you won't have a perfectly steady economy, but a much stabler economy. i don't believe that.h all the information we have about the economy, there should be feedback. you should feed back into the policy process what you can learn from the economy and then adjust policy, not every day, but over a cycle or in light of various crises that hit the economy. you should adjust it in light of the information. i would say you can't iron out the little wiggles in the business cycle, that countercyclical policy may be useful if the economy gets very much off track. we have monetary and fiscal tools for dealing with that situation. we won't see the kind of experience we had in the 1930s. the policies that were pursued in the sixties and seventies-- trying to prevent 1 or 2% increases in unemployment that come about because of changes in consumer preferences or changes in investment behavior-- that's a futile activity, and it almost inevitably leads to worse problems than the problems it's trying to cure. in 1985, sour notes in our economic performance warned that inflation and unemploym

>> indeed, russia is fully integrated in the global economy, and has close ties into the global economies and so on. but the point is that the current situation is not purely economic. when speaking about just the economy, western countries, european countries, are interested in keeping close ties to russia. in deporting russian gas, and exporting technology, and investing in huge russian potential, but as for the moment, it's not purely an economic situation. since last week, we have rather geo political military situation, and the military aspect prevails on economic. and that is why european leaders changed their minds and their statements become more and more strict and more and more firm against russian invasion into ukraine. >> certainly, as valerri suggests, there's a minimal suggestion to this. but coming back to economics, we kept hearing over the past days how dependent europe is over russian gas, and isn't russia also dependent on european money. >> let's put it this way, it's a codependent see. russia is the third largest trading partner for europe. and russia by itself is the

crisis in 2008 when the next year in 2009 ukraine economy collapsed by 15%.t year, 2013, was not so good but it was not so bad. so what we recorded is about 0% of growth, which of course, i mean, doesn't make us happy at all but it's nothing like the crisis in 2008. at the same time it's in disarray and we need to take care of it. >> reporter: you are the economy and trained economist and as such this cannot be good economics to be dealing with a fiscal crisis and public crisis and possibly a war. >> we are dealing where the austerity measures and developing the austerity measures and the government is the first body to start. we actually cut all the unnecessary waste and expenses and cut the number of the cars we are using and cutting the number of personnel we are using so austerity measures will start with the government. >> reporter: i suspect you weren't getting a lot of congratulations on your new role as economy minister, but as you and the interim government go out tln a seek legitimacy and deal with western governments how do you respond to the quest

economy. first, a discussion on developing economies and long-term trends around the world followed by douglas elmendorf with a closer look at his role in the u.s. economy. janet yellen holter first news conference. >> shortly after world war ii, and a time of growing international tensions and increased xp notch activity, the department of state became convinced that a military force was needed to guarantee the security of its foreign services establishments around the world. students are taught the fundamentals of security. they learn of the halls and problems which are hazards to security, particularly the adverse effect on security of incidents of misconduct. an adverse effect on your duties involving security. to know is speaking, these areas are the black market, illegal drivingchange, reckless and early marriage. film from training the state department security post. sunday at 4:00 p.m. eastern on c-span3. now a discussion on the state of the global economy focusing on u.s. monetary pol

became prevalent, that was a new economy now we have a new economy i think has conuted,c age.those earli new economies contributed, to an increasein produ. ere was a time when economists thought thathen thunemployme re golow , ate would inevably have ination.- weound out in the 1990s that thathen thunemployme re golow , ate would iwith very producticonomy, we don't necessarily get ination when unemployment drops. we don't necessarily schoumacher: prodtity was a key factor in keeping inflation down. but another ctor was the globalization of business. e inoducon of market foes, freetrade, and wispread deregulation meant that international played much largerole in our economyhan before. lcker: japan's been almostflak meant that international plrope's bn growgrole in our every swly before. til recently, particularly with a higlel ofnemploen so if you look at e world as a whole, while we were expanding, there was ready availabilityf goods. those citins have e option of buying from abroad. there was a loof emphasis on expen resaint. and that was particularly strong during the 1990s.

