going to be a united federal reserve note? that's a technical economic issue. you can't bail out on the $16 trillion and iou we have. you just can't. it -- it would be the disaster in the calamity. i don't think you can do this with a magic wand. i don't think -- i think the if you go back to the 1980s, what reagan and tip o'neal to save social security. they worked a deal where payroll tax went up the most progressive tax in the country, they agreed to cut back on some benefits. part of the deal was -- what is that noise? is gordon out there somewhere? [laughter] you're too young to remember gordon. [laughter] o'neal and reagan, part of the deal was raising the tax, cutting some benefits, and so o'neal said to reagan, look, you go out and say whatever you want about what this deal is. and i won't contradict you. i'm going go out and say describe the deal the way i want to describe. and don't you contradict me. deal made. gone. no one objected. it was voted through the congress. people who ran -- i know a couple of senators who ran, i think first in 1988, like

decisions that were made by secretary of the treasury, head of the new york federal reserve and the head of the federal reserve of the united states all made decisions that had to da do with saving theable if system. >> yeah. charlie, i understand that and they have a right too what they want but we have a constitution. we all have to abide by the constitution. you can't selectively decide what you're going to abide by and not. the constitution says the government have to pay for what they take from the private sector. not the way it's written in the constitution but that's essentially the interpretation. moreover, when you think about the things they've done, since when is the treasury of the -- the secretary of the treasury call up the head of a public company and say you're fired? kind of unup? >> rose: of course it's unusual. >> and i'm putting somebody on the goldman board as a director. >> rose: there is a sense that you feel like -- you talk about the back door bloult bailout and you feel like people did act out of motivations that were not just simply on the facts. >> rose: how can you not? how can you not? >> some

tuesday the housing starts telling us how many residential units began construction last week. on wednesday, the federal reserve's open market committee will wrap up a two-day meeting with a press conference from chairman ben bernanke. thursday, retailers will report on existing homes sold last month. and then on friday, the blackberry z-10 smartphone will be available to u.s. consumers. >>> and for dessert, twinkies never go bad. bankrupt hostess brands has agreed to sell the iconic cream-filled confection. the $400 million plus deal would put twinkies, ho-hoes and dolley madison under the control of two equity firms. both have history with tasty turnarounds. metropolis purchased pabst blue rbi in 2010. a bankruptcy judge is expected to approve the deal this week, meaning twinkies could tackle store shelves by summertime that will do it for the show tonight. thank you so much for being with me. my guest next week liz ann sonders, the chief investment strategist at charles schwab. each week keep it right here where we are "on the money." have a great week, everybody. i'll see you next weekend. [ male announcer ]

federal reserve. we don't have a private monetary system in the united states, a government own monetary system. by definition, they are caused by government policy and the federal reserve has been very creative and in this case allen greenspan made bad mistakes because he wanted to go out a hero. we were having a minor economic correction, he created negative economic rates. then ben bernanke created a new yield curve, because we suddenly had a negative spread, which is a whopping reason this has lasted several years. the context in which the mistakes were made were really federal reserve policies and they got deflected primarily in the housing market, specifically fannie mae and freddie -- freddie mac and fannie mae. it was destructive for housing and consumption. people don't think about it, but if you consume it and a massive overconsumption, which is one reason we have had such a hard time getting the production process going again. we have taught millions of people how to the mortgage bankers and learn new jobs. this housing, investment, the federal monetary reserve problems is particularly

dagen: someday that will end, and it will enter the united states with our own federal reserve and you're playing a dangerous game even buying equities, betting the fed will keep the measures in place and not know exactly when the fed will start withdrawing information. >> agreed. what is really important is to have a smooth deleveraging. we have leveraged up for years and years. it is seven or $8 trillion. what is happening now is a deleveraging process. when you do leverage, you have bumps along the road. they have for three or four years now been underway. government with their deficit hasn't started the process yet, that is what we hear a lot about on capitol hill..3 it will begin to happen. it is important to have a smooth deleveraging. dagen: of course that is important, but no guarantee that will happen. if you have to choose between asset classes, or get hit once that starts to happen, get the accommodation removed, what do you like the most in terms of valuation? >> we like equities here and in emerging markets. really the fixed income market has had a good 30-year run. interest

