i would say the federal financial aid system is one of the great success story in the history of the federal government. when our goal was access, we have provided access to higher education for people in the country. like never seen before. in a degree that us value. the income won't be higher. people are graduating with disagrees that make their income no higher. we now have to move from a system that provide access alone to one that incents success so making people's lives better. of course, while it's happening. costs have gone up too. people are now leaving if they don't get a degree most often would too argue they're literally worse off if not just had that access. what i've seen i'm the sort of product of the education reform efforts in k and through 12 in indiana. we saw our graduation rate over a period of six years through a series of reform a lot of hard work for teachers, prince principles an a set reform that gave the tool. tray were quick to the table to bring their own innovative reform. we have made a lot of change. if you could expand a little i think measuring succes

this bill authorized establishment of the federal reserve system to provide the nation with a safer, more flexible and more stable monetary and financialtem. on december 23, 1913, the bill was signed into law by president wilson as the federal reserve act. surrounded by glass and owen, members of wilson's family, cabinet officers and democratic leaders of congress, the president signed the act. he used this pen along with three others to sign the act. president wilson gave this pen to carter glass. in commemorating the 100th anniversary of the signing of the federal reserve act, we are grateful to the woodrow wilson library in stanton, virginia, for lending the pen that was used for this momentous occasion and to be on display at today's centennial ceremony. >> the signing of the federal reserve act established the federal reserve as our nation's first true central bank, holding a large share of the nation's banking reserves and power to act as lender of last resort. the act established the federal reserve board in washington guided by seven board members, it also provided for up to 12 reserve banks, and there was a 20-year sunset prov

the federal reserve. [laughter] but a lot has happened since i became chairman. a lot has happened to the country, the economy the financial markets and the federal reserve itself over the 35 years that the three of us have been chairman. one reflection of what happened is to look at interest rates over that time. it started out with me at interest rates that 20%. we were preoccupied with inflation. chairman bernanke is ready to leave office with interest rates at 0% and on occasion he worries about deflation. alan greenspan in between those two. [laughter] he got it just right with the grand moderation. people don't quite realize, i think it was the greatest rise in stock races in all of american history or anybody's history. at the same time we had up record bull market in bonds. wall street and the economy flourished. the interesting fact is that no one including no economist equipped with the most powerful computers could or did protect to the extremes of market behavior. more troublesome than the recurrent tanking prices and economic locations is the fact that we have -- they have regularly caught us by surprise. pred

for example, the federal financial institutions examination council have over the years established uniform principles and standards for the examination of financial institutions during the examinations rely on manuals developed for this very purpose and for other relevant literature, including publications on standards such as the part -- from the concert. earlier this year the working group was convened to update its approach to supervision and examination, with respect to cybersecurity. another example of activity in this area is the securities and exchange commission proposed regulation. as the council appreciates cybersecurity is a comic subject. given the nature of the threat and his potential sources, it can be addressed only through a whole government approach combined with a strong public- private partnership. that is the essence of the president's is negative or der and a summation of our efforts. we have organized the production of the financial system. cyber center here to stay, and we must remain vigilant to its ever evolving character. thank you for the opportunity to address

i would say the federal financial aid system is one of the great success stories in the history of the federal government. access, weal was provided access to higher education for people in this country like never before. the challenge is, when these programs started 40 years ago, access was enough. when you looked at the income potential is someone with just a little time in college, your income potential was higher. today, that has changed. if you don't graduate with a degree that adds value to society, your income will not be higher. plenty of people are graduating with degrees that make their income higher. we have to move from a system that incense success so we make people's lives better. while this has happened, costs have gone up, so people are leaving if they don't get a degree. ify are literally worse off they had not had the access. i'm sort of a product of the education perform efforts in k- 12 in indiana. we saw our graduation rate over six years improved by 15%. really a lot of hard work from teachers, students, but a set of tools gave those. the chief was the measuring o

