i think that paul volcker is fighting the old battle. years. at the zerobound the game does change. what the right policy is indeed a matter of debate. >> you would watch lending. i come every corner and say it's bag deal. it's not a big deal because it hasn't moved a whole lot. what you want to see is those excess receives become required reserve. >> all the money that they're keeping at the fed. they start loaning that out to other people? >>. >> right. >> then base money becoming hot money. fraskly the world has changed since volcker and we're now in a regime where we follow inflation expectations much more closely than we do actually inflation. >> rick, what? >> what? >> joe, i want to ask you something. it's where we, you and i and many conservatives argue. not only are they being moved. they're on roller and they have anymore on remote control right now. steve when he tries to defend the fed, he says the old days don't count. when we want tax policy it becomes the benchmark. you can't win with these arguments. >> >> were you not pa

peter to admit that hyperinflation may not happen as far as i know about it we're going to but paul volcker up all paul krugman you're not going to get the way that he's a guy right now it's a big mistake for an article point that out or i would give you an inch and you took fifty football fields right so thank you for measuring us will be much missed but you know what i'm not going to going to let you get away with that but are right look we're going to do a reality check on paul krugman and what i would like to say that this has ignited it peter schiff paul krugman debate because peter's fireback so hey great to have them both on but that's it for today that's all we have time for thanks so much for watching be sure to come back tomorrow and in the meantime you know you can follow me on twitter at lauren lyster you can like our facebook page watch us on you tube or hulu and have a great night. the great russian warrior. princess of the house it's asperity. to reunite at the parades. that morning. with people's admiration two hundred. zero zero zero. zero. zero . and. and. to build a. miss

not happen as far as i know i don't know about the rumor that it was really going to be you but paul volcker up all paul krugman you're not going to give away that he's a guy it's a big mistake in an article or a small point that out or are you giving an inch and you took fifty football fields right so all right thank you for mentioning us we were much nice but you know what our market going to let you get away with a little more of the real paul krugman and what i would like to say that this has ignited it peter schiff paul krugman debate because peter's fireback so hey great to have them both on but that's it for today that's all we have time for thanks so much for watching be sure to come back tomorrow and in the meantime you know you can follow me on twitter at lauren lyster you can like our facebook page watch us on you tube or hulu and have a great night. news today. these are the images the world has been seeing from the streets of canada. showing corporations rule today. plays well with. science technology innovation all the latest developments around russia. the future. led mission

bankers themselves think because that's the most important thing member bankers hate somebody like paul volcker who took them on let's see how the bankers feel about mark carney whether or not he's really tough or not on regulation mark carney a significant positive for banks says analyst in a note to clients u.b.s. said the surprise decision to hire mark carney was a significant positive turn for both the economy and the banks u.b.s. said they did not expect mr cornered to be as tough on lenders as his predecessor predicting an end to what it called an increasingly challenging u.k. regulatory agenda well it's appropriate as they must tony because he's overseeing a circus freak show of central bankers having their way. in the derivatives market the shadow banking system creating all kinds of contortionists out there in the central banking land and half naked ladies and in this case of mark carney he's in a math i'm out for a day of banking because he wants both higher interest rates and looser monetary policy is a financial i'm afeard hey you know they should put him in a. little work perfectly

the rule which is named for paul volcker bans banks from proprietary trading. but it's proven difficult for u.s. regulators to define and high volume of feedback has led to push back, repeated push back, of that deadline. mervyn king will release financial stability report today. there's been speculation in the report that king will raise capital requirements for banks and introduce new banking regulations. for our uk viewers, we'll bring you live coverage of the bank of england's report in just over an hour. for thousannow, chris wheeler j. what is your sense of what he could say? >> if we look at the uk banks, perhaps lloyd and those that have the biggest issues despite all the work, i think they're on a glide path to get to where they need to for ring fencing. but the question is whether they get there quick enough. given the risks that still exist in the bargain eet, there may be -- >> what kind of tool is the financial stability report in the first place? is this an effort to just express what he thinks is in the best interests for banks? it's a bit unusua

going to take you live to a discussion with former federal reserve chairman alan greenspan and paul volcker kicking off a summit on the fiscal cliff, that impending package of budget cuts and tax increases starting in january unless congress reaches a deal. president obama's chief economic adviser gene sperling will also take part in this discussion which should get underway shortly. the president begins discussions this morning at the white house with congressional leaders over the fiscal cliff set to begin sometime this morning, and we will keep you posted on it. this is live coverage here on c-span2. [inaudible conversations] ♪ [inaudible conversations] ♪ [inaudible conversations] >> good morning, ladies and gentlemen, thank you so much for joining us this morning at the knight conference center here at the newseum. i'm amy washman with the peterson foundation. throughout the program today, we're going to be polling the audience. we'd like to get your opinion and get you involved in the discussion on stage. so i just briefly wanted to make sure that everyone who has a smartphone has scan

