| 00:00:02 |
Unidentified Speaker, -
MEMBER AND WE WANT TO WELCOME THE FEDERAL RESERVE CHAIRMAN, BEN BERNANKE BACK TO THIS COMMITTEE. THIS IS THE FOURTH TIME THAT YOU HAVE TESTIFIED BEFORE...
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| 00:00:44 |
Unidentified Speaker, -
RIGHT. THANK YOU, MR. CHAIRMAN. I HOPE CHAIRMAN CONRAD FEELS BETTER AND VALUE HIS LEADERSHIP IN THE COMMITTEE AS I NOTE YOU DO. GOOD MORNING CHAIRMAN...
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| 00:08:02 |
Unidentified Speaker, -
SESSIONS, I AM OPTIMISTIC YOU SAID THAT YOU ARE NOT. I AM. >> ABOUT THE BUDGET
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| 00:08:11 |
Unidentified Speaker, -
THAT THE PRESIDENT IS SUBMITTING? THAT IS DIFFERENT, I SAID I'M NOT CONFIDENT THAT HE WILL LAYOUT A PLAN THAT HE WILL GET US OFF THIS DEBT COURSE. >>...
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| 00:08:25 |
Unidentified Speaker, -
OPTIMISTIC AND THE PRESIDENT'S BUDGET THAT COMES OUT WILL REFLECT THE OVERALL OPTIMISM THAT IS RISING IN THE COUNTRY YARD TO THE ECONOMY. AND IT ALL...
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| 00:17:40 |
Unidentified Speaker, -
NELSON, RANKING MEMBER SESSIONS AND OTHER MEMBERS OF THE COMMITTEE, I APPRECIATE THIS OPPORTUNITY TO DISCUSS MY VIEWS TO ECONOMIC OUTLOOK, MONETARY...
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| 00:22:54 |
Unidentified Speaker, -
A DISCUSSION OF INFLATION, AS WE HAD ANTICIPATED OVERALL CONSUMER PRICE INFLATION MODERATED CONSIDERABLEY OVER THE COURSE OF 2011. AROUND THE SAME TIME,...
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| 00:29:31 |
Unidentified Speaker, -
INTEREST RATES LOW WOULD IMPROVE PERFORMANCE TODAY. THROUGH THE CAREFUL DESIGN OF TAX PAUSEOLICIES AND SPENDING PROBLEMS, OUR NATION'S TAX AND EXPENDING...
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| 00:30:21 |
Unidentified Speaker, -
BERNANKE. ON PAGE FOUR, YOU SAID THAT THE CURRENT STATEMENTS OF OFTHE LONGER RUN OF UNEMPLOYMENT IS BETWEEN 5.2% AND 6%. HOW DOES THAT COMPARE TO...
|
| 00:30:51 |
Unidentified Speaker, -
DID REACH LEVELS BELOW THAT NOT ONLY IN THE '90s BUT IN THE 2000s AS WELL. WE ARE CONCERNED THAT OVER THE PAST FEW YEARS THAT THERE HAS BEEN SOME MODEST...
|
| 00:32:10 |
Unidentified Speaker, -
A REVIVAL OF THE MANUFACTURING SECTOR, 50 THOUSAND JOBS ADDED LAST NO. TELL US, IS THERE ANYTHING THAT YOU WOULD SUGGEST THAT WE DO TO SPEED UP THE...
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| 00:32:28 |
Unidentified Speaker, -
THE MANUFACTURING SECTOR HAS BEEN AN ENCOURAGING DEVELOPMENT. MANUFACTURING HAS LED THE RECOVERY VERY SIGNIFICANTLY, ONE REASON IT'S DOING SO IS THAT...
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| 00:33:45 |
Unidentified Speaker, -
THAT WE WILL HAVE ON MAKE YARD ON BUDGETARY POLICY COMING UP AND YOU KNOW THAT THERE WERE ALL THESE ATTEMPTS TO GET AGREEMENT BETWEEN THE WHITE...
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| 00:34:58 |
Unidentified Speaker, -
I WAS SUPPORTIVE OF BEING AGGRESSIVE LAST SUMMER. A NUMBER LIKE FOUR TRILLION WAS THE CBO'S ESTIMATE OF WHAT WOULD BE NEEDED TO STABILIZE DEBT TO...
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| 00:36:25 |
Unidentified Speaker, -
SESSIONS. THANK YOU MR. CHAIRMAN, AND CHAIRMAN BERNANKE, THANK YOU, YOUR REMARKS HAVE BEEN VERY INSIGHTFUL AND WE ALL HAVE DIFFERENT OPINIONS BUT I...
