coming up, we'll hear from former fed chair ben bernanke and new york times columnist and author paul krugman. >> thank you all for continuing the conversation. it's almost hard to believe there's anything left to say after those panels. so i was going to propose that we do this whole thing in rap -- or maybe in finnish, but i thought that was a little unfair given that i haven't given the panel advanced warning of that. >> that's right. >> also, you wouldn't want to hear me. so i am joined here by olivia blanchard formerly of the international monetary fund and m.i.t. loretta midwe loretta mester, and ben bernanke, and our colleague gary brookings and paul krugman, the economist at the university of new york. columnist for "the new york times," krugman is the guy that makes all journalists nervous because he seems to be more productive than the rest of us and that's kind of frightening given that he does all of these other things on the side, but we can discuss that later. so i wanted to start by asking each of the panelists a bit of what they took away from the conversation we had t

the goal is protecting the peso it tumbles sharply in august we're now president-elect bernanke deadbeat president mockery in the primaries fears over a ruling center left government prompted people to sell off their pesos tremendous address those concerns election night that is where to go we are of course going to work together as closely as possible. because the only thing that will concern us is stopping the suffering of argentinians once and for all but the morning after brings mixed reactions. that the truth is that i am very happy with the change. we didn't want the government to stay in office and we hope that things change a bit because it has been really hot. not everyone is happy. or sad but it seems to me it's ended up more like a football match than something political for lots of people and that seems really horrible to me it's not the way to vote well that's my way of looking at it. it's all an open question because they still haven't said anything they haven't proposed any policies because moving forward top monday's agenda with the presidential rivals working to calm mar

former federal reserve shares janet yellen and ben bernanke talk about inflation on monetary policy. that is 9:45 a.m. eastern. ♪ >> the black hills of south dakota are a sacred area. >> the black hills i believe at one time or another there is a piece of the rest of the world here somewhere. >> we are in the epicenter of sometimes testy relations between the native and non-native inhabitants. >> this weekend the c-span cities tour tour takes you to rapid city, south dakota. we will see the collection of life-sized statues of every american president and visit the journey is he aware the complex history is told. >> looking at the custer expedition, the big take away is that is the game changer. situated in the western part of the state, we will go to the black hills national forest to see not rushmore. -- mount rushmore. we will visit the crazy horse memorial and other places that we explore the life of the lakota war leader and the contentious history of the lands. this saturday noon eastern on "book tv" and sunday 2:00 p.m. on american history tv as the c-span cities tour tour take

on c-span3, former federal reserve shares janet yellen and ben bernanke talk about impact of inflation on monetary policy. that is 9:45 a.m. eastern. >> saturday at 2:30 p.m. eastern on american history tv, winston lord, author of "kissinger on kissinger" on president nixon's relationship with his former secretary of state, henry kissinger. >> was a very able national security advisor. >> at 10:00 -- they prepared to search for oil. >> on real america, the 1948 venture" on the saudi arabia and oil industry. saturday at 6:00 p.m. eastern, we will preview the boats for women exhibit at the smithsonian's national portrait gallery. >> she was well ahead of her time. she started her own business as a wall street banker. sex outside ofor marriage laws. >> author sophia rosenfeld discusses her book "democracy and truth, a short history" one person, sector, priest, national research body would get to call the shots. >> explore our nations passed on american history tv every weekend on c-span3. past on american history tv with every weekend on c-span3. >> nancy pelosi and adam schiff held a new

when bernanke put out the targets for what he would do with rates, the target was 2% inflation, trending 6.5% unemployment. 3.7%. extraordinary. supplies -- surprise that there is now starting to be wage pressure. i'm hearing from other clients that they are having pressure filling jobs. again, i come back to immigration is a big part of this. you have to keep the pipes moving. >> if the costs are going up in terms of labor, are the able to pass those on to consumers, are they able to absorb that margin compression? >> earnings have been solid. companies, what is going on in the retail sector with what amazon has done to transform that sort her, there have been certain parts of the industry that have been affected. the corporate earnings remain solid in this country. >> let's turn to regulation. there is a perception globally that somehow this administration has deregulated the financial services industry. are you being deregulated, do you see it? >> no. regulators take a victory lap. the lack ofid fix capital liquidity, resolution ability in some areas. lehman brothers is an example. it

but then ben bernanke asked a good question. global vaebls matter for c the i which one and how much did they matter that much for the u.s. basically. >> i have an answer for the question now so you won't ask me in five minutes. so what i didcy took the models and i -- i estimated -- used the estimated coefficients plugged in actual sfraeshls for the u.s. and then estimated how a impact the global variables had on cpi inflation por the u.s. and this is what you find. let's start with some of the puzzles we have been talking about today. during the period sort of immediately during and after the global financial crisis u.s. inflation was higher than many people had expected. what drove up u.s. inflation during that period? you see at least from sore of 2010 on the exchange rate propped up inflation by a bit about 0.1. oil prices and commodity prices that were important in the sort of 2009-2010, 2011 in boosting inflation up during that period. global value chains by contracting weren't drging down on inflation as much as before.

