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recently fed governors, certain fed governors stated private risk absorbed by the fed involved only a small portion of its enormous asset holdings. some suggested that the government might even make money on some of its risky deals. while some of this mirgt be true, i don't believe potential profit is the appropriate metric for evaluating government support of private risk. taxpayers simply should not be subjected to possible losses from private risk. mr. chairman, from for many years i hailed the federal reserve in high regard, i had a great deal of respect for not only its critical role in the u.s. monetary policy, but also its role as a proou pru tent initial regulator. i believed it to be the nation's repository of financial expertise and excellence. over the years we have enacted a number of laws which democrat stated our confidence in your institution. we trusted the fed to execute those laws which deemed -- when deemed prudent and necessary. i fear our trust and confidence were misplaced in a lot of instances. the question before us now, mr. chairman, is what are we to do about
recently fed governors, certain fed governors stated private risk absorbed by the fed involved only a small portion of its enormous asset holdings. some suggested that the government might even make money on some of its risky deals. while some of this mirgt be true, i don't believe potential profit is the appropriate metric for evaluating government support of private risk. taxpayers simply should not be subjected to possible losses from private risk. mr. chairman, from for many years i hailed...
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Dec 4, 2009
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recently fed governors, certain fed governors stated private risk absorbed by the fed involved only a small portion of its enormous asset holdings. some suggested that the government might even make money on some of its risky deals. while some of this mirgt be true, i don't believe potential profit is the appropriate metric for evaluating government support of private risk. taxpayers simply should not be subjected to possible losses from private risk. mr. chairman, from for many years i hailed the federal reserve in high regard, i had a great deal of respect for not only its critical role in the u.s. monetary policy, but also its role as a proou pru tent initial regulator. i believed it to be the nation's repository of financial expertise and excellence. over the years we have enacted a number of laws which democrat stated our confidence in your institution. we trusted the fed to execute those laws which deemed -- when deemed prudent and necessary. i fear our trust and confidence were misplaced in a lot of instances. the question before us now, mr. chairman, is what are we to do about
recently fed governors, certain fed governors stated private risk absorbed by the fed involved only a small portion of its enormous asset holdings. some suggested that the government might even make money on some of its risky deals. while some of this mirgt be true, i don't believe potential profit is the appropriate metric for evaluating government support of private risk. taxpayers simply should not be subjected to possible losses from private risk. mr. chairman, from for many years i hailed...
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Dec 18, 2009
12/09
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the fed has.ant someone dealing with the expanded balance sheet that has the capabilities that have to create all kinds of other problems throughout our country and in relationship to other countries, so have there been mistakes made? yes. is fed balance sheet human? yes. to we need it pack to normal? yes. but i would rather someone that opens that balance sheet to put us in that mare place and manager that balance sheet back down, than having another person come in with no ownership of that and has the ability to maybe do some things and divorce themselves from the results that i think might not be good for our country so. look, i think chairman ben bernanke gets up every morning, i think he tries to do those things that he believes are best for this country. i believe that. don't think he has a political cell in his body. has he turn immediate off by trying build an empire with the fed? yes. and does he need to stop? yes. absolutely. and i've talked to him specifically and this committee will go
the fed has.ant someone dealing with the expanded balance sheet that has the capabilities that have to create all kinds of other problems throughout our country and in relationship to other countries, so have there been mistakes made? yes. is fed balance sheet human? yes. to we need it pack to normal? yes. but i would rather someone that opens that balance sheet to put us in that mare place and manager that balance sheet back down, than having another person come in with no ownership of that...
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Dec 20, 2009
12/09
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balance sheet that the fed has.ant somebody dealing with this expanded balance sheet that has the capabilities, if dealt with incorrectly, to create huge inflation in this country and create all kinds of other problems throughout our country and in relationship to other countries. so, have there been mistakes made? yes. is the fed balance sheet huge? yes. do we need to get it back to normal state? yes. but, i'd rather someone who owns that balance sheet and put us in that particular place manage that balance sheet back down than having another person come in who has no ownership of that and has the ability to maybe do some things and divorce them self from the results that i think might not be good for our country. so, look, i think chairman bernanke gets up every morning, i think he tries to do those things that he believes are best for this country, i believe that. i don't think he has a political cell in his body. has he turned me off some trying to build an empire for the fed? yes. and does he need to stop that?
balance sheet that the fed has.ant somebody dealing with this expanded balance sheet that has the capabilities, if dealt with incorrectly, to create huge inflation in this country and create all kinds of other problems throughout our country and in relationship to other countries. so, have there been mistakes made? yes. is the fed balance sheet huge? yes. do we need to get it back to normal state? yes. but, i'd rather someone who owns that balance sheet and put us in that particular place...
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Dec 4, 2009
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i think you're the fed chairman until another fed chairman is nominate and had approved, and is i think that's the case. your staff is nodding no, but that's debatable, i guess. but i do -- i've worked very closely with you over the last year, which i appreciate, a year-and-a-half. and we have talked about a lot of important -- important to our country things. and what i appreciate about you is i absolutely do not believe you have a political cell in your body, as i have said publicly many times, and i really believe you wake up every day trying to do what you think is best for our country. but i am concerned, and i'm becoming sort of frustrated with it, that the activity -- i mean, you have worked very closely with both administrations. this is not partisanment. i mean, i think much of that is -- has hurt your credibility some. and just as you mention, we talked earlier in our last exchange on the fiscal side. i do think that you end up getting used as a tool for administrations to advance policies that they think is good, it's outside the monetary policy issue. and i just would cautio
i think you're the fed chairman until another fed chairman is nominate and had approved, and is i think that's the case. your staff is nodding no, but that's debatable, i guess. but i do -- i've worked very closely with you over the last year, which i appreciate, a year-and-a-half. and we have talked about a lot of important -- important to our country things. and what i appreciate about you is i absolutely do not believe you have a political cell in your body, as i have said publicly many...
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Dec 30, 2009
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there's a lot more information about the reason that they brought up the fed and created the fed. of course they came out of the crisis of 1907. but the real important history which deserves a lot more intention than it gets in the book. that is the argument always used about we had to have the fed because the gold standard always failed. that's why we had the crisis in the 19th century. but the truth is is all of the monetary crisis that we had throughout the 19th century, especially around the civil war period came because we didn't follow the gold standard or local people inflated or the banks inflated or it happened within the states. it had nothing to do with falling on the rules. but that history is important. that story is what we need to understand how it happened. i go through the section about my experience with meeting the verso'sian economist. because that is what i have concentrated on. frequently i'm asked. as a matter of fact this week, joe scarborough asked me. he took a quote that i had made in the banking committee in the early part of this decade as saying we're
there's a lot more information about the reason that they brought up the fed and created the fed. of course they came out of the crisis of 1907. but the real important history which deserves a lot more intention than it gets in the book. that is the argument always used about we had to have the fed because the gold standard always failed. that's why we had the crisis in the 19th century. but the truth is is all of the monetary crisis that we had throughout the 19th century, especially around...