the dangers of a profound effect on the economy, equally real.erous commentators observed that the parallels to 1929 were ominous. even the upturn in the market in late 1987 had had its parallel in the 1920s, only to be followed by a further collapse and the greatest depression of all times. but it didn't happen. and one reason was that theories of long-run steadiness gave way immediately to an appreciation of the crisis. did we need more money, more liquidity? we would have it, the fed told us, quickly and unequivocally. forget general rules -- handle the crisis first. which leaves us where? perhaps better off in economic facthan in economic theo. cruise control is great in automobiles on the open highway, but when the traffic gets hot and heavy, there is, alas, no substitute for human judgment. hopefully, good judgment. monetary policy was an effective factor in holding down inflation in the booming '90s. the federal reserve was also successful in limiting the damage from various crises to hit the u.s. economy, after the russia includebt defau1

by 1959 the economy was improving.sident eisenhower wanted to leave office with a balanced budget, so he began to push hard for a surplus in 1960. but vice-president nixon was running for president that year. he wanted a growing economy, so he argued for a deficit. many economists agreed with nixon, but ike stuck to his guns. his chairman of the council of economic advisors, raymond saulnier, remembers the pressure. you don't have any problem with how much money is going to be spent. you are surrounded by people prepared at the drop of a hat to spend untold amounts of money. that's never a problem. what the problem is, to raise the funds to meet that. so if we were pushing hard in 1960 -- and my recollection is that we were -- we were pushing hard to reach this equivalence of income and outgo. schoumacher: many of his advisors thought eisenhower did not have time to oversee a complete recovery from the recession of 1958, that his drive for a budget surplus was premature. they urged him to continue spending to fuel the

>> the whole economy is distorted. so there is a housing bubble to be concerned about again and you, you're looking at that stocks, they're back up, higher than they should be but i think it is the bond bubble. i think it has been persistent. it has been there since the 1980s. and it just can not go on forever. otherwise they defied all economic wisdom and all laws and they just can't do that. so it will end. that will be related to the dollar when the dollar is rejected, interest rates going up. that is why international events are very important. melissa: what do you think of steve forbes's idea to get out hard and fast right now. >> well i tend to agree with steve. it is politically difficult. i know it is not going to happen. melissa: right. >> i essentially have taken that position but, no, the politics of it is, it is like an addiction, like a drug. who wants to go cold turkey. no they don't. the symptoms are rough. and that is why those of us who argue for good monetary policy, say you would purposefully bring o

at the second we will start the economy moving, start -- jump start an economy, and ideally in a couple of years this beautiful, large, productive nation with incredible resources in terms of vert file black soil will blossom. this is our dream. >> pavlo, thank you for joining us and thank you for your time, sir. growth in the russian economy has started to stall, and russians face even more economic pressure because of the crisis with ukraine. mary snow has that part of the story. >> as russia flexes its military muscle in ukraine and escalates tensions, it faces a threat at home to its own struggle economy. with global markets rattled and international community condemning russia's actions, russia's central bank stepped in with some dramatic overtures. it raised interest rates saying it did so to maintain financial stability. >> they were absolute desperate to stabilize the currency and prevent a vicious cycle of flight of capital from russia, which i think undermines russia's story in ukraine or the story they try to sell that it was popular in russia. >> long before the ukraine cris

in effect, we have two economies. the official economy and the economy that most americans live in. that second economy is not in much of a recovery. tavis: the fed as you know sets and on implement threshold of 6.5% as the benchmark for whether it considers raising these rates. to your point about those two americas, those two economies, there are many of us who don't believe that the number is what they tell us the number is. so many americans have given up looking for work. how arbitrary, realistic, reliable is the benchmark it that the fed has set? >> it is very unreliable if you are concerned with getting anywhere near full employment. janet yellen is concerned about employment. the fed has two mandates. one is price stability, avoiding inflation and recession. to get as many americans working as possible. janet yellen is very concerned about the second mandate. you are right, the official unemployment data is a very crude and misleading gauge of how many people are actually working. all of the burden is on the american workforce. tavis: let me go back to where you started this