growth industries in the world right now and we also forgot bernard are not if this were global let's bernanke is still number 2 globally is on the world's richest investor list. that's it by this time you can catch by must on directv channel 321 dish network out to 80 or streaming 247 on planet t.v. the t.v. ads help you send me 9 or you can always hang out with us on you tube dot com slash will most start to see you next time. around until follow on that comes out of. the set of one of monk one of them. a fondness for the main t.v. . not the high. of this month when the photo of the sun shone. on the photo to the north near me a lot of the. then that it is someone who did the board. why a paradise with so much ground turned into a round the experimentation field but i grew cultural chemicals we know that these chemicals have consequences they are major irritants there's no question otherwise why would the chemical company workers themselves be geared up that suited up locals attempt to combat the on regulated experiments that often in day you have many of these people one foot into the biote

look at libel laws and the media hosted by the ,eritage foundation on c-span3 janet yellen and ben bernanke discussed the impact of legislation on monetary policy at 9:45 a.m.. c-span's washington journal, live every day with news and policy issues that impact you. coming up thursday morning, and veteran political reporter talk about their biographies on vice president mike pence. and mark sanford discusses his 2020 republican primary challenge president trump. watch c-span's washington thursday morning. during the discussion. speaker nancy pelosi and intelligence chair adam schiff held a news conference one week after formally launching an impeachment inquiry. they discussed the committee's work which largely focused on the president's call to the ukrainian president. this is 30 minutes.

and on c-span 3, former federal reserve chair janet yellen and ben bernanke discuss the impact of inflation on monetary policy. .hat is at 9:45 a.m. eastern morning onhis "washington journal," at 8:00 political reporter tom lobianco talks about his biography on vice president mike pence. at

former fed chairs like ben bernanke and janet yellen offer monetary policy analysis. this memorandum of central bankers in europe, the main has been not there potential deflation. i do not number it -- i do not remember it. there was a clearer threat of deflationary spiral in the end of 2015, 2014. for instance, european economies weren't about that. -- warned about that. they took up and expanded asset purchase program to contain this deflationary spiral. successful inas the sense that it restored financial conditions in europe and supported growth, helped us avoid a deflationary spiral. decision,ent policy what does it actually mean for policy? does it become less effective? on theas some effect policy impact because communication and guidance is such an important part of monetary policy these days. at the same time, there are asferent views and different regards the economic outlook. myself am a product of democratic custom and football teams. i value communication. united, you tend to win games. >> mario draghi is not listening to advice from the committee. what d

perhaps but, remember, people who didn't know about bernanke was much smaller because bernanke was muchis he's right on par with yellen who was 18/18. it's about 1/3 or 40% of the public are in tune now i will tell you this, our pollsters are very surprised this issue on the fed is not resonating with the president's ba base i'll give you numbers here on immigration republicans support the president 80/15. on the fed issue they support the president 42/34. so half as many republicans support the president on the fed as support him on immigration and border security. his base is not with him his base is net negative on the fed issue. so the pollsters are sort of like, i'm not quite sure what he's getting out of this i mean, maybe he's getting lower rates. maybe we're going to debate that right now, but it's a curious issue where republicans are staunchly behind the president on almost every other issue, on overall approval, not on the issue of the fed. >> okay. >>> let's continue this conversation steve, stay right here where you are. for more on president trump but taking on the fed, da

. >>> former federal reserve chairs janet yellen and ben bernanke, among others, discussed the impact of inflation on monetary policy. during this portion of the event, the focus of the discussion was on the role technology and globalization play in dictating the economy. the brookings institution is the host of this forum. >>> good morning. my name is glen hutchins.

