and i think that we can't look at treasury alone.e have to look at treasury together with what we're doing in the other agencies working together, you know, so we have transportation programs going into some of those communities, we have education programs going into some of those communities. and we've tried in this administration as much as we can to concentrate the efforts of the different parts of the federal government so that we go into an area in a coordinated way. something that i think is very important in our budget, it's not in the treasury budget, is the manufacturing hubs that the president's proposed. you know, i was in ohio yesterday, and, you know, it's really pretty striking when you talk to a business person who was able to get into an abandoned warehouse and create a high-tech company because we brought the kind of power of coordinating what we do in an area together in less than a year. and, you know, i think if we were to build 15 more of those, that would be 15 more pockets of growth in areas of the country that

treasuries. >> oh, long-term treasuries. i'm not a big fan of treasuries. i don't see any risk/reward with the treasuries. they're at an all-time high, but there are other areas of the bond market that you can get into, that are secured, select high yields. but the treasuries, which are very heavy in most bond market indexes are not in a good place. you have to be careful to expose you're to bonds. >> let me ask you about stocks, andrew wilkinson. we continue to see gdp that shows an anemic story. is that enough for this market to be justified, do you think, that we're getting ahead of ourselves in terms of the strength, relative to what's going on in the economic backdrop? >> i think the path for stocks will remain exponentially going forward. if you look at the patent we've had so far this year, january, march, and may have been excellent months for stocks. they've outperformed bonds and had you invested alternatively in bonds in february and april, you'd have done very well out of bond. the pa

either within treasury or the counsel's office but the same notification process. see who all decides who will be told about this? >> members of the senior staff. i don't have it for you right now. >> last week when this all first came out you said -- was told very broadly but you didn't mention anything else about other staff. you didn't mention more specific details including some of the words that the irs office used to target groups. is that what you were telling us today consistent with your statement talking very broadly about this point? >> that was the entirety of what she was told broadly because the inspector general audit reaching its conclusion the potential findings are that some people improperly targeted conservative organizations in their applications for tax exempt status but there was no specificity about who, but motivation assuming no names of involvement and it was not included. it's important to know the way these things work in the ig report that the finalization process can result in significant changes. our whole point has been that knowing

jack lew running treasury, treasury in charge of the irs, jack lew formally a political operative.this make sense to you? >> that the treasury secretary would be investigating one of his own department's? no, this is absurd. i think the national liberal media is facing his first test tonight. this is an administration that declared war on american citizens. it has done so with in so many forms, but in using the irs, talk about how feared the irs is because of its extraordinary power, no american citizen should fear his or her government is respectable of what branch or agency. the fact this president chose to put as the fulcrum of obamacare the internal revenue service tells you a lot about his thinking, the policies that we can expect and the addition of 16,500 agents. we are supposed to trust this president, this a ministration and this government? are you kidding me? gerri: well put. i want to hear who you have on tonight's show. lou: we will be joined by donald rumsfeld to give us his perspective on who he believes is ultimately responsible by the benghazi cover-up, the irs sca

authorities a move that is expected to bring in billions to the treasury we're going to talk about the debt ceiling later today with winwood brooks a public notice and finally headline brown herbalife of back in the news with a new auditor. formally retired their account because of an unrelated insider trading charges against the auditor and its place and now is pricewaterhouse coopers but there's a catch as journalist francine mckenna points out and seems you see this close that it performs substantial consulting work for herbalife during periods that have to be read audited this code in paris independence something that is prohibited by as these rules well maybe the as these between you that ten million dollars from nasdaq to start enforcing sarbanes oxley but we're holding our breath let's get to what's in. our prime interest. back in january house republicans struck a deal with senate democrats to temporarily suspend the debt ceiling and exchange of congress didn't pass a budget which the sit in the senate has not done in about four years the members of congress would have their pa

the ig alerted the treasury in may or june. have you confirmed that the deputy secretary and general counsel word -- by the inspector general back in 2012? >> congressman i think we have made clear that the deputy secretary was aware of the fact that an audit was underway. he did not become familiar with the details of it. >> do you know whether or not the deputy secretary, do you know who if anyone did the investigation back at that time? >> we have over the last few days made clear that there were as appropriate conversations among staff where the fact of an investigation was clear and subsequently in the last few weeks as draft reports were being either, the reports themselves were available and the conversations but there was no action taken by anyone in the treasury department in any way to interfere with the inspector general's report. that was the number one goal. >> i understand. did you contact the irs commissioner about the false testimony that the commissioner had get to congress a month before? >> commissioner i tol