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| 00:36:46 |
Unidentified Speaker, -
TO COMPLIMENT YOU ON YOUR MOVEMENTS SS SS TARNS PARNS SS TRANSPARENCY, AND I THINK THE MORE YOU CAN DO THAT, SO THERE'S NOT THE DOUBT THAT HAS EXISTED,...
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| 00:38:45 |
Unidentified Speaker, -
I HAVE AGREED TO GIVE A SERIES OF LECTURES AT GEORGE WASHINGTON UNIVERSITY A CLASS CAN AND I'LL BE I'LL BE TALKING ABOUT THAT ISSUE. IF NO ACTION IS...
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| 00:40:23 |
Unidentified Speaker, -
MY SECOND QUESTION AND IT WILL HAVE BE TO BE MY LAST ONE. YOU ANNOUNCED THAT THE GOAL OF 2%, CORE INFLATION STANDS ABOVE THE TARGET OF 2.2% AND YOU...
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| 00:41:19 |
Unidentified Speaker, -
INFLATION A BIT ABOVE 2%, AS WE LOOK FORWARD AND THE ENERGY PRICE INCREASE OF LAST YEAR DID NOT REOCCUR, WE ARE SEEING THAT THE INFLATION TARGET WILL...
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| 00:42:34 |
Unidentified Speaker, -
IT'S GOOD THAT YOU ARE GOING TO THE GEORGE WASHINGTON UNIVERSITY, BUT IF YOU WANT TO COME TO THE GRASSROOTS OF AMERICA, IN IOWA, I WOULD ARRANGE IT...
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| 00:42:49 |
Unidentified Speaker, -
STREAM ONLINE, SO IT OPEN. >> THANK
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| 00:42:53 |
Unidentified Speaker, -
YOU. SENATOR GRASSLY. SENATOR WHITE? >> THANK YOU
|
| 00:42:57 |
Unidentified Speaker, -
CHAIRMAN NELSON AND THANK YOU CHAIRMAN BETTER MACKEY, I WANT TO ASK YOU MORE ABOUT THE SHOCKS TO THE ECONOMY THAT YOU HAVE BEEN DISCUSSING. YOU TALK ABOUT...
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| 00:44:40 |
Unidentified Speaker, -
THAT BUSINESSES COMPLAIN ABOUT, MAKES IT HARD TO PLAN. WE PACE THE SAME PROBLEM WITH REGULATORY CLARITY. >> IS IT FAIR TO DESCRIBE
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| 00:44:54 |
Unidentified Speaker, -
THAT AS YET ANOTHER SHOCK TO THE SYSTEM, BECAUSE TO ME, EVERYTHING I HAVE BEEN TRYING TO AMASS ABOUT TAX REFORM HAS BEEN TRY TO FIGURE OUT HOW TO TRY...
|
| 00:45:39 |
Unidentified Speaker, -
EFFECTED CONSUMER CONFIDENCE AND FINANCIAL MARKETS, MORE GENERALLY LOSS OF CONFIDENCE THAT AGREEMENT WILL BE REACHED IS A NEGATIVE FOR CONFIDENCE. ...
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| 00:45:51 |
Unidentified Speaker, -
LET ME ASK YOU ABOUT THE QUESTION, I MEAN, TO ME THE ANTEDOTE ECONOMIC SHOCKS ARE CUSHIONS, THE KIND THAT START US TO ROAD TO PREDICTABLE MORE CERTAIN...
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| 00:46:59 |
Unidentified Speaker, -
TAX CODE PROMOTES GROWTH, MOST ECONOMISTS AGREE THAT A SIMPLER FAIRER BROADER BASE TAX CODE WOULD BE CONSTRUCTIVE FOR GROWTH YES. >> AND TO CONVERSE...
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| 00:47:14 |
Unidentified Speaker, -
ALL, WOULDN'T PIECE MEAL CHANGES WHERE AGAIN, WE GO THROUGH ANOTHER ROUND OF TEMPORARY CREDITS, TEMPORARY EXTENSIONS. MODIFICATION TO THIS PROVISION...
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| 00:47:40 |
Unidentified Speaker, -
POLITICS ARE COMPLICATED, BUT FROM AN ECONOMIC POINT OF VIEW, OBVIOUSLY THE MORE COMPREHENSIVE AND CLEAN THE TAX REFORMS OR SPENDING REFORMS CAN...
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| 00:48:00 |
Unidentified Speaker, -
POINTS ARE WELL TAKEN, MR. CHAIRMAN, MY CONCERN IS ABSENT THE KIND OF COMPREHENSIVE REFORM THAT I THINK WOULD BE A STRONGER CUSHION TO THE SHOCKS THAT...