the world has changed a lot in the last 40 years and i would say that the federal financial aid system is one of the greatest in the history of the federal government. when our one uncle was accessed and we have provided access to higher education for people in this country like i've never seen before. the challenge is that when these programs started 40 years ago, access was enough and if you look at the income potential of someone who had just a little time in college, your income could be higher. of course, today that has changed and if you don't graduate with a degree that adds value to society, your income will not be higher than many people are now moving from a system that provides access alone to one that can sense the success that we are making peoples people's lives better. while this has all happened, costs show that they are now leaving if they don't get it agree with that as well. were they are literally wore socks. and this includes kate through 12 in indiana. this includes a set of tools to make sure that we are good. so we used to add this as a society and we measured t

for example, the federal financial institutions examination council, ffiac, over the years established uniform principles and standards for the examination of financial institutions. the examinations rely on manuals developed by ssfiac for this very purpose and on other relevant literature including publications on information security standards by expert agencies such as the department of commerce. earlier this year the ffiac convened a working group to look at updating its approach to supervision and examination specifically with respect to cybersecurity. another example of activity in this area is the securities & exchange commission 's proposed regulation sci. as the council appreciates cybersecurity is a complex subject. given the nature of the threat and its potential sources it can be addressed only through a whole of government approach combined with a strong public/private partnership. that is both the essence of the president's executive order and the summation of our collective efforts. we have made substantial progress with our government and private sector partners to orga

as you taught me, to large extent the federal reserve is returning to its roots. that in 1907 we had a financial panic that directly led to the creation of a central bank. the idea they were going to deal with inflation and unemployment was not central then. i'm sure everybody at the fed has been taught that the fed screwed up in the '20s and '30s, and the fed screwed up in a different way in the '70s when we allowed inflation to get out of control. what role did that have navigati navigating sloals. >> ben bernanke was chairman of the federal reserve. having studied the great depression brought his experience, his study, his thoughts about what to do to avoid that again to our deliberations. >> explicitly? i remember reading in milton freeman in a 1930 board meeting -- >> there was only a little of that. simon concentrated his studies on the credit side. he wooed to say about franklin roosevelt i disagree franklin roosevelt tried. famous phrase whatever it takes and his openness to experimentation throughout of the idea of decision making under these very difficult circumstances. you don't know

the federal reserve bank on their federal reserve. so these constitutions acted in uncoordinated and often competitive way. the third problem in the 1930s was the gold standard. at the time, countries and the whole financial system relied -- the fundamental reserve asset was gold. so under the federal reserve act, federal reserve banks had to hold 40% of their liabilities in the form of gold. the remainder they could hold in the form of commercial paper. interestingly enough, they weren't allowed to hold government bonds as an asset against their liabilities because this would be -- this would be viewed as a form of deficit -- of monetary financing the deficit. so in 1931 when britain left the gold standard, there was a run on the dollar, there was a run on gold reserves in the united states. actually the united states had very large access reserves of gold. but because the commercial paper market had dried up, there was almost an artificial shortage of gold because they could -- they either had to hold gold or commercial paper. that led to the federal reserve tightening in 1931. they raised rates from 1% to 3.5% the in the middle of the great depression. so the third reason was the gold standard. since w

chair and also the upcoming presidents advisory council on the financial capability for you, which the treasury will coordinate. as you know, flec was greeted by congress to coordinate the federalfinancial letters in strategy. what is your personal philosophy on financial literacy and what do you hope to achieve in 2014? >> congressman, i am a strong believer in financial literacy and have been for a long time. i think that people have to make informed decisions when they make financial decisions in your life. and for all too many americans, it's in history when they make those decisions. i've taken flec very seriously. i've gone to several meetings, i've worked with director cordray on these issues. we have made it clear that it's a matter of importance to us personally that we continue to make progress in this area. i actually think if you look at the work that the cfpb has done, they've actually made a lot of progress creating the tools for financial literacy. part of the challenge is that people have to understand the documents that they end up looking at when into into transactions. part of the challenge is to make sure that the documents are understandable. i think if you

the big story. >>> welcome back. five years after the financial crisis, federal regulators are set to pass the volcker rule. it will ban banks from trading for their own profit. >>> the federal government is set to sell the last of its shares in general motors. the government lost nearly $10 billion on the bailout. in the long run, it was a net gain for taxpayers, keeping 2.5 million people on the job spending money and paying taxes. >>> the ceo of the new american airlines says no rate hikes for now. they merged yesterday with u.s. airways. doug parker, ceo, says air fares will remain steady. >>> new evidence that the nation's retailers have been scaling back a bit on their holiday hiring. last month, the retailers brought in 471,000 workers. about 5% less than the record of 494,000 workers set last year. analysts say it shows a possible drop in business confidence. >>> forbes magazine is out with a list of what they call hollywood's overpaid actors. topping the list, adam sandler, katherine heigl a close second. reese witherspoon rounds out the top three. forbes arrives at the list after considering a sta

