morning, you have to let your opinion out about this economy, it is a billionaires economy.or people like me and millions of americans, we have to struggle. go to work in the morning. working 70 hours per week. does not matter who is in the administration, democrat or republican, it is a billionaires club. everything is in their favor. i am struggling. i am in iranian-american who came in here in the 1970's, 1980's. reagan will divide the country, no middle class, upper class and lower class and that is what happened. a $10 an hour economy, we are struggling. we have no leaders. no leaders that are democrats or -- [indiscernible] host: what would you like to see leaders do? caller: let's go to bernie sanders. we have to look at the economy on the vast majority of americans in this country who are struggling. who does notndiana to earn a decent wage, $7.50 per hour, i am working 70 hours per week and being a good citizen and putting food on the table and paying taxes, but we struggle. i am working for a company i have been with 25 years and eight years ago i got outsourced an

the focus on these issues of productivity, investment in the real economy, of making the economy moreompetitive, protecting an economy of is tomorrow an admission of weakness. protectionism as we all note results in greater poverty spread amongst a greater part of the population than wealth creation. but focusing on making the the economy more competitive. the edu has been and uncompetitive sector for a long time. so i think that focus is essential. of course, there is the legislative agenda with some sequence sensitivities between reform of the healthcare plan or the obamacare and tax reform. and all of these must be looked at in detail and it's not appropriate for me from overseas to comment on th the a -- appropriateness of healthcare reform. but as an operator of significant businesses in north america. we have about 700 employees in six offices in the united states. so we have a good feel for the economy. there is in general a better sense of optimism as to what the potential impacts of a productive tax reform this could have on investment. the u.s. economy has been led by consum

the trach they needed to move from an agricultural economy to an industrial economy.hat we believe is going to be necessary to scale all these great efforts of apprenticeships or employer educator matching is going to be inventing a digital economy labor market. i want to show you a film which is full of coloradans, thanks to governor hickenlooperer, we started this work in colorado and it's really taken off. we now have almost 300 employers signed up. i want to show you a short film, which will give you a sense of what a digital economy labor market is all about. ♪ >> america's really going through the largest change in its economy since the time of the industrial revolution so many americans don't feel they understand what their place is in this new economy. >> there are 7.3 million fewer jobs in america today held by people with a high school diploma or less than there were in 1989 the single most important question for all of us is, how do we move forward without leaving some people behind. for decades we've been telling people get a college degree today it's not

healthcare, tourism and economy, will this bump up economic growth for the chinese economy in the long—term—term? for the chinese economy in the long-term or the medium-term? the statistical calculations have shown that the immediate impact may not be as big. we are expecting gdp to be 6.8% for the second quarter of this year, a very marginal slowdown from the first quarter at 6.9. there is no doubt that over the medium term, this will be a very significant shift. it reflects a strong transformation of the chinese economy. when is a significant shift, how many percentage points could this add to growth? shift, how many percentage points could this add to growth7m shift, how many percentage points could this add to growth? it is difficult to say at this point, we are still forecasting very much into the future. to give you a sense, we're looking at manufacturing and services sectors growing in double digits year over year. traditional manufacturing sectors, up until last, were still facing deflation. the diverters between the sectors, new growth and traditional businesses, are actually quite

that tells us something about our economy. so i'm troubled by what i'm hearing from the administration, from some republicans and from some in the banking industry. even though a fifth of homeowners with a mortgage are still seriously under water in cities across ohio, you and my colleagues have heard me say on this committee that the zip code my wife and i live in in the city of cleveland, 44105 had ten years ago more foreclosures the first half of that year than zip code in the united states of america. i see the difficulty that people in my neighborhood and my zip code have in rebuilding their lives. even though the wealth gap between white and black families has widened the administration seems to want to let wall street gamble with the financial futures of working families once again. cutting protections and for working americans is back in style in parts of washington from the treasury department's report to the financial choice act to the house's financial appropriations bill, we face a slate of nominees for watchdog po

