mr. bernanke's mouth. the dow rising 76 yesterday, 12,080 is where we close, the nasdaq 13, 2629. take advantage of the unlimited data plan now. starting next month verizon will move from that to a tiered option program or use based plan for smart phone customers. plans run $30 for two gigs of data to $80 a month for 10 gigs, with tethering to other devices available for about 20 bucks. and nokia, it's first windows based phone. it's a ways a way. they have been losing to apple's iphone and the droid devices. nokia will likely drop to third in terms of manufacturing behind samsung and apple. right around the corner from you guys. >> nicole, thank you. we have some breaking news. there is a fire at the the capa sigma fra turnt. the minute we get the latest pictures we will. outside of san jose state. >> billed as the biggest bronze monument in the west, a 40,000 pound sculpture that will cover more than 1,000 square feet in downtown oakland. it will cover something else, years of struggle and triumph for peace. joe introduces us to the artist and his inspiration. >> reporter: there

mr. bernanke talked about the risk and some of the problems particularly persistent seem to be continuing and they raise the risk of the slowdown we seem to be experiencing at the moment. what the anxiety level do you think is appropriate for the public and other policymakers right now as we look out to the risk we see that seem to be percolating over the horizon on any number of different fronts? >> well, i think these are risks subject to our control and influence. if we take action and make some decisions i think the housing market we still have a long level problem. the need to be restructured whether it makes economic sense, whether the distressed borrowers can make an economically viable payment, or if not, they're needs to be patient assistance or some other mechanism to clear the market because the foreclosure process is breaking down. our fiscal situation again it is a big risk for the financial system if it doesn't get resolved. the debt within our control, congress kunkel, the administration the need to make tough decisions if they can't do it. it's the same problem in europe.

mr. bernanke still expects growth to pick up later this year. he didn't offer any hints whether the fed is going to provide any more stim lafb measures and that may be where some investors were disappointed. asia was lower overnight, europe is trading lower this morning. later today we'll get the fed's beige book. that's where the fed tracks conditions in all 12 of its districts. we're not expecting to hear good news. a little good news, oil under $98 a barrel as opec ministers are meeting in austria and debating whether to lift production limits. saudi arabia says yes, iran says no. >>> we'll start out the day right back at that 12,070 level. the nasdaq back at that 2700 level after losing one point. >>> nintendo unveiling its new game system in l.a. it will not hit stores until next spring but sorts a new wireless controller pad. the games will appear in high definition, a first for nintendo, and can be displayed simultaneously on the controller and the tv. analysts, though, not so wowed. they say the wii looks evolutionary, not revolutionary.

as mr bernanke you see on the market that the exit from the q.e. two is going to be gradual and defend is standing ready to do whatever it takes to move this job market in this economy and haya so the market can read into that and they're going to add to my contemplate their q e three or some sort of q e three so i think this is this this is going to move the markets higher i think not much higher but slightly high at a particular year in the fact that the volumes are a lower during this time of the year but again i think the value investors are going to come in. our business tsotsi we'll be back next hour with an update the headlines are next with marie. cox. move. to. move to. the book. on. down the road be official on t.v. application two on the phone the i pod touch from the choose ops to synch all she life on the go see the ultimate on t.v.'s minefield comes an r.s.s. feeds now in the palm of your. question on the. welcome back here with our team here is a look at the top stories as nato continues its bombardment in support of the libyan upris

as mr bernanke you see on the market that the exit from the q.e. two is going to be gradual and defend is standing ready to do whatever it takes to move this job market in this economy. so the market can read into that and they're going to add to my contemplate their q e three or some sort of q e three so i think this is this this is going to move the markets higher i think not my child my slightly high at that particular year in the fact that the volumes are a lower during this time of the year but again i think the value investors are going to come in. business tsotsi will be back in fifty minutes time with an update meanwhile the headlines are next with maria. thanks. to the looming. just simply. down the field official ante up location on the phone i pod touch from the q sampson since all she likes on. welcome back you're watching our t.v. here is a reminder of the top story sleepy meter colonel gadhafi has accused nato forces of murder following the death of civilians in a straw i got in a residential area in tripoli meanwhile people in the gh