i am hearing about the treasury is thinking about floating variable rate notes. i have a big problem with that. is that true, first of all, the treasury is considering floating variable-rate notes? i just wanted to double check. there is a proposal that is out from several weeks ago. >> my time is expired. >> the chair recognizes the gentleman from delaware. , mr. chairman. thank you for having the hearing and thank you, mr. secretary, for coming in and for your answers to the questions. i am going to try to focus -- first, a comment about what you said. as a former secretary of finance at the state level, the responsibilities include taxing the station and i appreciate your hands off approach to that administration of taxes and understand why it is necessary for the political appointee in a place like treasury where i served. i would like to ask a few questions about your role as chair of the fsoc. the first one is, we hear a lot -- we hear it in the committee and from folks on the other side of the aisle and from people who come in the mud that too big to fail

it's in the irs and you are the secretary of the treasury. don't you want to know why these people did this? >> congressmen, i have said many times and will repeat, i am committed, the president is committed to making sure we figure out what happened, hold people accountable and make sure it never happens again. of course i care, but i also believe it would be inappropriate to stand betweenan ig and an investigation. have you spoken to anybody treasury or the iris about this since you found out about it how much in terms of why these people were doing this, what were they trying to accomplish? have you had any conversations like that, it's a simple question. >> since the ig report came out, i've had many conversations about what steps we needed to take. step number one was getting the resignation of the commissioner. step two is getting a new commissioner. i will meet after this hearing with the new commission. i will meet with him on his first day. >> have you learned anything about the motivations of this? >> i think we all have the same se

it reports up to the treasury. so the secretary of the treasury is now going to be running whatever transition and whatever criminal investigations and civil investigations regarding the irs. the last point is, the president is going to say some more about this tomorrow. we may learn more tomorrow. remember the fbi is coming in. they're probably already in the building from the justice department. so i don't think we've heard the last of it. i'm prepared to say i thought the president did the right thing in firing miller. i hope he appoint a new director post-haste to straighten out this irs matter. >> exactly. and ayman javers, he did not go there. he did not make any announcement on who a new acting director would be, merely, mr. miller has been fired. your reaction, ayman. >> it's similar to the written statement the president put out, except this was on camera. the key difference, what he said, i am angry about it. he made it an emotional story t. president has been criticized for being too formal, liamistic. >

dollars in treasuries forty dollars billion dollars in m.b.'s and these guys are primary dealers participate in these auctions with them now m.f. global was a primary dealer and it was kind of a big deal for the make gave them a lot of status and the interesting way this went down and what happened. they eventually went down but the way that they became a primary primary dealer is interesting they had all kinds of regulatory problems in two thousand and seven two thousand and eight they had a trader blow up part of the firms not as big as junk or as i did but it was about one hundred forty million dollar trade in the wheat market i think and the c f t c was scrutinising about global and as part of the deal the federal reserve bank of new york is the one who has to approve all primary dealer applications they said you need to clean up your act for a year and we'll see what happens and maybe you can become the primary dealers and guess who m.f. global hired to help them over that year long period. probably very yes predatory financial group heade

reports to the treasury secretary through the deputy secretary of the treasury. is that correct? >> that is correct. who was deputy secretary of the treasury in 2012? >> the current deputy secretary. >> have you talked to him about the irs situation? >> yes, i have. >> did he relate to you any knowledge that he may have had about what was going on in cincinnati when the irs was targeting these conservative groups? >> he and i both received the ig's report at the same time last tuesday. we have had numerous conversations about it since then. >> you testified you met with the inspector general in march, several months back, shortly after taking office and the inspector general presented a list of ongoing investigations, including the irs targeting >>ese conservative groups. what he indicated to me was there was an audit taking place of the 501(c) four determination unit. he did indicate there were potentially -- >> did you pursue that -- did you ask why they would do such a thing or anything? what did you do? >> the fact it is the practice that treasury is quite pr