both the american and the mexican economy create their own economy and begin to direct financial powerit's using alternative currencies in this way i swear to come out of it if you look at that yeah well not to that particular part of me then certainly not from the perspective of political organizations n.g.o.s in mexico in the u.s. . what i've been thinking about is this crisis is so deep this is not a financial crisis it's an economic a macro economic crisis of global capitalism that can hold us but you know up another segment with if you can stay right let's put it was actually on the show that corruption great ok well that's going to do it for this edition of the kaiser report with may max kaiser and stacy herbert like to thank our guest alexander and the del rey just on twitter it's kaiser report until i see you know. how much i'm still at the same time. you know. we might need to put a lot of. money. more stimulus today don't think magnificent. someplace good to see my food food. they may save some people really nice intrinsically in my conformance feel welcome in russia. because

services led economy rather than a manufacturing economy.h data that you're putting out month after month and quarter after quarter suggest very gradual process in that direction. for the end of last year when the economy was growing, it seemed like the investment binge was the old flavor that the chinese a government -- chinese government was going back to. they've not weaned off the independence of the main effect for -- manufacturing sector, but things are going in the right direction. david: on the issue of manufacturing and steel, when he put up the latest chart on steel production. i believe that's an all-time high. a professorg with of economics and she says she does not look at month-to-month readings, but she looks at him quarterly. what do the numbers about steel tell you about production in the chinese economy right now? eswar: even quarterly may be too high the frequency to look at. i look at your two-year over anything else. they do with problems of overcapacity and factors -- sectors like steel. they need to try to think about

and mexico became again once again a primary economy reply memorize the mexican economy so we came we export raw materials or oil agricultural products and cheap labor through the michael or border industries to the offshore companies that operate here in mexico including the automobile and. tree which many people think this is really our way to industrialisation no it's not those industries are disconnected from the rest of the economy so they may grow the economy will not grow with them and this is clearly i mean if you look at the numbers you see years when you have. spectacular expansion of trait but the mexican up economy is in recession or or is stagnant well that's because i feel that is this comeback because i sure because well this. they are not the value added is not in mexico right the panama paper shell there's a multi-trillion dollar offshore cartel and mexico is getting. stabbed with this but even if you have plants i mean you have forward you know american companies stablish in mexico yes but what are you really exporting curst now you are exporting cheap labor you are

economy. recognize myself for an opening statement. since we last convened on monetary policy, there have been encouraging economic headlines. .onfidence is up unemployment remains low, as does inflation. but it rests too much on incredibly low participation payment high disability participation rights. both paychecks and savings for working americans still have room to grow after eight years of distortionary economic policy under the previous administration. on the fiscal front, help is on the way. house republicans have passed the american health care act to lifted the burden of obamacare on our economy and the financial choice act, to unleash millions economic -- two on the chilies of dollars on the economic sidelines due to dodd frank and the house will vote on a fairer, flatter, more competitive tax code that will during us a healthier and dynamic economy and the trump administration is rolling back rules that harm our economy as well. monetary policy must do its part as well. i am highly

mister speaker, the economy -- >> order! the honorable gentlemen is gesticulating in a distinctly eccentric matter and he must stop doing so. shakespeare's county deserves better. >> the reality is wages are falling. the economy is slowing. the construction sector in recession. trade deficit widening and we face crucial brexit negotiations. this divided government is unable to give this country the leadership it so desperately needs to deal with these issues. >> i will tell you the reality, he is always talking britain down and we are leading britain forward. let's look at the record of the conservatives in government, 3 million more jobs, 4 million people paying income tax altogether, 30 million people with a cut in their income tax. record numbers of people in employment, record numbers of women, deficit cut, inequality down, record levels of foreign investments. that is a record to be proud of, a conservative government. >> the honorable gentlemen knew how popular he was. >> the black country flag has been attacked on the