fed is going to be very important why they're given more importance of a press conference than mr bernanke is going to hold. and that brings you up to date with business for this hour we'll be back with not just under an hour's time stay with us for headlines next. for the full story we've got it from. the biggest issues get a human voice face to face with the news makers on. the above. to shoot. the ball. down the field official on t.v. application to i phone the i pod touch from the i choose ops to switch all to life on. video on demand. and. in the palm of your. this is our. top story. the plane crash in northwest russia claims another life bringing the death toll to forty five but. the cause of the report suggests. terrorist operation in russia's north caucuses is underway with reports suggesting special forces and suffered losses. at least seven. killed. thirteen storm. the greek government. spending cuts there. are thousands of angry greeks protest against the measures saying the voices. of the former soviet republics remember the victims of the war against fascism wednesday marks th

as mr bernanke you see on the market that their exit from the q e two is going to be gradual and that the fed is standing ready to do whatever it takes to move this job market in this economy kaya and so the market can read into that and it's going to add to my contemplate there a q e three or some sort of can be three so what i think this is this this is going to move the markets higher i think not my child but slightly high at a particular year in the fact that the volumes are a lot more during this time of the year but again i think the value investors are going to come in. all right doesn't say we'll be back next hour with nothing but i lined up next with maria. ramirez. to. dump the official g.o.p. keisha join me called touch for me i choose option.

first call for mr bernanke is going to hold. and that brings you up to date with business for this hour we'll be back with not just under an hour's time stay with us the headlines next. for the full story we've got it from. the biggest issues get a human voice face to face with the news makers. on. the in the back. to. the big. dump the official t. application joyful i pod touch for me i choose up still.

as mr bernanke you see on the market that their exit from the q.e. two is going to be gradual and that the fed is kristan you ready to do whatever it takes to move this job market in this economy. so the market can read into dad and it can i contemplate there a q e three or some sort of q e three so i think this is this is going to move the markets higher i think not much higher but slightly higher a particular year in the fact that the volumes are a lot more during this time of the year but again i think the value investors are going to come in and there's the multi-billion dollar dog fight taking place at the paris. russia is pinning its hopes on a range of defense aircraft and civil aviation on the new sukhoi superjet they're going to build from invesco faces great potential for russians newest contestant in the median home. oh indeed we have seen over six hundred aircraft ordered from super jet and this apparent success is largely due to the to the reputation of. the head at the time head of corp but out of those over six hundred red-cross only t

as mr bernanke you see on the market that their exit from the q.e. two is going to be gradual and defend is standing ready to do whatever it takes to move this job market in this economy and haya so the market can read into that and the fed and my contemplate there a q e three or some sort of q e three so i think this is this this is going to move the markets higher i think not my child but slightly high at that particular year in the fact that the volumes are a lower during this time of the year but again i think the value investors are going to come in. business tsotsi will be back in fifty minutes some of the nothink meanwhile the headlines are next with marina. coming. from. the limited. to. the official key of location job on a film called touch from the.

as mr bernanke you see on the market that their their exit from the q e two is going to be gradual and that the fed is a standing ready to do whatever it takes to move this job market and this economy haya so the market can read into dad's and the phantom i contemplate there a q e three or some sort of q e three so i think this is this is going to move the markets higher i think not my child but slightly higher a particular year in the fact that the volumes are a lower during this time of the year but again i think the value investors are going to come in the next and i think the headlines with marina to stay with us for that. play. live. bringing you the latest in science and technology from around the russia. the future coverage. limitation in free clinics patient free.

as mr bernanke you see on the market that there their exit from the q.e. two is going to be gradual and defend is standing ready to do whatever it takes to move this job market in this economy. so the market can read into that and the fed to my contemplate there a q e three or some sort of q e three so i think this and this this is going to move the markets higher i think not my child but slightly higher a particular year in the fact that the volumes are a lot more during this time of the year but again i think the value investors are going to come in. coming up next so i think the headlines with marina do stay with us for that. we'll. bring you the latest in science and technology from around the russia. the future covered. if you. could you take three. three. three. three stooges free. and free blog video for your media project free media r t v dot com. welcome back you're watching r.t. live from moscow these are the top stories maybe a meter colonel gadhafi has accused nato forces of murder following the death of civilians to the straw i bought a reside

