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It's the whole thing here Peter -- -- with all eyes on not Jackson -- today that.
-- mister Barnes was talking about to see what Ben Bernanke comes up with but at universities and economist University of Maryland who weighs in on these things all the time Constance could see once again.
Today we know he's used this in the past -- alluded to this couple times this morning in Jackson holes been used as a kind of -- hinting ground for more stimulus that's why everybody builds it up but what about today -- -- Well today's are very awkward day for mr.
Bernanke because it's the Friday between two conventions you know and historically that fed has held its fire.
During presidential campaigns.
Also there's really not much more he can do and announcing that he's gonna keep interest rates -- through 2015.
-- anybody reasonably expect short rates to go up until this economy gets better.
I think not.
And the -- going to be.
But you think it's gonna be a fiscal story -- least the end of this year into next year and see what we do about our situation and falling off a cliff and everything else is supposed to a monetary.
The story even though you because he's speaking today because the Federal Reserve is what is we build it up to be so much.
At some point we gotta just the fiscal if you think Bernanke by the -- will address any of that today are now.
Well it's a very touchy issue -- he does it becomes political remember there are three elements.
They -- trade in exchange rate situation exchange rates danger monetary policy and fiscal policy.
In -- we have a change in the White House they'll be no change in the approach to China and Asia and a very large trade deficit and borrowing that's going on.
That -- monetary policy.
And let's -- a change in the White House there's going to be no change in the fiscal situation.
I think they'll find some kind of deal at the end of the year if mr.
Obama's old reelected he'll be some higher taxes on the wealthy perhaps.
But there isn't going to be a big change in Seoul you know next spring so it -- and monetary policies played out.
-- interest rates are already very low.
Off course -- could.
The hard to be much lower than we've been for the last what do you throw a number of years -- of -- my point is -- do you change the focus at least the talking about.
Fiscal policy but as you outlined we were kind of in a holding pattern here at least until after the election but -- let's say the change it it in the White House for not gonna have.
Kind of change is exactly how the the Federal Reserve approach -- the situation as well as one of things we brought up in terms of you said.
Into the usually try to avoid politics but do you how much can you do that as a human being if you're Ben Bernanke knowing that if you know Mitt Romney wins.
And a lot.
If it admit it would Bernanke can do is say we need a change of policy if he does that he's endorsing Mitt Romney.
Right that's the point who would remove him or never you know -- well as chair Bernanke is not worried about that Bernanke served two terms -- other attorneys not a terribly wealthy man.
He's close to my age and it's time to make some money so I expect -- Bernanke really doesn't care very much whether he gets reappointed.
He was appointed by Republican.
President to begin with -- sometimes almost gets forgotten in the in the way thinks -- played out here the last few years but you believe.
Even if you disagree with him on some of this policy decisions of Ben -- essentially.
And a political guy trying to do is best.
Yes I -- and I really was quite resentful of their Democrats in the senate.
In this election season.
Pushing him to do something about interest rates at the last hearings I think mr.
Schumer once again demonstrated that he can be irresponsible.
This guy's trying to run.
You know 8888 bipartisan or nonpartisan institution that's entrusted with a very important function.
At all this political pressures unseemly.
The reality is the politicians have made a mess of trade and fiscal policy.
And there's a limit to what the Fed can accomplish.
Now with -- being in the -- that it -- so much money has come here in recent months that it's really preempted QE3.
It's been the equivalent of QE3 this rush of hot money into United States which is lowered interest rates it's pushed that housing prices and it's pushed up the stock market which is about a what you can expect that a monetary policy at a time like this so what's the point.
Leave them alone.
That's probably pretty good advice we'll see whether he takes it today at what comes up with in the big speech repeated recent thanks for -- in zones -- -- --
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