for what he did and the -- we have a lot to owe to paul volcker. under death threats. politicians had failed miserably to break inflation because they had focused on political lines instead of economic winds and it underscored the independence and the need for the independence of the federal reserve. guy: you talk about the lower level of economic volatility he created. one of the derivatives of that was higher asset prices, lower inflation is -- lower inflation. in some ways the great recession we went through in 2007 to 2008 was the unfolding of that. to what extent do you look back and look at the period post paul volcker and think of the risk that many are still building up in our economic system? diane: it is a great question and one that was not lost on paul volcker. he was pushed out as fed chairman because of his views on deregulation of the financial services industry, which whether they are true or not, many now blame for some of the problems we saw in 2008. although there were a lot of controversy over what was later called the paul volc

viviana: former federal reserve chairman paul volcker has died. he broke the back of u.s. ring the 1980's. later, volcker led president n the's efforts to rein i risk-taking of commercial banks, called the volcker rule. in an act of terrorism -- an act of terrorism is how authorities are treating be shooting at a sickle to come a station -- at a pensacola, florida naval station. the gunman was in the u.s. to learn to fly. some republicans want the program he was training in temporarily suspended. north korea is taking a personal swipe at president donald trump, saying his recent comments make "heedless ande a erratic old man." the statement by the north korean official coming at of pyongyang's self-imposed year-end deadline for a breakthrough in nuclear talks. on sunday, mr. trump tweeted north korean leader kim jong-un was, "too smart and had too much to lose." russia has been banned from the lmx and other international competitions for four -- from the olympics and other international competitions for four years for doping after officials covered up the use of substances

paul volcker was the last central bank of america to do the job of what the central bank was designed to do take away the punchbowl when the specular friends you got to crazy he was the last to do that since the time we started greenspan they've only had one policy response to every single economic event that ever comes out of the pike and that is to lower rates and print more money that's the only thing they ever do and they don't try to do anything other than that to the they can tell in effect feed their friends billions and billions of free money and interestingly enough every federal reserve chairman sense paul volcker has as far as the physical dimensions he was i think 6 foot for every single one has been progressively shorter with janet yellen being the shortest of all so that's kind of interesting and also in the area of central banks with volcker gone was really the. this idea of kind of price discovery as it relates to markets as well so now we all we have now is we don't have price discovery we have what's called mark to model so usually assets are marked to market to say

, but even afterwards paul volcker was a major political influence right on up through barack obama. the volcker rule and all of the things. he never once gave up on policy. i mean, he started with at least with him was in 1970 in the white house and he was a masterf ul person at that time as well. i thought his advice was extreme ly good on monetary policy when he was undersecretary of the treasury and when then he implemented it, it really works. i just wish he hadn't been so tall. i had to lean up into the sky to get to him. neil: he was a very tall guy and you mentioned the volcker rule and his concern and he expressed this in the last interview we had some time back that banks would become too aggressive with their investment activities and the like and there had to be a way to separate that but he was always afraid that he could re visit bad things if he gave them too much power. what do you think of that? >> i don't think he was right on that at all. i mean, you know, when you takeaway an opportunity to make losses, you also takeaway an opportunity to make profits as well. i t

reporter: as'7", paul volcker was known as tall paul.arter chose him to head e federal reserve in 1979 win at the u.s. faced runaway inflation. to bring prices under control, paul volcker, never without a cigar, choked off the money supply driving up interest rates to discourage lending and he defended the pon the mcneil lehrer report. >> to get interest rates down, you have to stop activities that will continue to bring the inflion rate down. he figured what have the desired effect as they did but they caused a deep recession and unemployment. homebuildersent him there protests scrawled on wooden planks but he stood tall. >> you cannot deal with the problem by saying we will lead inflation go ahead. reporter: his policies may have caused carter threelection. but today the president saie that while s his polys were politically costly they were the right thing to do. by 1983, c inflation he down dramatically and president ronald reagan reappointed paul volcker as fed chair though they soon crashed -- clashed over the growing deficit. pa v

paul volcker served as federal reserve chair from 1979 to 1987. he accomplished many things during his long and distinguished career at the fed and elsewhere. of course, he is best known for