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Dec 21, 2009
12/09
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the fed has chosen not to do that. mr. president, we need transparency at the fed. i am the author of a g.a.o. audit of the fed which now has 30 co-sponsors, which i hope that we will pass. at the very least if the taxpayers of the country are putting at risk trillions of dollars being lent out to large financial institutions, we have a right to know which institutions are receiving that money and under what terms. let me conclude, mr. president, by just saying this, this country is in the midst of a horrendous economic crisis. millions of families all over this country are at their wits end. they are suffering. they're trying to figure out how they're going to keep warm this winter, how they're going to pay their bills. the time now is for a new fed -- for a new direction on wall street, for a wall street which is helping our productive economy create decent-paying jobs. not a wall street based on greed only for themselves whose goal in life is to make as much money as possible for their c.e.o.'s. so, mr. president, we need a new fed. we need a new wall street. and
the fed has chosen not to do that. mr. president, we need transparency at the fed. i am the author of a g.a.o. audit of the fed which now has 30 co-sponsors, which i hope that we will pass. at the very least if the taxpayers of the country are putting at risk trillions of dollars being lent out to large financial institutions, we have a right to know which institutions are receiving that money and under what terms. let me conclude, mr. president, by just saying this, this country is in the...
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Dec 4, 2009
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then it comes, the fed will take care of this. the fed is this magical machine. they just crank out, they crank out new money, which is the tax because the devalued the currency. host: next question is from georgia, south, republican line. caller: the day requirement for next year is figured to about $350 billion per month, and that does not include any future bailouts we are looking straight at into the trillions. how can foreigners possibly be buying up all of this debt now, much less in the future, especially when japan and britain are pretty much doing the same thing with their horrendous debt requirements? their money printing? right now, there is [unintelligible] guest: some of the countries, say, china for instance, they fit into this. there were glad for us to buy products from them and they were sabres and they ended up with a lot of dollars -- and they were savers can they ended up with more than $1 trillion and they did not know what to do with it, so they would feed it back and boost our housing and economy, but there is a limit to that. they would ta
then it comes, the fed will take care of this. the fed is this magical machine. they just crank out, they crank out new money, which is the tax because the devalued the currency. host: next question is from georgia, south, republican line. caller: the day requirement for next year is figured to about $350 billion per month, and that does not include any future bailouts we are looking straight at into the trillions. how can foreigners possibly be buying up all of this debt now, much less in the...
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Dec 5, 2009
12/09
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the fed dropped the ball on consumer protection issues. i support the creation of a strong independent consumer protection agency. every day we find a new way. banks are in trouble. many of their profits are being squeezed. their reaction is to raise these fees. there has been a new report that has come out on atm fees. according to that report, the average fee rose 12.6% in 2009. that is a heck of a lot. plus, he not only will the bank owns the church -- -- bank owns the charge. over 7% of banks charge customers this feat. together with massive increases in credit card interest rates and these overdraft fees, consumers are bearing a burden disproportionately in maintaining the health of banks balance sheets. i believe the fed should conduct a thorough review of these fees to ensure consumers are protected from excessive atm fees, especially for the double whammy fee of using another bank. what is your opinion on this? will the fed agreed to conduct its own study and get us some answers quickly? >> we have just put out some rules on overdr
the fed dropped the ball on consumer protection issues. i support the creation of a strong independent consumer protection agency. every day we find a new way. banks are in trouble. many of their profits are being squeezed. their reaction is to raise these fees. there has been a new report that has come out on atm fees. according to that report, the average fee rose 12.6% in 2009. that is a heck of a lot. plus, he not only will the bank owns the church -- -- bank owns the charge. over 7% of...
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Dec 30, 2009
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but the rest of the book deals with we should get rid of the fed and why the fed doesn't deserve to exist, and a pretty important reason although i consider it today under current conditions probably the weakest argument and that is rather sad and that is the constitutional argument. i mean, if i wanted to get somewhere in washington and say that the reason we have to get rid of the federal reserve is because of our respect for the constitution and the constitution hasn't given authority for get it. they don't want to hear that and they would say no, the courts say it's okay. okay. the courts can read write the constitution. .. just canceled the agreement. the government doesn't have to pay in gold because they promised. they just cancel. it the government uses the courts to abuse the contract and stick it to the people. so the people aren't rewarded as a should be. it says we're not allowed food anything unless we're there's a lot of prohibitions in the constitution and that which was not permitted was denied. so there's no provision and they are that the congress now has the authority t
but the rest of the book deals with we should get rid of the fed and why the fed doesn't deserve to exist, and a pretty important reason although i consider it today under current conditions probably the weakest argument and that is rather sad and that is the constitutional argument. i mean, if i wanted to get somewhere in washington and say that the reason we have to get rid of the federal reserve is because of our respect for the constitution and the constitution hasn't given authority for...
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Dec 17, 2009
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balance sheet that the fed has. i want -- i want somebody dealing with this expanded balance sheet that has the capabilities, if dealt with incorrectly, to create huge inflation in this country and create all kinds of other problems throughout our country and in relationship to other countries. so, have there been mistakes made? yes. is the fed balance sheet huge? yes. do we need to get it back to normal state? yes. but, i'd rather someone who owns that balance sheet and put us in that particular place manage that balance sheet back down than having another person come in who has no ownership of that and has the ability to maybe do some things and divorce them self from the results that i think might not be good for our country. so, look, i think chairman bernanke gets up every morning, i think he tries to do those things that he believes are best for this country, i believe that. i don't think he has a political cell in his body. has he turned me off some trying to build an empire for the fed? yes. and does he need
balance sheet that the fed has. i want -- i want somebody dealing with this expanded balance sheet that has the capabilities, if dealt with incorrectly, to create huge inflation in this country and create all kinds of other problems throughout our country and in relationship to other countries. so, have there been mistakes made? yes. is the fed balance sheet huge? yes. do we need to get it back to normal state? yes. but, i'd rather someone who owns that balance sheet and put us in that...
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Dec 18, 2009
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balance sheet that the fed has.i want -- i want somebody dealing with this expanded balance sheet that has the capabilities, if dealt with incorrectly, to create huge inflation in this country and create all kinds of other problems throughout our country and in relationship to other countries. so, have there been mistakes made? yes. is the fed balance sheet huge? yes. do we need to get it back to normal state? yes. but, i'd rather someone who owns that balance sheet and put us in that particular place manage that balance sheet back down than having another person come in who has no ownership of that and has the ability to maybe do some things and divorce them self from the results that i think might not be good for our country. so, look, i think chairman bernanke gets up every morning, i think he tries to do those things that he believes are best for this country, i believe that. i don't think he has a political cell in his body. has he turned me off some trying to build an empire for the fed? yes. and does he need
balance sheet that the fed has.i want -- i want somebody dealing with this expanded balance sheet that has the capabilities, if dealt with incorrectly, to create huge inflation in this country and create all kinds of other problems throughout our country and in relationship to other countries. so, have there been mistakes made? yes. is the fed balance sheet huge? yes. do we need to get it back to normal state? yes. but, i'd rather someone who owns that balance sheet and put us in that...
