would you describe the portfolio of the federal reserve as unprecedented? >> yes. and you are also the chairman of economic advisers? looking back on recent history, have you noticed any portfolio of the fed approaching what it is today? >> not that the federal reserve. >> that's what i mean. >> but other central banks. >> i am asking about the federal reserve at the united states of america. >> no. >> would you describe what you are doing? you describe quantitative easing. is that the stimulus for the economy? you use the term monetary tool. is that what you would use to stimulate the economy? >> it is attempted to push down longer-term interest rates and stimulate demand in spending in the economy. >> is this something they have espoused over the years when you have high unemployment? >> i don't know about if the canes thought about it. they have written about something that is basically supply and demand, buying asset, then it may be possible to push down there yields. >> it was said several years ago that china was buying our bonds. isn't it true the federal res

yellen, but our clients are concerned about the policies of the federal reserve. they would like to see the federal reserve begin a process of heading back toward a market driven approach to interest rates. there will be pain associated with that. this drugen taking for five years. you cannot slow down without some pain. the fear on the part of our investor clients is that you cannot stay on the drug forever. -- sooner we begin her to the sooner we begin to take steps to take us back to a sustainable environment, they would feel a whole lot better. many clients who anticipate crashes in the market is because of concern about the policies in the federal reserve. >> you are not saying ben bernanke is a drug pusher will -- drug pusher? >> not in the least.

if confirmed she would be the as federal to serve reserve chairman. the senate banking committee is two hours and 15 minutes. call this hearing to order. nominationnsider the of the honorable janet yellin to the board of governors of the federal reserve years.for a term of four dr. yellin is an extraordinary lead the federal reserve. serves as a member and vice chair of the board of governors. she previously served as a member of the board of governors the 1990's. she was a chair of the -- of clinton's council on economic advisors and she served years as the president of the san francisco fed. addition, dr. yellin has an academic record. she is a professor at berkeley's of business and was previously a professor at as well as arsity faculty member of the london economics. sumas.cum,graduated her phd ineceived economics from yale. especiallyion is timely as our nation struggles with high unemployment in the of the great recession. she is devoted a large portion of her professional and academic labor market,ing unemployment, monetary policy and the econo

the fomc has clarified the federal reserve objectives and policy strategy. because of its dual mandate for the congress the federal reserve could not adopt a numerical inflation target as its exclusive goal. nor would it have been appropriate for the fomc to provide a fixed objective for some measure of employment or unemployment in parallel with the inflation objective. in contrast to inflation, which is determined by monetary policy in the longer run, the maximum level of employment that could be sustained over the longer run is to determine primarily by none monetary factors, such as dem graph irks, labor market institutions and advances in technology. moreover, as these factors involve, the maximum employment level may change overtime. consequently, it's beyond the power of a central bank to set a longer run target for employment, that is independent of the underlying structure of the economy. the approach on which the fomc agreed is described in a statement of longer run goals issued january 12th, and reaffirmed january of this year. the statement begins

parts of the leadership of the federal reserve have been talking about tapering about reducing the program of. capital assets when they do that but that causes a great flutter in the markets and then they have been obliged basically to back off so that has reinforced the expectation this is going to go on for a long time but you've said in the house that you believe markets are unreliable cracked there's been evidence of this well depending on what you mean by that but the fact that you know they're doing this like you said the tapering even murmurs of taper has caused major fluctuation in the markets so if that happens what would be the results you know if the taper. if there were a real change of policy by the fed that was determined then you would almost immediately see yields rising and that would cause a new wave of mortgage defaults and to wage a wave of problems in the private sector and the result of that is either the fed would tolerate a significant impact on actual economic activity or they would once again say oops no we didn't mean to do that and stop and my guess is that the

very complex workings of the federal reserve system i'm joined by a host of artie's boom bust erin eight of what is a i highly doubt the her. you love me you know i'm always ok. i know you all here is what i've been i've been in love and having to explain this to over the last couple days really mind blowing stuff and i think the biggest misconception that people have of course federal reserve it's right i mean it's public but it's not why is that not the case that's exactly i mean the title is almost intentionally mis mists. 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 and 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 serve the banking needs of the united states of america that is what the fed does it's not it is a private institution and was designed to be a hybrid of the to make no mi