paul volcker served as federal reserve chair from 1979 to 1987. he accomplished many things during his long and distinguished career at the fed and elsewhere. of course, he is best known for leading the fight to tame the double-digit inflation that he inherited as chair, thus laying the foundation for the prosperity and price stability we enjoy today. but what is perhaps most admirable about him -- more than his many accomplishments-was his character. he believed that there is no higher calling than public service, and he dedicated the lion's share of his life to it. with courage, integrity, and tenacity, he always pursued the policies that he believed would ultimately benefit all americans. my colleagues and i continue to draw inspiration from his example. turning to today's meeting, my colleagues and i decided to leave our policy rate unchanged, after lowering it a total of 3/4 of a percentage point at the previous three meetings. as always, we base our decisions on judgment of how best to achieve the goals congress has given us maximum employme

paul volcker was 92 years old. global news, 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. i'm mark crumpton. this is bloomberg. vonnie: and at 6:00 p.m. in hong kong.0 a.m. in i'm a vonnie quinn. welcome to "bloomberg markets." from bloomberg world headquarters, here the top stories from around the world that we are following. we are on the cusp of a busy week with a lot of potential catalysts from the fomc meeting to the looming america-china tariff deadline. plus, the u.s. winter flu season is off to its earliest start in more than 15 years. we will tell you how fact -- how vaccine experts are preparing. brownbrown of bobby cosmetics will join on her latest venture. we also have lots out of washington, d.c. kailey leinz is with us. halfway into the trading day. really range bound. kaylee: we are firmly in the red with the s&p 500 and nasdaq. the dow is in the red by .25%. it is on lighter volume than usual. investors holding back on

volcker rule." for the newshour this is paul solman. >> woodruff: paul volcker was 92-years-old.come on the "newsur," a bluster trove of documents unveils the lies undergirding the war in afghanistan; amy walter and tamara keith on the moves from the democratic campaign trail; and singerlalate songwriters morisette's "jagged little pill," a milestone of '90s rock opens on broadway. >> this is the "pbs newshour" and in the west from the walter cronkite school of journalism at arizona state university. >> woodruff: this is a blockbuster story, the years of several years of reporting and legal pursuit of government documents. for the last 18 years, according to the government reports obtained by "the pos" senior u.s. officis have been misleading the american public fghanistan.ar in a john yang has the story. hn yang has the story. >> reporter: judy, it was "lessons learned," a project started by a special inspector general tasked with probing u.s. operations in afghanistan. and those lessontell a very different private story-- one of misguided and fatal dyunction that violently cont

. >> so this wouldn't be -- my response will not be about paul volcker, but so you started with paul volcker. if you look back at 2018, i will just take you back to the beginning of 2018, we had an economy growing at 3%. we had inflation at 2%. and we had a trillion and a half dollars worth of stimulus arriving and the federal funds rate was 1.4%. so it wasn't that -- so we moved policy up during the course of the year. we never got policy even at the level of what we thought the neutral rate was at the time. so there was no sense of it being restrictive. we took steps to make it less accommodative and that seemed to be the right thing. it still seems to me to be the right thing in hindsight. the idea that we were trying to, you know, slow the economy down, we were really just trying to get near neutral and even with the last rate increase a year ago, we were still meaningfully below the median estimate on the committee of what the neutral rate was, so policy was always accommodative during the course of that year. i think what's happened is obviously the facts on the ground have chan

paul volcker, dead at the age of 92. kevin: this is "balance of power."evin cirilli in washington. vonnie: i'm vonnie quinn in new york. ukraine's president volodymyr zelensky campaigned on bringing peace to crimea. today in paris, he is getting his first shot at delivering on that promise. he is meeting with vladimir putin for the first time in the so-called normandy format alongside french president emmanuel macron and angela merkel. for more insight, joining us is michael bossel q. former spokesman for the organization for security and cooperation in europe. it is phenomenal just the position of pictures. you have closing arguments in the impeachment inquiry. on the other, you have these leaders gathered in paris. what would be the hope for this meeting? do you have any hope? you.el: good to be with of course, the hope is to bring peace finally to eastern ukraine after five years of violence which has caused -- cost 14,000 lives, billions of dollars of infrastructure damage and millions displaced. zelensky, key campaigned on bringing peace to eastern u