. >> here with me to discuss the federal reserves decision to taper, mark, the director of financial regulation studies at the cat o institute, and kay toe la costa, and nela richardson, senior economist with bloomberg. well, with $85 billion a month to $75 billion. $10 billion is by anybody's measure still a lot of money. 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 rely bly 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 bill

the federal reserve system. next, one of the discussions from that event. this panel talks about the federal reserve's history, including its handling of the more recent two thousand eight financial crisis. it is a though more than an hour. >> thank you, michael. welcome, everyone, to this conference commemorating the centennial of the federal reserve. i'm indeed grateful pleased and privileged to moderate this discussion. not only of two of the the leading scholars and commentators on central banking and the global financial system that two of my most favorite authors. to my left, the author of a truly wonderful book which i highly recommend. which is about the global central bankers of the 1920s and '30s and how we were unable to avoid the catastrophe that occurred. this book you could say won the trifecta, the 2010 pulitzer prize. he was a professional investment manager for a number of years. worked with world bank. is kurnly on the board of trustees of brookings institution, and also serves on the state department foreign affairs board. he will speak first followed by simon johnson, who is a professor of entrepreneurship for school of management and the author of many works.

for example, the federal financial institutions examination council have over the years established uniform principles and standards for the examination of financial institutions during the examinations rely on manuals developed for this very purpose and for other relevant literature, including publications on standards. earlier this year the working group was convened to update its approach to supervision and examination, with respect to cybersecurity. another example of activity in this area is the securities and exchange commission proposed regulation. as the council appreciates cybersecurity is a comic subject. given the nature of the threat and his potential sources, it can be addressed only through a whole government approach combined with a strong public-private partnership. that is the essence of the president's is negative order and a summation of our efforts. we have organized the production of the financial system. cybersecurity is here to stay, and we must remain vigilant to its ever evolving character. thank you for the opportunity to address this important issue efore the coun

corporations over the past century operating entering bayliss secrecy the federal reserve has grown into arguably the most powerful financial institution in the world. if that is not fully audited severe as much about it we may never know just a few years after its inception the us entered world war one the fed was then given the authority to buy government debt. it helped finance the war it became an agency of the government rather than a banker's bank but it was during the vietnam war when president richard nixon opened up to present the central banking. the camp david in the infamous weekend surrounded by a lot of so called free market economists he closed the gold window severed the anchor to the dollar since the end of the bretton woods system the us dollar has held no intrinsic value leading to unconventional and policies that as quantitative easing whether buying an unprecedented amount of securities directly from the market. these are the same securities that helped me to the crash of two thousand eight. this will be the current fed chairman bringing his legacy will be regarded as one of the most significant and tim

with roughly 71% of undergraduates receiving some form of federal financial aid, simplifying the complex system of grants, loans, and institutional support programs remain central goal in thely authorization efforts. corner stone of federal student aid. when the pell grant program begin in the early 1970. its central focus was providing financial assistance to help low-income students access higher education. in it first year, the program provided aid to 176,000 students. since then it has grown dramatically. today more than 9 million students are pell grant recipients. the sharp rise in pell participation in more recent years has been attributed to several factors. one, is the economic recession which spurred many individuals to go back to school to learn skills needed to compete with today's job. also, washington policy makers pass legislative changes to pell to increase the program's maximum grant award and weaken student eligibility requirements. allowing more students to receive larger pell grant awards. since the program guarantees aid to any student who meets the eligibility crite