resignation comes for the rumors are true mr bernanke. like a request was targeted from the military trying to reach out for europe which can feel. comfortable republican field. is defending our interests and it's time for us to stand up for ourselves it is time for you to stand up for yourself we must. comply or state. now for operation empire state rebellion anon as calling on americans to protest on june fourteenth and hopes of realizing their original request for bernanke you to resign but you see this operation is about much more than just the protests which is happening on flag day also has the following demands to end the campaign finance and lobbying racket to break up the fed's relationship with those too big to fail banks and to enforce the longstanding racketeering influenced and corrupt organizations or rico act the law against an organized criminal class and all their website they've also included them out in pointing to cities where you can join the rebellion so the plans of the late the real question here is will anybody sh

in the quest to ben bernanke resignation instead of the reserve chairman mr bernanke complied with the request of the west politicians the military trying to break up the federal reserve team but you can feel. which field. the field. which is time for us to look for our show which is time for you to look for yourself. and fire street. now for operation empire state rebellion anonymous calling on americans to protest on june fourteenth i hopes of realizing their original request for bernanke you to resign but you see this operation is about much more than just even protests which is happening on flag day also has the following demands to end the campaign finance and lobbying racket to break up the fed's relationship with those too big to fail banks and to enforce the longstanding racketeering influenced and corrupt organizations or rico act the law against an organized criminal class and all their website they've also included a map pinpointing the cities where you can join the rebellion so the plans have been laid the real question here is will anybody show up and on is definitely not

mr. bernanke went to washington, i told you he was going to be a disaster. he has never been right about anything in the seven or eight years he has been down there. i hope he doesn't come back with qe3. but that's all he knows. the only thing he knows to do is to print money. he doesn't understand finance. he doesn't understand currencies. he doesn't understand economics. he understands printing money. and he is going to print more money, whether we like it or not. it's the wrong thing to do, but that's what he'll do. >> so market disruption come the end of june because qe2 goes away? >> qe2 is definitely going to go away. now it may come back with a different name. they may call it cupcakes. who knows what they'll call it when it comes back. but they're going to bring it back because he'll be terrified and washington will be terrified there is an election coming in november of 2012. washington is going to print more money. >> jim, it's great to have you on the program. >> i'm delighted to be here. thank you. i hope your voice gets better. >> thank you very

mr bernanke meters in line with our request. for the reserves called shushi regimes from every country with every time we reach one term for one portion of the population. now david i know you support this larger resistance plan tomorrow i know there are several protests planned around the country i'm curious what exactly is going to happen tomorrow and what are you calling for. what was starting a movement some are as you said an essential nonviolent movement with two primary objectives and they are objectives that anonymous has touched on previous videos as well they are to end the system of political bribery which is campaign finance law being in the revolving door and the other main objective is to break that of the federal reserve and the too big to fail banks you know if you are one of the ninety nine percent of americans you have a core common sense goal to go but what are we actually going to see tomorrow are we going to see large scale demonstrations are we going to see people there at all i don't already know what's go

were strewn with burn commuters resignation as for the reserve chairman mr bernanke you all complied with our request and the hacker group anonymous and other activists are taking on the federal reserve and big banks today but as i went actually listening and will it be enough to change the system. need to need to damaged our city destroyed our life they told us they want to save people is that the way to seize the people tell me. well nato is fueling anger from the libyan civilians of they're supposed to be protecting so just what is it that what is it like to live in wartime limbo artie's on the ground that will bring you before the report. welcome back it's tuesday june fourteenth i'm lucy kept up in washington d.c. and you're watching our t.v. . now yesterday was the second time that this country got a chance to glimpse some of the men and one woman who say they can do a much better job than obama as president of the united states so how do the g.o.p. hopefuls spare and c.n.n. do a good job of keeping them on track now keep in mind that it was a recent c.n.n. poll that showed tha

with resignation which for the reserve chairman mr bernanke has complied with the request of u.s. politicians multi connection to the federal reserve which is to feel. a crisis for the. republican field but one is defending the interests it is time for us to stand up for ourselves it is time for you to stand up for yourself we must now launch operation empire state building. now for operation empire state rebellion anon is calling on americans to protest on june fourteenth at hopes of realizing their original request for bernanke you to resign but you see this operation is about much more than just the protest which is happening on flag day also has the following demands to end the campaign finance and lobbying racket to break up the fed's relationship with those too big to fail banks and to enforce a longstanding racketeering influenced and corrupt organizations or rico act the law against an organized criminal class now on their website they've also included a map pinpointing the cities where you can join the rebellion so the plans have been laid the real question here is will a

