racist so in terms of that we need to look at the systemic thing as we've pointed out the federal reserve bank but also the u.s. dollar because to have the u.s. dollar. not only does that disadvantage to mastic lay the population the bottom 99 percent who don't get the free money printing 1st but it ness acetates the export being the sending overseas of your jobs like you have to have a way for the rest of the world to get dollars in order to maintain the system so you have to give them dollars and the best way to do that is to look at the least able to you know represent with the least agency in the government in the federal reserve the least power so you know when they establish the system so they they looked at the you know the rust belt used to not be a rust belt it was a flourishing wealth creation machine and that got shipped overseas because of course what that wealth creation machine did was member our wealth and income gap used to be way smaller back in the fifty's sixty's and seventy's so they they saw that just like a private equity looks at a pension fund held by a company and they

circle because we have the taxation without representation which is the inflation caused by the federal reserve bank so nobody really understands what it is it's very well hidden this is not transparent we don't know how big their balance sheet as how much our money is being devalued but another now canceled founding father who was george washington who you know i think we're still allowed to say is name but nevertheless he did say that we should trade with all nations no foreign alliances or to entanglements like let's not get involved in other people's wars let's not become an empire and of course we are here now as an empire so i think you know a lot of people naturally think like you know we're number one which means the elites are number one you get nothing because once the elite have an empire they don't need the domestic population they don't need the consent of the population because they just plunder from over. right they take the iraqi oil fields they take the libyan oil fields they take all that stuff and they control and dominate through like the dollar reserve system and they don't need

. >> the president of the federal reserve bank of dallas, robert kaplan joined a national press club to talk about the national recovery during the coronavirus pandemic. he outlined what is needed to turn around the economy, including mask wearing to prevent the spread of covid-19 and to improve consumer confidence. >> hello and welcome to the national press club. i am kimberley adams. a member of the nash null -- a hosting correspondent for the radio marketplace. we are pleased today to welcome robert kaplan, president and ceo of the federal reserve bank of dallas. he is appointed in september of 2015 and he represents the 11th federal reserve district on the federal open markets committee. prior to his service for the dallas fed, kaplan was a martial professor of management practice and a senior associate dean at harvard business school. kaplan had a 23 year career at goldman sachs and was ultimately named a senior director of the fern before joining harvard into thousand and six. today, mr. kaplan joins us to talk about what he believes the road to u.s. economic recovery must look

schools had to decide whether that was worth the high price in tuition but according to the federal reserve bank, take ago gap year would cost you $90,000 over your work life and you're entering the work force later. >> money in your pocket and it's probably better to go back to school with the latest precautions. >> cbs news business analyst says if your family's financial situation changed due to the pandemic, would you explain that to your school and get another financial aid package. be sure to get another grant for the loan. >>> still ahead, looking for a sweet heart, what your favorite ice cream flavor could reveal for the sweaty faces, and the hidden smiles. the foggy glasses, and the muffled laughs. a simple piece of fabric makes a big statement: i care. wear a mask. let's all do our part to slow the spread. >>> well your choice of ice cream might give a scope on your love life. those with favorite strawberry find love the soonest at age 24. vanilla ice cream fans snag a significant other at 25 and those that choose chocolate find love later. fans of strawberry ice cream enjoy doing laun

coming up on the program, patrick harker, federal reserve bank of philadelphia president. the conversation just around the corner, 20 minutes away. this is bloomberg. ritika: with the first word news, i'm ritika gupta. it is a big victory for apple at the european court general court over an eu order to pay ireland a $14.9 billion tax bill. the court ruled that the arrangement to pay a lot less was not illegal state aid, a crushing blow to the antitrust chief trying to crack down on preferential deals to selected companies. president trump has moved to punish china by imposing a sweeping national security law on hong kong. the president ordered an end to hong kong's special trading status with the u.s. and signed legislation that would sanction chinese officials responsible for cracking you down on political dissent in the city. a hong kongears of brain drain are increasing. would undermine hong kong's appeal to thousands of bankers and other white-collar workers from the mainland. they could face a tax rate as high as 45%. bank of japan out with a gloomier picture of the