economy? >> translator: there's no denying we may encounter a more complex situation this year. we set gdp growth tar get for this year about 7.5%. this quote unquote about shows that there is a level of flexibility here. you asked me what's the lowest possible gdp growth we can live with? well, this gdp growth needs to ensure full employment and increase people's incomes. we're not preoccupied with the gdp growth target. >> a slower china means less demand for commodities like copper. not only are investors worried about the pace of the economy but the health of it, too. the financial system hasn't been able to keep up with the years of economic boom, fostering an underground banking sector here which many fear could threaten the world. china's premier said that some defaults are unavoidable but that the government would take steps to manage the risks. for "nightly business report," i'm eunice yoon in beijing. >>> so what would a downturn in china, combined with slipping prices on commodities

>> yes a drag on the economy. could you tell us why that would be a positive thing for the c econo economy? >> i think it is in two ways. in terms of what these projects are ready and able to move but what it does to roads and infrastructure which is providing that for our nation's economy. having come from a retail organization that uses the roads to transport goods. these are the important parts of the backbone whether it is roads or rail. >> can you speak about the earned income tax credit as it relates to low income individuals and or working individuals in this country? >> the erped ip come tax credit encourages people to work. by focusing on this category of people, by extending from 25 year olds down to 21 year olds you are getting a key group of people that we want to encourage to be in the workforce. is it fair to say that providing america with a raise that i believe is supported in the budget would also help turn the economy around and move it forward? >> we believe it is an important part of the pictur

it's not enough to help people at the higher end of the economy, but it's no helping ine economy. >> inflation was telling us what was happening in the economy maybe a year year and a half ago. a year year and a half ago things were not so good in the economy. as things improved you'll see the unemployment rate move forward as it has over the past couple of years. as we get close for a 6% or 5.5% unemployment rate i think we'll hit 6% by the end of this year you're going to see more wage pressures. we're starting to see leading indications of that shortages of skilled layer. those are precursors to eventually a broader rising tide of wage inflation, and that will help those people who right now feel left out of the labor market economy. >> should we expect it will get hurt again because of the major storm coming this weekend. california with a record ray that could cause mudslides. >> it's not just this weekend. it's been the case over the course of much of february. it was true in december. it was true in january. it was true in february. this is the weather of discontent without a

pumping so much money into the economy did not lead to inflation because the economy had room to expand because strict controls were imposed on wages and prices. after the allied victory, the treasury insisted on keeping the same arrangement, and the controversy began. the fed felt they were merely acting as the treasury's agent. it was unclear how long it would continue. as far as the conduct of monetary policy was concerned, the treasury straitjacketed the fed. why were their interests in conflict? as the economy expanded after the war, the demand for credit rose. banks found an opportunity to lend to private companies, individuals, and so on. where will they get the reserves, the cash to do that? sell your government securities. these were very low-yielding-- 2.5%, 2.75% interest. you could lend at 5%-6% to private borrowers. so the banks, insurance companies, others, began to sell off government securities. the federal reserve was committed to buy them because of that legacy of war commitment. as it bought securities, it added to bank reserves. that gave the banks the basis for new

it does not seem like much of an accomplishment in a an economy -- in an economy comfortable to growing. the costs are very high. thought whenour they agree to extend unemployment benefits? >> as you know, cbo does not make policy recommendations. that is very important because policy choices depend not just on the analysis of the consequences but how one weighs those consequences, what values one applies. there is something special about our values. it is of to our elected leaders to make the policy judgments. our job is to help congress understand the consequences. we have set a number of time that extending unemployment insurance benefits will provide a boost to the economy because that money will go to people who will be highly likely to spend it. there are consequences of extending unemployment insurance benefits. there would be people who would look for work less vigorously than they would otherwise. we have laid out the consequences of that and offer the congress and number of times menus of possible ways of providing some fiscal stimulus to the economy. >> i want to talk about t

