the janet yellen is now the federal reserve bank not only does bitcoin into this intermediate goldman sachs but it also does that to mediate the federal reserve bank of america are these bankers these big bankers are they going to push back against bitcoin do you see that happening we've got about thirty seconds yes they have allegedly j.p. morgan has created their own derivative a bit cornered on or through fee for calling but it's a centralized this. as opposed to a system which because it's peer to peer so j.p. morgan has a server that tried to do everything right because it does of course they own the server the problem is the attempt at the patent and it's up to depend to one hundred seventy five times one hundred fifty five of those times it was rejected. with prejudice in other words they couldn't come back and from not mistaken the last twenty times it was rejected without prejudice which meant i think they can file but the problem is it should never be they should never be given a patent because up and running for the four years all right fair enough reggie thanks so much for being back on the kaiser report very welcome and that's going to do it for

one hundredth anniversary of the federal reserve act you think that after of century people would have a better understanding of the history and role of america central banking. system while the federal reserve act was drafted in congress the roots extend back to nine hundred ten with a secret meeting between rhode island senator nelson eldritch a group of wealthy and powerful financial figures the select group of influential men convening for a ten day top secret meeting on jackal island just off the coast of georgia and what resulted was a plan for something called the national reserve association an institution that would handle government debt to remain privately run and one hundred thirteen president woodrow wilson signed the federal reserve act codified in america's most powerful financial institution one that is neither federal nor hold any reserves so we're going to help me break down some questions and this conceptions about the very complex workings of the federal reserve system i'm joined by the host of artie's boom bust erin ade what is a how do we have you here. you love you know i'm always ok. i know you all over this is what i've been i've bee

the market was reacting to strong earnings reports from bank of america and a federal reserve report that the economy is growing at least moderately in most of the country. we'll be right back. in most of the country. we'll be right back. y there's cori it relieves cold symptoms without raising blood pressure. so look for powerful cold medicine with a heart. coricidin hbp. of the dusty basement at 1406 35th street the old dining table at 25th and hoffman. ...and the little room above the strip mall off roble avenue. ♪ this magic moment it is the story of where every great idea begins. and of those who believed they had the power to do more. dell is honored to be part of some of the world's great stories. that began much the same way ours did. in a little dorm room -- 2713. ♪ this magic moment ♪ smoke? nah, i'm good. [ male announcer ] celebrate every win with nicoderm cq, the unique patch with time release smartcontrol technology that helps prevent the urge to smoke all day long. help prevent your cravings with nicoderm cq. in fact, they depend on a unique set of nutrients. [ male ann

of the fed approaching what it is today? >> not at the federal reserve. >> that is what i mean. >> but other central banks. >> i am asking about the federal reserve at the united states of america. >> no. >> would you describe what you are doing? you describe quantitative easing. a term that has been made up, i guess. we have all made up terms. is that the stimulus for the economy? you use the term monetary tool. is that what you would use to stimulate the economy? >> it is attempted to push down longer-term interest rates and stimulate demand in spending in the economy. >> is this something they have espoused over the years when you have high unemployment? >> i don't know about if the canes thought about it. friedman, and keynes thought about it. a number of economists have written about something that is called the portfolio balance effect. it is basically supply and demand, buying asset, then it may be possible to push down there yields. -- push up their prices and push down there yields, and thereby affect financial conditions in the economy. >> it was said several years ago that china was buying our bonds. in other words, we were totally dependent upon china to buy our pap

of the electronic surveillance. the agency has come under fire >> the u.s. federal reserve chairman departs the central bank on friday after eight turbulent years. ben bernanke was on the receiving end of one of the america'sorst financial crisis erupted in 2007. his successor janet yellen will take over. we examine his legacy. >> the final few hours in charge of world's most influential bank. when ben bernanke was appointed. he had no idea a global financial meltdown was coming. an expert, he was a key player trying to stop another developingment he knew the things not to do. so i might not tell you what to do, but he could eliminate a bunch of disasers. he was the perfect man for the job. >> with the economy in trouble and credit freezing. banks in trouble, and urging congress to provide money to stop a collapse. with mooedest economic growth it looked as if he knew the way out. >> in retrospect. the financial crisis and the dysfunction of the housing market had been more severe and persistent than we initially believed. >> interest rates were pushed close to zero, then came quantitative hearing. it heaped the housing market lift the stocks and improve the broader economy. not by a lot. >> severe financi

