how about steve brooks? this better be good, steve. >> steve brooks from this isn't too. about six weeks ago john zogby was here promoting his research that he has been doing on the younger generation and response the question about politics, he said that he thinks the liberal conservative dimension is going to diminish and be replaced by libertarian communitarianism division. especially for the three circle guys. [laughter] do you see the tea party movement and that kind of movement moving to be more of a libertarian movement and the traditionalists being left behind? >> i think where that becomes problematic is that there is no one thing called liberty. there is no one thing called around the. the two concepts work want desperate with one another and we may redefine what needs to be a republican or democrat and to be a staunch democrat or start republican or a true believer. but the idea that we understand what liberty is, would liberty be for example, the liberty to get a good new at night, or the liberty to carry a gun as a side arm? we may be redefining those things,

steve liesman was in the room with the feds chairman was speaking just a short time ago. the fireside chat at brookings. steve has made his way outside if front of the camera position. steve, what did you make of these comments today from the fed chairman? they were sort of ride wawide r and a laugh or two. >> i think the most important thing is going to be on the contemporary situation of the chairman's comment that he feels the fed has in place to deal with any problems that should emerge from excess reserves. the fed's balance sheet rolling up the $4 trillion. five times what it was when he became chairman. so that's a big deal. he feels like he's leaving the fed with the tools as he leaves office to manage those excess reserves or to drain them if it were necessary. and then you heard here, i think, what was, it's been going on for a while but it was part of what's going to be on on going discussion. do these tools work, were they worth the risk? i don't know if we have a bite but interesting conversation that i've heard for the first time with a senator when it came to t.a.r.p. the senator said, w

how about steve brooks? this better be good. ago, john waseeks here promoting his research that he spent doing on the younger generation. in response to a question about politics, he said that he thinks the liberal conservative dimension is going to diminish and be replaced by a communitarian division. especially for the three circle guys. do you think that the tea party has met on that kind of movement? they will be a libertarian movement and the traditionalists left behind? i think that where that becomes problematic is that there is no one thing called liberty. there is no one thing called morality. the two concepts work with one another. we redefine what it means to be a democrat or a republican. but the idea that we understand what liberty is, what would bertie be to get a good meal at night? would it be to carry a gun? we redefine those things. students, they sort themselves by party pretty well. anyone else? ok. >> we need to do two things. one is, thank stephanie and our panel. [applause] >> a look this morning at some o

i believe steve brooks? >> all right. we appreciate everybody's participation, and have to, unfortunately, bring this session to a close. our break is next door and then, and then the final panel for the day will be back in this room. so thank you all. >> thank you all. >> thank you. >> thank you. [applause] >> any woman be adequately prepared for the duties of first lady? >> yes. [laughter] if you're the wife of a governor or the you're the wife of the vice president -- >> or if your mother-in-law's first lady, and you've watched her for four years. [laughter] >> yeah, i think you can. and i think it's a golden opportunity to do something -- i think lady bird was the one who said it's an opportunity to do something good. and if it by chance helps your husband, all the better. >> the world health organization estimates that more than 1.6 million people worldwide are diagnosed with breast cancer each year. many live in countries where the disease carries stigma and shame. be i sharing the lessons that we've -- by sharing t

steve liesman, senior economics reporter covering mr. bernanke today at the brookings institute and sarah eisen, just returned from japan. a country suffering from deflation for more than two decades. stephe steve, start with you. mr. bernanke often warned about the side effects of deflation, and that he was worried about deflation, but do you think at this point that central bankers here in the u.s. see deflation looming like mrs. lagarde does? >> i think there's some concern. i think there's, what i think worries the central bankers most, sue, is a lack of knowledge as to why prices seem to be, or the rate of increase of prices. really what we're going through right now is disinflation rather than deflation. prices aren't falling. the rate of inflation lower than the fed might want and few tools to deal with it. no interest rates to cut to stimulate the economy. just quantitative easing. >> sarah, speak to me about the experience of japanese officials? they've been trying to right the ship from deflation for, as we said, about 20, 25 years. >> exhibit a, sue, of why

> with that, i think they are going to mike up lea of brookings who is going to talk to the out-going chairman of the federal reserve. art? >> steveman for coming on behalf of brookings, for coming and having this conversation. >> it's a great privilege. >> so the way you handled the financial crisis in 2008 will clearly go down as one of your signature achievements. so let me start with that. you've said somewhere that the playbook that you relied on was essentially given by a british economist in the 1860s, walter badger. and his victim was that in a financial crisis the central bank should lend unlimited amounts to sov velvent institut against good collateral at a penalty rate. how useful in practice was that rule in guiding you? >> it was excellent advice. this was the advice that's been used by the central banks going back to at least the 1700s. when you have a market or a financial system that is short of liquidity and there's a lack of confidence, a panic, then the central bank is the lender of last resort. it's the institution that can provide the cash, liquidity, to calm the panic and to make sure that deposition ors and

steve smith. terrell brown is there but smith makes the catch. sometimes you just have to acknowledge greatness. knew remember that great goal line ahmam brooks jump on the other one. watch it again. brooks actually did one in college. to infinity and beyond. that's just too much. it's in a penalty. panthers sent their huge probowl coburn into the goal. they do get a field goal out of this drive and lead it 10-6. niners have a chance to score. the first td in 18 possessions against kaepernick to vernon davis. vernon didn't have both feet in bounds. officials review it. jim harbaugh he needs counseling from bolden and further reviews shows davis dragged that left food. the call was reversed. touchdown niners. they led at halftime. and kaepernick could feel the momentum shifting. this was a big touchdown in the fourth quarter. two of them back to back. and bowman getting this one. now it's back to brooks. it's his turn. newton outplayed kap early in. but kap wins this beauty contest. it's frank gore. frank gore did not play today but he did run for -- yards. they gained 315 today. newton needs to make something happen. what happens is dante whi

steve harvey, and boy, we got a good one for you today. returning for the second day with a total of $20,000, from atlanta, georgia, it's the brooks family., florida, it's the sweet family. everybody is here trying to win their self a lot--a lot of cash and a chance at driving out of here in a brand-new fuel-efficient ford fusion. let's play "feud!" give me michelle! give me selena!

steve harvey, and boy, we got a good one for you today. returning for the third day from westfield, indiana, it's the finnigan family. and from right here in atlanta, georgia, it's the brooksody's here trying top win their self a lot of cash and the possibility of driving out of here in a brand-new head-turning ford fusion right there. let's play "feud"! give me sara.

brookings institution paper, white paper came out this past april from e.j. diane and ga gallston and this is bipartisan and it cuts across all demographics. >> what is the appeal to somebody like steveas? is it a states rights issue? >> purely states rights. liberty, personal autonomy, self-preservation. >> if you're high enough, he seems sane. >> less government regulation. >> yeah. >> you that -- rand paul is teaming up, another piece of legislation working its way through right now. i don't know if it will get through, rand paul and pat leahy, democrat from vermont, teamed up, not for legalization, but just to give judges discretion toks ma discretion. there are things happening at the legislative level federally. do you expect we're going to see in the wake of colorado and washington, do you think that's the next step, federal action? >> i think the next step will be seeing what happens with alaska and oregon. with the course of rand paul, i applaud him for what he and his dad said there ror. interesting question for him on the campaign trail in 2016. >> i think you have to consistently -- decriminalization seems to be the way to go. why should your criminal record be tainted be