obviously, at treasury those would be main treasury, those individuals would be obama appoint appointees. >> what i'm trying to say, this outrage is not democrat and republican. it involves the credibility of government as relates to american citizens. now, the president has indicated outrage. you have indicated outrage. so i would assume that we are on the same side in trying to determine how did this happen. who was responsible for it? how far did cancer go? how quickly can we cut it out so that 1tens of thousands of irs employees have this stigma of corruption taken away from them? that you, mr. miller, who is a career employee, don't have to explain to your kids and friends that you are not involved in a scandal, that all of the people that served the government, it is too late for the congress but it is not too late for the government to try to get its reputation cleaned up for america. so i don't want to see anger with you but where hope before this hearing is over that you share with us how you intend to have your voices heard so that america would know that whether this was crimi

our treasuries treasury for the taxpayers. we have to distinguish tourists and thus mr. george russell and you've got these names and i gather we must distinguish this is both colleagues. [inaudible conversations] >> i invited mr. george to testify as i have on my own subcommittee and encouraged other subcommittee trimmings. and we have a benefit. expensive frugality, with the government, and having said that, you are the acting commissioner and you have a big job and we will have a big opportunity. will you please proceed? >> thank you, chairwoman mikulski. and members of the subcommittee. i appreciate the testimony time today. 94 million refunds for a total of $250 billion. this unfolded despite the difficult challenges presented by substantial tax law changes and were not enacted until jiri second we are going to provide more online self-service option. enforced initiatives include increasing resources and tools available for identity theft and addressing other issues and improving the manner in which we use data. we have a number of initiatives. a one example is iden

or treasury about that issue? >> i don't know. i don't believe so. >> will you check all of your records, all of your notes, all of your e-mails to get back to this committee? >> time has expired at this point. >> thank you, mr. chairman. thank you gentleman for your testimony today. mr. miller, let me start with you. there is an agency in the federal government that needs to have a buffer approach, mistreatment, unequal treatment to any individual or organization, it is the i.r.s. is that correct? >> i agree, sir. that is what is sad about this. >> what happened in the cincinnati office and reviewing the applications this what comes from it. is that right? >> the perception is that. >> my understanding is based on the report and the recommendation that the i.r.s. has taken that up and have done the best to implement that this will not happen in the future? >> it will not happen again. >> who is being held accountable and why? obviously, you have rendered your resignation to the president and he's accepted that as commissioner of

i am hearing about the treasury is thinking about floating variable rate notes. i have a big problem with that. is that true, first of all, the treasury is considering floating variable-rate notes? >> i just wanted to double check. there is a proposal that is out from several weeks ago. >> my time is expired. >> the chair recognizes the gentleman from delaware, mr. carney. >> thank you, mr. chairman. thank you for having the hearing and thank you, mr. secretary, for coming in and for your answers to the questions. i am going to try to focus -- first, a comment about what you said. as a former secretary of finance at the state level whose responsibilities or jurisdiction included tax administration, i certainly appreciate your hands off approach to that administration of taxes and understand why it is necessary for the political appointee in a place like treasury or where i served. i would like to ask a few questions about your role as chair of the fsoc. the first one is, we hear a lot -- we hear it in the committee and from folks on the other side of the aisle an

>> treasury. >> treasure. and is it not a violation of irc 6103 to disclose confidential taxpayer information? >> it is. >> and that really applies to all taxpayer information? >> not quite sure what that means to be honest spent in practice basically all tax, not just the return -- >> 6103 obligates us not to disclose taxpayer information. were you ever made a where in august of 20 and a white house official in a conference call with reporters disclose the confidential tax structure of a private company? >> i probably read in the paper, sir. >> you weren't made through news reports because i think that is probably a. it was a long time ago. >> did you take any steps when he learned of that? >> i don't recall. i don't, i don't recall. i will have to go back down and search. >> so you didn't informed inspector general of that or your superiors that you recollect? >> i'm not sure why i would have to notify the superiors. it was in the papers. i don't remember whether we made a referral or i'm a referral at that

