number here after the bell. shares up 6%. said to hold talks for an investment and freight unit. $500 million in funding for that freight unit. at aboutalue the unit $4 billion. a lot of shares moving higher today, taylor. we were talking about it with some of the smaller and mid-cap names. we saw some of the cruise line stocks, the casinos. the restaurants were on fire. cracker barrel up 9%, 10%. don't you like that? caroline: i have not been to a cracker barrel. romaine: exit through the gift store. taylor: this really all comes back to the data that we got this morning. june industrial production and july early numbers out of manufacturing all better-than-expected. are hearing from

she criticized ben bernanke and janet yellen for the measures they took at the federal reserve.as very opposed to lower therest rates, but now that president has been calling for lower interest rates, all of a sudden, there she is calling for the same. at the federal reserve we want independence and what we are getting is somebody who is more political than anybody we have seen, at least in my time on the federal reserve. jonathan: is that the more important dimension. it is not the caliber of the candidate. it is eroding the perception of central-bank independence? sen. van hollen: that is a big part of it, and that is why you have republican senators also opposing the nomination. i do not know if the white house brought political pressure to bear or what, but the reality is if you look at the statements of my republican senate colleagues, they expressed exactly the same concerns. blurring ofs been a the line between federal reserve , between monetary and fiscal policy to combat the effect of the coronavirus. there is a congressional commission questioning the use of federal fu

former federal reserve chairs ben bernanke and janet yellen discuss the impact of the coronavirus onlook at hown3, a covid-19 is affecting social security beneficiaries. the house ways and means subcommittee will get underway at noon eastern. next, a hearing on domestic extremist groups and efforts to counter their activity on social media. the house homeland security on subcommittee on intelligence and counterterrorism heard from former law enforcement officials and experts on american extremist movements, including the cofounder of the global project against hate and extremism.

p.m., former fed chair janet yellen and ben bernanke testifying before congress, signing a letter alongside 28 other economists urging more fiscal support, piggybacking on what a lot of people are saying. tomorrow, that meeting in brussels wraps up. it is believed to be the biggest meeting of world leaders since the pandemic started. they are taking measures such as opening bathroom doors with their elbows to avoid spreading the virus. jonathan: why don't they just do it with their feet? tom: this is really important. the prime minister of the united kingdom we watched carefully in the last hour, and he is vamping this exactly like the president of the united states. the politicians are making this up by they go. jonathan: the prime minister coming out with the following headline, aiming to allow larger sports gatherings in october. not a medical expert, a journalist. why october, going into the winter flu season, would you want to allow for larger gatherings? tom: exactly. jonathan: show me the science. show me the medical reasons he would go forward that. tom: our james wilcox noticed the

. >> in their first congressional testimony since leaving the federal reserve, former chairs ben bernanke and janet yellen called on congress to take action to encourage economic recovery. to 2014 before being appointed chair. in 2014 by president barack obama. dr. yellen also previously asved in the white house chair of the council of economic advisers. time eitherfirst dr. bernanke or dr. yellen have testified before congress since stepping down from the federal reserve. these extraordinary times require congress to seek out of experts with extraordinary experience. as congress works to end the economic crisis and enable a strong recovery, we are fortunate to benefit from their individual insights and gain from their unique position as federal reserve chairs in the last economic crisis and recovery. i want to thank both of them for agreeing to testify today. crisis, thento this coronavirus pandemic continues to spiral out of control. today, over 3 million americans have tested positive for the virus, including a record-breaking 75,600 confirmed yesterday. than 140,000 americans have die