we will jump start the economy. ideally, in a couple of years, this beautiful, large productive nation, with incredible resources in terms of fertile black soil, will blossom. this is our dream. >> pablo chermetta, the economy minister of the interim government in ukraine. thank you sir. >>> it is not just ukraine's economy that's in trouble. reconomy in russia has started o stall. mary stone has that part of the story. >> as russia escalates, it face he a problem at home with its own economy. the international community condemning russia's action he, russia's central bank stepped in with draments measures. it also are pumped a reported $10 billion in reserves to boost its currency after the ruble fell to a record low. >> they were trying to stabilize the currency and stop a flight of currency from russia, to sell a story that this is popular in russia. >> long before the ukraine crisis russia's growth was weak. its economy grew by just 1.3% in 2013, compared to 3.4% the previous year. there's been a steady decline

the defend of all we will start the economy moving, jump start the economy, and ideally in a couple of years this beautiful, large productive nation with incredible resources in terms of fertile black soil will blossom. this is our dream. >> the economy minister of interim government of ukraine. thank you for joining us. thank you for your time, sir. >>> venezuela is a country rich with oil but poor when it comes to basic necessities. tonight a first-hand look. >> this is one of the few places in the world where this bottle of water costs more than a gallon of gasoline. this packet of gum costs more than filling up this entire suv. >>> and forget about raising the minimum wage for now. i'll tell but another way to help those who need it that may stand a chance of passing in congress. that and more as real money continues. keep it right here. i feel like there are many stories out there that are untold that need to be told. stories about young people, about minorities or about women or about countries you don't usually hear about. i feel very fortunate as a journalist to have a chance t

the economy is worth $800 billion, and is one of the 20 biggest economies. it was growing at a 9% rate and faring well during the global economic recession. the world bank said growth slowed to 4.3% in 2013. the rate of inflation rose to 7.4% last year, above the government's target of 5%. this is a financial analysis and he will join me via skype from istanbul. thank you for being with us. let's talk about the growing inflation rate. i mean, obviously the turkish economy has grown in leaps and bounds over the last decade. but this growing inflation rate has to be a concern for a lot of voters, hasn't it? >> it's a major concern. it's 8%, probably 9, 9.5% in a couple of months. it may effect some of the sentiment. until c perform i reaches -- cpi reaches double digits, they probably will not care. the turkey economic performance has been week and that will be substantially important in the elections. i think it could be 4 to 5%. in other words, a kp scored 50% in 2011 general elections. poor economy is not the only reason, but it is one of the reasons and as

china has an economy that russia never really developed. how do you see that as a chinese economy?orld trade or is it a minus because they're rearming and they're building their military much faster than we are here. >> yes. well, this is where our own diplomacy and our own economic policy comes into play. they're still a very semi-statist economy. i think the leaders know we have to have reform. but again, if the united states becomes strong again, we can beat them in terms of innovation. they still haven't gotten that magic formula yet because it means a free market which they're not quite ready to do on the scale that we have here. and in terms of military build-up, if they want to build up their military, we can run circles around them. just as we did with the soviet union in the 1980s. and once we see that we are strong again, that they're not going to have a free ride in the pacific and make all these ridiculous claims, then i think they're going to focus more on having a strong economy, which means more of a middle class, which is a hope for the future. more democratic capit

is the economy in good shape? is the economy growing?hat is the price of the stocks of the market relative to the earnings of their companies? what we find is that the earnings are doing just fine. company profits are strong and growing. and stock prices are merely reflecting that. so this bull market has aways to go. frankly i'm looking more forward to not what is going to happen this year in the bull market but what will happen over the next 15 years in the bull market. it is by 2030 i'm paying attention to. because most of our clients are look at their long-term financial goals, college for kids. their own retirement. we're comfortable by 2030 we'll see the dow at about 100,000. cheryl: what about those people that will not live to see 2030 though? those are baby boomers that got hit in the market downturn what about them? what do they do? >> what it means if they don't have a long-term time horizon, i'm willing to bet most boomers do because of life expectancies, but if you don't have a long-term time horizon and worry between now an