i'll repeat it again the russian economy because there's obviously grown in water as russia's economy but i still. got out of recession now we've been growing for three quarters in a row of my and in main most. people russia's economy grew by zero were three percent three point one per. would you are the same call. would the average growth rate for this year will be about two percent and this is a significant contribution to the growth of the global economy. let me remind you that you know who to put up which is what you said on about who i meant to rate is a low level of five point two percent he writes the central bank's reserves keep growing and central banks are reserved have reached four hundred twelve billion dollars. if we really should hold the budget our federal revenue has grown by forty percent of the chinese confirm this. but despite. the rate is quite low about four point four percent just gold this makes us quite optimistic even though i should say that this is why they're not an absolutely stable trend we should make sure that they're well. this trend continues we need

it is this a just and of the economy which is that target, really.n awful lot of reforms to be an act did. —— enact did. other concerns that too much work still needs to be done?m did. other concerns that too much work still needs to be done? it beat market expectations but the concern is how much of that is still being fuelled by the government stimulus especially around credit. that is probably why markets would like to see a greater slowdown than last year. 6.7% last year and the expectation is that china should slow its economy down because most people would rather see a more sustainable slower growth rate for china, already a middle income country, then mimicking the past 25 yea rs. as country, then mimicking the past 25 years. as it becomes middle income it needs to adjust to a slower pace of growth and to accept it. then i think some of the reforms become more palatable, including the financial, which is one of the main reasons why it loan growth is such a problem because it is not properly allocated by the market interest rates. markets would

economy. >> we've had a long expansion in the unemployment rate it is now at quite low levels. a negative shock in the extension, but i don't see anything in the nature of the expansion. what significance is the continuing lower price of oil and gas in the economy it's a basic monthly calculation but it does have some something to say and do about the economy. >> it's the low prices of oil and gas have translated into the households goods and services. the prices have rebounded off of their very lows and that's meant the drilling activity is picked back up again and that's something that is supporting the investment spending demand in the economy. >> thank you mr. chairman. when you were here in february we discussed the economic impact of lost insurance. you said that the loss could have a significant impact on household spending for goods and services that could also impact of job mobility making it difficult for people to leave jobs for new positions or to start a new business because they

there is stability and the economy. that is why they are going forward with tackling these risks and trying to deleverage throughout the entire economy, taking speculation as well out of the economy and into the equation. getting this growth back into the real economy. we talked about this to cbrc, he said the m2 number is the key indicator. let's hear from them. >> we saw growth in june at a record low. the government has focused on taking news out of the economy and of getting high gdp growth numbers. reducing risk and also which since 2015 has already accounted for more than half of gdp growth. betty: i want to ask you, how much more widespread do you think this deleveraging effort is going to be out of china? are they going to apply it more towards the broader economy? absolutely. that is what they have been talking about. the number one priority is the real economy. that has been a big problem. the answer has kind of taken away from the scrutiny but i think you will see a lot more scrutiny and deleveraging with ent

you know i look at you talk about this rentier economy that this fuel economy is a great example of that right they came in they found this is this possibility that people would want to work as their own independent contractors driving other people and they inserted themselves in it and they've profited by being a middleman and i think that art of the future is one in which we become micro entrepreneurs in a sense it's a it's a form of barter economy where we take our own. our own work into our own hands and we own our own work but what we need is open source networks where you don't have an intermediary who is sucking that drive for their own by the because of their own profit motive so coming up with those open source networks i think is going to be very difficult i think this is one of the places where government can step in because to government you need an arbiter because you could say that craigslist is open source but it's also kind of a wild west you need an umpire to make sure that all of the trades are are done fairly and according to some kind of law or regulation but if indiv

adjusting to the gig economy. major review published in the uk today says workers need more rights and everyone involved needs to pay more tax. and cleaning up russia's nuclear mess. we visit an old navy base thought to be one of the most toxic sites in the whole of the country — now getting a facelift. welcome to world business report. i'm rachel horne. the world of work is changing, but are employment and tax laws keeping up? here in the uk, a government review is calling for workers in the so called gig economy to get new rights. these are people using technology to take short term jobs such as driving for uber or deliveroo. this type of companies offer flexibility over hours, but often with lower pay and poorer conditions. the taylor review says there should be a new category of worker called a dependent contractor. they would get benefits such as some form of minimum wage and sick pay. this is relevant to more and more people around the world. mckinsey found that across the eu and us 20 to 30% of people are i