now in april this year the federal reserve bank in new york reported that minority and women owned businesses are significantly more likely to show signs of limited financial health and more likely to be classified as at risk for distress the nonminority small businesses. further companies are three times likely as healthy business to close because of a two month -- the ppp's program established under the cares act and administered by the small business administration and treasury for distress with responded to the covid-19 pandemic. recent analysis of the color of change in the united states found only one in ten african-american owned businesses received the requested funds through the program. i have heard from many a minority owned businesses who did everything right, they did not give a low number or loan in the first round, many minority businesses share the enhancement act was not adequately designed to enhance or assist small businesses. thank you to the partnership of the financial services, chairwoman maxine waters and small business chair adjustments were with made in the second ro

the president of the dallas federal reserve bank, robert kaplan, will be my special guest to talk aboutalmost 50% of the gdp. so join us next weekend at this time. and be sure to tune in this weekend on "sunday morning futures" on the fox news channel. we've got a replay of my interview with president trump this weekend on sunday at 10 a.m. eastern on fox news. join us. and start smart every weekday right here on fox business, tune in weekdays from 6-9 a.m. eastern for "mornings with maria." join us to is set the tone for the day every weekday. that'll do it for us this weekend. thank you so much for joining happy fourth of july, independence weekend. i'll see you again. ♪ ♪ gerry: welcome to the "wall street journal at large." america should be celebrating independence day in the traditional way this weekend, watching parades, marveling at the fireworks displays, drinking beer at baseball games. but, of course, nothing is as usual. instead of joyfully commemorating the nation's freedom from those terrible british, many americans find themselves this year incarcerated, yearning to breat

. ♪ the president of the federal reserve bank of dallas, robert joined the national press club for discussionamerica's economic recovery during the coronavirus pandemic. gallant what's needed to turn around the economy including aspirin to prevent the spread of covid-19. and to improve consumer confidence. >> hello and welcome to the national press club. we are pleased to welcome robert, president and ceo the bank of dallas. his appointed september 2015. as of management practice and associate at harvard business school. he had 23 year career at goldman sachs and ultimately named senior director of the firm in 2006. today, he joins us to talk about what he believes the road to u.s. economic recovery look like in order for the country to bounce back from the damage done by covid-19. he's going to share his economic outlook for the rest of the country and into this year end into 2021. the virtual podium is yours. >> thank you everyone for having me here today. i'm going to talk for a few minutes as kimberly said, the national outlook and some of the key things we need to do and key challenges w

tear society we have going thanks to a criminal activities i would characterize them both the federal reserve bank and the bank of england and other central banks around the world are caged in a criminal conspiracy but now let's talk about the stock market as it relates to the coin poloroid and the man on the straight and they lunchbox guy joe baca down at the parent you know there's a huge. disparity here right stock markets are all time high and we are and the beginning of a depression while we work through this before us charlie started this many times. already and that was going to respond but we had a reagan coalition that she 1000 i crush you thought security done extremely well let's go back to our record levels of. assets that would strolling to people's lives that were destroyed many is. what happened at the time was. with her views of protecting the system i don't know maybe that was caught on tension or not disobeying the problems that made problems a little a lot bigger a lot of the same so i'm out looking not so sure with the co-creator but blew the whistle on that. because for variou

the president of the dallas federal reserve bank, robert kaplan, will be my special guest thats nowostttttndhist time anan sd urbeed oine s we "suay mor 'v got a got aeplay oyy ts n n si pntsi truntmp this wnd on s oun o at a0 1 1 ea. ornnox new srt s s e way t her h h h foxiness,ess,ee ean forrningsrnrnithithithithham maria." join us to is set the tone for the day every weekday. that'll do it for us this weekend. thank you so much for joining >> he was the man who had everything... >> this has about 750 to 800 horsepower. >> ...but never enough of these. >> he told me he was bringing in about one tank a week. >> i imagine a small country could win a war with these. >> yeah, i hear that a lot. >> my dad started a tradition of getting an old, beat-up car, and then he would crush it with a tank in the field out here. >> his death puts his heirs on a mission. >> is this what your dad would want? >> you push up on that. >> start. [ engine turns over ] >> just like that, she comes to life. >> and talk about sticker-shock and awe. >> was the auction a nail-biter? >> you bet it was. >> $300,000.