chairman yellen -- actions are affecting the economy and where the economy is heading. i now turn to ranking member crapo for his opening statement. >> thank you, mr. chairman. and welcome, also, chair yellen on your first appearance before this committee as the chair of the federal reserve board of governors. today's hearing is an important opportunity to examine the current state of monetary policy. since your confirmation hearing in november, the fed has begun the process of tapering its quantitative easing purposes. the pace of quantitative easing purchases has come down by $20 billion. this is a welcome development for those of us who disagree with the federal reserve's quantitative easing policy and prefer to see qe purchases end entirely later this year. by the time the fed stops expanding its balance sheet it will hold over $4 trillion in treasury and mortgage backed securities. former chairman bernanke suggested the fed might maintain the size of the balance sheet for some time rather than reducing it. this would mean the balance sheets to purchase those assets

tied to the chinese economy.hs works with more than 700 of america's fortune 500 companies. it has lowered its forecast for china's growth. and you are in line with the chinese government. it's important to tell our viewers, we don't often rely as fully on data from the chinese government as we do from other governments and we don't always trust them. so when they tell you things are bad, we trust them. >> that's exactly right. and the numbers are coming in as you are saying quite a bit weaker than most people thought. but beyond that there is some serious worries about a credit bubble and a real estate bubble in the chinese economy. they need grow at least 7% to absorb all of the migrant workers coming in from the rural areas into the cities. but they are also trying to squeeze the debt down. they are trying to get rid of some of the excesses of the shadow bank system, and that's very tough balancing act. >> why are we struggling -- americans would be happy if we had 3% annual growth. why is 7.5 bad? >> the 7.5

and the national economy.people can't make the payments if it just has a negative effect on the surrounding economies. >> we have talked about these concrete policies democrats have put forward. we see a lot of republicans focusing on poverty in a can -- in a new way. the most is probably visible in doing that. are they taking this seriously now? is this a new change, is it a cynical ploy? what is really going on and is there somewhere we can agree on on both sides? >> the test of whether or not this is serious will be in the house republicans budget. budgets are an expression of our priorities, values, what we care about. in the past despite a lot of talk with our colleagues about the budget poverty, have decimated very successful anti-poverty efforts. we all know we can do better on the war on poverty. tens of millions of americans are still below the poverty line . that is unacceptable. if you look at the time from 1967 until today, or 2012 with the latest data, it shows the initiatives that have been taken

the reality a the russian economy was scheduled to grow less than 2%. and i wouldn't be surprised if what has already happened tips russia into a recession in 2014. which clearly puts this sort of performance legitimacy of vladimir putin, who has really enjoyed these big rents and terms of trade benefits in his more than a decade in power. well, those days are over. >> and if the world price for refined product or crude product goes down, russian receipts immediately go down, right? they're very sensitive to world prices. >> this is an economy as mentioned in the introduction this is essentially a petrol state. more importantly it's critical to recognize that the sort of rents of the russian elites putin himself, and political leadership in the kremlin, these state-owned businesses is personally owned as well. and they're personally affected as well. >> we'll take a break and then talk about what is going on and who is holding the whip in what's going on. >> these protestors have decided that today they will be arrested >> these people have chased a pre

economy and corporate profits? >> for us, it's more about the u.s. economy. right now, think of it as we're firing on all four cylinders but driving a chevy, not a ferrara. we want to see the fundamentals come through and the corporations start earning what we expected at the beginning of the year. >> well, i'm with that because earnings are coming out in the next few weeks. at the end of the day, when the numbers are finally out for the first quarter of 2014, is it going to be positive numbers for the markets or negative? >> so, we've seen a lot of revisions downwards, and that's where i'm really concerned about potentially having a correction. estimate haves come down from about looking for about 10% profit growth for this year to a little about 7.5% growth this year. pretty big revision in two months. now a lot of it has been warnings about the weather has really hurt our profits and our revenues for first quarter, but that only takes you so far. also, a lot of corporations are saying they are going to make up for it in the second half of the year. we real

