let's talk about this term you're using here business cycle because in the old days before alan greenspan there was something very clearly in play called the business cycle companies would build up a lot of inventory prices would get wake economy would slow down the central bank would lower interest rates to stimulate lending and the cycle would pick up again but starting with alan greenspan and becoming even more exaggerated with subsequent federal reserve bank chair people the business cycle has been overwritten by the greenspan put which became the bernanke he put which became a janet yellen put which became the jay powell point that is the say the central bank roll not allow the cycle to roll over they print and they keep printing to keep stock prices higher the bond market to give you kind of a signal in all this is ben in a bull market for 40 years right so what your comment on that i think it's actually a popular view in response i don't think it's a reality i think the evidence shows us from japan and the u.k. and europe that monetary printing is not necessarily an asset inflation

neo liberal intellectual property rights we are asking dean baker the economist who slammed alan greenspan's federal reserve and who predicted the 2008 property crash how to prevent the rich from using coronavirus to grab more from the poor and while boris johnson celebrates his new baby is gone.

so they have to come of the solution according to greenspan and go without saying. new life saving doesn't have a stake or you know and then it's missing in states or the places and offer a lot of discussions. we're going to project document called the urban eco tourism project and the object of this when you go to the project is to people who are living in delhi for 203040 years and dig them one when you go to them experience showed them the systems i was in that supported them and converted them in class from the ministry to. the biodiversity park is one of the biggest attractions of that he's going to approach it in campuses about $10000.00 hectares. for young. scientist suppose why does the ball when he started his work here in the land along the you're not in the banks was bad but that's not it is simply somebody asked me that. during election and actually in many fist oh no political party has put the environment as a priority you have asked broader or your boss hospital you have asked metro government has given you everything but you have not miller that you

tangible walt and the transition to the financial ised world in the subject going on since alan greenspan was running the federal reserve bank in washington c d c when he commented that the world trade is getting lighter you know he is referencing the fact that more and more of world trade depends on trading paper or . around the world are not actual goods and commodities so you have what you're describing there is market failure and that the actual producers of this energy that is used to fire up the world economy is in jeopardy because markets have the price discovery of these commodities has now fallen into the hands of. pirates basically tyson you know you're absolutely right and what happened was those pirates didn't anticipate the fact that they would actually have to be liable for physical receipt or delivery of crude oil because embedded into the contracts is an option to sell the contracts with physical delivery and the contract neared expiration 24 hours or contract expiration it was panic time with all the speculators because all of a sudden they were like we might actually hav

actually just sucking the life out of us here is a tweet the official narrative especially since greenspan is that the fed is this wise group of impartial high priests who keep the economy from boss and work for all americans if you look at the actual results not the narrative you can clearly see that the narrative is nonsense so this is the share of income going to and actually wealth in the economy to the top one percent this is from the federal reserve own research and you see it's hitting all time highs the matrix agent smith multiply and they fill the airwaves and the editorial pages of the new york times washington to post to make sure you are not listening to this evil these evil words these evil. truth casting doubt on whether or not this is a genuine red stake or right and the evidence that doesn't work is clear it's very clear you can just look at them they money velocity number right there this is something we've been pointing out for a few years that it is the a barometer is the fed money printing to cause inflation and to cure deflation working ok let's look at the money philo

near liberal intellectual property rights we are asking dean baker the economist who slammed alan greenspan's federal reserve and who predicted the 2008 property crash how to prevent the rich from using coronavirus to grab more from the poor and while boris johnson celebrates his new baby is government endangering lives in british hospitals covered survivor and front line n.h.s. doctors and dodgy tells us why clapping and charity for britain's national health service is just not good enough all the more coming up in today's going underground but 1st last time there was an economic crash major nations bailed out the rich this time around how can we stop the one percent from exploiting coronavirus to enrich themselves at the expense of the rest of us someone who predicted the $28.00 crash was economist dean baker he's the co-founder of the center for economic and policy research and he joins me now via skype from utah in the usa thanks so much jeanne for coming on millions with coronavirus hundreds of thousands killed do you see some policymakers actually using cove it to pour money into financ

she wanted to regulate these instruments and she was overruled by rubin greenspan and summers the so-called committee to save the world likewise in 2008 you could argue that the people that had the best responses to this were people like sheila bair at the see and. likewise elizabeth warren who was would have been inclined to been much more strict to be with the banking system and likewise christine romer who had the calls for the most robust fiscal package which would have really offset the last one of the half trillion dollar hit to g.d.p. but we instead called the advice of people like summers you know who seems to feature recurrently in these policies and yet he still seems to have a major position of influence in as far as democratic regimes go when they print all this money and they print trying to trying to dollar some people are saying you know what this is like m.m.t. the modern monetary theory or this is like u.b.i. universal basic income so suddenly that was kind of pilloried during the run up to the nomination here in the us the democratic nominee when that was suggested during

crisis not again and prior to the 2008 financial crisis crisis the 2000 dot com burst you know and greenspan's role and hike you know dropping interest rates artificially and aggressively to you know void deflation it's like what is socialism versus a genuine market fundamentalism in genuine free market capitalism when you have this quote unquote free hand free hand in the market not being so free and basically dictating so much if anything february showed overtly the very you know socialistic direct involvement of central banking and hybrid public and private banking and dictating the mors of our existence to our i don't care how efficient you run your company you're only 20 people i mean you're literally being put to the back of the line versus she you know shake shack for instance which you know is still making money is still bringing in revenue whether takeout or otherwise and yet you know they get pushed to the front of the line because a relationships column crony esther otherwise but it's like where's free market versus where it's not. you know it's all met to synthesise towards further

