>> reporter: in his introductory economics course at stanford a few weeks ago, john taylor explained rule: a formula which guides the fed when setting interest rates. >> and basically says that if inflation is rising they should raise the interest rate; if the economy is going through recession, they should cut the interest rate, and more importantly by how much. >> reporter: the key is those last three words: "by how much." taylor's rule is an actual equation. >> is the federal funds rate, "p" is the inflation rate, "y" is the real g.d.p. gap. >> reporter: a bit of a slog for a news show but simple in its effect: restraining the fed from creating too much money when, like now, it keeps interest rates at rock bottom lows. so, the problem with the fed is: yes, you stimulate the economy when its in the doldrums; but you can get carried away. >> absolutely. and we have... and we saw in the great inflation period in the '70s we got carried away, we just had interest much too low compared to what they would be. >> reporter: that was the era in which fed chairman paul volcker famously chok

>> reporter: in his intructory economics course at stanrd a few wes ago, john taylor exained his so-calledula whicguides the fed when setting intert rates. >> and basically says thatf inflation is ring they should raise the inrest rate; if the economy is going through cession, they should c the interest rat and more importantly by how mh. >> reporter: the keys those last three words: y how much." tayl's rule is an actual equati. >>s the federal funds rate, "p" is the inftion rate, "y" is the rl g.d.p. gap. >> reporte a bit of a slog for a ws show but simple in its effect: restraining the fefrom creating too much ney when, li now, it keeps interest tes at rock bottom lows. so, e problem with the fed is: ye you stimulate the economy when itsn the doldrums; but you n get carried away. >> absolutely. and we he... and we saw in the greainflation period in the '70s we t carried away, we just had interesmuch too low compared to what they uld be. >> reporter: that wathe era in which fed chrman paul volcker famously choked off the ney supply to hike ierest rates and ended the great inflion of the '

. >> john taylor. i always enjoy your remarks. but i guess, you started off by talking about it really wasn't wall street and the banks. it really was fannie and freddie because of these government rules that somehow force them to buy bad loans. >> that's right. >> maybe someday you can explain to me what says in any of these regulations that fannie and freddie needs to purchase unsafe or unsound or predatory or unsavory loads there but that's not my question to. >> i would like to answer that though. >> but my question really is, fannie and freddie pretty much stayed out, they pretty talked about in the '90s, they pretty much stayed out of his predatory unsavory, greedy, malfeasance kind of lending practices and till around 2003 when they get into it in earnest. and even then i think they had more screens and things in the private sector have. what's interesting is fannie and freddie don't make loans. they just purchased them. and after bear stearns led the way, what happened to bear stearns, but after they led the way, how you c

compare policies during this period and the recommendations from the taylor rule, developed by john taylor of stanford university. this approach is subject to a number of indications. notably simple policy rules like the taylor rule are only rules of thumb and important people can disagree about the details of such rules. moreover simple rules may leave out factors that may be relevant such as the risk of the policy rate hitting zero-bound. which is why we don't make policy based on such rules alone. for these reasons even strong components for simple policy rules are advised to be only used as guidelines and to ensure robustness that recommendation of alternative rules should be considered. that said much of the debate about monetary policy after the 2002 recession, make use of such rules, i will discuss them here as well. slide 2. the well known taylor rule relates the prescribed setting of the federal funds rate, the rate of the monetary policy with two factors. first the deviation and consideration points of the long-term inflation objective and second, the output gap, that defines cur

john taylor is president and ceo of the national community reinvestment coalition. leading organization of some 500 groups that work on community reinvestment, protection, and other housing issues. two things we have in common, we each have blood on our foreheads from our terms on the consumer advisory council, banging our heads against the wall at the federal reserve board trying to get them to take on more consumer and community work over the years. that is the way i remember it. secondly, all three of our organizations are founding and active members of the coalition of americans for financial reform. we have many members in this group. our financial security,org is the website. this is for taxpayers, homeowners, and consumers. there are many working against financial reform, the people who caused the system to fail are trying to preserve the system that failed. believe it or not, they are making headway on capitol hill. one reason for that is that they have 1500 lobbyists, according to a study done by bloomberg news. that is not counting the ones that are not re