as treasuries start to weaken, that play between s&p 500 yield and treasury yield is going to start to make a lot less sense, and you may see the traders and banks start to invest in treasuries and notes rather than the s&p 500. - once again on friday, tesla was in overdrive. mark, it has been a long time since we've seen a move like this. do you buy or stay away? - this is an absolute stay away. if you look at the way the volume is spiking, this has been a really hard-to-borrow stock. i think looking at the squeezes, the short squeezes, i think this thing is going to be trading with a 6-handle by the end of the week, possibly a 5- handle. so, i would absolutely give this the hands-off treatment. - what stocks would you buy? - i think technology is going to continue to lead, the way it has the last couple of weeks. the nasdaq 100 was the clear laggard for the first quarter. i think it is going to lead through the end of the second quarter, and that's where i'm going to be playing. - mark, thanks for your help today. - thank you. it's a battle of the wills on the hill. for an estimated

treasuries. >>> conquering cancer. the promising treatments being developed by some of the world's biggest drug companies to fight the deadliest forms of the disease. all that and more, tonight, on "nightly business report," for friday, may 31st. >>> good evening, everyone. welcome. the month of may felt more like the month of march today. going out like a lion. selling modest most of the session. in the last hour it hit hard. wave after wave as portfolio managers made month- end moves. the range from high to low on the dow, 277 points, biggest since january 2 knond. it's the worst performance since the day of the boston bombings, nasdaq down 35, s & p lower by 23. all three finished with losses for the week. nevertheless, each of those major barometers ended the month of may with gains, first time that happened since 2009. monthly win streak stands at 7: seven for the s & p, six for the dow. >> to put it in perspective. we have jeremy siegel of the wharton school at pennsylvania. you are predicting the dow gets to as

treasury fifty nine billion dollars in dividends which will put off the debt ceiling debate in congress now some have reported that fannie and freddie's profits words evern by a recovering housing market but according to fact fannie ten q her net income was primarily driven by record re crediting tax deferred assets to further discuss this i have with me john pryor of politico thanks for having me thanks for joining so let's talk about this fifty nine billion dollars that fannie and freddie are going to pay to the treasury fifty billion of that is accountable due to deferred tax assets what does this mean what are they and how do they generate so much money right so back in two thousand and eight when these two companies are being taken over by the government they decided to pull in a county maneuver to push out some of the losses they were building up their balance sheets but that the same time they pushed out the taxpayer if it's that they would take on those losses until at some point whenever they're counting groups decided they would be profitable enough in the future to cover thos

i am saying the treasury department. if i looked at that correctly, you did speak to somebody in treasury about that? >> i do not think so. again, let's be clear. speak oru ever communicate with anybody in the treasury department that was not within the irs about the sharing of confidential taxpayer information in violation of 6103? rephrase it and you tell me? >> no. >> if you're asking me whether i ever shared 61 of three -- >> i did not ask that. did you ever communicate with anybody in the treasury department about the sharing of taxpayer information? >> i do not believe so. i do not know if you were talking up the subject, which would be absolutely fine to talk to them about, or -- >> that is exactly what i'm trying to find out. who you spoke with and what you spoke about. did you speak to somebody in the treasury department about the sharing of confidential taxpayer information? >> no, what i am saying, sir, is the following. that? you ever do >> did i ever talk to them about the sharing of -- 9 >> by email, by fac

it was the treasury opposition that killed off breaking up the big banks and i want to note the treasury has changed its position. >> as you noted, i was not in the treasury at the time. we are in a path now which of the right path, to implement dodd-frank and take stock when we're done implementing. there are a lot of calls of legislation in this area and i have said things to people who won various kinds of changes. this is not the time to be enacting big changes to dodd- frank or to the regulatory system. >> the question is, secretary lew, we all set back in 2008- 2009, the problems that caused this was concentration in the banking industry and more concentration. we are seeing some roles in dodd-frank of was trying to it. let me phrase this a different way. how big to the biggest banks have to get before reconsider breaking them up? they are 30% bigger than they were five years ago. do they need to double in size triple in size, quadruple in size? >> senator, many changes that have taken effect since the passage of of dodd-frank, we have better capitalized banks, better visibility, d

