| 00:00:47 |
Casey, Bob - U.S. Senator, [D] Pennsylvania
FOR TODAY'S HEARING IS TO MOVE BEYOND THE PARTISAN POLITICS AND FINGER-POINTING THAT SOMETIMES COLORS DISCUSSIONS ABOUT THE FEDERAL RESERVE AND WHAT...
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| 00:07:47 |
Brady, Kevin - U.S. Representative, [R] Texas
WHEN THE RECESSION BEGAN IN SEPTEMBER OF 2007. ACCORDING TO ECONOMISTS, RECOVERIES FROM FINANCIAL CRISES ARE WEAK AND VULNERABLE TO EXTERNAL SHOCK THAT...
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| 00:13:58 |
Casey, Bob - U.S. Senator, [D] Pennsylvania
DR. BERNANKE SERBS AS CHAIRMAN OF THE FEDERAL OPEN MARKET COMMITTEE, THE SYSTEM'S PRINCIPAL MONETARY POLICYMAKING BODY HE TOOK OFFICE AS CHAIRMAN ON...
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| 00:14:44 |
Bernanke, Ben S. - Chair
YOU. CHAIRMAN CASEY, VICE CHAIRMAN BRADY AND OTHER MEMBERS OF THE COMMITTEE, I APPRECIATE THIS OPPORTUNITY TO DISCUSS THE ECONOMIC OUTLOOK AND RECENT...
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| 00:26:57 |
Casey, Bob - U.S. Senator, [D] Pennsylvania
I WANT TO START WITH -- CLOSE TO WHERE YOU LEFT OFF, WITH REGARD TO THE MATURITY EXTENSION PROGRAM. I'M LOOKING AT THE TOP OF PAGE 6 OF YOUR TESTIMONY...
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| 00:27:52 |
Bernanke, Ben S. - Chair
EXPECT SOMETHING ON THE ORDER OF 20 BASIS POINTS, APPROXIMATELY. WE SEE THIS AS BEING ROUGHLY, APPROXIMATELY EQUAL TO A 50-BASIS POINT CUT IN THE RATE....
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| 00:33:12 |
Brady, Kevin - U.S. Representative, [R] Texas
IN EUROPE COULD TRIGGER A DOUBLE DIP RECESSION HERE AT HOME? >> I HAVE CONCERNS
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| 00:33:17 |
Bernanke, Ben S. - Chair
ABOUT THE EUROPEAN SITUATION. I SHOULD SAY FIRST THAT WE HAVE LOOKED CAREFULLY AT BANK EXPOSURES, BOTH TO FOREIGN SOVEREIGNS AND TO FOREIGN BANKS, AND...
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| 00:39:08 |
Sanders, Bernard "Bernie" - U.S. Senator, [I] Vermont
PERCEIVE TODAY THAT THE MIDDLE CLASS IS COLLAPSING, POVERTY IS INCREASING, REAL UNEMPLOYMENT, AS YOU KNOW, IS ABOUT 16%, 25 MILLION PEOPLE WITHOUT JOBS...
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| 00:40:03 |
Bernanke, Ben S. - Chair
IT'S BEEN HAPPENING SINCE AT LEAST THE LATE 1970'S, THAT INEQUALITY HAS BEEN INCREASING AND AT THE TOP, IN PARTICULAR, THERE'S INCREASED INCOME. THERE'S...
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| 00:45:19 |
Campbell, John - U.S. Representative, [R] California
OUR ECONOMY, WE HAVE SOME MODICUM OF CONTROL, YOU AND US UP HERE, OF MONETARY POLICY AND FISCAL POLICY, BUT I THINK ONE OF THE FRUSTRATIONS IS THAT WE...
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| 00:46:08 |
Bernanke, Ben S. - Chair
DEPEND THE CONDITIONS OF THE DEFAULT. IF IT WERE DONE IN A WAY THAT WAS, WHERE THERE WERE VERY SUBSTANTIAL FIREWALLS, BACK STOPS, PROTECTIONS, DONE...