parts of the leadership of the federal reserve have been talking about tapering about reducing the program of. capital assets when they do that causes a great slaughter in the markets and then they have been obliged basically to back off so that has reinforced the expectation this is going to go on for a long time but you've said in the past that you believe markets are unreliable cracked there's been evidence of this well depending on what you mean by that but the fact that you know they're doing this like you said the tapering even murmurs of taper has caused major fluctuation in the markets so if that happens what would be the results you know if the taper. if there were a real change of policy by the fed that was determined then you would almost immediately see yields rising and that would cause a new wave of mortgage defaults and to wage a wave of problems in the private sector and the result of that is either the fed would tolerate a significant impact on actual economic activity or they would once again say oops no we didn't mean to do that and stop and my guess is that the second o

this year is the one hundredth anniversary of the federal reserve act i think that after a century people would have a better understanding of the history and role of america central banking system while the federal reserve act was drafted in congress the roots extend back to nine hundred ten but a secret meeting between rhode island senator nelson eldritch a group of wealthy and powerful financial figures the select group of influential men convening for a ten day top secret meeting on jekyll island just off the coast of georgia and what resulted was a plan for something called the national reserve association an institution that would handle government debt to remain privately run and nine 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 is a i have got to her. and you l

parts of the leadership of the federal reserve have been talking about tapering about reducing the program of. capital assets when they do that but that causes a great slaughter in the markets and then they have been obliged basically to back off so that has reinforced the expectation this is going to go on for a long time but you've said in the past that you believe markets are unreliable cracked there's been evidence of this well depending on what you mean by that but the fact that you know they're doing this like you said the tapering even murmurs of taper has caused major fluctuation in the markets so if that happens what would be the results you know if it taper. if there were a real change of policy by the fed that was determined then you would almost immediately see yields rising and that would cause a new wave of mortgage defaults and to wage a wave of problems in the private sector and the result of that is either the fed would tolerate a significant impact on actual economic activity or they would once again say hopes no we didn't mean to do that and stop and my guess is that the

this year is the one hundredth anniversary of the federal reserve act i think that after a century people would have a better understanding of the history and wall of america's central banking system while the federal reserve act was drafted in congress the roots extend back to nine hundred ten but a secret meeting between rhode island senator nelson eldritch a group of wealthy and powerful financial figures the select group of influential men convening for a ten day top secret meeting on jekyll island just off the coast of of georgia and what resulted was a plan for something called the national reserve association an institution that would handle government debt to remain 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 this conceptions 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 to her. you l

the fed is in a bit of a box because it has while it has been some parts of the leadership of the federal reserve have been talking about tapering about reducing the program of. capital assets when they do that but that causes a great flutter in the markets and then they have been obliged basically to back off so that has reinforced the expectation this is going to go on for a long time but you've said in the house that you believe markets are unreliable cracked there's been evidence of this well depending on what you mean by that but the fact that you know they're doing this like you said the tapering even murmurs of taper has caused major fluctuation in the markets so if that happens what would be the results you know if the taper. if there were a real change of policy by the fed that was determined then you would almost immediately see yields rising and that would cause a new wave of mortgage defaults and to wage a wave of problems of the private sector and the result of that is either the fed would tolerate a significant impact on actual economic activity or they would once again say hopes no

again, the federal reserve has been the adult in the room this whole period. is whole period the federal reserve has said we got to save this country's economy. i don't hear anyone else down there trying to think about the economy. >> the difference is the rhetoric we hear all the time but the fed's been the one acting. congress has largely been rendered impotent by this. this is probably the most important economic agency in the world right now. >> she's the most powerful woman. >> yellen versus merckel, exactly. >> walmart down better than expected 3q numbers. same-store sales decline slightly. they're calling the current retail environment competitive heading into the holiday season. and kohl's miss, comp sales down and a rough fourth quarter last year. >> there had been down swell that this was kohl's breakout quarter. i think walmart is less vulnerable. it started going up yesterday like everything was going up but kohl's is just this kind of -- are you kidding me? you're doing this badly? we thought you were doing well. >> was their last quarter an outlie

very complex workings of the federal reserve system i'm joined by the host of artie's boom bust aaron aid what is the how do we have you here. you love me you know i'm always ok. i know you all here is what i've been i've been in love in having you explain this to over the last couple days really mind blowing stuff and i think the biggest misconception that people have of course federal reserve it's 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 missed. 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 jungle island initially to serve the needs of the public basically to serve the banking needs of the united states of america that is what the fed does it's not it is a private institution and was designed to be a hybrid of the to make no mi

