fisher testified today with the president of the federal reserve bank of richmond.y are both hawks to have opposed a recent easing money policies. they are both hawks on banks that it's too big to fail which is what they were in town testifying on today. the house finance services committee. they both believe that dodd-frank financial reform does not end too big to fail, but it would allow regulators to do bailouts of the biggest banks in a future financial crisis. take a listen. >> i think that discretion traps policymakers in a crisis. expectations build up that they may use that discretion to rescue creditors and let them out with -- let the escape losses. and given that expectation, policymakers feel compelled to fulfil the expectations in order to avoid disruption. >> the former head of the fdic, she liber, who helped write dodd-frank was left to defend the legislation at this hearing. she said that the agency's ability to take over a big bank and stick shareholders and creditors with losses in is too big to fail. liz: listened. i am open to all and every opini

he is worried about the sorsaultn the jobs market which is imptant becse the federal reserve banks asroblem. what do you make of this? is ts the right job for the fat and are you thinking that might be a summer sll that cod hurt stocks? >> very well might be. because the historiplea it s traditionay hpened quite a bit. what is an iestor going to do? it out of the market n because unemployment goes up a little bit? try the time the market to get ba in. that will really mess people up a feature writer time the market like that. my bestdvice is to just find good quality of there. ride it outnd don't try to play the market from a day-to-day basis. if you're doing that right now we will be reay tough going. gerri: here is the expectation. new jobs cation, 170,000. what do you make of thi i mean, you really need something more, the weak? >> think about what we learned over the last five years. all this extraordinary monetary policy. the fed can buy bonds to manipulate interest rates, but they cant buyobs. that is impor. you have seen pretty constant job growth all the way tough this cycle w

i have work experience with the federal reserve bank of san francisco. i am most proud of the work i have done for myself. i started a business called power forward, a social media and public policy consulting firm. >> why did you choose to return and live in san francisco? what motivated you to run? >> what motivated me was my love of san francisco. i see the changes that are happening. i see people picking cans out of the garbage. i see that there is no neighborhood grocery store. i see that small businesses are coming and going. they have not been able to sustain themselves. from my work experience in working for the city come in the mayor's office and in the nonprofit, i had a good sense of what the challenges were. as i looked on the horizon, i see more challenges coming. i thought i had a set of experiences and a passion and desire to serve. it started at 1 point when i was 8 years old. i took a tour here with my third grade class of city hall. coming into the rotunda, seeing the staircase, it is very mesmerizing, very memorable, and powerful. it w

bill doubly president of the new york federal reserve bank and a policy maker at the bank after ben bernanke. he said they are miss reading it a rise in short-term rates is very likely to be a long way off. >> the policy depends on the progress we make towards our objectives, and this means that policy including the pace of asset purchases depends on the economic outlook, not the calendar. >> they were reassured and some upbeat economic report s today. the government said consumers earned more and spent more in may and first time jobless claims fell by 9,000 over the past week. the dow jumped 114 points closing above the 15,000 level. the nasdaq added 20, the s and p rose by 10 points. >>> susie, shifting sometimes day by day from big gain to big drop and back again. more confounding some days like yesterday the markets rise is traced to weak economic data that might stay the fed's tightening hand. other days like today the markets are good economic numbers, so go figure. tonight that's what we'll do. we invited two of wall street's best and help you go figure. we'll call it the go figure su

connell: federal reserve bank of america president tom peter barnes we are approaching a time where the tapering of the bond purchasing program could at least be considered. dagen: what else did mr. barnes find out? he is here in the studio. peter: this morning we talked to dennis lockhart, he is joined into what i think the conservative campaign on the part of fed officials with ben bernanke. trying to start to prepare investors for the inevitable ending of all of the qe starting with less of it moving forward with the economy strengthening. it is okay, folks, we will start to take away the punch bowl at some point but we will start first by spiking it a little bit less. take a listen. >> i think in terms of adjustments, downward adjustments we have been trying to position this policy as a flexible policy that could be used in either direction, be calibrated to how the economy is actually performing. so to translate tapering to downward adjustment, i think we are approaching a time in which it could be considered. >>peter: we will get a big repot this friday, he said at this very momen