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| 00:50:43 |
Klobuchar, Amy - U.S. Senator, [D] Minnesota
ONE OF THE REASONS WE HAVE AN UNEMPLOYMENT RATE THAT'S TWO POINTS BETTER THAN THE NATIONAL AVERAGE. IT'S A STATE THAT TENDS TO BELIEVE IN MAKING...
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| 00:51:49 |
Bernanke, Ben S. - Chair
ME JUST SAY THAT I STRONGLY SUPPORT EFFORTS TO PUT OUR FISCAL POLICY BACK ON A LONG-TERM, SUSTAINABLE PATH. I IN NO WAY -- I'M IN NO WAY PUTTING...
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| 00:56:16 |
Burgess, Michael C. M.D. - U.S. Representative, [R] Texas
OVERSEAS, AT THE SAME TIME, UNDER THE AFFORDABLE CARE KT A, WE'LL BE TAXING THAT SEGMENT OF OUR INTELLECTUAL CAPITAL AND I THINK IT'S UNCONSCIONABLE...
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| 00:56:45 |
Bernanke, Ben S. - Chair
IT'S LIQUIDITY PREFERENCE FROM THE CRISIS, YOU KNOW, WHERE THEY WANT TO MAKE SURE THEY HAVE ENOUGH CASH ON HAND IN CASE THERE ARE MORE FINANCIAL ISSUES....
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| 01:01:50 |
Hinchey, Maurice - U.S. Representative, [D] New York
IN. I'VE GOT A COUPLE OF SIMPLE QUESTIONS TO ASK, ONE WHICH EXPANDS UPON WHAT MR. SANDERS SAID A FEW MINUTES AGO. THE DISTRIBUTION OF WEALTH, WE HAVE...
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| 01:03:17 |
Bernanke, Ben S. - Chair
TERM, CLEARLY IT'S PEOPLE WITH THE MIDDLE CLASS BUT ALSO THE WORKING CLASS WHO TAKE THE BRUNT OF HIGH UNEMPLOYMENT. SO YOU KNOW, THE FEDERAL RESERVE...
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| 01:08:22 |
Coats, Dan - U.S. Senator, [R] Indiana
SERVICE. BOTH SIDES OF THE FINANCIAL HOUSES HERE, THE CONGRESS AND THE FED FACE SIGNIFICANT CHALLENGE. WE'RE BOTH IS SORT OF ON THE HOT SEAT, DON'T...
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| 01:11:11 |
Bernanke, Ben S. - Chair
A MAJOR ACHIEVEMENT TO HAVE A CREDIBLE PLAN THAT DELIVERED STABILITY AND SUSTAINABILITY OVER THE NEXT DECADE AND THE NUMBERS YOU GAVE, I THINK THE NUMBER...
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| 01:14:07 |
Mulvaney, Mick - U.S. Representative, [R] South Carolina
AS DIFFICULT IT IS FOR TWO SOUTHERNERS TO TALK ABOUT ANYTHING FOR TWO MINUTE -- IN FIVE MINUTES, I'LL DO MY BEST TO BE BLUNT. YOU CAME TO OUR COMMITTEE...
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| 01:16:49 |
Bernanke, Ben S. - Chair
SAME WE SEE THE EUROPEAN CENTRAL BANK BEHIND THE DEBT OF GREECE AN THE INTEREST OF GREECE IS 40%. IF INVESTORS USE CONFIDENCE, THE FEDS' ACTIONS WON'T...
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| 01:20:21 |
Duffy, Sean P. - U.S. Representative, [R] Wisconsin
DEFAULT. I KNOW YOU'RE NOT GOING TO SAY THAT. BUT AS WE LOOK HERE, I THINK YOUR TESTIMONY TODAY IS BASICALLY SAYING WE DON'T HAVE PRIMARY EXPOSURE...
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| 01:21:08 |
Bernanke, Ben S. - Chair
SO THE DIRECT EXPOSURES TO SAY GREECE ARE QUITE SMALL BUT INDIRECTLY TO THE CONTINENT AND MORE GENERALLY THROUGH THE STABILITY OF THE FINANCIAL ...
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| 01:25:03 |
Lee, Michael "Mike" S. - U.S. Senator, [R] Utah
THE CURRENT STATE OF OUR ECONOMY. AND SHARE SOME OF MY CONCERNS ABOUT THE FEDERAL RESERVE SYSTEM. IN 1977 CONGRESS GAVE THE FEDERAL RESERVE THE DUAL...
