bernanke realized you had to stop the credit contraction happening at these banks. the transcripts -- how did they characterize that internal debate? was it chairman bernanke trying to build consensus? was he listening to opinions from all sides? x bernanke had the consensus -- was a consensus builder and that's evident in the way he goes with the opinions from the extreme doves to the extreme hawks. i think everyone was scared straight, so maybe there was less need for consensus building. mark: you talked about the current fed chair. she was president of the san francisco fed. what do the transcripts tell us about her decision-making process? >> she was very dovish. she was looking for the unemployment rate to increase to 9.6%. it actually topped out at 10% so she was spot on. she was concerned -- a lot of people look at janet yellen and say she is a dove and had a very negative economic outlook that year, but she was not totally comfortable with the balance sheet expansion. she endorsed about was concerned about what the exit policy would ultimately look like. >>

as chairman bernanke, ben bernanke just said a few minutes ago, you know, this statement and the related policy decisions that the fed made at that time and since then have really underscored the role of the employment part of the federal reserve's mandate along with its mandate for price stability. those are both important. and as ben bernanke has emphasized in the past they're complementary goals. now, what you see here in the statement is that a promise it's a commitment by the fomc to communicate as clearly as possible and it indicates that their decisions must be informed by their assessments of the maximum level of employment. .. a pretty good indicator of the shortfall of the economy from a balanced growth the full employment level the monetary policy can achieve in the stable low and inflation rates. what you see is that it went up dramatically from 5% to around 10% when the great recession hit. and it's come back almost all the way back towards the longer run level. the problem here is are we there yet. and many policymakers and other commentators have suggested yes we are back

i agree with what ben bernanke said, it's not trivial. but when you say this is by the way not andy's estimate. for the labor enforcement we're taking the current 2015 so the 7.5 is an unemployment rate that i should is just using the cbo's current -- >> summarized the state-by-state stuff. >> the state level evidence is that unemployment does if unemployment is elevated any given state in a given year that that dampens wage pressures. very much like valerie -- is also the case that if part-time underemployed is elevated in at a given state in a given year that that also dampens very significantly. and if you look at the state-by-state participation rate, particularly in the earlier work we looked up prime age in this paper, it's all of those, all working age adults but also affects. as ben bernanke said, these two seem to be forms of slack. it's not just the on the public right of people who are completely unemployed, and complete out of work and searching for a job. it's people who are partly employed. by definition they are employable

if that -- ben bernanke. if that hasn't filled you up we'll talk about three other aspects of full employment. let me introduce the speakers. each will speak about five minutes. then they will join me on the panel and we'll have a conversation and take your questions. the first speaker will be valerie wilson here who is director of economic policy institute's program on race, ethnicity and the economy. pre. valerie is an economist. i'm the least educated person on the panel by far. has her phd from the university of north carolina. she will be followed by maurice emsell em, for better or worse not a lawyer. director of employment law projects access and opportunity program. we'll hear from andy levin, currently advisor at research department of the imf but does not speak for the imf. he used to work for the fed. he does not speak for the fed. he will soon be a professor of economics at dartmouth college which he also does not speak for. jared bernstein definitely speaks for somebody. he is a senior fellow of

find out what ben bernanke is saying about the united states and about europe. some pretty stark words there. plus she is one of the most flamboyant investors out there, but she is now the target of regulators. robert frank, come in here. what's the latest? >> fascinating story. lynn tilton, known as the diva of distress has been charged with fraud by the s.e.c. in an exclusive interview with cnbc, she calls this a battle of "good against evil." more on the bell yon air versus the s.e.c. coming up after the break. if you're running a business legalzoom has your back. over the last 10 years we've helped one million business owners get started. visit legalzoom today for the legal help you need to start and run your business. legalzoom. legal help is here. don't just visit new york. visit tripadvisor new york. with millions of reviews and the best hotel prices... book your next trip at tripadvisor.com today. >> a strong rally just a couple of days or a day before the end of this first quarter. the dow jones up by 283 points. the strongest levels of the session so f

. >>> from fed chief to blogger, former federal reserve chairman ben bernanke is writing about economics and finance on the brookings institute website. he's a senior fellow at brookings. he defended his actions as the head of the central bank to keep interest rates low. not only did he post his first blog but he also made a rare public speech saying rates may not remain this low fo >> the downward pressure on global interest rates will probably moderate somewhat over time. the pressures for the trade deficit of the united states will probably moderate somewhat over time. i think those are positive factors that need to be taken into account thinking about growth. >> until today mr. bernanke has only made limited comments on the economy since he left the fed last year. >>> on that note, that does it for "nightly business report" for tonight. thanks for joining us. i'm sue herera. >> i'm tyler mathisen. that's it for me too. have a great evening, everybody, and we hope to see you right back here is pleased to support miss fisher's murder mysteries on public televsion. barnes and noble has

