ben bernanke and two colleagues share this year's nobel prize in economics. nd philip were honored for their research on economic crises. the three improved the understanding of the role of banks and how to understand financial markets. the bom has new steps to support guilds beyond this week. they are designed to broaden purchases. the b.o.e. started last month after market turmoil caused by the markets unfunded tax cuts. u.k.'s financial watchdog is asking questions about private messaging service use. that is after u.s. regulators handed over more than $2 billion in penalties to some of the world's largest banks. the financial conduct authority has asked a number of banks about staff exchanges through texting and aflac whatsapp. global news 24 hours a day, on the air, on quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. i am lisa mateo. this is bloomberg. ♪ >> we do expect the market to remain volatile. these rallies we are seeing, we continue to expect them to fade. the fed remains determined to bring down inflation.

charles: so speaking of the fed, ben bernanke, he got a nobel prize today. , him and two other guys. we're talking about helicopter ben here. what did you think when you saw it? >> it was not helicopter ben. it was save the world fed. we could not have a better fed chair financial crisis, a fed chair who happened to be a scholar about financial crises why he won the nobel prize. i got to say i wish jay powell could be more like ben bernanke instead of paul volcker. bernanke said you have to be careful, slowly, scholarly. all powell wants to do is reconstruct some fantasy image of paul volcker 40 years ago, a larger than life superhero, who will cause all kinds of pain in the world for all your good. all it takes is courage. all it takes is courage. be like ben bernanke. it takes brains, sobrietity. good on you, my friend, ben bernanke. charles: wall street certainly loved his reign. wall street breaking down here somewhat, all the technical levels. looks like it will be tough near term. what are your thoughts how people make it through this near-term weakness

the former fed chair ben bernanke receiving the nobel peace prize for economics for the work he's doneooking at banks during a financial crisis. he shares the award with two other economists that came up with a model on banks, their role in society, their vulnerabilities. bernanke led research on failed banks in the great depression and put it in practice in the 2008 financial crisis when he led the feds to cut rates to 0, bond buying program with the central bank and work with governments to bail out banks, preventing a collapse of the financial system it's interesting timing now because of the situation we're in the unwind of all that powell is raising interest rates at the fastest pace and trimming the balance sheet in an unprecedented way to fight inflation. here's bernanke discussing interest rates and inflation and where we're at right now listen >> a really good question is, where will interest rates be in the long run i don't portend to know, but i think that inflation will come down over time, that the economy will rebalance over time and when that happens i think we'll see lo

laureate for the nobel prize. >> along with ben bernanke.eresting to see what somebody does after being the chairman of the fed. >> he was, ironically, chairman of the fed during the 2008 financial crisis. >> indeed. great to see you. true thing or faking? that's the question. the story regarding the exploration of -- explosion on the bridge between russia and illegally annexed crimea. tell us more. >> the attack on the bridge to crimea triggered many theories regarding the origin of this attack russia pointing fingers at ukraine, calling it a terrorist attack by kyiv. ukraine has not taken the blame. russia saying this truck bomb right here that we see in this square behind this explosion in the bridge. as we can see in surveillance camera footage greatest possible to see the exact moment when this truck was driving through the ridge and we can see an explosion occurring in the ridge to crimea. according to russian media, they also say that this truck right here exploded at the time of the security check. this truck right here. from a man r

jamie dimon and nobel prize winner ben bernanke join the cause of caution. parliament resumes since the many budget wreaked havoc on markets. the boe sets up its bond market intervention this morning. joe biden pledges more military support for ukraine and vladimir putin threatens additional attacks. francine: this is the picture of the futures. a lot of focus not only on the fed, but we look at gilts specifically. just can't get out in front. tax futures and ftse futures. tom: that remarkable selloff in gilts yesterday. up between 20 and 30 basis points across the yield. broadening their scope of intervention to start adding gilts with the index link as well. in terms of the language, warning about firesale conditions about the impact on the financial markets. they are broadening that scope. we will check in on gilts in the next few seconds. futures in the u.s. pointing toward further red across the equity space. the cac 40 down. the ftse 100 off by 0.5%. the jobs data, it has to position around a tighter labor market. that is the lowest level of unemployme

