be picked up and did much more than the ten or twenty billion dollars a month that bernanke you know yellen is taking away from the system there is no tapering because you can't taper a ponzi scheme so this is going to continue and so to throughout becomes a a bond collapse or be a war well also you know the fact is that you have these you know the potato way in this case is the cheap money and then they're just pouring it into real. says which is just the same potato wage but sold at five hundred percent more hasn't gone through a process of actual value added or wealth creation there none of this money this a.t.m. whether it's being operated by janet yellen or mario draggy none of it is actually going into creating a sustainable economy it's the same exact potato weights whether it's from old or at a pizza chain you know it's the same thing just a different price well it's a derivative within a derivative within a freeze dried coffee within a chicken make nugget within a nonsensical balance sheet within a fraud within a central bank with then an overall collusion going on globally

because there's so much communicating now, and it's not just ben bernanke, it's not just janet yellening their two cents in, and i don't know whether it's a good thing because we all end up being a little bit confused. >> i think that's definitely a part of it, a potential downside, but i want to take issue with your intro, the separation between public relations and monetary policy. at least in the minds of the federal reserve, a large part of the public relations is monetary poli policy. when i look at the reasons why the fed has this pr machine and how it works and how it operates, and of course, we're talking about janet yellen giving an interview for a profile in "the new yorker" today, and that followed those two interviews that ben bernanke gave to "60 minutes." the fed, there's academic research that backs up this notion, mandy, that greater transparency leads to better outcomes for policy. that's especially true at zero interest rate policy, it's especially true with qe. the fed has gotten hammered from both the right and the left when it comes to zerp and the qe. third, it's

>> yesterday it was said bernanke and yellen can take a victory lap. they have won.ve put the stake in the heart of inflation forever. >> let me read you the last victory lap. >> he told me that yesterday. bill gross told me that. >> i don't want this to get personal. i've been wrong a lot of times. >> you're going to attack me now? >> possibly. >> oh, no. bernanke. >> in 1987, when the market crashed, i was convinced we were going to have a depression. so i'm not poking fun at people that have been wrong, but the victory lap thing, again, the myopia of focusing on the moment instead of looking at the big picture. this is bernanke in 2004. and i, by the way, think he's the greatest living economist. the great moderation, the substantial decline in macro economic volatility over the past 20 years is a striking economic development. i've argued today improved monetary policy has likely made an important contribution not only to the reduced volatility of inflation, but to the reduced volatility of output as well. this was three years before the biggest shrinkage in 50 y

bernanke kept pushing his ideas and conveyed that to his students.did not have that many but the passion for ideas caused his students in turn to engage in a passionate steady and they in turn encouraged to engage in passionate study of ideas. teacher. >>c-span: of all the essays that is the most important part which of these do you think are the most important ? the one that captures the essence of what you think? [laughter] we are running out of time. with history and capitalism and some backward glances and cold warriors. >> i think them a more -- memoir and there is one little essay bear about the contradictions of capitalism. name the the kinds of problems that a capitalist system experiences to move away to a more modern corporate egos. that stands well today and the big problem for modern capitalism in general. >>c-span: what is your prediction for the future of this country? >> it will survive. i am an optimist or a cheerful pessimists. i refuse to be discouraged. terrible things are going on in the world the and in that country but i have li

that bernanke you know yellen is taking away from the system there is no tapering because you can't take a ponzi scheme so this is going to continue until two outcomes a bond collapse or be a war well also you know the fact is that you have these you know the potato wedge in this case is the cheap money and then they're just pouring it into risky assets which is just the same potato wedge but sold at five hundred percent more hasn't gone through a process of actual value added or wealth creation there none of this money this a.t.m. whether it's being operated by janet yellen or mario draghi none of it is actually going into creating a sustainable economy it's the same exact potato wedge whether it's from oldie or at a pizza chain you know it's the same thing just a different price quotes a derivative within a derivative within a freeze dried coffee within a chicken make nugget with a nonsensical balance sheet within a fraud with an.

be picked up and did much more than the ten or twenty billion dollars a month that bernanke you know yellen is.