i think that's only good news for the economy. my hope is that we don't see this growth too fast, that we can stay at this positive rate of loan growth of banking lending getting back in, positive wage growth but still well below the 4%, 4.5% threshold that historically has started to weigh on profit margins. right now, wages are growing only a little over 2%. the average person in america would like faster growing wages. but some wage growth will keep the fed easy but enough that we can get growth accelerating broadly for the economy. things are improving but not too fast to change the fed's outlook. >> bob doll, last word, i'm a very old-fashioned free market supply side guy. i don't believe that more growth and more jobs creates inflation. i don't believe that. i've never believed that. and, therefore, i think more growth and more jobs would be good for the economy and earnings -- i'll give you the last word on that. >> you know where i come from, i agree with you 100%, larry. i think that would be great news for the economy an

in the economy. certainly good news for president francois hollande. german numbers coming out in about 30 minutes. i will be back with more analysis. >> thank you very much. david tweed with the latest european pmi figures. according to a preliminary march, the nation will miss its target for growth. we have europe, ukraine, and china. >> and we have socgen this morning saying to expect some form of monetary loosening. there is no way they will get to 7.5% growth in china unless they take some action. they shrugged off the market and chinese data. uptrading began to pick momentum in the hour before the markets opened, we saw europe take a little bit more pressure. the french number, we will check in in terms of what the euro is doing. china is underwhelming. complex, we saw some additional moves, but they seem to have come undone. hedge fund managers have reduced their bullish bets by the most in nine months on wti. copper has turned up. in 2013.own 13% this was the worst-performing base metal. it h

economy and is the economy ready to take off.ecent 2013have a and recovery throughout the course of the year and that will be reflected in 2014 in the form of higher rates. is being priced in? >> in the u.s. market, i think that markets are still looking for the federal reserve to raise rates and what is my opinion is that the market is not pricing .uch of a recovery in america i think that will change. that is my opinion. i think the u.s. treasury market is probably pessimistic and still is worried about deflation and forces that could overwhelm the u.s. economy. insee things happening america. >> where do you recommend that people go at the moment? australia is a place you like. hedge towardss a the chinese slowdown and we are not sure how they could do in the slowdown. if anything, they should slow down as they demand less commodities from australia. where we see the opportunity is in the european credit and that is still the sweet spot for us. >> are you talking about corporate's? what we're talking about corporate. i believe

we continue to fight to get our economy back on track. tothe senate is not going adjust these problems, that is going to be one of the big issues in the senate races just like in the louisiana. the scissors are a ask the question. why did she support leadership? in the force a vote senate? all of these bills that we have combined into the jobs package are ideas that have been brought forward by our members. we need to continue to show .eople what we stand for horrible unemployment numbers. people are given up working for work. for the boldngry ideas. the more that we can bring to to show weven better are fighting for the american people. >> talk a little bit about. your party is feeling better about the senate. the leadership change if you have all of congress under republican control? do you have to shift tactics? do you keep going through the strategy? the house strategy continues to move forward in focusing on solutions to problems america is facing. the difference would be if we are or soon enough that the american people said we want

it's wants a rescue to keep its economy going.resentatives have begun a 10-day visit to consider their consider. phil this is not the country's first bailout, another one was actually in the works until this recent turmoil. so this really did start with economic options. some of the protests were about a deal with europe that didn't go through? >> reporter: no, absolutely, ali. we look at the political strife and the military situation on the ground, but we forget where this started. and it all started with a trade deal on the table from brussels that the ukrainians were going to sign but then at the last minute were pulled back, many people say under the influence and pressure of moscow. that trade deal was supposed to bring ukraine more towards the west in a trade deal, but russia is equally trying to set up a trading block that would consist of many former soviet blocks. and now they find themselves in economic dire straits. we are learning about the former administration, and apparently they spirited away billions of dollars,