question for the burn to use resignation speech for the reserve chairman mr bernanke the market now reversed. all the happy and other activists are taking on the federal reserve and big banks today but will their voices and actions be loud enough to change the american system. evening it's tuesday june fourteenth four pm here in washington d.c. i'm lucy coughing up and you're watching our t.v. . now foreign policy may not be as exciting or easy to grasp as the latest hollywood scandal or for that matter hot button topics like abortion or gay marriage so it might sort of be understandable why this subject didn't come up with foreign policy until a full hour and forty minutes into last night's republican presidential debate but is it really understandable i mean keep in mind that u.s. forces are fighting wars in four different countries depending on how you count the economies and dumps and while everyone's talking about out of control debts and deficits it seems a very few politicians can actually agree on how to rein in spending now one seemingly obvious area that's ripe for cuts is the us m

mr. bernanke was asked this week what is the risk to our banking system if, indeed, a sort of worst case scenario in greece plays out. those processes are yet to be resolved. it what you think the risk is to the banking system and to the broader economy with respect to the greek situation? >> that is a problem that is solvable. if europe can make the hard choices to stabilize the situation, if it gets out of control, it can get pretty ugly. there's a lot of direct exposure to european banks. obviously, a lot of relationships between our banking system and their spirit is another reason why i am so frustrated on the issue of -- between our banking system and there's. that is another reason why i am suffered on the issue of banking. the declines in back -- in capital levels they're basically allows banks to set their own levels. we have been pushing hard to get a conservative ratio for constrained, to get these ratios higher and the quality of capital there. these are approaches to stop the decline and get the capital levels up in europe. but i find myself instead trying to defend having a

mr. bernanke. >> i am not a time. -- out of time. >> we did a recent calculation comparing the u.s. recovery to this financial crisis to the past financial crises that were studied. we have a typical experience of a country, and what was the unemployment rate he and 2018? it would be around 8%. we are in a base case that is a tough slog and a painful challenge for american workers. if we do receive we do not get serious about -- if we do not get serious about doing something, that we're looking at a base case that is really terrible. that is probably something that we all agree you're on the panel. >> senator lead. the last lee -- senator lee. >> will be the effect of attacks raise -- a tax rate increase on our economy at times such as these? >> i think it would be very harmful. it occurred around the time of december, when the deal was made to postpone the tax increases. i think that was quite significant. would that it was permalloy does fund, but those tax increases were on the books and they were postponed. i think that i was positive. >> what if we limited the increase is to th

mr. ben bernanke's advice. the real question is we have been spending too much money. he has said over and over that has not impacted the economy. this is in order to get the fiscal house in order. host: in your local kansas paper it says -- do you believe august 2 will be a drop dead date when it comes to the debt? guest: history shows generally the treasury secretary will suggest a deadline and congress, usually goes through that. the real question is not the deadline. it is a question of how we got there and how to avoid that in the future. if i don't want to raise the debt ceiling ever, much less more than one time in congress. this administration does not have any plan to bring spending under control and find a way not to raise the debt ceiling. host: have you been party to or informed of the joe biden budget talks that are going on? rdi inner loop when it comes to what's going on when it comes to those talks? e you in the loop? guest: we are going to have to cut spending. i think we are making progress in getting the message through to the administration, what we

mr. bernanke refuses to identify those and face the possibility that we have a debt crisis and that if we don't face that very soon and quickly and suggest that we can't cut spending that somehow we can borrow and tax and that's going to work out, obviously your report doesn't say that so if you could provide that determination if you would of the type spending you believe cbo believes would help drive economic growth because we are working with that now, and i would appreciate that distinction. >> i would be happy to work with your stuff, congressman. >> thank you. i yield back my time. >> nice to see you again. earlier he mentioned in passing $6 trillion worth of additional debt over the last four years attributed to the congressional the activity. have you done an analysis of the factors that contribute to that additional $6 trillion in debt? how much would have been attributable to the converse actions and how much the policies already in place? >> we've done an analysis sometimes of the swing in the budget deficit from what cbo is projecting about a decade ago to what has come to pas

