, a more up-and-down economy. that's probably a reasonable scenario. for now, we are on the up at there is a downside as we make art and way into the next decade. host: -- as we make our way into the next decade. host: the phone lines are open. do you believe this is donald trump's economy? is this still benefiting from obama era policies? guest: host: do was still the obama economy. it was not until the end of last we passed the tax cuts. other majort any economic policy put in place in 2017 so i consider 2017 to be mostly the result of obama's policies and economy but now this is definitely the trump economy. we've got tax legislation. he's making changes on trade and immigration and regulation. going forward, this is very much a trump economy. you make a good point. there is a lot of moving parts here, a lot of forces that affect our economy of economic hollis he and the president of the united states is only a part of that. presidents generally don't matter a whole a lot in terms of how the economy is performi

economy is still the strongest economy on the planet. it would take a whole lot of really had policy for a really long time to mess that up. we've got a lot of think -- good things going . we still are theaaa credit on forplanet and the benchmark every other economy because we do a lot of things wrong but we do many more things right. it would be pretty tough to mess that up. host: mark zandi is chief economist at moody's analytics. announcer: c-span's washington journal, live every day with news and policy issues that impact you. up, discussing the trump administration's upcoming budget and infrastructure plan. then, discussing president trump's budget. using the olympics to highlight issues with north korea. washingtonwatch journal live at 7:00 a.m. eastern wednesday. join the discussion. here's a look at what is live on wednesday. at 10:00 a.m..ck at noon, they will work on all mortgage lending bill. and they are in at 10:00 a.m. on c-span two. at 10:30 a.m. on c-span3, treasury secretary the nation testifies on the 2019 budget reques

economy is still the strongest economy on the planet. it would take a whole lot of really had policy for a really long time to mess that up. we've got a lot of think -- good things going . we still are theaaa credit on forplanet and the benchmark every other economy because we do a lot of things wrong but we do many more things right. it would be pretty tough to mess that up. host: mark zandi is chief economist at moody's analytics. >> coming up wednesday morning, rob goodall discusses the trump administration's 2019 budget. alson garamendi will weight in on the budget. and then catherine moon will discuss the olympics to highlight issues with north korea. watch c-span's "washington journal," live at 7:00 a.m. eastern wednesday morning. join the discussion. sunday night on "q&a." the powerflashback," crash between the u.s. and the it is hardina. >> for westerners to get an idea of what that means. especially somebody is big and proud as china. so, they had this mindset of, we will build up our navy. on 8:00 p.m.ht eastern on c-span's "q&

like many other economies in africa, is our infrastructural deficit. embarking on an aggressive public/private partnership program to attract investment in the development of both our roads and railways infrastructure. that the solid private sector participation we can develop a multi-rail network with strong links and the potential to connect us to our westbors to the north, the , and to the east. apart from prosecuting their building at least one factory in each district of ghana, the time has come for ghana to develop strategic industry out of its abundant natural resources. we shall shortly establish an integrated aluminum development authority to assemble the relevant financial resources, the systematic exploitation and development of our deposits. havee same token, we decided to exploit our substantial iron ore and deposits situated in the northern and western region of our country to build a steel industry to serve the needs of our country and region. interestsg systematic to develop our new oil and gas industry into which exxon mobil signing in

economy. university to acknowledge the strength of the world economy, global growth is stronger, broader, and healthier than it's been for some time. global growth is at its fastest in seven years, 90% of the world economy is now growing above trend and the global expansion is increasingly being driven by investment. you gain the trade is benefiting from this request global demand appreciation of sterling. where usually drags on growth, the trade is currently contributing substantially and is likely to support activity over the forecast period. british exporters are in a sweet spot with sterling down 16% overall and around 20% against the euro in anticipation of a brexit that has not yet happened. high rates of profitability, lower cost of capital and diminishing their cavity, strong global capacity is supporting business investment. nevertheless, investment is being restrained by brexit related uncertainties. this relate the shallowest investment recovery in the u.k. in more than half a centu

