our first home most people shooting up smack on the streets that's a direct result of the federal reserve bank policies to keep insolvent banks zombie banks like j.p. morgan goldman sachs from having to declare bankruptcy and a result of social unrest results in all kinds of manner of destitution think central banks you pots if the crypto billionaires if the crypto economy if all those young guys like china think and solace from the last episode. they make this the sort of switzerland of the crypto global economy it could be that puerto rico one day is that has to bail out the federal government might be the other way around well you know when i talk to people in the crypt community like jamieson a lot for example has been on our show a few times or proctor who's really visionary and ingenious you know they say that eventually the federal government will come to the crypto community for a bailout because the crypt community will have the only hard assets that you can move around with any kind of speed and regularity this brief respite on the crypto market cap down from eight hundred something

coming this afternoon and listening to our guest, president bill duffy of the new federal bank of new york. the federal reserve is a preeminent central bank and worker in the role the fed sets monetary policy an important tool in combating inflation or deflation and is an important policymaker for employment issues. the federal reserve and the near federal reserve bank or critical players during the 2007-2008 financial crisis. the triumvirate of treasury secretary paulsen, federal chair ben bernanke and the near that president tim geithner managed the crisis at a fixed or new measures necessary to prevent the shutdown of the global financial markets. with the passage of the dodd-frank act and other measures such as the g20 pittsburgh summit communiquÉ, the federal reserve has taken on a larger role both in terms of bank regulation supervision as well as the regulation of systemic risks here it comes as no surprise to anybody in this room that the chamber has at times had quibbles with the fit and of the banking agencies in terms of regulatory process, a little over two years ago issued a federal reserve reform

the federal reserve bank presidents outvote the governors at this meeting. you have a new chairman. the new york fed has a constant vote then the other four voters are from rotating through the 11 banks. it's the federal reserve banks that control the vote here however, jay powell has extraordinarily good relationship with all the bankers. having assumed that reasonability in the board before he became chair of being the liason with the federal reserve banks. i don't think they're going to part from the path from a management standpoint, why would you? it would be an odd way to start off on that foot taz new chair. so i don't see anything new and exciting happening what i'm watching for is a con fir mag of what i believe, which is jay powell feels much more comfortable in front of a camera, in front of the press, than his predecessors. now because they weren't brillia brilliant, but because they had a different set of personalities. he's very comfortable. less formal. and i just expect no surprises after this meeting >> so, rick, 290 on the ten-year note maybe getting closer to 291.

donald trump has clearly had so much pressure from within his own country for trouble from the federal reserve banks and the u.s. economy via chaffed. exports around four billion euros worth of products to the u.s. every year industrial facilities machines and steel high quality high tech steel. the german state association has welcomed the agreement with the u.s. government but it says the e.u. is far from being in the clear the u.s. will still be sealed off for many of the steel exporting nations from eastern europe and asia their exports may well end up on e.u. markets. and we believe that that could mean around thirteen million tons is being diverted to a. form that's an import increase of fourteen percent which would completely swamp european steel markets some place considerable pressure on companies to adapt and possibly because it donald trump still disputes has changed the way many workers at towson crip see the us and has done a lot of damage at least as far as trust is concerned. and speaking of damage tariffs on u.s. imports could also backfire for american companies for example this fir

if you heard any of the attacks, you heard that the federal reserve won't be able to adequately regulate the banks. the past two chairmen of the federal reserve have said that is not correct. but the bill itself provides that the federal reserve continues to have the authority to apply enhanced standards on any firm it deems a threat to systemic risk or safety and soundness. and, again, for those who are tacking -- attacking the bill, i think their arguments are unfounded and, frankly, based in an effort to try to create concern about a risk that does not exist. this provision also requires the federal reserve to apply a periodic supervisory stress test to banks with between $100 billion and $200 billion in assets, something that is often overlooked about by those who are commenting on the bill. mr. president, i tried to go over some of the positive aspects of this bill and explain why its title is economic growth, regulatory relief and consumer protection, and to respond to some of the false attacks, unfounded attacks on this bill. this bill does not create any increased risk at the level of supe