>> i'm not here to criticize ben bernanke? charles: why not? >> he inherited the worst financial disaster in the history of the globe ever. charles: he himself admitted they were off the mark in the first six, seven, eight months of the disaster. >> you know what? we're all sitting here, we're all okay. whatever he did and however he had to move, he had no data points to go on. this is all brand new. he was more psychiatrist and psychologist. charles: do you think the fed spent too much time coddling wall street as opposed to reacting to the data not reacting to the latest hissy fit. >> he said data dependent in the last two years of his term. the fact is the data dependent was keep it where it is. he was saying data dependent. it's always been data dependent no matter what. charles: if it was data dependent, what do you think, scottie? >> she says we're not going to coddle wall street anymore. she's kicking that person out of her bed while embracing and inviting the white house more into the bed. separate yourself from the administration, beca

>> you and i differ, i love the fed, i loved bernanke not so sure about yellen.? >> i think he was second worst fed chairman of all-time. >> okay. >> we talked about the economy, it will be better i in second, third quarter, the fed should not raise rates. charles: ar do you like idea tht this money helps you, where does this help main street. >> why do you keuhl m call me s. charles: the viewers might be, you say fed get out of the way. >> in 2009, ber ban key said that ibm is not making payroll, i thank god we had bern ba ban . key. >> one thing. market sky-rocketed, market is going up. charles: paul. >> this is all just noise. we don't have inflation. why raise rates? charles: all right, leave it there. remember though it about long-term investing. we appreciate you watching us. catch us 6 p.m., dvr it, tell your friends, lou dobbs is next. next. >> good evening, i could lou dobbs, hours closer to finding out whether obama administration has been successful in its effort at reyield change. in removing another world leader from office. you are looking now at li

today former fed chairman ben bernanke you said that inflation was "too low in the u.s.."he fed need to see from the cpi report? david l: i think cpi is one metric. the fed has said they are much more focused on pc. there was a big article in "the wall street journal" talking about this. our view is cpi will be up slightly next week. nothing surprising majorly to the upside. but we will see inflationary pressures grow. our thesis is it will pick up over the back of the year. you will get stabilization and that will bring core inflation and headline inflation closer to the fed target. alix: david, do you agree? bank of america came out with a note saying that corsi pe stands at 3.5 and more could be coming? david b: i agree with david in plain gray. this temporary moment where the oil prices are down make the cpi and the cpe look unusually low. i think they will normalize. if oil were to drop another 1% at some point you will have wage growth in certain sectors. it certainly looks to me like it could be, you know, stable at 2%. alix: thanks very much. great conversation. li

ben bernanke three times appointed, hank paulson head of treasury, former head of goldman sachs come to the democratic congress and says the economy is going to fall apart and we have to do something the public won't like and we responded by enacting the tarp which will go down as the most unpopular successful thing the government did. even when we went by the way in doing financial reform, ben bernanke is the fed, hank paulson the treasury and the bob dole protege worked with us. much of the legislation that passed was their idea. even the legislation, it was bipartisan in that the bush officials who knew about the crisis worked with us even though all the fellow republicans voted no. >> hunt: it was dodd frank, of course, and complicated. in retrospect, can it be made less complex now? >> no, part of the problem is people said why is it so big? in the new deal they passed two bills in the securities industry, one bill dealing with banking, one bill dealing with housing. opinion had originally thought we would have seven or eight separate bills and chris dodd says, do you know what

when ben bernanke was testifying in congress he would say issue think we're having a little trouble in the subprime market but it doesn't look to me as though subprime market is really so large that we can't overcome that even if we had a large number of failure toes in that market. it was amazing he was saying these things to congress in 2007 when in fact fannie and freddie were on their way to insolvency, and the market was foul these very weak mortgages. he did not know that. so, if he didn't know that certainly the banks that split up into -- they're don't share information among themselves. they didn't know it either. and so i have a little bit of trouble with people who turn on the banks immediately and blame them for what happened in the financial crisis when it was so much the responsibility of the government. >> host: there's a widespread assumption from ben bernanke on down that house prices weren't going to decline. we'd never seen a generalized non flop home prices. turned out to be a great understatement. we saw declines of 30% to 40% in many areas of the country. but ther