federal reserve. other central banks -- >> i'm asking about the federal reserve and the united states of america. quantitative easing in a term that has been made up i guess we all make that, but is that a stimulus you use the term monetary tool is that what you would call it to halt to stimulate the economy? >> it is a tool that is intended to push down the longer term interest rates to stimulate the demand and spending. >> is this in the area of economics something that others have espoused over the years at times when you have got high unemployment? gandy you use a monetary tool to stimulate the economy? >> well, friedman and others -- i don't know if they actually thought about this, but a number of economists have written about something called the portfolio balance the fact that basically is about supply and demand that by the upper class of assets it may be possible to push up their prices and push down their yields and thereby affect the financial conditions in the economy. >> was set several years ago that china was totally -- we were totally dependent on china to finance our deficits an

[mom screams] >>> bank of america's fourth quarter earnings report shows a five-fold increase. a federal reserve survey out shows growth remained healthy in most u.s. regions in late november and december. taking a live look at the big board, the dow is up 101. the nasdaq, up 29. s&p is up 8. >>> bay area home sales fell to a six-year low last month due to fewer homes on the market. the research firm data quick says that people purchased 6,714 new and previously owned homes and condos in december. that's the lowest level since december of 2007 and almost 13% below the sale rate in december of 2012. >>> apple will be refunding millions of dollars to parents whose kids purchased apps without their knowledge. the federal trade commission announced a 32.5 million settlement to the case today. apple is accused of not adequately notifying parents about a feature that allows kids to buy apps without patental consent. the company has received 37,000 claims from parents wanting a refund. >>> san jose figure skater polina edmunds is back in school after winning a spot on the u.s. olympic team that will co

bank of america particularly has very easy comparisons. >>easy comparisons and easy money. the federal reserveg so interest rates are low and then the banks are turning around and making money in the stock market as well which is going higher. they are in a win-win, golden years kind of situation. >>it is. that's a fair point. and on top of that, they are releasing some of the reserves they held back for bad times and now that credit quality is improving they are releasing those reserves and that's juicing their profitability as well. so overall it's a good earnings environment for banks but on the negative side, loan growth is kind of anemic. the mortgage business is going away. >>i think the banks are going to survive just fine. let's talk about transportation. airline stocks have been rallying of late. is that a sign that corporate profits are also doing well? >>corporate profits overall are at record levels. the 3rd quarter of 2013 was an all time record which beat the record in q2 and most likely q4 would be in the same ballpark. so yes, transportation sector as a whole is expected to hav

the federal reserve releases the .eige book moments ago, bank of america released its earnings. >> thatory of the morning. per share when the consensus was for $.27. in line with what it got last year at this time, higher than the $.28 reported in the third quarter, revenue higher than monthpated. in the past they had eight analysts ratcheting down there forecast. it looks like expense reduction was a big theme here. operating expenses in higher than anticipated compared to the consensus, even as brian moynihan talked about cost savings initiatives being on track. >> you have to love a press release that starts with pretax negative adjustments. >> this is a big theme for the banks this earnings season. the one-time items, the litigation expenses. >> lidded -- litigation expenses has been a theme. >> absolutely. hadhe fourth quarter they the pretax expense of 2.3 billion dollars, selling various claims from regulators over mispriced. >> you have to figure that will continue. they are still waiting to do that at bank of america. >> which is the buildup of legal reserves that analysts had

and it is bank of america stern on wednesday. also wednesday, the federal reserve will sum up u.s. economic conditions in their report known as the beige, two weeks before the bom see has to consider whether to continue but -- continue tapering bond purchases. we will hear from ben bernanke, the day after. he will be at the brookings institution, one of his last addresses as federal reserve chairman. also wednesday, goldman sachs and citigroup entered [indiscernible] 30% ink stocks gained the past 12 months, despite rising legal costs. also, friday, we will hear from general electric when they report fourth-quarter results. more in the weeks news earnings news for you right here on bloomberg television. rtu. theanta claus has reached international space station. it has come about with the arrival of a private enterprise caps on. capsule.e enterprise couldn't -- ita is carrying equipment done long- awaited christmas presents for the astronauts. >> hello, everybody, coming to you live from hong kong. this is "on the move. move.this is "on the after months of protesting, the tenant to

