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Fed Chairman Ben Bernanke and his time magazine's person of the year.
Time saying and this is a quote his creative leadership helped to ensure the 2009.
Was a period of weak recovery rather than catastrophic depression.
Rest of the top five by the way general Stanley McChrystal.
To Chinese worker generic Chinese workers -- three.
And -- he was fourth and you see people the sprinter was fifth President Obama not in the top five after winning last year.
And later this afternoon to fifteen of course now the big moment for Bernanke the Fed announcing its decision on interest rates which we -- -- it's -- -- -- right now.
Peter Marie C economist and -- Fortson here in New York of course -- -- Charles Payne and -- depart from you -- -- -- with this for the last hour or so.
You first Peter I know I think he talked to -- already about -- breaking news but give us -- person of the year reaction and then we'll talk monetary policy.
It was perhaps the most impeccable person in the about I don't think it is gonna judge him very well -- -- gave the bank's massive liquidity.
But he really didn't know what he could have done to reign in the banks as a consequence they're back to their old -- they're not lending money to small businesses they should.
And we may well -- facing another financial meltdown in a couple of years and he's gonna have its -- curtailed to it.
What that's all thing about -- -- you think that audit by the way it's gonna happen in the the Ron Paul Bill -- -- is tentative -- got a lot of support and it surprised people how it has gained momentum last few months but -- didn't think they'll they'll get it.
-- I think they well now the reason is is this a lot of support in the senate and once the financial services reform bill gets into conference.
Right even if it's not in the senate bill because it's in the house bill.
And there's a lot of support in the senate.
It may be something that the house managers can get if they really want it.
I think it would have a devastating effect that we really want that that disclosing on Tuesday who they loaned money to on Monday.
So you don't like you're not a supporter is the point no I don't -- -- -- With the sunset.
Okay -- -- -- a very appropriate.
Give it time in 57 years -- release there there -- discussions and so what if they're gonna put a microphone in that room let's put one in the cloak room of the senate.
Democratic Caucus had a ball that's a good idea you know -- very big -- everybody incorporated member immigration.
Every play bullet went right at Saturday's event that let's put up let's put a microphone and Chuck Schumer is all about -- it struck so that's what all the deal making and all the influence peddling goes on.
And you get some colorful stuff I'm sure good suggestion -- I'm sure that'll happen all right let's bring Charles and and Ron in here they've been sitting patiently just weigh in on all this.
I put the we'll talk and Peter and come back in on this monetary policy a little bit because the big practical question now is -- the Fed get a handle this and when they get a start raising rates one of the things worth pointing out that this is the last FOMC Federal Open Market Committee meeting.
With the current board in place of the FOMC that we get new members next year.
-- board at a Saint Louis Tom holding Kansas City center and also in Cleveland and Eric Rosenberg in Boston worth Evans -- -- in yellen.
Are on their way out well in new FOMC.
-- make much of the difference I wonder -- Here this reliever Ben Bernanke thought -- the chairman Arafat the chairman has always -- good things can change.
I think the discussions are gonna change it would've been but ultimately.
The decisions -- -- You know essentially resided then and I think you know that's been you can start.
The community does it put more pressure our -- -- -- your life and I haven't seen so many.
Members of the Fed's so vocal and and so -- we know what was going on I mean that -- actually sounding the alarm will there happens a lot of pressure on him and make a move there have been some reports Peter I don't know if it's true or not that that that Bernanke actually allows a little more.
Discussion and -- Alan Greenspan did and you know to pick up -- that point Peter and whether or not this new cop well into the equivalency next -- will make a difference.
Not to allow more discussion in Alexandria.
No let me clearly aren't Alan Greenspan is over.
-- line as offense and chairman in many ways but is an autocrat it's hard to malign him enough.
But with regard to Bernanke the real critical problem he faces the and the quantitative easing in the first quarter.
Because he's over adjusted mortgage rates too -- down.
The logical Smart thing to do would be -- and it.
He's up mortgage rates -- that I think is gonna but -- Right let mortgage rates rise in March and April too much.
And then we could have some real problems are so we focus too much you think on the overnight bank lending rate and should be more focused on.
On QB on the quantitative -- in the printing money.
Given the way Ben has set up the situation yes you know -- has been very good -- saying there's a problem here I need to put a lot of money in the system.
You did that -- guys based on time magazine for anybody to.
-- really but he hasn't shown good judgment.
About how he has done that I've supported three appointments that -- because my greatest nightmare it's Christina Romer over there or maybe -- from Princeton.
The last thing -- -- if somebody who really things like Barack Obama.
Well thank you Peter to have that tells what you really think next time okay back right here are well going to preliminary about a -- -- -- -- yeah.
We available or simple people so that the best that the -- not I'm talking about how complex and I.
Thank you Peter it's always great Peter -- C in IDC University of Maryland Ron Charles give back actually -- all three guys.
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