many probably thought he would hang up his hat in 2011 when after 20 years as head of the kansas city fed, he stepped down. less than a year later, you reemerged. back and better than ever. i think we are going to start with some prepared remarks. we will start with tom. i will ask them questions and we will open it up to the audience after that. >> thank you. i didn't know until this last panel that some people wish i had hung it up. [laughter] never be detoured is my model. that is what i am going to talk about today. i may not be in agreement with some of the comments from the previous panel. it concerns the issue of too big to fail. before i get started, i want to who congratulated the comptroller of the currency for service to the country. i think it has been an interesting ride. i am also very much looking forward to the discussion and i will try to keep my remarks to the point. i want to start by giving some context or principles for my comments that will follow. ingree with those who say the aftermath of this crisis and its effects, we must be pro-market and not pro-individual fir

would hang up his hat into thousand 11, when after 20 years at that -- at that as the head of the kansas city fed he stepped down by law. your back and better than ever, i think we should say. i think we should start with some prepared remarks. i will ask a series of questions and then we will open it up to the audience's questions after that. >> well, i didn't know until this last panel that some people wish i had hung it up. [laughter] detoured is my model. knows what i'm good to talk about today, but you will learn that i may not be in agreement with some of the comments from the previous panel or panels. the concerns issue too big to fail. before you get started, i want to join those who also congratulated the comptroller of the currency for 150 years of service to the country. it has been an interesting ride through changes as was noted by others. i'm also very much looking forward to the discussion and will try to keep bar marks to point. in doing that, i want to give some context for principals from my comments that will follow. say in with those who the aftermath of this crisis and its ef

kansas city fed president esther george speaking this evening and as for earnings, we have a look outabercrombie & fitch and the movie studio lions gate. >>> forecasts second the initial reading will be revised downward to reveal an economic contraction. chief economist at moody's, capital market research and david wu, head of global rates and currency research at bank of america merrill lynch research, also still with us. what are your expectations, john, what kind of revision are you looking for today? >> we think we'll see a decline of 0.3%, the first such decline since 2011. however, i do not believe that this is going to become a recurring phenomenon. we'll get a snap back in the second quarter. nevertheless, the u.s. economy is not growing as rapidly as had been expected several months ago. instead of growing by 2.7% at 2014 real gdp perhaps comes in just under 2.5% for the year. >> when you say snap back, what are you looking for, looking at? >> i think in the second quarter we could see growth between 3.5 to 4%. that's foot going to last. what we should do is average that slig

enough, i would point out because cattle prices are so strong, range land prices reported out of kansas city federe up 3%. there are certain types of ground still doing well because the underlying commodity they support are still doing well on prices. gerri: so bright spots out there, depending on what you grow and what you're bringing to market. >> right. gerri: one more question before you go, so if you look into your crystal ball, what do you see coming? >> more of the same quite frankly. i think we preached kind of equalibrium. chance we will as farmers back out of the market because reluctant because of income that outside investors come in like they did in the '80s. gerri: wow, that would be interesting. john phipps, thanks for coming on to the show. >> glad to be here. gerri: coming up later in the show, meet the brainy bunch. a couple shares sent seven of seven of their kids to college by age 12. i'm not kidding. serious story. >>> you're doing your shopping all wrong. we answer the question, how do you do that? how to shop the right way and get the most bang for your buck. we're looking

kansas city fed manufacturing activity comes out. and we discussed best buy. someone from hewlett-packard on gamestop. and the president will be speaking at the baseball hall of fame. out ofe are some reports a deal that would shake up the tobacco industry. a quote into "the wall street journal," arnold's american is -- reynolds american is in talks to buy lorillard. the combined company would be number two. blackstone has created a new company to buy up apartment buildings. last year they bought up apartment properties valued at more than $2 billion. the head of the unit says that blackstone is concentrating on suburban areas where there is not as much new construction. carnival's cruise ships are going greener. they will spend up to $400 million on new exhaust winning systems for ships that would allow carnival to meet new air pollution standards for u.s. coastal waters. >> what a wonderful set of tests today. today.ts terrorism in china. present tension. han chinese have become more than a distraction. stephen roach, you are thinking about the sprawling cul