manus: ben bernanke who has just been anointed as a nobel laureate warning financial problems don't begin with an episode, but an episode begins over time. you don't need to tame inflation in six months, a prescient warning to the market. valerie tytel is in london breaking down the move in bond markets, while maria tadeo is in brussels to talk about eu energy funds. tom: and ros will give us the latest on the russian escalation in ukraine, and juliette will talk chips and asian markets. manus: let's talk about depth charges in the bond markets, the repercussions of the guilt explosion yesterday. valerie has the global impact as investors get ready to absorb any more data. put this in context for us. valerie: i'm every morning on the edge of my seat, this market feels like it is about to break. we saw volatility that was huge in the gilt market yesterday. but gilt market is not small, it is a $2 trillion bond market failing to function for over a week now. the longer this goes, the more markets will get nervous about this spreading to other assets, btp's, for example, we saw the treasury

ben bernanke just winning the nobel prize for economics. we'll of course be brought forward to talk about how he dealt with the 2008 crisis people will then say did we stay too long at the party and then we had the pandemic. how do you see it? >> so, by the way, ken griffin is interviewing ben bernanke tomorrow at our investor's conference our investor's conference has so many great trade ideas you would have been a quatrillionaire following what so many of our great panelists say over the course of that conference i think monetary policy was relatively straightforward and somewhat easy to understand all the way until we got to really 2018 and '19 and '20 and that's when it went off the rails and kind of deviated from orthodoxy. quantitative easing we went through in 2001 to '15, that was a stretch but it wasn't necessarily egregious. it kind of, i think, opened pandora's box. then of course i think this particular fed reserve board hatsha taken it to a new level and they're as fast as they can be taking it back that's why you have extreme

amy: and ben bernanke? >> i have no opinion about him.mean, hes a member of the economic elite. he is the articulator and justifier of oligarchy, economic oligarchy -- which is what the united states is. juan: frances, i wanted to ask about voting. several of the books you and richard cloward wrote were credited with pushing the motor voter rolls, making it easier for people to register to vote. your response to how you are seeing the attempts to restrict voting as much as possible across the united states by conservative republicans? >> it is very obvious, isn't it? republicans don't think they can win elections if they follow the basic rules of democracy come if they count the votes. they allow people to vote and then they count the vote. so observing that they are not likely to win if they do that, they have decided that if there --hey're going to tear down the elemental democratic arrangements that we have in the united states. it is so horrifying and so important that we rally to defend basic democratic rights. it is not that these a

investors are spooked by the size of this recall -- >>> ben bernanke, now a nobel prize winner. today bernanke received the award in economic sciences along with two economists based in the u.s. the prize announced at the royal swedish academy of sciences in stockholm. bernanke's strategies are credited in america's recovery after the economy crashed in the late 2000s. >>> okay, we're still waiting for halloween, but the white house is already thinking about christmas. weal hey show you. >>> it's only early october, but the white house is already focussing on christmas. >> yes, the white house christmas tree was selected today. it hails from pennsylvania. it was grown at the evergreen acres. the pennsylvania farm was named grand champion in this year's national christmas tree contest. it was selected in 2000 to provide the tree for the clinton white house. it has the third most christmas tree farms in the country in pennsylvania with 1400 farms. >> look at that, it's full. i love that. >>> raj mathai joins us with what's coming up at 5:30. >> there are disturbing allegations on

ben bernanke was at the head of the federal reserve at the time.e had an opportunity to put what he had researched 20 years earlier into practice, along with economist douglas diamond, and philip dvbig. the three were awarded the nobel prize in economics. the research they said has helped in preventing costly bailouts. >> i think the main thing is that it has allowed us to understand how financial crises develop, and what to do about them. reporter: the basis bernanke's research was, among other things, the great depression of the 1930's. it would probablhave been a much milder downturn had financial institutions in protected from the run on savings, and if the fed had intervened more strongly. brent: a u.s. filmmaker completed an ambitious documentary on the holocaust. kevin burns looks at america's response to the nazi threat, and he uncovered some awkward truths . he told dw's washington bureau chief, this is the most important movie he has ever made. reporter: it is an epic undertaking, a 3-part, six hour series examining how the u.s. responded