welcome to everybody, so, john, tax hikes or tax cuts for the economy? >> well, the tax hikes, the president remember a few years ago said he needed somebody to claim the race that everything would be fine, the debt would be taken care of. he said at the time only about 40 or $50 billion a yeempl that was a political speech. he was being a politician. now we are seeing a good number on friday, the lowest participation rates in 30 years. 1348 less jobs, despite the fact we had a lot of jobs. remember, this budget, no one is taking this serious. the white house in 2010, the key growth in 2013. in 2011, they ramped it up, give us more money. it will be fine, it will be 4.5% in 2013. they are doing the projection of 3.1% rate. that's pure fantasy t. best economy is 2.5. this is not real fiction. >> we got a long way to go. tax cuts to tax hievenlths you say a little bit of both? >> in theory, tax cuts with spending cuts would be better for the economy, especially, no we are no not in a recession. they didn't like it after a while. so realistically, the only

economy? are there risks to the u.s. economy and the u.s. banking system directly and indirectly, and did the russians move $100 billion in u.s. treasury securities out of the united states in the last couple weeks to avoid u.s. sanctions? those are those foreign securities are held by the fed. thank you. >> so let me start with the last piece of your question first. i'm sorry, movements in cu custodial accounts at the new york fed are something i'm not in a position to be able to comment about, but in terms of the situation in ukraine and russia, it's something that we're monitoring very closely. we discussed in our meeting the direct trade linkages or exposures of the u.s. banking system to the ukraine and russia are not large. we're not seeing meaningful impacts now, but obviously there are geopolitical risks here that it's very important for us to be attentive to and to keep our eye on, and we're not seeing broader global financial repercussions, but if this were to escalate, that would certainly be something that would be on our radar s

pat is still dragging our economy. housing market is not recovering the way it should come and that is because we never dealt with underwater mortgages effectively. >> time for one more question. >> hello. hi. question -- the fdic this last week announced that it is going to sue the 16th largest banks for the libor. i think that is great. you are not the chairwoman now, but i am very happy to see that. does this indicate that the federal government is finally able to defend its interests much at -- with as aggressiveness that jpmorgan and wall street has to defend their interests? a person put that out a warning that the derivatives bubble is growing, thanks only have 4% of equity to the ratio of their total assets, and even if a decline in their said theurs, he banking system will not be supported because it will not be one bank you can resolve. he was on a panel with you about six months ago in congress, and michael said, would you reinstate? yes, that is what i am trying to tell you. the question is, how much is it

according to the economy ministry is that significant me twice. trade sanctions are imposed effects of which would prepare a damaging to russia's economy without kind of capital outflow according to our estimates would bleed them dry in russia. quite deeply into into recession. a weakening of russia's economy businesses like primary s imports the worst was worried about the possible leak is in the door of his peers just mentioned the rule does fall on scott street twenty five percent more than a year ago i can put prices up that much. this carries on i will feel betrayed and all but one book at the expo from russia to take the hit the tree is affected in the coming months but the many russians there is one major concern the weakening of the will bulldoze lead to a build up of inflationary pressure. and if you ask an average russian was the single most painful factor the number one consistently with around seventy percent. with inflation. but george will also feel the effects if russia response to economic sanctions with countermeasures. yes woody

we are a third of the national economy then. we are still a third. we have to try something different. the people of puerto rico said they no longer consented to be governed under the present relationship and 70% of those choose state hood and equality. it is time for equality. right now the first thing that has to happen is that the government has to get everybody together and with two constraints what the constitution says and what the people said and come up with ideas and solutions that are compatible with the constitution and not violating the people's mandate of november 2012. >> kenneth is a member of the party that supports the state hood for puerto rico. professor, we are going to you, he talked about trer taxing status, i'm wondering if a word a more mobil capital made it easier to invest in and then take things out of puerto rico when things changed. when driving on the highway you saw signs that american pharmaceuticals and computer companies and manufacturers were investing in manufacturing in puerto rico and then whenning things changed