as for wall street the immediate beneficiaries certainly are the financial institutions that are doing interbank lending former federal reserve official introducer called it the greatest backdoor wall street bailout of all time but there's about to be a changing of the guard at the fed however president obama has nominated g.m. that yellen who is openly supportive of q.e. so what does the future look like with progress as the. i think we can safely say that the central of the economic. position of the fed is one that is more likely to increase than to decrease when the federal reserve began and the u.s. dollar was backed by gold today our currency has evolved into basically sheets of paper that are only backed by the promise of the u.s. government going time will tell if all these promises can be kept washington d.c. parian boring r.t. . and on the federal reserve's hundredth birthday protestors are planning a day of national action they're calling it fed up one hundred people will head to all twelve of the federal reserve bank branches throughout the country to call attention to what they say is an institution that q

privately run and one hundred thirteen president woodrow wilson signed the federal reserve act codified in america's most powerful financial institution one that is neither federal nor holds any reserves so we're going to help me break down some questions and misconceptions about the very complex workings of the federal reserve system i'm joined by a host of artie's boom bust erin ade what. have you got be her. you love being on set. oh it's ok. i know you are here is what i've been i'm going to love and having you explain this for the last couple days really mind blowing stuff and i think the biggest misconception that people have of course federal reserve its right i mean it's public but it's not why is that not the case that's exactly what i mean the title is almost intentionally mis. misconceived because it isn't a federal institution it isn't a public institution it's a private institution that serves a public mission and it fulfills this in a variety of ways but basically it's a group of private banks that kind of got together like you mentioned a jungle island initially to serve the needs of the public basically to

we're talking about the federal reserve, and it's role in the economic recovery. still with us, mark, director of financialegulations studies at the cato constitution. pedro who covers knicks in the central bank for the wall street journal, and nela richardson with bloomberg government. 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 mor

admits a flawed philosophy may have contributed to the worst financial crisis since the great depression. >> not since the great depression has the federal financial institution in this country the way they did over this past weekend. brokering a deal for jpmorgan chase to step in and take over bear stearns. >> in the months after the collapse of bear stearns in 2008, we watched huge financial institutions from aig and washington mutual that simply fell apart. the man who had been a high-level financial adviser since the nixon and ford administrations then served as federal reserve chairman before the collapse was suddenly admitting to a house oversight committee that he'd been working on a mistaken assumption for decades. >> you found that your view of the world, your ideology, was not right. it was not working. >> precisely. that's precisely the reason i was shocked because i had been going for 40 years on more with very considerable evidence that it was working exceptionally well. >> after spending most of his life studying the intricacies of wall street and the complexities of the global economy, alan greenspan has spent the year sin

if you were on the federal reserve -- >> it's a very close call. >> if you were on the federal reserve financial policy committee, would you be concerned there are beginning of signs that this very easy money, lots of low rates is causing excess? >> yes. i think i would point to the leverage lending market, for example, where the terms on a lot of loans have become so-called covenant lights so a lot of the terms have gotten much easier. >> banks putting fewer and fewer strings. >> right. it's not just the banks. those loans tend to be securitized. the banks originate them and some are in the market. junk bond market. and there are other signs. i do think i would be somewhat concerned. i think the federal reserve has reacted in an entirely appropriate and proportionate way. among the things they've done is they have put out guidance on leveraged loans and said we are worried about what's happening here to the banks. you guys need to be more careful with what you put on your balance sheet but also what you originate and put through to the rest of the economy. they said they are going to include in

the extreme weather later this hour. >>> tonight more than 200,000 long-term out of work californians are finding themselves in a deeper financial hole. the emergency program that provides federal unemployment benefits after state health is exhausted has ended. altogether 1.5 million jobless americans are finding themselves starting the new year without financial assistance. and that means the need is going to be higher especially for non profits already struggling this time of year. abc7 news reporter lisa amin gulezian joins us to explain. lisa? >> one nonprofit expects a 75% drop in dough mageses in a few weeks. at the same time the pool of people they help could double. now that unemployment benefits for so many have ended. >> the total budget is 10 million. >> lisa cheryl works hard for the contra costa and solano county food bank. the e-mail blast will go out tomorrow. it is a last-minute end of year push to get donations. >> immediately after december ends, the donations do start to decrease. >> at this food bank $2 million was added just this month. but outside of the holiday season, $600,000 comes in. that's more than a 70% difference. they are bracing for an additiona