tom: ben bernanke 101, i noticed his op-ed made it very clear that this stimulus has to not help the banks this time around, but the states and local governments. jon: and that's going to be the debate out of washington, d.c. in a couple of minutes time we will get the numbers and then we will catch up with sonali basak and next, our senior analyst. this isthan ferro and "bloomberg surveillance." >> president trump is shaking up his struggling reelection campaign last month, replacing brad parscale. parscale has been under fire for some time. it comes less than a month after in under attended rally tulsa. businesses that have been hacked , including people like warren buffett and barack obama. another come michael bloomberg, an apparent attempt to create a it going scam, sending out tweets promising to double the money of anyone sending funds by bitcoin in 30 minutes. twitter says they are investigating. the fight over coronavirus has gotten worse in texas, the state reporting its biggest number of cases. worstrnia had its second day with 11,000 infections. san francisco and sacramen

ben bernanke, obviously who led us through the last crisis, the great recession, who is as republican, just wrote this woke in the "new york times" that it was the single biggest mistake in their recovery efforts after the great recession to not give more state and local aid. do you fear the administration and congress might make the same mistake this time? >> well, i think the key here is that any kind of aggregate shock to the economy like covid can you have the government step in sort of as an insurer or not. do you insure against this event, or are you trying to bail out states for past deficiencies in their -- >> does it matter if you want the economy to succeed? i totally get your argument about irresponsible decisions made in the mast, but if you're trying to save the u.s. economy, do you just sort of have to stomach it? >> yeah. i mean, the question is who pays for it, right? so we have 100% debt level as a share of the economy and states have 5% to 20% of the state gdp is their debt level, and it's really a matter and what it boils down to, really, who should pay for that sta

you have ben bernanke writing today about his concerns state and local government layoffs, which are already happening. and you have concern about what's going to happen with the unemployment benefits running out. these are issues that, i guess, the market is looking past, melissa, in my opinion it feels as if these things are going to be resolved we talked to bullard yesterday he talked about the idea that he expects additional fiscal stimulus or fiscal relief to come from congress and the president. so, it seems as if the market's baking that in that they're not going to allow these things to fall off in a cliff sort of way. >> sure. >> but they're going to have to happen in order for the economy to sustain the momentum in this report. >> it may not be a cliff, ron, but it could be a small drop-off i mean, it's interesting that the markets assume, that the consensus is there will be a continuation of stimulus program of some sort yes, that may be true, but the degree of the stimulus is the real detail that needs to be figured out. because if you're talking about something that mitc

ben bernanke once explained it, he was the former fed chair. a computer. and so there's a lot of investors who are saying to themselves, well, look, cash, cash, having a dollar is going to be worth less because we're printing so many. i prefer to own stocks because that may have more value in the future. and the last part is the president. we have an election coming up. and there's a view that he is going to spend as much money as it takes, whether he has to send you a check with his signature on it from now until november to keep-- to keep the vote, if you will. >> stephen: to buy, i believe the word for is "buy," is what you're looking for. >> i'm a journalist, and i try to stay straight down the center there. >> stephen: i can tell you. let me ask you about the, you know, you just keep printing money here, and money will be less valuable later. do we know that that's true? because their was a lot of crying about that the stimulus of 2009 was going to cause a devaluing of our money-- or rather, make our money less valuable. didn't happen. >>

. >> in fact, chris lu, ben bernanke, the former fed chair, of course, who was the fed chair during the major crash and the aftermath, he had an op-ed in "the new york times" yesterday saying that the federal government has to pass more legislation to help states. he's helping governor murphy in new jersey on reopening. if the states cannot do it, and that's one of the problems they had after the big recession, that there wasn't enough federal money to prompt a better recovery, that it was a weak recovery then and it's going to be a very weak recovery, if that, now. i talked to dr. ashish jha from harvard yesterday and this is what he had to say about the hotspot states and what they should be doing right now. >> they essentially now are at a point where they need a statewide shutdown, a shelter in place, maybe letting people get outside, but no indoor gatherings, definitely mask-wearing, and got to ramp up testing. >> chris, how does anyone get the white house to understand that a real economic recovery is dependent on taking these harsh measures now which wouldn't have to be this hars