near liberal intellectual property rights we are asking dean baker the economist who slammed alan greenspan's federal reserve and who predicted the 2008 property crash how to prevent the rich from using coronavirus to grab more from the poor and while boris johnson celebrates his new baby is government endangering lives in british hospitals cope with survivor and front line n.h.s. doctor and dodgy tells us why clapping and charity for britain's national health service is just not good enough all the more coming up in today's going underground but 1st last time there was an economic crash major nations bailed out the rich this time around how can we stop the one percent from exploiting coronavirus to enrich themselves at the expense of the rest of us someone who predicted the $28.00 crash was economist dean baker he's the co-founder of the center for economic and policy research and he joins me now via skype from utah in the usa thanks so much jeanne for coming on millions with coronavirus hundreds of thousands killed do you see some policymakers actually using cove it to pour money into finan

it goes back at least to the greenspan era. that is where the fundamentals will fundamentally win out. there is only so much that the fed can do to offset weakening fundamentals. if this gets worse, it is very likely the fundamentals will win out. the fed buying has actually been slowing, so the benefit has weekend. money, injects liquidity, but is that liquidity getting out there to the broader economy. you can question how efficiently that is being spread to the economy. scarlet: will get a jobs report, is it at the end of this week? next week. at the same time, a lot of people say this is backwards looking at priced in. at what point does it become apparent to the market, your tosis that if we go from 100 zero, then back to 80, but a lot of businesses are not viable at 80, at one point do people start to make peace with that and reconcile that with share prices at the moment? dan: you are probably realistically looking at 2-3 jobs reports out where you are getting more of the information. one of the interesting things that c

neo liberal intellectual property rights we are asking dean baker the economist who slammed alan greenspan's federal reserve and who predicted the 2008 property crash how to prevent the rich from using coronavirus to grab more from the poor and while doris jones.

very strong distinction made between predatory lending which was already -- chairman greenspan said was already illegal. you can debate about enforcement versus subprime lending which is viewed of different kind of thing. >> let me take it from a different angle, page 94 of your book, i don't think that key fed staff, you spoke about how good the staff was and i would agree with that. i don't think the key fed staff were captured by the firms they regulated in the sense that they perceived it to be in their own career or financial interesting to easy, they were, however, opened to arguments, regulatory burden should not be excessive in the competitive market forces would to some extent deter poor lending practices. i work in an institution where lobbyists are on the present as different environment from regulators but regulators here from some some of the some peop. you may remember after dodd-frank passed, the financial service said now it's half time and they were going to lobby regulators and i'm in a place in the senate where lobbyists come at you over time in part because you and i

math that math, the alan greenspan codified in number of decades ago, is about a -9% number. if germany has a fiscal surplus, are they basically their own sovereign wealth fund where they can bail themselves out over a -9% gdp? >> what they can do is make sure that when you get past lockdown, in an optimistic world, when you , you cantually absolutely turbocharge your economic recovery because you have the means. tom: how do they do that? this is fascinating, fascinate. the distinction of germany as a wealthy nation. how do they turbocharge into the end of this year and into next year? know, germany can, domestically with what they do, they will come in with a range of measures. what germany can do is do with new roads and bridges and improve the public transit system. is that thereate is going to absolutely have to be as low as that transfers of money within the european union. it is just critical. spain, italy, and lots beyond need help. what kind of help are we talking about? bailout help? are we talking about some kind of debt forgiveness? system that allows fiscal transf

i was talking to a guy like alan greenspan. to truman and kennedy, i don't know what happened, guys jumped out windows, tickertape going on and waited for an announcement and new deal, you forgot all that and the purpose of all these books was to recall history from the bottom up. don't know what happened 50 years ago with ties to world war ii with ties to everything so in a sense that was my reason to do this stuff. >> a look at highlights from the monthly author interview program "in depth" continues with weight journalist and author christopher hitchens. and we talked about his writing and habits. >> that is how old he is in wyoming. the gentlemen's apartment building. this apartment which wraps around the top floor was originally built with this wonderful flooring that you can see, rolling around his own occupation and the great extension of this apartment was it was used by clint eastwood to film absolute power, one of his less good movies in the state house because the presidential motorcade, some were central, and they d

i was talking to a guy like alan greenspan of his day, a junior partner at goldman sachs advisor to truman and kennedy and what happened? i don't know. you don't know? there is tickertape then jump going out of windows and there is the announcement from whom? so save them and they forgot that. the purpose of all of these books are to recall history from the bottom up. but that's not what happened 50 years ago. the ties to world war ii was well packed. >> and from the great days in washington. and this which wraps around the top floor with this wonderful wooden floor that you could see. and then with that occupation. with that great distinction it was used by clint eastwood. and the presidential motorcade goes up. and then came back and all the walls were covered with the knockoff panting on - - paintings . . . . that's connecticut avenues north and south of the phones in effect from the white house up to maryland and across as massachusetts avenue. that is the sort of axis of the city. i'm told that this is run by the national security agency to monitor the going on through the days of the

alan greenspan, janet yellen, not to say anything. fiscal policy, that is your business.owell has not been shy about tactfully saying, yes, we could use, more money spent by congress and it is tricky because he cannot get into a partisan battle. republicans saying slow down and see how this goes. he seems to be echoing democrat a bit who want to get another stimulus package passed right away. he has to kind of try and avoid that but at the same time, he has got a lot of influence and think people think it is good for the fed chair to show this is so important and so necessary that he is willing to say to the congress, to the nation, yes, more stimulus will be needed or this recession is going to get deeper and it is already the worst when we have had since the great depression so i think that is what, too. even though it is a tricky path to walk, jay powell is likely to walk it again although i think each side will get him to agree with them. haidi: kathleen hays with us. oaktree capital is the largest investor, of course, when it comes to distressed securities worldwide.