know this is what happens during the whole process remember alan greenspan renews during the federal reserve bank that the economy is getting lighter by that he meant that we are moving away from an economy based on stuff ships and trains and trucks coming by. on electrons and a little actual property and financialization and the trend is only exacerbated to become more prevalent and more significant to the point where very little of our consciousness is now part of the physical world we're entering therefore reality we're entering a now phase where people uploading their minds to an app and they're willing to trade their physical body in exchange for the promise of immortality because remember as we've shifted from the physical to the pure spiritual i guess you could call we've also lost all values associated with the physical plane the whole respect for gravity the whole respect for morality and ethics have now been reinterpreted in the gravitational liss ethical lists valueless vacuum of moral turpitude which is now the new reality or heaven as some may call it this is again a silicon valley c

. >> the federal reserve and the in narc federal reserve bank or critical players during the financials. chairary paulson, federal ben bernanke, and the new york fed president tim geithner managed a crisis and took the extraordinary measures necessary to prevent the shutdown of the global financial markets. with the passage of the dodd frank act and other measures such as the g20 pittsburgh summit communicae, the federal reserve has taken on a larger role both in terms of bank regulation supervision as well as the regulation of systemic risk. that comes as no surprise to anybody in this room that the chamber has at times quibbles with the fed in other banking agencies. we issued a federal reserve reform agenda and have held extensive meetings with the fed on that subject. and i think we have made some progress, but make no mistake -- the chamber believe strongly in the independence of the federal reserve. we sent a letter opposing the recent bipartisan regulatory reform bill that would have adversely impacted that independence. political interference of monetary policy decision never e

basis that may not always be forthcoming in a timely manner. 2018 c carthe to avoido enable banks a federal reserve board objection based on the quantitative assessment by raising the capital. that is a step in the right direction, but the current regime may not be sufficient to ensure that banks will raise capital proactively as we going to the next economic downturn. compensation is also a powerful incentive. as i mentioned earlier, the emphasis in the emphasis in compn practice on short-term preferments -- performance over longer-term was -- helped motivate prudent behavior. currently, bankers are paid mainly in bank -- cash and deferred stock grants. this creates an sent devise to maximize the banks share price, rather than minimize the risk of a banks failures. while compensation practices do a larger and longer deferred component, greater emphasis on the furl in the term deferral in the form of long-term debt could better align interest with the long-term safety and soundness of their firms. having more compensation in the form of deferred debt would have two benefits. it would reduce risk-ta

of the nation's biggest banks would no longer have to undergo an annual stress test by the federal reserve. banks of complying with the requirements of dodd-frank. >>> move over, blue apron. walmart's meal kits will soon be available nationwide. walmart has been testing the service in 250 stores. shoppers can buy pre-portioned meal kits they need to cook or meals that need just to be heated. the meals feed two people and are priced between $8 and $15. >>> and depending on your perspective, this next story is either an advancement in artificial intelligence or another assault by technology on american workers. meet flippy, a burger-flipping robot. it's now employed as a line cook by the burger chain cali burger. it flips burgers and removes them from the grill and can cook 150 an hour. flippy costs $60,000 but works without pay or benefits. flippy does need a human to place the burgers on the grill. >> i think i'll take a human. i like the human touch. >> i know. i know. >> it's interesting to watch. a nice novelty. >> the robots are coming. >> i know, really. the future is here. diane king hall a

this is what happens during the whole process remember alan greenspan when he was running the federal reserve bank he said that the economy is getting lighter by that he meant that we are moving away from an economy based on stuff ships and trains and trucks soon to come be based on electrons and the little actual property and financialization and the trend is only exacerbated to become more prevalent and more significant to the point where very little of our consciousness is now part of the physical world we're entering therefore reality we're entering a now phase where people uploading their minds to an app and they're willing to trade their physical body in exchange for the promise of immortality because remember as we've shifted from the physical to the pure spiritual i guess you could call it we've also lost all values associated with the physical plane the whole respect for gravity the whole respect for morality and ethics have now been reinterpreted in the gravitational. that's the coolest valueless vacuum of moral turpitude which is now the new reality or heaven as some may call it this is