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| 01:27:23 |
Bernanke, Ben S. - Chair
INFLATION. INFLATION HAS COME DOWN OVER THE LAST 30 YEARS AND DURING MY TENURE IT'S BEEN ABOUT 2% WHICH IS ESSENTIALLY PRICE STABILITY. SO I THINK THE...
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| 01:30:16 |
DeMint, James "Jim" - U.S. Senator, [R] South Carolina
THROUGH THE STORM HERE. OVER THE PAST THREE YEARS THE FEDERAL RESERVE HAS ENGAGED IN WHAT SEEMS TO ME LIKE UNPRECEDENTED ACTION AND ORIGINALLY THESE ACTIONS...
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| 01:31:58 |
Bernanke, Ben S. - Chair
I'VE MENTIONED, OUR FORECAST FOR INFLATION IS THAT IT WILL BE SOMEWHERE AROUND 2% NEXT YEAR, WHICH IS PRETTY CLOSE TO WHAT MOST CENTRAL BANKS...
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| 01:34:30 |
Casey, Bob - U.S. Senator, [D] Pennsylvania
MINUTES. >> IT'S GOOD TO HAVE A LIST OF GOOD NEWS ITEMS. I WAS LOOKING AT PAGE ONE BY MY COUNT THERE'S AT LEAST FOUR. MAYBE FIVE PENDING ON HOW YOU...
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| 01:36:29 |
Bernanke, Ben S. - Chair
HELPFUL? >> EXCUSE ME, I MADE REFERENCE TO HOUSING AS AN AREA WHERE THERE MIGHT BE VARIOUS STEPS THAT COULD BE TAKEN TO MAKE THE MARKET WORK BETTER....
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| 01:37:50 |
Brady, Kevin - U.S. Representative, [R] Texas
TO YOU IS YOU'VE BEEN AN ADVOCATE FOR TRANSPARENCY, THROUGH THE FINANCIAL CRISIS, BOTH IN MEETINGS HERE AND IN OUR MEETINGS FACE TO FACE AS WELL. TO...
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| 01:38:18 |
Bernanke, Ben S. - Chair
IS THAT TWO YEARS IS WITHIN A TIGHTENING OR EASING CYCLE. WHAT WE NOTICED WHEN THE TRANSCRIPTS WERE RELEASED WITH A FIVE-YEAR LAG WAS THAT THE MEETINGS...
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| 01:40:50 |
Sanders, Bernard "Bernie" - U.S. Senator, [I] Vermont
THAT AS A RESULT OF THE GREED, THE RECKLESSNESS AND THE ILLEGAL BEHAVIOR ON WALL STREET, WE WERE PLUNGED INTO THIS HORRENDOUS RECESSION WE'RE CURRENTLY...
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| 01:41:13 |
Bernanke, Ben S. - Chair
THAT WE HAVE MADE ANY SIGNIFICANT PROGRESS SINCE THE COLLAPSE OF WALL STREET TO SUGGEST THAT WE WILL NOT YIELD IN THE SHORT-TERM OR IN THE LONGER TERM...
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| 01:45:27 |
Campbell, John - U.S. Representative, [R] California
TO FAIL BUT ALSO TOO INTERCONNECTED TO FAIL. GETTING BACK TO THE EUROPEAN CON TAGE ON. THE RISK TO US IS DUE TO INTERCONNECTIST. I PRESUME OF OUR...
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| 01:46:13 |
Bernanke, Ben S. - Chair
INTERCONNECTITY IN VARIOUS WAYS AND TRY TO FORCE MORE TRANSPARENCY. BUT BEYOND THAT, AS WE'RE SEEING IN THE MARKETS RECENTLY, JUST GENERAL PULLING BACK,...
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| 01:49:08 |
Cummings, Elijah - U.S. Representative, [D] Maryland
IS GROUND ZERO FOR THE ECONOMY, FOR THE ECONOMY'S PROBLEMS, HIGH UNEMPLOYMENT AND LOST JOBS, A RECENT "WALL STREET JOURNAL" EDITORIAL SAID THAT...