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| 00:48:31 |
Unidentified Speaker, -
THANK YOU, SENATOR. SENATOR, JOHNSON. >> THANKS, MR.
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| 00:48:36 |
Unidentified Speaker, -
CHAIRMAN. THANKS FOR COMING HERE TO TESTIFY. I DON'T ENVY YOUR TASK. IT SEEMS TO ME YOU'VE BEEN GIVEN THE TASK OF TRYING TO ADDRESS FISCAL MISMANAGEMENT...
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| 00:50:20 |
Unidentified Speaker, -
QUESTION OF SPENDING AND TAXES, THERE'S A DEEP PHILOSOPHICAL DEBATE ABOUT THE SIZE OF GOVERNMENT AND YOU'RE OBVIOUSLY QUITE AWARE OF THAT. THAT'S...
|
| 00:51:16 |
Unidentified Speaker, -
AS AN ACCOUNTANT, AS A BUSINESS MANAGER I'M LOOKING FOR THE KEY ROOTS OF PROBLEMS AND THE KEY METRICS. I THINK AN EVEN MORE FUNDAMENTAL ONE. ALL THE...
|
| 00:52:05 |
Unidentified Speaker, -
CURRENT PLANS IF THERE'S NO CHANGE TO ENTITLEMENT RAM PROGRAMS, THEN THE DEMAND FOR SPENDING. THE AMOUNT OF SPENDING THE GOVERNMENT IS COMMITTED TO...
|
| 00:52:51 |
Unidentified Speaker, -
BEGIN WITH PRESIDENTIAL LEADERSHIP. I'VE NEVER SEEN ANYTHING REALLY ACCOMPLISHED IN WASHINGTON WITHOUT STRONG LEADERSHIP. I'M AFRAID PRESIDENT...
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| 00:53:39 |
Unidentified Speaker, -
THE SAME QUESTION. IS UNCERTAINTY ABOUT THE FUTURE OF THE TAX CODE AND GOVERNMENT PROGRAMS A NEGATIVE FOR GROWTH? I THINK IT IS. FIRMS LIKE TO HAVE...
|
| 00:54:08 |
Unidentified Speaker, -
YOU VERY MUCH, MR. CHAIRMAN. THANK YOU, MR. BERNANKE FOR BEING HERE. THANK YOU FOR THE CONVERSATION ON THE PHONE A FEW WEEKS AGO. I AGREE THAT THERE'S...
|
| 00:55:13 |
Unidentified Speaker, -
KNOW, WHAT I'VE LEARNED WHILE I'VE BEEN AN EXECUTIVE, AN ASSEMBLY MEMBER IN THIS LEGISLATIVE BODY IS -- LEGISLATIVE BODIES LOVE TO BLAME THE EXECUTIVES....
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| 00:56:46 |
Unidentified Speaker, -
RIGHT? >> YES, SENATOR. I WAS NOT ENDORSING ANYTHING -- >> I AGREE. >> I WAS SAYING THE
|
| 00:56:52 |
Unidentified Speaker, -
CUMULATIVE EFFECT OF ALL THESE THINGS, EXPLACE OF THE PAYROLL TAX, EXPLACE OF THE BUSH TAX CUTS AND OTHER THINGS, EKTIVELY WOULD BE A SHARP CHANGE IN...
|
| 00:57:27 |
Unidentified Speaker, -
RIGHT. I WANT TO MAKE SURE THAT'S IN THE DISCUSSION. I WAS ONE OF THOSE THAT SUPPORTED THE 4 TRILLION. I THINK WED NOO TO BE AGGRESSIVE. IF YOU...
|
| 00:58:31 |
Unidentified Speaker, -
SURELY. CONSUMERS MAKE THEIR SPENDING PLANS AND EMPLOYMENT PLANS AND RETIREMENT PLANS BASED ON WHAT THEY SEE IN THE FUTURE. HOW THEY EXPECT THE ECONOMY...
|
| 00:59:03 |
Unidentified Speaker, -
ME ASK YOU ONE LAST REQUEST. I COME FROM AN ENERGY STATE, OIL AND GALS. YOU ALLUDED TO A COUPLE ISSUES THAT THE ACTIVITIES IN THE MIDDLE EAST COULD...
|
| 00:59:30 |
Unidentified Speaker, -
IT A MODEST WAY EARLY LAST YEAR IT CREATES INFLATION, AND ALSO BECAUSE IT ACTS LIKE A TAX ON CONSUMERS. A MAJOR DISRUPTION THAT SET OIL PRICES UP SUBSTANTIALLY...
|
| 01:00:21 |
Unidentified Speaker, -
THANK YOU VERY MUCH. ALASKA WANTS TO BE PART OF THAT EQUATION. THANK YOU VERY MUCH. >> THANK YOU. WYOMING WANTS TO BE PART OF THAT ALSO. I WANT TO THANK...
|
| 01:00:29 |
Unidentified Speaker, -
BOND ACTIONS BY FISCALLY TROUBLED COMPANIES ENJOYED SURPRISING DMAPDS, THIS RESULTED IN YIELDS WELL BELOW EXPECTATIONS. "THE NEW YORK TIMES" SUGGESTED...