. >>> paul volcker the former chairman of the federal reserve died.of the fed from 1979 to 1987 under former president jimmy carter and ronald reagan. he was best known for raising interest rates to 20%. helped by rampant inflation but also significantly impacted american manufacturing and real estate. still paul volcker was credited with helping to start two decades of economic expansion he would resurface have a present economic following the recession in a statement today former president carter called paul volcker a giant public > for nearly 50 years carol spinney gave byrd his childlike voice and oscar the grouch his growl. the voice actor in puppeteer behind the sesame street care is died yesterday at his home in connecticut. he was 85 years old. spinney voiced and operated the two moppets from their inception in 1969 and performed with them almost exclusively until just a few years ago. >> the child who is eight feet tall or oscar whose about two foot eight and lives in a trashcan. it is so much fun to them. >>> spinney died on the same day tha

a lot of quality to pay homage to paul volcker.ate about speaking of those who follow do you including mr. draghi, and christine lagarde is in frankfurt at the ecb. what is the challenge presented to met on lagarde in europe with -- med down lagarde -- madame lagarde in europe with central banking? jean-claude: she has to cope with all the central banks' problems in the economy -- abnormally low growth, abnormally low inflation, and deflation of having a risk. she has to cope with that in the constituency of the central banks. alsop of that, she has to remain a strong pillar for the european unity endeavor, for the bold endeavor. that proves the essence in the recent crisis, and it is still of the essence. she has experience. she has been minister. she has had the experience of andimf during several years she was reappointed as chair, managing director of the imf. qualities tohe cope with this double challenge. francine: when you look at the divisions within the ecb governing council, does it hurt the transmission mechanism? should

paul volcker was 92 years old. we'll be right back. most people think of verizon as a reliable phone company. but to businesses, we're a reliable partner. we keep companies ready for what's next. (man) we weave security into their business. (second man) virtualize their operations. (woman) and build ai customer experiences. (second woman) we also keep them ready for the next big opportunity. like 5g. almost all of the fortune 500 partner with us. (woman) when it comes to digital transformation... verizon keeps business ready. yeah. only pay for what you need with liberty mutual. only pay for what you need with liberty mutual. con liberty mutual solo pagas lo que necesitas. only pay for what you need... only pay for what you need. ♪ liberty. liberty. liberty. liberty. ♪ liz: breaking news. the pentagon hosting a discussion right now on the battlegrounds of the future, including cyberspace and outer space. this event has just begun and there are major business implications here, and they don't just swirl around money. at a national defen

against court in new york thank you he advised us leaders from richard nixon to barack obama now paul volcker former federal reserve chairman as died at the age of 92 mr volcker tackled us inflation in the 97 days navies and later lent his name to trademark with forms of wall street headed the u.s. central bank from 979-2987 the grandson of german immigrants was born in cape may new jersey his father says he died from complications related to prostate cancer. the head of the world trade organization has announced the launch of quote intensive political negotiations to salvage the apple a branch of the body's internal court system the. appeals panel sometimes dubbed the court of world trade will no longer have the needed quorum of 3 judges as of midnight on tuesday due to mandatory retirement and the united states has blocked the appointment of new judges accusing the court of serious overreach and breaching u.s. interests the man is not for budging and on left as an 11th hour breakthrough the face of the world trade organization top of course has been sealed the u.s. ambassador to the w t o d

i think most of the people that look at inflation are thinking still back to the arthur burns-paul volckerrea of inflation. so much competition out there. back then when they were fighting inflation, when paul volcker was at 10% inflation, there was no internet. you can go around and chop easily for prices. who has pricing power anymore? i talked last week that there is basically one duopoly out there, boeing and airbus. that's it. as far as wages to move their point, they've grown the faste fastest. which people don't point out. the final point i want to make is last i looked, there was like $5 trillion on the sideline so people that were afraid to go into the market, that's the flip side of my fear argument. >> last week 6 billion of it came in. we have to leave it there, merry christmas. we very much appreciated. also that brings chances in 2020 way up, and we will be right back. sweetie! hands off the glass. ugh!! call geico and see how easy saving on homeowners and condo insurance can be. i love her! quite a few of them fell on their political swords. it looks like maybe some of them