. >>> the confi confirmation hearr janet yellen a nomination for the federal reserve bank. >>> and hundreds are buried today in mass graves in the bill philippines. philippines. >>> we are following breaking news coming out of wisconsin. there are reports tha that a childrens' hospital there is in lockdown. it's in the city of wauwatosa. it follows the shooting and when we get more details we'll bring those to you. >>> this are stunning numbers coming out of the philippines. 4460 people dead. those numbers are just coming in. the philippine government is saying the death toll is lower 4357. we'll have more on the death toll of typhoon haiyan in a moment. >>> if you like your plan you can keep your plan. president obama is admitting the white house fumbledded the ball twice. but the president said the game is not yet over. mike viqueira is standing by at the white house. a contrite president it seems with a solution to those that their insurance companies have dropped their plans. >> the president came out and faced the music. he was retenant. last week in a one-on-one interview he apologize

there's no question that janet yellen has the economic chops to lead the federal reserve. and she's going to need them. she has a monumental task, unwinding the federal reserve's stimulus program. >> she has been the engineer of the current policies and will most likely had pledge to keep them in place. >> reporter: perhaps just as challenging for yellen as dealing with the stimulus will be getting the banks to be more unified. she said the best way to stimulate the economy is better communication with the public. but it deeply it divided the federal bank. >> you have the voices from all over with differential views, and there has been a lot of confusion in the markets in the last months ago. that's one of the dune down sides. >> yellen may have a difficult time to get other officials to tow the line, putting her owning communication it will skills to the test. >> two fed presidents that have had opposed from the beginning, will bel voting members next year, so janet yellen is going to have a lot of defense. >> thanks to the bond buying industry, but they are anticipating a

i would abolish the federal reserve and then i would resign. how ok that's a very we got the whole answer how would you go about doing that implementing that abolition was pretty simple just to close it down the world has gotten along quite famously well without a central banks for most of world history america has had three central banks in our history the first two disappeared and this was going to disappear too because they keep taking on huge amounts of debt they keep bled bridging up the balance sheet they keep making mistake after mistake of printing money this is going to send a self-destruct before it's over unless the politicians say you know this thing is a mistake it's out of control let's get rid of it it's more likely though that it will self-destruct thank you so that you don't see that happening you see destruction and as i said what i would do is just to bali close it down now before we have a disaster we already have a disaster i would close it down now now down errant worlds with their own countries without central banks can ha

onetary policy is essential and i would be very concerned about legislation that would subject the federal reserve to short-term political pressures .hat could interfere with that >> thank you. at the end of out over the federal reserve formally applied for membership. the united states has membership byough the office created dodd frank. me why the fed should have its own membership on that board, and furthermore, why there should the of focus on that when domestic oversight challenges seem to be a higher priority. that understanding is now the federal reserve has been charged with supervising some of the largest insurance companies , thatave been designated we want to be in a position to work with regulators in other we haves to make sure internationally compatible and appropriate standards. >> they cannot fulfill that need for you? >> i'm not certain. i think it would still be beneficial to take part in that group. concerns. iised industryuraged specific guidance for financial institutions. developedee they have guidance and metrics rather than forcing insurers into a bank ?entric regulatory mo

i would abolish the federal reserve and then i would resign. how ok that's a very we got the whole answer how would you go about doing that implementing. abolition was pretty simple just to close it down the world has gotten along quite famously well without central banks for most of world history america has had three central banks in our history the first two disappeared this was going to disappear too because they keep taking on huge amounts of debt they keep leveraging up the balance sheet they keep making mistake after mistake of printing money this is going to do in the self destruct before it's over unless the politicians say you know this thing is a mistake it's out of control let's get rid of it it's more likely though that it will self-destruct like you said you don't see that happening you see destruction and as i said what i would do is just abolish close it down now before we have a disaster we already have a disaster i would close it down now now down errant worlds with their own countries without central banks can have problems su