. ♪ yvonne: former fed chair ben bernanke. >> when we talk about the paper, the goal was to understand financial system was unstable. whether that was a good thing or bad thing. there have been some ideas, the number of bank deposits fall, we have the idea there was more that going on. the wasn't about banks or money, things like that. it's short-term debts and deposits work well as long as everything -- everyone thinks it works well. if everyone thinks there will be self fulfilling prophecies, there will be a failure. we figured out a framework to think, that's a good thing. as long as the meltdown doesn't occur, the second time i gave the paper and the university of pennsylvania, people said they should be a history seminar because we figure out how to get rid of crises a long time ago. >> does it take your work enough into consideration? >> the commercial banking sector is in pretty good shape. it is more capital, without putting them through runs in bankruptcy, things like that. you could deal with it much better that said, there was a pretty big shock, that's going to be pulling l

ben bernanke, him, douglas diamond, and philip debate won the 2022 award. the un high commissioner for refugees is wanting armed conflict, human rights abuses and global warming of forced a record number of people to flee their homes. 100000000 people are now displaced. workers and a major oil refinery in iran who stays a strike in support of the ongoing anti government protests. hundreds of our workers walked out of the refinery at us a lawyer. iran has been robbed by unrest since last month, when a young woman died in police custody masa harmony was arrested for breaking rules and wearing headscarf. was the headlands coming up next is inside story. good bye. ah. it is the latest source of tension between the united states and china. president joe biden is accused of weapon ising technology for imposing sweeping controls on sales of semiconductors to beijing. what's behind this decision, and how much is it down to politics? this is insights, thought ah hello, welcome to the program i'm hasn't seek a technology is the latest sector to be affected by tension

david: at one point, you are on a phone call with ben bernanke the chair of the fed, the secretary of treasury, and tim geithner, head of the new york fed, and they said you should file for bankruptcy. you slam the phone down on them. was that easy to do? john: for me, it was easy to do. i mean, thank god i left out some four-letter words. i said, i will take the firm down first. and i hung up on them. i cannot tell you why i did it because in my gut, it was the wrong thing to do. david: so now, after your retirement, you decided to write a book. it is a very good book i have read called "up close and all in." about your life story. how hard is it to sit down and write about your life and go through the good and bad things? do you ever say, why did i agree to do this? john: no. i enjoyed sitting down and working with the person who wrote the book. look, i have a lot of memories, a lot of things that i did that in talking with him, he came up, other things i had done. so i enjoyed it. i got along really well with my writer. and linda coleman was terrific. and we had fun doing it. so i

but coincidentally, a ben bernanke, he the man you see right there on the screen. he presided over the u. s. federal reserve during the 2008 financial catastrophe during that meltdown and all he was the one of the helm. and he's just been awarded a no bell prize for economics just when you couldn't think the world could be any more insane. is our correspondent caleb, dan bern, agie. he's the guy who shared the u. s. federal reserve bank from 2006 to 2014. now it's pretty well understood. those were not good years for the u. s. economy, who can forget to 1000 a 1.7 percent here, a loss of 37 points or so apple shares are just getting hammer this morning. we down by between $3.00 and $4.00 and a half percent generally across these markets. let's talk about the speed with which we are watching this market deteriorate. well, the man who's at the top of the u. s. federal reserve bank during all of this just got the nobel prize for economics seriously. he was 1st appointed to the fed board of governors in 2002. he made a splash for himself by talking about the dangers of

ben bernanke, who led the american central bank during the 2008 financial crisis, is one of three recipients he shared the honour with economists douglas diamond and philip dybvig. the prize was for their work about the importance of preventing runs on banks. the committee said their research had "improved our ability to avoid both serious crises and expensive bailouts" and had been vital during the covid pandemic. shares of chipmaker tsmc are down over 6% on the taiwan exchange. other major chip—makers like samsung are also in the red. it comes after the biden administration published a sweeping set of export controls on friday, including a measure to cut china off from certain semiconductors made anywhere in the world with us equipment. the world's biggest flower show, held once a decade, has largely failed to blossom. figures show the floriade, which has just closed, made a loss of approximately 100 million euros for the local authority in the netherlands. dutch media is referring to it as the "flopped floriade". reviews have been dismal, the cost—of—living crisis and covid have kept a ca