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| 01:01:56 |
Unidentified Speaker, -
CASE, I THINK THAT SOME PROGRESS IN SOME OF THE TROUBLED COUNTRIES TOWARDS FISCAL BALANCE HAS BEEN ENCOURAGING INVESTORS. THERE ARE OTHER IMPORTANT...
|
| 01:02:32 |
Unidentified Speaker, -
IF THEY HAD NOT PASSED THE OS TERTY BUDGETS -- >> I THINK
|
| 01:02:35 |
Unidentified Speaker, -
THE COUNTRIES LIKE GREECE AND PORTUGAL HAVE REALLY NO OPTION. THEY COULD NOT BORROW. THEY'RE EXCLUDED FROM THE PRIVATE MARKET. IN ORDER TO QUALIFY...
|
| 01:03:26 |
Unidentified Speaker, -
HERE. THE FEDERAL RESERVE LIKE ANY BANKS TAKES IN DEPOSITS, LIABILITIES AND LENDS OUT THE FUND BY PURCHASING TREASURY SECURITY ASSETS AND THE FEDERAL...
|
| 01:04:09 |
Unidentified Speaker, -
HAS REMITTED IN THE LAST THREE YEARS HAS REMITTED $200 BILLION TO THE U.S. TREASURY. I THINK THAT DOES NOT -- I THINK THAT INCLUDES THE MONEY PAY. ...
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| 01:05:10 |
Unidentified Speaker, -
AS WELL. >> THANK YOU. AND SWITCHING AGAIN, HOW EFFECTIVE DO YOU THINK JAPANESE EFFORTS WERE TO STIMULATE THE ECONOMY DURING THE 1990s? AND I DON'T...
|
| 01:05:29 |
Unidentified Speaker, -
DIFFICULT TWO DECADES. CERTAINLY. THERE'S IMPORTANT DIFFERENCES BETWEEN JAPAN AND THE UNITED STATES. ONE THAT I WOULD PARTICULARLY STRESS IS THAT...
|
| 01:06:45 |
Unidentified Speaker, -
IS EXPIRED. EXPIRED. >> THANK YOU FOR
|
| 01:06:51 |
Unidentified Speaker, -
YOUR TESTIMONY. AND I WANTED TO START WITH THE UNEMPLOYMENT INSURANCE AND THE CONVERSATION THAT IS GOING ON. AND A CONVERSATION IS GOING ON ABOUT...
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| 01:08:28 |
Unidentified Speaker, -
THANK YOU. THERE'S MANY OTHER PROPOSALS OUT THERE THAT MAY BE MORE ABOUT STOPPING THE CONTINUATION OF UNEMPLOYMENT INSURANCE THAN ACTUALLY IMPROVING...
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| 01:09:20 |
Unidentified Speaker, -
EUROPE, FOR EXAMPLE, THERE ARE SOME COUNTRIES WHERE EMPLOYMENT INSURANCE IS SO GENEROUS IT RATES A PERMANENT UNEMPLOYED CLASS, WHICH WE DON'T WANT TO...
|
| 01:10:39 |
Unidentified Speaker, -
MARKET. >> YES. I THINK IT'S AN INTERESTING DIRECTION. WE PROVIDE ANALYSIS IN THE BACKGROUND PAPER THAT WE CIRCULATED. RIGHT NOW HOUSE PRICES ARE STILL...
|
| 01:12:15 |
Unidentified Speaker, -
HERE. THE UNEMPLOYMENT RATE IN AMERICA FOR THE FOURTH QUARTER OF 2012 ACCORDING TO THE CBO THEY PROJECTED 8.9% FOR THE FOURTH QUARTER OF 2012. >>...
|
| 01:12:33 |
Unidentified Speaker, -
THIS. OUR FORECASTS ARE FOR UNEMPLOYMENT TO CONTINUE TO DECLINE MODERATELY. WE SEE GROWTH AS SOMETHING CLOSE TO POTENTIAL. WHICH UNDER NORMAL CIRCUMSTANCES...
