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And an economic projections just released the Federal Open Market Committee participants indicated.
They expect somewhat stronger growth this year than in 2011.
The outlook remains uncertain however -- close monitoring of economic developments will remain necessary.
Well fed monitoring my next guest not exactly lessening former BB AD chairman and CEO -- -- -- Bernanke off the Helen out of the jobless -- that goes on the rest of the Federal Reserve.
So John you think the hole fed.
Staying followed Ron Paul wasted time line.
Actually we -- -- and and the reasons are multiple of the one I'd like to focus on the fact that.
We have a huge deficits those deficits to literally couldn't exist if congress by the Federal Reserve couldn't print money.
And they print -- about -- and therefore they don't self discipline we have a private banking system by -- -- gold standard.
A congressman -- a lot of money but they couldn't bar anywhere near as much money in the market would self discipline and force more rational management finance and our economy.
So without a Federal Reserve and medicine -- -- like 2008.
Would we just be saying facility here on their own.
Well if we had had a Federal Reserve we wouldn't had a position like 2000 in the real Federal Reserve cost of financial crisis.
Alan Greenspan -- to be that he Rosalie -- to much of money -- kept interest rates do that led to a bubble massive miss investment in the housing market that.
Was financed by Freddie Mac and Fannie Mae and and without fear that that wouldn't have happened noisy -- -- John -- My worry don't I don't know and believe -- have a lot of concerns of the that is members of the secret and as the whatever.
Well boy -- have a lot more problems with giving those finance of -- to congress.
Well black -- ebitda but I don't think.
What you really would do would be have a private banking system with the go standard like the United States have making said -- 913.
What and we had the greatest growth right history in -- and there was an economic corrections but they were all severe -- court.
Was nothing close to the right depression.
And by the way the -- Always do and we still had -- in place in spurts we still -- our downdraft.
We still had recessions.
Yeah well it's human beings we are not omniscient.
Markets are constantly learning -- -- making mistakes.
But what what happens in a free market.
The downside corrections happen quickly.
The calls what that when the Fed tries to keep us from haven't corrections all they do is push the problems into the future and we -- that would bigger problems in the future.
That right now so that we ought to be reflecting on the -- is is -- lower interest rates way below what they ought to be.
They care for our real deficit levels are much bigger than they appear in -- it insists that if we had normal interest rates we have several hundred billion dollars more in deficits.
Congress -- is being missile -- by the -- even the Democrats might be willing to deal with deficits if they saw how really largely underlying -- -- Was also is a very similar to help them get crazier and assume that those.
They would suddenly developed discipline and put the well because results on which it got to -- -- get the gas is about a long term bonds by the way.
Public pension plans that are gonna have -- in losses when interest rates go up -- the taxpayers gonna have to thankful to points own John thank you very much could senior again.
Yes our -- the effect on our.
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