. >> i had honor of going to paul volcker's funeral today to add to andy's point about reaganomics and what happened in 80s. idea yesterday you could listen to a leader people talk about paul volcker, he instituted idea of capitalism through good and bad times. david: milton mea milton friedmo love the phrase free to choose. >> elizabeth warren with her push for medicare for all. >> we'll push through health care that is available on everyone, you don't have to, but it is your choice if you want to come in get full health care coverage. david: i don't know, andy, is it too late to turn her support. >> she will say whatever she has to say to get votes, she has no shame, she is economically illiterate and intellectually arrogant, it comes across in all her plans, medicare for all plan was ridiculous, the taxes she you would impose to put it in place were absurd, and everyone knew that. with private equity, her 2 cent tax -- wealth that would be 100% tax on people who are wealthy, these are ridiculous policies, medicare for all, i think drove the stake in but her policies in general are a

we need to take a moment here on the extraordinary set of remembrances of paul volcker.t essay on it. you at goldman sachs, what was it like on a trading desk with 11%, 12% inflation? jim: kind of scared of it. -- you talkalks about fed watching, that is kind of when it started. thursday nights with m2 money supply. remember the likes of lacey hunt? for many months, the guru, being accurate on each week's numbers, and the markets would move like -- tom: because of the money illusion, the lack of theory, is there any comparison with the quietness of now? jim: there were two big reasons why it was such an exciting time to one was the beginning of the attempt to crack the inflation bubble, so it opened up all the -- particularly in the currency huge -- io you get remember in my days in new york, the dollar deutschmark moved by 25 big figures in a day. tom: the lebanese pound was a major thing. you imagine the life of a currency trader today? you would have to catch up on your sleep. thatine: people remember will people remember him for his work on inflation? jim: one of the

former fed chairman paul volcker has died at the age of 92.in charge when the fed tamed inflation in the 1980's and led president obama's big to risk-taking at the big banks. for over half a century, volcker became a one-man cleanup crew. a cure for runaway inflation and a response to the housing collapse that triggered financial crisis. hong kong is facing its worst ever economic slump, with thousands of jobs under threat. shops preparing to close down forever. a survey by the retail management association says about a third of respondents are laying off staff, while more than 40% expect to go out of business in six months. months of unrest has pushed hong kong into recession, affecting tourism and hospitality hard. taiwan's exports rose the most in more than a year on higher demand from china, highlighting the status from a crucial chip supplier in the rollout of 5g. outbound shipments climbed 3.3% last month, the fastest pace since october last year. economists had been exciting an increase of about 1%. deliveries in china rose 8% and almos

paul volcker is one of the reasons the u.s. economy has remained strong the past 40 years.hank you. remember, if you have your own hit or miss, be sure to tweet it to us at jer on fnc. that's it for this week's show. thanks to my panel and to all of you for watching. i hope to see you all here next week. ♪ eric: a historic showdown looming after the house judiciary committee approved two articles of impeachment, democrats charges president trump with abuse of power and obstruction of congress. as you know, that sets the stage for a full house vote that is expected to come next week. whether or not to impeach the president for only the third time in the history of our nation. no surprise, the historic and controversial of move sparking strong reaction from >> i think that the whole impeachment think, hoax i think you could call it, it is a hoax. nancy pelosi knows

paul volcker is one of the reasons the u.s. economy has remained strong the past 40 years. thank you. remember, if you have your own hit or miss, be sure to tweet it to us at jer on fnc. that's it for this week's show. thanks to my panel and to all of you for watching. i hope to see you all here next week. there will be a historic week on capitol hill. a full house and vote on impeaching president trump just days away. the president now facing the possibility of becoming the third president in our history to be impeached. hello everyone. this is a brand-new hour of "america's news hq".