of godfather's pizza and chaired the federal reserve bank of kansas city. >> 9-9-9. >> reporter: whencs he became the g.o.p. presidential front-runner in 2012 before sexual harassment allegations ended his campaign. >> obviously, a man of great energy. >> reporter: the eventual nominee, mitt romney, paid tribute to cain today. >> when he reaches st. peter's gate i expect the first words to come out of his mouth will be 9-9-9. >> reporter: those close to cain say that it's unclear where he contracted the virus, and that he made a series of trips last month. president trump called him an american patriot and a great friend. herman cain was 74, norah. >> o'donnell: nancy cordes, thank you. we turn now to that tweet from president trump today, raising the possibility of putting off the november elections, even though only congress has that power. well, tonight leaders of the president's own party are rejecting the idea. here's cbs' ben tracy. >> reporter: president trump's stunning suggestion that the election be delayed comes as he's trailing badly in the polls and at the same time the n

the president of the dallas federal reserve bank, robert kaplan, will be my special guest to talk aboutst 50% of the gdp. so join us next weekend at this time. and be sure to tune in this weekend on "sunday morning futures" on the fox news channel. we've got a replay of my interview with president trump this weekend on sunday at 10 a.m. eastern on fox news. join us. and start smart every weekday right here on fox business, tune in weekdays from 6-9 a.m. eastern for "mornings with maria." join us to is set the tone for the day every weekday. that'll do it for us this weekend. thank you so much for joining what did yogi bear, smoky bear. how did they find -- ♪ ♪ ♪ paul: welcome to the journal editorial report, i'm paul gigot, beaches are closed in parts of florida and california and fireworks displays canceled in communities across the country this july fourth weekend as the united states continues to see a surge in coronavirus cases. at least 20 states are pausing, reversing or delaying their reopenings as three dozen states see infection rates rising, what should we make of the growing

they they can continue to go higher, because there is so much stimulus in the market for the federal reserve banksorried as long as the reserve banks have the intention of continuing to try to provide stimulus through the global economy into the market, the markets will continue to drive higher even as they dislocate from the fundamentals. what is volatility telling us? despite the high levels, we are theng the vix hanging near moving average. >> i expect market volatility to remain elevated through the rest of the year. what we are seeing in the equity markets which is keeping the volatility for the next high is this shift between risk on and risk off trades. you would normally see it between equities and fixed income, but we are seeing a nuanced approach where there are days that stocks that are perceived to be at risk off, that is technology believe it or not. the types of stocks and companies that are viewed as insulated from the him -- impact of the pandemic. it is those types of stocks then we have seen risk on days where airlines really devalue and energy stocks do well. the volatility is b

you know it can step back from you know ben bernanke you could he said as chairman of the federal reserve bank that he could reverse the quantitative easing in 15 minutes and nobody know the difference is just a temporary measure around greenspan thought it was later after he retired repudiated his entire career and mentioned that his thought about the economy we're all completely wrong about we know that it can't possibly taper oppose it cannot possibly taper a ponzi scheme gold is going to $3005.00. 100. we told you here 1st and the most because we're the best of course it's the dollar it's all the fear out balling against gold gold is just a real thing that has had value for 5000 years and again another thing that we've pointed out is so much money printing so little velocity and you've seen the money printing just go this is it going but it wouldn't like it's always been pretty high but now it's gone exponential this is the sort of hyper inflationary moment i guess if you look at the chart the red line has shown that the money velocity is collapsing all those central bankers christine lega