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| 01:13:01 |
Unidentified Speaker, -
WHEN THE STIMULUS WAS FIRST PROPOSED SHE SAID UNEMPLOYMENT WOULD BE DOWN AROUND 6% THE FIRST QUARTER OF 2012 OBVIOUSLY THAT WASN'T CORRECT. LET ME ASK...
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| 01:13:45 |
Unidentified Speaker, -
BE? >> I TAKE YOUR POINT. IT'S VERY IMPORTANT NOT TO JUST LOOK AT THE UNEMPLOYMENT RATE, BUT THERE ARE ALSO A LOT OF PEOPLE WHO ARE OUT OF THE LABOR ...
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| 01:14:24 |
Unidentified Speaker, -
EUROPE. IS EUROPE IN RECESSION RIGHT NOW? >> WELL,
|
| 01:14:28 |
Unidentified Speaker, -
CERTAINLY THE SOUTHERN COUNTRIES, INCLUDING THE ONES THAT ARE UNDER FISCAL PRESSURE ARE CONTRACTING. IT WAS GROWING AT ESSENTIALLY A ZERO RATE IN...
|
| 01:15:23 |
Unidentified Speaker, -
WE HAVE SEEN DECLINE IN EXPORTS TO EUROPE. EXPORTS TO EUROPE ARE ABOUT 2% OF OUR GDP. SO IT'S NOT TOTALLY MAKE OR BREAK. >> GIVE US AN INDICATION OF...
|
| 01:15:37 |
Unidentified Speaker, -
|
| 01:16:04 |
Unidentified Speaker, -
PRICES, FOOD, FUEL, THINGS LIKE THAT THEY'VE SEEN SLIGHT INCREASES FROM TAXES IF YOU COMBINE STATE, LOCAL AND FEDERAL TAXES. THEY'VE SEEN HIGHER...
|
| 01:16:45 |
Unidentified Speaker, -
THAT'S CORRECT. THE REAL INCOME NUMBERS TAKE INTO ACCOUNT ALL THOSE THINGS EXCEPT FOR THE HEALTH CARE EXPENSES. >> AND THEN THERE'S
|
| 01:17:00 |
Unidentified Speaker, -
WELL INTENTIONED GOVERNMENT POLICIES. THE DEPRECIATION THAT EXPIRES IN 2011 FOR CAPITOL INVESTMENT. IT EXPIRES AT THE END OF THE YEAR WE WOULD SEE...
|
| 01:17:31 |
Unidentified Speaker, -
SEE TIME SHIFTING UP. THIS IS ONE MORE ELEMENT OF THE VERY BIG CHANGE IN FISCAL STANCE THAT TAKES PLACE IN 2013 THAT I MENTIONED. >> SO ALL OF
|
| 01:17:40 |
Unidentified Speaker, -
THOSE THINGS TAKEN TOGETHER, LOWER CAPITOL SPENDING, LOWER CONSUMER SPENDING GROWTH, DECLINING EXPORTS AND SPINNING DRAG FROM ALL LEVELS OF GOVERNMENT,...
|
| 01:18:05 |
Unidentified Speaker, -
WHY WE FORECAST A MODERATE RECOVERY AS OPPOSED TO ONE THAT WOULD QUICKLY UNDO THE DAMAGE OF THE RECESSION I'M GOING TO FOLLOW THE SESSIONS RULE AND SAVE...
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| 01:18:49 |
Unidentified Speaker, -
CHAIRMAN. I APPRECIATE YOUR SUPPORT FOR THE NOTION OF GOING BIG AND RECOGNIZING WE NEED A COMPREHENSIVE DEFICIT REDUCTION PLAN. I PERSONALLY BELIEVE...
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| 01:19:45 |
Unidentified Speaker, -
YES. AND WHAT WE'VE SEEN AS SOMEBODY PERSONALLY WHO HAS BEEN VERY INTERESTED, FOR EXAMPLE, IF WHAT'S GONE ON IN THE UK, DO YOU HAVE ANY ADVICE FOR US,...
|
| 01:20:22 |
Unidentified Speaker, -
JUDGMENT. I THINK THE IMPORTANT THING IS TO RECOGNIZE THAT THIS IS A VERY LONG TERM PROBLEM. IT DOESN'T HAVE O BE DONE ALL TODAY. I THINK THE MORE...
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| 01:23:33 |
Unidentified Speaker, -
LOOKED AT THE THE INFRASTRUCTURE BANK IN DETAIL. AND I'M AGAIN A LITTLE BIT LEERY OF TAKING POSITIONS MUCH OF THE DEFICIT DISCUSSION IS ABOUT TOTAL...