i would abolish the federal reserve and then i would resign. how ok that's a very we got the whole answer how would you go about doing that implementing. abolition was pretty simple just to close it down the world has gotten along quite famously well without central banks for most of world history america has had three central banks in our history the first two disappeared and this was going to disappear too because they keep taking on huge amounts of debt they keep leveraging up the balance sheet they keep making mistake after mistake of printing money this is going to send a self-destruct before it's over unless the politicians say you know this thing is a mistake it's out of control let's get rid of it you see more likely though that it will self-destruct thank you so that you don't see that happening you see destruction and as i said what i would do is just abolish close it down now before we have a disaster we already have a disaster i would close it down now now down erin worlds with their own countries without central banks can have probl

i would abolish the federal reserve and then i would resign. how ok that's a very we got the whole answer how would you go about doing that implementing that abolition was pretty simple just to close it down the world has gotten along quite famously well without a central banks for most of world history america has had three central banks in our history the first two disappeared and this was going to disappear too because they keep taking on huge amounts of debt they keep leveraging up the balance sheet they keep making mistake after mistake of printing money this is going to send a self-destruct before it's over unless the politicians say you know this thing is a mistake it's out of control let's get rid of it it's more likely though that it will self-destruct thank you so that you don't see that happening you see destruction. and as i said what i would do is just abolish close it down now before we have a disaster we already have a disaster would close it down now now down erin worlds with their own countries without central banks can have pro

as the federal reserve buys a larger share of the outstanding stock of securities. the quantity of these securities available for private sector portfolios declines. as the securities purchased by the fed becomes scarcer, they should become more valuable. consequently, their yields should fall as investors demand a smaller term premium for holding them. this argument depends importantly on the assumption that the longer term treasury are not perfectly substitutable with other types of assets, in an assumption that seems well supportive in practice. as forwards rate guidance -- short term interest rates are close to zero, the committee does not view these tools as entirely equivalent. one reason is that we have much less experience with policies designed to operate on term premiums as lsaps do. as a result, the strong majority of members believe that both the forward rate guidance and the lsaps are helping to support the recovery, we are somewhat less certain about the magnitudes of the effects of the financial conditions in the economy, of changes in the pace of pur

black friday shopping mall and kicking off in the west we'll look at the wild buying spree old the federal reserve and where it's taking the american economy. very well welcome to international. law and let's go straight to a main story now ukraine will not be reviving its plans for signing a pod with the the blank failed to convince president he had a call that year in the eastern partnership summit the gathering is underway in lithuania and also he's poles called took a behind the scenes look at the event for. since kiev announced that they would not be signing that association agreement with the e.u. one of the interesting questions has been how would european leaders responded last night we got a little insight we saw european leaders and heads of state arrive on the red carpet for an informal dinner on thursday evening and cameras were allowed in to capture those those meetings the first meetings really between european leaders and president on the coverts now he was clearly coming under pressure you can hear the lithuanian president say but if you signed the agreement well german chancellor

openis spirit, the federal market committee has clarified the federal reserve's objectives and policy strategy. because of its dual mandate from the congress which specifies both maximum employment and price stability as policy objectives, the federal reserve could not adopt an inflation target as his exclusive goal. norwood active -- nor would it have been appropriate to provide fixed objectives for unemployment in parallel with the inflation objective. inflation which is determined by monetary policy, the maximum level of employment that can be sustained over the longer run is determined primarily by nonmonetary factors such as demographics, the mix of worse force -- workforce skills and enhances -- advances in technology. as these factors evolve, the maximum employment level may change over time. consequently it is beyond the power of a central bank to set a longer run target for employment that is immutable or independent of the underlying structure of the economy. the approach on which the fomc agreed is described in a statement of longer run goals in policy strategy issued janua

we look at the wild buying spree of the federal reserve and where it's taking the american economy. for the world's top headlines live on the international i'm in for everybody here and welcome to the program ukraine will not be reviving its plans for assigning a pact with the e.u. for the bloc failed to convince president during the eastern partnership summit currently in effect in lithuania mass demonstrations continue to take place in kiev . the protesters alternately poised against the government's decision to shelve the trade pact with europe thousands of joint rallies in the heart of ukraine with the opposition issuing calls for a nationwide strike and even pledging what they call a quote euro revolution of the e.u. ukraine deal was due to be concluded at the summit in vail in the u.s. which is where. his right now let's cross to him live and get the latest from this poll good to see you today yeah new code which he's under pressure from all sides still standing firm. yes certainly coming under pressure from the population back at home and coming under pressure from european l