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Dec 16, 2009
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>> lehrer: alice rivlin, you served in the fed.ou watched it for many years as has professor galbraith. he says a whole new culture is needed and it can't happen with the current chairman. you don't see it. >> i think a lot of changes are necessary, and some of them are in the process of being made. we have a bill from barney frank's committee that will -- >> lehrer: in the house. >> in the house -- that would change the regulatory structure rather considerably. i don't agree with all of it. but i think bernanke is an experienced person who was a student of the great depression, had handled himself extremely well under fire, as jamie galbraith said, and is the right person to go on leading the fed now. >> lehrer: professor galbraith, if not bernanke, who? or do you think in terms like that? that, well, there is a better person out there who could do the job? or is it what you say, a cultural problem, not an individual problem? >> i think there are capable people. there are capable people in the federal reserve system now who would
>> lehrer: alice rivlin, you served in the fed.ou watched it for many years as has professor galbraith. he says a whole new culture is needed and it can't happen with the current chairman. you don't see it. >> i think a lot of changes are necessary, and some of them are in the process of being made. we have a bill from barney frank's committee that will -- >> lehrer: in the house. >> in the house -- that would change the regulatory structure rather considerably. i don't...
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Dec 17, 2009
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was chairman of the fed in advance of the crisis.e faid to heed the warnings that werbeing offered about the daers in the housing marketabout the dangers in derivatives. the fewas lax in its approach to the regulation ofhe fincial system at that time. and, the crisis ppened on his wah. in a sense, was the admiral of the fleet. it wenaground. seems to me that, in the principle ofommand responsibili, the institution shld get new leadership at this time. >> lehrer: ali rivlin, you see differently. >> i d >> lehrer:ell us why. >> think the whole financial commity bears a lot of responsibili, and there were regulatory failures, a the fed actetoo slowly, but when the cris came, ben bernanke was absolutely the rig person to be there. he w calm and collected. he was very knowledgeable. he was bold in using the pers of t fed to stabilize the financial system. itas a really dangerous, chaotic situation. weould have had domino effect, big instution after big institution going down and total meltdown you othe financial system. he aided that. >>
was chairman of the fed in advance of the crisis.e faid to heed the warnings that werbeing offered about the daers in the housing marketabout the dangers in derivatives. the fewas lax in its approach to the regulation ofhe fincial system at that time. and, the crisis ppened on his wah. in a sense, was the admiral of the fleet. it wenaground. seems to me that, in the principle ofommand responsibili, the institution shld get new leadership at this time. >> lehrer: ali rivlin, you see...
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Dec 17, 2009
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and i fear that more responsibility that is we pile on the fed's plate the more hamstrung the fed willomy from catastrophe. i have outlined my proposals to maintain the fed's oversight responsibilities, its access to critical information and most importantly its independence. and i can't stress that last point strongly enough. although chairman bernanke and i disagree on many particulars of the plan that we propose and we're working on i know we share a strong commitment to a strong central bank and a strong obviously american economy. i look forward to working with him in the months ahead and i thank him for his service to our nation. with that let me turn to senator shelby and then we'll move on down the line here for comments and proceed in the manner that i've described at the outset of these comments. >> thank you, mr. chairman. mr. chairman, i have a lengthy statement. and it will take me a few minutes to give. and i hope you will indulge me. today the committee meets on the nomination of ben bernanke to serve of a second term as chairman of the board of governors of the federal
and i fear that more responsibility that is we pile on the fed's plate the more hamstrung the fed willomy from catastrophe. i have outlined my proposals to maintain the fed's oversight responsibilities, its access to critical information and most importantly its independence. and i can't stress that last point strongly enough. although chairman bernanke and i disagree on many particulars of the plan that we propose and we're working on i know we share a strong commitment to a strong central...
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Dec 20, 2009
12/09
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the fed is not a one man show. but to a large extent, the book in the story of what happened is the story of ben bernanke. bandshell overbake a nice jewish boy from dylan, south carolina. who grew up in a nice town where his father and his uncle ran the local drugstore. he was known as a really smart kid in town. his sat scores were public information because they were so high. and he was very good at spelling, good enough to make the national spelling bee at the mayflower hotel here in washington where he bombed out on the word edelweiss. [laughter] >> it turned out there was no movie theater in dillon, south carolina, so he hadn't seen the sound of music. [laughter] >> he was probably going to end up at the university of south carolina or the university of north carolina, where his parents had gone. but for a uniquely american story, there was a guy in dillon, south carolina, six years older than ben bernanke, a black eye named ken manning. can mannings family had warm feelings toward the bernanke family because
the fed is not a one man show. but to a large extent, the book in the story of what happened is the story of ben bernanke. bandshell overbake a nice jewish boy from dylan, south carolina. who grew up in a nice town where his father and his uncle ran the local drugstore. he was known as a really smart kid in town. his sat scores were public information because they were so high. and he was very good at spelling, good enough to make the national spelling bee at the mayflower hotel here in...
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Dec 18, 2009
12/09
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and i fear that more responsibilities that we pile on the fed's plate, the more hamstrung the fed willrophe. i have outlined my proposals to maintain the fed's oversight responsibilities, its access to critical information and most importantly, its independence. and i can't stress that last point strongly enough. and although chairman bernanke and i disagree on many particulars of the plan that we proposed and we're working on, i know that we share a common commitment to a strong central bank and a strong obviously american economy. i look forward to working with him in the months ahead and i thank him for his service to our nation. with that, let me turn to senator shelby and we'll move on down the line for comments and proceed in the manner that i've described at the outset of these comments. >> thank you, mr. chairman, mr. chairman, i have a lengthy statement and it will take me a few minutes to give. and i hope you'll indulge me. today the committee meets on the nomination of ben bernanke to serve a second term as chairman of the board of governors of the federal reserve system. ou
and i fear that more responsibilities that we pile on the fed's plate, the more hamstrung the fed willrophe. i have outlined my proposals to maintain the fed's oversight responsibilities, its access to critical information and most importantly, its independence. and i can't stress that last point strongly enough. and although chairman bernanke and i disagree on many particulars of the plan that we proposed and we're working on, i know that we share a common commitment to a strong central bank...
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Dec 4, 2009
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the senator is calling for changes to the fed pause to regulatory mission. -- fed's regulatory missionller: i'm calling in because i have been a republican for 20 years or better. i've been married for 23 years. we make less than $50,000 a year. twice in that 23 years, we have paid off all of our debt. we have not ever filed bankruptcy, we have paid our debt, what we know, we did not borrow more than we could afford. now because of inflation and everything going out, our house is six months in foreclosure, we filed bankruptcy, and we have nothing. the bailout that all the government gave the first time, they sold us out. i am so angry, because we did the right thing. we did not borrow more than we could afford, we live in a little crappie house -- crappy house. host: how much is it worth? caller: it is upside down and now. where received a letter saying it was 80,000. host: how much as the mortgage? caller: we owe $140,000 on it. host: even if you sell it, you will lose a lot of money. caller: there is nothing in the. we live in. we live in a mountain community in southern california.
the senator is calling for changes to the fed pause to regulatory mission. -- fed's regulatory missionller: i'm calling in because i have been a republican for 20 years or better. i've been married for 23 years. we make less than $50,000 a year. twice in that 23 years, we have paid off all of our debt. we have not ever filed bankruptcy, we have paid our debt, what we know, we did not borrow more than we could afford. now because of inflation and everything going out, our house is six months in...