it hasn't kept up with the way the economy has changed especially the economy has changed especiallylf of companies are either categorised as self—employed, as workers or as employees. as we go up that scale the number of benefits you are eligible for increases. a lot of companies in the gig economy in particular want to give their workers classified as self—employed because then they don't have to pay national insurance on behalf of those workers so they can operate more cheaply. for the workers and offers flexibility although they don't have those benefits. the gig economy is a great area. it doesn't fit naturally —— a grey area. it doesn't fit in any of those classifications. so the law is being looked at to see if these workers cannot be exploited and at the same time give them the flexibility to work ina time give them the flexibility to work in a way that they do. thank you very much for that. very interesting story continuing with the gig economy which is becoming a huge part the economy in the uk, with zero hours contracts, people are starting to work out how to make it work

from both the american and the mexican economy create their own economy and begin to direct financialpower using alternative currencies in this way sir because of if you look at that yeah well not to that particular part of me then certainly not from the perspective of political organizations n.g.o.s in mexico in the u.s. . what i've been thinking about is this crisis is so deep this is not a financial crisis it's an economic or macro economic crisis of global capitalism that can hold us but you know it will dip another segment with you if you can stay true all right let's put it was actually on the show then great ok well that's going to do it for this edition of the kaiser report with may max kaiser and stacy herbert like to thank our guest alexandro del rey just on twitter it's kaiser report and so i saw.

americans know that this economy is rigged. rigged in favor of the billionaires and giant corporations and rigged against everyone else. and it's not hard to see how this happens. in industry after industry, a handful of corporations have seized power in this country. since the 2000's, the number of u.s. major -- major u.s. airlines has dropped from nine to four. the four giants left standing now have nearly 80% of all airline seats. two giant corporations sell more than 70% of all of the beer in america. five health insurance giants now own more than 80% of the country's health insurance market. three giant drugstore chains pharmacy % of all revenues in this country. four giant companies now run more than 80% of america's beef markets. and the list goes on. this kind of concentration matters. it matters because giant corporations crush competition. they shut out small rivals and they kill young startups. this matters. because giant corporations jack up prices and cut corners on quality. this matters because giant corporations

this is the real economy. small to mid caps are the real economy. look at the european equity, small to mid caps, versus the u.k. let's start with your. we have a whole host of data. exposure to europe and the global perspective. eduardo: every year in equity investing is important to get the important stuff right. thingsar, there are two to understand. one, is not a year of recession. we are still talking growth. equity markets are going higher. two, the world is running two separate races. there is the race of countries that have recovered were equity markets have rallied come equities are expensive. hat is the u.k., u.s. that is not where you want to be. there is the race of those countries that are still at an earlier stage of recovery, delivering much better growth, trading and cheaper valuations. that is where you want to be. manus: in terms of the u.k., there is the story this morning 1970'swe are past on the and a bizarre scenario with the imf offering a bailout. you have certain areas you want to be exposed in the u.k.. run me to your think

economy to grow is very low. most i believe cbo in our economy estimates that the economy's longer run potential to grow is currently under 2%. >> okay. but my question, madam chair, i apologize for interrupting, my question is, if you had unfettered discretion, and were averaging 2% growth, and you want to get as close to 3% as you could, which was -- would be considered formal before 2008, if you had unfettered discretion what would you do. >> [ inaudible ] it's a job for congress and the administration -- >> i'm asking for your advice. >> my advice would be to focus on all of those factors that determine productivity growth and that pertains to tax reform and the efficiency with which the economy operates. i would focus on training on education, the quality of human capital in this economy. i would focus on investment for public an private. i would focus on policies that impact technological change in research and development and there are a wide range of policies that bear on everything in my list, and so it'