the first is that the federal reserve has rediscovered its roots in the sense that the fed was created to stabilize the financialin times of panic. we did that. and we used tools that were analogous in spirit to what the central banks have done for many hundreds of years, but of adapted to a modern financial system. the other thing that was made not completely unique, but largely unique about this timeframe is that we were trying to help the economy recover from a deeper recession at a time when our interest rates for almost essentially zero. that required other methods, most prominently forward guidance and asset purchases. neither of which is entirely new unless you put aside the depression where monetary policy was on the whole , this is one of the first examples of aggressive monetary policy taking place in a near interest -- near zero interest rate environment. now we are seeing japan and the u.k. and other countries taking similar approaches. that will be an area where will be historians interested in exploring them as well as monetary theorists and in him." studies. ericial studies. >> on the one hand, yo

and the federal reserve took up residence inside the firm to monitor its precarious financial situation the building when matthew lee wrote his letter to lehman executives alleging unlawful accounting practices, and they were there when the practices took place. valukas says the s.e.c. also knew that lehman was being less than truthful when it said that it had enough assets to survive the crisis. but that and other damaging information was never disclosed to investors who continued to pump billions of dollars into the firm. >> should it have been disclosed? >> absolutely. >> isn't the government, the s.e.c. in this case, the people who were supposed to protect the investors... >> yes. >> aren't they charged with informing investors? >> yes. >> why didn't they do it? >> they may not have had the expertise necessary to understand the material they were receiving. they were getting the material. whether they understood it is another question. >> the very fact that government regulators were inside the company with access to its books and records would complicate any prosecution of lehman o

and a mark decision in the wake of the financial crash of 2008, the federal regulators today approvedhe so called vol kerr rule. but critics say the rule will reduce small business lending and hurt job creation. check this out, shares closing about $50 for the first time ever. the stock is now worth twice what it was when the company went public last month. nadia, good to have you back on the program. let's start with the volcker rule. >> what is it. >> banks were allowed to do something called proprior tear trading to basically -- >> with their own money. >> uses their own money to make bets, shares on the stock market. derivatives what they are allowed to do to make basically what is called market making. and this is something that regulators are attacking. >> why was that a problem? it is their own money. >> but it also causes losses which impact the banks overall earning. >> okay. >> which is a big risk. >> you can't play with government money. >> no. and the volcker rule comes as part of a dodd frank provision, and of course what it states is that trying to put abandon trading. i

the federal reserve easy money policy. >> they worry about the stimulus program speeding future financial instability, and creating futurelation, they worry that the fed's balance sheet is going to be very difficult to shrink back down. >> we'll bring you full coverage right here on al jazeera america. and ali velshi will add his invites into what the fed's actions mean for you and your pocket at 7:00 eastern time. >>> the dow right now is up about 27 points on positive reports concerning home construction. that report showing housing starts soaring almost 23% in december. that's the largest increase since january of 1990. >>> the u.s. has long been a safe haven for political exiles around the world. militia chan has the story. >> reporter: this man moved to the united states three months ago and settled in a small .a apartment in a working class neighborhood of new york city. he fled, an outspoken critic of putin's russia. >> if you did not stop your activities, you will be arrested and you will be put in jail until the end of your life. >> reporter: his wife then pregnant later joined him, and their newborn son michael

the u.s. >> it is one of 17 financial institutions that were sued by the federal housing finance agency in the u.s. it allegedly failed to supply enough information about residential mortgage-backed securities which were sold to lenders fannie mae and freddie mac between 2005 and 2007. a string of bad news for germany's [indiscernible] shareholders took in their stride. dorothy holds sends us this report. >> there are definitely nicer christmas resins than to be a euro billion fine. but shareholders have been very relieved because deutsche bank managed to resolve one important litigation case and had enough reserves to pay the bill. but the dax is also strong coming into its latest all-time high after a very successful week. that is thanks to really good economic data. at the end of the week, traders were please with the surprisingly strong german consumer mood. >> a quick look now at the numbers. the u.s. economy continues to gain traction. the latest figures show the pace of growth is the strongest in two years. >> the commerce department says that the world's largest economy in grew at a ro