bank of america ceo brian moynihan. the firm's quarterly profit surging by nearly $3 billion and as revenue increased and mortgage losses plunged. liz: reuters, federal reserve and office of comptroller of currency sent investigators to citigroup's london offices. this is part of an international investigation into alleged manipulation of the global currency markets. uh-oh. general motors stock is higher after auto giant expects a slight up tick in pretax profits but margins will likely remain flat until 2015. big day in the markets. "after the bell" starts right now. liz: break down today's market action with our all-star panel. we have got david lutz, still nicholas managing director. he says 2014 could be another double-digit year for stocks, wow. liz: challenge him on that, maybe. i don't know. lee munson, portfolio founder and chief investment officer will tell you now why ask the time to get in the markets and best ways to play the markets. plus todd horowitz joining from us the cme. we begin with todd. what action jumped out at you, todd? >> i liz, hi david. i think the action jumped at me was banks. with bank of america really blowing the doors off t

of the currency made zero criminal referrals. federal reserve, it's supposed to represent the biggest bank holding companies in america, made zero criminal referrals. and the fdic is smart to answer the question. about out criminal referrals, they look at what crosses the door, which is criminal referrals from the banks aiming at little people, the minnows. >> those of us at the tail end of things who end up paying, either in your taxes or anything else. we appreciate you being with us, phil black, professor of economics and law at the university of missouri. he said the best way to rob a bank is to own one. and we appreciate you being with us. thanks. >> thank you. >> after the break, the cold shoulder, everyone got it. the wrath of the polar vortex, next. >> you probably didn't realize this already, but we're already living through the most brutal winter snap in decades, every place in the country frosted over by the super cold. 17 deaths have been blamed on the cold on tuesday alone. thousands of people living without power, and rolling blackouts. the deep freeze has put all of us out in the cold. >> this is no ordinary winte

of the currency made zero criminal referrals. federal reserve, it's supposed to represent the biggest bank holding companies in america, made zero criminal referrals. and the fdic is smart to answer the question. about out criminal referrals, they look at what crosses the door, which is criminal referrals from the banks aiming at little people, the minnows. >> those of us at the tail end of things who end up paying, either in your taxes or anything else. we appreciate you being with us, phil black, professor of economics and law at the university of missouri. he said the best way to rob a bank is to own one. and we appreciate you being with us. thanks. >> thank you. >> after the break, the cold shoulder, everyone got it. the wrath of the polar vortex, next. consider this: the news of the day plus so much more. >> we begin with the government shutdown. >> answers to the questions no one else will ask. >> it seems like they can't agree to anything in washington no matter what. >> antonio mora, award winning and hard hitting. >> we've heard you talk about the history of suicide in your family. >> there's no status quo, just the bot

of the currency made zero criminal referrals. federal reserve, it's supposed to represent the biggest bank holding companies in america, made zero criminal referrals. and the fdic is smart to answer the question. about out criminal referrals, they look at what crosses the door, which is criminal referrals from the banks aiming at little people, the minnows. >> those of us at the tail end of things who end up paying, either in your taxes or anything else. we appreciate you being with us, phil black, professor of economics and law at the university of missouri. he said the best way to rob a bank is to own one. and we appreciate you being with us. thanks. >> thank you. >> after the break, the cold shoulder, everyone got it. the wrath of the polar vortex, next. the stream is uniquely interactive television. in fact, we depend on you, your ideas, your concerns. >> all these folks are making a whole lot of money. >> you are one of the voices of this show. >> i think you've offended everyone with that kathy. >> hold on, there's some room to offend people, i'm here. >> we have a right to know what's in our food and monsanto do not have