the federal reserve cannot handle the money on its own. congress is to do something.e your message, this is not a monetary problem. the problem that the world and specifically the united states is having with investment and growth is not a problem that can be solved by the federal reserve. in general not so much the economy. >> that is right. in the example, the highest corporate tax rate in the industrialized or. the president, senate and house alegre need to go down. the need to get down to the zero ec average. david: $1 reserve president agrees with you. great to see you again. appreciate it. liz: the world is littered with magazines, especially after the financial crisis. a comeback story from the dead. domino magazine, shudder, such a following. a very significant come back with a whole new look and silicon valley. hal is this company doing things differently this time around? could it spark sales of the publicly traded company? we talked to that to media group founders next. david: the weekend box office record. it broke november records. how well did the film t

if confirmed she would be the first woman to serve as federal reserve chairman. the senate banking committee hearing is two hours and 15 minutes. >> i call this hearing to order. today we consider the nomination of the honorable janet yellin to be chair of the board of governors of the federal reserve system for a term of four years. dr. yellin is an extraordinary candidate to lead the federal reserve. she currently serves as a member and vice chair of the board of governors. she previously served as a member of the board of governors in the 1990's. she was a chair of the -- of president clinton's council on economic advisors and she served six years as the president of the san francisco fed. in addition, dr. yellin has an impressive academic record. she is a professor at berkeley's school of business and was previously a professor at harvard university as well as a faculty member of the london school of economics. dr. yellin graduated suma cum laude and received her phd in economics from yale. the nomination is especially timely as our nation struggles with high

you know max thanks for having me olive being on your show tonight wolf rector how is the federal reserve like dancing chickens. well that story goes back to a movie called country war two characters the main character and his buddy we're talking it's a buddy of us telling this story about a. guy who was saying was to get chickens to dance at a carnival and come to find out he had one hand on the stage and the hand on the burner and heating up the chicken heating up the stage and when the chickens when their feet got so hot that they couldn't stand it anymore they started dancing yeah i remember back in time square back in the one nine hundred seventy s. they used to have dancing seconds and they outside on the street and these little kiosks you worked on an electric hot plate you put in a quarter and the electricity would go through into the feed of the chicken and they would start dancing but you're saying that the dancing chicken syndrome applies to the federal reserve bank i assume what you're saying is that they just got to keep feeding it more quarters they got to keep printing more

philosophical reservations about what the fed was doing and i decided to apologize to america as the black friday shopping in the us we look at where the wild buying spree of the federal reserve has landed the american economy. started. and nothing came out which was very frightening. great horrible a lot of fear. and if those side effects of fracking weren't enough communities in texas and also had to cope with earthquakes which some blaming on the new method draining our top story. this is r t international live from moscow with twenty four hours a day. police have been deployed on independence square in the ukrainian capital where thousands have been besieging the parliament building. demonstrators are angry that the country's president refused to sign an association deal with the e.u. during an eastern bloc summit. in kiev. several hundred riot policemen arrived on the scene and created some tension they were here to literally cordon off the streets just to not let the people out on the street and now the traffic has been suspended and people are protesting not only on the square but on the adjoining streets as well the biggest question right now obviously is how

you know max thanks for having me all of being on your show tonight wolf rector how is the federal reserve like dancing chickens. well that story goes back to a movie called country war two characters the main character and his buddy we're talking it's a buddy of us telling this story about a. guy he's saying was to get chickens to dance at a carnival and come to find out he had one hand on the stage and via the hand on the burner and heating up the chicken heating up the stage and when the chickens when their feet got so hot that they couldn't stand it anymore they started dancing yeah i remember back in time square back in the one nine hundred seventy s. they used to have dancing seconds and they outside on the street and these little kiosks you know worked on an electric hot plate you put in a quarter and the electricity would go through into the feed of the chicken and they would start dancing but you're saying that the dancing chicken syndrome applies to the federal reserve bank i see what you're saying is that they've just got to keep feeding it more quarter as they got to keep print