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Dec 3, 2009
12/09
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then it comes, the fed will take care of this. the fed is this magical machine.ey just crank out, they crank out new money, which is the tax because the devalued the currency. host: next question is from georgia, south, republican line. caller: the day requirement for next year is figured to about $350 billion per month, and that does not include any future bailouts we are looking straight at into the trillions. how can foreigners possibly be buying up all of this debt now, much less in the future, especially when japan and britain are pretty much doing the same thing with their horrendous debt requirements? their money printing? right now, there is [unintelligible] guest: some of the countries, say, china for instance, they fit into this. there were glad for us to buy products from them and they were sabres and they ended up with a lot of dollars -- and they were savers can they ended up with more than $1 trillion and they did not know what to do with it, so they would feed it back and boost our housing and economy, but there is a limit to that. they would talk
then it comes, the fed will take care of this. the fed is this magical machine.ey just crank out, they crank out new money, which is the tax because the devalued the currency. host: next question is from georgia, south, republican line. caller: the day requirement for next year is figured to about $350 billion per month, and that does not include any future bailouts we are looking straight at into the trillions. how can foreigners possibly be buying up all of this debt now, much less in the...
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Dec 17, 2009
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who is expert in fraud, the fbi or the economist at the fed? pretty clearly, the fbi, and they have chosen to put in place someone who has been wrong on every step of the way in regulation, and explicitly follows alan greenspan's's a "there is no fraud, there is no reason to regulate." >> i will also be brief. i am a co-director of the campaign for america's future, a center of progressive ideas focused on kitchen table issues. where one of 17 groups ranging across the political spectrum that have issued a letter to the senate judicial committee urging it not to vote bernanke's nomination at to the floor of the senate without first investigating but his record and his current views. demanding an investigation of the federal reserve and a probe of bernanke's dues strike us, after the worst financial calamity says the great depression, a simple common sense. i will not repeat the bill of particulars that senator sanders and professor black issued, but suffice it to say that in every specific area that were critical to the crisis, he got it wrong
who is expert in fraud, the fbi or the economist at the fed? pretty clearly, the fbi, and they have chosen to put in place someone who has been wrong on every step of the way in regulation, and explicitly follows alan greenspan's's a "there is no fraud, there is no reason to regulate." >> i will also be brief. i am a co-director of the campaign for america's future, a center of progressive ideas focused on kitchen table issues. where one of 17 groups ranging across the political...
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Dec 4, 2009
12/09
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then it comes, the fed will take care of this. the fed is this magical machine. they just crank out, they crank out new money, which is the tax because the devalued the currency. host: next question is from georgia, south, republican line. caller: the day requirement for next year is figured to about $350 billion per month, and that does not include any future bailouts we are looking straight at into the trillions. how can foreigners possibly be buying up all of this debt now, much less in the future, especially when japan and britain are pretty much doing the same thing with their horrendous debt requirements? their money printing? right now, there is [unintelligible] guest: some of the countries, say, china for instance, they fit into this. there were glad for us to buy products from them and they were sabres and they ended up with a lot of dollars -- and they were savers can they ended up with more than $1 trillion and they did not know what to do with it, so they would feed it back and boost our housing and economy, but there is a limit to that. they would ta
then it comes, the fed will take care of this. the fed is this magical machine. they just crank out, they crank out new money, which is the tax because the devalued the currency. host: next question is from georgia, south, republican line. caller: the day requirement for next year is figured to about $350 billion per month, and that does not include any future bailouts we are looking straight at into the trillions. how can foreigners possibly be buying up all of this debt now, much less in the...
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Dec 28, 2009
12/09
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this information is from the fed website. they conduct the nation's monetary policy by influencing the monetary and credit conditions in the economy in pursuit of maximum employment, stable prices, and moderate long-term interest rates. they are also in charge of supervising and regulating banking institutions to ensure the safety and soundness of the financial system and to protect the credit rights of consumers. they maintain the stability of the financial system and contained systemic risks that may arise and provide financial services. here is newark, new jersey. leo is a democrat caller. caller: i do think they have too much power. they were created in 1913. before they were created, the united states was a sovereign nation. she did not kno0 anybody any mo. a certain group of people were trying to establish a way to print money. that is when they came up with the federal reserve act in 1913 to create the federal reserve to print money. according to the constitution, only the treasury department is supposed to be able to
this information is from the fed website. they conduct the nation's monetary policy by influencing the monetary and credit conditions in the economy in pursuit of maximum employment, stable prices, and moderate long-term interest rates. they are also in charge of supervising and regulating banking institutions to ensure the safety and soundness of the financial system and to protect the credit rights of consumers. they maintain the stability of the financial system and contained systemic risks...
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Dec 10, 2009
12/09
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so since the biggest bailouts have come from the fed, we ought to end secrecy at the fed. the democratic bill includes the ron paul-alan grayson amendment to investigate the fed. for some reason the republican substitute does not. it allows the fed to continue to be exempt from many g.a.o. audits. now, i said the biggest bailouts are under 133 under the federal reserve act. that's been used for $3 trillion but the fed could legally use it for $33 trillion. the republican bill does very little to limit the fed's power under section 133. the democratic bill includes my amendments to put a dollar limit on the amount the fed can obligate. and then my amendment to require that only the most secure loans are made. for some reason the republican bill limits the fed barely at all. section 1823 has been used by the fdic to make loan guarantees of $330 billion. and in fact there's no dollar limit on section 1823. what they've done with $330 billion is they could have done with $833 billion. the democratic bill suspends section 1823. the republican bill contains no limits on section
so since the biggest bailouts have come from the fed, we ought to end secrecy at the fed. the democratic bill includes the ron paul-alan grayson amendment to investigate the fed. for some reason the republican substitute does not. it allows the fed to continue to be exempt from many g.a.o. audits. now, i said the biggest bailouts are under 133 under the federal reserve act. that's been used for $3 trillion but the fed could legally use it for $33 trillion. the republican bill does very little...