former fed chairman bernanke said it was a choice he had between the savers and economy. essentially he is taking no responsibility for the low interest rates. when will the savers really be saving? when will they start accumulating money? we'll ask marty feldstein, former chairman of the council on economic advisors coming up. liz: are you ready for breakfast all day? mcdonald's says it will do it. it may serve breakfast all day nationally as it tries to ramp up sluggish sales. they're testing in one state now. with complaints of an overcrowded menu already, is this right move? we'll debate it. >> hi, can i help you? >> yes, i would like a ham and cheese omelette or fries. >> i'm sorry we stopped breakfast but we're on the lunch menu now. >> i want breakfast. >> well you can't have it. we're not serving it. ♪ edward jones. with nearly 7 million investors oh hey, neill, how are you? you'd expect us to have a highly skilled call center. kevin, neill holley's on line one. ok, great. and we do. it's how edward jones makes sense of investing. when the moment's spontaneous, wh

number four, ben bernanke. now he's going online. welcome, then.ting a book and will start blogging now. he will blog about economic and financial issues and addressed questions by readers. we get to see more about then. julie: it is pretty cool. i read his first blog. let me paraphrase. he says "don't blame us or county doesn't really say that, but he says it's the economy -- "don't blame us." he doesn't really say that, but he says is the economy that needs to justify an appropriate level. i'm sure he's is in him to lecture away, and i'm probably vastly oversimplifying. but he did defend the set -- defend the fed against some of its critics who have said that you have artificially inflated asset prices and or members of congress who have criticized the fed. it's an interesting piece. bob: i'm trying to become a guy is. then who? -- ben who? ben bernanke? betty: i like his comments about not being under the microscope by the fed watchers. bob: i think about alan greenspan though. yes primus lost all credibility -- he has pretty much lost all credi

it rose to that level of concern for ben bernanke.isors has the klein to comment on the report itself and we don't know. did they have good intelligence and analysis of what was happening, that remains to be seen. for members of congress, including jeb penciling and elizabeth warring -- elizabeth warren have asked for information. scarlet: peter cook, this was back in september of 2012. the leak happened in october of 2012. it's now 2015. why did it take so long? peter: the investigation happen right away. everything has been private. lawmakers are trying to shed light on what happened, and this is part of a larger effort to expose the fed to more scrutiny up on capitol hill. scarlet: coming up -- thinking big. the country's largest mobile operator wants to get larger and it's not likely to take no for an answer from a rival it wants to buy. ♪ scarlet: the number three mall operator in the united states has rejected a $16 billion hostile takeover bid from simon property group will stop the battle is just beginning. our next guest says

ben bernanke doing a blog now. okay?f the things i saw was that monetary policy 98% talk 2% action. maybe on normalization. how did they get a $4.5 trillion balance sheet without a lot of talk? >> a lot of action. i'm not sure the blog will be good to explain certain things. i read the blog. >> you think he's going to kick the tires? >> absolutely not. he can if you want to get an education like today, he give us an education. so for all those who we're not familiar with excelling in economics, it was a very interesting read. but you're not going to hear any criticism on the fed. >> another thing that has been coming up to the forefront is the notion that you brought up at the top. stability should be a key objective with central banks. but yet we've had stability with the downward trajectory to prices. there is no velocity. your thoughts. you've referenced that there's many ways to look at deflationary issues. can you tell us? >> good deflation, two good columns over the last couple days. very good talking about the dif

ben bernanke three times appointed to the office by bush. he was a good republican.hey come to the democratic congress and say the economy is about to fall apart and we have got to do something that the public is not going to like. we respond by helping them past the tarp which will go down in history as the most unpopular successful thing the government ever did. we worked with them very closely. when the bill came to the floor on the house, we get them many more votes than the republicans. even when we went to financial reform, and this is something that people do not focus on, ben bernanke at the fed and sheila bair, the bush appointee the bob dole protÉgÉ, worked with us. much of the legislation that was passed was their idea. even the legislation was bipartisan in that the bush officials who knew about the crisis worked with us, even though all of the republicans voted no. al: there is dodd-frank, of course. in retrospect, could it be made less complex? senator frank: no. part of the problem is why is it so big? in the new deal, they passed two bills. one dealin