donald trump has clearly had so much pressure from within his own country for trouble from the federal reserve banks and the u.s. economy but i can assure chaffed. exports around four billion euros worth of products to the u.s. every year industrial facilities machines and steel high quality high tech steel. the german state association has welcomed the agreement with the u.s. government but it says the e.u. is far from being in the clear the u.s. will still be sealed off for many of the steel exporting nations from eastern europe and asia their exports may well end up on e.u. markets. we believe that that could mean around thirteen million tons being diverted to us. that's an import increase of fourteen percent which would completely swamp european steel markets some place considerable pressure on companies to adapt. that donald trump still dispute has changed the way many workers at towson crip see the us and has done a lot of damage at least as far as trust is concerned it will. stay on the topic of global trade that's right christoph as we heard a trump has temporarily exempted the european unio

this is what happens during the whole process member alan greenspan when he was running the federal reserve bank he said that the economy is getting lighter by that he meant that we are moving away from an economy based on stuff ships and trains and trucks soon to be based on electrons and the little actual property and financialization and the trans is only exacerbated to become more prevalent and more significant to the point where very little of our consciousness is now part of the physical world we're entering therefore reality we're entering a now phase where people uploading their minds to an app and they're willing to trade their physical body in exchange for the promise of immortality because remember as we've shifted from the physical to the pure spiritual i guess you could call it we've also lost all values associated with the physical plane the whole respect for gravity the whole respect for morality ethics have now been reinterpreted in the gravitational liss ethical liss valueless vacuum of moral turpitude which is now the new reality or heaven as some may call it this is again a si

want to welcome our radio audience and our tv audience as we speak to the president of the federal reserve bankus here. >> good to be here. >> everyone has focused to see on if wages will continue to accelerate. we did not get that. but a big gain in payroll. what signal for the economy do you take from this? >> i thought it was a good report. we have had strong payroll growth for many years now. the market is vibrant. the increase in the labor force participation rate is a good sign. more people are going into the workforce. unemployment has continued to stay at that rate. that ends up being a good sign. you mentioned wage growth was on the weak side. this is one of those interesting developments. even though the job market is strong we have not seen strong wage growth. i'm looking forward to stronger wage growth in the future, all of these things leading to a stronger economy and line with our 2% inflation objective. you tilt moreo towards? i think you have mentioned recently it could be 3%. you keep saying inflation is below target. jobs report like this, does charlie evans say i'm getting m

effort ledconcerted by the federal reserve bank of new york to come up with a replacement.confidence they will get there. julia: less input from the markets itself? -- what sayrbitrary people understated their costs. david: when you think we will have a draft? >> i think it could be this year. david: it's great to have you always. it's always good to have him with us. a quick turnover at ubs, the top executive. we will look at his departure next. if you can't watch the television, listened to radio. lisa abramowicz is in for tom keene. pimm fox will join at 10:00. bloomberg surveillance can be heard all across the united states of america on sirius xm radio. this is bloomberg. ♪ kaylee: this is bloomberg daybreak. incomeup, the fixed chief economist. now to your bloomberg business flash. shares started trading today. the file sharing company is above the market range. a -- strong demand helped close the gap. dropbox will begin trading with the value of $9.1 billion. apple wants to return to its roots in the education market. they will introduce new low cost ipads and educat

banks? >> that is correct >> is it accurate that the federal reserve applies enhanced standards to internationaln their global total consolidated assets, meaning this provision would not exempt banks such as deutsch bank from section 165 of dodd-frank. >> that is correct >> is it accurate that this provision does not in any way restrict the fed's supervisory, regulatory, and enforcement authorities to ensure the safety and soundness of financial institutions >> yes >> and finally, is it accurate that nothing in this provision would restrict the fed's ability to ensure that large financial institutions are well capitalized? >> yes >> thank you and to go on a little bit, as you know, the dodd-frank act included a provision known as the volcker rule, which placed restrictions on banks that trade for their own profit, otherwise known as proprietary trading uncertain relationships with certain private funds. as you also know, financial companies have incurred significant costs attempting to comply with the rule do you support addressing this confusion by exempting community banks with less than $10 b