paul volcker is one of the reasons the u.s. economy has remained strong the past 40 years.fnc. that's it for this week's show. thanks to my panel and to all of you for watching. i hope to see you all here next week. everybody maria's wall street begins now. maria: and happy weekend everybody welcome to the program that analyzes the week that wasn't helps position you for the week ahead. i am maria great to be with you this weekend. coming up in just a few moments ceo of firm, maps election is our special guest. joining to talk about how a firm is disrupting the credit card industry. also asking about private evaluations and everything else. first big story of global headlines sending markets into record territory. phase i deal between the u.s. and china, and election victory for boris johnson in the uk,

you know, one of the great passions that paul volcker had was defense of the fed as an institution ande fed's independence he bristled back in the '80s when privately they expressed some sentiment of -- in the white house of how they wanted him to behave. i could only imagine if the president of the united states was publicly getting up and declaring a fed chair to be a dope, to be an enemy of the state and all of this kind of stuff. i think, boy, they would have -- that would have been a battle royale even late in his life, it really upset chairman volcker, that the fed had lost some step of independence. >> in an era where it is very easy and very convenient to criticize public officials, he put public service first right? >> yeah, he did. >> that was his life. >> he started -- that was his life, and he started this volcker alliance, which is about trying to encourage people to do public service and to improve the efficiency of public servants who knows? is it that society has changed is that we don't make people like that anymore? but he was a person who was dedicated to the public

he went to wall street, he climbed all the way, but also with a job working for paul volcker. tune in, apple, google, fox news pod casts.com. if you are baking or cooking or packing for the holiday, ask alexa to play everyone talks to liz. "the claman countdown" is coming right back. liz: 2019 certainly not the year of the crypto. bitcoin staging a comeback over the first six months of the year. that looked great. recent intraday high of 13,850 per coin, back in june, just a week after facebook announced its controversial libra crypto project. but a series of subsequent slams against virtual currencies by d.c.'s top brass including fed chair jay powell and president trump virtually wiping out those gains. yes, it is up $521 right now, but at $7,137 per coin, it's a 50% drop in value since the june annual high. >>> connell, bitcoin. boy, that was a big story last year. it started to look good, didn't happen. connell: no. that was an -- that chart at the beginning was really something else. i remember those days. crazy days for bitcoin. coming up at the top of the hour, we will

as we head tas we had toas we hr federal reserve chairman paul volcker has died.e elevated interest rates to historic ties to try to stop double-digit inflation. his actions are blamed by some for causing a deep recession but inflation did eventually received. 20 years after that, another economic crisis, he became an advisor to then president obama. paul volcker was 92. that's why i've got the power of 1, 2, 3 medicines with trelegy. the only fda-approved once-daily 3-in-1 copd treatment. ♪ trelegy ♪ the power of 1,2,3 ♪ trelegy ♪ 1,2,3 ♪ trelegy woman: with trelegy and the power of 1, 2, 3, i'm breathing better. trelegy works three ways to open airways, keep them open and reduce inflammation, for 24 hours of better breathing. trelegy won't replace a rescue inhaler for sudden breathing problems. trelegy is not for asthma. tell your doctor if you have a heart condition or high blood pressure before taking it. do not take trelegy more than prescribed. trelegy may increase your risk of thrush, pneumonia, and osteoporosis. call your doctor if worsened breathing, ches

his legacy, because he slayed stagflation. >> i got to tell you, it puts chills, paul volcker is my hero. i have an autographed picture in my office. i had the chance to meet him and work with him 20 years ago. he's truly a giant of 20th century economic policy. one of the top two or three economic policy men of the last hundred years. absolutely will be missed. an incredible individual of integrity, honor. it was a privilege to have a chance to work with him. liz: richard clarida, vice chair of the federal reserve, happy holidays. thank you for joining us. he says it's the strongest consumer atmosphere he's seen in his professional life. richard clarida. >>> we are coming right back. the dow still really kind of straddling the flat line, up five points. we have so much more ahead. we will check a whole bunch of metrics and stocks you might own. don't go away. >>i'm searching for info on options trading, and look, it feels like i'm just wasting time. wasted time is wasted opportunity. >>exactly. that's why td ameritrade designed a first-of-its-kind, personalized education center. see, yo