it's a way of creating a mechanism. >> it would allow the united states to put the federal reserve'set to work for the rest of us, maybe for a change. so when we talk about the trillion dollar coin nobody says who is going to buy the coin and where will they get the money to do it. that was your point in the opening. if the federal reserve is required to take the coin then use the keyboard and they mark up the size of the treasury's account the same way the federal reserve pace for everything. the federal reserve does not have a bank account in any other bank. there's only one way they can spend. that's by creating money out of thin air. >> we're in the weed here. if i'm hearing you at home, hearing you at the table it's like if that can work then let's just make a $10 trillion coin and zero out the deficit or the national debt and then just like forget all this fiscal cliff stuff and all these grand bargains, let's just throw it in there. why stop at 10, 20 trillion, an endowment of $100 trillion we draw on for the next hundred years. why can't we do that. >> we can do that. >> this

. >> significantly, the federal reserve did reduce its outlook for unemployment in the united states. the fed saying that it sees unemployment falling to 6.85% is in in 2014. that's the first time since the fed has been forecasting and making those public that it's been below 7%, a quicker pace of improvement in the unemployment rate could bring a near end to the fed's effort to stimulate the economy. and the fed chairman made comments about what's going on in cyprus and the economic and financial difficulties in that small country. >> so a lot of uncertainties and questions about how the way cyprus has created for other countries and the like. it does have some consequence. having said that, you know, the vote failed and the markets are up today. and i don't think that the impact has been enormous. >> finally, the federal reserve in its statement for the first time made mention of fiscal restraint, which is another way of saying the sequestration that many analysts did not think was going to happen. fed chairman did say that he has concerns that reducing federal spending could reduce

you look at what we've all achieved whether in europe or in the united states since 2007 and 2008, we've come a long way. federal reserve, i mean, you know, what i call th cnbc shorts like, you know, peter ship, they are drumming up business here, not analyzing a situation, a financial or economic crisis. he's trying to drive business to an offshore bank for crying out loud. i'm trying to keep clear this: one, our markets are far more secure than given credit for, and i ensure you invstors pay a premium in the market for the security. we're going to see the european union, the 17 finance ministers of theeurozone ill meet sunday. they will approve the deal, which will be less than we're told, at least, less than 11% con fig accusation. call it what it is, of the deposits, and is it sufficient certainly not, but it's a beginning. there's a a lot better than where we were a week ago. shibani: the markets roll on? >> i think the markets continue strong and move forward. they are stable and growing, and i'm talking about american markets. you know, hallelujah. shibani: we like that and the enthusiasm and the confidence. that

united states, and banks failed. but you're just saying the federal reserve has improve risched savers.'re saying. >> it's essentially a tax. they get no benefit from qe and zero rates. they're footing the bill while the banks are printing money. ibm, disney, they can all go out and replenish their balance sheets. >> it's like they're all moving in lock step. is it just the fed? >> because we have dodd-frank. >> the reason we have low rates is a very weak economy. is it the fed or a weak economy? >> we have 5% growth. we'd have a lot stronger long term and medium rates. up next, markets edged a bit lower today, but a wee bit of a correction leaves me with plenty of optimism at our economy, which i actually think is rising. "the kudlow report" is coming right back optimistically. my goal was to take an idea and make it happen. i'm janet long and i formed my toffee company through legalzoom. i never really thought i would make money doing what i love. [ robert ] we created legalzoom to help people start their business and launch their dreams. go to legalzoom.com today and make your busine

own central bank, they have to deal with the european central bank where we have the federal reserve system in the united states. that would make it a situation like cyprus less likely to happen in a country like this or in this country. >> it may mean we are less likely to do the right thing and to print money instead, but ultimately means people who have money on deposit in u.s. banks are going to lose even more the purchasing power than people who have money on deposit. if we had the attitude it didn't matter, our banks to make all the dumb loans they want because the federal reserve will always print money to bail out their depositors, in the end you might get your money back but you may not get your purchasing power back because the dollar had plunged. connell: we haven't seen the plunging you talk about in the last few years when the fed has done nothing but print money and nobody here has legitimate concerns. dagen: has printed more money than it can ever pay. nobody cares, they keep lending us more because they think we can keep printing it. at one point in time the printing of money is what doom