did you have any discussions with treasury around that time? >> is that question to me speak with you are mr. shulman. you would probably be -- >> i was deputy at that point but no, i didn't have any conversations at the time. >> mr. shulman? >> i don't remember having any conversations with the treasury department. >> okay, so there were no discussion. are you everybody who had discussion with the treasury department? the treasury department became aware of this information way back last june. none of that was, there were no discussions between the irs and the treasury as you are aware of? >> let me clarify. i think everybody knew that it was very difficult to administer the (c)(4) law. and so i don't have any memory of it, but there very well could have been conversation about policy, the policy matters that members of this committee have talked about, should the primary purpose test be changed. at least coming for me there were no conversations that i had with the treasury department about this, the matters in the report relating to inapprop

>> the treasury. no. we shared with the irs. i do not have that dropped in front of me. -- draft in front of me. do you have an official date for that event for the record? >> march 28, 2013. >> that is the date with the irs. actings the commissioner. >> i have monthly meetings with the commissioner. >> outside of the office of the inspector general, the f -- before or after march 28, any other drafts circulated? >> and the question is whether my office shared drafts, we would have shared with the irs, i believe. >> this set of timelines you gave us, wheeling have the ig, including acting commissioner and draft issued the next day. any other days in which discussion or preliminary portions we shared with anyone outside of your direct force? of an audit, quest there is a back-and-forth of sharing of information between the subject of the audit and -- >> mr. shulman knows nothing. mr. werfel knows nothing. can you make available to us forth discussions that occurred with anyone so we have a complete record of who knew what and whe

treasury secretary jacob lew. people a simple question: how old is the oldest person you've known? we gave people a sticker and had them show us. we learned a lot of us have known someone who's lived well into their 90s. and that's a great thing. but even though we're living longer, one thing that hasn't changed: the official retirement age. ♪ the question is how do you make sure you have thney to enjoy all of these years. ♪ >>> you're watching "worldwide exchange". >>> greenback pushes dollar/yen past new handle, unlocking a new stage of rallies with japanese equities. >>> the g-7 finance ministers this weekend. we'll bring you exclusive interview with jacob lew in a few minutes after talks with george osborne. >>> battle lines have been drawn. carl icahn is set to launch a proxy fight for dell, facing off against buyout bid by the company's founder, michael dell. >>> italian stocks lead in europe as generali outperforms. recovering from last year's losses. the ceo told cnbc in another exclusive where the strengt

>> not at this time. >> not white house or treasury? >> that is direct, sir -- correct sir. >> thank you, mr. chairman. i think if i'm sitting at home trying to figure out what is going on here and listening to the testimony and the remarkable revelation some of these questions, you get somic?-- you get some snickers after some of the,m but you have the federal government asking what book you read, having the federal government ask you if you know someone is going to run for political stuff. this is chilling stuff. this is very, very serious. do you accept the findings of the i.g. report? >> we do, sir. >> one of those findings that groups that were targeted, do you accept that finding? >> i would not characterize it as targeting. >> would you understand why the inspector general believe that groups are targeted? >> i think the group that were put into the centralized grouping would have gone in whether we have done the correct thing or -- >> you describe a list of criteria being used to identify these groups as obnoxious, correct? >> c

but treasury secretary jack lew, who took over as treasury earlier this year, said he learned most of the details about the targeting about a week ago. what's not clear is if anyone relayed that information in 2012 or 2013 about the tax agency baring down on conservative groups to the white house. and who decided to start that targeting in the first place. meanwhile, republicans also are raising questions about sarah hall ingram, a top irs official who was the head of the irs's tax exempt division while this targeting was going on. here you can see her bonuses and salaries during the time that conservative groups were feeling the heat from the tax agency. now ingram is in charge of the irs's office that will implement obamacare, monitoring everyone's health insurance and taxes and fines associated with the health care law. and that worries some in the gop. >> she provided horrendous customer service under her watch and now she's going to do the same implementing obamacare. swell. this is the perfect -- this is a perfect example of why we need tax reform. >> but democrats say ingram's

