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Bernanke Faces Two Days of Intense Questioning

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  • Description

    FBN's Peter Barnes breaks down details of Bernanke's hearing before Congress.

  • Duration 2:10
  • Date

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-- K-Fed reserve chairman Ben Bernanke just wrapping up -- to.

Of questions on Capitol Hill taking some heat increase if you look from congressman on the economy as well as our country's mounting debt.

Peter Barnes joins us from Washington with a wrap up so Peter to today's of intense questioning the -- Bernanke's -- cucumbers name.

Are always you know it's like he's teaching his class at Princeton again -- -- keeping all the students in line.

He did once again defend all the aggressive stimulus by the Fed to the quantitative easing.

And low interest rates but he came under some criticism for keeping now.

The short term interest rates and and helping to keep interest rates low.

Because that has hurt savers of course and there are plenty of constituents of these members of congress who.

Are complaining about that up up Bernanke said that.

He expects that interest rates will rise substantially as the economy -- -- also went out of his way to point out that.

Oh by the way the stock market is up substantially over the last few years has doubled in the last few years and that's helped savers and retirees.

But that comment didn't sit well with one member who has a ninety year old mother take a listen.

I really don't understand hey how you can give that advice or B how you can suggest that an increase in the stock market is a positive.

Indicator of your work in a cost benefit analysis there us economy.

-- what I was not giving financial advice I apologize and I gave that impression.

I'm just saying investors generally view the question what should we what should you be doing to the spread and benefit to the seniors what shall we say to the senior secured by your -- -- -- what I was saying was that the economy.

We'll get stronger because of good policies and that in turn will cause rates to rise in a sustainable way.

But -- of the main topic here today the big one was the sequester the spending cuts that are looming.

That are going to be coming on Friday if congress and the president don't cut a deal.

-- tomorrow.

Bernanke wants the them to.

To cut a deal to try to to limit their impact which he says it might hurt economic growth if there if they stay in place and our severe quite.

All right thanks to the sum up their Peter Barnes.

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