ben bernanke, douglas diamond and phillip dytvig were announced as winners in the economics category. u.s. based economists are credited with making discoveries that improve how society deals with financial crises and the role of banks during those periods. >>> fleet week final score, blue angels three, karl the fog one. karl the fog is basking in hit glow this morning. the final blue angels performance didn't happen. the fog was just too thick for planes to fly safely. blue angels did take to the skies on thursday, friday and eventually for saturday's air show. but organizers say pilots yesterday just couldn't see the important landmarks that they have to see in order to pull off those high speed stunts. >> this is the only time that we've had something like this happen, maybe -- it is like a 100 year flood. just very unusual. >> weekend crowds were thought to be a little short of the numbers before the pandemic and restaurant industry leaders tell us that dinner crowds were down about 10% from before covid. perhaps because of the cooler weather. >>> a winery is sharing either new sp

based economist ben bernanke, he douglas diamond phillips di, vague one. the 2022. your wife for the research on banks and financial crises, always have more now from stockholm. economists, we've spoken to hero please. the a price has gone to a trio of laureates whose work has practical applications. there. there were searches, has its roots in the depression of the 19 thirties and is focused on the role of banks in the economy and why it's so important to avoid banking collapses. it's also focused in on a inherent contradiction in the capitalist system or the one hand banks are important for a funnelling money from savings to investments, but also create some inherent weakness. people who've save money, one insur instant access to their savings. people who are investing don't want to suddenly have to pay back their loans. normally, this works pretty well. there's enough savers are the noble committee of cited these laureates, work as enabling governments to know how they can proper banks during crises. not always something that is universally popular, but to ensure

interest rates, ben bernanke kept rates very low and they stayed that way. do you think that your set the stage for another disease? >> we are so reliant on debt. borrowing by banks and homeowners and housing investors caused the financial crisis. not so much consumers and banks but governments big time. neil: will we have another crisis like that? >> there will not be a major housing correction. 95% of homeowners have fixed-rate mortgages. mortgage rates go up 7%, 8%, they don't care. home prices go down, housing is -- prices are too high, some correction will make homeownership successful again for a lot of people. it will be painful but housing correction, let it hit bottom and have sellers and buyers coming back in. neil: the devil may care, buying properties and selling sight unseen and banks are more stringent than they used to be. >> we have pervasive use of mortgages so the interest rate increases had an impact, prices started going down, you are underwater and couldn't finance. we don't have that now. there is a lot of that. homeowners are resilient

ben bernanke and two u.s.-based colleagues shared the nobel rise in economics.were honored for their research on banks and economic crises. they improve the understanding of the role of banks and regulations. global news 24 hours a day on-air and on bloomberg quicktake. powered by more than 2700 journalists and analysts in over 120 countries. i am ritika gupta. this is bloomberg. alix: economic data and the fed, we have got bill dudley thing the federal reserve has some work to do to rebuild credibility with the markets. here's what he had to say earlier. >> they have endorsed the notion that there will be some pain but the fed has not admitted how we got into this mess. their strategy is not to just keep hiking regardless of what is happening. i think they want to go to a restrictive policy and hold it there until they see clear signs that they are bringing inflation down and generating more slacker in the u.s. market. alix: he was saying something similar earlier and is talking to reporters are saying they are on-topic to impose a lot of policy restriction the

. > >> former fed chair ben bernanke and two other men have won the nobel prize in economics. they are being recognized for the research into the consequences of bank failures. the nobel plan plan will says that the trio's findings in the early 80s laid the foundations for regulating markets and dealing with financial crises. > >> and russian missiles have hit hit multiple cities in ukraine, including the capital, kyiv. this follows an expose on saturday, that destroyed part of of a bridge. >> reporter: russia pounded central kyiv another ukrainian cities with a furious barrage oe strikes today. russian president president vladimir putin says the deadly assault comes in response to saturday's attack on on a he bridge connecting russia to the annexed territory of crime area. an apparent strike sent him ducking for cover. ukrainian president volodymyr zelenskyy released a video after after the attacks saying that he he told his people that the anie the anime anime wants us to be afraid. and he said that russia is, quote, trying to destroy us and wipe us off the face of the earth