in this big economy, we might have the best of both worlds, economy and an economy before slave labor, individuals possess the productive capacity of an industrial economy, even though the act can go globally through leveraging automated forms of work. we should use this as an opportunity to liberate us from the factory, the office, just as we did from the plow. the challenge of the 21st century will not be defending our robotlike jobs, but discovering what is valuable in being human. this will not naturally come out better for everybody. withcan history is dottede conflict -- dotted with conflict over productivity, it is a political choice and it feels dark in many ways these days. bu if we create a system that allowst for flexibility into some point this new independent workforce, ubi, etc. something akin to dealing with the reality of the new economy as we have dealt with the reality of the new industrial workforce, then things will turn out fine. work is part of the human experience and defined as purposeful action, it will be part of our human experience. but as a wage connected

about the economy. they will buy more things. that is why companies might invest more here. in factories and growth, et cetera. >> absolutely. i agree. we're on the same page. we're differing on is the pace of the flow back. they have to pay their taxes all at once but they can bring back the money as they please. as you know, it takes time to plan a building and put it up. david: right. >> that is just one factor. there are other things going on here that are very significant. one is the deflation of the chinese stock market. the chinese government has been trying to bring doesn't bubbles over there for quite some time and now they're having some success. guess what? markets are linked. another thing is, there has been this kind of misinterpretation of fed intentions. they're going to gradually raise interest rates to level well below historic levels for economic expansion. they're talking about a top federal funds rate of 3%. and it doesn't mean that there is inflation outside. you know, last month, w

maybe not so much in some of the emerging market economies. there is also, you know, delayed investment over the course of the last few years, which certainly has not helped. so the multiple factors that are actually affecting it. but increased urbanization is certainly one of them. can i just say one word on the 2% inflation because i think that's really an interesting one. that 2% inflation was not decided randomly. i think it was very carefully calculated on the batesis of multiple factors. there are areas in the world where certainly from our perspective we consider that to arrive at an average 2% inflation targets about there about in a particular currency zone. it might be appropriate for some of the countries in that zone to tolerate higher inflation than that 2%. >> i'm going to ask the question about the inflation target of you, governor. since you've finally agreed it, after, as you said, almost two decades of deflation. and now it seems to be suggested by some that 2% is too low and really it should be 4%. so you've got plenty of ro

plus a nation in motion it's the year of the dog in the world's second biggest economy. so the economy of the arab world is changing we've been reporting how many countries are having to diversify away from their oil dependency and plan for a different kind of future young people and women are demanding a more inclusive role in that society one of the advisors to governments in the region is the international monetary fund christine legarde managing director of the i.m.f. was in dakar this week i asked her how the i.m.f. sees its role in the region and what it's learned from past experiences it has been criticized in the past for putting pressure on countries to impose austerity policies that bring pain for poor people and benefit bankers. i think the i.m.f. is a slightly different institution from the days that you're referring to and clearly in the past few years we have been focused on a new set of topics number one we care very much about what i call the social safety net so whenever we give policy advice whenever we finance programs we always ask the leaders and i s

to an old style manufacturing economy, but we need to move away from an economy that's based on debt to one that is based on higher wages and can cope with that. there are other economies that do this, germany is one of them. but that's a transition that we're still trying to make. i think that politicians on both sides are going to try to own the solutions to that issue. >> the fed is in a very tricky position today. janet yellen's last meeting, no move. everybody is expecting a move in march. they will take note of the market concerns. and if they feel a confidence issue, there's a variety of things they could do. they may be out of bullets in terms of lowering interest rates. they have 1% they can play with. they still have qe they can restart. before they get to anything like that, they'll jawbone the market. they'll use inflationary expectations and interest rate expectations and jawbone the market over the next month. >> explain jawbone. >> well, basically put out statements. the statement at the next meeting will talk about what they are prepared to do. the statement at the ne