speed if you're the head of an empire or the head of the central bank of the united states the federal reserve bank what do you do well if you can't grow the economy on principle they're against it anyway right they're against people having any sort of wealth of their own so they've got to steal it don't they because the fundamental disconnect today is unnatural clearing levels prices of goods services and assets that do not reflect society's sustainable needs wants and preferences so over time the natural cycle of an economy is that prices will decline but in a finance based economy central banks and heads of state don't like that they want always inflation so you see global monetary authorities have sought price. stability which in practice implies the need for constant price inflation to offset would what would otherwise be naturally occurring price deflation indeed price stability has become a bipartisan socially acceptable euphemism for consistent policy administered credit and price inflation functionally the dominion of currencies purchasing power and they provide a chart for this this

how stock is the economy in your view now and is it strong enough for the federal reserve to dial back on bond purchases? >> i certainly believe it's strong enough to just weather the federal reserve. i mean, our theme for our investors throughout the year is that despite the head winds the u.s. economy faces is that it's resiliency may be under estimated and today's jobs report under scores that sort of theme, despite the head winds, the private sector in particular is weathering those forces very well, and so i would expect more positive formative news on the labor market front over the next several months. so i think that clearly brings into focus a federal reserve that is beginning it's tapering program. >> you know, joe, the other aspect of it, though, the participation rate dropped so dramatically. does that worry you at all, and might it concern the fed enough they hesitate to pull back because people are leaving, they are discouraged? >> it does. i mean, it's the biggest question economist for investors is how much of the drop in the labor force participation rate is temporary,

but the but in this case the federal reserve was suggesting that there are some benefits that have occurred. crude to the american public because of the comparative advantage and the reason is you are in for too big to feel that you disagree no no no no i think anybody i think anybody that is a marketable the corrupt should go to jail and i am i'm all for anybody collapsing who does not abide by the rules right now with glass steagall she wants that to be back implemented again but the real problem was the subprime loans from the community revitalization and that basically got essentially we were writing sub prime loans over and over and over again because there was a quota with the government to make sure that you have a house in our careers in these nine hundred true. prison it's about accountability and one of the ways that you get accountability one of the ways are going to come from see that i agree and the obama administration wants to do is that you get a culture of the initial six hundred person one of the ways that you get people accountable in the free market is they lose their jo

speed if you're the head of an empire or the head of the central bank of the united states the federal reserve bank what do you do well if you can't grow the economy on principle they're against it anyway right they're against people having any sort of wealth of their own so they've got to steal it don't they because the fundamental disconnect today is unnatural clearing levels prices of goods services and assets that do not reflect society's sustainable needs wants and preferences so over time the natural cycle of an economy is that prices will decline but in a finance based economy central banks and heads of state don't like that they want always inflation so you see global monetary authorities have sought price stability which in practice implies the need for constant price inflation to offset what what would otherwise be naturally occurring price deflation indeed price stability has become a bipartisan socially acceptable euphemism for consistent policy administered credit and price inflation functionally the dominion of currencies purchasing power and they provide a chart for this this is

friday shopping i thought about to kick off in america we look at the wild buying spree of the federal reserve and where is taking the u.s. economy. international is coming to you live from moscow. and for everyone here welcome to the program in egypt a student demonstrators being killed his cairo university has become the latest battleground of anti-government protests against a brutal police crackdown. i can see the officers clashing with youths tear gas being fired trying to disperse the crowds of the challenging down with military rule the protesters fury you would offer a group of female activists some as young as fifteen were given heavy prison sentences as part of a new government more than ten people gathering without permission true reports from. students. house jail sentences given to twenty one young women in the exam today who were arrested in october for protesting and suppose it is the president mohammed see tonight by the military food scene of women. happy given eleven years in jail for supposedly holding weapons and assaulting police officers seven of them are mine is that jus

the federal reserve system works jointly on these reviews. we no longer delegate to individual reserve banks the supervision of one or say two of these large institutions. it's also become an interdisciplinary matter. economists and lawyers and others are involved in. we learned a lot there of that supervision. i would say one of our top priorities now is ramping up our monitoring of the financial system as a whole to detect financial stability risks. i think that's something we weren't doing in an adequate basis before the crisis. so we missed some of the important linkages where by problems in mortgages would remember through the financial system. >> thank you very much. i want to say, dr. yellen when you're confirmed, and i very much hope that you are confirmed, that i'm very glad to hear you will make it a top priority for the federal reserve to engage in the supervisory and regulatory responsibilities that help keep our financial system safe. and that cannot be something that is merely an after thought but has to be a primary effort on yo