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| 01:24:25 |
Unidentified Speaker, -
MR. CHAIRMAN. THANK YOU FOR BEING WITH US AND FOR ONCE AGAIN YOUR TIME AND YOUR PATIENT. LET ME START BY ECHOING THE SENTIMENTS OF SENATOR GRAST LEE....
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| 01:25:45 |
Unidentified Speaker, -
THAT I'M CONCERNED ABOUT, AND I'M NOT ASKING YOU TO CRITICIZE THE DUAL MANDATE. I KNOW YOU'RE GOING TO LIVE WITH THE LAW OF THE LAND AS IT APPLIES...
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| 01:27:10 |
Unidentified Speaker, -
MANDATED APPROACH. WE THOUGHT THE POINT OF BEING CLEAR WAS TO GIVE MORE QUANTITATIVE INFORMATION ABOUT WHAT THE GOALS WERE. THE SITUATION YOU'RE DESCRIBING...
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| 01:27:28 |
Unidentified Speaker, -
BE CLEAR. WE'RE NOT GOING TO SEEK HIGHER INFLATION IN ORDER ADVANCE EMPLOYMENT. IN WHICH CASE IN A WAY WE WOULD TURN BOTH TOWARDS THE TARGETS. BUT WE...
|
| 01:28:21 |
Unidentified Speaker, -
ROUGHLY WHAT I THOUGHT YOU WOULD SAY. IT SEEMS UNLIKELY THEY WOULD PURSUE AN EXTREMELY MONETARY POLICY IF IT WRPT FOR THE EMPLOYMENT MANDATE. I'M CONCERNED...
|
| 01:29:45 |
Unidentified Speaker, -
THAT SINGLE MANDATE CENTRAL BANKS LIKE THE BANK OF ENGLAND LA WHICH IS POLICIES SIMILAR TO THE FED, I DON'T THINK IT WOULD BE ERRATICALLY DIFFERENT...
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| 01:35:05 |
Unidentified Speaker, -
THERE'S A SUBSTANTIAL COMPONENT IN WHAT'S HAPPENING. THIS IS STILL QUITE FAR BELOW 8.3, OF COURSE. SO IT REMAINS IMPORTANT TO CONTINUE TO THE SUPPORT...
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| 01:38:13 |
Unidentified Speaker, -
SENATOR. SENATOR BERNANKE, APPRECIATE YOUR HARD WORK. I WANTED TO ASK YOU IN A FOLLOW-UP TO WHAT SENATOR PORT MAN FRAMED IN TERMS OF THE FISCAL OUTLOOK...
|
| 01:38:53 |
Unidentified Speaker, -
TRIED TO STAY AWAY FROM INDIVIDUAL PROGRAMS AND TAXES, BUT I FEEL IT'S WITHIN MY REMIT TO TALK ABOUT THE OVERALL FISCAL SITUATION. AND I THINK IT'S VERY...
|
| 01:39:59 |
Unidentified Speaker, -
FOLLOW-UP. DO YOU BELIEVE HERE IN THE CONGRESS WE NEED A GREATER URGENCY IN ADDRESSING THE STRUCTURAL ISSUES? >>
|
| 01:40:06 |
Unidentified Speaker, -
CERTAINLY YOU DO. IN FAIRNESS TO THE HARD WORKING PEOPLE HERE, I WOULD SAY THERE'S STILL A LOT OF -- THERE'S A LACK OF CLARITY. PEOPLE HAVE CONFLICTING...
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| 01:40:46 |
Unidentified Speaker, -
IT NEED TO HAPPEN IMMEDIATELY IN THE NEXT YEAR OR TWO? >> AS SOON AS POSSIBLE. >> I WANTED TO FOLLOW UP
|
| 01:40:54 |
Unidentified Speaker, -
ON QUESTIONS SENATOR TOOMEY HAD ASKED YOU ABOUT. SOME OF THE RISKS THAT WE SEE RIGHT NOW. TWO DAYS AGO CHARLES SCHWAB WROTE A PIECE IN THE JOURNAL....
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| 01:42:03 |
Unidentified Speaker, -
THAT COMPLETELY. I THINK FIRST OF ALL, ONE OF THE GOALS OF OUR ASSET PURCHASE PROGRAM IS TO TAKE SAFE TREASURY OUT OF CIRCULATION AND PUSH INVESTORS...
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| 01:43:37 |
Unidentified Speaker, -
CHAIRMAN. AND THANK YOU FOR CALLING ME HERE. THE ECONOMY IS THE ISSUE ON THE THE FORE FRONT OF THE MINDS OF THE AMERICAN PEOPLE. I WANT TO THANK YOU...