is not thearket economy but it plays a factor. congresswoman: would you say only 50% of americans own stock? so the other 50% to maybe women or minorities don't? chairman: yes. the chair now recognizes the gentleman from georgia, mr. loudermilk. congressman: thank you, mr. powell, for spending part of your day with us. its important that we have this dialogue. i don'to something that know has been discussed here today, but its important to me, having spent 20 years in the i.t. industry and dealing with securing data. and that is something that has been on the minds of most americans, cybersecurity and rejecting the data of americans -- and protecting the date of americans. i have stated this in almost every hearing that we have had thehis topic, when i was in military working intelligence i worked on the technology side of it. you areourse when dealing with the nation's secrets there is a huge responsibility to protect that information. and we had a simple principle. the principal was, you don't protect what you don't have, which

and in the overall economy. do i senate thiever -- i don't people at the fed will take this as something other than internal di dynami dynamics to do with inflation right rates and i don't think will -- >> let me get ron in here for a second. i want to respond to that with respect to the fed. the federal reserve does keep an eye. a two-day pull back and while jarring to most people won't get the federal reserve to change its policy stance. it is expected the fed will raise interest rates three times this year to cooldown what it appears to be an accelerating economic. and if the market were to come unglued, the fed would look at that as an indicator of future expectations about where we are and where we're going and it might give the fed some pause. so it is a double-edged sword with respect to the federal reserve. it does not key off the stock market, it keys off of real economic data and news. but when you get a big dislocation in the market and we haven't had one yet, even though this looks scary, the fed wou

the rise of the gig economy. a lot of changes. , there are a lot of areas where policymakers should be thinking about how can we adopt the existing regulations to the current situation. how can we increase flexibility, how can we increase entrepreneurialism for people? what is not going to work, as amy noted, the idea of a science holiday. we live in a very competitive world. and if we do not -- if we say we are not going to do something, a country probably will. what i would like to conclude with is to go back to the great british economist john maynard keynes, writing in 1930, after the depression and talking about this big fear, the new challenge of technological unemployment. keynes was an optimist and he ended, this is only a temporary phase of maladjustment, it means in the long run that mankind is solving its economic problem, that this economic abundance means we are going to have the opportunity, as louis said, to think about how we can become more creative -- what were the other two? >> caring and curio

i think the economy is going to grow.payouts for tax cuts to average americans come anywhere from $250 to $100,000. i don't know whether wages will grow or not. i certainly hope they do, but it won't be because of trump's policies. you've got a $1.5 billion addition to the dataset that he and others on the house and senate will have to deal with here that's why democrats don't like the tax plan. remember -- trish: that's because of conservatives. in search of how much politics matters. politicians worry about how much doubt. you weren't scared before. >> the republicans don't care now and that is even scarier regardless of who's in the white house. remember, the only way we are here is because barack obama and his economy and policies in place because he took over the bush economy, which was the worst since the 1930s. tree until i will give you a little 101. i am. >> he wants to claim that because barack obama got us here. after bush. trish: hang on. when you have an economy that performed as poorly as they did in 27 -- 2

economy and the strength of the global economy.ihood the economy will grow above trend pace in 2018. the fiscal discussion doesn't seem to be having tremendous weight right now. militaryhas increased and domestic discretionary spending significantly. is the fed going to pass higher rates because it wants to keep unemployment low and inflation from raising? the deficit is growing. you're going to be pushing up rates. it is not what you are trying to do. it is a byproduct of policy. it could make it more expensive to finance a large and growing deficit. foreign investors are not as eager to step up treasuries. cost,m: the debt service which has been kept at a low level, are going to go up a lot. 2 2017, -- 2007 yo 2017, the amount of government debt went from $5 trillion to $15 trillion. that is going to continue to expand and addressed rates are probably going to be significantly higher. service costs are going to be cut significantly. the cbo estimates debt service costs are going to double last year and 10 years from now. between

oneis transitioning from economy to a consumption economy , the other is already a consumption economyina are positive on both china and india, but for different reasons. china more for stability, structural change happening across areas. population base led by reform. whether china can emulate india is a hard question, because india needs to build up its infrastructure from the ground level that is happening after prime minister modi has come to power, but it has been very much a be steps. we have seen some announcements and reforms, but it is a very different model from china, and the companies are different. india does have privately managed companies and a long-term history longer than china. the sectors are different. rishaad: great talking to you. a feature on the bloomberg terminal is called tv . it is interactive and you can find it on the terminal and watch us live and catch up with some of the interviews we may have done before and dive into securities or bloomberg functions we mentioned as well. if you want to be part of the conversation, you can send us instant messagin

