and ben bernanke and janet yellen who said she doesn't expect another financial crisis in her lifetime and these are the the happy talk propagandist for the bond dealers like goldman sachs and citibank and the others who put this false sense of security as if interest rates could go forever negative at best to say that we would go backwards in time. forever because but the bottom line is that now time has value as it should the yield curve will get normal but not after will see which countries can survive the bond crash foreign countries particularly in asia who've been the victim of america's bomb bubble are resilient and they're already coming out of the cold the crisis because they've built up resiliency the u.s. has no resiliency goldman sachs is expecting the economy in the united states to decline by 24 percent in the 2nd quarter whether or not you know we'll see civil disorder because of that i know in our in terms of our just in time neal liberal sort of a con a me there are i noticed supply chain issues in our local area where supermarkets still 56 days later have no supply so

with alan greenspan and the so-called greenspan put and then the bernanke he put and then the janet yellen put and now the jay powell put it seems like the fed has not really been doing on it supposed to be doing and that is taking away the punchbowl when things get too frothy it seems like they've actually been exacerbating this problem for several decades and now here we are in 2020 what the worst crisis and oh you know depending on how you look at it 506100 years and they they have no real ammunition left dan dan what do you think i think unlimited is plenty of ammunition and i think if. you know if they were overly easy we would have seen that as they said in the dollar the dollar has been super strong against all currencies and that tells you. that policy in fact in fact has be. tighter than it should have been and i think. in terms of taking away the punchbowl they tried to do that in 2018 it led in december to a complete wipe out again. largely because the underlying pressures in the world economy are still deflationary and there are a lot of reasons for that and you can talk about

richer and richer and the poor middle class can't catch up and so in a weird way ben bernanke in janet yellen actually created bernie sanders and donald trump ok i'll get to that because everyone's talking about super tuesday but you knew the president do you think he was genuinely being. trying to calm things down when he said the coronavirus or at least the talk the way that the coronavirus was being talked about was in a manner of a hoax like say the russia hoax do you think he was he meant that to try and calm things down or he was genuinely ignorant about what coronavirus was well i think you know in the present as well as i do he's very market century and i think he thought by downplaying the potential sabera that that would inspire and still confidence in the market but as i was trying to explain the other at c.n.n. that does the exact opposite you're way better getting to the podium like that and at least laying out the facts cogently and then suggesting that you have a team of experts that are going to advance your agenda that you're not going to be that person you're not quote unquo

what became known as the greenspan put that was replaced by the bernanke you put replaced by the janet yellen put and now we have a jerome powell play it this is the idea that no craft is too great that the central bank can't bail everybody out by cheapening money however jerome powell the current fed chairman cut rates by a full point 100 basis points a shockingly big. cut in rates and the response this time was a resound fudge markets crashing down that is this may van this i began at the central bank can make all problems go away are we assessed finished now the era of the central bank put greg reminds me of 20089 you recall how coming out of the financial crisis all of the cash that the central banks and credit all the extraordinary measures they took didn't seem to have an immediate impact during the crisis middle man once there was those purse proverbial green shoots that were shoot up in 2009 and i mean there was no looking back after that especially even in the precious metals same thing may happen here we get this virus under control you know whatever it is a trump just said it 'd ma

richard: janet yellen, when she was fed chair, raised this possibility in one of her speeches at jacksone where the fed gets together annually to talk about monetary policy and other issues. it was a huge push back when she broached the possibility, especially from republicans, who said that we don't want the fed like the bank of japan buying stocks are like the european central bought -- bank buying corporate bonds of general motors. they should just stick to their knitting. the fed bank president is resurfacing the idea, but i suspect there will be pushback from congress about that. as you say, the fed would need to get congressional approval to be able to do that. scarlet: nothing happens in washington quickly. bloomberg's miller, thank you. let's check the latest is this flash headlines. the coronavirus could delay the launch of apple's 5g iphone according to bank of america, who spoke as an expert on the supply chain. the delay could be more than a month. some factors and china are just coming back. reduce --produce -- the german airline says it has had drastic declines in bookings