for its own losses, its own debts, and there is no kind of single back stop like the federal reserve here in the unitedthink that is one very large and very significant difference. >> rick stangl is the managing editor of "time" magazine. thanks very much for coming in. >> great. thank you, wolf. >>> coming up mitt romney is speaking out again. does he still have a role in republican politics? i'll ask a romney insider. >>> and forget about gangsters and bank robbers. the most popular document in old fbi case files has to do with ufos. [ female announcer ] what if the next big thing, isn't a thing at all? it's lots of things. all waking up. connecting to the global phenomenon we call the internet of everything. ♪ it's going to be amazing. and exciting. and maybe, most remarkably, not that far away. we're going to wake the world up. and watch, with eyes wide, as it gets to work. cisco. tomorrow starts here. only hertz gives you a carfirmation. hey, this is challenger. i'll be waiting for you in stall 5. it confirms your reservation and the location your car is in, the moment you land. it's just another

last ten years then all the other forty united states combined they do things right and they're right to be suspicious of who's keeping their gold the federal reserve in new york is it really there can they get it when they need it in a crisis that's what this new texas gold standards are all about bringing the gold that we own in texas back to. texas let us guard our own gold and take possession of her own goal to show that we have stability in our state one of business moves here they want to go but our stability texas can show them not only is the economy great but we've got gold to back it up and it's in our possession and we know it is now going to ask you. critics of the gold standard to say that it limits economic growth because there's only so much gold as you said that you can't you can't print off more gold so that seems like a major downside to the system well you know what the only thing that limits economic growth turns out to be the federal reserve the most i'll give you one of the greatest stats of all time list the federal reserve was founded in one thousand thirteen and it's only goal was to protect the value of the dollar and sinc

who joins us for a fox business exclusive, ceo and president of the federal reserve bank of dallas, one of the best gentlemen in the unitedmerica, richard fisher. good to see you, richard. thanks for coming in again. >> my wife would not believe what you just said but, david, thank you very much. david: let's talk about the stress test coming out in a minute. some people say they miss the bigger point that big banks are still essentially except from going bankrupt. isn't that the bigger problem here? >> well, let's separate the two. the stress tests are very important to make sure that what we now have, that is the banks now operate under the current law, et cetera, can withstand adverse economic circumstances. so i think that is very, very important. i think, incidentally they're well administered under the oversight of one of the federal reserve governors, governor dan turillo. that is very necessary under the current structure. what i and my colleagues at the dallas fed have advocated however is changing the rules that really deal with banks that are too big to fail because dodd-frank, its preamble and its purpose is t

. >>> the federal reserve back in the united states is kicking off its two-day meeting on interest ratest cnbc fed sraeur. steve liesman is here. >> the headline in the last hour we showed you that the market is expecting the fed to increase the amount of quantitative easing. what is becoming an increasingly important part of the survey, what wall street expects from washington. the first thing is a pretty profound development, which is this idea of what will congress do when it hits the debt ceiling. you can see the past two surveys, nearly 90% of respondents think congress will raise the debt ceiling every time it's reached. let's move on to what wall street thinks -- will they consider with the sequester? yes. will it consider and change the makeup. 33% say yes. should it increase spending cuts? 21 #% said. bottom line, only 17% a year think congress should reduce the spending cuts. if you add all of this up together, what you find is a large number who believe congress should keep the plan but they want a little flexibility. how urgent is it? 80% of the march survey said congress sho

united states was not a safe harbor, foreign investors withdrew their gold deposits from american banks. in a short time, $30 million went overseas. we asked dr. andrew brimmer, former member of the federal reservey gold alarmed the fed. dr. brimmer, in 1931, foreign investors were pulling their gold out of american banks. reserves were being depleted. what does that do to a bank? what does the reserve do to try to combat it? for the banking system as a whole, if there's a significant reduction in reserves, from whatever source, it has to cut back on loans and the extension of credit unless it can get some relief. only the federal reserve, acting as a central bank, can provide more relief. so, in 1931, as the gold flowed to europe and so on, that was a loss in reserves the central bank had to make it up. the fed would not stand by. it raised its scountate to force banks to increase the rate of inrest paid to depositors. the result--foreign investors earned more interest and left their money in u.s. banks. that ended the gold drain. but raising thdiscount re had other, less fortunate, consequences. if the federal reserve raises the discount rate, that transmits a message to banks and the money ma