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| 01:44:34 |
Unidentified Speaker, -
WE ASK BANKS TO PROVIDE THE INFORMATION TO HELP US ANALYZE THEIR EXPOSURES THEY ARE TO THE SOVEREIGN DEBTS OF THE WEAKER COUNTRIES. THEY ARE MUCH REDUCED....
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| 01:45:37 |
Unidentified Speaker, -
OF CALCULATING OR QUANTIFYING THE EXPOSURE, AND YOU'RE CONFIDENT THAT THAT RISK IS BEING REDUCED BY BANKS IN THE COUNTRY TO A LEVEL THAT I GUESS YOU...
|
| 01:46:03 |
Unidentified Speaker, -
REDUCED. IT'S DIFFICULT TO ASK BANKS TO ELIMINATE THEIR EXPOSURE TO A MAJOR PART OF THE WORLD ECONOMY, WHICH IS EUROPE. BUT, YES, THERE'S BEEN PROGRESS...
|
| 01:46:37 |
Unidentified Speaker, -
JUST SORT OF BROADLY SPEAKING IS THE UNITED STATES IN A FISCAL POSITION TO WITHSTAND ANOTHER ECONOMIC CRISIS? >> WELL, IRONICALLY -- THAT'S
|
| 01:46:49 |
Unidentified Speaker, -
AN INTERESTING QUESTION. SO IRONICALLY B U.S. DOLLARS STRENGTHENED AND U.S. INTEREST RATES WENT DOWN DURING THE WORST PART OF THE CRISIS BECAUSE THE...
|
| 01:47:37 |
Unidentified Speaker, -
AS CHAIRMAN, YOU ALSO MEET FROM TIME TO TIME WITH THE PRESIDENT. IN THOSE DISCUSSIONS, IN YOUR CONTACT WITH THE PRESIDENT AND HIS ADVISERS, VO YOU...
|
| 01:47:55 |
Unidentified Speaker, -
YOU KNOW, I THINK THAT ISSUE IS WELL RECOGNIZED. I CERTAINLY TALKED ABOUT IT, YES. >> ONE OF THE CONCERNS WE'VE
|
| 01:48:05 |
Unidentified Speaker, -
HAD IS THERE HAVEN'T BEEN IN THE PRESENT BUDGET SUBMISSIONS ANY REAL FOCUS ON THE ISSUES. AND A WILLINGNESS TO CONFRONT THE CHALLENGES WITH REGARD...
|
| 01:48:32 |
Unidentified Speaker, -
BE PART OF BROAD FISCAL REFORM. IT DOESN'T MEAN THAT THE SYSTEM HAS TO CHANGE TOMORROW. AFTER ALL, PEOPLE WHO ARE ALREADY RECEIVING THOSE BENEFITS,...
|
| 01:49:15 |
Unidentified Speaker, -
EXPIRED. THANK YOU, MR. CHAIRMAN. >> AND WE SAVE THE BEST FOR
|
| 01:49:20 |
Unidentified Speaker, -
THE LAST, SENATOR SESSIONS. >> WELL, THANK
|
| 01:49:25 |
Unidentified Speaker, -
YOU, MR. CHAIRMAN, FOR YOUR PAIR SHENS AND SHARING WITH US YOUR VIEWS ON THE ECONOMY. I WOULD JUST ADD THAT THERE IS -- THERE ARE DANGERS OUT THERE...
|
| 01:51:29 |
Unidentified Speaker, -
POINTED OUT THAT IT'S VERY HARD TO FORECAST. NOW YOU'RE ASKING ME TO FORECAST. >> BASICALLY, YOU'VE HAD
|
| 01:51:37 |
Unidentified Speaker, -
TO FORECAST. YOU SAID WE DON'T FORESEE ANY DANGER IN THE NEXT FEW YEARS. >> WELL, I DIDN'T SAY THAT. >> WHAT YOU WOULD SAY? >> I WOULD SAY THE
|
| 01:51:50 |
Unidentified Speaker, -
FOLLOWING. MY SENSE, JUST MY SENSE, OF MARKETS IS THAT THEY'RE NOT REACTING TO THE CURRENT LEVEL OF DEBT. BUT THEY ARE COMPARABLE TO THE PROCESS. IN...
|
| 01:52:48 |
Unidentified Speaker, -
IDEA THAT RHINE HEART ON DEVELOPED IN THEIR BOOK BASED ON EMPIRICAL DATA, NOT THEIR PERSONAL VIEW, THAT WHEN NATIONS DEBT REACHES 90% OF GDP THAT...
|
| 01:53:13 |
Unidentified Speaker, -
A FIXED NUMBER. BUT I DID SAY IN MY TESTIMONY THAT AS DEBT GETS HIGHER, PARTICULARLY AS THE ECONOMY GETS TO FULL EMPLOYMENT, IT WILL TEND TO RAISE INTEREST...