to begin i would like to say a few words about paul volcker passed away earlier this week.soared served federal reserve chair ferry 1979 to 1987 accomplished many things during his long and distinguished career at fed and elsewhere, of course, best known for leading title to tame double-digit inflation inherited as chair laying foundation for the prosperity price stability we enjoy today. but what is perhaps most admirable about him more than many accomplishments was character he believed there is no higher calling than publics, and dead indicates lion's share of life to it, with encourage, integrity tenacity he always pursued policies that he believed would ultimately benefit all americans. >> my colleagues and i continue to draw inspiration from his example. turning to day's meeting colleagues and i did is to leave policy rate unchanged, after locker it total of three-quarters of a percentage point previous three meetings we based decisions on judgment of how best to achieve goals congress has given us maximum employment price stability. economic outlook remains favorable

. >> paul volcker has died. , threemer chairman decades later, led barack obama's bid to rein in perrry risk-taking. the age of 92.at what did he invent? way they carrye out monetary policy. weekhad to figure out in a to week basis, where they thought the fed rate would be trading. that was a different way of doing and. it ended when voelker left. the was his contribution to mechanics of monetary policy. ♪ to see whereking you think nine different asset classes end up around this time next year. put your reputation on the line. about 30,000 functions in the bloomberg and we always enjoy showing you are favorites. here is another you will find useful. it will take you to our quick takes where you can get insight into timely topics. here's a quick take from this week. andhitty chitty bang bang, harry potter, all feature something people have been dreaming about for decades, flying cars. to ask, aretural they next? although jetsons style family flight is still decades away, their taxis could be in wide use by 2030. they would be less like a flying car from the movies and more like a hob

juliette: i want to get your thoughts on former federal reserve chairman paul volcker who died of theeekend, and pushed big regulations after the financial crisis. dr. roache: very sad news. he left an important legacy. his most important legacy was that he did recognize that for many other people inflation expectations were key to stabilizing inflation, and stabilizing an economy, and allowing monetary policy to work. he took the necessary actions in the 1980's which were costly, but in hindsight worked fantastically well and provided us for three decades were monetary policy in the united states was incredibly effective. you, dr. shaun roache, chief economist, apac, s&p global ratings singapore. coming up on "bloomberg markets: asia." spendarabia expects to saudi aramco proceeds on the domestic economy. this is bloomberg. ♪ juliette: saudi arabia has unveiled a fiscal program that marks a shift away from stimulus that helped economic growth to the fastest since 2015. the finance minister spoke to bloomberg about the saudi aramco ipo. 2020 is an exciting year if we continue to access

paul volcker sadly passing away a couple of days back.does this business benefit from the volcker rule which he pioneered and pushed through and took his name? it took a lot of regulation on banks. reporter: volker isn't meant to restrict market-making by banks necessarily, but that has been one of the effects. market-making in some ways is a difficult business to define, so a lot of people have said that banks has pulled back because of the volcker rule. nonbanks like citadel securities don't need to worry about it. they've been able to continue trading and take market share from the banks. as ae: it started off high-frequency market maker in options before pushing into equities, and now it literally dominates the realm. it handles more than one out of every five shares traded in the united states. what is the secret to the success? did ken griffin just get in early enough to dominate? reporter: i think the hedge front -- the hedge fund really helps. it allows them to kind of see risk more holistically than some of the traditional market

. >> paul volcker has died.federal reserve chairman who backed -- in the 1980's, three decades later led barack obama's bid for proprietary risk-taking. it was known as the volcker rule. he passed away yesterday in new york at the age of 92. what did he invented terms of monetary policy? >> he change the way the federal reserve went out -- carrying out policy. they targeted the level of money supply which created a whole new class of employees that wall street firms. they had to figure out on a weekly basis as best they could rate wouldd's funds be trading just by watching the money supply. that was a different way of doing it, it ended when volker left and they went back to the old system. that was his contribution to the mechanics of monetary policy. ♪ >> the 2020 asset survey is over. we are looking to see where you think different asset classes around this time next year. rosalind: there are about 30,000 -- on the blueberry. we always enjoy showing of our favorites. here's another function, q uic go. that wi

