This transcript is automatically generated
That well -- -- -- Bernanke delivering his highly anticipated speech in Jackson Hole today.
The chairman -- not announcing any new former stimulus but stating that the Fed would be ready to act when necessary joining us now for Fox Business it's.
Exclusive is Mike Angell former governor of the Federal Reserve board -- good -- yet thanks for coming in up.
Bernanke made some interest -- claims today he he claimed deciding some other data that in fact the Fed's bond buying in money -- so far QE1 and QE2.
Actually stimulated the economy to the tune of two million jobs suggesting that it added 3%.
To economic growth but when you look at the figures.
Growth has been declining steadily since this Q -- process began so how can he make the claim.
That it is actually stimulating the economy when the economy slowing down.
And while they emit water claimed he wants but whether it's valid is another matter what is it -- -- change debate.
-- it is is it a valid point or not.
-- it's not valid.
That that bad gains in its power.
My wedding that position on the option that guardian applies to probably.
And and if they do that.
Then they've got parodies.
But when the Fed prods.
All the marbles -- try to get the economy to grow it -- is not very fact gave.
And any air -- let me say.
That the problem that we have is that Bernanke.
Was a better student.
On the bottom Kerry errors and the great abrasion that it was -- Adori.
He got -- understand that that regulatory puzzling it went pretty well from the Great Depression.
Made Roosevelt closing the bank shop and then getting all examined and -- not answer that they're but now.
But some are rather were caught in a regulatory.
That's not a very unfortunate.
Will -- and that -- kids still today those still he reiterated we've heard these statements before from him from the minutes from.
From the Fed statement itself from Burnett gives out that he was ready to act is -- one thing.
That you think could happen in the US economy -- the European economy that could cause Ben Bernanke to pull the trigger.
On quantitative easing.
While I don't think he really wants to pull the trigger.
On monetary easing because I think he knows that he's not gonna get much -- -- -- And so I think he'll be much more happening -- if it can avoid it but he wants to say we've got that out there.
By the way Romney -- -- specifically time and again by reporters and and debates.
Whether he thought Bernanke's doing a good job he said not only -- he think he's not doing your job but he he would not re nominate Bernanke would -- Well I I -- -- it if brought me ask me that question I'll be glad to supply the answer to to Romney.
Well Romney has got.
So credit page staggered out so well that -- economy of ours is -- grow.
A lot more than people are anticipated but does does Bernanke deserve another term.
I ash and Hawaii does not -- -- -- it doesn't he doesn't and regard true.
And messing up the banks.
Stops them from lending -- always got all those excess reserves out there but the pressures are not -- that.
And and we need a -- -- button and there are terror are alleged attempt to provide.
I'll cover for banks to make more loans.
Wayne what do you think that mr.
Bernanke has been very vocal body has not shied away from the fiscal club is been very.
Negative -- it comes to the work congress.
Do you think that his words carry any weight and Washington now.
Mom not -- march or may not that he.
I think chairman Bernanke should stick to monetary policy.
Cannot have all -- of bias in regard to fiscal -- eight.
Because I think we're gonna have an election that's gonna change all that and this economy -- -- orbiter just fine.
But when that he buys treasury bonds does he not begin to participate in the political process that is does he not provide cover.
For free spending politicians were spending money they don't -- Not really not really may have made very little spend money they don't have weather out doesn't cover -- out of the Federal Reserve.
So that's already there.
Wayne -- Former governor of the Federal Reserve Fort Wayne thank you very much it's nice to talk to -- good to see away thank you not -- to be worth you.