the secretary of the treasury and bernanke try to make a distinction between aig and lehman brothers. not a very good distinction that they rescued aig and so many people in the market said these guys have no idea what they are doing. they are playing with our money. they are making all kinds of decisions and we are out here at sea not knowing at all what the government is going to do the day after tomorrow. that made the financial crisis much worse i believe. >> host: when you were called the segments in real time, covering it we remember in the summer of 2007 there were credit tensions and credit markets globally and we saw that develop into bear stearns in march of 2008 and of course the rescue of fannie and freddie in the summer of 2008 and lehman brothers the bankruptcy of lehman brothers in mid-2008 in a few days later the rescue of aig. one of the things that was occurring throughout this period and following in real time i remember even the officials who were involved, they couldn't get their head around what was actually happening in these financial institutions. .. >> >> la

ben bernanke hardly needs an introduction. of course the chair of the federal reserve from 2006 to 2014 around a member of the fed board of governors before that. he has made more important contributions to our understanding of macroeconomics, economic history and monetary policy than i have time to note here. i have always thought we were extremely lucky to have him where he was during the great recession. the other thing many of us appreciate about ben harks back to the old adage, if you really understand something you can explain it to anyone. ben has tried harder than many who sit in such influential positions to be extremely clear to avoid obfuscation and tell it like he sees it. i was one of many highly influenced by his important insights decade ago what he labeled global savings glut and impact on economies across the globe. you can imagine my excitement when ben graciously agreed to reflect on those dynamics today. please welcome fellow blogger ben bernanke. [applause] >> good morning. thank you, jared. thanks for the

no one -- or at least no one gives the fed as much credit as he does in terms of bernanke. calls them heros. they saved us from a liquidity trap. now my question was -- is that true? from qe they did that or 25 years ago or 20 years ago if either yellen or bernanke had been there, could someone have saved japan from 20 years? >> no. i think if i have a criticism, for all due respect -- who am i to criticize bernanke and yellen? the biggest problem i have you have given policy makers a free pass. at least drogmario dragi -- i would like to see a little bit more of that from chairman bernanke. >> as a result it put europe behind the curve. >> it's true but now you're getting all the countries. let's say eurozone japan. they desperately need structure changes, and in some ways i view i think chairman bernanke was exactly the right chairman at the right time by the same token, there are limits to what monetary policy. >> i know a little bit about your political -- what would you have wanted policy makers to do? number one the country elected president obama twice and also elect

-- or ben bernanke? gerardo: not necessarily.n by local politics so there have been a few scandals corruption that has been driving. olivia: 30 college kids went missing -- gerardo: exactly. so what you have in mexico is two realities. one is stricken by the structural reform agenda as good as it has been over the last 30 years, but at the same time, the cyclical dynamics and this scandal are generating concern at the social and the corporate level. that is not good for economic activity. tom: gerardo: thank you so much carl riccadonna as always, thank you so much with bloomberg intelligence. this report was on fire at 3:00 a.m. euro $1.0613, sterling was below $150 weaker british pound, and dollar index making history over the last 12 years ago, about $100. it is an defendant u.s. dollar, which means washington and the capital stand tall as well. we will have much more. there is washington on a perfect morning as well. we have much more for you, another hour of "bloomberg surveillance." stay with us. ♪ tom: the u.s. dollar reach

this is ben bernanke's blog. alan greenspan never had a blog, did he? that is a scary thought. [laughter] tom: it is the new technology and the new information's flow that we see. i wonder if janet yellen is plus plus on a former chairman having a blog. >> it is always good to hear the opinion of former officials. there is no shortage of opinion on this item. paul krugman scott sumner. tom: it is a raging debate. >> it makes us all smarter. brendan: let's stay with the blog for a second. we have been trying to figure of what forward guidance looks like. i wonder whether this is not just a different form of forward guidance. having the former fed chair explained the current fed chair is doing. >> clearly, in terms of the way they conduct policy, there is a lot of continuity between janet yellen and ben bernanke. tom: what did you learn on friday? brendan is already looking at his bracket for the weekend. there is a major speech by chair yellen. >> she told me she is going to go this year, most likely, and that thereafter, they are going to go -- tom: what are the implications fo

tom: ben bernanke spoke about it with his inflation speech in tokyo.s to tools for corona at the bank of japan for someone is, using a bully pulpit, saying, i have done this for waging creation -- for wage gains. the other is that you can do some programming with the companies to get them to do that. if a valid tool? -- is that a valid tool? rubber, i suppose so. it's a kind of moral leadership. corona has downplayed that. as someone who is in a position of authority who has a moral purpose something to do with fairness and equity for everyone, that is not in our models. brendan: should it? robert: i think it is underestimated. the power of a central bank chair is very much the power of -- you call it the bully pulpit. a get back to, what is goldman sachs about? what he says matters. olivia: we will discuss whether you are saving enough for retirement when we come back. ♪ tom: good morning, everyone. well, watching it carefully, a bit of a bounce, $42, $43. olivia: netanyahu is surviving a big election victory. the likud party capture the most seats in