the federal reserve act. and the circumstances that we confronted during the financial crisis. is includes the federal reserve's willingness during its finest hours to stand up to political pressure and make tough but necessary decision. and this was critical for the nation's longer-term prosperity and require perseverance in the face of heavy criticism and i keep in my august 2 by fours. it is part of the unfavorable views of these interest rates and that effect. and it is part of our institutional structure, including the board of governors and the diverse regional policymaking company. including what is part of the interest of the economy and this includes the regards to political pressure and we must do all that we can to explain our actions the interest. and that is why we must welcome communication broadly defined and we continue to a talk to economists and ultimately that is part of the broader american interest that we are serving in this includes a high level of employment and the state of our financial system. we are continuing efforts to engage in two-way communicatio

the federal government has left the building with respect to my as to any. and it's been a while since we relied on the federal government. we have asked - we're going through all kinds of financial i'll say dancing around in circle to create new financial models that will enable us to build the new infrastructure that will support is the home buyers so again i'll say i'm really happy mr. mayor you're having fun (laughter) >> it's really important and a i would is that. >> about with respect to, you know, i'm very fortunate to trying to develop in san francisco this is a wonderful city and the current leadership and certainly the past lisp has created a great approach. as some of you know, we have great assets like candle stick but prior to joining the private sector i was in the public sector and i had a unique advantage point. i was city manager of city of oakland for awhile and i was the director in the city of a.m.ville and i was leading portions of this city and i'll tell you that there is at least in those days it was very little regional thinking going on. and in reading the metropolitan revolution. >> let's talk about the examples of ohio they realized they couldn't go it

. >> the fec website maintains public financial records on federal elections. the compromise budget deal that sailed through the house of representatives clears a major hurdle in the senate and moves a step closer to final approval. earlier today, the senate voted 67-33 on a procedural move to move the bill forward. 12 republicans joined all 53 democrats and two independences in the vote to break a gop filibuster. the fill now needs a simple majority to win final passage. our chief congressional correspondent dana bash is following all the developments up on capitol hill. we expect that final vote tomorrow, dana, is that right? >> that's correct, we expect it tomorrow and we expect it to pass pretty easily given the vote count you just laid out. definitely will be some differences, some republicans, for example, voting no. and some democrats voting no on the actual measure itself whereas this was more of a procedural measure, but regardless, we expect it to pass very easily into it will pass certainly only needs 50 votes if it's a tie. >> the haven't would break

>> the federal reserve certainly helped lift all boats out of the crisis, but it's lifted the yachts more than the smaller boats. let's explain why. a lot of the gains from qe have gone to financial assets, stocks especially. the wealthy hold most of both. according to the federal reserve's numbers, the top 5% hold 60% of financial assets and the top 10% of americans hold 80% of stocks. so most of the gains from the fed have gone to the top. the top ten billionaires in america saw their fortunes grow last year by more than $100 billion. 95% of the income gains between 2009 and 2010 have gone to the top 1%. the rich have fueled a boom in sales of art, wine, collectible cars, luxury goods. we've talked a lot about that. on my web piece today, i wrote that every ferrari dealership in the country should have a picture of ben bernanke in the lobby and it should say, our number one salesman. because this really has flowed to the ferrari buyers more than the rest of the population. >> this was not the intent of this program, was it? >> no. we should be clear, i think the intent of the program was to inflate, reinflate markets, help housing, help the overall economy. i don't think they e

the corner stone of federal student aid. when the pell program gaunt in -- providing financial assistance to help low-income students access higher education. in its first year, the program provided aid to 176,000 students. since then, it has grown dramatically. more than 9 million students steady are pell grant recipient. the sharp rise in pell participation in more recent years has been attributed to several factors. one, is the economic recession, which spurred many individuals to go back to school to learn skills needed to compete for today's jobs. also, washington policy makers passed legislative changes to pell to increase the program's maximum grant award and weaken student eligibility requirements. allowing more students to receive larger pell grant awards. since the program guarantees aid to any student who meets the el jinlt criteria, enrollment spikes threaten the pell program's long-term fiscal viability. it's one of the federal government's largest education expenditures. costing taxpayers about $30 billion a year. as with every federal program, especially one with such a haft price taught washington to ensure it's e