bank to purchase a hedge fund. is it accurate that the federal reserve could use existing authority to address safety and soundness concerns arising from such an action? we would still: apply safety and soundness activities to the bank, looking like -- at things like that. thank you. shifting gears away from the legislation, i mentioned in my opening statement that randy coral has been approved for the federal reserve but not for his full term as a governor, yet. i believe that it's critical that we do that confirmation and him for his full term. do you agree? and if you do, why is a critical? thank you forl: raising this, senator, mr. chairman. i think it's important that he get his full term. at this point, he's working on an expired underlying term, but he has a 40 year chair term and having him fully installed, it's very important that he have this underlying term. sen. crapo: thank you. i appreciate your emphasis on that, hopefully that will help to encourage the full senate to move more expeditiously on that nomination. senator brown? brown: i appreciate my friend and colleague's skillful and narrowing questi

i think interesting rates are going higher regardless of what the federal reserve bank does.hat has to do with the supply and demand relationship in maturing treasuries. are stoppinges using policies. $2.5ederal reserve owns trillion of u.s. treasuries now. when those mature, the fed will not be by. point $2 trillion of our treasuries, we now have a heart store call high treasury debt. to really dollars of that is owned by foreign buyers. -- saudist of which arabia is number 13, but china and japan are buying less treasuries. we should talk about that that's we should talk about china and the whole dynamic. i don't think the treasuries will be bought as much as they have been by china and japan. they are already not being bought by they are like saudi arabia because we are not buying indi oil and it is doing it denomination. betty: if we are looking for the next crisis, it could be in the treasury markets then? dan: i think it could be led by rate increases with supply and demand as treasuries. i think 15 or more trillion dollars of treasuries will mature, and as they do, the

federal reserve. the majority is pushing damaging legislative proposals that roll back constraints on the influence of commercial banks within the federal reserve system, eliminate tools that provided critical -- that proved critical to the federal reserve's support of the economy, following the financial crisis, undermine the federal reserve's focus on employment, and eliminate its independence from the broken congressional appropriations process. the majority is also using the federal reserve as a piggy bank to pay for the cost of legislation like the latest short-term spending measure and now hr-4296, which will be on the floor today. these republican efforts to undermine the fed diminish its ability to support american workers if we face another crisis. chairman powell, i look forward to hearing your views on the economy and the path to sustaining the economic progress that was set in motion during the obama administration. i yield back the balance of my time. >> gentlelady yields back. the chair now recognizes the gentleman from kentucky, mr. bar, the chairman of the monetary policy and trade subcommittee for 1.5

in 202012 it was supposed to be of chicago but over the top 1% and federal reserve banks being protested, president obama moved the g8 to camp david. you have that many leaders for a weekend sleepover -- [laughter] i don't know that anything significant came out of it, but they were all lined up at camp davidd side-by-side. >> if that isn't a five-star hotel, it is a bunch of having. >> basic amenities but nothing fancy. very surreal and i think a world leader would find honor in camp david to pay respects that very much and is very much a treated to be invited. >> the navy made sure they had the same number. of bicycles i got to talk to them on the phone but it's now c your turn to come up to the microphone to the auditorium if you want to ask these gentlemen any questions about ronald reagan. let's start over here. >> how much did the dementia or alzheimer's however you want to refer to it impact the second term in the white house and do we have the proper safeguards today to prevent a situation in the future that could have impacted complex they went to the clinic every year for a bat

tomorrow, the federal reserve bank of new york president speaks about the economy and the future of financial regulations. live coverage from the chamber of commerce beginning at 12:30 p.m. eastern here on c-span. >> this week on the communicators, at&t's top lobbyist in washington talks about at&t's plan to buy time the u.s. justice department has brought an antitrust suit against at&t. wall streetiewed by journal's technology reporter. >> you laid out a case there is a lot of competition out there. why is it the justice department did not see it the way you did? >> i think the justice department has a very static view of what the marketplaces, if you look at the market definition they put into their trial brief. i think it is a 1990's view of the world. the only not they have given to the changes that have happened is they take the market and mvpd's.it as the npd they don't compete with the things going on in the world and i think it is an narrow way of looking at it in a backwards looking lawsuit as opposed to will we see the market going in the changes in the marketplace. >> watch the com