of the federal reserve. confirmation passed 56-26. janet yellen the first woman to lead the central bank. those are the headlines. "america tonight" is next on al jazeera. you can get the latest news on aljazeera.com. but is the polar vor texvortex a real system or a sharknado. >> our long-range am models were i wanting at this even two weeks ago. ♪ >>> good evening. thanks for being with us. i am joey chen. it has been almost sin fukushima spread a banket over wide areas of the japanese countryside. in our first of a series, michael oku investigates whether the massive government effort to the decontaminate fukushima and convince people to return home has any hope of succeeding. >>> a life-long ranch with his cattle his life. he was buying-by-when the magnitude 9.0 earthquake hit. >> there was a huge shaking. i rushed out into the parking lot of the store and there heard reports of a three-meter tsunami. i was worried about my cattle. so, i rushed back here. >> that's where he first heard about the trouble at the nuclear power plant just miles from his home. he lived close enough to see it through binoclars. >> translato

ubs and bank of america's merrill lynch unit was determined to be too high a price for the bankrupt city. >>> just two weeks to go before ben bernanke's second term as chairman of the federal reserve ends, and in his final scheduled public appearance as head of the fed, bernanke reflected on his eight dramatic years at the central bank and said the fed should give the economy the stimulus it needs during this tough recovery, even fit puts financial stability at risk. >> we're watching this very vigilantly. we've developed tremendous additional capacity for doing that. but at this point, we don't think that -- i think i can speak for my colleagues in this -- we don't think that financial stability concerns should at this point detract from the need for monetary policy accommodation. >> very interesting there. bernanke also recalled to the bookings institution in washington, d.c. what he called those very intense periods during the financial crisis, periods that he likened to trying to keep a car from going over a bridge after a collision. >>> it may be a tough year ahead for your grocery bills. that's because california where so much of the nation's food is grown and cattle are rai

bank of america, merle lynch said this is a first sign of panic. should we be making anything of this? >> actually, there are some other flows going on. the federal reservein custody for foreign governments. that's down $21 billion. it looks like the currency problem has forced some of the foreign companies -- countries to ask the fed to either sell their treasuries or give them to them so they can sell them. so invisible to the viewer and to most of us is the fact that behind the scenes these flows keep slipping around. they call italy quiddity because it really is liquid. you know, what flows over one spot or another. >> is this january, art, payback, for a great 2013 or a real january indicator as people like to argue for a long time? >> i think atit's a little bit catch up for 2013. we've gone a long time without a correction. bull markets tend to have a maximum life of five years. we're getting awfully close to that. ironically it would be march, recovering where we are. so i think there was some apprehension coming in. and the fact that these currencies and international flows don't look quite right have people nervous. now, last day of the month a

federal reserve bank, the number one golf player in the world would read an african-american, the number one tv actress in america today is from columbia, that the three biggest professional sports contracts in the history of any sport are three hispanics. they all happen to be dominican by the way and the bachelor on abc is also latino. he is from venezuela and we will get to that in a minute. if somebody told you that 30 years ago you would probably not have leaked it. let's go back here for second. i'm going to jump around a little because -- let's look at purchasing power. when we say full disclosure we are not per se at first. we are professional observers of culture if you will and we provide the strategic intelligence and the telecommunications to reach those people. look at the purchasing power. $1 trillion. remember we are talking about 5, 16% of the population already providing $1 trillion of her choosing power. if you look at the growth you will see that it's not only the fastest growing ethnic segment but it's going to be the fastest growing, the most politically active, the most mobile. accounting for and by the way this is the nielsen but ford saying if the hispanic american community where a

of that, who essentially don't like -- and here's the point. the federal reserve has in america unlike almost every other central bank in the world what we call theanke, a republican appointee, has been very, very diligent in making sure that he pays attention to that and a lot of conservatives don't like it. in fact, many republicans wanted to amend the law and it was only because bernanke, a bush appointee, opposed them so much, that they never really got very far with that, so the attack on quantitative easing is an attack on the fact that the federal reserve should care about employment levels, because every argument about quantitative easing has fallen flat and they are about to scale it back and nearly none of the complaints that it would cause inflation or cost the federal government money, or disorganize markets, this and that, has been proven false. >> but one of the unforeseen consequences, congressman, there has been a wealth gap of sorts caused by qe. it's something that really no one had foreseen. >> there was what? i missed that? >> a wealth gap an income gap between the haves and have-nots. >> that's simply flatly wrong. as a matte