of massive fiscal spending in congress and a huge infusion of money into the economy by the federal reserve bank. now we are beginning to see the risk that these expenditures will expire, and especially congressional republicans and president trump will not be interested in renewing that. amounts ofrow small money at the problem but not enough. that was a problem we made coming out of the great recession. $900 billion stimulus package, that was out all, saved capitalism in the united states, but we didn't spend more to get the economy growing at a rapid clip. here, the risk is even more grave. additional do spending, the economy could dip into a recession. vonnie: we saw several groups were much more hit in the june data. is there anything that can be done to target specific groups in the immediate term? larry kudlow was talking about reemployment benefits. what do you think the fourth phase looks like? seth: there's a difference between what it will look like, and the idea of what it should like. the reason that people are not working has nothing to do with the economic incentives. one, they do

men we have the 12 federal reserve banks around the u.s.ng one black man, one twoan-american man and women. employment at these fed branches follow a similar way where as a supporters of these are -- us talk about black unemployment as well because jerome powell has said that he does want to do something about the racial in a witty evidenced in the unemployment stats but have we seen any improvements? can the fed even do anything about that? >> this is something that atlanta fed president raphael bostic came out and wanted to target in terms of policy. data yesterday showed that black unemployment rates fell for the first time since the start of the pandemic. the pandemic has disproportionately affected minorities. but it was the fact that this rate decreased for white workers by more. when you look at the disparity, it is widening further. we have seen this since 2015. the black unemployment rate is the highest among the largest in terms of the categories. when you divide up the data like this, it paints a better picture. income minorities

the federal reserve bank used all of its tools to support the recovery from that economic downturn. jerome powell. speaking about the road ahead in that virtual news conference. tom: absolutely, it has been a huge exchange. >> we are told to do what we can and as long as it takes to ensure that the recovery will be as strong as possible, and to limit lasting damage to the economy. the path of the economy is going to depend to a very high extent on the course of the virus, on the measures that we take to keep it in check. the data are pointing to a slowing in the pace of the recovery. but i want to stress, it is too early to say both how large that is and how sustained it will be. the rising joblessness has been especially severe for lower wage workers, for women, and for african-americans and hispanics. the fiscal policy actions taken thus far have made a critical difference to families, businesses, and communities across the country, and it will take continued support from monetary and fiscal policy to achieve that. the federal reserve has been taking broad fiscal actions to suppor

example, there is a weekly economic indicator index that mimics gdp that the federal reserve bank of new york puts out. for the first time since it hit its lows down 11.5% year-over-year, sometime in mid april, it has basically been improving, except the last two weeks. and it has gone further in the negative territory. so that is not a good signal. definitely not a good signal. i thought the other thing that was notable in both the statement and particularly the press conference was the forcefulness of chair powell's comments about the virus. and the relationship between the virus and economic activity. thataking incredibly clear containing the virus improves economic activity in jobs, and if you don't contain the virus, exactly the opposite happens. he made the comment repeatedly during the press conference. that of course has not been a universally held opinion everywhere. so i was interested to hear just how forceful and how forcefully he reinforced that. the last comment i will make is the board ofe, governors did extend the emergency liquidity facilities, both the financial ins

our lecturer -- he set up a variety of other important positions including president of the federal reserve bank of new york, president of the american association of law schools, president of the new york academy of science -- thank you -- it was 43 years ago that chief justice burger founded this society. to talk about warren burger, president john sexton of nyu. >> thank you very much. it is a great honor for me to be here today my first introduction to warren burger and the society came at the same time when i went just outside of the courtroom just downstairs to watch four films that the chief justice -- to watch the films that the chief justice have created. more on that later. very different judges. three different, but three special men. nearly 40 years ago, i was privileged to serve each as a law clerk. nobody, including me, would have predicted chief justice burger would have selected me. my references were an all-star list of his critics. [laughter] derek bell, arthur miller, alan morrison. larry tribe. ordinarily the chief did not interview his clerks before they came to him. he basi