from a federal reserve chair ben bernanke and two heavy -- two of his u.s.-based comics have been awarded the nobel prize for economics. they will share their $885,000 award. global news, 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. this is bloomberg. haidi: will be discussing china's political future. evidence suggests domestic standing is stronger than many believe. the key points to watch out for at the upcoming party conference. this is bloomberg. ♪ >> front loading was a good thing given how far below normal neutral rates were. but overshooting is costly too and there is great uncertainty about how restrictive policy must actually become. shery: the chicago fed president charles evans peered our next guest has a non-consensus view the fed will cut rates in 2023. let's bring in the cio of zuma wealth. always good to have you with us. we heard from vice chair brainard today there will be some caution when it comes to raising rates given the previous hikes were filtered thro

scientists have proven the vulnerability of banks to rumors about their collapse with chickens ben bernankeanalysis of the great depression of 1930 showed how the massive withdrawal of money from banks makes the crisis protracted and deep. this was the news of the economy in short. how does he remember the name of dizziness to improve cerebral circulation, work of the brain to restore memory and reduce dizziness at the object. now i will not forget the installment plan 10 months late and there is no maintenance fee either, hulk is a weightless installment plan, a significant advantage. compact dishwasher with wi-fi electric grill robot vacuum cleaner laser navigation from medea with discounts up to 50% on wildberries.ru has a job for everyone. bcs knows how to make money work in a difficult situation this summer, the profitability of our auto-following strategies was up to 19%. open the world of investment bcs podmoskovye two motorized salt battalions are completing training as part of partial mobilization and are ready to go to the zone of a special military operation, the governor said. a

ben bernanke taking questions after receiving the nobel award this morning he said the occurrence economicm the great financial crisis, because the gfc was created by the financial system, the upset in the system this one was created by the pandemic >> there are issues of financial stability in various markets, et cetera, but we're certainly not in anything like, you know, the dire straits we were in 14 years ago. >>> bernanke said over time, financial problems don't create the financial crisis, they can add to it. yieldsd have risen 20 and 30 basis points, so very apropos, brian. >> yeah, certainly is. so much to unpack there, steve the brainard comments seem to move markets as well bernanke talking about covid did it, though many would argue it might be covid, but then it was the response as well but going back to the uk, we'll call it like wbi wongie, but important. how do we analyze this move? to be perfectly blunt, it's hard to understand, at least for me >> we've been talking to a bunch of people this morning about what caused today's upset. i don't know if the back -- they didn't kn

based economists, ben bernanke key, douglas diamond, and philip 5, big one. the 222022, a war for the research on banks and financial crisis out is here. investigations, continuous ah. 7 having gained control of the party bureaucracy, the corbin leadership made tackling antisemitism a priority. there were many instances where i did feel quite uncomfortable in terms of how far they were pursuing individuals for anti semitism. we were instructed to scour through facebook pages and social media pages of individuals who we were looking for under semitic material for the word palestine was included as such term, which was the thing that alarmed me the most. we would act almost immediately to any inquiries that would come in from the jewish chronicle or jewish news. and even if it was, you know, at close of play, we would often get instructed by the directors to just stay behind. so we can take action on those, those individuals the labor falls reveal that anti semitism. campaigners are scurrying social media accounts for evidence to send to labor headquarters. whe

former federal reserve chairman, ben bernanke, has been awarded this year's nobel prize in economicsh fellow u.s. economists, douglas diamond. he said the failure of institutions can cause collapse when he pushed a veil off the largest banks in 2008. many criticized that move but also credit it with staving out of a worse economic crisis. former princeton professor was first appointed to head bill clinton's white house and rose to lead the federal reserve. he is one of the first economic policymakers in many years to win the nobel recognition. >>> and women on the march. weekend protests pouring on to college campuses in cities across around. women leading the movement. our team is on the movement in tehran. some of the only western journalists in the country. you're watching "andrea mitchell reports" on msnbc. watching "anl reports" on msnbc. thought my td was beyond help... ...but then i asked my doctor about tepezza. (vo) tepezza is the only medicine that treats t.e.d. at the source not just the symptoms. in a clinical study, more than 8 out of 10 patients taking tepezza had less