for examplehe govnor of federal reserve. bankk of italy and central bank. >> lou: youveeen a correspondent through your career. do you believe it to be a benign force or a force that is somewhat gnificantly sinister? >> i don't think it's sinister in itself. what we know, we want more information what goes on there. this isn't a bank that is out to ruin the world or be malevolent. but it's very secret cause it was set upn 1930. it's an average of deference to authority and did what they were told. nowadays thatoesn't work any more. >> lou: perhaps we are becomiig more submisse and passive, certainly in this coury. we accept it. there are those that resist the federal reserve, an important part. i compensated the book to you. adam lebor, the book is "tower of babel," adam great to have you here. we'll talk more, longer. that is it for tonight. you think theould have broken earlier, tomorrow. john: wre at war against terror. >> this warlike all wars must d. john: so tha american is wage war on apple apple keeping massive profits ov

hidden chief federal reserve bank presidents be then. apse of one of the biggest institutions to be dedevastating. there solution, break up the banks. here to tell us if that is the right strategy. it's a pleasure to see who believes her thinking. melissa: those a two sepe questions. then he think it makes sense to break up the b banks kent i say that the cast his foe with the best manager out there, but it does seem to occur expands the even the pincus debate. >> they're multiple with some 44 trillion. him this is a massive move financial system. the notice it's constantly loses ground. canada's just north of san in china who which is moved live from being a country which has virtually no positio in the inteational financial markets to warmer over 10,000 banks now operat when it is the higst aids is,e thought hadn't been been been half. melissa: that is the aument. if reagan these banks had cut a chinese bk becomes the base minimum of. and with that look like? and friedrich ofurbank and the continued rowland's people watching of homeland

than previously thought that's according to a first ever audits of the us gold on deposit at federal reserve banks and new york and elsewhere first ever audit one wonders who was counting the gold and beans over the last two hundred years anyways the problem is that the u.s. keeps only a small amount of its gold holdings with the federal reserve the bolt is warehoused and bases such as fort knox in tennessee and west point in new york is the military safeguards the bulk of the nation's gold not the new york fed let's take a look now i just how much gold of the us is supposed to own. as more than eight thousand tons are roughly five per cent of all the gold ever mind from the earth as a value of nearly four hundred billion dollars roughly a six point five billion of this resides at the fed. seems as though perpetual thorn in the fed chairman bernanke you side ron paul was behind this audit idea in two thousand and eleven he sponsored the gold reserve transparency act. we greatly benefited from a fool inventory. with detailed explanations of who goldman who is responsible. yes he wanted an audit of

than previously thought that's according to a first ever audit of the us gold on deposit at federal reserve banks and new york and elsewhere first ever audit one wonders who was counting the gold and beans over the last two hundred years anyways the problem is that the u.s. keeps only a small amount of its gold holdings with the federal reserve the bolt is warehouse and bases such as fort knox in tennessee and west point in new york is the military safeguards the bulk of the nation's gold not been me you are bad let's take a look now i just how much gold of the us is supposed to own. as more than eight thousand tons are roughly five per cent of all the gold ever mind from the earth as a value of nearly four hundred billion dollars roughly a six point five billion of this resides at the fed. seems as though perpetual thorn in the fed chairman bernanke you side ron paul was behind this audit idea and two thousand and eleven he sponsored the gold reserve transparency act. it would greatly benefit from a fool inventory audit and. with detailed explanations of who the gold and who is responsible for o