all is free money or this cheap money is out there it's sort of brings the economy back but the economy is now addicted to the cheap money particularly the financial ised part of the economy which increasingly is almost everything even car manufacturers are making their money on their on their mortgage on their loans on their car loans so so then the fed is saying ok well we've got the interest rates down around one percent this is what's holding the economy together but if there is a nother crisis even a small crisis we're going to need to drop interest rates again and we can't do that right now because we're so low already so we've got to get interest rates back up to at least around two percent maybe three percent so that we can be ready for the next crash and in the process of getting ready for the next crash they cause the next crash does that make sense. absolutely we've had this exact scenario to the t. of what you just laid out in the past it's very clear that this kind of thing can happen because it has happened in the past for example if you tried now to jack up the interest r

judgments in the mexican economy that need to be addressed and without doing that this economy will continue stagnant the violence will continue unemployment in the quality and environmental deterioration will continue you know stampedes you know the vilification of mexico by the administration and some of the mainstream media it sets up a difficulty for the very poor in america to communicate with the very poor in mexico you know mexico's got roughly thirty million that folks that are on the verge of starvation in america get one hundred million or more after below the poverty line and probably twenty or thirty million of those are still on the verge of starving to death and so that's fifty to sixty million mexicans and americans that can get together and form some kind of strategic bloc they are voters in both countries they haven't just short of killing them or putting a bullet in their head which is what other off their tearing regimes other than the american author attorney regime or the mexican authorities and regime have done to anyone you know posing a threat to their off their tario

the u.s., we are seeing strengthen american economies, best in american economies come and everyone thinks fed will be there forever but they are not. jonathan: you talk a little bit about the relative value opportunities across major economies, and here is a chart that has the story. walk me through it. michael: this chart is showing the inflation differentials across our economies. while not overly significant, we are seeing a trend downward in terms of inflation on a global basis, and we know that is happening there. we see the united states moving area, we the 1.5%, 1.7 see canada at 1.4%, and the eurozone at 1.1%. we think the u.s. is a transitory decline, pushing back up to the 2% area due to the tightening of the labor market. you have the, target and you are in a situation where you have a labor market that is very divergent within europe. -- lowhave low inflation unemployment in certain areas and very high unemployment in other areas. we expect that to continue to cause inflation to be low in your and caused the ecb to have to be accommodative. >> i am struck when you are talking

>> i am happy to recognize the iphone economy across the country. -- the excellent economy across the country. that's why at the on an statement the chancellor of the exchequer was able to announce the 23 billion pounds in the investment fund. we recognize the importance, not just of large-scale transportation projects, like the extension of heathrow, but although of investment projects at a more local level. they will unlock economic growth in these areas. >> with legal powers, funds, criteria or parliament, once again consulting on closure of the hospital and building of a new 400 million pound hospital in belmont. after 5 consultations over 18 years, 40 million pounds of taxpayer money, is it time for the prime minister to step in and put a stop to it and allow the hospital to get on with the day job. >> say to the honorable lady, they are indeed thinking of future specialist care and how the existing building could be improved and these discussions are at an early stage. any proposal would be subject to full public consultation. >> not only has the institute of fiscal study said w

what bubbles do you see in the macro economy right now? >> i try not to opine on the level of prices, our report notes that evaluations are generally toward the top of their historical ranges. what i try to think about is if there are adjustments in asset prices, what consequences would they have on the financial system and our economy. and in that context look for evidence that searching asset prices might be leading to prudent borrowing, build up in the economy that could be dangerous if the prices were to unwind. we're not seeing that. >> okay. >> financial stability risks at this point is moderate. >> so you have laid out a good plan and i don't want to go to the whole thing. you have talked a lot about it, i am concerned about the role that you kind of elude to here, you start to see instability, you shift tabs from monetary policy to regulator. and in the regulation you talked about really a pretty heavy hand in the sense of steering companies on policy, financial times highlighting cases as regulator addressing hr practices to the p