by soaring interest rates, energy costs and the war in ukraine, former federal reserve chairman ben bernankea prize shared with two other american economists for their work in "how societies deal with financial crises." by 2009, bernanke was at the fed. and the professor with a specialty in the great depression, was in charge at the height of the great recession. chairman bernanke went about stabilizing the economy with low interest rates, bank bailouts and other aggressive remedies. >> the lesson of history is that you do not get a sustained economic recovery as long as the financial system is in crisis. >> i'm scott pelley. we'll be back next week with another edition of "60 minutes." e one in our family... 'til my sister signed up for united healthcare medicare advantage. ♪wow, uh-huh♪ now she's got a whole team to help her get the most out of her plan. ♪wow, uh-huh♪ with coverage that's better than ever for dental... ...vision... ...prescription drugs and more. advantage: me! can't wait 'til i turn 65! aarp medicare advantage plans, only from unitedhealthcare. take advantage now at uhc.c

. >>> former fed chair ben bernanke can adeno bell laureate to his extensive resume.ee given a nobel prize in economics. specifically, their work showing why, quote, avoiding bank collapses is vital. bernanke led the u.s. central bank through the 2008 financial crisis. >> new urgency today as jury selection is officially under way in the second sex crimes trial of harvey weinstein after he won a chance to appeal his landmark 2020 conviction in new york. the stakes and the strategy next. the stakes and the strategy next ♪ what will you do? will you make something better? create something new? our dell technologies advisors can provide you with the tools and expertise you need to bring out the innovator in you. [ sneezing ] are you okay? the tools and expertise you need oh, it's just a cold. if you have high blood pressure, a cold is not just a cold. coricidin is the #1 doctor recommended cold and flu brand. specially designed for people with high blood pressure. be there for life's best moments. trust coricidin. i'm javi, i'm 31, and i'm a fitness instructor. i saw mys

speaking of banking i have to throw this in, former chirr ben bernanke was awarded nobel prize this morning along with two other economists. he was awarded prize with investigation into banking and helmed the central bank in 2008 which some say was probably the greatest financial crisis since the great depression zoo. jackie: thank you, susan. we have john lonski and dan geltrude. john, talk about what your thoughts we're seeing in markets, volatility. two days last week, we had two jumps up, selling off as the week progressed. it has been very volatile. i don't speak to anybody on wall street or main street that doesn't say i haven't been hit by this. >> volatility imply as great gile of risk. that will persist until we finally get fears of rapid price inflation out of the way. unfortunately eliminating the inflation problem will require a recession. with a recession you will have contraction of profits that will drive the equity market even lower. the worst is yet to come. jackie: okay. that is not what people want to hear but it might be reality, dan, as we're watching what the fed will

former federal reserve chair ben bernanke has won a share of this year's nobel prize in economics.was honored today alo with philip dibbvihg of washington university in st. louis and douglas diamond of the university of chicago. in the early 1980's, the three showed bank failures can trigger economic crises. bernanke says he used those findings at the fed, to fight the great recession of 2008. >> and thinking about these issues made me very determined to do everything i could, along with my other policymakers, my colleagues, to try to prevent the financial system from melting down. because i strongly believed that if that happened, that would bring down the rest of the economy. judy: as for current conditions, bernanke said he expects inflation and interest rates to come down over time. a major u.s. railroad union has rejected a new contract with freight railroads renewing the possibility of a strike. the brotherhood of maintenance of way employees voted down a tentative deal, citing concerns about paid sick time and job losses. in all, 12 unions have to ratify the contract to prev

procedures honors the stone familiar face in american politics, coming up by former fed chief ben bernanke awarded the nobel prize in economics. celebrations are fairly common here in the bay area coming up, we'll show you the very first friday in one central valley community. around the bay area this afternoon. the clothes are clouds are slowly clearing and temperatures remaining. very pleasant. better details on what you can expect for today and the week ahead, coming i'm karen. i'm living with hiv and i'm on cabenuva. for adults who are undetectable, cabenuva is the only complete, long-acting hiv treatment you can get every other month. it's two injections from a healthcare provider. i really like the flexibility. and for me, it's one less thing to think about while traveling. don't receive cabenuva if you're allergic to its ingredients or if you taking certain medicines, which may interact with cabenuva. serious side effects include allergic reactions post-injection reactions, liver problems, and depression. if you have a rash and other allergic reaction symptoms, stop cabenuva and get