. >> hold on here comes ben bernanke with a helicopter of money.hat's the last, most fun investment that you've made then >> well, there's been two situations in the health care business allegan which manufacturers lenses and so on it's being bought by a health company. there's still a good 7 or 8% in terms of a margin close up if and when they close the merger three or four months from now. i like that and it's moving fast we're making some good money >> i remember a few years ago you had a similar trade on linkedin with microsoft that went well. u.s. recession next 12 months? >> no but getting down there we're down to 1.5% in my view. the thing is that fiscal stimulus that we've had with the trillion dollar deficit and the tax cuts and so on, it's my way of thinking they are played out. you need another trillion. not just the same trillion but another trillion to do the same type of magic. >> will we do the trillion >> not in the next year and a half not with the democratic congress depends on who will be elected we'll do another trillion for sur

highlighted areas from cloverdale pb heelds bernanke, cal stog an, forest knolls. looking at the day brilliant sunday with 80s inland, 70s at the beaches. amanda. >> thanks, lisa. >>> developing news now. pg&e is warning zrenlts of foothills and north by about power shut office because of that warm and windy conditions that lisa was speaking about, that's happening this weekend. and in new alert, the utility says it may turn off power later today to more than 12,000 customers in beauty, plumb as and yuba counties pg&e says it's monitoring weather in op process nevada, playser, tehama and yolo and napa. it's encouraging residents to sign up for alerts on pg&e website. efrmts also developing rescue crews called off a search for a woman who disappeared into the ocean off san francisco. firefighters were called around 8:00 last night near mile rock beach. officials say a group of three friends went down to the beach to hang out. one decided to jump into the water to swim. according to the friend the 24-year-old fought the current but the tide pulled her in and they los

bern bernanke asked me a good question. global wages matter for inflation. how much and do they really matter for the u.s. basically. i have an answer for your question now so you won't ask me in five minutes. what i did is i took these models and used the estimated co-efficients and plugged in the actual variables for the u.s. and estimated how big an impact these global variables had on cpi inflation for the u.s. this is what you find. let's start with some of this puzzles we've been talking about today. during the period immediately during and after the global financial crisis, u.s. inflation was higher than many people expected. what drove up u.s. inflation for that period? from 2010 on, the change rate propped up inflation by .1. oil prices and commodity prices were important in 2009, 2010, 2011 boosting up inflation during that period. global value chains by contracting weren't dragging down on inflation as much as before. that's part of the explanation why inflation was a bit stronger during the crisis. the biggest results come in for the period after

chairsan3, former fed janet yellen and ben bernanke. the house will be in order. >> for 40 years c-span has been providing america unfiltered coverage of congress, the white house, the supreme court and public policy events from washington, d.c. and around the country, so you can make up your own mind. created by cable in 1979. c-span is brought to you by your local cable or satellite provider. c-span. your unfiltered view of government. >> earlier today secretary of , state mike pompeo held a joint news conference in rome with italy's foreign minister. he was asked about the call between president trump and the ukrainian president, and also commented on the handling of the impeachment inquiry by house democrats. iry by house democrats.

is it a ben bernanke idea of trying to get average prices up.ink you are seeing different camps in the fed who have their own working assumptions, and they have not come together on an agreed approach. alix: jamie dimon has suggestions for the fed and what they can do. this was on the earnings call this week, jamie dimon was saying they had money to go in and help the repo market but they cannot deploy it. they would've been happy to do it. the idea is it is your mark -- the idea is it is your fault. it is the regulation that prevents them from going into the market and regulating. daniel: the banks were quick to identify regulation as the problem. different banks and bank lobbyists identify different regulations. there was not a totally cohesive position. a few of them do not seem to hold much water. jamie dimon mention something in the earnings call that does bear looking at. that is the expectation for liquidity around the resolution plans. i would say i have always had a little bit of a concern about the post liquidity regulation generally.

you technology, big savings rates because we're all getting older and there's a savings front ben bernankeo is a high yield, three is bone crushing we won't see four or five unless there's real problems in the world and that's why i said if you're waiting for four or five you won't like it if the circumstances will cause that to happen stock markets will have a real problem on their hands should that ever happen >> should you be waiting for one on the ten year? is that a more realistic assumption >> one maybe less than one. no reason to think those yields will go up they will ebb and flow but the trend has been unmistakably down. we're just ten basis points away from the lows we saw in august the two year note made a new low today. it's the world we live in right now. no inflation there's an excess demand of savings. and yields will continue to trends lower thank god they are not negative like they have in europe >> mike, once again russell 2000 small caps underformed today what does that tell us >> brief respite yesterday they outperformed in a down market same story not best position com

bernanke more had an opinion because he was in the news back in the financial crisis, but they had morethey did a positive one. so it's not resonating throughout, carl, in the base when it comes to all these tweets by the president about the federal reserve. but to the extent that the americans are paying attention, they are supporting the fed independence and not presidential influence on monetary policy. carl >> steve, you might have seen goldman's piece out today, analyzing whether the president's tweets affect a fed funds future expectations and say only weak evidence when he actually bashes the fed, but when he talks about trade, specifically, that's when the impact comes on fed funds. >> yeah. i mean that's -- it's trade that leads the market which leads the bond market and the fed funds futures markets. i don't know we can figure out in any paper the extent to which the consistent barrage of tweets on the federal reserve gets inside a policy maker's head they try to keep politics out of it, but i think it's got to be very hard. >> steve, good stuff steve leasemans, thanks, back a