stocks are higher ahead of next week's federal reserve bank meeting where they are expected to raise interest rates for the first time this year. we have a whole ton of information copping out of washington right now, as the president slaps new saying shuns on russia preparing for a trade war with china. all this amid reports of a major shake-up at the white house. i'm trish regan. welcome to "the intelligence report" on this friday afternoon. the administration released details of new trade measures against china over coming days. some are concerned that the president's actions are leading to a trade war. but i have been saying, say it again, bring it on that is it one we'll win. treasury department hit russia with the new sanctions on attempted meddling in the 2016 election. the department of homeland security warns that russia is capable of attacking america's power grid and can shut down our power plants at will? how do we protect ourselves against this threat? we have intel straight ahead. >>> first back to the markets. investors, much like me shaking off fears of a trade war wi

kudlow began career as staff economist at the federal reserve bank of new york and served in the reagandministration among other government positions. he comes aboard here at the white house as other big names may soon be leaving. we're talking about national security adviser h.r. mcmaster. that's been out there a while. every now and again it percolates. hud secretary dr. ben carson under fire for the purchase of a dining room set that cost $31,000. white house chief of staff john kelly. the folks tell me, he's not going anywhere for the time being, maybe in a few months, who knows? and va secretary david shulkin could be shown the door. stumbles over the va including ethics violation related to trip to europe. the man many believe could replace him is a man we all know well. current energy secretary rick perry. sources tell fox news he's content over there energy. all of this is coming as former cia director mike pompeo is confirmed as secretary of state -- david: interrupting, my friend, that press conference is beginning miami. let's listen in. >> we have sweetwater mayor orlando lo

is it accurate the federal reserve would still be required to conduct a supervisory stress test for any bank with total assets between 100,000,000,250,000,000,000 to ensure it has enough capital for economic downturns? >> yes. >> and does the federal reserve have sufficient authority to provide a standard to bank between $100,000,000,250,000,000,000 in total assets of the fed determined it was appropriate? >> yes. >> is it accurate that it doesn't weaken oversight of the largest global systemic banks? >> yes. >> is this provision would not exempt banks such as santangelo from section 165 oh.frank? >> that is correct. >> is it accurate it does not reflect the supervisory, regulatory and enforcement authorities to ensure the safety and soundness of financial institutions? >> yes. >> and nothing in this provision would restrict the fed's ability that the institutions are well-capitalized. >> yes. >> the dodd frank act included a provision which placed restrictions on banks the trade for their own profit. also known as proprietary trading. in certain relationships financial companies had incurre

and it does not change the way the federal reserve regulates foreign banks. second, the bill will not be to another mortgage lending crisis.ck let's just go back and he examined 2008. we have a significant over of buyers of subprime lending in the real problem came securitized. that is where the trouble began. putting those institutions in jeopardy to pass along that risk to theis public derivatives. when did all collapses in the risky mortgage loan. and before it was securitized. nothing in this bill changes qualified mortgage standards. nothing in the bill removes the protection that dodd frank has provided to the secondaryng market. the only thing this bill does is those small institutions inh, community bank campaign mortgages without worried about c the standard but the one thing that they can do is sell those mortgages into the secondary market we have to keep those on the books when you have a requirement they keep them on the books you honestly h believe that these institutions will take unnecessary risks? the answer is no. guess what? they didn't tak

federal reserve the bank of japan and the european central bank of course in the bank of england does roll back the extra seconds as you point out. it started out with relatively low volume it's a wall street's credit coming up with products and they come with products all the time because they need stuff to trade because they get money trading stuff so they invent stuff and then vent products and some of them work and some of them don't and this volatility index is a product that is supposed to track volatility and it was came out of the brain wave of some financial engineer some day and they had launched it and then what happened is that people figured out that if the federal reserve is going to prevent the markets from going down by constantly buying stocks by printing money then you can make a lot of money but as you say you're going to short volatility you're going to sell the vix naked in cape that cash you know you're going to be a seller of this mix because the downside risk is pretty small because the federal reserve is always going to be there to buy stocks if there's ever a