economy is expected to grow. think we will start to see a meaningful impact on the nonoil economy in saudi arabia, because that is their bigoted -- there big objective. not related to oil, it will take years. it will not come next quarter or next year. we have to think that even the normal nonoil economy in the gcc depends on oil revenues. oil revenues filter into the normal economy through civil servant wages, through investment in infrastructure. the two things are not completely unrelated. actually they are related. the 2030s a matter of program and all of these reform something implement it fast enough? -- implemented fast enough? fabio: reforms are never easy. it is true that the challenge is to create an economy based on sectors such as biotech, i.t., agriculture and education. so a knowledge-based economy pull the really cool -- rest of the economy and make oil less crucial for the countries. however, this requires a reforming education. they need have skills to change the whole aspect. these days families

and in the economy. and today, we are here to begin to restore that faith, to talk about our plan to grow our economy and deliver better jobs and wages for all americans and to invest in the skills and tools to build a better future. this means having an honest discussion of the challenges families still face across america. compared to just a few years ago, over half of democratic and swing voters do not feel there is more opportunity for them. nearly half of the voters say a sudden $500 expense would be a serious blow to the family budget. three out of four voters say their incomes are not keeping up with the cost of living. that is not right. the american people deserve a better deal. one that puts hard-working families first again. an economybuilding where people can pursue the dignity of a good paying job, it means rewarding the small business owner for her hard work and under partnership, it means skilled training and investing in the future through apprenticeship programs and committee colleges as

number one, getting the real economy involved, serving the real economy, preventing risks is number twomber three is deepening reforms and opening up. read that number three priority as opening up and reform being pushed down the agenda. also, state owned enterprise debt is a big issue, and neutral omission, the omission of the term neutral. it might be wonky as berdych, but they say they will take root in monetary policy. they have taken the word neutral out and replaced it by adding reduced lending costs for the real economy. people say that indicates that perhaps the tightening bias is no longer in place. it is china gdp day, but that headline number is probably the least interesting. we will never get a surprise when it comes to a china gdp print. >> yes. the last eight or so gdp numbers? 6.7, 6.7, six .7, six point eight, and 6.9, now the consensus is 6.8. that is stability, so we are not expecting a shock because they lack stability. far thiss how deleveraging campaign is biting into the real economy. at the tertiary sector, the services sector, taking up more than half of the gdp

is it safe for the british economy to do it in two yea rs. british economy to do it in two years.o years. those are the questionsm could be a bad deal. it wasn't good for the japanese and americans to get free—trade agreements done in a short period of time so i'm not worried about it at all because those are the first and third largest economies in the world. will cut and paste theirs, that's what lawyers like to do anyway and charge huge amounts of muggy —— we'll cut and paste. the french are going to ban the sale of petrol by 2040. only 1.296 ban the sale of petrol by 2040. only 1.2% of cars in france are pure electric and just a fraction more are hybrid. i wish i'd bought my diesel car last week... it is great news. you set a deadline then hopefully things will happen, somebody should send a memo to the eu, but hopefully things will happen. 2040 seems a bit ambitious, it's just around the corner and it will be all electric. if you set those deadlines you can move towards it, they're taking a lead on it, they should take a lead from india who shaved ten years off that, they sai

down to theoils real economy and what is happening on the real economy dynamics.we continue to see the labor see as tighten, you will pickup in wage inflation. i do not think the curve is dead, but there are shifts around the curve. weis not behaving the way thought it was behaving in the past. there is a lot of debate about how you measure slack on the market. there are uncertainties, but what you see on the silex curve is not much happens. you get a more sustained pickup in wages. as we talk about wages, it is important to remind ourselves that there has been some pickup in wages in the u.s., it hasn't been as quick as we are used to seeing. what is important is if you look at the share of copper -- compensation, that has gone up relatively steeply. cycle seeing late science, starting with the cycle in the u.s.. anna: how much of your prediction is predicated on fiscal policy from the white house? we have heard conflicting comments from the white house about tax reform. official saying they wanted a tax agreement before the august recess. it looks to be a tight