quotes on tax reform impact to the economy. quotes, several participants expressed considerable uncertainty about the degree which changes to corporate taxes would support business investment and capacity expansion. ing of on wage growth, key quote. while some participants heard more reports of wage pressures from their business contacts over the interveeping period, participants generally noted few signs of a broad-based pick up in wage growth in available data. that said, a number of participants judged that the continued tightening in labor markets was likely to translate into faster wage increases at some point. finally on the economy, spending on durable good, quote to replace those damaged during the hurricanes in september may have provided a temporary boost to consumer spending. the key head line here, is that it would appear from the mines of the january policy meeting that the fed is less hawkish on interest rate increases. back to you. trish: these are eternal doves we're talk about, these academics believe they alon

and shoring that they are owners they become managers they become active participants in the economy and they become produce us and in the end some of them may well become finance years as well thank our most grave and most pressing challenge is youth unemployment it is therefore a matter of great urgency that we draw young people in far greater numbers into the productive economic activity of our country young south africans will be moved to the center of our economy guy genda they are already forming a greater proportion of the labor force on our infrastructure projects and the primary beneficiaries of programs such as the installation of solar water meter heaters and their worn leaks we are taking steps and measures to involve our young people in economic activity because it is that that we face a great challenge with regard to unemployment. we continue to draw these young people in far greater numbers into productive economic activity through programs such as they prime and tax initiative working in partnership with business organized labor and community representatives we are cr

maybe not so much in some of the emerging market economies. there is also, you know, delayed investment over the course of the last few years, which certainly has not helped. so the multiple factors that are actually affecting it. but increased urbanization is certainly one of them. can i just say one word on the 2% inflation because i think that's really an interesting one. that 2% inflation was not decided randomly. i think it was very carefully calculated on the batesis of multiple factors. there are areas in the world where certainly from our perspective we consider that to arrive at an average 2% inflation targets about there about in a particular currency zone. it might be appropriate for some of the countries in that zone to tolerate higher inflation than that 2%. >> i'm going to ask the question about the inflation target of you, governor. since you've finally agreed it, after, as you said, almost two decades of deflation. and now it seems to be suggested by some that 2% is too low and really it should be 4%. so you've got plenty of ro

the economy doing so well. i agree with the chairman, we have lot to look forward to as members of the economy and investors in the market. trish: nicole, i don't think we can underestimate the power of confidence. the power of consumer sentiment and the power of positivetive. in other words, my frustration during president obama's years every time we get maybe a little glimmer of hope in an economic report, he would always caution, you know, we have a long ways to go. >> right. trish: we hear something very different right now. politics aside, doesn't the positive message mean something to everyday americans, good news begets more good news. >> that's right. our president, who is the president of the united states of america, not one side of politics, the truth is, he said we'll be winning so much you will get tired of winning and that is the ultimate idea behind confidence and that started from late 2016 when he took, when he basically won that election. people started to feel more optimism, more opportunity,

we are still teaching skills of the old economy. that transition needs to happen.er point is a lot of those gaps and crevices from the old economy to the new one are being built by you because before a major company or corporation, the needs in society, it is the people at the ground level of the community that have identified it and it is there where the innovation can spur economic growth and help the transition. . for all the government programs in the world they will never create enough jobs to smooth out the transition. is going to be created by innovation from the ground up, by people who work in an industry is an employee and identify an unmet need or a niche and you filled it. that is why programs like this are critical because they give you access not just to capital but all the other tools you need to turn an idea into reality. we will make that transition. i believe unless we, here in washington, mess it up, which we might, but i don't think, we are going to try not to, the 21st century holds the promise of being the freest and most prosperous era in the