mr. bernanke was asked this week essentially what is the wrist or a banking system is indeed a worst-casethose political process is very yet to be resolved. would you take the risk is first of all to the banking system and the broader economy with respect to the situation? >> well, if europe can mess up the political will to make hard choices to stabilize situation if it gets out of control can be pretty ugly. karen here. there's a knot about a draft exposure to great that. there's a lot of exposure and as relationships between our banking system and yours. the whole debate on capital we have been arguing for a long time against a basel iii implemented in europe in the early 2000 someone to really quite precipitous declines in capital levels they are, basically allows banks to set their own risk waves under assets for capital purposes in their own internal models. so we've been pushing hard you try to get a leverage ratio, which we serve as a binding constraint on capital being too low to get the ratio is higher, quality of capital better, but also objective parameters on the use of those

mr. bernanke talked about the risk this week, some of the problems that are particularly persistent, seemthe risk of the slowdown that we seem to be experiencing at the moment. what anxiety level do you think is appropriate for the public and our policymakers right now as we look out to the risk that we see that seems to be percolating over the horizon on any number of different fronts? >> well, i think these are risks, but they're subject to our control and influence. if we take some action and make some decisions, i think with the housing market, we still have a loan level program. they need to be structured where it makes economic sense. it can make an economically viable payment. or if not, there needs to be relocation assistance or some other mechanism to clear the market. because clearly the foreclosure process is breaking down. our fiscal situation, it is a big risk for the financial system. that's what's in our control. they need to make some tough decisions. it's the same problem in europe. perhaps that debt needs to be restructured. people just need to understand they're holding

mr. bernanke plans to take questions from reporters four times a year. this is just under one hour. >> my goal is to reflect the consensus in the committee will taking note of the burst -- diversity of views. my remarks are my own interpretations and my own responsibility. as indicated in the policy statement released early this afternoon, we decided to keep the target range for the fund rate at 0.1%. the committee continues to anticipate that economic conditions are likely to want exceptionally low levels for the federal funds rate for extended period. the committee's plant purchases of treasury securities will be completed by the end of this month. the committee will continue to reinvest principal payments from its securities holdings going forward. in conjunction with to date but the meeting, the participants submitted projections for economic growth, the unemployment rate, and the inflation rate for the years 2011 through 2013 at over the long run. these are conditional on the participants' individual assessments of the monetary policy needed to best

mr. bernanke says we have to have 2.5% economic growth to stay level with jobs.borrowing and spending, the idea of keynesian stimulation of the economy is not working. we've already spent far too much. that's why all the economists are telling us you've got to get off this path. >> somehow i knew you'd go back to the keynesian argument. why did i know you'd go there? >> it's really our national debate, christine. we're talking about that. >> it is. >> can we artificially by bore oeg money from the future, spending it today generate growth. maybe sometimes you can make a dent with it. but as a systemic policy it's disastrous and put us in a position that the debt becomes so large it begins to pull our growth down, which is happening today. >> and even the budget hawk, i will say the people concerned about budgets and for years who have been saying we've got to get this under control, it is easier to get it under control in good times but in bad times and the economy is weakening even now they're concerned about too much slashing indiscriminately and not in a smart

mr. bernanke refuses to identify those and face the possibility that we have a debt crisis and that if we't face that very soon and quickly and suggest that we can't cut spending that somehow we can borrow and tax and that's going to work out, obviously your report doesn't say that so if you could provide that determination if you would of the type spending you believe cbo believes would help drive economic growth because we are working with that now, and i would appreciate that distinction. >> i would be happy to work with your stuff, congressman. >> thank you. i yield back my time. >> nice to see you again. earlier he mentioned in passing $6 trillion worth of additional debt over the last four years attributed to the congressional the activity. have you done an analysis of the factors that contribute to that additional $6 trillion in debt? how much would have been attributable to the converse actions and how much the policies already in place? >> we've done an analysis sometimes of the swing in the budget deficit from what cbo is projecting about a decade ago to what has come to pass, a

mr. bernanke, the chairman of the federal reserve, was asked about that yesterday. he said no study had been done about it, talking about the banking regulations, i think, primarily. we need to do more about that and face the reality that that's so. last week's economic numbers were not good. they were very, very troubling. we saw an increase in unemployment. we saw a decline in consumer confidence. we saw a decline in manufacturing in the midwest, a key area of our country nor manufacturing. a number of factors were noted during that period that were not good. it's part of a declining stock market which is down 5%, maybe 6% after five consecutive weeks of decline. and the united states senate has gone 770 days without passing a budget. fundamental responsibility of this body required by statute that we pass a budget. the date is april 15 -- april 1 to commence hearings in the senate, and we've not met that responsibility. in fact, we haven't even had markup in the budget committee to commence considering a budget. and our democratic leader, senator reid, the majori