as the federal reserve a different federal reserve than in ben bernanke or janet yellen's time?perception problem? is the president impacting market perception of the fed, even if not the fed himself? what would you ask tim bullard to say? -- ask jim bullard to say? ed: that's a lot of questions. trump is really nothing i've ever seen before. previous presidents have job owned the fed, but nothing like the -- have jawboned fed, but nothing like this. i understand their thought process pretty well, and part have krishna who covers the fed for us. a fed funds rate below 1.25% looks perfectly normal. on bullard, i would ask and that. how does he feel about having the bond yield so much below the fed funds rate? in our case, we think they will cut the funds rate, and hopefully at that point, you have a positive yield curve. equity marketu.s. look better positioned right now then other equity markets around the world? if we see stabilization in china before stabilization elsewhere, does that market become better valued? how do you see the u.s. versus the rest of the world? ed: i don'

and so the real worry as former fed chair janet yellen said a couple days ago is that you get a slowdowns way over here to the u.s., and that starts to have a serious impact. you got a lot of things weighing on the economy, so if you get that kind of shock, that could have a serious negative impact. >> what do you see in the near term that could calm investigators? >> everyone is waiting on the federal federal reserve and fed chair jerome powell. expecting a 15% cut that would mark a serious change in policy from the kind of thing the fed as advocated for in the past. that would send a signal to markets. a lot of folks hope it would be a good signal saying the feds got your back, we're going to provide easy monetary policy, but policy-makers are worried a recession is coming, and that could drive stocks down even further. you have to watch and wait. but right now there's a lot of panic, and certainly the markets would love to hear something from president trump that would calm things down, maybe announcing a fiscal stimulus, something like that. >> i wonder will it make investors to hear

although ben bernanke and janet yellen has been trying to change his mind in the news wires i applaud jay powell and believe he won't go to negative interest rates. >> jeffrey, i appreciate the time i know the viewers do. these are amazing time we'll talk again soon. >> what a difference two weeks makes, right >> that's right. certainly agree with that. we will talk soon. thanks so much >> all right, judge. be careful out there >> you as well everybody else, that's jeffr gundlach joining us there. >> there's a sea of liquidity out there, that's okabvious, bu the leverage is not accepting the liquidity, and those clamoring to buy treasuries, unless that correlation breaks, equities don't go higher >> a good farmer >> ready to buy, sorry we're not doing it today, we're days away, scott. i know you hold my feet to the fire we'll talk more. >> okay. >> yeah, we say elevated measures of cash we can't rule it out >> abd, air products >> thanks. >> i'm short to semi smh, i hope i lose money on it >> stocks are down 950 "the exchange" starts now. >>> thank you, scott welcome to "the exchange,

summers,f us, larry janet yellen, mario draghi have been saying that this time around, you would haveo use fiscal policy. the g20 keeps saying it is time for fiscal policy. it is not doing monetary policy. on top of it, you get the coronavirus shock driven by non-us -- by nonfinancial factors. i've got to disagree with some of your colleagues. i think the financial stress is really second-order, and i am not sure that this fed response is going to matter that much. david: the fiscal point is really interesting because it is something everyone has been waiting to come to fruition. particularly in europe, this could get things moving in that direction, but the question is, we are now talking about very low rates, fiscal expansion. what does the toolkit look like going forward? more importantly, what do investors do? when we think about building portfolios in this environment, now you need to think about three different buckets. you've got your risk bucket, which is your equity beta, your income bucket, and then things like 10 year treasuries, where you are not getting paid. alix: and yo

against the tv commercial run by donald trump in the 2016 presidential election that attacked janet yellen, george soros, and lloyd blankfein as globalists and essentially enemies of the american people. i think you have spoken out also against outrageous moral equivalents manifested by president trump stating there were very fine people on both sides in the events that took place in charlottesville. but what is the importance of speaking out against anti-semitism wherever you're seeing it, wherever you see it, and not permitting it to be a partisan weapon? >> thank you for the question, congressman. indeed, you're correct. we have spoken out consistently, and i would say clearly and cogently, in response to anti-semitism from both sides of the political aisle. we're living in a moment in time when extremists feel emboldened because the talking points of radicals are jumping off the pages of their propaganda and into the talking poinls ing po elected officials. there's absolutely no excuse for it. so we call it whenever and happens and wherever it happens, in large part because we want to