economy grew at 2.6%.ndividual, businesses and the government actually grew over 4.5%. but we had a 2% trade deficit. if we were trying to buy all 4.5% of purchasing growth from all u.s. companies we would have far more inflation because supply would be outstripped by demand. i'm not saying what the president is doing innis correct to make sure we have free and fair trade. but we worry if we swing too far in trade issues, the global economy which benefits from the free flow of goods and services may be impacted. but it is one of the things we are watching. maria: there was an op-ed about trump and canada and a chill in the nafta deal. quick but go. real estate. i know you have got a big hand in terms of ownership. what are you expecting? >> we have a wonderfully successful real estate business. our u.s. real estate business appreciated 20%. we think there is a real opportunity to continue to grow there. the real estate business today is in an interesting point where you have concerns about interest rate in

we are entirely a service abased economy.le we are only at 1.7% of australia's population, we generate nearly 3% of our nation's service exports. an export -- that "an export -- that open approach and export focused approaches generating jobs. that is a wonderful boost for us. >> i want to thank all of the premiers for being here. honor andgreat privilege of serving as chairman at an australian-based software company, which had the distinction of being the fastest growing software company in australia and holds the record of being the most successful ipo on nasdaq of any australian company, started by two mates from the university. my question for the premiers, because it was alluded to about the importance of skills and workforce and the digital importance of skills and workforce and the digital transformation, maybe you want to go deeper on ideas in terms theow you are building out appropriate skills and recruiting and retaining talent because i know when we were building the company, we were challenged by having the right

i view these things as positive for our economy. i want to follow up on the chairman's comments to chairman powell about your exchange you had on the volcker rule. the chairman talked about the bill i've introduced to harmonize regulatory oversight because you've noted in previous testimony, president dudley has, even mr. terillo has, about the complex of this rule that we're not getting it done. not doing a good job of even enforcing the rule but on this harmonization bill, i've had difficulty for members to understand that giving relief to banks under $10 million, community banks, is somehow letting those those community institutions sort of off the hook of safe and sound banking practices and i'd like for you to respond to what i've told them by saying our community banks are not subject to the volcker rule, that doesn't mean they're not subject to the careful scrutiny of our bank regulators for safe and sound banking practices and isn't it true that if one of your regulators went in a bank under $10 billion, a holding company, t

they say economics is a dismal down side to where your economy is that. for many of us, and the challengest of youthful employment, skill shortages, the summit and says to attract capital into certain industries that are needed to diversify our economy. our situation is the complete opposite of western australia. if we had no metro resources we are entirely a service-based economy and that represents a wonderful opportunity for us and we are idly about 127% of australia's population may not generate 3% of our nation service exports. so that open approach and export focused approach is what is generating jobs in our city and of course this trillion government is a wonderful boost for us. >> i want to again thank all the premiers for being here and as the prime minister alluded to, is the great honor and privilege of serving as chairman of industrially and a software company that had the distinction of being and holds the record of nasdaq of any australian companies started by the university, michael cannon brookes now is over $12 billion with 3000 people.

economy, but for the world economy also.u are in china or beijing, you're much more positive than being further away. what do people not understand about china? >> everyone is entitled to their views. both views are very valid. we have consistently noted in the fartherg that away from china you are, the more bearish you get. the sentiment in hong kong is very different than other places. the services side of things is making progress. of course, above all, it is the political economy. china is in no mood to let go of its economy or currency. play a is continuing to soe is continuing to play a major role. francine: thank you so much. coming up, we speak to the fed the fed,-- we speak to robert kaplan. ♪ . retail. under pressure like never before. and its connected technology that's moving companies forward fast. e-commerce. real time inventory. virtual changing rooms. that's why retailers rely on comcast business to deliver consistent network speed across multiple locations. every corporate office, warehouse and store near or

the economy actually getting better.hat the new federal reserve chairman jerome powell is saying publicly for first time. maybe there is a little inflation. maybe they have to raise rates. maybe that's a good thing. maybe we're returning to normal. i'm trish regan. welcome to the intelligence report. mr. powell says his outlook on the u.s. economy has strengthened since president trump's tax cuts. what does that mean for interest rates? they may move a little higher. i think we can take it. we'll talk to dennis gartman