and now we've got yellen there who worked with bernanke. they put something together five years ago. and rick can argue that the fed shouldn't be doing these kinds of things, but if they hadn't, where would we be now five years on? >> reporter: counterfactual. we'd be three years into a recovery. that's what i say. disprove it! >> rick, are you trying to get another round of applause here? >> i don't need a round of applause! i have history on my side here! >> the way i look at it, rick, is this. let the job get done. tapering is almost done. then let the market get six months. >> reporter: it's not janet yellen's job, and somebody needs to say that! >> it is about patience. and patience is going to get this job done. >> reporter: patience. it's been 5 1/2 years. japan's got patience. whoopty doo. >> the jury's still out as to whether the fed is going to help -- >> reporter: no, no, there is no jury. who's the jury? who are you talking about specifically? >> i'm the judge. i'm talking to the jury that's here. >> reporter: professors? you le

just the bankers are shots we know that they are thieving sure but your rats you know it's a ban bernanke here mark carney there is a cut from the same cloth as any of the isis you know they're the same people basically exactly when you say that they're devalue the currency so this is the opposite of us terry because you're all you know you're flooding the economy with money essentially while you're writing off debt in other words you're making this you're inflating the debt out of a way as i say not you not you not defaulting on the debt we're defaulting on a part of it no never since the debts were denominated in euro's if you're going to . then tell the swedish banks that are going to pay off those debts in your local currency then in effect you're writing it off i would have a percentage of the reason i ask is because here in the u.k. the two thousand and eight financial crisis the government was faced with either doing something as you talked about like devaluing the british pound for example or pursuing a policy of austerity they have chosen austerity versus the us under the liberal

president obama seeking advice on the economy from ben bernanke. houseere part of a white luncheon. the meeting coming one day before the stock report. you will be happy to know that fabian cousteau is done with his record days under the seat. those are some of the top headlines. >> thank you. combination designed to build assets, profits, and move the business forward. connect one is working to strengthen its business. jersey'ss new fourth-largest bank. frankg me now is sorrentino. is the chairman and chief executive of connect one. 1 we were talking about, july has -- what is it takes is months. six months from announcement to deal close. that includes rebranding. very short. of time. three regulatory agencies. it was a big left. that is our dna. we do everything with a great sense of urgency. >> that urgency you are talking about is that you have to combine two systems, cultures, workforces. give us an update. >> all those things started the moment we announced the deal. we did not wait. we are going to do that immediately. , rantingy of the close change, signing changed. phone,

he was chairman of the senate approvedommittee, wholeheartedly the appointment of ben bernanke as fed. he has introduced this resolution of that revolution of transparency. but during the period that senator shelby was chairman of the senate banking committee, i don't recall any more calls of transparency from alan greenspan. >> i do think that greenspan and bernanke deserve credit for more transparency with the fed. moving in the direction of transparency. i would say, however -- one of the sections of the bill requires the fed to report international negotiations. senator shelby pushed back tremendously against the fed getting good leverage requirements because some of those negotiations are not seeing the light of day. if you want to ask why we did not hold the fed to the table every day, it is because we were trying to solve other problems such as fannie mae and other agencies. is the fed the only problem in the financial system? not at all. it is hard to choose where to start given the number of problems in the system. i think the question is, it has been 100 years. it makes sens

bernanke said when it was 6.5's they war -- >> that's what worries me.re -- >> shouldn't worry you. shouldn't worry you, gradual -- >> no, no. no, here's why i do. i think the fed risks falling behind the curve and this inflation, albeit limited to some food groups, is going to be a worry, and i fear the bond market and these low interest rates are themselves the next percolating bubble. am i right? >> well, you are as always right, neil, and i think what is important to note is that when the fed tightened up in the early 1990s, we saw a big spurt of growth because you can never depreciate your currency down to growth. this gives the fed an excuse to start gradually tightening up and, okay, the market might adjust but we'll get more economic growth afterwards. >> when does that happen? >> well, in. the 1990s it happened after a year, and we have a big runup in growth in the 1990s, and the fed was raising interest rates. >> all right. we'll see. a year maybe. a year. diana, thank you very much. >> great to be if you you. >> rather than lashing out at the

president, ben bernanke was appointed by president bush and, of course, janet yellen by barack obama.eel that at some point, it's been several years that we are now at such low rates. we have got to make these markets and investors and the rest of americans grow up and prepare for tighter rate environments. the last three cycles like this we were raising rates when unemployment was higher than 6.1%. >> right. you know, there are two views on what the fed is doing. one is the view that the fed is behave anything a keynesian manner to stimulate demand through lower interest rates. low interest rates means the stock market bubble which creates net wealth and more spending, it also helps firms refinance their debt and spend more, and it helps people buy houses. there's another view of what the fed's doing, and that's kind of a cronyism view, and the fed is helping keep interest low to help fannie and freddie which likes to issue mortgages and also helps the big banks with loans at 15% and borrow at 26 basis points on a cd. here's the thing, if the fed keeps on going with these low interes