speed if you're the head of an empire or the head of the central bank of the united states the federal reserve bank what do you do well if you can't grow the economy on principle they're against it anyway right they're against people having any sort of wealth of their own so they've got to steal it don't they because the fundamental disconnect today is unnatural clearing levels prices of goods services and assets that do not reflect society's sustainable needs wants and preferences so over time the natural cycle of an economy is that prices will decline but in a finance based economy central banks and heads of state don't like that they want always inflation so you see global monetary authorities have sought price stability which in practice implies the need for constant price inflation to offset what what would otherwise be naturally occurring price deflation indeed price stability has become a bipartisan socially acceptable euphemism for consistent policy administered credit and price inflation functionally the dominion of currencies purchasing power and they provide a chart for this this is

the focus was on the federal reserve, and what a chairman would look like. democrats brought up concerns about main street, they don't want to be wall street getting the attention of the federal reserve, and republicans talked about this long term stimulus. they have concerned that it will run away from run away bubbles. >> wouldn't somewhere the courage to actually prick those bubbles and make sure that we didn't create another crisis. know one that lived through that financial crisis would never want to subject another one to what the economy -- to what we're painly going through in the we covering from. and we have a variety of different tools that we could use if we saw something like that occur. that include tools of supervision. [and you would have the courage to do that? >> i believe that we would, and i believe this is most important lesson learned from the financial crisis. >> despite tough questions, janet really sailed through everything. there were no major gaps, no big issues that cropped up, that could get in her way, as she towardswards confirm

earlier today the federal reserve minutes of the federal open market committee meeting. barns joins us from the white house. folks on wall street didn't like the report. how about folks inside the beltway? >> david, everybody trying to parse all of this. one thing clear from the minutes of the october meeting when the fed decided not to taper its $85 billion a month in pond purchases, quantitative easing easing bond purchases, that the fed, fomc members continue to watch the data. this is all data dependent for evidence of a stronger economy and stronger job creation. here is a key line from the minutes. they say, quote, many members stress the data dependent nature of current asset purchase program and some pointed out that if economic conditions warranted, the committee could decide to slow the pace of purchases at one of its next few meetings. but there was a lot of discussion according to the minutes, about, how to communicate all of this and whether or not they should adopt some new rules or, provide more guidance to the markets, maybe tweak some of their other prog

it is the changing of a guard at the federal reserve. a time when there's a lot of sniping by fed members out of school. did you notice? so, and janet yellen silence the fed dissenters' if confirmed as chairman? we will discuss that. and u.s. markets just keep going up, but is now the time to by china? we will be talking to one investor who thinks investors should think about a very hard. liz: in you really love, what would you do?" ♪ [ woman ] i'd be a writer. [ man i'd be a baker. [ woman ] i wanna be a pie maker. man ] i wanna be a pilot. [ woman ] i'd be an architect. what if i told you someone could pay you and what if that person were you? ♪ when you think about it, isn't that what retirement should be, paying ourselves do what we love? ♪ ju by talking to a helmet. it grabbed the patient's record before we even picked himp. it und out the doctor we needed was at st. anne's. wige your toes. [ driver ] and it got his okay on treatment from miles away. it even pulled strings with the stoplights. my ambulance talks with smoke alarms and

it's particularly appropriate to recall; therefore, that the federal reserve i.t. was created in response to a severe financial panic. the panic of 1970. it lead to the creation of the national monetary commission the 1911 report was a impetus to the federal reserve act signed in to law by president wilson on december 23, 1913. because the panic of 1970 fit the archetype of a financial panic in many ways. it's worth discussing the similarity and differences with the recent crisis. like many other financial panics, including the most recent one, the panic of 1907 took place while the economy was weakening. according to the nber a recession had begun in may of 1907. also, as characteristic of prefederal reserve panics, money markets were tight when the panic struck in october. the immediate trigger of the panic was a failed effort by a grouch speculators to corner the united copper company. the main perpetrators of the failed scheme had extensive connection with number of financial institutions in new york city. when the news of the failed speculation broke, the posit