. >> well we've been yelling so much about janet yellin do we even remember ben bernanke?heard from him in a while, but he spoke today at the brookings institute in washington d.c. when ben bernanke is speaking you better bet your bottom dollar that steve liesman is going to find him zoosh he has been on the speaking circuit talking for a fee, but not necessarily always publicly. very rarely sitting down for public interviews with the media. this time on tape and he was at a conference this morning at the brookings institute where he actually works and where he is completing his book due out in the fall and he was asked about this issue of a bill that would require the federal reserve to follow a monetary policy rule or formula. you can bet what he thought about that. if the fed is always taking actions like that and congress is pushing back and saying no you're violating the rule i think that is less direct of the fed, but i think it still is a way in which congress would exert undue influence of monetary policy. >> so the former fed chairman joins the current fed chair i

. >> former federal reserve board chairman ben bernanke is the keynote speaker today at an event hostedy the center on budget and policy priorities. it will include a discussion with economists about policies that can help restore and maintain full employment in u.s. labor markets. we'll have that live at 9:30 a.m. eastern here on c-span2. >>> now the supreme court oral argument on whether texas officials must issue a license plate with the confederate battle flag on it. in walker v. the texas division of the sons of confederate veterans the court is considering if the state can veto messages on specialty license plates or if that violates free speech rights. this is an hour. >> we'll hear argument first this morning in case 14144, john walker v. the texas division of the sons of confederate veterans. mr. keller? >> thank you mr. chief justice, and may it please the court messages on texas license plates are government speech. the state of texas etches its name onto each license plate and texas law gives the state sole control and final approval authority over everything that appears on

so bernanke and paulson telling us how much they needed 85 or 50 for this and we said you already told us about this they said this is additional. it owed 170 billion but from this site he was the founder of a i jesus so assuming the federal government to pay off the debt his company had occurred but this is the arsonist suing the fire department for water damage. [laughter] but to protect these loans after the fact they discovered they were against them because they needed to have regulation and a bloomberg said that. played the poor banks but then try to stop it. sheila bair was the fdic commissioner said let them try to stop it. also fit the may freddie mac i was too sanguine about fannie mae and freddie mac but by then in 2004 made me nervous then george bush since use of the increased the number of homes they bought below median income. by 2005 i joined the republican chairman to pass a bill in the house in the committee but it passed the senate republicans did not like it but i tried to work it out so the chairman of the of committee that nothing that happened with kidney or fred

the fed from bernanke to janet yellen has been saying what they are going to do.hat you can believe her, you can, you should. betty: i'm curious when you guys say something like this. they are using a public platform to tell the fed what? michael: what not to do. do not scare the markets. betty: what are they worried about? michael: losing a lot of money. betty: i get that. the chances are very small that the fed is going to -- michael: they want to keep them small. betty: maybe they are looking ever their shoulder. as stocks get ready to start trading, i want to bring in mike reagan. staying with the fed, you wrote a column saying patience with the fed is running out. you can hear that in the comments here. mike: they are getting pushed and pulled by two sides. people who think they have waited too long to raise rates and others calling them blockhead for considering it. it is a conundrum. from the stock markets perspective, i wonder -- the question is profit growth. we are looking at possible declines in profit at the index level for the first quarter, second an

in march of 2009 ben bernanke went on 60 minutes inside i think green shoots out there.ting nathan sheets you ran the international division of the fed, he said in the realm of green shoots, the forecast is like a small potted plants more vulnerable asparagus garden. hindsight is 2020. janet yellen thought they would be raising rates by 2012 the end. we're still waiting. san francisco fed chairman at the time. charlie plosser just for -- retired last sunday. obviously a get it wrong. they are in the middle of the hurricane. real-time constantly being updated. desperately trying to keep the banks from collapsing. you can cut some slack as to where they were and what they were saying in real time. >> do these transcripts tend as a whole to flush out things we are a new with more details or do they rewrite history? >> they do not rewrite history all that much. you get a better sense of how they were thinking about the problem, and what their thinking was when they came up with the programs that they did. >> our people as a whole less impressed? >> it has not been long enoug