it was greenspan and ben bernanke. melissa: on that note, i'm going to thank my illustrious panel and send you on your way. thank you so much. hashtag, take that haters. twitter crushes wall street expectations but can it beat facebook in the quarter results competition? >>> hands-free is the way to be. forgetting needing the newest car model dim one enknow straight tiff let es drivers text and talk on the road without ever taking eyes off the wheel regardless of their ride. i don't know what that squeaking is either but more "money" coming up. ♪ thank ythank you for defendiyour sacrifice. and thank you for your bravery. thank you colonel. thank you daddy. military families are uniquely thankful for many things, the legacy of usaa auto insurance can be one of them. if you're a current or former military member or their family, get an auto insurance quote and see why 92% of our members plan to stay for life. if your denture moves, it can irritate your gums. try fixodent plus gum care. it helps stop denture movement and

ben bernanke save the world, didn't he? and janet yellen, the perpetuate for safety.e contact me on twitter. i decided to show you a two-day chart because that's very exciting. by the time you get to friday, you won't know what hit you. thee fair, mark barton made point this morning. the reason i'm showing you the two-day is that this move happened higher in government , notyields on the gdp data on the federal reserve minutes. at 4%, wayng in above estimates in the market. she's going to cry. i better stop. the move on treasury based on the gdp data, not -- i repeat not -- on the fomc statements. >> this year or next year? find out when christian scholz thinks the fed will raise rates. stay with us. ♪ >> welcome back. this is "countdown." i am mark barton. 6:17 a.m. the fed is turning bond buying for another $10 million or months but the committee says they are still wary of a rate hike. for more, berenberg's christian schulz joins us now. what's your assessment on when the fed is going to start raising interest rates? the

. >> host: ben bernanke i think you describe, he comes across as an excessive interventionist. >> guest: yes, that was a much bestow. i think greenspan set the ball rolling in 87. one thing you've got to learn about all these people running the federal reserve is that they are obsessed with 1929, and the one lesson they learned from 1929 is -- >> host: bernanke had written a -- >> guest: and done research on the obsessed with the idea that in 29 the federal reserve, the authority if you like didn't do enough. and they contacted the money supply at the wrong time and all the rest of the. endless liquidity pumping liquidity into the system is very much their response and what they learned. >> host: do you think it was the right response? >> guest: i think to do it willy-nilly as they did was perhaps slightly risky. i think they perhaps overload, perhaps with some of the long -- wrong lessons from 29. like friedman pointed out in 29, they made it worse by shrinking the money supply. they didn't need to do that, but these endless bailouts, in less huge amounts of money that people can't eve

i told you all about this six months ago remember ben bernanke in a janet yellen they started something called tapering and i said that's nonsense because on a global basis there is no taper because the european central bank would really pick up the slack and then add even more to the global supply of fake money.

that we need a global economic policy we need monetary coordination and basically europe and the bernanke at the time that young base is saying go pound sand no we've got to do what we've got to do to which rajendra response is ok we're not going to like what i'm going to do because i think he's going to institute some kind of capital controls and i think you're going to see more and more emerging markets what we call emerging market more smaller economies that can't take the massive inflow and outflow of capital is created by the relentless money printing that we're seeing from major central banks. they're going to they're going to put. all capital coming into lincoln who are going to go back you know. that was john malden author of code red how to protect your savings from becoming a crisis and chairman of malden economics time now for today's big deal. i. think bill simon the wonderful director harrison and today we're talking about the b. i asked reporter bank for international settlements report and what it says about our current post crisis monetary policy experiment so edward say v

in the beginning of this presentation i mentioned rand paul with a standoff with ben bernanke, when he declared that silver is money. is he right? i have to say on this point, i side with the fed. silver is not money because it does not fit the definition. is webster definition something as a general medium of exchange or a means of payment. speaking, my plumber will not take silver. neither will my garbage man, and neither can i pay taxes. hence, not money. and yet, if i had silver and no money, i would figure out how to change it. but the u.s. dollar is loosely associated with gold holdings. the conflict lays in the money game and how it is played. where will these federal reserve experiments and policies leave? no one knows for sure, and that includes all of the members of the board. and there is one fact they can be noted from history. paper money can become worthless very fast. germans are well-known buyers of gold and silver because of the inflation last century. they remember. world, many have lived through a currency collapse, including those in the 19th century usa since 1994,

our guest host, ethan harris, is the author of "ben bernanke aid." -- "ben bernanke's fed." janet yellen is an academic. she is a math person, isn't she echo -- isn't she? >> yes, the idea that she is not going to deal with the goals of the fed and inflation, all of that is silliness. she will deal rightly with the fed. phd's in economics and people that talk a lot and, no disrespect, do less math. she has prodigious phc skills, doesn't she? >> yes, she was a very good economist prior to her public service life. what is going on right now is that i think people don't realize that when the fed thinks about the condition of the labor market, you are looking for real health, and that means more than a drop in unemployment rate. it also means wage growth. wage growth and general compensation growth is only 2% of half of the normal label. -- level. when the fed says there is still a lot of room for recovery, i hear "wages." >> it used to be years ago that of there there was worries costly thing to ever higher inflation. but no, i don't agree. -- >> no, i don't agree. costs, the p

