fed is an enormously powerful agency. b, very few people have a clue about how the fed operates. three, there are very obvious conflicts of interest between the people who sit on the fed, who are bankers themselves and the transactions that they undertake. fourth, now is the time for us to have a national discussion about real reform of the fed so that it works for everybody and not just wall street. >> do you not know to pressure both the treasury secretary tim geithner who has been very resistant to this as well as the department of justice and eric holder who has been very resistant? i mean, those seem to be the two people that i would want to talk to. >> well, we'll talk to them. of course, we'll talk to them, but the bottom line is, as you well know, wall street is the most powerful and in my view dangerous entity in the united states of america today. they are powerful economically and extremely powerful politically. contribute huge amounts of money in campaign contributions and in lobbying. right now the top six financial entities have assets the equivalent to 65% of the g

i do believe that the fed will continue it i think we should first define quantitative easing you're so good at defining terms quantitative easing is in late parlance money printing. the fed can materialize where a conjuror money at the stroke of a computer keep it imperative that literally materialize and stones from nothing. these dollars go into circulation or let a fellow but in the case they are newly minted. and they. you know they they facilitate transactions they affect the prices of goods and services and certainly the prices of financial assets namely stocks and bonds so the question for the house is whether they'll be more of this and i think there will be. the fed has no compunctions against money putting for years and indeed generations and perhaps centuries the conjuring of money from nothing was regarded as either a form of alchemy or an act of counterfeiting. under contemporary monetary theory it is no more than a necessary expediency of the authority and soon the experts will know if there is a deficiency in economic growth say they the fed can make it whole make it

the right ron paul is like of all issues the fed i mean either one is a move in the right direction so maybe we're getting some consensus right. fence should be under the treasury that's a proposal by tennessee senate yes and which is part it's pretty much the exact idea of audit the fed or what ron paul has been talking about what about this idea that then if the senate says nationalize the fed put it under the treasury affectively making it transparent within the government's ability to do so but it is not a good idea oh absolutely i mean it's a it's whether we should have a fed is a secondary question but certainly if we have one then it should be under the treasury which is nominally under the elected government right so what would be the objection of it if he said to the fed look we're just going to put you on to the treasury department you reports it's him geithner now ben bernanke and we're going to put a guy in tim geithner's office to make sure he knows not doing too many horrible things what could they say back as to why that's not a good idea why i think the jet i mind tr

the fed should be under the treasury that's a proposal by dennis kucinich yes and which is part it's pretty much the exact idea of audit the fed or what ron paul has been talking about what about this idea that then if the senate says nationalize the fed put it under the treasury affectively making it transparent within the government's ability to do so but is that a good idea oh absolutely i mean it's as to whether we should have a fed is the secondary question but certainly if we have one then it should be under the tree which is nominally under the elected government right so what would be the objection them and if he said to the fed look we're just going to put you into the treasury department your reports it's in geithner now ben bernanke and we're going to put a guy in tim geithner's office to make sure he knows not doing too many horrible things what can they say back to why that's not a good idea well i think the jedi mind trick is we need an independent fed owned by the banks to make the correct policy for the elected government right but greenspan kind of blew that concept

well things can get out i don't think the fed intends to have hyperinflation because it's bad for the government it's bad for the banks and it's bad for the power of lead so they don't intend hyperinflation but in this sort of a situation things can get out of hand because while the central bank like the federal reserve is in charge of the supply of money they're not in charge of the demand for money that's in everybody's mind and pocketbook each of us has our own individual demand for how much cash we want to have as versus other things so yes it can get out of hand this is very very dangerous we're doing at the very least we're going to see you know much more quickly rising prices already prices are going up my guess is we're going to be at least in the one nine hundred seventy s. situation but things are happening that didn't even happen in the seventy's were holding interest rates to near zero which was the crazy scheme of john maynard keynes and of course keynes is the guy who who's the the ideological buddha american monetary economics. so they're they're just they're causing tr

as the fed audited.he g.a.o., by the inspector general, by outside private accountants. we produce regular financial statements, all of our emergency lending facilities have been thoroughly audited, nobody's found any impropriety whatsoever. so that's really just an urban legend. thanks for letting me respond to that. on the saving issue, it's a very difficult question. i guess one consolation for treasury holders is of course they've had a lot of capital gains as interest rates have gone down. but more seriously than that, you know, i understand that fixed income savers do often suffer from low interest rates. it's a consideration, it's something we think about. but clearly if you're going to be investing in the u.s. economy, you need a strong economy and it's our view that the low interest rates over a period of time, not permanently, help the economy recover, help have a stronger economy going forward and that gives better opportunities for investment for all savers. and so ultimately i think the shor