|
| 01:53:44 |
Unidentified Speaker, -
TO BE THE DEBT TO GDP RATIO? >> WELL, WHAT IS IT
|
| 01:53:49 |
Unidentified Speaker, -
TODAY? WELL, THE FEDERAL DEBT HELD BY THE PUBLIC RELATIVE TO GDP IS SOMEWHERE AROUND 70%. IF YOU ADD STATE AND LOCAL OBLIGATIONS, IT MIGHT BE CLOSER...
|
| 01:54:08 |
Unidentified Speaker, -
TALKING ABOUT SOCIAL SECURITY AND MEDICARE? >> THAT WILL PUT YOU OVER
|
| 01:54:12 |
Unidentified Speaker, -
100%. THERE ARE DIFFERENT WAYS OF LOOKING AT IT. CERTAINLY, THE MAIN CONCERN I HAVE, AGAIN, IS NOT THE LEVEL OF THE MOMENT IN TIME BUT JUST THE FACT...
|
| 01:54:44 |
Unidentified Speaker, -
QUOTE IN THE FINANCIAL TIMES LAST WEEK, INTERVIEWER SAID WELL, WHEN A STATE'S DEBT EXCEEDS 90% OF GDP, THEY WILL REDUCE ECONOMIC POTENTIAL FOR THE COUNTRY...
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| 01:56:38 |
Unidentified Speaker, -
INFECTION TODAY. MR. CHAIRMAN, I'D LIKE TO REVIEW A DISCUSSION WE HAD IN OUR EARLIER MEETING. I THINK IT'S HELPFUL TO PUT THE SPOTLIGHT ON THE ISSUE....
|
| 02:00:11 |
Unidentified Speaker, -
SENATOR, I ACTUALLY SPOKE ABOUT HEALTH CARE COST AS A MAJOR FACTOR IN MY TESTIMONY TODAY. AND I AGREE WITH EVERYTHING YOU SAID. WE HAVE A SYSTEM THAT...
|
| 02:01:27 |
Unidentified Speaker, -
ISSUES. >> THANK YOU. I APPRECIATE YOU COMING IN. WE'LL LET YOU GO. COULD I HAVE TWO MINUTE MORE? >> ABSOLUTELY. >> I JUST WOULD LIKE TO -- IF
|
| 02:01:37 |
Unidentified Speaker, -
WE CAN SHOW ON THE SCREEN SOME OF THE NUMBERS. THIS GOES BACK TWO ADMINISTRATIONS. BUT THE NUMBERS INDICATE THAT EVEN THOUGH UNEMPLOYMENT RATE LOOKS...
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| 02:02:21 |
Unidentified Speaker, -
IS THE LABOR PARTICIPATION RATE WHICH IS LOOKING AT THE PERCENTAGE OF PEOPLE IN THE WORKING AGE COHORT WHO ARE WORKING. AND THAT IS A STEADY DOWNWARD...
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| 02:03:09 |
Unidentified Speaker, -
OF THESE TRENDS ARE DEMOGRAPHICALLY RELATED ONE WAY OR ANOTHER. BUT CLEARLY, IF WE INCREASE OPPORTUNITY, MORE PEOPLE WILL WANT TO COME BACK OUT OF BEING...
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| 02:03:53 |
Unidentified Speaker, -
LET'S REFLECT ON THE FACT THAT THERE IS A LONG WAY LEFT TO GO. WE HAVE GONE FROM AN ECONOMY THAT WAS LOSING OVER 700,000 JOBS A MONTH BY THE ADMINISTRATION...
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| 02:04:18 |
Unidentified Speaker, -
HOW MANY THAT ACTUALLY HAVE GAINED ON THAT CHART RIGHT THERE. HOW MANY ARE ADDED? DO YOU KNOW OFF HAND? THE NUMBER OF PEOPLE THAT ARE ADDED TO THE...
|
| 02:04:34 |
Unidentified Speaker, -
NUMBERS -- NORMALLY YOU NEED TO GROW 2%, 2.A% 2.A2. 2.5%, 110,000 JOBS A MONTH TO KEEP IT STABLE IN TERMS OF THE UNEMPLOYMENT RATE. >> WE'RE ABOVE THAT...
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| 02:04:54 |
Unidentified Speaker, -
MUCH, MR. CHAIRMAN. WE PRSHAPPRECIATE YOUR TESTIMONY. >> THANK
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| 02:05:01 |
Unidentified Speaker, -
YOU. SNIFRMENT >>> THERE
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NOTE: The transcript for this program was compiled from uncorrected Closed Captioning.