what ben bernanke started the -- theen bernanke started tradition of giving the keynote speech. fed chairman in janet yellen, they are not expecting her to continue that tradition. the kansas city fed people felt that it went into the wrong direction and everyone knows what the fed is up to right now anyway. >> and maybe we will be combing the statements for anything else. who are in their seats instead? who got the invite? >> the kansas city fed does not release a list of those invited, but you can expect it to win include expected to central bank is from around the world and economics that study central banking. >> you mentioned janet yellen. what will her plan b for the conference? conference?r the >> we are not allowed to say who it --m a guest list, but who is on the guest list, but it is reported that janet yellen will be there. it should be mentioned the press is always there. it is not a big deal for me to get an invitation. >> that is true, but you get to go be with your people. it is fun for you. >> that is true. the wall street economist version of the velvet rope. >>

president obama taking a price on the economy from ben bernanke today.the whitet house luncheon. the meeting coming just one day before the u.s. jobs report. interfered --e interfered a couple of times but done with his record 31 days. said he was feeling great. good news from him. top headlines at this hour. back to you. >> a bank designed to build assets, profit and help move the business forward. connect one working to strengthen its business. combined thing -- combining with center bancorp. talk about the strategy behind the deal, frank sorrentino, chairman and chief executive of connect one. thank you for being here. as we were just talking about, cases, this has in many -- you might say why does it take six months, but in the banking world that is considered a short amount of time? >> very short. six months from the announcement an actual deal closes including rebranding both companies and getting ready for system integration three weeks from today, that is a very short time. it was a really big lift but that is connect one dna. we do everything wi

bernanke was talking about treasuries a year ago. be higher.d the fed should be doing their job and raising rates here. >> the fed targets don't matter. fine, that does not matter. worsening inflation does not matter. cynical't mean to be here. core pce gets anywhere near that 2% number and we hit the threshold, they will take that and toss it out the window. they don't seem to care. that is fine. they will raise rates in the context of an s&p 500 30% or more higher from here. the market has to be ready and it has to be prepared properly. when is that going to happen without that fear that they will make the brazilian fx rate go higher? toi actually listened christine lagarde speaking with janet yellen yesterday afternoon. ms. yellen said we are going to keep doing what we are doing. i don't think she is saying in the same context. what she does not want to say taper tantrum ahead of time. trying to give us metrics on when they start to raise rates. if we get the same kind of drop of the unemployment rate we have been getting, we wil

lot of concerns about being the third county to take on this controversial measure that hasn't ben bernanke shown to have impact in the two counties that have i am metved it. ~ hasn't been shown toshiba i have a lot of faith in our public health ~. my concern about laura's law has nothing to do with the individuals that will be implementing it. i do think we have strong leadership here in san francisco and that we have progressive values and i am certain that if dph implements it, they'll be able to do it i think in the best way moving forward. and i also really feel for the families who have individuals struggling with mental health. i think all of us know individuals that are suffering from severe mental health issues and i can't think of something that is more heart breaking and more challenging for family members to deal with. i understand the fear many family members go through that can address their son or their daughter's even violence at home and just want someone to come and take this issue away from them, whether it be the police or department of public health and just make the pr

yes but intentionally so because one of the things bernanke he always said is you don't want to tighten too early when you have five face for the credit bust and it's because when you have deflation your forces play out if you take the foot of the accelerator that the forces take back over so he wants to firmly err on the side of inflation because if they think inflation is a probably not to fight except of course the economy can't stomach it we can't finance our deficits with if we were to have rules to fight inflation and so this is a textbook approach to a script that has never been played out except that i just simply cannot see how that's going to have a good ending but by all means the fed wants to be behind the curve and it's a very successful at that now some people think the u.s. economy is recovery is very much an asset based recovery but how much do you think growth has been underpinned by the melt up in risk assets. almost all of it and they did real and the real problem with that is that that's not very robust if for whatever reason the market perceives the glass to be half