a lot of the banks contend that some things paul volcker took away is not going to come back.nnot pay these traders like they used to. and also it is really hard for banks with the capital constraints they have to be what they were pre-prices. joe: now, a quick check of the latest business flash headlines. growing signs of confidence of u.s. steel. they have raise prices for some products. that is the third increase in less than two months. prices are steel futures on the you -- on the new york mercantile exchange have rebounded 14% from a three year low in early november. chevron's plan to write as much as $11 billion in assets and being oil -- has manye-down wondering if exxon mobil is next. exxon made a strong play in u.s. natural gas about a decade ago. energy prices have tumbled. exxon is not commenting. that is your business flash update. coming up, british voters heading to the polls. we discussed the u.k. general election next with heather conley from the center for strategic and international. this is bloomberg. ♪ this is bloomberg. ♪ beyond the routine checkups. beyo

. >>> new this morning paul volcker former chairman of the federal reserve bank has died.r more than 50 years. he worked in the treasury department under john f. kennedy. he served on brock obama's economic recovery advisory board. his career spanned 10 presidents. his daughter confirmed he died. former fed chair paul volcker did the age of 92. >>> pg&e has agreed to pay survivor's $13.5 billion. attorneys representing many of the survivors of the north bay wildfires 2015 through 2018 held a meeting in santa rosa to provide details of the settlement. the lost their homes say they have questions about the process to receive payment. >> what is the criteria, the time, and what is the range of the payments? that's what i can for today. >> $6.75 billion cash. $6.75 billion in stock. they will go into a trust fund established for all the victims. >> the deal took three years to put together. attorneys say things go according to plan survivors could start receiving payments late next year. >>> happening today bay area ups drivers and some fedex drivers say they will stop working

. >> paul volcker has died.later, led barack obama's bid to rein in proprietary risk-taking. he passed away yesterday at the age of 92. what did he invent in terms of monetary policy? >> he changed the way the fed would carry out monetary policy. they targeted the level of the money supply, which created a whole new class of employees at wall street firms. they had to figure out in a week to week basis, where they thought the fed rate would be trading just by watching the money supply as well. that was a different way of doing it. when volker left and they went back to the old system, that was his contribution to the mechanics of monetary policy. ♪ ♪ >> the bloomberg in live asset survey is not open. we are looking to see where you think nine different asset classes end up around this time next year. you can visit the website to get your forecast in and put your reputation on the line. rosalyn: there are about 30,000 functions on the bloomberg and we always enjoy showing you are favorites. here is another you wi

. >> paul volcker has died. barack obama's bid to rein in proprietary risk-taking at commercial banks, in what was described as the volcker rule. he passed away yesterday at the age of 92. what did he invent in terms of monetary policy? >> he changed the way the fed went about carrying out monetary policy. instead of targeting interest rates, they targeted the level of money supply which created a whole new class of employees at wall street firms. fed watchers who had to figure out on a week to week basis as best they could where they thought the funds rate would be trading from watching the money supply as well. that was a different way of doing it. it ended of course when volcker left, and they went back to the old system, but that was his contribution to the mechanics of monetary policy. ♪ ♪ >> the bloomberg mliv asset survey is now open. we are looking to see where you think nine different asset classes end up around this time next year. you can visit the website to get your forecast in and put your reputati

paul volcker was 92 years old. >>> attorneys representing many of the survivors of the north bay wildfires15 through 2018 held a meeting in santa rosa yesterday to provide details on the settlement. people who lost their homes say they have questions about the u? what's the time? and what's the range of those payments? that's what i came for today. >> $6.75 billion cash. $6.75 billion in stock will go into a trust fund that is established for all the victims. >> the deal took three years to put together. attorneys say if things go according to plan, survivors could start receiving payments late next year. >>> bay area u.p.s. drivers and some fedex drivers say they're honor frankrt working at 2:00 ordonez, the u.p.s. driver who was killed on a florida highway during a shoot-out between police and the two men who carjacked the delivery truck. his family is demanding answers on why the shooting happened at all. >> the way the police handled the situation, it was a nightmare. >> where was the s.w.a.t. team that normally handles all the hostage situations? where was the lost sniper? where was t