if you could get $250,000 per speech like ben bernanke, you probably don't even need a mortgage. matt: princeton professors are not reliable credit risks. thank you so much for joining us. we really appreciate it. mike mckee, always a pleasure regardless of how you are doing in the bracket challenge. olivia: still to come, matt and i are just getting started. we will head down to lynchburg virginia. ted cruz has made it official. he is running for president. we will have live coverage. mark halperin and john heilemann will be anchoring coverage online. ♪ matt: time to bring you up-to-date on the top stories of the morning. sales of previously owned homes came up short for a second month in a row. sales were up one .2% in february but below in annual sales rate of 5 million homes. the real estate industry is struggling because of higher prices and a lack of inventory. the president of the cleveland fed says in interest-rate hike in june remains a possibility. she told the fed's removal of the word patients made to june -- patience made june a viable option. >> we are not on a pres

claims he was not aiming at the police officers but the prosecuting attorney is not convinced this bernanke is a demonstrator out there as part of the demonstration and has been out there on other occasions but it appears that was over at that point and that is when this came about. lou: to people are detained after plainclothes officers were shot yesterday in incident that was not random. the spokesperson for the department says'' mcrae now they believe there with a target'' they suffered minor injuries we are following this story throughout the hour. the federal government reaching $18.1 trillion debt ceiling today but before anyone in the administration nor republican party or democratic party gets to a hysterical perhaps we should keep perspective then leave the the debt ceiling as of friday and though of political rhetoric on both parties it will not default the only waiting exchanges for things to change at the polls. behalf to reach a national consensus. is worth attending on the part of republicans and a combat -- democrats. we will take delivery changes explanations again. is the w

tom: this is not in the textbook, it is not in for rosie it is not in able bernanke, how do companiesis? how do the banks react? guest: everyone is reacting and you are seeing a couple of important developments around this divergence. one of the most interesting ones relevant for fixed income investors is a slug of u.s. companies go over to europe and issue debt. olivia: coca-cola. guest: it makes sense because they are taking advantage of low level interest rates. that is one of many different kinds of iterations. tom: how does siemens plan? olivia: it is a brain trust in bavaria. a tight circle. guest: what tom is highlighting is a good point there are unintended consequences of the policy. each central bank pursues monetary policy. you don't target the currency it is not a policy lever but the currency of just what the policy is. this is an economy and global economies have to deal with currency uncertainty and currency volatility. that makes investing and hiring much harder and that is one of the undercurrents of this divergence. olivia: how does janet yellen react to this incredi

rick what do you think about ben bernanke's new hat as blogger? >> i'd rather talk about gdp. you know i think gdp is more like an ice cream cone. you know you get a takeout on a hot day, it looks great while you're driving home. but by the time you get there it didn't look like an ice cream cone anymore. that seems to be the level of growth for every quarter. but as the quarters wear on it always seems to lose a little steam. the fed missed an opportunity with the strong second and third quarters of last year to normalize a little bit. now they're trying to swim against the current. you know, if i look at europe one of the guests pointed it out, or maybe it was you, bill coming in today, they knew it was going to be an up day. every currency is weaker against the dollar. pretty much every sovereign market from the shanghai to the dax. a very digital world. why? what is the one common threat that unites all economies besides debt stimulus. china, when they do it they usually do it big. i think the dynamic in today's market is pretty clear. >> that's true. good point. china mak

in 2008 bush since his top economic people bernanke to the democratic congress. seven weeks before the election. jim and i had a great weekend planned. we were just enjoying dating and i had to call him up and say instead of dinner and they harbored day anniversary you get to sit in the capital for the weekend while we haggle about the t.a.r.p. program. we did get to watch rahm emanuel burst out of the meeting carrying a sack full of blackberries like wyatt. as we were sitting in a meeting people inside the meeting were blackberry and out what went on in the press. we sat with george bush seven weeks before the election and decided it was in terrible shape and where to fix a going forward that we have no option now so we passed something called the t.a.r.p. which i believe will go down in history as the most unpopular successful thing we ever did trade democrats vote for tanenhaus more than republicans to the give barack obama -- when john mccain refuses to. then obama becomes president. in other words 2008 there was bipartisanship. we had some things he wanted t

a charge that burns one ben bernanke, the former fed head blasting off in a blog that he won't take itre. thanks to those low rates, the economy is coming back so are the markets. so everybody shut the hell up. okay. he didn't really say that part. but he was very clear when it comes to this fed bashing. not so gentle ben has had enough of this. to katherine and david

