dr. greenspan after the historic decision yesterday by the federal reserve. alan greenspan needs no introduction. was federal reserve chair from '87 to 2006. he served under four presidents. he was the 1983 panel that reformed social security. i think we'll be talking a little bit entitlements this morning. also was the economic advisor to president ford and made a very, very important decision sometime in the early '60s, i think not to be a professional jazz my second quarter shun. to be a professional economist. was that the '50s, alan? >> hate to tell you when that was. '45. >> '45. i was giving you benefit of the doubt there, young man. >> you were also factually inaccurate. [laughter] >> alan i want to turn immediately to the news yesterday. i know you have some reluctance to talk about the fed comment on their current policy, but if you would, give me your reaction to the market reaction. the market seemed to rally on this news. why do you think that was? >> well, remember this particular move was targeted way in advance and the market had adjusted to it

dr. greenspan historic decision yesterday. alan greenspan needs no introduction, was the federal reserve chair from 1987-2006. he served under four presidents, was on the 1983 panel that reformed social security. i think we'll talk a little bit about entitlements this morning. also was the economic adviser to president ford and made a very, very important decision sometime in the early 1960's i think not to be a professional jazz musician. was that the 1950's, alan? >> i hate to tell you when that was. 1945. >> i was giving you the benefit of the doubt there, young man. >> you also were factually inaccurate. [laughter] >> alan, i want to turn immediately to the news from yesterday. i know you have some reluctance to talk about the fed comment on the current policy but if , give me your reaction to the market reaction. the market seemed to rally on this news. why do you think that was? >> well, remember that this particular move was targeted way in advance, and the market had adjusted to it. the only question that was out there

dr. greenspan after the historic decision yesterday.alan greenspan needs no introduction, was the federal reserve chair from 1987-2006. he served under four presidents, was on the 1983 panel that reformed social security. i think we'll talk a little bit about entitlements this morning. also was the economic adviser to president ford and made a very, very important decision sometime in the early 1960's i think not to be a professional jazz musician. was that the 1950's, alan? >> i hate to tell you when that was. 1945. >> i was giving you the benefit of the doubt there, young man. >> you also were factually inaccurate. [laughter] >> alan, i want to turn immediately to the news from yesterday. i know you have some reluctance to talk about the fed comment on the current policy but if you would, give me your reaction

mike who gets his haircut at supercuts and doesn't wear shoes knows more than alan greenspan? >> dr. mike, yes, he does. i'med off, american people getting screwed by the big banks. >> i'm getting madder and marred and this guy walks into my office and said -- >> there is some shady stuff going down. >> a lot of banks are having a big old party. a few outsiders saw what no one else could. >> the whole world economy might collapse. >> i'm sure the world's banks have more incentive than greed. >> you're wrong. no one's paying attention. the banks got greedy, and we can profit off their stupidity. >> you want to bet against the banks is this. >> i think we're either high or having a stroke. >> fraud is never going to work. eventually things go south. when the hell did we forget all that? >> how can the banks let this happened? >> fueled by stupidity. that's not stupidity, that's fraud. >> tell me the difference between stupid and illegal and i'll have my wife's brother arrested. (laughter) >> do you have any idea what you just did? you just bet against the american economy. >> if you'r

guy who gets his hair cut at super cuts and doesn't wear shoes knows more than allen greenspan and hank paulson. >> dr. mike bury. yes, he does. >> stephen: please welcome, adam mckay. ( cheers and applause ) >> wow. i can't believe that's your ah! how are you? >> i'm good. >> stephen: you look good. >> can we kind of ignore them and have some intimate here-- >> stephen: let's talk for a second. >> how are you? >> stephen: i'm all right, i'm all right. >> life is crazy though sometimes. i feel like what is this all about? they're getting really uncomfortable right now. >> stephen: i don't know who you're talking about. ( laughter applause ) ( cheers ) >> we got applause for that. >> stephen: a change is as good a holiday, my friend. thank you for being here. >> my pleasure. i haven't done a lot of talk shows. i'm a director, can i smoke? how does that work. >> stephen: legally you can. >> all right, cool. it's marijuana. pot? >> no, i do not. >> stephen: i was just curious because we could make a little news right here. >> i'm a mormon. >> stephen: really. >> yeah, yeah. >> stephen: good for you. >> i

people had to understand >> alan greenspan and you once described the federal reserve chairman' s job as being under house arrest with nice jailers. is the job suffocating? dr. bernanke: we do have security, which means you can' t go walking by yourself and take the subway, things like that. i tried to keep myself attuned. >> one of the things we do at the end of the show is play word association. >> the 2016 election. dr. bernanke: i' m watching it with some interest. right now it doesn' t seem we are too far along. >> your favorite president? dr. bernanke: lincoln, by far. talk about courage to act. a man who, despite tremendous opposition, did what he thought was the right thing to do. in the end, he had a tremendous impact on the country. quote on your desk. dr. bernanke: something like, i' m going to do the best i can. if i spent all the time necessary to answer my critics, i wouldn' t have time for other business. >> not only the courage to act, but to put the blinders on. dr. bernanke: i thought the best thing was to do the right thing, because in the long run, people would understand. >> favorite meal? dr. bernanke: probably cheeseburger and fries.