executive of godfather's pizza, ran the national restaurant association and once chaired the federal reserve bankst in georgia this afternoon at south. he was celebrated in a ceremony at historic ebenezer baptist church in atlanta. president obama made this call to action. >> george wallace may be gone, but we can witness our federal government sending agents to use tear gas and batons against peaceful demonstrators. we may no longer have to guess the number of jelly beans in a jar in order to cast a ballot, but even as we sit here, there are those in power who are doing their darnedest to discourage people from voting by closing poling locations and targeting minorities and students with restrictive i.d. laws and attacking our voters rights with surgical precision, even undermining the postal service in the run-up to an election that's going to be dependent on mail-in ballots so people don't get sick. if we want our children to grow up in a democracy, not just with elections, but a true democracy, a representative democracy, and a big-hearted tolerant inclusive america, then we're going to have

extremely difficult for us to get back quickly, both the congressional budget office and the federal reserve banklly high levels of unemployment at the end of this year and i think that's going to last into 2021. >> yeah. it's a serious, serious issue, and these are such important issues. seth harris, the former acting secretary of labor. appreciate it very much. >> thank you, wolf. >>> later this month the nba will resume league play in orlando, florida, but florida's now the epicenter of the outbreak here in the united states, and with players, coaches, staff, all arriving this week, how can the league ensure it will be safe? we'll discuss that when we come back. if you have a garden you know, weeds are low down little scoundrels. draw the line with roundup. the sure shot wand extends with a protective shield to target weeds precisely and kill them right down to the root. roundup brand. trusted for over 40 years. book two separate qualifying stays and earn a free night. the open road is open again. and wherever you're headed, choice hotels is there. book direct at choicehotels.com. good morning

pandemi pandemic, i believe the federal reserve was subjected to extraordinary functions regarding deployment and gdp contraction despite these assumptions the 33 largest banks remain above tier one capital requirements. why does the federal reserve have indicated to resubmit plans and in addition an off cycle in the latter part of the year? the federal reserve already has planning management processes and assumptions. can you explain that? >> what they passed was the adverse scenario we had before the pandemic that is what control the outcome at this time also remember the pandemic arrived right in the middle of the stress test. without going to the usual thorough vetting process three alternative sensitivity analysis one was a v-shaped recovery one was you shape and a serious double dip that was very seriou serious. we didn't use them to evaluate individual institutions but the broad range. >> why lock up additional capital now? this has the potential to have chilling effect on thenn economy and banks need to provide credit and liquidity to help facilitate economic recovery. i need that clarification and i yield back. >> mr. secretary being blocked by pres

economic capital of america, one protest took lace just steps from wall street in front of the federal reserve bank york. income inequality has always been a problem in america. the coronavirus pandemic has made it much worse. low—wage and often essential jobs are predominantly filled by black and brown people. by striking, they are trying to draw attention to just how much their work drives the economy. shannon swift organised this protest a nd shannon swift organised this protest and believes this is a critical time in america's history. this is a very watershed moment stopping the crux of why we are here at the federal reserve is to say that there needs to be a remedy for there needs to be a remedy for the injustices that have happened in our communities and people just struggling. the honour dominic owner of this restau ra nt honour dominic owner of this restaurant understands why so many feel frustrated. is a black business owner for over 15 years, joseph sees how the system 15 years, joseph sees how the syste m ma kes 15 years, joseph sees how the system makes it difficult for people like him

provisions is to look at the reserve ratio and compare that to the buses that the banks had -- the losses that the banks had in the stress test, specifically the loss ratio that the federalerve used for each bank in the test. conservative the ratio versus that stress loss rate, we are at 40% to 45% 80 and across the banks, which means that the banks have set aside provisions to cover about half the loss rate and the severe adverse scenario of stress tests. obviously there are a lot of assumptions going into these tests, and a lot of uncertainties, probably the most popular bird word that you heard popular word that you heard on the call. we will continue to get more information, but the positive of the big trading order that we was it allowedks them to fund these provisions, and hopefully it will prove to be conservative. shery: allison williams with the latest. let's get a check of the business flash headlines. the new york attorney general has opened an inquiry into the twitter hack, as analysts say the bitcoin scam raises potential long-term threats for the company. shares plunged after hackers targeted several public figures. says it could lead to concerns about user