in 2008 bush since his top economic people bernanke to the democratic congress. seven weeks before the election. jim and i had a great weekend planned. we were just enjoying dating and i had to call him up and say instead of dinner and they harbored day anniversary you get to sit in the capital for the weekend while we haggle about the t.a.r.p. program. we did get to watch rahm emanuel burst out of the meeting carrying a sack full of blackberries like wyatt. as we were sitting in a meeting people inside the meeting were blackberry and out what went on in the press. we sat with george bush seven weeks before the election and decided it was in terrible shape and where to fix a going forward that we have no option now so we passed something called the t.a.r.p. which i believe will go down in history as the most unpopular successful thing we ever did trade democrats vote for tanenhaus more than republicans to the give barack obama -- when john mccain refuses to. then obama becomes president. in other words 2008 there was bipartisanship. we had some things he wanted t

she's getting that bernanke/greenspan control over the fed.teve, you've been skeptical over the stocks. i think the fed talk has led to a lot of people missing this rally. is there anything fundamentally that says this market is too expensive. >> a couple things. retail is buying in at the worst time. finally main street says i've missed the whole thing. okay, now i'm in. at probably the worst possible time. also, when you talk about smart money, insider selling has accelerated dramatically recently. and i think that's important. when you have insiders. when you have executives of these companies that are trading at or near all-time highs and they're increasing the pace that they sell, you take that as a warning sign that all-time highs are great, often when they're yelling, we should be selling. charles: i hear you. matt, i take insider trading as a yellow flag not necessarily a red flag, per se. i sold and waited too long to get back in. having said that, we don't have cabdrivers playing the market yet. i don't know if we're at that frothy p

the front lines there in singapore all the merging markets around us that tamper tantrum when ben bernanke said he was going to tamper off the quantitative easing program. we saw huge reactions in the currencies in time all theguests have been saying that they're better prepared. they put reforms in place. if you take a look what happened to the emerging market currencies like the peso and the lira we've seen the reaction over the last 30 days or so. >> absolutely. and the u.s. collar as you've been saying has been rallying against all currencies. because the data continues to be so impressive and keeping rate rise expectations. that's why i was quite surprised by the settlement u.s. equities on friday. the data it was a better than people were expecting but it wasn't like a blow out. and rate rise expectations were -- and the comments to congress in june or september. they haven't really changed. i think it's more than just a rate rise expectations. i think it points to the fact we haven't had a major correction in u.s. equities since january. we're six years in the rally. we have to expe

bernanke adding a new talent. he promised to talk about baseball two.yone is all about those royals. martin home outlasting so-called political dynasties. >> the presidency of the united states is not a crown to be passed between two families. it is a sacred trust. melissa. now is dan. he gets extra rest time today because he made this comment. now it is everywhere. >> trying to topple hillary clinton. unless something really dramatic happens, i think that she will be the nominee. he did not name them explicitly. >> it is not really that realistic that he will topple hillary clinton. >> usually not a formula for getting that. he understands that the left, the democratic left really dislike hillary and bill clinton . unfortunately, for mr. o'malley, he raised so many state taxes and fees in maryland that he handed the state over to a republican who ran against those taxes and fees. martin o'malley is in a tough place. he is looking for the option to tap to the satisfaction of the left. melissa: talking about the fact that she is 90% sure that she will ru

david: on may 22, 2013, bernanke talks about tapering. we turn dollar bullish.ually, the big bowl comes and charges. now, the fed saying, we are raising rates. it is done. i'm leaving something on the table. i've had a great party. i'm leaving a bit early. you want to stay until 2:00 in the morning and say, i did what? that is what will happen to you. we are at the beginning of the end. it is not the time to turn bullish. most of the meat of the dollar bull run is down. jonathan: i'm the first one to break the charts. the chart that stood out to me is that when the fed hikes, we don't always see the dollar rally. i will ask you, are we going to see the same movie again? 1986 19 94, 1999 2004. david: as soon as the fed raises rates, dollar doesn't perform well. the move into the tightening is brilliant for the dollar, as it has been historically. this is no exception. history tells us once the fed pulls the trigger, we are done. they are basically telling us they are going to raise rates. we are going to raise rates if we drop this word -- they are spoon feeding

fed did not tell us they raise rates looking at the open market after the meeting is over for the bernanked have a press conference and start talking. this is not apples to apples but yellen has a long runway. presented go down 55% it is a very different reactions. >>. >> with the average gain of 21%. >> but the moral love the story is -- of the story is you will, no better if you ride it out. >> we appreciate you bring your expertise. >> but after taking many rise from main street there are no limits and there will hurt your wallet. ♪ at ally bank no branches equals great rates. it's a fact. kind of like mute buttons equal danger. ...that sound good? not being on this phone call sounds good. it's not muted. was that you jason? it was geoffrey! it was jason. it could've been brenda. there's nothing more romantic than a spontaneous moment. so why pause to take a pill? and why stop what you're doing to find a bathroom? with cialis for daily use, you don't have to plan around either. it's the only daily tablet approved to treat erectile dysfunction so you can be ready anytime the moment is ri