. >> steve -- i mean, bernanke was great.uote i really don't see a big bubble in housing in '07. >> right >> we always have to be humble about these things because stuff comes out of nowhere sometimes that surprise you and starts a contagion of some kind that no one could possibly predict you know, playing the odds, so to speak, i think the committee is pretty comfortable with the financial stability or instability question at the moment >> steve, go ahead >> i thought, joe, that powell engineered that change yesterday pretty well. i think the market was priced for it, and that's different from the prior times he's sort of spoken his mind about wanting to be limited and measured in rate cuts, and even change in policy the market was priced differently. he went into that meeting yesterday like going into, i don't know, a room of friendly people rather than a hostile room, joe, which maybe you know something about. i don't know and people were ready for that change yesterday and he did it in a sort of two-handed interesting way

and on c-span 3, former federal reserve chair janet yellen and ben bernanke discuss the impact of inflation on monetary policy. .hat is at 9:45 a.m. eastern morning onhis "washington journal," at 8:00 political reporter tom lobianco talks about his biography on vice president mike pence. at the biography of vice president mike pence and then mark sanford discusses his 2020 primary challenge to president trump. we will take your calls and you can join the conversation on facebook and twitter. "washington journal" is next. ♪ host: the congressional point person on the impeachment of president is california representative adam schiff, the chair of the house intelligence committee, which is leading the inquiry. house republican leadership has stepped up criticism of congressman schiff, some calling for his resignation. it is "washington journal" for thursday, october 3, 2019. we are going to ask how confident are you in congressman schiff's ability to lead the impeachment inquiry? .epublicans, 202-748-8001 democrats, 202-748-8000. independents and all others, 202-748-8002. you can text us your

. >> what's happened is bernanke correctly understood the economy was going down the toilet.we had to get wealth up because there's a so called pergo effect where 5% change in wealth will work into consumption. get the stock market up to get wealth up. there he is a disproportionate ownership of the stocks. they got that back by creating a negative interest rate so the savers were not getting a real return in their savings. now they're trying to get a second bite of the appleby basically wealth taxes and be things like that, okay it's unnatural it's unnatural and i think it's creating an environment where they're having people moving out on the risk curve and borrowing from the future. we have a budget deficit today when the economy is reasonably fully employed that's not the way it goes we should be budget neutral, budget surplus >> reporter: i'm not going to sit here, leon, and disagree with you on these rate cuts. i was a guy whothought the fed ought to have stopped at 2.5% and i would have loved to have gotten them to 3 to have a lot of ammunition for an actual recession

ben bernanke a heart blockage, surgery, he is doing okay. we wish him well.oints for the dow. that is 1.8%. nasdaq down 130 points. 1.6%. we're watching hong kong. watching market. more "varney" after this. ♪ that's why xfinity mobile lets you design your own data. you can share 1, 3, or 10 gigs of data between lines, mix in lines of unlimited, and switch it up at any time. all with millions of secure wifi hotspots and the best lte everywhere else. it's a different kind of wireless network, designed to save you money. switch and save up to $400 a year on your wireless bill. plus, get $250 back when you buy an eligible phone. that's simple. easy. awesome. call, click, or visit a store today. stuart: it is a selloff. ladies and gentlemen, it's a big selloff. right now we're down 453 points. that is the dow industrials. s&p down 25 points. 1 1/2%. the s&p is down 48 points. that is a big loss any way you slice it. what are the factors here? point number one, we had some very bad news on manufacturing 24 hours ago. that started the selloff. now the question is, w

elizabeth warren is at 19, ben bernanke at -- bernie sanders is 19. >> in the poll, fund raising in threellowing nancy pelosi's impeachment announcement. 213,000 new small donors. joe biden is going down. his fund raise something signifying that. steve: party elders regard him as the most electable. because he does not have the far left policies of elizabeth warren or bernie sanders? >> regard him as electable. gaffe-prone joe biden he has issues with hunter biden. we saw yesterday his lynching comment. he continually steps in it. gaffe after gaffe, after gaffe. brian: barack obama is not left enough for this group of democratic nominees. >> he is not far left enough. joe biden embraced the new green deal, embraced health care illegal immigrants. he having to leave obama. brian: michelle obama, hillary clinton, michael bloomberg, does any of these worry are the trump camp. >> we love hillary clinton to get in. ainsley: no way the democratic party would support that. you know her from the hit show "the pioneer woman," bree is here to teach us new recipes out of her new cookbook. >> tell us