the head of treasury, okay? i learned about it from the news. then he admitted in testimony last week, well, maybe i learned about it in march, maybe not in may along with the general public. maybe it was actually march when the inspector general had a meeting about the report. then the inspector general testified himself that he testified actually i didn't meet with mr. lew but i met with senior officials at treasury including the deputy secretary and the general counsel and told them about this last spring prior to the election. believe me it wasn't me and mr. george doing this report. i let my superiors at treasury know. so you got lew saying, huh, i don't know anything about it. president obama, saying, i don't know anything about it. except for the senior staffers but they only, know, they coordinate with treasury -- it's a credibility issue. [ laughter ] >> megyn: now they come out and wanted of want us to believe other. we didn't know doj targeting the associated press. we didn't know about increased demands at benghazi. there is supposed

we have never seen p/e ratios this low when the tenure treasury was below 6% yield. what really is happening is the market is looking through the very low yield anticipating they will in fact have to increase over the next few years and price the stock market accordingly. lori: that is a great metric, actually. go back to profits, the theme of the last earnings season seems to be companies just could not generate revenue. the bottom line is great and beaten many standards, but revenue was still a challenge and at some point was that catch up with the stock market? i'm curious about that as well. >> we are just realistic what is happening in the market today is companies are faced with a fairly modest amount of economic growth, which is why the revenues have only grown modestly extracting a lot of earnings nonetheless and the reason for that is productivity increasing, companies are controlling their cost really effectively and they are continuing to heighten their capital for shareholders to deliver higher term. the kinds of expectations we would have for stock retur

investigation. >> do you believe your treasury source? this is one of those stories, especially to the irs, everybody lies. i'm not willing to make that statement about the treasury, but a lot of people have not told the truth. >> that's exactly right, larry. no one on capitol hill seems to be buying what stephen hill said today. the deputy secretary won't. the secretary will have a lot of questions to answer when he comes to capitol hill next week. if the obama administration knew about potential corruption at the irs, and they did not talk, they will by a cuesed of playing politics. stephen miller today was defiant. >> very good, robert costa as always, time for your wrap-up. >>> our next guest chief deputy peter roscum of illinois had heated exchanges. here's one example. please listen. >> what day did the conversation take place? >> i'd have to look back on my notes on that, sir. >> you have notes on that? >> i'd have to try to find them. >> why did you say you had notes if you don't think you have notes. >> sir, please. please. >> do

of the treasury. and the former irs commissioner will also be invited to testify at that hearing on wednesday of next week. they're going to announce that later this morning. that will join a long list of other congressional hearings, house, ways and means is expected to look into this, as well as over on the senate side, the permanent select committee on investigation. so now we have at least three committees here that will be digging into this irs hearing and what i am told about this oversight committee hearing is that aides will be looking into the question of where did this all begin?

it doesn't want to skew the market if less treasuries are coming to market.as this budget deficit shrinks, and it is significantly lower than it was at this time last year, as that shrinks, the treasury's going to be issuing less debt which means the fed might not have to buy quite as much to get interest rates where it wants them. liz: so what's next, larry? >> well, i mean, if this budget deficit continues to shrink and treasury issuance continues to slow, it's possible the fed would reduce some of that buying. now, not a huge amount. not enough that everyone's going to say, oh, the fed is backing out. liz: everybody or to -- it might be to the markets, or it might be for the markets. it might have s.a.t. alert here, sliewb rouse or positive effect if, for example, it shows that maybe this economy is finally getting sort of a bit healthier and, therefore, we don't need to prop it up with that much medication? >> well, if that's the reason, then it is a good thing long term if the data continues to improve. i think there's still a big if. the economy be is g

they should pay the treasury off first.pen before the end of this year or early next year. david: so what do you want that you're not getting or what do shareholders not they're not getting? >> simply not to expropriate the shareholders, prefered and common, give them a chance to recover, after the taxpayer is fully repaid, starting next year. and that's what they did for citigroup shareholders. that's what they did for aig. david: by the way, i'm curious, ralph, did you stand up for gm bondholders who were shafted in the auto bailout. >> yes. i don't like injustice anywhere, whether government, marketplace, wherever, military, yes which is why i want to ask another question about the irs scandal. you know very well like you do, you were right there pushing for it, the second article of richard nixon's 1974 impeachment, the draft of his impeachment had to do with him using the irs as a political tool to go after political enemies. do you think that this administration has done the same? >> we don't know the full story but f

