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Sent each we are covering these fast moving stories from every angle rich get sent at the White House in -- -- police on the floor of the New York Stock Exchange Peter Barnes.
Who cover the election with me last night.
Now back in Washington DC Peter -- rock star.
All over the place here but let's start with you and that that decision that announcement which is a bit lower than what was expected.
That's right the market was looking at about 500 billion dollars in additional securities purchases by the -- here but Liz -- The Fed surprising the markets a little bit with -- a little bit higher number 600 billion dollars but.
It up that's that's still a lot all right and the FOMC saying -- its policy statement that it was doing this because quote.
Progress towards its policy objectives has been disappointingly slow.
Particularly the joblessness situation unemployment still too high and the Fed does want to see a little bit of inflation here but -- We have got some criticism of this move today coming from the party that is going to be taking over congress the house com.
From the House Republican Conference.
Congressman Mike Pence saying quote today the Federal Reserve has entered uncharted territory diluting the value of the dollar by continually increasing the supply of money.
Poses an incalculable incalculable.
Risk instead congress needs to embrace pro growth fiscal policies to stimulate our economy rather than masking our fundamental problems by artificially creating inflation.
The American people deserve a government that protects the purchasing.
Power of the dollar so house Republicans who will be taking over in January already have the Fed's.
The Federal Reserve in their sites list.
I you know what we're gonna ask -- -- -- about that he's been -- on the inside of the -- are we understating the real level of inflation in this country especially when we have.
Looked at some devaluing of the dollar let me get to the -- -- -- ladies that -- we -- just -- the intra -- chart.
The Dow it would look the same for the S&P and NASDAQ to spike up on the news a big.
On the right after an -- crawling back up out of the hole this is that a white knuckle day on the markets here Elizabeth up and down -- -- Action we will see whether or not that statistic holds true that you mentioned the last thirty days and did finish in the red.
The one group that's holding on very well apparently text documents and some of those names.
Leading the Dow Jones Industrial Average when you look big picture at many of the tech things many of them are well into the greens and yesterday the NASDAQ sitting in -- 2010 -- it's doing the same mind now as the Dow Jones Industrial Average if it -- -- close right here right now.
That would be a new 2010 high as well.
-- -- at the White House where President Obama just -- rich what struck me was the tone it was much more conciliatory on certain issues.
But not on one major issue the big one that's still up in the air what to do with the bush tax cuts should we extend them for everybody.
And he made a comment -- speaking toward the middle class -- We're not gonna do anything for the upper level.
But the president has let his preference be known again he wants taxes to increase reset to pre bush levels.
For families making more than 250000.
Dollars year however he was asked point blank.
When he meets with Republican leaders in congressional leaders.
Will there be room to negotiate.
The president said.
Absolutely so possibly we could see -- higher threshold he hopes to meet with congressional leaders within the next couple of weeks however in exchange for that.
President might have tipped his hat perhaps he wants some more spending perhaps more money for infrastructure because he says Liz.
Tax cuts cannot do it alone.
-- -- -- I don't think that.
Tax cuts alone.
-- are going to be a recipe for.
For the kind of expansion that we need.
-- -- from 20012009.
Because Texas pretty significantly and we just didn't see the kind of expansion.
That is going to be necessary in terms of driving.
The unemployment rate down significant.
President Obama also said one of the things he could have done better is manage the balance that he struck.
With business he said he can understand how businesses might think gosh it seems like.
We may always be painted.
As the bad guy as for cap and trade and energy it is pretty unlikely that the next congress almost impossible that the next congress will pass anything having to do with cap and trade.
He absolutely left the door open to the EPA managing greenhouse gas and -- back to you.
And a few comments to on healthcare and possible rolling back of certain things and he was very honest when he said you know we have learned.
That that 1099 provision making.
Small businesses fill out anything that comes in over 800 dollars is just too onerous for the small businesses -- we could see some changes here.
That's called working together I I think it's pretty significant rich thank you for watching.
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