we are a commodity driven economy. price of commodities is reflection of supply and demand, and while supply is not an issue for the fed to be concerned about, i represent industries where technology advancement has been used amazingly very successfully, whether precision agriculture, increasing output of farms and ranches or on the energy side, 3d size mow graph. and that increased supply. but my producers see since 2014 whether it is oil and gas or wheat and cattle that literally prices are half what they were in 2014. let's discuss for a moment expand on comments earlier about where you think the fed projections would have economic growth and demand in the year or two or three down the road in the united states. because we have a supply equation. that's our challenge. but if demand picks up, life gets better economically at home. >> that's typically the case as you know. so i haven't updated my projections, but i will say generally it feels to me the next couple of years look quite strong, you should see strong dema

a fanfare the economy itself is strong?yeah, the economy itself is getting stronger, numbers in the right direction. we've pulled forward a lot of the good news enough for the market did what it did already. keep that in mind. connell: that is what jonathan was saying. thanks a lot. appreciate it. lauren: a day all about it. don't worry be happy. that's advice from billionaire direct to your mark cuban on the market selloff. >> if you've got cash on the sidelines, yet it is okay. but i do think the market will be okay over the long haul. lauren: more for the interview with mark cuban including exactly where he's putting his money. donald trump stockmarkets major rise since the election, but now that is falling. will he take blame for that as well? the saudi government shutdown affect these markets? our political panel will weigh in. a whiplash type of day on wall street. dow futures down 181 points. s&p said three, nasdaq futures at 31. you are watching "fbn:am." "volatile markets." something we all think about as we head i

economy so if you should get reporting for us from wall street thanks a lot. well chinese tourists off still flocking to america even as arrivals from other nations are tapering off all the more reason for america's tourism industry to case it to the chinese already the most lavish foreign spend is at hotels resorts and department stores and luxury hotels in los angeles offering special deals in the run up to the chinese operations. europeans may have their issues with los angeles but up market visitors from china are increasingly feeling right at home here in the run up to the chinese new year the local tourism industry is leaving no dumpling unturned in a pitch to attract free spending chinese traveling the world on their holiday break the chinese new year is a big event it's a big stage in the calendar for a frog troublous at the lots we look at so you off all the facilities that they may want to enjoy that would include things like lucky envelopes with two dollar bills here new year macaroons with t.n. dim sum special seasonal gifts and chinese american ne

we have to see the economy continue to grow. trish: let me ask you, matt welch, about higher deficits in the short term because i'm a big believer these tax cuts will do a lot for the economy and do a lot for earnings, overall will be good for employment, et cetera, finally get inflation as we start to see in this economy. but, look, if it doesn't do all of that, we got a real problem. >> we have a real problem in any case because what can't go on forever won't. we're going from $20 trillion in debt now to maybe see 30 trillion soon. at some point, that point is happening now. it started happening a couple weeks ago. the cost of borrowing is going to get to recent record highs. we had low cost of borrowing for almost seven years. trish: matt, i know i have to stop you. look at, do we have the 10-year and 30-year. 30-year you can still borrow 3%. that's nut. >> it is nuts and it will get even more nuts as debt service starts to outpace even military spending i'm saying it is nuts because it is low. if you're going to lend someone

the underlying economy is so strong.any indications of such negative developments. >> going back to your turn on capital. your target range is between 10%-15%. does the volatility make you more confident? tidjane: several things are helping. it is helping our revenue line. it is adding the 100 basis points to our original tangible equity. that is a big boost. storiesis really the 2 --.perating leverage and after that you can see the power of the franchise coming through. >> talked them in little bit about the etm? tojane: i want to go back --. it says it is a daily trading tool for very sophisticated investors to help them manage their daily trading risk. we also say that it has zero long-term value. we also say that it is not an appropriate investment and should not invest in it for any amount of time. you risk losing all or a substantial portion of your investment. it is a tool used by hedge funds and sophisticated investors to manage the risk. >> it was not sold to wealth management clients or retail clients? tidjane:

commodity-driven economy. the price of commodities of course is a reflection of both supply and demand. not an issue for the fed to be concerned about, i represent industries where technology advancement has been successfullyy very . whether it is precision agriculture, increasing output of farms and ranches with fewer inputs, or on the energy side of the equation. horizontal drilling, the most of basing technological advances in the last 10 years. that has increased supply. sinceducers and see, 2014, whether it is oil in gas or wheat and cattle that prices are half of what they were in 2014. where you think the fed projections would have economic growth and demand in the year or two or three down the road. because we haven't supply equation. that is our challenge. of demand picks up, life gets better economically at home. powell: that's typically the case, as you know. i have not updated my projections but i will just say generally that it does feel to me that the next couple of years look quite strong. deman

for infrastructure in the economy do?bucket. that would come from a sharp rise in productivity growth. that would come from an unusual pickup in the labor force. but probably more so from productivity growth. now that we are down here for decade lows on productivity growth, getting some notion that that could pick up and close the cap somewhere between the 3% or 4% is not an unreasonable thing to think about. you are taking off some of the constraints. this does not mean we have a recession within that can your period of time. march, whatl into are the citigroup economists saying about the investment spirit of american corporations, or in steve wieting's world? it has been a very sharp rise in business confidence. you are seeing some pickup in business investment. to say that those two things don't meet somewhere in the middle would be very, very unusual to have this big of a pickup and not see pass through to strengthen business investments. that does probably need productivity growth picks up. tom: we are hearing the co

in the world, and it's expected to replace the u.s. as the top economy in less than a decade. their ambitious plans could make china the epicenter of global trade. washington must find new ways to adjust to china's global expansion. china, the new silk road. next time on great decisions. (theme music) ♪ announcer: hello, and welcome to "in good shape." our focus today -- healthy till you're 100. turning back the clock -- the benefits of regular exercise. and, staying sharp -- how cognitive training can guard against dementia. here's your host, dr. carsten lekutat. carsten: hello, and welcome to "in good shape." the oldest verified person who ever lived with a french lady named jeanne louise calment, who lived 122 years. she started smoking when she was 16, but she quit when she was 117. but a habit is a habit, so she retoxed one year later. when she was asked how she managed to get that old and stay

economy and low unemployment. ben: i hope you don't mind me asking, you were the only woman in the class in graduate school? janet: i think i was one of two. there were not many at that time. ben: was that a problem? janet: it wasn't a problem for me. i think i was always treated fairly. tobin and stiglitz were always strong mentors. i enjoyed the graduate program very much. it is sometimes a problem. i think i was lucky in that respect. i think that is sometimes a problem for women in such a small minority. ben: you were at the fed, but you went on to a research career. looking back, what was the most exciting work you did, that you still think about? janet: i held a number of academic drops and ended up in brooklyn. i also ended up marrying somebody i met in the fed cafeteria. ben: who was that? janet: a guy by the name of george akerlof who shared my interest in the the topic of unemployment and economic theory bearing on unemployment. the most significant work i did before becoming a fed governor was with geor

not only in the advanced economies but emerging economies.ddressing ther market of the global economy, this is a question for authorities and for the private sector. vonnie: that is not the direction we are going in the united states. we are getting more indebted and maybe an infrastructure plan which would put us more in debt, publicly. what will that lead to? what will be the major ramifications that would be negative? >> i have to say that i am more a a little bit, because -- i am more even a little bit, -- i am worried a little bit, because that's not what you a what you would expect at this point in the cycle, embarking on a big spending program. thisis not natural in present day part of the cycle. we will see what happens. the u.s., unfortunately, my own understanding is that it used to deficitith an account and savings in the u.s., lower than investment, which is needed. much more because of the government, and the household, then the corporate sector, which thriving and very impressive. households on the one hand, government on the ot

that is how big the american economy is. that is how powerful the economy is.nd the fact we have been able to grow at 3% the last couple quarters is a big deal. if you have seen me on television you are sick of me saying this because it bears repeating. if you are sitting in here today and are under the age of 30, you have never had a job in a healthy american economy. you have had a job in an obama economy. that is not healthy. the things you can do -- the things you can do with 3%, talk to your parents and grandparents. i had a small business in the 1990's when things were good. if you did not like your job in the 1990's you could quit and start your own business and know you had a chance. if you got laid off, you can find another job that paid better. that is a healthy american economy that brings dynamism and confidence and creativity that does not exist when everyone is worried whether or not we will have a healthy economy. if we can get to 3%, you can see the benefits of not only in the deficit but whether or not people have a chance to defend themselves,

