spriggs. >> dr. spriggs. my reason for that is even in this year, we're going to push up close to $600 billion of deficit spending in a year where just a couple years ago we were going to be 245, 265 this year. somewhere here we're deficit spending like crazy, which functionally is a type of liquidity in the system. plus the accommodative. can you really mike an argument there's not enough liquidity put out in the society in a world with almost zero interest rates? was i mishearing what you were saying here? >> no, you weren't mishearing but it's not putting liquidity. it's actually putting demand into the system. so at the current rate that we're going, we're not getting the level of investment that we should. that's because we have not had our state and local governments in a position to take advantage of the quurnt low interest rates. >> okay. let's back up because demand in the system. does demand in the system come from more saying, let's go borrow more money and build something, or does deman in the sys

spriggs. >> yes, dr. spriggs.each of you will be recognized for five minutes to give an oral presentation of your testimony without objection. each of your written statements will be part of the record. and with that, ms. george, we will recognize -- i'm sorry, we're going to go right in order, i guess. different from my sheet. but dr. lacker, we're going to have you go first. and you're now recognized for five minutes. >> thank you. good morning, chairman huizenga, ranking member moore, and chairman hensarling. i'm honored to speak to the subcommittee about the governance structure of the fed's regional reserve banks. to understand the fed structure, it's essential to understood the fed's purpose. prior to the founding of the fed, the banking system was often unable to adjust the supply of monetary assets flexibly enough in response to the changing needs of commerce. the fed was founded to furnish an elastic currency, in the words in the preamble to the federal reserve act. clearing houses, bank-owned cooperative

thank you for your time. >> with that, the honorable william spriggs is recognized william spriggs is recognized for five minutes. captions copyright national cable satellite corp. 2008 captioning performed by vitac

spriggs. dr. spriggs, in your testimony you discuss how african-americans continue to suffer from overt employment discrimination. as concrete evidence of this fact, you point to evidence that the unemployment experience to better educated african-americans is worse than the unemployment rates for less educated whites. to what extent can and should the fed take such discrimination into account as it sets monetary policy? >> first, thank you, as the ranked member of the full committee, for joining us. when we look before the great moderation, the unemployment experience of blacks with more education looked like the unemployment experience of whites with more education. there was a significant closing of the gap that occurred between the passage of the civil rights act and as we came into the late 1970s, so much so that if you looked at young men who were college educated, there was virtually no difference between being black or white. and that gap was shrinking for other african-americans with

spriggs said there's a lack of demand. as we talk about regulations being too great and the debt being too great. he made the point that, you know, our 70% of our economy depends on people having money so they can spend it. i know in the african-american community, they spend every dime they get. if shops are closing down in african-american communities because they don't have any money. i am wondering what y'all think of what we do with regards to hurting growth in this country. what is your opinion on sequester and austerity and cutting pell grant and so on. i will yield to maybe dr. lacker. >> you ask a difficult and upsetting set of questions. you ask me to stray outside the bounds of federal rate policy. it's hard not to. baltimore is part of my district and thinking about the events that have transpired there in the last couple of years, it's hard not to think about why it is that african-american communities have lagged so far behind despite the last 50 years of efforts, despite the vast array of interventions we ma

some of spriggs' guys at decatur had repeating rifles. i do not give preponderance or raw number of repeating rifles in the 15th, 16th, 17th core. thanks very much, that is worth looking up later. >> we know that the audience is well in need of air-conditioning and hydration when after the first question, the audience is fairly flagged and exhausted. [laughter] [applause] you are watching american history tv. 48 hours of programming on american history every weekend on c-span3. follow us on twitter at the spent history for information on our schedule and to keep up with the latest history news. at 9:00 p.m.ht eastern on afterwards, she talks about her life and experiences as an undocumented immigrant in her book "my underground american dream: my true story of an undocumented immigrant who became a wall street executive." girl, a childe not having your parents with you and only seeing them every few months, you feel like they are a little bit of strangers to you. when i would see my parents they would come bearing lots of presents, and wh

some of spriggs' guys at decatur had repeating rifles. i do not know the preponderance or raw number of repeating rifles in the 15th, 16th, 17th corps. but thanks very much, that is worth looking up later. >> another question. >> we know that the audience is well in need of air-conditioning and hydration when after the first question, the audience is fairly flagged and exhausted. [laughter] thank you all. [applause] >> this weekend on cspan3, today at 7:00, the texas general land office commissioner, the state senator, and musician talk about the spanish mission, the alamo, at the 2016 texas tribune festival in austin. >> the memories of my impressions of that time were that this group of people going and knew that they were going to die, but they went or were there. noblewas something very and romantic. i have learned it was not quite as black and white. that is one of the things i think would be good in this day and age that we put it into context. >> sunday evening at 6:00. >> macarthur is upfront. he is not wearing a weapon. he would

dry -- diane spriggs is our weather watcher in brush. the fogs caused by this cooler air that has really just pushed eastward into northeastern colorado. there's moisture with that. cooler temperatures. ring the course of the day, this high-pressure ridge will start yo million. you will -- we will still have partly cloudy skies but not much fall. ? is on the futurecast model. the fog starts to dissipate as we warm up a little in the afternoon. high temperatures, 60s in the mountains. 70s and 60s out west. it will be up to 70 near 80 across eastern plains. just a few degrees cooler for most locations. it should be around 73 by skies. looking ahead tomorrow, 75. a real treat for halloween. if you were going out with the ghosts and goblins tomorrow night, it will be clear and breezy tomorrow. at 6 pm, it will be about 60 degrees. not too shabby at all. the rest of that forecast, by tuesday, we cool it down into the 60s. mid-sixties on wednesday. we still stay dry mostly sand -- mostly sunny. november as well. >> things could change a little

swedish academy cited the musician, for having created new poetic spriggs cents within the great american song tradition. he's the first american to win since 1993, when novel listen to i morrison took home the prize. >> so basically he won it for his writings and his songs, his lyrics. >> well, he is a poet basically, he puts the words to song. >> oh, okay. >> even though i've not understood one of those words since lay lady lay across my big brass bed. >> no escaping this ken bone craze. the unofficial star of the second presidential debate and his red sweater now a halloween costume. >> of course we talked about how it is a halloween costume. now you can't just have the regular halloween costume, you have to have the sexy halloween costume. you know they always do that. >> that he is sexy enough right there. >> a lot of people want to be him for halloween. so here it is, here is the sexy version. >> nothing sexy about that. >> so i know it company, called yandy; now selling this thing, it comes complete with the, well, just what you are seeing there. including a mustache. now would you