we sponsor them, because we are looking for the next m. c. looking for the next m. c. hammer.

meetings this is the central banker species the f o m c is the federal open market committee at which the poll of barrow sets global interest rates well apparently somebody had the clever idea of actually looking through the transcripts of the meetings and they found that the number of recorded laughs actually increased in frequency from two thousand to two thousand and six the peak of the global financial bubble in two thousand and one f o m c erupted into laughter sixteen point five times per meeting on average in two thousand and three it was over nineteen in two thousand and five twenty seven and then in two thousand and six the f o m c burst into laughter nearly forty four times per meeting yes because they should be printing money or doing something responsible but instead they're smoking this money. who are federal reserve germans who you know the problem is that the stuff can make you see hallucinations which i'm not this is the illusion is guys are selling their stone and saying. well. this is some quality money printing i can't believe this quantitative easing work and i get

we sponsor them, because we are looking for the next m. c. hammer. [laughter] mr.u are indeed blessed. you have attracted a crowd like know whether inside city hall. people from the national level are here. i should probably go on with a program that martha has put together. i should identify some of them with your permission, because when you speak you should know who is here to listen. because when you're born to make a pitch for high-speed rail -- [laughter] you start with the minority leader, nancy pelosi and paul pelosi, who is here. [applause] my colleague and seatmate from the legislature, all of my votes were cast by advice seatmate, congress woman jackie spear. [applause] i will have to pay for that one much later on, but i have the microphone. and [laughter] mr. mayor, there are some of your mayor colleagues that are here, and i have been told -- i saw two of them last night. the president of the u.s. conference of mayors, the organization that you're very much a part of nationwide, the most powerful voice for local government in america, that is the pres

we sponsor them, because we are looking for the next m. c. hammer. [laughter] mr.u are indeed blessed. you have attracted a crowd like know whether inside city hall. people from the national level are here. i should probably go on with a program that martha has put together. i should identify some of them with your permission, because when you speak you should know who is here to listen. because wh y

to two thousand and six the peak of the global financial bubble in two thousand and one the fed f o m c erupted into laughter sixteen point five times per meeting on average in two thousand and three it was over nineteen in two thousand and five twenty seven and then in two thousand and six the f o m c burst into laughter nearly forty four times per meeting you know this because they should be printing money or doing something responsible but instead they're smoking this money. who are federal reserve germans who you know the problem is that the stuff can make you see hallucinations which i'm not this is the illusion is guys are selling their stone and saying. well. this is some quality money printing i can't believe this quantitative easing work and i get this and you think you got my running. well yes so they were laughing all the way to the top here's another species of banker max it looks like these people are followers of maybe timothy leary goldman sachs enters a billion pound parallel pay universe a billion pound parallel universe drop out of pain or something huge bonus until th

it was over nineteen in two thousand and five twenty seven and then in two thousand and six the f o m c burst into laughter nearly forty four times per meeting yes because they should be printing money or doing something responsible but instead they're stroking this money. who are federal reserve germans who you know the problem is that the stuff can make you see hallucinations which i'm not this is the guy the sound of the stone and saying. well. this is some quality money printing i can't believe this quantitative easing work and i get a nickel bag of this and you think you got high on your money. well yes so they were laughing all the way to the top here's another species of banker max it looks like these people are followers of maybe timothy leary goldman sachs enters a billion pound parallel pay universe a billion pound parallel universe drop out and pay or suffer huge bonus until they've larry said that in between as a hit well of course many people. get a bad batch of l.s.d. often are found standing on the edge of buildings saying i'm god i can fly but that's tim geithner he's ow

the boys' chorus to appear and do one of the favorite tunes that this mayor likes, other than what m. c does with "too legit to quit." san francisco boys chorus, " america the beautiful." ♪ [boys chorus singing "america the beautiful"] ♪ [boys chorus singing "america the beautiful"] ♪ [applause] >> the boys' chorus and san francisco has traveled all over the world what individual mayor's representing the city. bogirl's chorus has done the same thing. boys' chorus happens to be my favorite because some of the young voices are scholars from

activistas, melitonsa sa diasz t democrata y merecedesdes repu c republicana hay dos y media damas, pues m colo en las n e novelas, un tema que ocurre m mucho es que los republicanos x excpetepto newt gingrich, sabÍa ustddicen que si fueran presidente vetarian el detector de mentirreamla reforma inmigrantesgrcion >>y es un error, todos lo esp esperan, esto no ha sido posit positivo y afectrara en las e c eleccones >>a mi me preocupa la propuesta de newt gingrich, no hay un c i caminoo hacia la ciudadania e estamos hablnadoando de peronso han estado qaquÍ por aÑos con b contribycontri contribuyendo a la sociedad y a bajo es a orpproueepuesta nunan cuidadanos >>pero es una propuesta y se e puede debatir, hacer acuerdos y cambios en camibo bio los repubicanos e estado cerrados >>y ahora no hay nada en el c g congreso, y claro, barak obama prometio resolver el tema, no lo hizioo, no hay hecho nada paror latinos >>pero el presidente esta dis e dispuesto a trabajar en el tema, quiere impulasar una porpuerop y ya ha lanzado dos propuestas y n no ha sido acogida en el senado en el senado la mayorÍa