that will be good for the economy.see self-feeding momentum out there and that's something we welcome. >> yang: late today the white house put out a statement ecoing that that the long-term fund mendells of the economy remain skong. diane sw and gillian tett, thank you so much for joining us. >> thank you. >> yang: in the day's other news, a new, bipartisan immigration bill was floated, but president trump quickly shot it down. republican john mccain and democrat chris coons called for a pathway to citizenship for immigrants illegally brought here as children.nc they alsoded better border security but not funding for aa border wall. the president said any deal that doesn't include a wall "is a total waste of time." former sports doctor larry nassar was sentenced today, for a third and final time. he was ordered to serve from 40 to 125 years in prison forst mog girls and young women at a training club. nassar appeared in courtn lansing, michigan after listening to dozens of victimsvi speak lasteek. before the judge hand

so the economy continued to recover. so the notion that a very well deserved fiscal tightening policy did not have adverse impact on economic activity. another lesson, in inflation stayed so very low and again we have a similar situation with inflation and our conclusion was that that good experience reflected favorable supply. the most important of which was productive was increasing dramatically. unfortunately temporarily but dramatically and that was holding down prices. in addition to that, and unfortunately that's not one of the things that is currently operative. and that you pinpointed a decline in the health care cost increases. this was a period in which there was a restructuring, many people moving from fee for service to manage care-type plans and at least for a period it held down the growth of health care costs significantly and we also concluded that that was -- so all of these were supply shocks. but we concluded that that was important and i think in the present situation, some of those things are present

>> talk about the economy. the current tax bill put through congress quickly and put into law benefited 2% of the americans. only 1.94% of americans bottom bonus from their jobs from the tax cuts. trish: just happened. >> just happened. only 2%, so quickly. we've been talking all the time how great this tax is for the american people. it hasn't trickled down to anyone. trish: only been in place a few weeks. starring tomorrow, americans will be getting raises as a result of this. more money coming back to them in their paychecks. >> let's see if that comes out. we'll see if it gets beyond the margins starting tomorrow since you seem to think tomorrow we'll get pay cuts coming back -- trish: okay. hang on ford. i want to keep going, hamza. i want to hear rest while you say economy is not doing well now? >> a lot of reasons why the economy is not doing well. fox poll, said 71% of the americans concerned about the economy, with president trump being in office for whole year. on top of that, even though president tr

new economy.he we fail to do that, we fail as a country to make an economy that works for all. that's a critical message to win them back and i think they were stolen by trump and his message in the last election. they may be up for grabs. this is a strong economy. >> trish: stolen or just cast aside? nobody cared about them. suddenly, you know, you heard a message from of all things the wealthiest man to have ever run for president. he seemed to relate to your average american than anybody we saw from the democratic party. >> fdr was quite wealthy himself. almost a tradition of wealthy candidates doing well with working class voters in this country. i'd say no question that he had a message on the economy and democrats have to be sensitive that the economy for the coast is not the same thing for the middle of the country and we have to change that. >> trish: i hope they listen to you. for their sake. mark, thank you so much. really interesting stuff. >> thank you. >> trish: this just in. special

using authority that was punitive toward the economy.hat we are set on doing this year, is d weaponize in -- deweaponzing. get back to the basics of our agency. the d regulatory effort we are engaged in, 22 significant actions over the past year, equaling $1 billion in savings for the u.s. economy in a year. the administration as a whole, $8 billion from a regulatory perspective. the tax-cut, partnered with the regulatory reform, you see what is happening across the economy. it has been a busy year. we have plenty to do. i'm excited about what we have been able to achieve this first year. >> specifics, most notably the clean power plant. i love the way these things get named. the affordable care act, net neutrality. >> we will get to that. >> here is a plan that the president has specifically asked you to dismantle. the program your undertaking will save upwards of $35 billion. other than that, how was the play, mrs. lincoln? why was it so important to repeal the clean power plant? >> this was an example of an agency using authority to s