mr. bernanke but it's always know, we have to hold on to these assets. but if it's not money and we don't need it we aren't going on the gold standard, i mean, i would think that they shouldn't be holding it. the reason i ask that is the truth is gold is money and people don't throw it away and people to cling on to it, but i would be -- really there's a lot of people who suspect because the lack of transparency that there's going to be a tremendous amount of gold and loans made and central banks sold a lot of gold to us after the last ten years, a lot of the gold has left the west and has gone to the east and the central banks that now have positive trade balance by of the gold. there has to be a message in there and a significant and significance even for those who want the restraints of gold there has to be a message out there that we should look at it because we are in a financial mess it has to do with our monetary system is being reflected today in rising prices and weak economies and just putting all this money isn't doing any good. all this stuff

mr. bernanke, the chairman of the federal reserve, has said this, and i will conclude on this point. "acting now to develop a credible program to reduce future deficits would not only enhance economic growth and stability in the long run, but could also yield substantial near-term benefits in terms of lower long-term interest rates and increased consumer and business confidence." mr. president, this is a defining moment for our country, a defining moment. we can either continue to run headlong toward a debt crisis or we can join together, republicans and democrats, in a comprehensive plan to get our debt under control. that will require a comprehensive plan, one that addresses spending. spending must be reduced, but it needs to be reduced when this economy is stronger. that's what every one of these bipartisan commissions has concluded. yes, spending has got to be cut but not right this minute. it's got to be part of a plan that assures it will be cut, and it's got to be every part of spending. domestic discretionary spending, defense spending. yes, the entitlements have to be right

mr. bernanke said. but the debt limit is the wrong tool for that important job. a few other people commenting on this. jpmorgan's c.e.o., jamie diamond, a default would be a moral disaster. it would dwarf lehman. every single company with treasuries. every insurance fund. every requirement that it will start snowballing, automatic if you don't pay your debt. there will be default by rating agencies, all short-term financing will disappear. that's jamie diamond of jpmorgan. the chamber of commerce, failure to raise the debt ceiling will create uncertainty and fear and threaten the credit rating of the united states. moody's rating service on downgrading america's rating. since the risk of continuing stalemate has grown, if progress and negotiations is not evident by the middle of july, such a rating action is likely. fitch rating service. failure to raise the debt ceiling in a timely manner would imply a crisis of governance which could imperil the a.a.a. status. first, we have two problems. we have a long-term problem that has a long-term fiscal plan. and we have

mr. bernanke, business leaders like jamie diamond, economist and others who have indicated that failure to assure that america does not fall on its -- default on its bills will have very dire consequences both here and around the world. i am hopeful, mr. leader, that although i did not announce it, we have very little time left, as you know, before the august 2 date which secretary geithner has indicated is the date on which we will no longer have the cash flow ability to meet our obligations as they become due and to fund the programs that we have authorized and provided for the executive department to carry out. so i would very much be interested in your thoughts with reference to how we ensure that we take action in a timely fashion. i was very pleased to see speaker boehner's comment about a week and a half ago that he was focused on assuring that we did not default, provide for the payment of our debts, prior to the end of this month. as you know we have four days until -- 3 1/2 days left in this month and that's next week. because the following week we are off. i would very much be i

mr. bernanke, but it's always no, we have to hold onto these assets. but if it is not money we don't need it, were not on the gold standard, i mean, i would didn't they should be holding it. the reason i ask that is the truth is gold as money and people don't throw it away and people to cling to it. but i would be really, a lot of people they suspect because of the lack of transparency, there's a tremendous amount of central banks sold a lot of gold after the last 10 years. a lot of the gold has gone to the east and the central banks now has positive trait relatives by the gold. there has to be a message in there and a significance, even for those who don't want to restrain of gold. there has to be a message up there that we should look at because we are in a financial mass and it has to do with our monetary system and is being reflect it today in rising prices and a weak economy and just printing office money is in doing any good. all the stuff that's been done for three years and you look at economic statistics now, they are horrible. andy seybold wh