he was a business executive as you all know and board chairman of a branch of kansas city's federal reserve banko republican politics and eventually becoming a presidential candidate. we are mourning the loss of herman cain, getting word that he passed away. john roberts is live at the white house this afternoon. >> he waved as he went by and it wasn't long after that that he was diagnosed with coronavirus and went to an atlanta hospital. a month after being diagnosed he remained on a ventilator, although people close to him was saying that it appears as though he might be getting better. the word that went out was that his organs were strong and they were trying to heal his lungs with an infusion of oxygen through a ventilator. but don't forget, herman cain did have some underlying conditions back in 2006. he had it colon cancer which had spread to his liver and he was also 74 years old which put him right sort of at the apex of that higher risk group of people who sometimes do so badly with coronavirus. we also know that african-americans suffer severe coronavirus disease and a higher percenta

the federal reserve is buying directly from the banks in order to support this market.are subject to the whims of a market that is traditionally over-the-counter, not done electronically. what that means is potential losses right off the bat. they are price insensitive by which will lead to trouble at some point. i don't know how you do that with an infinite balance sheet. tom: where did this word come from? everything is resilient right now. jonathan: i think that's what you are facing when you were -- what you say when you are facing a little bit of trouble. are you resilient? do you feel resilient? lisa: i can't help myself. jonathan: don't encourage him. tom: it took me years to figure out what relegated means. jonathan: jp morgan firm in the premarket. uncertainty and these companies still can't provide us with any real clarity or guidance. that's going to be the take away from earnings season. tom: buried in the jp morgan release, they are not even talking share buybacks until q3. that's that uncertainty out there. when can they really institute use of cash. takea

vonnie: how does a body, federal reserve, central bank, deal with something like start/stop pandemicsctions that have businesses closing down as soon up?hey open that is what we could be looking at in the u.s. for the next several months. frances: chair powell has use this fantastic metaphor, that when you are walking through a dark room with a lot of furniture, you walked slowly so you don't bump into anything. when you have uncertainty, you don't make big decisions quickly. they have a little bit more of an advantage over the federal government, in that monetary policy takes about 15 months to work through the real economy. they can stay on hold and do nothing for a prolonged amount of time. they don't have to worry about adding too much stimulus. they can lean on the side of dovish nest. when we have 0% inflation, month over month inflation, we should not be thinking about the fed raising rates. i don't have the fed raising rates for at least five years, and i feel confident about that. federal government, we have to make sure that they are online. most economists would tell them t

the federal reserve telling banks they performed well on a stress test with too much uncertainty to allowhe boosting of buyback or dividends. at the banks, whether you are talking about state cable -- state re-guarantees or representation, you mentioned revenue boosts to these banks, and that's one thing these people are looking for as it should be more for the desks, but they say they expect a slowdown from the second half to the first half and even though there is a lot of debt issuance, it may not be sustainable. how will this show up during earnings season? analysts are looking for a massive drop in profit from last year, 50% decline, only industrials are going to fare worse. i will be looking for a rash of cost-cutting announcements. maybe not immediately as the ceos have made it clear that they are not ready to make layoff announcements immediately , but it feels it is coming in the years to come. alix: scarlet fu, thank you very much. coming up, we will be speaking novavax, who just got $2 billion from the government. this is bloomberg. ♪ guy: welcome back. bolsonaro president took

she also held positions at the federal reserve banks of minneapolis, new york, philadelphia, the world bank, the brookings institution and the hov the hoover institution. i would like to turn it over to the ranking member to introduce our last witness. >> thank you very much again. and our final witness is a fellow cincinnatien. pete blackshaw. he's ceo of centrifuge, a start-up created by p and g and western southern and other major entities in our community. he previously served as global head of digital marketing and social media at nestle's global headquarters. he recently served as chairman of the board of the national council of better business bureaus and is chairing a recently chartered supply chain and new commerce restart committee. pete is a graduate of harvard business school and the university of california santa cruz. i recently had the pleasure of meeting with pete via an online platform with the cincinnati chamber of commerce and i was truly impressed with his forward-thinking ideas on the recovery. i hope he was impressed too on the call. but i know he will provide val