all right it is time to turn now to renowned economist marty feldstein. professor feldstein, welcome to the show. >> good to be with you again. melissa: what did you think about what you heard today and what would you like to see janet yellen do? >> well i think she delivered just the same message that the fed has been doing, after previous fomc meetings. so it was very reassuring to the market and to others there is no bankrupt change and she made it clear she intends to continue the process that she's been a part of as vice chairman. melissa: professor feldstein, you heard michelle say that she's concerned down the line that there are problems coming. maybe five years from now we see negative fallout from all of this easy money. do you share that fear? what do you think that, that could be? >> yes i very much do. that's why i have been calling for the tapering to the end of the bond buying. i'm glad to see they're on track to keep doing that because i think it's, not only is it potential for puffing up certain asset prices, equity markets, rose 30% last

we also had marty feldstein and greg. our speaker was previously an assistant professor at harvard served on the staff of counsel of economic risers for the federal reserve board federal reserve board and deputy assistant secretary for economic policy at the treasury. before he became cbo doug was a senior fellow at the economic studies program at the brookings institute. that kind of ends my biographical background. many people no doug and his work from an administrative standpoint. we will try to get some questions in. i know we have done a little tax for time so at this time i would like to invite his presentation and take you an day hopefully right after he presents. thank you. [applause] >> thank you. it's great to be back. i'm afraid i'm going to mostly stand here while i talk. rather than just focusing on the budget this morning i thought it would be useful to spend most of my time talking about cvs perspective on the u.s. economic outlook and then i will wrap up by talking about the budget and i know your next ses

he also had marty feldstein. our speaker was previously an assistant professor at harvard served on the staff of council of economic advisers and served as deputy assistant secretary for economic policy of the treasury. before he became cbo doug was a senior fellow in the atlantic studies program at the brookings institute. that kind of men's my biographical background. many people know doug and his work. from an administrative standpoint we will try to get some questions then. i know we have been little taxed for time. so at this time would like to invite dug his presentation and we will take some q&a. [applause] >> thank you. it is great to be back. i am afraid that i will mostly stand here while i talk. rather than just focusing on the budget this morning at the audit would be useful to spend most of my time talking about the cbo perspective on the economic outlook and then i will wrapup by talking about the budget. and i your next session but go into budget issues in greater detail form. most importantly, al

we have my favorite harvard professor, marti feldstein.take it! michelle, you're so money, glad you could join us at 2:00 p.m. what did you think of what you heard so far today from janet yellen? >> i don't think we heard anything unexpected. everybody talked about how it is really continuity. what she brings to the fed in the wake of chairman bernanke and i think we heard that