bernanke should be fighting crime and incentivizing good behavior to take bad guys to put them in jail where they belong. >> but sometimes it is about boats and politicians are politicians pandering to the voting base. >> did:to be robbed or murdered by people say this is the way to go. you fight crime regardless of color or socio-economic background we will lock them up and the place will become safe. neil: but the rising economic tide lifts all boats but proving that economic environment is less reason. >> no. the rising tide does raise all boats but not minimum wage at $13. i am against minimum-wage. but that is another argument to say i will raise minimum wage, that's corrected you thank you will stop the drive by or they gangbangers neil: but it almost seems deadly. >> it is. >> you are bailing out of a sinking ship with the symbol that will last stop the war crime type of murders. there are dusk going on in chicago better higher than war crimes. what is happening here? raise the minimum wage? there will be no more fighting. neil: thank you very much. coming up next among cyber ex

then there was the bernanke savings glut. recently, we've had the chairman .rinting money this can't go on forever. deposits covered mortgage finance almost through 1980. a little bit of retirement savings, but you can see the retirement savings are starting to shrink. no household savings other than through retirement savings for 30 years. that little blip at the end is just -- figures. retirement savings are shrinking at the time they were supposed to be expanding. basic picture, we should've had skyrocketing housing savings during the last 30 years because of baby boomers like me. instead, it plummeted to zero. households are becoming more and more leveraged through the. period. when the government provide social insurance, the people tend not to save. this is another myth that ronald reagan and tip o'neill sat down and tried to turn a page -- the pension system. they did not turn the retirement system and medicaid into a funded system. the trust fund was an accounting figment. it never happened. where was the money? we go

i'm sure that he consulted with chairman bernanke he. >> ok. so he is not independent. >> no.man obviously has responsibility. >> just go back to the independence part of the federal reserve from the executive branch, i'm sure that you are of the 15 chairman in the fed's history, that 10 of them have either served at treasury or the white house. it seems to be a revolving door type policy. between the federal reserve and the treasury department. it continues today. the fed staff is going back and forth into the treasury department, including members of the current administration. do you believe that this revolving door poses any risk whatsoever to the fed's independence? >> i think the fed's independence is extremely important. i have never, in my many years in the fed, seen anything occur that led me to believe that it .ad at any time been threatened while i understand the point you're making, it is essential that the federal reserve remain independent. ok. i appreciate it. that leads me to the next question. we here in congress have been having various political debates abou

it pains me to say that, i'm a huge fan of bernanke, but qe-3 and after that is too much. now the fed is acknowledging reality, acknowledging the fact that, yes, some of the markets are overheated, valuation is high, there is some froth. i love the fact that the fed has actually now finally found one of the bubbles it's been hunting for. and i think it tells us, i think the purpose here was maybe she was saying she could take some hot air out of the market. yesterday, yes. today, not so much, but we're up and down. and i think it really makes the point that the one market that the fed should never have been in is the stock market. that's the market that's gotten away from the fed at this point, and it's too bad that they're in there, but now they have to come up with a solution. >> where is the fat in the stock market? >> that $4.4 trillion, jack. >> oh, come on! [ everyone talking at once ] >> wait a minute, keith -- >> you've got earnings! you look at the numbers coming out by companies that are posting them, that's what's driving stocks higher. >> correct, the profit ou

group of economistsa the white house today including former chairman of the federal reserve ben bernanke and harvard professor feldstein. the meeting comes a day before the june employment report and the same day the private sector added 281,000 jobs, according to payroll processor adp. for more on this obama economy, we're joined now by arthur laffer, former member of president ronald re economic policy advisory board. art, great to have you here. >> thank you, lou. lou: and what do you make of this sitdown with sandwiches and a bunch of economists. >> guess who was number one in the post world war ii era, ronald reagan, which i love, as much as i do the other side. these guys are going to sit down and talk about the same old stuff and not much coming out of it. however, you know the right answers and what we should do. in the near-term, you could politically easily get a change in the corporate tax code. you could either lower the corporate tax rates dramatically and broaden the bases of a number of democrats and republicans want, or do what i'd like to do and make all taxes territoria

at the beginning of this presentation i mentioned the former congressman's faceoff with ben bernanke when he declared that silver is money. is he right? i have to side with the fed. it's not money because it does not fit the definition. webster's first definition is something generally accepted as a medium of exchange, a measure of value or means of payment. generally speaking my plummer won't take silver, neither will the garbageman or the local municipality for payment of taxes. hence it's not money. but if i had silver and no money, they would figure out how to change it, i can tell you that much. but the u.s. dollar is loosely associated with its gold holdings and the confidence that many bestow on the united states as a great nation. the conflict lays in the money game and how it is played. where will these new federal reserve experiments and policies lead the u.s. dollar? nobody knows for sure. and that includes all the members of the board of the federal reserve. there is one fact that can be noted from history. paper money can become worthless very fast. germans, for instance