is this a big deal, nela richardson? >> it is a big deal because they pushed a button. it's a start. it's a start that signals two things. one, that we're going to have low interest rates for a very long time as part of the federal reserve guidance. and secondly the feds think the economy is improving. that's significant after years of being sluggish, after years of treading water we might see some growth next year. that's a big deal, and that's what gets markets excited. that i think is why you saw such a strong positive explosive market reaction to this taper decision. >> well mark, what happens when $10 billion comes in relybly month after month. is there going to be a difference. >> instead of buying $85 billion a month, they're not going to be buying $75 billion, but we don't know what is going to happen on the supply side. is the government going to issue as many treasuries? is fanny and freddy going to issue as much debt. if that reduces, then you won't see an impact. you will see a small impact on rates. and basis points are 100th of a point. so in the cost of m

pedro who covers knicks in the central bank for the wall street journal, and nela richardson with bloombergovernment. nela, janet yellen, i had to hedge my bets in the last segment there. she hasn't been confirmed, voted on, sworn yet, but by all accounts she's on her way in. said to be much more hawkish on getting the unemployment rate down than worrying about inflation. what does that mean in practical terms while the bank is also unwinding this long-term stimulus project? >> i think for the near term futureish it means that she has the freedom to really target unemployment as aggressively if she chooses as bernanke has in the past. she really can be data driven, deliberate, but look at a certain set of indicators, motivated by those as opposed to worrying about the specker of rising inflation. >> one of the ways that traditionally has been done is by lowering interest rates. they're practically at zero, it's not that like you can do more than that. >> there is the head wayne as we've been talking before the break. what you may see is a policy that goes forward, reverses, stops. the marke

nela richardson in d.c. is on a quest, 12 days of bitcoin.sing creator. ♪ >> it is the 12 days of bitcoin on bloomberg television. they -- day 8. matt miller has been finding ways to buy, spend, and trade the currency. one of the mysteries -- there are several mysteries. the biggest, who is behind it? the so-called founder, satoshi nakamoto. the ben bernanke of bitcoin. one of the most fascinating aspects of the story. i use that term loosely, it could have been a woman or a group. >> a figure. >> known as satoshi nakamoto. he wrote a paper published in 2008 about it. he then released the first version of bitcoin, 0.1 in 2009. by 2010, he had posted about 100 times on the boards about it. he handed the day to day business of developing it over to gavin andresen, who some people speculate maybe satoshi nakamoto. he said he will move on. he went off the grid. does the mystery and anonymity of all this give you pause in how valid bitcoin is. it does not make me feel good. >> it is a question i put to very sober -- to barry silbert the other day.

nela richardson, happy new year. >> the right way to drink champagne.s about to school erik and me about this. ♪ >> you are watching a special new year's eve edition of "market makers." why do we save champagne for special occasions? maybe because champagne is a mysterious wine. how many of you know what a brut is? with me now is an award-winning and a console that one of the greatest wine producers. we have a lovely selection here. start by educating us here on the label. thehis is the producer, maison that produces the champagne. if you look at the bottom of the label, you should be able to find the word brut. if you like a dry champagne, you will look for that or even up to demi-sec. you will also find the town chandon wasnd produced. blind --he name of the blend. grapes,he three major like most major producers. you can find certain of those great in some champagnes and others in different kinds. all threee uses grapes and we are adding a bit more pinot noir to give it that color. e de noir make a blond by adding some red grapes. we have picked out o

nela wristers and an economist at bloomberg government -- richardson isnela an analyst at bloomberg government on capitol hill. what did you learn? this little device could revolutionize the way we do banking. therings together two of most regulated industries -- banking and telecom. right now, about six or seven regulators have oversight over mobile payments. from the banking to the federal trade commission's, fcc, and consumer finance protection agency. but there are regulatory gaps. are studying this issue. whenever a regular studies an issue, roles -- rules are likely to follow. not coming from banks, it is coming from tech startups. how did they manage that? >> that is what makes this so hard to regulate. there are some things interested in working with existing credit card networks. there are different business models. we had different players. we have tech firms interested, google, apple. we have alternative payment systems, paypal. then we have app developers in their garage creating apps that will change banking. this is disruptive banking right here on your iphone. nela, don't master