we should watch for paul volcker tomorrow on some news potentially about how that regulation is actually going to shape up today. >> thank you, kayla. all right. groupon a big winner today, up 11%. the report says the board is looking to replace the ceo, andrew mason. today, mason spoke out about that report. it was interesting to say the least. julia boorstin has the details. >> that's right. interesting to say the least. ahead of a board meeting tomorrow, groupon ceo andrew mason took the stage at the business insider ignition conference to give a frank assessment of his job performance. here's what he had to say. >> here's a news flash. our stock is down about 80% since we ipoed a year ago. it would be weird if the board wasn't discussing whether i'm the right guy to do the job. we're experiencing that volatility now as we predicted when we did the ipo a year ago. if i ever thought that i wasn't the right guy for the job, i'd be the first person to fire myself. >> and mason would have to fire himself, as long as he maintains the support of follow board members, the three of them toget

. >> former federal reserve chairman alan greenspan and paul volcker are part of a forum on the fiscal cliff, which will start in january unless congress reaches a deal. we bring you that live starting at 8:15 eastern on c-span 2. >> vice president for literally 82 days -- the truman, he presided over the senate. now the vice president does not bother unless there is a vote needed to break a tie. he said that is my job. he never learned anything from fdr -- a transition with 0 knowledge. that does not happen anymore. a phone call from the white house -- went to the phone right away, picked up the phone, said, get to the white house as soon as you can. so he grabbed his hat and dashed out and he had a car, of course. he went to the white house, was taken upstairs to the second floor, which was the family for. met by eleanor roosevelt -- he looked up and he said, harry, the president is dead. he was in total shock. he said, what can i do for you? she said, harry, what can we do for you? you are in trouble now. >> from his early life through his presidency, a look at the left of harry tru

that would actually make it more unstable and paul volcker said not a single financial issues that led to the american economy except the atm machine. but that is the british invasion of. [laughter] >> with their raise my the from $1 above $3. [laughter] >> that is another example. taking advantage of the efficiencies of corporate government to reduce the corporate income note evidence there that much more productive and ceos of other parts of the world. but they are better at getting a larger share of the pie. but your economy half's to be more efficient is spent on their salaries. >> host: there roughly divides in about half the first was the legacy of the new deal with the era of corporations to see themselves as the coalition stakeholder with very strong labor union and the second arrow which this financial capitalism, a deregulation, and there is a widespread belief and they just know that transition led to the explosion and it made ever pretty better off. but that was not true. but that spread to the general population. my complaint about occupy face that fact cup to the owe it i

here's what paul volcker had to say in this exclusive interview. >> we're in for quite a few more year. the debt crisis in europe is not something that has been built overnight, so it won't be a solution overnight either. but also the positive trecnds ae there to stay. it is a dynamic that will be positive for a long time. i'm always an optimist. i think you have to be. >> and you're hoping the emerging markets will continue to drive growth. in fact that's the difference in comparison because it's really been your emerging market growth driving sales for you. but i want to pick up on that because we've actually seen in asia, africa, sales down. you also believe china because of the way the chinese economy has slowed down as not delivered as per your expectations or its true potential. what are your thoughts as far as india is concerned and the emerging market in general? >> the emerging markets are really emerging. i see a refreshing embracing their own destiny that we didn't see in the past. this is a very, very strong dynamics that will come over time. we get used to double digit gro

all the participants included a former fed share alan greenspan -- chair alan greenspan and paul volcker. >> how many of the note how much of their lives and have put into this country? you are heroes and patriots. thank you. [applause] >> all of us who are involved in this effort, we stand on the shoulders of peter peterson. if pete did not pave the trail, we would have no effort to fix the debt or bring about long- term fiscal responsibility and reform. [applause] >> i started with this marvelous man over 30 years ago, when he said we got to do something about the solvency of social security. i said, pete, am i to do that? and then we did the danforth- kerry thing. he wrote a beautiful book. here is a guy -- persistence, loyalty, patriotism. he takes a lot of flack, but he is the prince. we are on witness protection. you are the prince. [laughter] >> thank you for that. >> have chatted with you several times when the commission first started, when you released it, i could listen to you talk about these issues. i wanted to jump in and get your sense of where we are, because as we speak,