the federal reserve has just announced it will cut back on its stimulus program! kcbs radio's financial reporter jason brooks has more. >> reporter: most didn't expect the federal reserve to make the bond tapering move until 2014 but they did it today cutting back monthly bond purchases by $10 million to $75 billion a month starting in january the fed making this move because it has seen stronger economic growth and labor market growth. it now expects the unemployment rate to fall to a range of 6.3 to 6.6% in 2014 down from the 7% that we saw in november which was already a five-year low. it also is going to maintain its short-term federal funds rate at 0 to .25% for the foreseeable futures. investors are reacting positively. there had been fears that tapering would send the market lower but seems like investors are looking at the long-term picture of an improving economy and stronger job market which is good news. the market is shooting quite a bit higher. let's take a look at the big board. numbers look good. got the dow up by 186. nasdaq up 18. s&p is up by 18 points. brian, back to

who is normally seen nesting in the large intestine of the chairman of the federal reserve bank of course and his fellow financial parasites ever placed the origins of capital allocation a price discovery with their own slow the report parasitic throw. this is the place that has been consecrated to god for almost a thousand of years people came here twenty some years ago. bush took wife on the silence. and people feel the love of christ working. people so you can do. something happens on this island that makes them return to it again and again they say the below saves them. join me james brown on a journey for the soul. only. by the time the vietnam war ended. the image of the united states military and american society was that the military was rather bumbling incompetent in effect as an institution and the officer corps in the couple of decades following the vietnam war was absolutely committed to. changing that image and restoring the reputation of the american military in the eyes of the american people. get really stuck and you know like who cares about the war. this whole. to a great degree that effort achi

who is normally seen nesting in the large intestine of the chairman of the federal reserve bank of course and his fellow financial parasites have replaced the origins of capital allocation and price discovery with their own slow the report parasitic toads throw. deliberate torch is on a big journey to. one hundred twenty three days. through two hundred cities of russia. really fourteen thousand people or sixty five thousand killing. in a record setting trip by land air and sea and others face. a living torch relay. on r t v dot com. right. first street. and i think that you're. on our reporter's twitter. and instagram. to be in the know. by the time the vietnam war and. the image of the united states military in american society was that the military was rather bumbling incompetent ineffective institution and the officer corps in the couple of decades following the vietnam war was absolutely committed to. changing that image and restoring the reputation of the american military in the eyes of the american people. get really stuck in you know like who cares about the war. to a great degree that effort achieved suc

he's seen nesting in the large intestine of the chairman of the federal reserve bank of course and his fellow financial parasites ever placed the origins of capital allocation and price discovery with their own slow the report parasitic toads grow. quite often countries rich in natural resources are the poorest africa's a colony it's a colony of the big corporations it's a colony of someone's home leaders who are under the thumbs of the big corporations so they have to beg from the world bank's development of social programs goes to pay back debts country is drowning under the amount of debt that they did and so every year they would borrow money. and they would use that same amount of money to pay back oh that. money really held. the wages of debt. limit torch is on its epic journey to such. one hundred twenty three days. through two thousand and nine hundred two cities of russia. relayed by fourteen thousand people or sixty five thousand killings. in a record setting trip by land air sea and others face. a limp dick torch relay. on r t r c dot com. dramas trying to be ignored. stories others refuse t

at some oint, the disconnect between the money that the federal reserve has pumped into the financialkets, not main street, not the economy, could connect. >> but the fundamentals are there to fuel this rally. we have growth increasing, the economic standpoints better than expected. jim, do you think we can see this bull market continue in 2014? >> i think it's easy to make that case. over the last month, we've seen improving economic data and at the same time we have a reassurance from the fed that they're going let that simmer for a while. that's what would have been waiting for for a long time. now, the one thing that does worry me and it flashes red is every time in the last year the vix has gone to around 12 to 13ish. it's been a precursor to a bit of a correction. am i worried about that? yes. but the fundamentals are still intact. >> now, mr. luskin, here is what i want to say about that. the fundamental bull case, we've seen a lot of sentiment in the marketplace. are too many people bullish right now? isn't that a sign that things may be due for a turn here? >> well, there's a