loans began to fail, ohio taxpayers picked up the tab, including for foreign banks headquartered an ocean away. the federal reserve opened up a spigot of cheap money to get the global economy from tanking. banks in spain and france and japan and canada and korea all came to the united states for help to weather the financial storm. an analysis of the fed's lending from february, 2008, to 2009 showed that the vast -- think about this -- the vast majority of loans went to foreign banks. after the crisis, records released to the public showed that foreign banks took more than 70% of the fed's loans during the crisis, 65% of loans from other emergency programs. under one bailout scheme, british barkley's alone borrowed $232 billion from the fed at a sweetheart interest rate, the kind of rates a hardware store in hillsborough, ohio, could never get on a loan to keep them afloat back in 2008. think about that. british barkley's got a sweetheart deal, got a better deal than a hardware store in ohio could get from a bank. so after the crisis, congress responded with a law, the wall street reform act, to ensure that taxpay

the atlanta federal reserve bank has a cool thing -- agp now cap. -- a gdp now cap.a close to 4% for the first quarter, it is down to 2% now. what could look like a pause or some loss of momentum in the economy, the fed is moving ahead towards tighter policy. in fact, some people still want four rate hikes, a narrow division between three and for now. neel: -- three and four now. neel: we get so much data. if you turn on bloomberg or any of the other channels, we get so much data every day. we have to look at this but not react to short-term movements in the data. what i focus on are the twelve-month inflation measures -- are we actually getting back to the 2% inflation target, looking at wage growth, looking at inflation expectations? i personally try not to overreact to short-term movements up and down in the data. i agree, the data you have articulated over the past few months is what it is, but i think we are looking at the next year, two years, and over the longer run. that was minneapolis fed president neel kashkari speaking with kathleen hays earlier today. a

and it does not change the way the federal reserve regulates foreign banks. second, this bill will not lead to another mortgage lending crisis. let's just go back and examine what happened in 2008. we had a significant number of buyer loans, subprime lending which drove the mortgage market. that was troublesome and problematic in and of itself, but the real problem came when those mortgages were securitized and sold into the secondary market. that's when the trouble began. it was trouble enough they were putting institutions at jeopardy, but they were passing along that risk to the public through these securitized products, derivatives. guess what? when the whole thing collapsed, we looked behind and we saw these risky mortgage loans. we saw what actually created some of the problems on the front end before it was securitized. nothing in this bill changes qualified mortgage standards. nothing in this bill removes the protections that we -- that dodd-frank has provided to the secondary market. the only thing this bill does as it relates to mortgages is it says

, the rest gender of commerce will look at financial regulations with the president of the federal reserve bank and will have that at 30 p.m. eastern and later at 5:30 p.m., committee leaders and public health experts and then writes advocates. and this evening at 6:30 p.m., privacy and surveillance and the use of personal data by government corporations after reports that facebook information was used by the political research firm, cambridge analytica. c-span2, katie let vicki will talk about her experiences as well as training and future plans and that is at 1:00 p.m. from the national press club. and also later today the white house briefing scheduled to begin at 2:00 eastern will have live coverage on c-span. among the possible pockets, president trump expelling russian intelligence officers and closing the russian consulate in seattle in response to the chemical attacks a former -- on a former russian spy and his daughter in britain. responded to the president action and the decision to expel the formats from the u.s. makes clear we stand with our allies and that there will be consequence

federal reserve bank of atlanta math. you cannot see it on tv. all you have to know.or on radio. tom: the top-of-the-line, doing marketow, economics and forecasting. larry kudlow back in the day was a hell of a market forecaster. with that, hans-guenter redeker, the dollar and trump. should he speak about dollar policy or should that be the territory of the secretary of treasury? hans-guenter: the dollar and in order to avoid confusion, it should stay within the treasury. i'm sure, this will continue like that. what this think about strong u.s. dollar policy means. yes, of course to keep confidence for the u.s. dollar in financial markets, you want to ensure that america is getting funded. at the same time you want to walk a fine line. you want to improve trade positions. america is in the belief that it has been disadvantaged for several reasons. they want to reduce the disadvantage. the weaker u.s. dollar is the quickest way to get that achievement. weak.s. dollar will stay tom: within the dollar staying weak, the asymmetric nature. if you look at strong yen versus

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