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They're focusing on Ben Bernanke signals regarding future fed policy but the real story is that Ben Bernanke and really whoever replaces him as the chairman Federal Reserve.
May not be able to afford any major policy change box -- senior correspondent try yes we know here with all that I.
I just want to make it clear to the world that they're not gonna pick me.
Let me tell you why didn't the fox does that work has learned that I am not in the running because one of the Promos we showed earlier I was told made it look like.
They were gonna like I was the guy down.
That's -- this week he'd be -- I I got him I get that two people one person in the hallway and then another person tweeting me or email me.
In any event through who is going to be definitive replacement for Bernanke which we'll get into like the politics this is I think it's fascinating the way pres Obama on unveiled -- like I guess was two days ago an interview with Charlie Rose.
Who is going to be -- new fed chair chairman or chairperson we should -- it happens I think it's going to be chairwoman.
We -- which are not going to be well.
Good chance it's not going to be Tim Geithner when I understand -- former Treasury Secretary former president the New York fed has told people on Wall Street.
He's not interested in the job of Fed Chairman he's obviously one who's on the short list that's been released recently but -- tell people not on the -- he doesn't really want the job.
You want to go into the private sector want to make a few bucks this is what people on Wall Street -- on the Fox Business Network.
Who have contact with mr.
Geithner so then who is that it -- the odds on favor with people on Wall Street to saint.
It's Janet Yellen -- think I don't think there's much secret about this some people say possibly Al blinder.
The Princeton economist I think it's Janet young and the reason why people Wall Street -- -- I'm not talking about like.
-- but the junior trader and he's a senior executives on Wall Street -- -- this.
Is -- whenever they're together they seem like according to one person they finish each other's sentences they are.
On on track he complete terms and food for pets sick.
Anyway but you know they stayed they are on track.
Are on on par or you know in sync connection that's the right word in -- in terms of policy goals Janet Yellen is what's known as adult -- -- terms that mean she believes.
In this in it to win this dual mandate -- at the Fed has dual mandate of fighting inflation.
Do you -- unemployment she's a person who basically says.
The employment part is more important so therefore I will stimulate the economy would put monetary policy.
I eat low interest rates and printing money now here's where it gets interest seen in in terms of what we're doing to -- talk about today.
A 230 plus sell -- because Ben Bernanke kind of hinted it may I say and that's a right -- put it kind of hinted.
About tightening stopping the Q -- stopping to -- printing money right maybe 2015 raising the short term interest rates.
You know I believe that he did that and he didn't know him -- You know he -- -- pretty explicit way I -- ample leeway now why is that.
Do you notice on Monday or Tuesday trip -- present bums and Charlie Rose basic throws and on the bus says he's not you know everybody knows the guy was wasn't you know.
Wasn't going to be -- be here next year.
But the way he unveiled it was kind of like a slap in the face Bernanke obviously.
Almost you know elected Obama because of -- wasn't for monetary policy fiscal policy was.
-- suffering -- if we were to get.
So many me Janet -- who's essentially mr.
-- female form for you from I would say she's eat it mr.
Bernanke on store it's okay if you are good for Wall Street but even perhaps if she's completing the president -- is -- he says.
Potentially good for the president because she would continue free money that would well.
-- -- sure it's not you know this is -- given dangerous territory here like if you keep printing money.
There's a point we create massive massive asset bubbles which some people say still exists among those bubbles on wind that's -- I say -- upon me people buying.
Riskier investments that blow up and when those bubbles on wind as they did in 201994.
When you -- the Orange County bankruptcy -- -- -- was invested in very risky assets.
It could be really nasty so.
That's the one thing that holds back but what we what we will have.
And I think that's pretty clear is a continuation.
Of the cock and -- and even more so of the accommodation -- policy.
A Ben Bernanke meaning -- using monetary policy the stimulate the economy.
And one of the tragedies is that the Obama economy of itself will not be able to stand on its own and what the market is saying right now.
If it does -- -- the stand on its own if you take Bernanke at his word remember he's not going to be here next -- -- be somebody else take Bernanke at his word.
This economy is worth.
Not that much it's not -- great economy yes we have a pickup in housing we have decent deal better.
GDP numbers although still not great and when snow is forecasting anything above 3%.
We have lots of underemployment even if unemployment going down so you can you can look at -- -- -- -- from ways and maybe it's marginally improving but that's improving in with.
Accommodation is fed policy what happens if you take that away but the market is saying to take that away and it's on its own don't bet on it this is a bad economy.
Attention quickly bit that.
To market be happy about that indirectly because then that means you can't stop the -- right that.
That's the second phase of -- government didn't do much the market has a mind right now the mind is if you stop it.
Which Bernanke said he would.
Or probably would if certain things -- which he thinks are happening -- did this is exactly how he said it finally just of all those caveats right the market says -- But -- Janet -- comes in and says.
-- -- -- bit old that's -- welcome back to printing money you'll see this market go up -- if they print money.
As an average investor you by the market if it's gonna go to 20000 I don't care if they don't print -- -- -- don't print.
I think we're gonna get more this it's one of the other.
Charlie -- perhaps thank you tax cuts I guess ramp.
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