concerns over higher education in the united states as new numbers suggest the level of student loan debt is reaching crisis proportions. according to the federal reserveork, americans now hold a total of nearly a trillion dollars in student loan debt, as an average of $23,000 per person and that could take an advantage person roughly tn years to pay off, maybe more. joining us now the reverend jesse jackson, founder and president of the rainbow push coalition. i know you're deeply concerned about this, in part because i read your recent column on the problem. how do we solve it. >> well, it's more about a trillion dollars, more than credit card debt, so many youth who have able minds will not apply and those in school cannot stay in. and in black colleges about 15,000 fewer this year and some, the money without necessarily the grade. and some grades can't because of the money and that undermines our future capacity to compete. >> gregg: part of the problem is that the price of a four-year college education has really skyrocketed. i looked it up today, since 1981 it has gone up 500%. now, you know, over the course of 30 years, that may seem reasonable

ignoring the employment half of its mandate, the federal reserve focused on price stability. the united states led the world in liberalizing international trade in investment. beginning in 2001, under both democratic and republican presidents in congress both democrat and split control, the federal government reversed course in large part to terrorist attacks of 9/11. the results have been disappointing. the size of government has grown soaring to 22% of g.d.p. and remaining elevated. marginal income tax rates were first decreased then increased and in recent years policy makers have focused on the fairness of the tax system rather than its effect on growth. monetary policy has become discretionary again. the regular tear burdens on businesses has increased generating uncertainty and inhibiting new business investment. the united states has fallen behind its major trading partners. today is the perfect time to focus on the growth gap and what we should do about it. given the historical and legal relationship between the committee and the council of economic advisors, it's appropriate tw

ignoring the employment half of its mandate, the federal reserve focused on price stability. the united states led the world in liberalizing international trade in investment. beginning in 2001, under both democratic and republican presidents in congress both democrat and split control, the federal government reversed course in large part to terrorist attacks of 9/11. the results have been disappointing. the size of government has grown soaring to 22% of g.d.p. and remaining elevated. marginal income tax rates were first decreased then increased and in recent years policy makers have focused on the fairness of the tax system rather than its effect on growth. monetary policy has become discretionary again. the regular tear burdens on businesses has increased generating uncertainty and inhibiting new business investment. the united states has fallen behind its major trading partners. today is the perfect time to focus on the growth gap and what we should do about it. given the historical and legal relationship between the committee and the council of economic advisors, it'sgiven thl relat

united states government to back up our debt? >> you are onto something extremely important. last week, there was a major paper presented by a former federal reserve governor. they concluded when the debt gdp ratio gets to 80%, and our net debt bank, leaving out social security's were a little below that, our growth status of well over it, you run an increasing risk of a sudden loss of confidence and a dramatic rise of interest rates that you run into these long growth episodes. there is a serious risk. we cannot be sure. if you are heading toward an iceberg you ought to change course. it seems to me we need to start getting the spending down and we need to start getting the debt gdp ratio stabilized and heading back down to a safety zone, 50% of gdp over the long term. >> you just mentioned interest rates and the growing cost of interest rates to the federal government as part of our government. at some point, they will normalize. how much will these payments increase? what are the trade-offs as a larger share have to go to paying off interest. >> cbo projects the interest costs over the next decade will almost triple. that does not include the o

federal reserve, i don't believe, has been fooled by the quiet. >> do you think this would be a good thing by default of the united states bringing money here becauset's safer by comparison, good for our financial markets, good for the economy? >> well, i think more broadly, the united states has been on a campaign to try to attack tax havens all over the world. including switzerland and other placeses. to the extent the depositors do lose money in cyprus which is a major tax haven, that would further u.s. policy in that regard. >> you know how you will lose your money in this country. you don't know how you will lose your money in europe. it's been different every single time they've done it. >> fair enough. we woke up this morning to look like stocks would tank on the cyprus news. but look, dow is fighting back. only down a couple points. as i tweeted out last night i think the news in europe could be good news to u.s. stocks. do our guests agree? you've been here listening to this conversation. liesman is doing this. president of street mark global and joining us now from the west coast, what do you think, sort of to mandy's point to my tweet la