previously thought that's according to a first ever audit of the us gold on deposits at the federal reserve banks and new york and elsewhere first ever audit one wonders who was counting the gold and beams over the last two hundred years anyways the problem is that the u.s. keeps only a small amount of its gold holdings with the federal reserve the bolt is warehouse and bases such as fort knox in tennessee and west point in new york is the military safeguards the bulk of the nation's gold not been mia york fed let's take a look now at just how much gold of the u.s. is supposed to own. as more than eight thousand tons are roughly five per cent of all the gold ever mind from the earth as a value of nearly four hundred billion dollars roughly six point five billion of this resides at the fed it seems as though perpetual thorn in the fed chairman bernanke you side ron paul was behind this audit idea in two thousand and eleven he sponsored the gold reserve transparency act. we greatly benefited from a fool inventory. with detailed explanations of who the gold and who's responsible. terms. yes he wante

i have experience with the federal reserve bank of san francisco. when i look around my neighborhood and see the changes that are happening, i so there is no neighborhood grocery store. i see that small businesses in particular are coming and going, and they haven't been able to really sustain themselves. from my work experience in working for the city in the mayor's office as well as in the non-profit, i had a good sense as to what some of the challenges were. when i look in the future, i could see more challenges coming. i thought i had a set of experiences and more importantly a passion and desire to serve. >> i understand that no one wants to have their programs cut. of course not. i also want everyone here to understand that no one up here wants to cut programs because they don't care about the population being served. there are no value ains here. we are all on the same team. it is a tough situation, as we are here so that we can begin the work together. >> i am actually more forward thinking. for me it is less about being left or right, or in

easing in various cover ups for banking crimes so i want to go to this final headline with this federal reserve bank governor this was really eye opening for me raskin shocked low quality of work at local job fair so this is federal reserve governor sarah bloom raskin and she was speaking to the roosevelt institute recently and she said that she went to a local jobs fair and she was shocked at the quality or the lack of quality of the jobs available to being offered to this local community college there were a number of restaurant jobs some military jobs were slew of jobs from all places swimming pool companies i thought that was kind of interesting when i inquired about what these jobs were they were a lifeguard jobs which i thought also was quite telling because back in the day to be a lifeguard i didn't think quite required in an advanced degree these were the kind of jobs we got in high school summers i thought so here's the federal reserve governor one of their mandates their dual mandates is to increase employment and all they're doing is pumping money pumping money pumping money giving money

of fabricated into existence but then you step back for a second and you realise that the federal reserve bank in order to keep the american policies game going every single day has to print in a similar manner two billion dollars well in fact what we've seen is when the global financial crisis started to happen in two thousand and seven and two thousand and eight the banker said oops my bad we created hundreds and hundreds of trillions over a quadrillion and driven halves we don't know actually who owns them we don't know who owns the mortgage on your home we don't know any of this stuff so the central bank said oops we're just going to keep on press. this print but in printing more dollars everything has been an oops and they're going to say one day we created too much debt from the central bank we don't know who owns anything let's start over and we're seeing that right now as a matter of fact and rising bond yields which is the inverse of crashing bond markets something we've been talking about what happened this year we've been saying this for a few years now that the my bad economic mode

five percent of wealth lost in recession balance sheets not yet fully rebounded report by the federal reserve bank of st louis says so the federal reserve's flow of funds released in march two thousand and thirteen indicate that the aggregate household net worth at the end of two thousand and twelve was sixty six point one trillion dollars which is nearly the same. heir to the crisis of sixty seven point four trillion but that does not as they point out account for inflation and also for population growth but this is not by accident this is a planned policy to steal wealth is still wealth now the solution obviously that can solve this problem in five seconds triple the minimum wage and finance it through interest rates that are near zero percent and that would solve the problem around the world but that would mean that you dish restore balance to the economy and there would be equal risk and reward on the market and you'd have true price discovery but those things have been obliterated and taken out of the equation and now we just have wealth confiscation so going along with this potemkin ism the