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Dec 12, 2009
12/09
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it became -- the fed and the treasury became aware of that. they also became aware that these losses were mounting and through a negotiation behind closed doors in which you were locked out, they negotiated additional money, now repaid, but additional money to make b of a go through this deal or to encourage or on their demand to have them go through. so all of that occurred with your agency locked out of the room. are you going to tell me today if there was something to be reported, are you going to say like sheila bair that was here earlier, yes, i would like to have been in the room and if i had been in the room or when i was in the room i wish i had said or done more? which is it? are you going to say the s.e.c. should darn well be in the room and be protecting stockholders, or are you going to say if, if, if today? which one is it? >> no, i'm sorry. perhaps i didn't make myself clear. >> i think i did. >> yes, you did, congressman, very clear. my only point was that we would certainly like to be in the room anytime there are discussions t
it became -- the fed and the treasury became aware of that. they also became aware that these losses were mounting and through a negotiation behind closed doors in which you were locked out, they negotiated additional money, now repaid, but additional money to make b of a go through this deal or to encourage or on their demand to have them go through. so all of that occurred with your agency locked out of the room. are you going to tell me today if there was something to be reported, are you...
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Dec 2, 2009
12/09
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of the fed. chairman bernanke concludes that, quote, america needs a strong nonpolitical, think, goldman sachs, and independent, think secret, central bank with the tools to promote financial stability in the midst of a horrendous financial crisis and to help steer our economy to recovery without inflation. this belief is a dream that one day will become a nightmare for all americans unless we come to our senses, stop our wild spending, run ji away deficits, printing press money, massive bureaucratic regulations and our unnecessary world empire. a crucial step toward fixing these problems will be transparency of the federal reserve. i yield back the balance of my time. . the speaker pro tempore: the gentleman yields back the balance of his time. congresswoman miller from michigan. congresswoman miller from michigan. the the gentlewoman from is recognized. >> this house passed what is known as cap and trade legislation that would place limits on co-2. and the reason needed is that global warming p
of the fed. chairman bernanke concludes that, quote, america needs a strong nonpolitical, think, goldman sachs, and independent, think secret, central bank with the tools to promote financial stability in the midst of a horrendous financial crisis and to help steer our economy to recovery without inflation. this belief is a dream that one day will become a nightmare for all americans unless we come to our senses, stop our wild spending, run ji away deficits, printing press money, massive...
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Dec 28, 2009
12/09
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, the end of the fed. this is one by wall street journal columnist david in of the fed we trust, ben bernanke's war on the great panic. until 10:00 eastern we are talking about or favorite books of 2009, nonfiction. this is chris on the republican line. go ahead, chris. washington, d.c., hi. >> caller: i was calling about my favorite book, for in islam and native voice of islam in america by mr. ayn rand deily coo rahman. i read the book because it basically talked about the indigenous forces of islam america such as, you know, these icons we have like muhammad ali, corrine abdul jr dee dee two -- karim abdul-jabbar and how the immigrant influence has reshaped and redirected the influence of islam in america. and that the african-american muslims were basically put out of the global aspects of this law in the world and the areas in dealing with islam and global terrorism they were basically out of dee dee and he was saying that they comprised about half of the muslim population in america. but the scholarl
, the end of the fed. this is one by wall street journal columnist david in of the fed we trust, ben bernanke's war on the great panic. until 10:00 eastern we are talking about or favorite books of 2009, nonfiction. this is chris on the republican line. go ahead, chris. washington, d.c., hi. >> caller: i was calling about my favorite book, for in islam and native voice of islam in america by mr. ayn rand deily coo rahman. i read the book because it basically talked about the indigenous...
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Dec 9, 2009
12/09
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hire lobbyists, come to washington, some of their former executives are working at treasury or the fed. they are well connected. they can get along. if there's a lot of government regulation, they have the lawyers to cope with it. small businesses don't. and the more government involvement and management you have, it's almost impossible for
hire lobbyists, come to washington, some of their former executives are working at treasury or the fed. they are well connected. they can get along. if there's a lot of government regulation, they have the lawyers to cope with it. small businesses don't. and the more government involvement and management you have, it's almost impossible for
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Dec 16, 2009
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economist james galbraith and former fed vice chair alice rivlin debate his record. >> brown: and the relevance in our time of john maynard keynes: "newshour" economics correspondent paul solman has a somewhat off-beat explanation. ♪ my general theory made quite an impression i transformed the econ profession, you know me, modesty say it loud and say it clear, we're all keynesians now. >> lehrer: that's all ahead on tonight's "pbs newshour."
economist james galbraith and former fed vice chair alice rivlin debate his record. >> brown: and the relevance in our time of john maynard keynes: "newshour" economics correspondent paul solman has a somewhat off-beat explanation. ♪ my general theory made quite an impression i transformed the econ profession, you know me, modesty say it loud and say it clear, we're all keynesians now. >> lehrer: that's all ahead on tonight's "pbs newshour."
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Dec 29, 2009
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they dressed 8 players and came back at fed dex forum. since then the wizard have lost four straight games. >>phil: looking at mark da swal. he went on a training program and ran 8 miles and dropped 25 pounds. steve: here is butler trying to give the wizards the lead but can't do it. ca zol left it out there. >>phil: catches the rims and falls in. steve: gilbert arenas looking for hey wood. brendon for gilbert for the open shot. that's what you are looking for. nice pass from the big man. >>phil: he had the ball long enough for the defense to drop in. gives brandon an assist on that. steve: here is mayo off of the screen. >>phil: number one in that department. they are going to continue to work and get the shots inside. steve: another great shot from gilbert arenas. saunders put this team through the ringer on sunday before washington and flew here from memphis. he let them have it. >>phil: trying to get the players to realize what they have to do to turn the ship around. steve: here is mayo. washington and brendan haywood, third in the n
they dressed 8 players and came back at fed dex forum. since then the wizard have lost four straight games. >>phil: looking at mark da swal. he went on a training program and ran 8 miles and dropped 25 pounds. steve: here is butler trying to give the wizards the lead but can't do it. ca zol left it out there. >>phil: catches the rims and falls in. steve: gilbert arenas looking for hey wood. brendon for gilbert for the open shot. that's what you are looking for. nice pass from the...
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Dec 3, 2009
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the fed has chosen not to do that. mr. president, we need transparency at the fed. i am the author of a g.a.o. audit of the fed which now has 30 co-sponsors, which i hope that we will pass. at the very least if the taxpayers of the country are putting at risk trillions of dollars being lent out to large financial institutions, we have a right to know which institutions are receiving that money and under what terms. let me conclude, mr. president, by just saying this, this country is in the midst of a horrendous economic crisis. millions of families all over this country are at their wits end. they are suffering. they're trying to figure out how they're going to keep warm this winter, how they're going to pay their bills. the time now is for a new fed -- for a new direction on wall street, for a wall street which is helping our productive economy create decent-paying jobs. not a wall street based on greed only for themselves whose goal in life is to make as much money as possible for their c.e.o.'s. so, mr. president, we need a new fed. we need a new wall street. and
the fed has chosen not to do that. mr. president, we need transparency at the fed. i am the author of a g.a.o. audit of the fed which now has 30 co-sponsors, which i hope that we will pass. at the very least if the taxpayers of the country are putting at risk trillions of dollars being lent out to large financial institutions, we have a right to know which institutions are receiving that money and under what terms. let me conclude, mr. president, by just saying this, this country is in the...