is because of the federal reserve and because of the large amounts of money that multinationals are holding offshore, we need corporate tax reforms to bring that back into the unitedtates because corporate tax rate 35% well above the average of 24% and we tax company on the worldwide income rather than just domestic income. that needs to change so some of the corporate profits come back into the united states. david: diana furchtgott-roth, great to see you. thank you for coming in. liz: chocolate company bringing jobs back to the u.s. bringing jobs over from china as it tries to reach an impressive goal to produce 10 100% made in america toys. telling us why producing here in america is good for business and what challenges he has been facing. and up next, a money manager who says inflation is a joke at the moment, he tells us why and the stock picks that could take advantage of the laughable atmosphere that he calls so funny. don't forget to log onto facebook.com/afterthebell and tell us if you are concerned about inflation at least in the near future. stay tuned, we are coming right back. ♪ [ male announcer ] how could a luminous protein in jellyfish, impact lif

federal reserve is pressing citigroup to improve its anti-money laundering controls demanding citi submit a plan to improve companiwide oversight. the federal order expands on similar orders given to individual citigroup units. citigroup said it made substantial progress in strengthing compliance. >> ipo fund-raising jumping 50% this year. new stock issues raised $23 billion so far up from $15 billion in the same period last year. says dealogic the data firm. that is the latest from fox biz, giving you the power to prosper adam: you know that old tag line, dude, you're getting a dell? there will be a lot of dudes. the battle for dell. charlie gasparino joins us on the phone with the latest for the bidding war for the computer-maker. here's charlie. >> where's my intro. anyway. i usually take these hits off intros i guess the question is why is dell considering the blackstone bid to be for the computer-maker to be management-friendly and who is likely to win? two things here which is pretty interesting. number one, dell wave ad noncompete clause for a former executive to work on the blackstone bid. david johnson joined blackstone from dell last february. what is interesting he is working on the bid. they wai

federal land. we should use those resources for proven reserves that exists. we should create incentives for using natural gas for transportation. it cries out for the per unit energy is one half for less than it is for diesel in the technology exists to expand natural gas. you could save 1.5 per day and expand our own energy to be able to create a more competitive trucking situation. we had to have incentives for conservation or hopes of power in this list you can send you to consume less. the simple fact is conservation is cheapest energy policy we can get. the energy we don't use is the best means by which we can create a comprehensive strategy. which of the rocket forces decide where to invest. we should not resort to government capital. it's an oxymoron. [applause] it's been tried. it's failed, let's move on and let's trace the interaction of people in their garages, in their labs in pursuit of their own dreams and disruptive technologies that cover the cost of energy from renewables rather than having a people in the department of energy thinking they know best. that is the path to a brighter future in getting at least 1% growth per year over the next

united states postal service a small jam maker can ship like a big business. just go online to pay, print and have your packages picked up for free. we'll do the rest. ♪ >>> >>> federal reservef its two-day meeting today. let's go to randy kroszner, former federal reserve governor, professor of economics, university of chicago's booth school of business, as always, randy, thank you. randy, some of your -- some of the board members, jerome stein, getting cold feet on this easy money in bond-buying. cold feet, i call it. so does the strength of the economy change the feds' view? >> over time it will, but i don't think quite yet. we have seen these green chutes before back in early 2010, 2011. unfortunately, they wilted by the time summer came around. and they needed more support. so i think the fed is going to be very wary of pulling things back before they really see these green chutes take root. >> so basically, you're expecting mr. bernanke to be very firm. i don't just mean the fomc minutes, but tomorrow's news conference. he's going to be very firm. is that what you're saying? firm, meaning firm, easy money, for as far as the eye can see. >> i think he's going to acknowle

central planners are co-opting responsibilities reserved to the states and individuals under the tent amendment to the united states constitution. a federal of fiscal koresh and is now at the higher of the debates of medicaid expansion proposed under, care. unfortunately, some of our friends and allies in the conservative movement have folded in the face of federal bribery and mounting pressure from special interest groups. they tell us to take the money. in the case of texas, $4 billion because it's free. that there is nothing free. there's nothing free because for starters it's our money. this is our money that we've tacked on to the national debt come to either by borrowing from china are pulling it up to britain prices. speculate, nothing stops washington from changing the rules down the road and increasing this day share, which indicates that texas of texas will be up to more than $18 billion over 10 years. that's a lot of money for the 14th largest economy in the world. all we have is a promise from a federal government they apparently can afford to keep dangerous criminals behind bars. if the merits of the expenditure don't matter