ben bernanke and douglas diamond and philip di, big one. the 2022 award. an anchor was the head of the u. s. federal reserve during the 20 await global financial crisis for reese, has bore from stock on economists were spoken to harold, please that a prize has gone to an a trio of laureates whose work has practical applications. there. there were searches, has its roots in the depression of the 19 thirties and is focused on the role of banks in the economy and why it's so important to avoid banking collapses. it's also focused in on a inherent contradiction in the capitalist system or the one hand banks are important for a funnelling money from savings to investments. but that also creates an inherent weakness. people who've save money want inside instant access to their savings. people who are investing don't want to suddenly have to pay back their loans. normally, this works pretty well. there's enough savers at the noble committee of cited these laureates, work as enabling governments to know how they can proper banks during crises. not always something

based economist ben bernanke, he douglas diamond, and philip 5 big one. the 2022 award for the research on banks and financial crises . when we spoke to douglas diamond a little earlier, he says banks and i are in a much better position to whether financial crises, banks are structured in a way that if everybody thinks the banks might fail, that can cause them to fail, it becomes a self fulfilling prophecy, and that that's not the only reason that financial crises occur, but that's the reason you can get the collapse element. but crisis where bad things are getting worse and worse and worse. so the lesson for today is that when you have these huge, unexpected events like you know, the war and ukraine. and the surprise increase in inflation and interest rates by the central banks. that the policymakers need to make sure that every thing is adapted and can ought to be stable so that people don't get fear that. but there's some kind of plan or a lot of the vulnerabilities have moved outside the banking sector. and we may see something in the insurance sector

ben bernanke, douglas diamond, and philip godfrey won the 2022 award for you and high commissioner for refugees. he says, armed conflict, human rights abuses and global warming. a forestall records number of people to free their homes, a 100000000 people, and no displaced. about 30000000 of those people. one 3rd of the world's refugees are on the african continent. want to bring in hannah gibbon in dakota. she is the deputy regional director for the international rescue committee in west africa. very good to have you with us ma'am. on, on al jazeera, i know that you go into the field on a regular basis to join your teams. talk me through what you and your teams see when you're dealing and trying to help with refugees. good evening and thank you so much. it's really important that we're here to talk about a subject because as you know, across west africa we're really facing a deterioration of the humanitarian situation. with many, many people being affected by this. and in many cases this leading to them having to leave their homes to displace to areas that are safer for them. as the i

in fact, former fed chairman ben bernanke just got a nobel prize for handling the financial crisis, bailinghe banks. oh, let's give him a prize. but not everybody who understands macroeconomics is on board with this. some of them understand exactly what happened and its effects on you and everyone else in this country. stephanie pambo is definitely one of them. she's the ceo of macro mavens, which gives financial advice to firms and a very smart and very clear thinking person. so we sit down with her for an hour for new episode. tucker carlson today. >> we're going to bring you an excerpt from it. here it is . basically, the federal reserve posts that global financial crisis just flooded the system with money. and then when it happened, they redouble their efforts and just shove so much stimulus into the economy and inflated bubbles pretty much everywhere. you know, the stock market is hit bubble extremes. the housing market went bananas and then the corporate bond market, for example, junk rated borrowers were borrowing at four percent. interest rates, i mean, four percent. that's hardly a

the nobel prize given to the man who ruined the american economy in the eighth or ninth years, ben bernankeeverything there , he collapsed for this nobel. time, because then he released some good articles. eh, it's envious of the babrel , but even retirees don't speak this kind of speech. yes, because they are shy. here is such cynicism beyond splashing out public space, therefore, except for sangria. she, of course, light wine with andrea but if you drink a jug, then anything happens there was not only change. there you could be not only with angri since, but what is the most important thing in this speech hurt? yes okay uh, europe now provides its own security, how like another issue there, helping ukraine there, uh, fueling the conflict, but no matter the security is provided. but he did not say how europe will ensure prosperity. he said there were two factors. yes, russia and china provided prosperity, america provided security now, like they don’t exist, so we ourselves must fight for security. what about prosperity figurine default? that was very interesting, yes, because yelling was