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| 01:50:23 |
Bernanke, Ben S. - Chair
TESTIMONY, HOUSING IS VERY CENTRAL TO THE SITUATION WE HAVE NOW. HOUSING IS USUALLY A BIG PART OF THE RECOVERY PROCESS AND HERE IT'S JUST NOT DOING...
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| 01:53:35 |
Burgess, Michael C. M.D. - U.S. Representative, [R] Texas
WAS ASKED A MOMENT AGO I THINK BY SENATOR SANDERS. AND IT CERTAINLY COMES UP IN EVERY TOWN HALL THAT I DO BACK HOME. YOU TALKED ABOUT A FAILURE OF...
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| 01:54:07 |
Bernanke, Ben S. - Chair
REPORT AND THAT WAS -- IT WAS -- >> IT WAS PRETTY INEFFECTIVE, WASN'T IT? WE HAD NOTHING TO COMPARE TO THE 1930'S THAT ARGUABLY A LOT OF PEOPLE WANTED...
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| 01:57:44 |
Hinchey, Maurice - U.S. Representative, [D] New York
WANTED TO MENTION ABOUT UNEMPLOYMENT AND TRADE DEFICIT. THE U.S. ECONOMY HAS NOT BEEN ABLE TO REGAIN ITS FOOTING SINCE THE NEAR WALL STREET COLLAPSE...
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| 01:58:44 |
Bernanke, Ben S. - Chair
ON TERMS OF JOBS, FOR EXAMPLE. BUT I DO THINK THAT THE CHINESE CURRENCY POLICY, BESIDES CREATING PROBLEMS FOR THEM IN PARTICULAR, THEY'VE DEALT WITH...
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| 01:59:05 |
Roll Tape, -
ADJUSTMENT. THAT IS, WE HAVE A TWO SPEED RECOVERY WHERE EMERGING MARKET ECONOMIES HAVE BEEN GROWING VERY QUICKLY, ADVANCED INDUSTRIAL ECONOMIES...
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| 02:02:34 |
Mulvaney, Mick - U.S. Representative, [R] South Carolina
OUR INABILITY IN CONGRESS TO WORK OUT OUR FISCAL SITUATION. WHAT I'M SAYING IS THAT AS DYSFUNCTIONAL AS THIS BODY IS, AND IT IS, THERE'S NO QUESTION,...
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| 02:04:05 |
Lee, Michael "Mike" S. - U.S. Senator, [R] Utah
RECOVERS. IFY UNDERSTOOD YOU CORRECTLY, I THINK YOU WERE SAYING THAT IF WE ENGAGED IN TOO MUCH DEEP CUTTING IN THE NEAR TERM FUTURE, THAT MIGHT THWART...
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| 02:04:27 |
Bernanke, Ben S. - Chair
THAT YOU CAN DO BOTH. YOU CAN TAKE POLICY ACTIONS WHICH ARE SUPPORTIVE OF RECOVERY AND THAT WOULD INVOLVE PERHAPS NOT DOING SHARP NEAR TERM CUTS,...
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| 02:07:25 |
Cummings, Elijah - U.S. Representative, [D] Maryland
MORTGAGE SERVICERS. SPECIFICALLY YOU FOUND AND I QUOTE, CRITICAL WEAKNESSES IN SERVICERS, END OF QUOTE. FORECLOSURE PRACTICES, FORECLOSURE DOCUMENT PREPARATION...
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| 02:09:41 |
Bernanke, Ben S. - Chair
SUPERVISOR -- >> DO WE HAVE A TIME LINE ON THAT? WHEN WE EXPECT THAT TO HAPPEN? BECAUSE PEOPLE ARE LOSING THEIR HOMES AS YOU WELL KNOW. >> WELL, THE...
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| 02:10:46 |
Casey, Bob - U.S. Senator, [D] Pennsylvania
ARE ADJOURNED. THANK YOU, MR. CHAIRMAN. >> THANK YOU, MR. CHAIRMAN. [CAPTIONING
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| 02:10:52 |
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NOTE: The transcript for this program was compiled from uncorrected Closed Captioning.