make some difference in the psychology of the markets because tapering, the federal reserve system has become the mostowerful financial not onl in america, but in the world. so a lot of people would gaze their behavior by whether or not the fed was going t continue to pour out money. u: cheap and easy money at some point we are led to believe will end. janet yellen who will be replacing ben bernanke with the new year says she is going to continue these easy money policies. it is a very big, warm embrace by the fed for easier money, using money policies as far as the agassiz. march or maybe april. >> well, first of all, sheas to be approved by the senate. and there are a lot of senators who are anxious to hold up this nomination. she is a knownederal reserve establishment bureaucrat and economist. she is also -- lou: you did not say cars carrying air. >> no. as the old days. i might have said tha then. so she has to get through the senate. i do believe that she will, but i think it is going to be a surprisingly contentious hearing and voting procedure. but janet yellen is bright, and she knows that in order to rare tap

who is normally seen nesting in the large intestine of the chairman of the federal reserve bank of course and his fellow financial parasites ever placed the organs of capital allocation a price discovery with their own slow the report bears a role. in a lot of these policies i dislike you. pleasure to have you with us you're on our team today i roller suturing. coming up on our t.v. q one is putting security agencies in check its leading senior counterterrorism official has just launched an investigation into the questionable surveillance programs of the u.s. and the u.k. more on this story coming up. and what does your facebook status tell the world about you new research shows how personality traits can be deciphered from something as simple as a facebook status update have a full breakdown on this just ahead and detecting the undetectable lawmakers just extended a nationwide ban on plastic guns so what does all of this mean for the regulation of three d. printers more on that later in the show.

who is normally seen nesting in the large intestine of the chairman of the federal reserve bank of course and his fellow financial parasites ever placed the organs of capital allocation and price discovery with their own slow the report president goes well but if you remove that zone we're going to support from the fish the holes dug for those notes on but what happens when you remove the banking parasites from the system. through most goods to server knows what is this all going to do we're going to have to ask this question max but first i want to look at the actual headline about this tongue eating ice a pod absurd creature of the week this parasite eats officious tongue and takes its place here is the image of it and you see this is called the same oath the exit a tongue eating ice a pot and it targets a fish by infiltrating his gills getting into his tongue and replacing it and of course you can see that as an.

who is normally seen nesting in the large intestine of the chairman of the federal reserve bank of course and his fellow financial parasites ever placed the organs of capital allocation a price discovery with their own slow the report parasitic toads throw. deliberate torch is on its epic journey to such. one hundred twenty three days. through two hundred top two cities of russia. really running fourteen thousand people or sixty five thousand coming. in a record setting trip by land air and sea and others face. olympic torch relay. on r t r c dot com. for the. well thought out everyone i'm abby martin and this is breaking the set but if you guys heard a weird news drone delivery is only five years away from being a reality yes online retail giant amazon just announced its plan for a futurist delivery system that could get packages. from the store to your doorstep in the less than thirty minutes the new unmanned door to door service is called primary and according to amazon c.e.o. jeff bays those the future is now guided by g.p.s. alone and this future will consist of thousands if not millions of flying robots dar

who is normally seen nesting in the large intestine of the chairman of the federal reserve bank of course and his fellow financial parasites have replaced the origins of capital allocation and price discovery with their own slow the report parasitic throw.

who is normally seen masting in the large intestine of the chairman of the federal reserve bank of course and his fellow financial parasites have replaced the origins of capital allocation and price discovery with their own slow the report parasitic toads throw but if you remove that zone we're going to support from the fish the holes dug for those notes on. but what happens when you remove the banking parasites from the system. most goods to serve are those who sold you do we're going to have to ask this question max but first i want to look at the actual headline about this tongue eating ice so pod absurd creature of the week this parasite eats officious tongue and takes its place here is the image of it and you see this is called the same oath the exit a tongue eating ice a pot and it targets a fish by infiltrating his gills getting into his tongue and replacing it and of course you can see that as an analogy for many systems around our our world whether it's the food system the political system we have the organ of legislative bodies which are supposedly politicians for example operating in a democratic way b