. >> this is janet yellen's opportunity to show this is not the bernanke fed. there will now be a turn. melissa: we all agree they do not have any excuse to keep rates lower any longer, right? can't we agree on that? >> no. melissa: keep them lower? they have an excuse for that? no, they don't. >> i don't have my mind made up on this but i have been reading liberal commentary. melissa: why? >> john cassidy from the new yorker. i read "new york times" editorial on rates the other day. our good friend, steve moore, who is not a liberal, when you talk to people like that basically saying this. there is no inflation in the economy. there is no, you have global competition on wages. we don't have this is not the 1980s or 1970s where we worry about prices going through the roof. melissa: there is equity bubble. >> we have wage, we have wage deflation in many parts of the economy. we also have fracking which is lowering cost of oil. there is no inflation here. why raise rates now in this environment without a noticeable market bubble? melissa: there is equity bubble.

former fed chairman bernanke, he's talking about, this is the new normal. low rates.his is not an aberration. this is here to stay. to allen's point, if you like the way markets are performing right now in the current backdrop, expect it to stay. even a rate group will be benign. we're in a low rate environment. >> real quick, jim. data dependent, what data? >> two-fold. >> what's the most important thing, jobs, houses, wages? >> this week, it's jobs. then the absolute number. then quickly look at the wages. those are the two most things. more people getting employed. even if wages aren't going up as much as we like, they are going up. matt talked about this. >> matt, to your point it doesn't matter if households are feeling great, two part-time jobs. you think the rally will continue. matt: it's mediocre, but mediocre is what the stock market wants right now. two to 2.5% gdp growth. housing was fantastic. wages aren't going up. every good economic number at you, i can throw one bad. we go back to the middle. the fed is hawkish and doveish. they do nothing even they r

here is what ben bernanke had to say.video clip] ben bernanke: the real interest rate is what you actually need. the fed can get the interest rate down to minus two if they have an inflation target. that is a little bit strong. most economists would argue that negative real interest rates there are got to be things that are productive ultimately, at least in a normal growing economy. when i was on the panel when larry first introduced this point about stagnation, i reminded him about what his uncle, paul samuelson, taught us in graduate school. he argued that religious rate could not be below zero -- real interest rates could not be below zero because in that world it would be popular to knock down the rocky mountains just to save the gafs to drive the great. please don't take that literally. but interest rates of -2%, it's questionable whether that is true. and if you think about the fact that investment is not just facebook. it involves housing and office buildings and consumer durables and many other types of long-live

there was option a and option b, and bernanke said you know what let's do them both. >> go big or go home. >> there was agreement around the table. one other thing, they were all doves in the fox hole. people who would later emerge as hawks, jeff -- they were all in agreement that the fed needed to act big. >> i think the fear was palpable at that time. >> you and i remember it. as all of us did. >> dominik now, market flash. hi, dom. >> hey, tyler. we're watching shares of lumber liquidators. the stock is dropping sharply now. now down about 9% 10% so far today. the stock turned negative shortly after senator bill nelson, a democrat of florida and the ranking member of the senate commerce committee released a statement urging the federal government and its agencies to investigate lumber liquidators. of course, this all follows the $60 minutes" report that questioned the health and safety of some of the company's products and levels of -- the stock has fallen 40% since that report. senator nelson's call mandy, interesting here we pretty much should have expected some of these calls t

bernanke said we're going to be clear, we don't want markets to be surprised. what do we have?g, back to the same problem all over again. >> deliberately. >> i think it is deliberate. they like this ambiguity. they don't want to give it up because they can't be accountable or blamed if you have these gyrations. >> i argue slightly different. when they were easing monetary policy they wanted people to believe they would ease for a very, very long time. always the logical conclusion tightening monetary policy you don't want to project you'll be tighter and tighter because that's a monetary tightening. >> exactly. to be explicit would mean the markets would move and there's no point in waiting. i think the fixation on is the raise in june in september? kind of missing the point. when yellen said we're not going to be impatient, what she was really saying was, even though we're taking the word out, we are going to be patient and we're going to be really slow. so really does it make that much difference if it's june or september? talking three months no in the scheme of things it do