mr. bernanke would also be inclosed -- inclined to make that case. >> i just wanted to -- >> i'm out of time. >> mr. vice chairman brady nodded, i think. i just wanted to add that we did a recent calculation comparing the u.s. recovery to this financial crisis to the past financial crises that were studied by reinhart and asked ourselves if we have the typical experience of a country after a financial crisis, what would the employment rate in the u.s. be in 2018 amend the answer is about 8%. so we're in a base case that's a really tough slog and a real painful challenge for america's workers. and if we don't get serious about doing something that's not going to jack up growth for one year, but really fix the problem, and i think that we need both the fiscal consolidation and a fundamental tax reform, then we're looking at a base case that's really terrible. and i think that's probably something that we all agree on as a panel. >> thank you. >> thank you. >> thanks to all of you for coming. i wanted to start with dr. taylor. what do you think would be the impact of a tax rate increase on our

mr. ben bernanke turned around and says the exposure of america to european debt will not be too dramatic, i find that hard to believe because the federal reserve will not open up its books and show who is lending money to. second of all, it is a proof that keynesian economics does not work. america used to be able to bounce back from recessions because we had a great infrastructure and we made furniture, cars, computers, etcetera, etcetera those days are over. what you see increase is a linchpin for all of these companies that have cradle to grave and type of programs and spend more than they earn. all you have to do is look at wisconsin. they were storming the capital and everything else. every time they do q.e.1, q.e.2, q.e.3, all it does is devalue the dollar which makes the stock market seems like there is more productivity but all it is doing is injecting of the white elephant for one last big hurrah. guest: yeah, he certainly made some interesting points. with respect to the value of the dollar, one thing he said is at the u.s. does not manufacture things anymore. obviously that co

the federal reserve chairman ben bernanke if they join the ranks of those of the president mr outlook on the u.s. economy from the optimism seen during his last press conference or burning he did say that the causes of the current downturn are actually temporary that you know these are little shifts that could be overcome with due course and of course that's not the perspective of my next guest michael t. snyder he's the founder of the economic collapse blog dot com and i asked him what he thought of. optimistic views on the economy. i completely disagree a big request this has been seems to be another lehman brothers moment because what you have in greece is a situation where they're just kicking the can down the road if greece defaults it's not going to just play greece is going to have thirty all of your. banks all over europe or very much exposed to greece and now the banks from europe are barry highly leveraged for example when lehman brothers collapsed they were leveraged thirty one to one which was absolutely horrible now german banks actually hold a lot of greek debt and there

mr. obama is in a statistical dead heat with at least one potential republican challenger, mitt romney. federal reserve chairman ben bernanke conceded today the economy remains weak, but said temporary factors like high gas prices and fallout from the crisis in japan are the cause. he predicted growth will pick up later this year. but do americans believe that? we explore that now with susan page, washington bureau chief for "u.s.a. today." mark vitner, senior economist for wells fargo in charlotte, north carolina. and tom binnings, senior partner at summit economics in colorado. i have to ask you, susan, when you listen to the numbers and you listen to the economists it seems like there's sort of a clash. americans seem to be a lot more downbeat than economists are. >> economists tell us that the recovery started two years ago. but you couldn't see that in the lives of most americans. most americans look and they see problems with their job or their neighbor's job or their kid getting a job when he or she gets out of college. they see housing market continuing to slump. they look at gas prices this summer straining their b

mr. obama says high gasoline prices have taken a toll on family budgets and consumer psychology. while no one suggests the economy is producing jobs fast enough, fed chairman ben bernanke says things are likely to get better this year. >> with the effects of the japanese disaster on manufacturing output, likely to dissipate in coming months, and with some moderation in gasoline prices and prospect, grote seems likely to pick up somewhatted in the second half of the year. >> still, no one expects the unemployment rate to be anywhere near normal in the next couple of years. it's likely to be a big issue for republicans next year, the election year, shepard? >> shepard: another top economic advisor we have now learned is now leaving the white house. >> chairman of council of economic advisors austan goolsbee is headed back to the university of chicago. for the past year, it's been goolsbee's unenviable task of trying to get people to think they are doing better. that's a tough sell. jay carney yesterday seemed to suggest that the president has lost some of his focus on the economy because is he no longer receiving daily economic briefings. the white house spokeswoman tryi