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Dec 22, 2009
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but he had nothing to do with the fed.in terms of the fed, we've talked earlier about congressman ron paul's bill to have an audit of the fed to bring about more disclosure so that people can see what it's doing and what it's not doing. i believe, my own view is in terms of the federal reserve, they should only v only two tasks, one is a strong and stable dollar, tied to gold, as others have ads very indicated, and have the deal with panics that rise up if a crises rises up. but bank regulation, check clearing, the like, i think those are tasks that should be put in another agency. as for in terms of values, yes, free markets must have basic values, which adam smith talked about. and that's why you do have sensible rules of the road. you have james madison, the father of our constitution, pointed out if we were angels, we would not need government. we are not angels, so we do need government, but there's positive government and negative government, and i think we need more positive government where it creates an environmen
but he had nothing to do with the fed.in terms of the fed, we've talked earlier about congressman ron paul's bill to have an audit of the fed to bring about more disclosure so that people can see what it's doing and what it's not doing. i believe, my own view is in terms of the federal reserve, they should only v only two tasks, one is a strong and stable dollar, tied to gold, as others have ads very indicated, and have the deal with panics that rise up if a crises rises up. but bank...
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Dec 12, 2009
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the fed is. we do not approve mergers answers acquisitions. the fed does.imary regulator for bank of america. we insure them vshgts backup supervisory authority. in terms of the more intimate knowledge of that situation would come from the fe and the occ. as backup supervisor frankly we must rely on the primary regulator. if there starts to be troubles we move in, but without red flags. and, no. as with those caveats i was not aware until we got these phone calls and started looking into it that the merrill lynch had such significant losses in the fourth quarter. they were quite profound. >> uh-huh. let me ask you, we have a bill that's pending before the floor of the house of representatives today that would constitute a major overhaul of regulation, and for the first time finally allow some oversight of the risky derivatives market, for example, and would in effect extend some federal oversite regulation of investment banking by any other name, not many left, that none of which existed previously. in retrospect, just given your financial expertise, do you
the fed is. we do not approve mergers answers acquisitions. the fed does.imary regulator for bank of america. we insure them vshgts backup supervisory authority. in terms of the more intimate knowledge of that situation would come from the fe and the occ. as backup supervisor frankly we must rely on the primary regulator. if there starts to be troubles we move in, but without red flags. and, no. as with those caveats i was not aware until we got these phone calls and started looking into it...
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Dec 13, 2009
12/09
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the fed does not seem particularly concerned yet about inflation. i mean, in the immediate term. there's still concern about deflation, you know, too much excess capacity in our economy and not enough money chasing the capacity to generate goods. and so that argues for -- and i think chairman bernanke's comments the other day about the medium term picture consistent with that, that argues for the fed not unwinding those positions anytime soon but certainly the day is going to come where the fed decides, okay, this recovery is now sustainable and we're going to have to remove these trillions of dollars from our balance sheet, these dollars that we created basically to shore up the finances of our large financial institutions or we run the risk of too much money cycling through the system in a bubble. but that day still seems fairly, you know, not remotely far off. there's already a real discussion about how to do that. and we're not there yet. when that happens we'll see higher interest rates and we'll see the fed start to pair down its balance sheet by pulling some of the credits
the fed does not seem particularly concerned yet about inflation. i mean, in the immediate term. there's still concern about deflation, you know, too much excess capacity in our economy and not enough money chasing the capacity to generate goods. and so that argues for -- and i think chairman bernanke's comments the other day about the medium term picture consistent with that, that argues for the fed not unwinding those positions anytime soon but certainly the day is going to come where the fed...
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Dec 12, 2009
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the fed is. we do not approve mergers answers acquisitions. the fed does.ts backup supervisory authority. in terms of the more intimate knowledge of that situation would come from the fe and the occ. as backup supervisor frankly we must rely on the primary regulator. if there starts to be troubles we move in, but without red flags. and, no. as with those caveats i was not aware until we got these phone calls and started looking into it that the merrill lynch had such significant losses in the fourth quarter. they were quite profound. >> uh-huh. let me ask you, we have a bill that's pending before the floor of the house of representatives today that would constitute a major overhaul of regulation, and for the first time finally allow some oversight of the risky derivatives market, for example, and would in effect extend some federal oversite regulation of investment banking by any other name, not many left, that none of which existed previously. in retrospect, just given your financial expertise, do you think we made a mistake to explicitly exempt derivative
the fed is. we do not approve mergers answers acquisitions. the fed does.ts backup supervisory authority. in terms of the more intimate knowledge of that situation would come from the fe and the occ. as backup supervisor frankly we must rely on the primary regulator. if there starts to be troubles we move in, but without red flags. and, no. as with those caveats i was not aware until we got these phone calls and started looking into it that the merrill lynch had such significant losses in the...
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Dec 21, 2009
12/09
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but he had nothing to do with the fed.s of the fed, we've talked earlier about congressman ron paul's bill to have an audit of the fed to bring about more disclosure so that people can see what it's doing and what it's not doing. i believe, my own view is in terms of the federal reserve, they should only v only two tasks, one is a strong and stable dollar, tied to gold, as others have ads very indicated, and have the deal with panics that rise up if a crises rises up. but bank regulation, check clearing, the like, i think those are tasks that should be put in another agency. as for in terms of values, yes, free markets must have basic values, which adam smith talked about. and that's why you do have sensible rules of the road. you have james madison, the father of our constitution, pointed out if we were angels, we would not need government. we are not angels, so we do need government, but there's positive government and negative government, and i think we need more positive government where it creates an environment where
but he had nothing to do with the fed.s of the fed, we've talked earlier about congressman ron paul's bill to have an audit of the fed to bring about more disclosure so that people can see what it's doing and what it's not doing. i believe, my own view is in terms of the federal reserve, they should only v only two tasks, one is a strong and stable dollar, tied to gold, as others have ads very indicated, and have the deal with panics that rise up if a crises rises up. but bank regulation, check...
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Dec 6, 2009
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. >> caller: you need a fourth line called fed up. i agree with larry, i was just wondering, do you have solution for this? either in your book or -- >> guest: well, i make several concrete suggestions on how we can try to change the system. for instance, i'll give you just a little bit. i won't reveal the whole book so you guys will go out and buy it, and gals, because it is important that you read my life story on how i got to do what i did, how i got fed up. that would be the biggest line at c-span, for sure. one of the things we need to do with our legal system is to have judges nominated and chosen on the basis of merit, and i have a five-part program, having them go to judge school, having them a psychologically tested. many of our judges are not well balanced, i'm sure you probably have seen that. [laughter] term limits. they think they're above the law and they can do what they want. having limited liability. when judges do what they want for or vested special interests, little guys can't appeal. so there should be arbitration
. >> caller: you need a fourth line called fed up. i agree with larry, i was just wondering, do you have solution for this? either in your book or -- >> guest: well, i make several concrete suggestions on how we can try to change the system. for instance, i'll give you just a little bit. i won't reveal the whole book so you guys will go out and buy it, and gals, because it is important that you read my life story on how i got to do what i did, how i got fed up. that would be the...