went from eight hundred billion pound losses to over three trillion under mervyn king the federal reserve bank in the united states has inherited now something upwards of five trillion dollars worth of new debt in the last i think what twenty five twenty four months or so so this all comes back to the same kind of accounting fraud that we're see endemic throughout the world now. what's the current default rate on the forty billion pounds of student loans and what's the state of this what's the default rate because that's the one way that will judge a loan book well this is why the different loans you can actually default on them because their income contingent you paying that's like a tax you pay nine thousand over an earnings threshold in repayments then them dischargeable in bankruptcy you can enter into individual voluntary arrangements to get out of them and a certain sense it's only death or disability the you know has the balance is written off or this long term rights of policy for people with the earliest loans when they reach for tom and for the last iteration twenty five years into t

there s ever to blow up the federal reserve bank in new yo. so it is workingn many ways. >> it s because of good old confidential informas. thank you to the both bh of you. be sure toatch neil cavuto tonight. he gets reaction tonight from mittomney. it is at 8:0m. eastern. you do not want to miss that. it is time for today's report. tropical storm andrea creating a ms. mid-atlantic getting h with 3 inches of ain. hurricane "sparchange" move to the gulfcoast. so areas that have been hit with the worst flooding in history. northbound traffic wil resume after sunset tonight. and oil futures when the market rally todaay. eled by the may jobs report. crude oil settling and $96. next on money, collect a digital panic room. no matter how much the government tries to invade your space, check this out. a surrise giant that is said to have entered this billion-dollar bidding frzy. bidding frzy. we have more "money" coming up [ male announcer ] is is the age of knowing what you're made of. why let erectile dysfunction get in your way? talk to your doctor

federal reserve, bank of england, and france, and italy and bundesbank.rrespondent through your career. do you believe it to be a benign force? or sinister? >> i don't think it is sinister in itself. what is -- what we want to know, we' more information about what goes on there. this is not a bank that south to ruin the world or, be me left lant. it is secret, it came from 1930. a different age. a deference to authority, people did what they were told, nowadays it does not really work any more. lou: i wonder about that. i think, perhaps we're becoming more if you will, submissive, and passive, certainly in this country. we do -- we resist authority little. and we accept it. there are those who resist the federal reserve. part of the -- an important part of basel. i commend the book to you, adam lebor. tower of basel on-line now. go to lo loudobbs.com get limpss well, thank you for being with us. we'll see you tomorrow. good night from new york. neil: what part of get a special prosecutor on this now, doesn't the white house understand? welcome i am neil c

our next introduction, the presidency or the federal reserve bank of richmond, positions and in 2004. esl various positions within the bank since he joined as a columnist in 1989. before that he taught economics at the school o school of managt producer killed a ph.d in economics from the university of wisconsin-madison, bachelors degree from marshall college. last but not least, sorting a stranger to this committee we are happy to welcome back sheila bair to most recently served as the chairman of the fdic, a position that she was appointed to in 2006 comanche held that position during the worst years of the financial crisis. before that shielding number of various public and private sector positions in the financial industry picture earn a law degree from the university of kansas. i believe each and every one of you is a veteran of testifying before the committee. if not, each of you will be given five minutes for an oral presentation of your written testimony. without objection each of the written statements will be made a part of the record after your oral remarks. please move the

federal reserve presidents testify before congress. peter barnes is in washington d.c. with the latest. >> reporter: so far no comments on monetary policy from richard fisher, president and the federal reserve bank of dallas. that's with the testifying about today at the house financial services committee, and they both believe that dodd-frank financial reform does not end too big to fail and that it would allow the government to do bailouts of the biggest banks. and they want tougher measures for big banks. >> these banks are treated differently from the other 99 percent. differently from other businesses. and under dodd-frank unfortunately we believe this imbalance of treatment has been unwittingly perpetuate. >> reporter: the former head of the fdic who helped to write dodd-frank was left to defend it saying the agency's ability to take over a big bank and stick shareholders and creditors with losses in this too big to fail, but she acknowledges that regulators still have to finish writing some of the import rules around this and have to make it clear to markets that it will work. cheryl: my next guest said that he is still betting on equities. values. chief research analyst. i want to get yo