>> john taylor, in crc. want to emphasize when you were talking about as well, and also thank ed mierzwinski for what you do in particular. it cannot be discounted in terms of the contribution. but this whole business of campaign contributions and more so the lobbying in general from fannie and freddie, one of the good things that happened, small but things that have been by suppose through this mess is with the collapse and takeover of the gses the government made it clear they could no longer do lobbying because the government owned them but now that we know all of these organizations that do too big to fail and in many ways you can call some of the private wall street firms and some of the big banks government sponsored enterprises. the taxpayers certainly feel that way and it seems to me that ought to be extended to them in terms of the lobbies. it's ridiculous to be on capitol hill and be tripping over blue suited lobbyists fighting against all of the meaningful changes to make sure our system does not

compare policies during this period and the recommendations from the taylor rule, developed by john taylor of stanford university. this approach is subject to a number of indications. notably simple policy rules like the taylor rule are only rules of thumb and important people can disagree about the details of such rules. moreover simple rules may leave out factors that may be relevant such as the risk of the policy rate hitting zero-bound. which is why we don't make policy based on such rules alone. for these reasons even strong components for simple policy rules are advised to be only used as guidelines and to ensure robustness that recommendation of alternative rules should be considered. that said much of the debate about monetary policy after the 2002 recession, make use of such rules, i will discuss them here as well. slide 2. the well known taylor rule relates the prescribed setting of the federal funds rate, the rate of the monetary policy with two factors. first the deviation and consideration points of the long-term inflation objective and second, the output gap, that defines cur

the recommendations derived from policy rules such as the, so called taylor rule, developed by john taylor of stanford. and this is subject to a number of limitation which is are important to keep in mind. notably, simple policy rules like the taylor rule are only rules of thumb and reasonable people can disagree about poirnt details of the construction of such rules. moreover, simple rules necessarily leave out factors that play be relevant to the making of effective policy in a given episode such as the risk of the policy rate hitting zero lower bounds, which is why we don't make monetary policy on the basis of such rules lien. for these reasons even strong proponents of policy rules generally advise they be used only as guidelines and not as substitutes for more complete policy analysis. and this to insure row bustness, the recommendations of a number of alternative simple rules should be considered. that said, as much -- as much as the debate about monetary policy after the 2001 rae session made use of rules, i will discuss them here as well. slide two, please. and the well known taylo

. >> john taylor. >> i always enjoy your remarks.- you started off by talking about -- it really wasn't wall street and the banks. it really was fannie and freddie because of these government rules that somehow forced them into bad loans. >> that's right. >> maybe some day explain to me where it says fannie and freddie needed to purchase unsafe or unsound or predatory or unsavorry loans. that is not my question. >> i would like to answer that, though, when you're finished. go ahead. >> my question is the period you talked about in the 1990's, they pretty much stayed out of this predatory unsavorry greedy mall feesant kind ofñr lending practices until mid 2,000. what is interesting is fannie and freddie don't make loans. they obviously just purchase them. after bear stearns lead the way, and showed everybody how you can make money on these so-called low income loans and c.r.a. loans, a whole industry developed around that. all of these other businesses that practice all of these unsavorry practices because they knew wall street would

john lewis says yes, taylor branch has somebody else that says yes and then he goes off into that prophecy, that musical moment that in sit because there's too musical moments in "i have a dream," and this might be a good place, so stand around now. remember the two musical mullen stat and "i have a dream." the first ase "when that day comes we all will sing a country is of the with a new meaning." for the first time we are a nation because we then can actually say. so blacks enter the right national anthem. but the whites -- blacks crossing over into the white song is not the end. this leaves have the last word. and king rights when that the white children and black children, jews and gentiles will sing in the words of the old spiritual we are free at last. he has brought plates right into the voice of the black slaves and in some sense made white black and the sleeves there granddaddy's and grand mommies. so it is an important moment because it is a very black moment in style and an implication even as he is doing what is one of the great moments of american civil religion. there is this

reports in the press of some people within the agency suggesting, but as i said in with john scarlett and richard taylor, that did not represent the view of what the agency's number, indeed, their assessment of how most people in agencies felt. >> finally i will conclude, you mentioned already this footnote in the report to which comments on correspondence of letters and regional newspapers and what it says there is another suggested that the 45 minute story attracted attention because it was eye-catching in a document containing much that was not and a technical nature. so it didn't attract a lot of attention, not just because what happens with today story and it attracted a lot of attention at the time and. >> look, the big message and the big point that came out of that day's events as i recall was the tony blair, prime minister was publishing and intelligence based dossier that explained why he believed iraq was the current serious and credible threats and then lots and lots and lots of detail, virtually every single point was getting some sort of attention. >> we did not see it and did not plan our

make his wife feel better, so i say and looking at some of the other adams experts, jim taylor the editor of the john adams papers and the whole papers projects may have a thought about this but i want to say one other thing myself first. jim am i going to be able to get u.n. on this? that was the best way to judge him as by his personal relationship. we know about congress and the new moral and then we find out about whatever. judge him by his personal relationships. his first attitude towards nav the smith. abigail was called nappy when he first met her, he kind of ran home to ride in his diary about meeting deese two, abby and her sister polly and her sister mary and she said-- the-- which was a terrible insult for a woman and four young woman in particular to be with the. i feel pretty sure that they had said something witty about john adams. he said, she is not candid. this is one of the difficulties about writing in the antique-- e10 century. now it means i'm going to tell it like it is. candid in those days meant not judgmental, a nice person so jefferson goes let that be submitted to a world,