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Dec 11, 2009
12/09
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the fed says in the past quarter it's 53.4 trillion. th that's $11 trillion less. what do you think of that? >> the market is better than it was at the bottom of this year. however we are still years away of solving the problem, we're on financial steroids, the markets are going, the my is going, we have injected all this money into it, but eventually that injection of capital is going to take its toll on the financial body, it's got to be paid back and how is that going to get done? therefore we are in this for the long run, it could be years truthfully, before all of this is worked out. >> larry: what about unemployment. >> we're starting to add jobs, but still, it's a seriously high unemployment rate. we need to get it down into the 4% area. so that isn't happening at this point in time, so the true programs that are coming about, the stimulus programs, that money has to go to create jobs. without jobs, we continue to lose homes, when we continue to lose homes and people go into foreclosure and people who have their homes go into a spiral. so jobs have got to st
the fed says in the past quarter it's 53.4 trillion. th that's $11 trillion less. what do you think of that? >> the market is better than it was at the bottom of this year. however we are still years away of solving the problem, we're on financial steroids, the markets are going, the my is going, we have injected all this money into it, but eventually that injection of capital is going to take its toll on the financial body, it's got to be paid back and how is that going to get done?...
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Dec 17, 2009
12/09
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and it draws attention to the fed. this to me is a real delight. i don't have to have agree for the reasons that they gave him man of the year. >> larry: a negative man of the year. >> yes, it's very important we understand why he is so sbornt powerful. >> larry: tanya, were you surprised at the selection? >> i have to say w all due respect to senator paul, i think that this was -- here is a man who had to come on board and run, manage things when when were on the precipice of disaster. you can call it counterfeiting. and i understand the congressman has a different view of the role of government than i do. but he deserves kudos for staifring off a much bigger disaster. i think it was a good choice. bravo. >> larry: ben, what do you think? >> i made terrible mistakes in the first place. way, way too little regulation and regulation to the mortgage loans and wall street. wall street was walking away with billions in their pockets and leaves us with trillions in liabilities. and he did help solve the problem. you can caught it counterfeit money. it w
and it draws attention to the fed. this to me is a real delight. i don't have to have agree for the reasons that they gave him man of the year. >> larry: a negative man of the year. >> yes, it's very important we understand why he is so sbornt powerful. >> larry: tanya, were you surprised at the selection? >> i have to say w all due respect to senator paul, i think that this was -- here is a man who had to come on board and run, manage things when when were on the...
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Dec 8, 2009
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signaling strongly to the markets and the public that they disapprove and were putting pressure on the fedot to take that action fo we n. we think this would be bad for markets and inflation expectations and that for the dollar. >> do you expect the federal reserve will get all the money back it has injected in the system in terms of loans to corporations? >> yes, i do. i could we are in very good shape. in fact, the actions we took will help us get back the money. we will show the taxpayer a significant extra income. >> when you are minding your own business at princeton, did you ever have any second thoughts about coming to washington? [laughter] >> [laughter] >> it has been an interesting experience overall -- [laughter] it was once said that economics should aspire to be as useful as dentistry. [laughter] what he meant was that economics is not a subject which should be studied in ivory towers. to be applied in a way that should help the broader economy and help the public and make things better. it was my objective to bring my knowledge, my research arm the great depression and the fi
signaling strongly to the markets and the public that they disapprove and were putting pressure on the fedot to take that action fo we n. we think this would be bad for markets and inflation expectations and that for the dollar. >> do you expect the federal reserve will get all the money back it has injected in the system in terms of loans to corporations? >> yes, i do. i could we are in very good shape. in fact, the actions we took will help us get back the money. we will show the...
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Dec 10, 2009
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be any mechanism for the council to check the power of the federal reserve if it believes that the fed is going too far. while i think the systemic lanching needs much more refinement i will not let these concerns deter my support for the underlying bill and the much needed amendment that will shed light on the previous dark markets for the overthe counter derivatives and never threaten the stability of our financial system. i urge my colleagues to support the bill and i reserve my time. the speaker pro tempore: the gentleman reserves the balance of his time. the gentleman from oklahoma is recognized. mr. lucas: i yield myself such time as i might consume. the speaker pro tempore: the gentleman is recognized. mr. lucas: i rise in opposition to h.r. 4173, regulatory reform of our financial system is indeed needed. however, rather than using this opportunity to enact meaningful reform that creates financial stability and encourages economic growth, the majority has constructed a massive piece of legislation that wim restrict credit vaket and does little to address the real problems in th
be any mechanism for the council to check the power of the federal reserve if it believes that the fed is going too far. while i think the systemic lanching needs much more refinement i will not let these concerns deter my support for the underlying bill and the much needed amendment that will shed light on the previous dark markets for the overthe counter derivatives and never threaten the stability of our financial system. i urge my colleagues to support the bill and i reserve my time. the...
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Dec 29, 2009
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he was at the fed. it was their job to stop it.host: we have about 20 more minutes with peter morici and dean baker. we will be switching topics in terms of home ownership. the home ownership rates could slump. what has the administration done and what still needs to be done in terms of the housing market? guest: they have made low- interest mortgages available to people through fed policy. they have the program that is to allow people to stay in their homes throu@@@@e@mdh &am) in the sense you have 270,000 foreclosures a month. you have some people helped through those programs. a lot of people who should have been held and were not. the programs. i cannot think this is the best way to go about it. you still see a lot of people losing their homes. there's no way to avoid that, but you can help many of them. guest: we need to let the housing market play itself out. the support received from the fed with interest rates below 5% has been counterproductive. we have over subsidized mortgages. we need prices to stay down. housing has be
he was at the fed. it was their job to stop it.host: we have about 20 more minutes with peter morici and dean baker. we will be switching topics in terms of home ownership. the home ownership rates could slump. what has the administration done and what still needs to be done in terms of the housing market? guest: they have made low- interest mortgages available to people through fed policy. they have the program that is to allow people to stay in their homes throu@@@@e@mdh &am) in the sense...
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Dec 28, 2009
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a headache caller mentioned ron paul's book, the fed. this is one by wall street journal columnist david russell. instead we trust, denver nikes were on the great panic. but sultanate clock eastern we are talking about your favorite books of 2009, nonfiction this is chris on our republican line. no ahead, chris. >> caller: i was calling about my favorite book called board islam in america. i think it's by mr. rockman eyed dari. it was basically talking about the forces of islam in america, such as these icons you have with mohammed ali, kareem abdul-jabbar, how they were very instrumental and good icons and good role models in america and how the immigrant influence has shaped and redirect did the influence of islam in america and in the african american muslims who are basically put out of the debate of the global aspects and influence of islam in the world in the areas in dealing with islam and global terrorism. and he was saying that they comprise about half of the muslim population in america. but the scholarly objective of african a
a headache caller mentioned ron paul's book, the fed. this is one by wall street journal columnist david russell. instead we trust, denver nikes were on the great panic. but sultanate clock eastern we are talking about your favorite books of 2009, nonfiction this is chris on our republican line. no ahead, chris. >> caller: i was calling about my favorite book called board islam in america. i think it's by mr. rockman eyed dari. it was basically talking about the forces of islam in...