the boys' chorus to appear and do one of the favorite tunes that this mayor likes, other than what m. cmmer does with "too legit to quit." san francisco boys chorus, " america the beautiful." ♪ [boys chorus singing "america the beautiful"] ♪ [boys chorus singing "america the beautiful"] ♪ [applause]

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and with the today f o m c meeting kicking off this morning the only thing we've been promised is more transparency kind of interest rate forecasts of individual committee members will now be made public but considering that the fed has already committed to keeping rates near zero as far as the eye can see is this really a concession or just more helpless p.r. by a central bank that has reached the limits of one not so great moderation let's get to the days capital account. yesterday i had the pleasure of traveling to the headquarters of a gore a financial in baltimore and interviewing best selling author and publisher out in wigan who along with bill bonner started one of the first online financial news letters the daily reckoning back in one thousand nine hundred nine a very a veteran of alternative financial media and investing addison not only predicted the current bull market in gold over a decade ago but has also been writing about many of the perils associated with our collective addiction to debt and over consumption imperial expansion and the hollowing out of the american econ

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of the c m e bryan durkin he said that m.f. global customers warrant his customers and i find that sort of an outrageous statement on his part so my letter to the c. me was to say look you have a responsibility not only to your member firms but you also have a responsibility to everyone who is giving you commissions by making a market at your exchange and they don't seem to have that connection in place and that was my open letter to the seamy to say ok wake up what responsibility do you have to everyone else and when you talk to all these big financial institutions none of them feel that they have a public for the public to do share responsibility but when you look at the way they were all historically organized to have mutual companies in place for insurance. new york stock exchange was a mutual company the seamy was a mutual company and these companies could draw back on their member firms to make good for losses and they no longer want to do that because they have stockholders and the reason they have stockholders is because

debt onto an already bloated government balance sheet and speaking of bloated balance sheets the f o m c concluded its two day meeting this morning and you know what they say about the buck stops with the president what's often forgotten is where that starts and it starts quite literally at the federal reserve. the committee decided to keep the target range for the federal funds rate at zero to one fourth percent and currently anticipates that economic conditions are likely to warrant exceptionally low levels for the federal funds rate at least until late two thousand and fourteen. operation twist continues and sort of the financial repression of zero percent interest rates at least i'm told twenty fourteen but how low will the bond market he will submit to the whims of policymakers and the fed's policy is just moving us from zombie banks to his zombie economy let's get today's capital count. angela merkel kicked off davos today by taking on the bond market and promising more europe as a solution to our problems and what we've heard public concerns are the ills of current capitalism don'

h@ 28 years ago apple unveiled the m. c computer. as abc 7 reports apple chaempked. and now, that tradition is changing with it. there is hardly snow in the mountains but if you want to see a guy doing double somersaults on a snow board join hoards of people watching him as they shoot video with iphone autos if it weren't for my phone arks built to record things this is how i capture and keep track of my life. >> lauren russo is not alone. the iphone is why most people are here. the snowboarder is there to sell head phones to go with it. this is a nur face of what was mac world. now, the world seems to be iphones and ipods and ipads i world had to be part of the name. >> i wanted a pervasive life style. you're making your doctor's appointment on ipad. everything is going mobile. >> it's anything but empty, it's only half of the size it was three years ago. and this is a biggest crowd and organizers say they've taken this geek fest and turned it into a trendy playground. >> this is a change to the way we're apreching putting an event out there. >> the key word is publ

when it comes to economic outcomes and speaking of the fed two of the new voting members of the f o m c have recently suggested that they would support more asset purchases more quantitative easing as everyone knows it a little better but officials are reportedly likely to talk about the move at their meeting which is later this month do you think we're nearing another round of q.e. as you're kind of hinting at and you've been quoted saying q e three will not produce outcomes we want so what would it produce then. so i think we are and the reason why is that the fed does not want to be perceived as inactive the fed does not want to be characterized as not responding to america's unemployment crisis and therefore even though the fed knows that it cannot deliver the outcomes it has to engage now in terms of what outcomes are delivered i go back to a wonderful phrase that chairman bernanke introduced back in august of two thousand and ten he said when we look at unconventional policies we must be aware that the of benefits costs and risks things that can go well collateral damage and unint