united states government doesn't believe that that should be the case. therefore, we have a law which, in essence, requires these banks to go back to the federal reserve oncee federal banking authorities once a year to prove that they can stand a one in 100-year event and also to prove the ability that they have the -- they have the ability to return money to shareholders. the banks in the past three and a half years have been showing increases in earnings quarter after quarter on a year-over-year basis. the earnings of the banks this year in the first quarter of 2013 are likely to be the highest that we've ever seen in the american banking industry. and this increase in housing activity, you know, the increase in housing prices, who owns all those foreclosed homes and all that distressed real estate are the banks. and the value of that real estate is growing at a rapid rate indicating that the assets that the banks own are now actually understated in terms of their position on the balance sheet. and yet the government says we're going to tell you whether you can do this, that or the other thing x. that, i think, is not good. cheryl: you know, dick, last y

central planners are co-opting responsibilities reserved to the states and individuals under the tent amendment to the united states constitution. to a federaly of fiscal coercion is now at the heart of the debates at the medicaid expansion proposed dondero, kerry. unfortunately, some of our friends and allies in those men have faltered in the face of federal bravery and mounting pressure from special interest groups. [applause] they tell us to take the money. in the case of texas, $4 billion because it's free. but there is nothing free. there's nothing free that comes from washington. for starters, it's our money. our money that we've tacked onto the national debt by borrowing from china were pulling it right up the printing presses. secondly, nothing stops washington from changing the rules down the road and in crease in the state share, which in the state of texas will be up to more than $18 billion over 10 years. that's a lot of money. that's a lot of money for the 14 largest economy in the world. all we have is a promise. a promise from the federal government but apparently can't afford to keep dangerous criminals behind bars. if the me

united states. the economy is growing. what i am suggesting that valuations are fairly valued at this point and the federal reserve has providednt of liquidity and distorted many risk assets. high-yield bond. no longer high yield. they're low yield. >> i'm going to jump in here. it is fascinating to me as an outside observer that brian, the economist, is db seems more bullish on stocks than chad, the stock guy. now brian, you stayed if the stock market will pull back you would be a buyer of stocks. but at this point in time right now do you agree with chad that stocks are fairly valued? >> no. i think stocks are undervalued today. we can talk about payroll jobs all we want but corporate profits, corporate profits right now are at an all-time record high. we can throw out fedex and oracle an anybody that might have a bad report, but the bottom line is overall corporate profits are at an all-time record high. that's why this market is up sglp that's a great statement. so earnings per share on the s&p is roughly about 1.02. you have operating profit margins at a historic high but you have revenues that are dead in the water. what

unit nine. some of the world's cleanest gas turbines are now powering some of america's biggest cities. siemens. answers. melissa: so we are just minutes away from federal reserveben bernanke's news conference. let's bring back our panel of all-star guests. we have former dallas chief economist michael cox. we have russell chief economist. former democratic congressman, fox contributor and dennis kucinich. tracy byrnes and charles payne here in studio. nicole petallides at new york stock exchange. and jeff flock at cme. nicole, let mae start with you, what is the number one question traders are listening for as traders get ready for this news conference. >> we're here new intraday highs on the dow jones industrials. same for s&p 500. we watch ben bernanke you should note. traders have same sentiment. you have very accommodative fed and ben bernanke and his team with the exception of esther george. >> two thoughts quickly. vix, fear index is low. somebody seems to be worryryed about wall street at all. we're grinding higher for major market averages. 10-year at 1.94%. that is something we continue to watch as well. so very accommodative, and they expect that to

american banking and he traces the fact that the federal reserve was the result of 30 years of efforts by local, small, montana, arizona, nebraska, south carolina, unit bankers seeking to reform the banking system to minimize the power of new york city and they thought they had done that with the fed by splitting into 12 districts of which new york is only one in missouri has two, providing a lender of last resort so it would not be the new york fed or jpmorgan. so i understand the concerns of the fed. this is what i told prof. friedman when we debated going down the danube, my view is competition solves problems and if you allow free and unlimited private note issue, i said allow people to print their own money, you will soon minimize the power of the fed because you will have groups and institutions whose money will be more valuable than dollars and the fed will have to compete with that. >> host: last summer booktv interview the author of the creature from jekyll island. if you would like to watch that go to our web site booktv.org. in the upper left-hand corner you will see a search function. type in jekyll island and you will be able to watch it