paul volcker, the head of the federal reserve during the carter and reagan administrations, has giveneat deal of credit for very successful discharge of those responsibilities, led a commission dedicated to examining the decline of prestige and public service, and in their words, revitalizing public service. among their concerns, they found in surveys with federal government managers and executives, many of them said they would not recommend governmental service to their children. they also found a lot of college students were expressing a lack of attraction to governmental service. were not very interested in it. they sought it unfavorably. -- saw it unfavorably. so embedded in our culture is criticism of government, so how do we keep that in perspective and keep it from damaging the people in government and organizations that serve us? i do not have a perfect example, solution, but i have a few suggestions. let me talk about some other pressures. here i go again trying to introduce a catchy phrase. competing crises make management go missing. one of the concerns we have in public ad

with a couple of former federal reserve -- former federal reserve chairman alan greenspan and paul volckereenspan talk about the need for increased taxes as a part of the solution to the fiscal cliff. >> we aren't going to solve this in the next seven weeks, nine weeks, whatever we have. it's going to take some time. we have to deal with the short-run problem sitting here with the sequester so that has to be dealt with in terms of the economy. estimate that will take some action on taxes and on horned spending but it won't be the action that shows the longer term problem. that's going to take some time but i wouldn't call that kicking down the road. it's going to be the tax system in a convincing way to put restraints on spending that's going to deal with the deficit over years ahead. >> and you, dr. greenspan. >> there are two separate issues here but we have to recognize how we solve the short-term issue is going to affect how we address the longer term, and my main concern is that we don't recognize how does a good of a problem this is going to be. we have picked all of the low hanging

we'll ask former fed chairman paul volcker and latest read on employment and jobless claims and gdp datastern. fortunately we've got ink. it gives us 5x the rewards on our internet, phone charges and cable, plus at office supply stores. rewards we put right back into our business. this is the only thing we've ever wanted to do and ink helps us do it. make your mark with ink from chase. [ male announcer ] you are a business pro. governor of getting it done. you know how to dance... with a deadline. and you...rent from national. because only national lets you choose any car in the aisle... and go. you can even take a full-size or above, and still pay the mid-size price. this is awesome. [ male announcer ] yes, it is, business pro. yes, it is. go national. go like a pro. syou know, i've helped alot ofof people save a lot of money. but today...( sfx: loud noise of metal object hitting the ground) things have been a little strange. (sfx: sound of piano smashing) roadrunner: meep meep. meep meep? (sfx: loud thud sound) awhat strange place. geico®. fifteen minutes could save you fifteen percent

the federal reserve chairman alan greenspan and paul volcker held a forum on the fiscal cliff. we will bring the event to you live starting at 8:15 eastern on c-span 2. the house and senate intelligence committee held meetings looking into the libya. next we hear from house select intelligence committee ranking member, diane feinstein and the vice chairman. >> do you still talk with an accent? i think what is important about the hearing is the fact that members of the intelligence committee were able to get a lot of facts. i think what really occurred as far as benghazi was concerned, we went through a timeline. we went through representatives , the cia, and the fbi, and i think when members were able to see the time line, the sense was still the same. you have a group of extremists who took it vantage of the situation, and we lost four american lives. there were representatives from outright debt and other groups. -- from al qaeda and other groups. you had individuals with the ability to shoot mortars, and i think it shows it was a terrorist attack of sophistication. whether t

former fed chairman alan greenspan will be joined by paul volcker. we will also show you a portion from the chairs of the simpson- bowles commission. together, these are about one hour. >> major economic events in your careers. what would be the impact on the economy if we go over the cliff? what if policymakers kicke the can down the road for several months but failed to address the gap between revenues and spending policies and fail to stabilize the long term debt? >> i think may be too much is made over the cliff business. we will not solve the long-range problem in the next seven weeks. it will take some time. we have to deal with the short run problem. we have the big sequester and tax increase. that has to be dealt with in terms of the immediate economy. i think that can be done. that will take some action on taxes and spending. it will not be the action that cures the longer-term problem. that will take some time. it will take some time to redesign the tax system and put restraints on spending that will deal with the deficit over the years ahe

other participants included alan greenspan and paul volcker. >> how many of you know how many lives have been put into this >> there is no way we can thank you enough. [applause] >> all of us involved in this effort, all we stand on the shoulders of pete peterson. >> i started with this marvelous man over 30 years ago when he said the have to do something about the solvency of social security. then we did that cda -- danfort thing. he wrote a beautiful book. persistence, loyalty, patriotism. he takes a lot of flak but he is a prince. >> i have chatted with the two of you several times when the commission first started. i could easily sit here and listen to you talk about these issues. but i wanted to get your sense of where we are now. as we speak, the president is meeting with john boehner, the first face-to-face talk. in december 2010, you called your plan the moment of truth. almost two years later, but moment are we at now? >> i think this is the magic moment. a moment when our generation has the chance to really do something about this problem that we created. it is our generation t