as former federal research chairs ben bernanke and janet yellen told us in select committee nothing is more important for restoring economic growth than improving public health yet we have the president says slow down testing please. and the most vulnerable among us are being impacted. front line workers, small businesses, that cannot reopen safely and black and latino populations so i have some question along this lines. dr. fauci, i have a simple question for you. do you attribute this inability to control the virus to the delays in testing and contact tracing? >> control of the virus -- thank you. control of the virus is clearly a multi-faceted process that involves many things. the most important of which is what we were just speaking about before about testing -- about masks, crowds, outdoor versus indoor, distances, et cetera. we have been through that multiple times during this hearing. testing is a part of the process but the process of controlling infection when you're talking about contact tracing obviously you need testing and you need testing back within a reasonable period

former federal cheers ben bernanke and janet yellen .estify on the pandemics impact on c-span3, a lookt how covid-19 is affecting social security beneficiaries. the house ways and means subcommittee will get underway. week, the house and senate return to legislative business before the august recess. on monday and tuesday, the house takes up the fiscal year 2021 defense authorization act. the bill establishes policies for defense department programs. boats are expected early on monday. wednesday, the house will consider a bill to remove the bust of the author of the 1857 dred scott ruling from the old supreme court chamber and to address the issue of confederate statues on display in the u.s. capital. convenes --lso for the remainder of the week, the senate continues work on the billion defense authorization act. watch live coverage of the house on c-span, live coverage of the senate on c-span two great watch anytime on c-span.org or listen on the go with the free c-span radio app. hearing on mortgage relief programs for homeowners during the coronavirus pandemic. i house financial ser

as ben bernanke and janet yellen told the select committee, nothing is more important for restoring economic growth than improving public health. yet we have a president who says slow down testing, please. and the most vulnerable are being impacted, from line workers, small businesses, that cannot reopen safely, in black and latino populations. i have some questions along these lines. dr. fauci, i have a simple question for you. do you attribute this inability to control the virus to the delays in testing and contact tracing? >> thank you. control of the virus is clearly a multifaceted process that involves many things, the most important of which is what we were just speaking about before, about testing, about masks, crowds, outdoor versus indoor, distances, et cetera, et cetera. we've been through that multiple times during this hearing. testing is a part of the process. but the process of controlling infection, when you're talking about contact tracing, obviously you need testing, and you need testing back within a reasonable period of time. and the concern that you're expressing is for t

later, formal federal reserve chairs a ben bernanke and janet yellen testified to the impact on the county. look at hown3, a covid-19 is affecting social security beneficiaries. the house ways and means subcommittee hearing will get underway at noon eastern. an hour, national consumers league executive director sally greenberg discusses consumer

and later, former federal reserve chairs ben bernanke and jantz yellen testify on the pandemic's impact on the economy. at a hearing held by the house select subcommittee on the coronavirus crisis. and on c-span3 a look at how covid-19 is affecting social security bishop riss. the -- beneficiary riss. the hearing gets under way at noon eastern. announcer: american history tv, on c-span3 exploring the people and events that tell the american story every weekend. coming up this weekend, saturday, at 6:00 p.m. eastern, on the civil war, historian harrell holeser and valerie paley of the new york historical society talk about artifacts related to the july 1863 draft riots in new york city. featured in their joint publication, the civil war, in 50 objects. on sunday, at 6:00 p.m., on american artifacts, we will tour fort monroe, casemate museum. the largest stone fort in the united states. and sits at the mouth of the chesapeake bay near hampton, virginia. the fort served as a beacon of freedom for enslaved people protected at the union stronghold and how it held former confederate president

and later, ben bernanke and janet yellen testify on the impact on the economy at a hearing held by the senate select subcommittee. a look at how covid-19 is affecting beneficiaries of social security. the ways and means committee will get underway at noon. q&a, john burka special edition of the magazine. >> there's a lot going on in our country. it is unsettling times for a number of americans with everything having to do with the covid crisis to the lockdown to the killing of george floyd. the presidential election. a lot of people are taking the opportunity to re-examine fi