the world bank the fed the b.o.h. all agree there we can't talk to two theer in the financial world here's a little video clip i want to turn to and this is the former greek finance minister yeah no it's papantonio and he is talking about this rumors of a fifty percent. haircut and greek debt but will this solution or could a solution should a solution require a fifty percent haircut as as i believe the current finance minister suggested you know the photos from this is because it has refuted this and he said believed it was severely dangerous the position for greece goes default of equal to five percent will second most from c.b.s. maybe city more from the financial crisis in greece i'm going to video see the scoop that june affects through the rest of the years i think discussion and such options is not that it's not helpful but the truth is trading down it's in a bear market lies are trading up it's a bull market in lies and silence about yes so the talk is dangerous he said it's not the actual financial and econom

has the fed run out of things to do? >> i think it's very important to make a distinction between what the fed can and cannot do. people talk about whether it's run out of ammunition or not. it's always had ammunition to affect inflation rate, affect deflation and affect interest rates. that's what they've done to try to lower the short rate and also lower the long rate. but what impact does that have on the economy? well, that's a separate set of issues. the fed can provide the foundations for growth, it can make sure there is good function of the financial markets, it can assure that there is enough credit available, but if there's a lot of fiscal uncertainty and regulatory uncertainty, people aren't going to purchase and firms aren't going to hire. >> what would you like to see congress and the white house do to truly have a job creation plan that is sustained and creates jobs, gets people back to work? >> i think sustain is the really important issue. just short-term changes of the tax code are probably not going to

because the fed has already gone much further than former fed officials like bomfim thought it would ever have to go. >> so they are taking very aggressive action. >> reporter: the fed has already pledged to keep interest rates low through 2013. now, add to that operation twist. >> so they are doing a lot. the problem is they don't have a lot left, and what they have left has limited powers, at this point. >> reporter: which is why the federal reserve chairman reminded congress today that lawmakers have a shared responsibility to implement policies that support economic growth. the not so subtle point-- the federal reserve can't do it all. darren gersh, "nightly business report," washington. >> susie: stocks mount a late- day turnaround on fresh hopes europe can shore up its banks. the dow rose 153 points, rebounding from a loss of 200 points earlier in the session. the nasdaq added 69 points, or 3%, and the s&p 500 gained 24, despite dipping into bear market territory earlier in the day. >> tom: still ahead-- we go "beyond the scoreboard" with the owner of the miami dolphins. we ask

owes wall street greed and so on no more we're fed up well you know i agree with the sentiment bryan generally speaking but for your call that there not be any more michael moore's or brian or gloria steinem's you know been there done that respectfully you're wrong there is steinem and michael moore were both tremendous agents of change who are in fact so were martin luther king and bobby kennedy i've always found it fascinating some people think that if a movement has no public face and no public leader it will be more effective but have you ever heard of frederick douglass or susan b. anthony or f.d.r. now on the other hand please name for me any movement that actually produced real change in america that either didn't organically select for itself or wasn't brought into the forefront by a few people who either volunteered for or were forced into the limelight rosa parks worked for over a decade and nonviolent resistance training it's before she was before she stepped into that light so well it's really really important that we don't fetishizing leaders to profile figures after all

the world bank the fed the b o e all agree there we can't talk to theory in the financial world here's a little video clip i want to turn to and this is the former greek finance minister yeah no it's papantonio and he is that talking about this rumors of a fifty percent. haircut and greek debt but will this solution or could a solution should a solution require a fifty percent haircut as as i believe the current finance minister suggested. no the government had its muses closer because if you could this be said big sort of city dangerous proposition for greece because default of equal to fifty percent will second most from c.b.s. may set the most from the financial crisis and greece videos see this bajan affects to the rest of the users of the discussion themselves options is not that it's not prepared for the truth this trading down it's in a bear market lies are trading up it's a bull market in lies and silence of. yes so the talk is dangerous he said it's not the actual financial and economic system that we live in that is the danger it's the talk that is causing the c.d.s. spreads

mcdonald's caterpillar of arisan even foreign corporations like toyota got handouts courtesy of the fed and banks to the scalp these transnational giants are doing just fine profits are up and their c.e.o.'s are laughing all the way to the bank but someone forgot to tell someone for out about the small businesses you know the ones that make up ninety nine percent of all businesses in america and employ more americans than the big corporations the fed didn't give them a penny and today small businesses are in big trouble senator bernie sanders was wondering what the heck this is all about so we asked fed chairman ben bernanke he that question on tuesday during a senate hearing on the boy this crisis situation no why aren't you doing for small business what you did for the large financial institutions where we are addressing unemployment and i just discussed in my testimony the aggressive steps we're taking to ease monetary policy which is our main tool for us repaired to provide low interest loans to small businesses in the same way you provide it at the large financial institutions arou

