Also in this playlist...
This transcript is automatically generated
Before the congressional joint economic committee now that was earlier today and Don -- arrested the chief economics correspondent for the Wall Street Journal was actually at the hearing.
And He joins me now John you know the one thing I've noticed with Ben Bernanke of weight.
He's come out swinging sort of saying -- I can't do it all myself he's come out swinging them online against the administration and and also against congress that we see some of that today.
We saw a lot of it today not only was He swinging against the White House and against congress is also swinging.
Against China which He thinks is manipulating its currency in keeping it undervalued.
But his main message was to white hasn't to the White House and congress and he's been saying this for a couple of years now it's practically -- -- How come up with a long term deficit reduction plan don't do it too aggressively is you could damage your fragile recovery.
And come up with a better way of making these decisions -- we don't have these crack ups like we had in and in August so.
He dialed up the volume on these things but He certainly is swinging back and He certainly gets his fair share shots from whenever it was up to Capitol Hill.
United I mean I loved ones are not Greenspan easygoing him and Maxine Waters is again an over all kinds of things had not been a good economy but down.
Now I also things like Bernanke is beginning to bristle at the negative public perception of the Federal Reserve you know and -- it I think He took a couple of shots there's someone brought up the notion that the Fed prints money.
Was it pretty SF about that as well.
Well also I mean there was that one -- -- the other one that that I thought was particularly interest -- was there was a congressman from South Carolina who got up and stand said.
And it's the Fed's fault that these deficits are so big because it's made interest rates so that it's just kind of enticing.
Congress to go out and borrow more and more money in the other chairman fired back it.
At that you know the idea is that -- -- you guys have to discipline yourself you can't blame us.
For pushing rates down so that we can help American consumers just because.
Congress can't discipline itself in there was quite a bit of back and forth.
You mentioned Alan Greenspan -- times have changed quite a lot from the Al Greenspan is there is not.
-- deference that Alan Greenspan used to get when when Ben Bernanke goes up there anymore.
Why is that gonna do this -- on both sides of the aisle think they can just pushed pushed Ben Bernanke around and by the way do you think if that is the case.
He'd -- kind of made it that way because his work so hard on ER.
Sixty minutes is for -- -- -- -- now have actually put himself and a whole.
Well you know I mean why it is in a nutshell -- because the Fed among many other institutions in this economy.
-- we had a financial crisis.
The Fed failed to foresee it failed to prevent it.
And the Fed gets its fair share blame for that -- one point Bernanke said that people you know He understands why people are out there protesting so much these days.
Because they're frustrated that the economies in the position that it's and did people are always gonna look for who's at fault the Fed I think we could say was one of the institutions of fault.
But certainly there are a lot of institutions when you look -- Wall Street -- -- look at congress itself for the White House.
Speaking in the White House lines been made that none of the Democrats and we know the both sides try to get Bernanke -- to sort of push for their.
-- reported yeah where another.
I have no one brought of the jobs bill -- I mean is that red flag for the president what does that mean about his jobs bill.
That's a very good point you know there was not a lot of talk about it you know Bernanke.
He went as far as to say that well when you do a deficit reduction plan you should do it in a way that doesn't hurt the economy and an in the near term.
But the Democrats.
That who are -- there Warren asking for it they were asking Bernanke for a lot of other things they weren't asking for the jobs fell.
Republicans didn't even bother to try to get him.
To knock it down I think it tells us that that you know -- that it isn't much of a political winner right now.
Before let's go John QE3.
The market's fallen apart here a little bit any suggestion or -- that that's still viable option.
Oh He spoke very clearly.
About that He He got question from our congressman who.
Interest in guy congressman Duffy -- used to be on MTV's real world asked him about QE3.
Some bizarre world that we live in right now but Bernanke said that's not something that they're looking to do immediately.
So why you know -- markets might not be that happy about that.
It's something that He won't -- off the table but if you said that people might have thought that there are gonna on the unleash it it their November meeting.
Doesn't sound like they're moving very quickly down that -- -- sounds like it was a fun event thanks a lot John Hilton rampant Wall Street Journal appreciate it.
Filter by section