former federal reserve chair ben bernanke and two his u.s.-based colleagues have an awarded the nobel prize in economics for the research into banking and financial crises. they will share the $885,000 reward. the committee took an unusual step of recognizing an actual practitioner of economic policy. global news, 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. i'm vonnie quinn. this is bloomberg. shery: still ahead, we will get insights from goldman sachs on how a weak yen will help pent-up demand. market outlook from winthrop capital management who sees china returning to growth next year. this is bloomberg. ♪ >> the risk and the real danger of a world recession next year. the advanced economies are slowing in europe. the debt levels for the developing countries are getting more burdensome. the rise in interest rates put added weight on it. inflation is still a major problem for everyone but especially for the poor. haidi: the risk of a global recession. our nex

. >>> the nobel prize for economics was honored to ben bernanke the work provided efforts to revive theduring the great recession. that's the very latest david, back over to you. >> thank you >>> we are about an hour into the session. let's turn to mike santoli, see how things look from your vantage point. it's funny, i said to jim earlier, and, of course you know this, we've had the same conversation day after day, seemingly to no end at this point, what does that say about the market >> yeah, i keep saying the ongoingness of the same issue is what is plaguing the market. it's the flip side, you can go back to 2021 and say the market was going up for the same reasons every day as well. right now it's clearly a massive valuation adjustment in the face of the fed feeling as if it can't yet declare victory on inflation. the market is always going to try to overanticipate that turn, always going to try to get to that moment where it feels the inflection point is here now, what's been accomplished along the way is significant to look at in the way of valuation. s&p 500 has gotten down below

we have an incredible lineup folks like ken griffin, ben bernanke nike novogratz talking about crypto and others one of the things we're doing this year for the first time, we have four master classes paul jones talking about macro john gray talking about real estate john griffin talking about lessons from the late great jordan robertson and paul singer talking about risk it is almost sold out. it is a great place to give back and learn. go to robinhood.org/investors- conference learn more, help new york fight poverty through good >> richard, berry, mike, thank all of you >>> news is out this morning micron plans to spend as much as $100 billion the next 20 years to build a huge computer chip factory complex in upstate new york it will be built in clay >> klay, new york. >> it will be built in clay, new york because that definitely wouldn't work if you would try to build it in clay it wouldn't last, number one that is 15 miles north of syracuse site preparation will begin next year micron ceo told the "new york times" that the decision was made because, in part, the $52 mil billion in

and we're just going to have to see what price is paid for, again, having started this process, ben bernankee zero-bound it has to be brought back in, and that will be painful. >> how do you handicap the situation at credit suisse a lot of folks said don't look at the stock price that's not what you should be looking at or necessarily cds. what you should be looking at is our balance sheet, liquidity, have something -- if in fact that balance sheet looks anything like it looked like at the end of the second quarter, is balance sheet the thing to look at? or is the repo market? can you turn that paper over and how much do you think about the swiss bank in terms of central bank in terms of its roll in supporting this bank in the future >> well, you raised a lot of issues there, andrew i think there are all of these indicators one needs to look at. the strength of the balance sheet and having access to liquidity is the key the good thing is, at this moment, our larging ber banking institutions are solid i don't think it's necessarily the case they've had a lot of turmoil at credit suisse. i don

ben bernanke, douglas diamond and phillip dytvig were announced as winners. the u.s. based economists are credited with making discoveries and improing how society deals with financial crises. >>> and blue angels three, karl the fog one, but it was a big one. the final blue angels performance didn't happen despite thousands of people along the waterfront. the fog was too thick for the planes to fly safely. the blue angels it d. take to the skies thursday, friday and ernlg floi saturday's air show, but organizers say pilots yesterday were unable to see the important landmarks they would need to pull off the high stunts. >> this is the only time that we've ever had something like this happen. it is like a 100 year flood. just very unusual. >> weekend crowds were thought to be a little short of the numbers before the pandemic. restaurant industry leaders tell us dinner crowds were down about 10% from before covid. perhaps because of the cooler weather. >>> a winery is commemorating five years since the tubbs fire. flames from the wildfire burned more than 36,000 acres de