corporate bonds and etfs when it has been stated that q-e in the past from former fed chairman ben bernanke, one of the goals is to prop up the markets and get the wealth effect into the economy. a debate for another day guys, thank you. paul hickey and gabriella santos, we appreciate the time >>> despite today's selloff, walmart closed up more than 6% will we'll discuss the retailer's new plan to take on amazon with the ceo of e- commerce company imran khan. and then civil rights organizations just meeting with facebook executives this afternoon. doesn't seem like it went very well organizers are holding a news conference as we speak facebook approached our meeting today like it was nothing more than a pr exercise the ceo of the naacp was at that meeting. he'll join us live we're back in just 90 seconds on "closing bell. a lot goes through your mind. with fidelity wealth management, your dedicated adviser can give you straightforward advice and tailored recommendations. that's the clarity you get with fidelity wealth management. >>> shares of walmart popping today saying they'll be unveili

ae honorable ben bernanke is resident at the brookings institution and served as chair of the board of governors of the federal reserve from 2006 to 2014. the honorable janet yellen is also a distinguished fellow and resident at the brookings institution and served as chair of the board of governors of the toeral reserve from 2014 2018. the witnesses will be under teded so we can -- unmu so we can swear them in. please raise your right hands. affirm that the testimony you are about to give is the truth, the whole truth, and nothing but the truth, so help you god? >> i do. >> let the record show the witnesses answered in the affirmative. thank you. without objection, your joint written statements will be made part of the record. with that, chair bernanke, you are recognized to provide your testimony. >> mr. chairman, can i defer to dr. yellen to go first? >> yes. >> we coordinated our comments. >> very well. the chair now recognizes dr. yellen. >> thank you. chairman clyburn, ranking member scully's, and members of the kadesh scalise, and members of the committee, i appreciate the oppor

economics profession we had the two heads of the aea task force on this, who happened to be named ben bernanke and janet yellen come here and i co-hosted an event with them lastiary or the year before which had several00, 500 people listening in about these issues. we're doing a lot. i'm sure we can do know. we're doing a lot to foster a respectful environment particularly for women but all people it's a very high priority for us as an organization i will look into that when this is over. >> okay. thank you. don lee. >> chair powell, on the labor market, jobless claims rose again recently and new hiring activity has weakened. how big are the risk of the unemployment rising with job growth trending negative this summer >> so as i mentioned earlier, we're watching this high frequency data of course official labor market reports come out once a month. no one has had a good record of predicting what they say in may and june, stronger than anybody expected, particularly in may so i would say some humility is appropriate here in terms of thinking we understand exactly where this is going. i think al

. >>> in their first congressional testimony since leaving the federal reserve, former chairs ben bernanke and janet yellen called on congress to take action to encourage economic recovery. they recommended the issuing of guidelines to curb the spread of the coronavirus, extending unemployment benefits, and providing financial support to state and local governments. they appeared before the house

later, formal federal reserve chairs a ben bernanke and janet yellen testified to the impact on the county. look at hown3, a covid-19 is affecting social security beneficiaries. the house ways and means subcommittee hearing will get underway at noon eastern. an hour, national consumers league executive director sally greenberg discusses consumer protection efforts amid a surge of coronavirus scams. at 9:00 a.m., middle state university professor sidney mcphee discusses higher education during the pandemic and his participation in good morning, it's friday, july 17, 2020. we begin today on the issue of requiring face masks be worn in public. as new coronavirus cases continue to spike around the country, more than half you've u.s. states have made mask use mandatory. governor of georgia is fighting municipal mass clause in his state, in an effort to continue to allow mask used to be optional. should mask wearing in public the mandatory? .f you think yes, 202-748-8000 if you think no, 202-748-8001. if you aren't sure, 202-748-8002 . you can also send us a text this morning. that number, 202-7