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. >>> the fed said this is not about backyard grows, this about commercial growing operations and retail stores making a profit. the u.s. attorney for northern california says she is specifically concerned about stores that also operate near schools and parks and ball feels and cities like oakland and san francisco that have ordinances allowing dispensaries, the feds say they are going after commercial operations both civilly and criminally. >> this is probably a shot across the bow by the federal government letting everybody now wait a minute, just remember there is still federal violations, the federal government does have authority to act here and intends to. >> former u.s. attorney said some believe state law has given everyone a free pass when it comes to medical marijuana and that has never been the case but people we talk to say when it comes to the battle, those in oakland say they have a hard time siding with the feds. >> i believe more in state and local law and not federal law. >> i think they basically bring in something, if everything was going all right, everything was fine

being the fed and all of the different. it's like the individual states in the united states but there's no federal government so how does that how's that going to work it's not so you have you so you see it's easier to say either are really united states of europe with a federal european government or breaks that exactly what about this i want to take a look at a couple countries that have defaulted obviously these are not entire you know i don't arizona but they're individual countries and i want to look at what's happened to g.d.p. after they truly defaulted so one is russia if we can bring up that chart so you can see in ninety eight there was a financial crisis they defaulted and look at the g.d.p. i mean look at that how much it regained and look at that growth and then another example i want to look at argentina. you can see where they defaulted where it's it's circled right there and then you can see there really strong recovery after that would this be a solution for euro zone countries i think you know over the me

yes the fed is apparently seeking the creation of a social listening prop form so they can see who's talking about them and importantly know when they're. making negative comments and perhaps intervene and prevent this negative comments from happening though this is some of the unintended consequences of the patriot act this is the paranoia of the fed there breaching all kinds of laws again another unintended consequence of barack obama giving blanket immunity of arisan another telecom companies when they were caught spying on people so number one you want to just do wholesale spying on people to try and figure out who out there is trying to get rid of the fed in this paranoid schizophrenia delusional mind set he's got let me just point one thing out ben bernanke i am volunteering to come to washington to help you straighten out your problem if you read everything i've ever written and you eavesdrop on me all day long and stick a video camera up my strange thing you'll find out that everything i'm said can only help you do your job better as a responsible person if you want to get ou

and a whole lot of folks have got to get fed. but seven seats were made in under seven days, the first man was forgiven when he missed the hague, the branch was taken by a dove to a book that was built before a flood, if a rainbow sent out a sign, if someone was told to sacrifice his own son and told to hold up before he was done, then the fish and bread that i just said is all that i've got, is all that i need for me to get fed and for me to feed a whole lot of folks in need because they set me on fire. when they look back, i was chilling. i had to fight like 10 older brothers, and because i had this dream, so they sold me out to a band of bandits and one day was commanded to stop, drop, when i got this fish that i found while fishing around, under water with the daughter of the pharaoh, the child was chosen to force the pharaoh to free his folks from a foreign land, repair everywoman, prepare every man, prepare every child, all you've got is that right in your hand. all i've got is some fish and a few loaves of bread, and a who

this week, investors shift their focus to the fed and economic data. traders will warm the federal reserve's two-day policy meeting, which ends wednesday, like hawks. some think the fed will enact another round of bond purchases to stimulate the economy. others feel last week's figures showing third quarter growth spurt, the year's strongest, makes that less likely. wednesday, chairman ben bernanke discusses the fed's economic outlook at his quarterly news conference. investors will carefully study every word. friday comes the all-important monthly jobs report. analysts expect 100,000 jobs added in october, leaving the jobless rate stuck where it has been for months, 9. %. anything less could jolt wall street. in other data, october auto sales will show whether consumers are still making big purchases. lowes, pfizer and kellogg are among 100 companies reporting earnings this week. this earnings season, roughly 70% reporting, busted expectations. >>> elsewhere, qantas is flying again after an australian court essentially ruled against both management an