constrain some of the things congress is thinking about, because many of the issues we face are multidecade issues. and i think you could take strong actions that would be taking place over time. i think about the early '80s social security reform that phased in a bunch of of things including the later retirement age, still happening today 30 years later. you could take those actions and lock them in and get the benefit of the confidence there, but it wouldn't have as big an impact as the very big shock that would otherwise occur next january 1st. i'm not saying that you can't do it and take serious action. i just think you should balance those objectives. >> thank you. i take it that you're saying we need to adopt a long-term plan to deal with it this crisis. >> absolutely. >> i would observe at this point the budgets proposed simply go the other direction. the boles simpson commission and others, we still haven't got proposals on the table in congress to deal with that long-term plan. i think it's time we get at it. >> senator menendez. >> thank you, mr. chairman. thank you, chairman bern

this is a multidecade, a multiten, 12 years in the making. and we have all the elements of a top. and what started happening is we've been on trend for quite some time now for. basically you're starting to see a struggling of trend. a series of lower highs. and i want to put this in the perspective with the smoothing mechanism, which is the next chart. and it shows basically what happens. when you're okay, you don't break trend. and then we did for the first time a couple of months ago. and now we fought back to the declining and now flat average. not a good position to be in. take a look at the same perspective over the last five years. which picks up even more of the trend. and again, if you're intact, you actually come down the line, kiss it, kiss it, kiss it. you don't violate it. when you start to violate it starts to be the beginning usually of the end. and to us this looks like a pretty important move to the downside. and this week as just articulated, it was the worst one-day sell-off in a couple of years. not good. >> we had the month high and the month low in the same da

when you think about the quarter in terms of the averages, you know, the best in so long -- >> multidecadeally is extraordinary. even though we're looking at volume so low, this market has been hot. stocks getting hit by the plunge in natural gas prices. we're talking numbers on whether this is a good time to buy devon. >> yes, the stock may surprise you. >>>plus, what is allegan doing? the chairman and ceo join us us in a few minutes. ♪ i can do anything today ♪ i can do anything ♪ i can do anything today ♪ i can go anywhere ♪ i can go anywhere today ♪ i can go anywhere ♪ i can go anywhere today ♪ i can be anyone ♪ i can be anyone today ♪ i can be anyone ♪ i can be anyone today [ male announcer ] dow solutions help millions of people by helping to make gluten free bread that doesn't taste gluten free. and that makes this bread the first bread we can all enjoy. together, the elements of science and the human element can solve anything. solutionism. the new optimism. [ todd ] hello? hello todd. just calling to let you know i'm giving you the silent treatment. so you're calling to tell me yo

because a lot of the issues we face are multidecade issues.ctions that could take place over time. i think about the early '80s social security reform that phased in things. you could get the benefit of the conference here, but it wouldn't have as big as an impact as the very big shock that would otherwise occur next january 1st. i'm not saying that you can't do it and take serious action, i just think you should balance those objectives. >> thank you. i take it you're saying that we need to adopt -- >> you've been listening to fed chief ben bernanke. we'll continue with our coverage after a quick break. stay tuned. [ mujahid ] there was a little bit of trepidation, not quite knowing what the next phase was going to be, you know, because you been, you know, this is what you had been doing. you know, working, working, working, working, working, working. and now you're talking about, well you know, i won't be, and i get the chance to spend more time with my wife and my kids. it's my world. that's my world. ♪ how about some facts? the chevy volt

many of the issues that we face in terms of not only entitlements but other issues as well are multidecadeake strong actions that would be taking place over time. i think about the early '80s social security reform that phased in a whole bunch of things, including the later retirement age which is still happening today, 30 years later. so you could take those actions, lock them in, you could get the benefit of the confidence there, but it wouldn't have necessarily quite as big an impact as the very big shock that would otherwise occur next january 1st. i'm not saying that you could do it and take serious action, i just think you should balance those objectives. >> thank you. i take it that you're saying we need to adopt a long-term plan to deal with this crisis. >> absolutely. >> and i would just observe that at this point, the budgets that are being proposed simply go the other direction. we still -- other than some of the others like the bowles simpson commission and others we still haven't gotten proposals on the table in congress to deal with that long-term plan and i personally think