taylor and many more. monday night. joining us in miami, john scarborough.e survived the earthquake and was pulled from the rubble the night the quake occurred. where were you and what happened, john? >> i was in the hotel montana, and about five minutes to 5:00, i guess, is when everything started moving. within about five seconds, i was on the floor. i was on the fifth floor. i was laying on the floor and concrete still on top of me. going a little further, i pulled myself out. i looked up and there was a little -- just a light up at the top and i started clawing and clawing, and after about 30 minutes, i got up on top. >> larry: what were you doing in haiti? >> it was a business venture. i had three of my other friends. i had my brother-in-law -- my son-in-law, excuse me, i'm sorry. i'm a little bit nervous. a guy from new york, joe guercia and jim birch out of california. and what we were going to do was work with the government on putting together some basketball courts that we were going to put all over the country, and that was going to be for the kid

reports in the press of some people within the agency suggesting, but as i said in with john scarlett and richard taylor, that did not represent the view of what the agency's number, indeed, their assessment of how most people in agencies felt. >> finally i will conclude, you mentioned already this footnote in the report to which comments on correspondence of letters and regional newspapers and what it says there is another suggested that the 45 minute story attracted attention because it was eye-catching in a document containing much that was not and a technical nature. so it didn't attract a lot of attention, not just because what happens with today story and it attracted a lot of attention at the time and. >> look, the big message and the big point that came out of that day's events as i recall was the tony blair, prime minister was publishing and intelligence based dossier that explained why he believed iraq was the current serious and credible threats and then lots and lots and lots of detail, virtually every single point was getting some sort of attention. >> we did not see it and did not plan our

of the structure in meetings as they developed over time i would say that john scholar was important i could say richard taylorwas important. i would say that in this particular context, just drop in jacqueline would've been seen as often as any other ministers possibly with the exception of john prescott and the different times gordon brown. and the team beyond that -- gordon was important that the prime minister's relation the parliamentary labour party and so forth. but he is somebody who i sometimes talk about his decision-making when i used to call the circular conversation where he's just talking to different people over a timeframe and absorbing different thoughts and influences. in terms of policymaking at never been a policy person or claim to be a policy person, but i would be his person who is always thinking -- >> to some a lot point he told the finance committee, i quote, i was involved in a loud discussions about policy and strategy on iraq. and then there is an adviser to the prime minister. so surely were policy person? >> abbott and there as a part of that discussion and that operation that is

of the structure in meetings as they developed over time i would say that john scholar was important i could say richard taylorimportant. i would say that in this particular context, just drop in jacqueline would've been seen as often as any other ministers possibly with the exception of john prescott and the different times gordon brown. and the team beyond that -- gordon was important that the prime minister's relation the parliamentary labour party and so forth. but he is somebody who i sometimes talk about his decision-making when i used to call the circular conversation where he's just talking to different people over a timeframe and absorbing different thoughts and influences. in terms of policymaking at never been a policy person or claim to be a policy person, but i would be his person who is always thinking -- >> to some a lot point he told the finance committee, i quote, i was involved in a loud discussions about policy and strategy on iraq. and then there is an adviser to the prime minister. so surely were policy person? >> abbott and there as a part of that discussion and that operation that is thi

john curtis high school. david d. deron completed an eight-yard touchdown pass in the third quarter to trey taylor to give them the lead. the eagles won the game by a final score of 18-13. david d. deron completed 25-39 passes for 273 yards and two touchdowns. setting a 2-a title game record for most completions, attempts and yardage. in class 1-a, the hainesville tornados won the title. late in the third quarter, mcgee had a 21-yard touchdown to give haynesville the lead and then the golden tornado defense intercepted a pass with only 23 seconds left in the game to preserve the 19-12 win. congratulations to the coaches and players of both evangel and haynesville. the speaker pro tempore: the gentleman's time has expired. for what purpose does the gentleman from virginia rise? >> to address the house for one minute and to revise and extend. the speaker pro tempore: without objection, the gentleman is recognized. .r5a is an ordinance. off street parking. by expanding the scope of projects able to be funded to include transportation and related improvements by making told me her dramatic story in her own words. a 28-year

taylor was important. i would say in this particular context jack straw he would have seen as often with the exception of johnprescott and at different times gordon brown. and then the team beyond thatwñ sally morgan was very important in relation to the prime minister's relations with the political system and the parliamentary labour party and so forth. but he's somebody -- and i sometimes talk about his decision-making style what i call a circular conversation where he's talking different people over a time frame and absorbing different thoughts and influences. and in terms of policymaking, i've never been a policy person and never claimed to be a policy person but i would be his person who was always thinking -- .. systems of the inherited in my view were not fit for purpose. they had to be >> if we can just come back to the period -- >> no, but it explains why i was doing the job that i did at the time that i did it, and how he understood that on something not just issues to do with foreign affairs and security, but on any of the major issues and high-profile issues you have to have a communications eleme