united states, there has been work. to geti would like them a decent interest rate on their savings. one-tenth of 1%? because the federal reserve, which represents the big banks, have kept the interest rates historic low. your life savings, not in a bank, you cannot get any money. hundreds the company can find savings other than raising their prices. workershe low income pay staggering compensation packages to their management. they can take some of that out. that are all kinds of ways companies can adjust. there is the restaurant in small business and he pays his workers $11 an hour, $12 an hour starters. these workers will support medicare and social security, so there'll be more money and services for elderly people. .ost: we have this on twitter host: walmart and stores like that have low wages and sell cheap goods. guest: they are using chinese labor. the national headquarters are in arkansas. why are we protecting american workers? breaks all kinds of tax from washington. the response to american workers gratitude? they can put their workers and their place. .emi-starting wages we have to pay attention to that. walmart ge

federal reserve and the chairman, ben bernanke. ali, thank you very much for that report. >>> we're going go back to jerusalem. we're awaiting the president of the united states, the prime minister of israel, they're getting ready for a news conference, to talk about their meeting, talking about iran, its nuclear program, syria, what is going on there. will the u.s. intervene? has a red line been crossed in syria as a result of reports that perhaps chemical weapons have been used? our coverage continues right after this. ♪ (train horn) vo: wherever our trains go, the economy comes to life. norfolk southern. one line, infinite possibilities. humans. we are beautifully imperfect creatures living in an imperfect world. that's why liberty mutual insurance has your back, offering exclusive products like optional better car replacement, where if your car is totaled, we give you the money to buy one a model year newer. call... and ask an insurance expert about all our benefits today, like our 24/7 support and service, because at liberty mutual insurance, we believe our customers do their best out there in the world, so we do everything we can to be there for

banking" and traces the fact that the federal reserve was the result of more than 30 years of efforts by local small, montana, arizona, nebraska, new york, south carolina, unit bankers who were seeking to reform the banking system to minimize the power of new york city and thought they had done that with the feds by splitting into it 12 districts of which new york is only one and missouri has two. providing a lender of last resort so it would not be the new york fed or j. p. morgan, and so i understand the concerns of the feds. my -- this is what i told professor friedman when we debated on the barge going down the danube mitchell view is the competition saw a soft spot and if you allow free and unlimited, private notes -- yes, allow people to print their own money, you will soon minimize the power of the fed because you'll have groups and institutions whose money will be more valuable than dollars and the fed will have to compete with them. >> host: and last summer, book tv interviewed the author of the free system. if you want to watch that go to the web site, booktv.org, up in the upper left-hand corner you'll see a search section. type in the name and yo

united states what is happening in cyprus? and i just wanted people to hink as we finish today, and understand it has been happening every day. this president's federal reserve chairman helped him get re-elected by printing massive amounts of money, creating massive amounts of money. they are not printing, they just add the numbers. every day they were taking from people's bank accounts by printing more money, creating more money. devaluing the money they have in their bank account. they create 10% more in money by adding those numbers. they just have taken that right out of their bank accounts. they devalued the home values. they devalued their bank accounts. so it's people -- as people wonder this week could what happen in cyprus happen here? they need to know it's already happened. happened in cyprus was not -- was not on the euro, they would be doing what this administration is doing, printing money like crazy. that allows them to keep spending, run up the cost of health care, but we are printing more money to deal with it. on top of all of the suffering and the disastrous effect on health care, you had this financial overlay of this administration takin

united states government to back up our debt? >> you are onto something extremely important. last week, there was a major paper presented by a former federal reserve governor. they concluded when the debt gdp ratio gets to 80%, and our net debt bank, leaving out social security's were a little below that, our growth status of well over it, you run an increasing risk of a sudden loss of confidence and a dramatic rise of interest rates that you run into these long growth episodes. -- depressed growth episodes. there is a serious risk. we cannot be sure. if you are heading toward an iceberg you ought to change course. it seems to me we need to start getting the spending down and we need to start getting the debt gdp ratio stabilized and heading back down to a safety zone, 50% of gdp over the long term. >> you just mentioned interest rates and the growing cost of interest rates to the federal government as part of our government. at some point, they will normalize. how much will these payments increase? what are the trade-offs as a larger share have to go to paying off interest. >> cbo projects the interest costs over the next decade will almost tripl