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FBN's Peter Barnes on details of Fed Chairman Ben Bernanke's speech at the Economic Club of New York.
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Action so it data that's already -- Peter Barnes who is listening to the Federal Reserve Chairman as well he's -- -- -- -- his recasting -- and let's check out.
For him -- Peter.
Yeah hail our analysts that's right I thought that his comments at the end of particular that in which he said the potential.
For the economy to strengthen significantly.
Exists out there if washing doing can get its act together and do something.
To fix the fiscal cliff because he also said.
That while the Fed of course this is standing by to provide help for the economy to help but keep the economic recovery going.
Quote I don't think the Fed has the -- schools to offset that.
I eat the the country going off the fiscal -- the the economy going over the fiscal cliff but he did say he repeated that the Fed is standing by and will continue to do all it can.
To try to keep the economy economy going even if the -- fiscal cliff occurs.
But that they're also will be some potential contraction in government spending regardless -- -- -- for example.
The expiration of the payroll tax cut so.
The Fed -- -- to continue to use the tools that it has to try to keep the recovery going -- Washington does not fix the fiscal cliff -- Melissa.
All right so is the -- reserve chairman spoke Peter stocks sort of sold off not a whole lot of new news heard a lot of it before thought it was interesting he addressed the question of why not.
Cut the interest on excess reserves to basically forced banks get out and -- some more.
But -- -- -- well I'm I'm Republican victory lap on the state of housing in the recovery that we seeing a special housing starts today coming in better than expected as while.
Well no because he he did say that while while -- there has been some improvement in the housing market and has been some improvement in housing for.
Prices.
That there are still headwinds headwinds in the housing market for example lending standards continue to be tied -- -- did talk about.
-- role of the Fed as a bank supervisor and -- it is trying to work with banks to find the right balance between.
Loosening up lending standards for credit worthy borrowers and being prudent -- the -- so we don't get into another housing -- another financial crisis so -- I don't think he was ready to declare victory yet now -- -- -- the housing market.
I decided he was spending so much time Peter on housing that it was an easy area it's a -- -- got a they know -- you're right you're right you're right but that's a great conversation have always appreciate your input Peter Barnes okay thanks.