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it's important to have the fed as an independent agency. don't think you want to have the congress of the united states trying to pull strings at the fed. we're in a very perilous time. look, we're printing money like crazy. we borrowed money and we're spending money at a rate that is just unconscienceable. a trillion dollar a year deficit. so these numbers are just unthinkable. i don't want the fed to be part of that party going on in washington right now. i want to keep it independent. >> larry: good seeing you. >> thanks, larry. >> larry: that's in "usa today." excellent read. look forward to seeing you again soon. we look forward to "no apologies." >> thank you. >> larry: we leave with you a washington tradition we all can enjoy. the lighting tonight of the national christmas tree on the ellipse. anderson cooper and "ac 360" will follow that. that's next. good night. >>> and now to the serious business of pressing the button and
it's important to have the fed as an independent agency. don't think you want to have the congress of the united states trying to pull strings at the fed. we're in a very perilous time. look, we're printing money like crazy. we borrowed money and we're spending money at a rate that is just unconscienceable. a trillion dollar a year deficit. so these numbers are just unthinkable. i don't want the fed to be part of that party going on in washington right now. i want to keep it independent....
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why didn't the fed tell us? >> why didn't we warn you. >> yes. >> we collectively or me personally. >> well, either one. >> reporter: many said they had sounded the alarm but that in good times no one listened. especially if there is a good story on the other side. >> the idea is because of the population growth which would go on forever, the economy is growing because china and india are showing the way. capitalism is exploding, that seems like well maybe that is a reason that prices are just going to go up, up and up. >> and they forgot about the fact that they might go down and down and down. >> the convention itself was packed with top flight economists, holding the newly minted ph.ds. but many didn't warn us. so why? alan blinder was vice chairman -- vice chairman of the fed in the 1990s. >> i think the fair answer is nobody thought this might happen. things can go wrong. but the number of things that have gone wrong and the ferocity with which they have gone wrong, i think, was beyond the imagination of al
why didn't the fed tell us? >> why didn't we warn you. >> yes. >> we collectively or me personally. >> well, either one. >> reporter: many said they had sounded the alarm but that in good times no one listened. especially if there is a good story on the other side. >> the idea is because of the population growth which would go on forever, the economy is growing because china and india are showing the way. capitalism is exploding, that seems like well maybe...
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and i like it because it draws attention to the fed. because the source of so many of our problems come to the fed. the business cycle comes from the fed. this to me is a real delight. i don't have to agree for the reasons that they, you know, gave him man of the year. >> larry: a negative man of the year. >> yes, it's very important we understand why he is so important and powerful. >> larry: tanya, were you surprised at the selection? >> i was a little surprised, but i have to say, with all due respect to senator paul, there is -- i think that this was -- here's a man who had to come on board and run -- manage things when we were really on the pris pass of disaster. you can call it counterfeiting. and i understand the congressman has a different view of the role of government than i do. but i would say that he deserves some kudos for at least staving off a much bigger disaster. there's still a lot more work to be done. but i think it was a good choice. bravo. >> larry: ben, what do you think? >> he made terrible mistakes letting the m
and i like it because it draws attention to the fed. because the source of so many of our problems come to the fed. the business cycle comes from the fed. this to me is a real delight. i don't have to agree for the reasons that they, you know, gave him man of the year. >> larry: a negative man of the year. >> yes, it's very important we understand why he is so important and powerful. >> larry: tanya, were you surprised at the selection? >> i was a little surprised, but i...
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. >> it was put in my comment that i would be happy to let the fed responded the tell. i think it is out there clearly in the market. i think the details are all out there. >> but, the policy appears to be, according to what one reads out in the public, the policy appears to be raised inequity. all of the money necessary to repay, not a portion. is that your understanding? >> i think that is generally a desirable approach, because desirable approach, because clean-air exit is better than staged exit. i'm not sure that is going to be possible in every circumstance but i think again it is a good thing when these institutions are eager to go out and have private investors come out. >> mr. secretary andrew, a reporter for "the new york times" to judging by his book seems too often no more than we do, has written about the bank of america's repayment, that ," it will take too long-- he expresses himself. he said basically two things. the fdic didn't think they should be allowed to repay and two the reason why they were so eager to repay was so they could increase their execu
. >> it was put in my comment that i would be happy to let the fed responded the tell. i think it is out there clearly in the market. i think the details are all out there. >> but, the policy appears to be, according to what one reads out in the public, the policy appears to be raised inequity. all of the money necessary to repay, not a portion. is that your understanding? >> i think that is generally a desirable approach, because desirable approach, because clean-air exit is...
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would just like to take a minute here to talk about one of those big moments that we had when we put to fed data together. you would think find the data on the government that is easy. you would think that. you would be wrong. we were shocked. this came to us. can and i started collaborating, this is our first book, but we have had other numerous research projects. this is the most ambitious. and at the international monetary fund he was the chief economist 2001 through 2003 and i was deputy director of research. and we started to try to put together data on the government domestic debt. we have the imf and the world bank would have such data. surely not. the two institutions focused on the external debts. if you were argentina and had an external debt, debt to investors in japan, that was documented but if you own debt to your own people, it would not. one of the missing links, we are economists you have to allow for the fact we get excited over discovering domestic data. you have two lower the threshold for what classifies as exciting. the other exciting component is that historians had d
would just like to take a minute here to talk about one of those big moments that we had when we put to fed data together. you would think find the data on the government that is easy. you would think that. you would be wrong. we were shocked. this came to us. can and i started collaborating, this is our first book, but we have had other numerous research projects. this is the most ambitious. and at the international monetary fund he was the chief economist 2001 through 2003 and i was deputy...
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Dec 25, 2009
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we should be fed up with this. call their bluff. the most valuable thing we have is our young people. [applause] do not give them that kind of opium that makes them go and die. [unintelligible] what is more clear than the profit teaching -- do not wish to face the enemy. what is more clear? the idea is not to die. if i can find a peaceful solution or something or a compromise, i did because life is good. life is to be lived. the crimkoran, in chapter 9, the messenger that calls you will give you live. it never says that it would give you death. another question is why other pitches to not -- and other creatures do not say that? i do not want to volunteer reading their mind because i may read it wrong. but i think you can sense that i have lots of anger about that attitude. i am a preacher and i send other people to die. that is terrible. that is unacceptable. [unintelligible] [applause] >> we really only have time for one more question although, there are several that we can put on our website and have the panel answer later. how do
we should be fed up with this. call their bluff. the most valuable thing we have is our young people. [applause] do not give them that kind of opium that makes them go and die. [unintelligible] what is more clear than the profit teaching -- do not wish to face the enemy. what is more clear? the idea is not to die. if i can find a peaceful solution or something or a compromise, i did because life is good. life is to be lived. the crimkoran, in chapter 9, the messenger that calls you will give...