i would agree with professor mishkin.'s a chance, with all the government spending that's coming through, that the numbers continue to come out a little better than expected. >> i just think we don't get to square one if we don't start dealing with the banks.s. >> i agree. >> with all that stuff out there. >> i a. >> he >> we'll see rick mishkin in jackson hole. >> tomorrow. >> not tomorrow. thursday night we'll have rick mishkin on. >> very good. you're going? >> we have him here for another 24 minutes. >> you know, steve liesman has to go fishing. this is a big deal for him. he would never miss jackson hole. >> never. >> we're going to build him a pond outside headquarters here just -- >> to keep me closer in. >> apparently fishing is the only way you will do your job. >> i have 18 months of fishing to make up forgiven the crisis. how good is that that is for the environment and fishing stock. >> pool and pond for steve. >> steve liesman, mr. santelli, thank you for joining us, mr. trennert, mr. mishkin are sticking aro

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particularly he believes, mishkin, in bernanke, reappointed. big part of what we're talking about here, going to be talked about here. there's a paper going to be delivered tomorrow and the issue is what does the fed do if the fiscal authority, the treasury, runs trillion dollar deficits. that's the stuff i'm concentrating on here. >> steve, stay right there. we're going to bring in a larger panel to talk more about this. bob mctear, former president of the dallas fed, cnbc contributor. kevin ferry the chief market strategist at kronus futures management and our guest host is mike holland, and steve is still here with us as well. kempction i want to start out with you what the immediate reaction might be from the market today? what are you going to be listening for? what are you hoping to hear from ben bernanke when he speaks later today? >> well, that reaction started last night. and i would say it was a very enjoyable show. steve, you should be commended. i could have watched for another hour. i think it was very straightguard, sobering talk

mishkin? >> well, i think that clearly we do have to think more about these issues and that particularly the rush to do regulatory reform is something that i have been concerned about. i do actually think, however, that the need for a resolution authority is absolutely critical and so -- >> and i don't disagree -- >> and i think that one of my concerns has been that if we go down the route of worrying about the big picture and then don't do anything then we're actually in a situation which not only means institutions can get in trouble we can't do anything about it, but also we're in very weak position to get them to fix things because we have no ammunition. >> let me say the republican proposal is for an enhanced resolution, a bankruptcy-like proceeding. like for nonbank financial companies. i don't know -- have y'all looked at the republican proposal? >> not in detail. >> the gentleman's time has expired and i would encourage him to send each of these witnesses the republican proposal. unfor

mishkin >> it is a pleasure to be here -- >> pull the microphone closer. >> to discuss the importantssue which is what role the federal reserve should have asked systemic risk regulator. i want to boil this down to three questions even though i think three that are quite relevant to these issues. the first question is essential, should the fed b the systemic risk regulator, and i am going answer yes to that question and ther are four reasons that i take that view. the first is the federal reserve is involved in daily interactions with the financial markets and in terms of being a systemic risk regulator that kind of information of that contact is extremely useful. the second is there is a synergy between thinking about macroenomics stality and financia stality. and that is i think extremely important inerms of performing the appropriate analysis to do systemic risk regulation in the best way possible. fervor is there is a synergy between the actions required in terms of promoting macroeconomics stability and financial stability and so we see this ofourse inery major ways during this