dr. taylor, what side you come down on? do we have more improvisation, or as chairman bernanke said, current our guidance is taylor rule like? >> well, the current forward guidance and forward guidance that has been used thus far has a problem as it keeps changing. originally it was somewhat vague. in fact, it began really 2003, 2004, 2005 with a doctorate measurable pace for a long period as forward guidance. and then the more recent period there was a fixed date like 2012. then there was unemployment rate, 6.5. now kind of, a little bit more than 6.5, we will have to wait longer. so i think the problem with this has been the changes in fourth. it is hard to do forward guidance. i think anyone recognizes that, even the people who support it recognize that. what you've seen here and i think demonstrated a candidate is a moving concept. it's not a rule in the sense you stick to it. best you can. you always have to change and adapt, but this would seem to me particularly erratic, if you like. >> the time i have remaining, dr.

dr. taylor you are now recognized. >> thank you mr. chairman, thank you for inviting me to this hearing. i would like to use my opening remarks to refer back to my set of questions that have to do with the policy rules and formulating of monetary policy. it seems to me that the case could be made that monetary policy could be far better had it's been made on a set of policy rules. if policy moved in that direction we more quickly move to a more sustainable higher growth rate. there continues to be interested in what you refer to as the taylor rule. based on the research of many people over many years not just me. when the fed has followed you'lls close you'll s -- rules close to that performance has been very good. one where the performance of the u.s. economy was extraordinarily good and that was a period when the fed pretty closely to these rules. i think performance could have been much better. if during 2003, 2004, and 2005 the fed had followed a rule like this, we would not have had the excess risk taking and not have had as much

dr. susan taylor, it's the first and only skincare line formulated by a woman of color specifically for the >> brown skin is unique, not just in tone, but in its very makeup, with far more melanin production than lighter skin, that can spread throughout the tissue layers, causing dark marks, uneven skin tone and hyperpigmentation. >> i've been struggling with my skin for 25 years, and so to find rx for brown skin makes me

dr. james taylor says even though the lunch may have been well-intentioned he can see why some students and teachers would be offended. >> chicken, watermelon, greens, the stereo types of black southern culture, come from the same place the "n" word comes from. not like this food represents a heroic moment in african american experience. it represents the stereo typing of african americans. >> reporter: i also talked to several students off camera, and they tell me that the principal talked to members of the black student union here, and they say that they would just like them to take the watermelon off the menu and the principal agreed. i also talked to parents off camera, and they are hoping this will become a teachable moment for everyone involved. reporting live in concord, i'm cheryl hurd, nbc bay area news. >>> a local teacher arrested at a well-known park in mountain view, tonight in the santa collar ray county jail attempting to have sex with a minor. kris sanchez is at mountain view's park with this undercover sting, kris? >> reporter: that teacher was arrested after trying to meet

dr. john taylor. >> absolutely. >> a great friend of ours and of the show. this is out of his playbook.basically used the taylor rule as you noted for 20 years. it worked out pretty darn good. it's hard for me. look, i know she's a very, very smart professional columnist. we're five years after the financial meltdown. so at what point does unconventional get thrown out the window. taylor's rule would have put the funds rate at target one and a quarter percent now. >> i thought it was one and a half. >> i could be wrong. >> i don't know. it's disappointing larry. you know, you fear that undiscretionary power among the federal reserve, the public deserves to know what is the formula? what are the variables? how are the variables weighed so they can make decisions? it casts so much uncertainty. we know that this quantitative easing is so artificial. you know, it's kind of like walking a tight rope. fire on one side, ice on the other. chances of keeping on the tight rope and making it to the other side without damage to the economy is not good. we hope as we carry hearings on in the house f

dr. charles drew, who helped create the modern blood bank, and jazz great billy taylor. >> i'm looking right in front of me. there's a civil rights attorney, there is a chief judge, there is a congressman, there is an artist. >> right. >> that's a lot to live up to. >> reporter: principal steven jackson hopes every one of his more than 600 students will live up to the legacy of these alumni and help restore dunbar's reputation as an academic powerhouse. >> things really changed at dunbar with desegregation. >> absolutely. >> was that good or bad for dunbar? >> unfortunately, it was not good for dunbar. dunbar became a neighborhood school. when it became a neighborhood school, they were not able to select students from different areas of the city. >> reporter: in 1950, 80% of dunbar graduates went on to college. yet, by 2012, just 29% of its students were considered proficient in reading. in the years to come, the school became a tough place to learn, described by students as dark and depressing. still, the dunbar name meant something. senior class president milante patterson says dunbar put

dr. yellen speaks, a group of fed critics is going to testify. one of them is john taylor, a stanford economics professor and former treasury official. he has been critical of the intervention. he is known for the taylor rule which states for each one percent increase in inflation, central banks should raise the nominal interest rate i more than one percentage point. this came up during questioning. >> and reference to the taylor rule, you said it is what sensible central banks do. ,hat begs the question today using your words, are you a sensible central banker? if not, when will you become one? >> i believe i am a sensible central banker. these are very unusual times in which monetary policy, for quite a long time, has not even been able to do what a rule like the taylor rule would have prescribed. for several years, that rule would have prescribed that the federal funds rate should be in negative territory, which is impossible. >> unusual times indeed. john taylor's written testimony says discretionary economic and spending policies are to blame for the u.s. recovery bei

taylor branch series on martin luther king. and even though it was about the civil rights issue and that is its particular issue, it's sort of completely opened my eyes, because dr. king started -- talking about this idea that it was not a crime to be punished to be a racist. it was not a crime. it was a sickness to be healed here when i read that, i started inking about my own self and i was like, you know what? i am not a terrible guy. a lot of people just wall street. and that is not how i felt. but i do think i had a sickness. and that sickness left me sort of trying to accumulate more money. and i just suddenly saw that i was a part of the system that really created to america's am a right? this upper class america. and at the bottom, this america that is just struggling to get by. i guess i just saw that like, what was true about civil rights, i sort of believe is ofue about the sort of 1% inequality. there is a spiritual sickness i did not want to dissipate in anymore. -- participate in anymore. tavis: i am working on a book now about specifically the last year of king's life. 1967, with the most controversial speech of his life where he comes out against