the widening between treasuries and bund. we have passed below treasury yields and probably for bund yields, as well. we have a sharp contrast between what's go the on in the u.s. and what's happening in the eurozone. deflation, it's falling quite sharply now and the outlook for the economy remains extremely weak. it's a sharp contrast to what's going on in the u.s. there are pressures on yields in the u.s. and still very much down from yields with the eurozone. >> yeah. so we don't know how that plays out. don, thanks for that. that was don smith from icap. dick is still with us. what do you think happens to treasury yields? >> well, the absolute low is by 1.38% for a ten-year treasury. that's down from 16% in 1981 and over a three-decade bill market in bonds. i think the bull market in treasury bonds is over. >> you hit the bottom of the saucer in -- >> hit the bottom. but i do think that the rise will be gradual and it will be led not by rising inflation, which would be dangerous to the economic recovery. it will be caused

] if it's the treasury, ignore -- the treasury does not directly connect with you. >> okay.okay, fine. i just don't know about that. if that's so, that's consistent with the proposition that there's a lot of electronic activity by the treasury. it's just not by e-mail. thank you all. [applause] >> you're watching booktv on c-span2, 48 hours of nonfiction authors and books every weekend. >> and now from our recent visit to yuma, arizona, with time warner cable, our local partner, we hear from a local author whose book "postrevolutionary chicana literature" talks about the impact of chicana women in literature and the unique role they play. >> i believe that chicano writers historically are very interested in the day-to-day lives of real people, in real places. so, for example, anna castillo of chicago, many, many texas women writers are embracing a sense of place that is part of identity. so when i think of other feminist writers i've worked with, let's say some of the great ones, betty friedan or anybody like that, i think that sometimes a criticism that could be made is tha

as treasury department was trying to stop permanently in the one nine hundred forty s. words but we have a graph here a central bank assets of the percent of g.d.p. europe and the u.s. share of central bank assets are steadily increasing over the past six years and japan's are projected to reach sixty percent or higher makes a quantitative easing itself as a relatively recent phenomenon officially chasing back to japan and shoot outs and one is it possible that balance sheet targeting or q.e. itself is a manifestation of new monetary regime and not unlike britain we're in uncharted territory of. quantitative easing is a reaction to the fact that official policy rates have zero in all these key economic areas so if. policymakers want to provide more stimulus they have to use unusual means the interesting thing is that under the treasury department's philosophy back at bretton woods in the one nine hundred forty s. this would have been impossible because they were determined to institute a fixed exchange rate system where it would be really impossible for central banks to

s treasury department was trying to stop permanently in the one nine hundred forty s. words but we have a graph here a central bank assets as a percent of g.d.p. europe and the u.s. share of central bank assets are steadily increasing over the past six years. and japan's are projected to reach sixty percent or higher makes a quantitative easing itself as a relatively recent phenomenon i facially chasing back to japan and she thousand and one is it possible that balance sheet targeting our q.e. itself is a manifestation of new monetary regime and not unlike britain we're in uncharted territory is here a quantitative easing is a reaction to the fact that official policy rates have zero in all these key economic areas so if policymakers want to provide more stimulus they have to use unusual means the interesting thing is that under the treasury department's philosophy back at bretton woods in the one nine hundred forty s. this would have been impossible because they were determined to institute a fixed exchange rate system where it would be really impossible for central b

as treasury department was trying to stop permanently in the one nine hundred forty s. words but we have a graph here a central bank assets of the percent of g.d.p. europe and the u.s. share of central bank assets are steadily increasing over the past six years and japan's are projected to reach sixty percent or higher makes a quantitative easing itself as a relatively recent phenomenon officially chasing back to japan and shoot outs and wind is it possible that balance sheet targeting or q.e. itself is a manifestation of new monetary regime and not unlike britain we're in uncharted territory is quantitative easing is a reaction to the fact that official policy rates have zero in all these key economic areas so if policymakers want to provide more stimulus they have to use unusual means the interesting thing is that under the treasury department's philosophy back at bretton woods in the one nine hundred forty s. this would have been impossible because they were determined to institute a fixed exchange rate system where it would be really impossible for central banks to