in the former chairman of the federal reserve paul volcker has died at the age of 92. he is best known for waging war on inflation during the 1980 prosperous delivered a shock therapy that drove the economy into a deep recession and crate of widespread unemployment. interest increase in rates also created a debt crisis that devastated latin america. he later went on to serve as chair of preresident o obama'ss econonomic recovery advisory board,d, convincncing lawmakerso impose minor restrictions on big banks, measure known as the volker role. and those are some of the headlines. this is democracy now!, democracynow.org, the war and peace report. i'm amy goodman. we're broadcasting from inside the united nations climate change conference here in madrid, spain. the media advisory came in yesterday -- former new york city mayor and 2020 presidential candidate michael bloomberg would be speaking at 4:00 p.m. madrid time at the u.s. climate action center here inside the u.n. climate summit. also speaking would be actor harrison ford and bank of england governor mark carney,

the death of paul volcker the former head chairman saved the american economy in the '70s and early '80s by raising rates to fight inflation and did so to the point where people lost their homes. many. history will pace him as a hero. the ceo of tik tok canceled planned meetings in washington and he'll reschedule over the holidays. senator marsha blackburn asking what is the reason for the cancti >>> i a new round of tariffs. wall street doesn't like this at all. white house keeps going back and forth as the housing talks are going. congress meanwhile talking about prohibiting cities from buying cars. cal train uses a mix of canadian and japanese cars and b.a.r.t. uses purely canadian and smart cars are japanese. muni, interestingly enough, itali italian. fun to research all these different train cars. i don't know why muni stands alone. >> they got a good deal. thank you, scott. >>> check your refrigerator before you have your lunch today. the cdc is sounding the alarm on a new e. coli outbreak. this one involves fresh express. the kind of salad that has a sunflower crisp chop salad.

. >> former federal reserve chairman paul volcker has died he headed the central bank from 1979 to 1987 when he took over, the economy was suffering from runaway inflation. he pushed interest rates to historic highs to tame it, but that triggered a recession he is widely regarded as one of the most successful central bankers in history paul volcker was 92 years old. you are up to date that's the news update for this hour contes contessa, back downtown to you >> sue, thank you very much for that >>> tesla under fire after another auto pilot-related crash and phil lebeau has the details and the potential fallout. >> can contessa, this happened on friday in connecticut it involved a tesla model 3, where the owner was apparently dealing with a dog in the backseat or controlling the dog in some fashion. the vehicle then slammed into a connecticut state trooper's vehicle, as well as another vehicle who the state trooper was stopping to assist we have reached out to tesla for some response about this accident, in terms of, are they investigating? what's going on? we have heard nothing, nothing

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model we've had for quite a few years now which is following the market rather than -- the great paul volcker just passed away this week at age 92 and he was the one that really had control over what the interest rate were and wasn't just listening to the market and if the federal reserve has a purpose it should be to have an outlook and follow it regardless of what the market does. and instead jay powell capitulated and went along with what the bond market said and now the bond market is in sync with the fed you have fed funds rate the same as the two year treasury which means that the fed is now comfortably on hold but what jay powell has done is he raised rates four times in 2018 and cut rates three times in 2019. basically we've gone nowhere just put ourselves on a wild ride which i believe was unnecessary. >> are you against the concept and the idea of an insurance policy because that is what it was. it was taking out an insurance policy unless things got bad because of trade war bee it geopolitical or otherwise and throw brexit into the stew and the uncertainty of knowing how that would

and here was carter in one of his most courageous decisions he appointed paul volcker to head the fedknowing he was going to choke the economy, raise interest rates, raise unemployment to deal with this embedded in inflation and carter said to us, i don't want my legacy to be perpetual high inflation, even if it means my reelection. >> was the hostage crisis the main reason carter lost reelection? would you say yes, no, or is complicated. >> i would say yes, but the risen economic impact. absolutely it was humiliating the superpower could not get john and his colleagues released after 444 days. in by the way, we had several agreements with his prime minister and each time khomeini would veto it. in my opinion, yes, it was the prime reason and the hostage rescue became a matter for for the failure to get the hostages out. that was the thread, in my opinion, that led to his overwhelming defeat, but the point i was also making, steve, there was an iranian there was a domestic economic impact shutting down iranian oil. >> we will talk about the rescue section in a moment. let's go to phil