economy. several reports out today blame last month's cold bitter weather and unrelenting snow for a slowdown in economic growth in february. far fewer than expected private sector jobs were added last month both in the southwests sector in the economy fell to the slowest pace in four years, and it appears that white is the new beige as the federal reserve's latest beige book economic survey reported that white snowy, frigid winter weather had a major impact on hiring, manufacturing, and consumer spending. steve liesman has more on what it all means. >> after ravaging the nation in snow and cold, the weather hit the u.s. again today. this time in a series of frigid economic reports that showed a chilling impact in this winter's weather. a key gauge of the job market, the adt national report came at just 139,000, below the 160,000 estimated by wall street, and friday's jobs report from the government could be soft as well. at a measure of the service sector, which makes up the bumg of the u.s.

it grows the economy. >> john, thank you for having me on the show.ig spenders call taking money from you and me handing it to someone they prefer investment. that's not what i learned 20 years in business before i came to congress. this president's plan is worse than more of the same taking the debt $25 trillion over the next decade. john: the budget says the president acknowledges that. >> that's right. that's his plan. that's the intended outcome. frankly, we know it'll be worse, not a single proposal about the risk for the affordable care act, not a peep about entitlement programs and how to tackle them, and on top of that, enormous tax increases reducing growth for the economy, frankly, the best way to climb from the debt is get the economy kick started again. eventually, john, kicking the can, you hold the can and beg for money. that's where america's going to find itself. john: sounds appealing, though, loan guarantees, $2 billion to promote fish, sea, and renewable energy. >> john, i've seen these renewable energy stories for my entire time in

to put more pressure on our economy. on the economic issue you have over $1 trillion with the 600 billion plus and my concern is economic growth is already incredibly weak it trucks tax increases with how do you get the right kind of revenue? and this is we're looking at 2.5% growth that is less in tax revenue over the next decade from the latest report nine months ago. by the way every single one of their projections has been wrong that no translate into 2.$2 trillion to talk about the bad economy but now these are issues that happened after he took office. growth. we have to get the jobs back and get the girls back. the president spent years fighting for the $600 billion tax increase now with the revenue from continued sluggish growth so 1.2 trillion of the taxes, a professor roemer one of the advisers says an increase of one percentage of gdp rollovers real gdp by 3% roughly. says the white house believe it can raise $1 trillion? here without significantly slowing growth? >> if you look at the experience over the last

and so, our economy is doing really quite well.here is a whol le lot of people in the economy aren't doing well. the earned income tax credit, significant would benefit a lot of people who deserve some benefits. >> why did warren buffett's measure of berkshire hath way's performance lag the s & p 500. his answer when we come back. as we take a break, look at how the stock market ended the week. you used to sleep like a champ. then boom, what happened? stress, fun, bad habits, kids, now what? let's build you a better bed that senses your movement, heartbeat, breathing. sensors working directly with the air chambers. it's the all-new sleep number x12 bed. it tracks your sleep and tells you here's a good, better and an awesome night. the difference? try adjusting up or down. you'll know cuz sleep iq™ tells you and all you have to do is sleep. only at a sleep number store, try the unprecedented sleep number x12 bed. know better sleep with sleep number. >> go to our website, and you can follow us on twitter@onthemoney. the oracle of oma

they can get the economy moving again. we just wish they would join us to help solve these problems. andoes the finger-pointing bickering go both ways? >> we have laid out a number of objectives in individual bills. here the republican study committee put our best ideas together in the form of a single bill addressing problems families across the country want us to focus on. how to become independent. so many jobs can be created by opening up the resources that the president has on energy productions. they are killing jobs. the rain check we have in the , it should first have to go through congress. the representatives should have to pass it if it is sound policy. it should not be up to the discretion of unelected bureaucrats to impose a new job that will kill jobs in america. that is happening right now with agencies in so many other federal agencies including the irs that are killing jobs in america. >> susan ferrechio. >> you have said in recent interviews that the house leadership has been fairly strong in showing what