india's economy grew by 6%. turkey's economy grew by 5%. the u.s. economy grew by under 2%. the united states economy has collapsed for a lot of americans. since 2000 we've lost 6 million manufacturing jobs and 70,000 factories have closed. this seems to dismiss the whole notion of investing in the growth of the american economy. and record spending is proposed in this budget for afghanistan, iraq, and our great ally in that region pakistan. it doesn't make any sense. fact of the matter is, since we engaged in these wars, americans have spent $4.8 trillion for iraq, afghanistan, and pakistan. we've lost 6,800 u.s. soldiers and we've spent $170 billion rebuilding the roads and bridges of afghanistan and iraq. where's the budget that we are promised for a robust investment in american infrastructure? our infrastructure is an embarrassment. we were once number one, according to world economic forum. we're at about number 23 today in the world in the kwauflt our infrastructure. infrastructure creates jobs in the construction trades and supply and materials industry. but it also

we are forecasting a negative growth in 2017 in the nonoil economy. energy minister has been here in st. petersburg. ultimately, the oil price where it is at, not really helpful to the saudi economy. the key question becomes, if oil does go lower, how little room does the saudi economy have? how much painful can it get? guest: whether he goes lower or not, the saudi economy is still going to feel the pinch of fiscal consolidation. there is still more to be done. if oil prices go lower from where we are today, clearly what that means is that consolidation has to be deeper. spending has to come down more quickly. spending has to come down more aggressively. at the same time, nonoil revenue growth has to increase more quickly as well. those two aspects, lower spending and higher taxation, effectively mean that the economy is going to soften. if you are at drastic downside scenarios. , it just means that that is going to be ever more acute. i would make the point that from an economic objectives perspective of, what is the concern from the saudi perspecti

economy. but my sense is that if we look plight with respect to wages and jobs of the middle class families, we have seen diminishing opportunities and downward pressure on their wages. we have to take that into account -- factors such as technological change which have eliminated many middle income jobs. and globalization which has reinforced the impact of technological change and that has to be -- those things have to be an important piece of understanding what is happened. >> i understand technology has played a role but we have always had technology. when we went from horse-drawn carriages to cart, people who made horseshoes had to find something new to do. i am skeptical when i hear people say that technology. we have always had technology and more employment. we have had a slow growth period and some people say it is because some people do not want to supply labor because they're living to get on welfare. possible that the financial services sector is channeling investment into activity,

♪ ♪ stephen: how about the united states economy?as recently with not a downgrade, but a lower outlook for growth, basically taking out the prospect for stimulus, meaning tax cuts, because we haven't gotten the plan, and also infrastructure stimulus. at the same time, we are on a tightening cycle with the fed. my heresies is that i think what the fed does now doesn't matter much. if you think about the white house, trump as a domestic president is highly ineffective, and that with any policy there are three or four points of view, which are the administration policy that coexist and flow together, and this is already sapping consumer confidence as allies are worried and people are postponing investment decisions because they realize we have a government with three or four different views which never seem to get resolved. and something probably will not get done. i think most of western europe, japan, and much of the united states have the problem of complacency and just getting by, and life is good enough that on any given day you ca

economy and monetary policy. and if you go back a little longer to january, you'll see many speeches to many different audiences at many levels as well as testimony -- >> yes, ma'am, i was looking at the topics of the two speeches at brown university and at this -- >> so let me just say that the federal reserve has other responsibilities. and in particular, we have extensive -- >> you understand my concern. >> -- programs and community development. i spoke at a conference -- >> can i go on? >> -- relating to community development that was run by the board of governors. >> reclaiming my time, if you don't mind. i think i made my point that those particular ones were political. a resident scholar at the american enterprise institute has stated, quote, supervision and regulation are now so intrusive there's not a stretch to say that the largest financial institutions are being run by the fed. do you agree with that assessment? >> no, i don't. >> well, do you believe it's appropriate for the federal reserve to engage