| 00:00:17 |
Lind, Michael - Policy Director
ON THE FEDS BOND PURCHASING PROGRAM. THE NEW AMERICA FOUNDATION AND THE ROOSEVELT INSTITUTE COHOSTED THIS CONFERENCE OF THE FUTURE OF THE FEDERAL RESERVE....
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| 00:01:42 |
Gagnon, Joe - Senior Fellow
AND I WOULD LIKE TO TALK ABOUT WHAT THE FEDERAL RESERVE CAN AND SHOULD BE DOING TO HELP RESTORE FULL EMPLOYMENT. LET ME JUST START BY SAYING THAT IT...
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| 00:13:01 |
Lind, Michael - Policy Director
WORLD BANK, THE JOINT ECONOMIC COMMITTEE OF THE U.S. CONGRESS IN THE OECD. WE WILL ALSO BE JOINED BY TIM CONOVA, THEY WASTE THAT BETTY HUTTON BLAMES...
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| 00:13:40 |
Baker, Dean - Co-Founder and Co-Director
HOW YOU ARE AT THE ADULT TABLE AND THE KIDS TABLE AND I THINK A POLICY DEBATE IN WASHINGTON IS BEING THE KIDS TABLE. YOU CAN ARGUE OVER -- I WAS READING...
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| 00:24:33 |
Canova, Tim - Professor
MADE ABOUT THIS GREAT DEPRESSION. WHEN I COMPARE, WHEN WE COMPARE THE 1930s WITH TODAY, CERTAINLY THE 1930s THE UNEMPLOYMENT RATE FELL IN HALF DURING...
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| 00:33:56 |
Lind, Michael - Policy Director
THIS OFF BY BUILDING ON ONE OF THE THEMES OF TIGNES CANOVA ASKING THE QUESTION ARE WE ASKING THE FEDERAL RESERVE IS CENTRAL BANK TO DO TOO MUCH BECAUSE...
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| 00:36:06 |
Gagnon, Joe - Senior Fellow
MACRO. I THINK THE FEDERAL RESERVE AND WHAT I WOULD CALL THE MACROLEVEL CAN GET YOU WITH A LAG IN A YEAR OR TWO PRETTY MUCH ANY YOU WANT IF THEY PERSISTENTLY...
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| 00:38:06 |
Baker, Dean - Co-Founder and Co-Director
THE QE1 AND QE2. THERE'S AN ISSUE OF PEOPLE WONDER WATER THAT'S HORRIBLE. BUT IN TERMS OF BUSINESS HAVING ACCESS TO CREDIT, THE UNITED STATES UNLIKE...
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| 00:39:48 |
Canova, Tim - Professor
TOXIC MORTGAGES, AND HE SAID THIS WAS UNPRECEDENTED IN THE PAST THE FED PURCHASED GOVERNMENT BONDS AND BILLS AND NOTES AND THE FED WAS MOVING INTO...
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| 00:42:19 |
Q & A, -
MANIPULATED SO THAT IT'S A FINANCIAL INSTITUTION SO I ACHE FOR THE SUFFERING OF THE MIDDLE CLASS OR LOWER INCOME OR ACTUALLY EVEN A SENIOR CITIZEN IF...
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| 00:45:17 |
Gagnon, Joe - Senior Fellow
SAID, ACTUALLY WAS A PERSON IN WASHINGTON WHO WAS MANAGING QE1 WHEN I WAS AT THE FED THAT IS THE LAST THING I DID AND I CAN TELL YOU IF WE DIDN'T PURCHASE...
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| 00:47:30 |
Baker, Dean - Co-Founder and Co-Director
97 FINANCIAL CRISIS AND I BLAME THE INTERNATIONAL MONETARY FUND BECAUSE THE FLOW BACK WHEN I WAS IN GRAMMAR SCHOOL WILL SEND ANCIENT HISTORY THE STORY...
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| 00:49:34 |
Canova, Tim - Professor
CONFORMING ASSETS DOESN'T SAY MUCH IN THE WAY IT HAD NEVER DONE BEFORE IT'S STILL BUYING ASSETS TOXIC I WOULD SAY NO. LESS. I BUT ALSO HAVE SOME QUALMS...
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| 00:52:35 |
Gagnon, Joe - Senior Fellow
WE WANT TO CHANGE THE TAX SYSTEM WHICH IS ON A FAIR AND WHETHER WE WANT TO HAVE THE BETTER INFRASTRUCTURE IN THIS COUNTRY. BUT THERE'S ALL KIND OF ISSUES...
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| 00:53:37 |
Baker, Dean - Co-Founder and Co-Director
ABOUT. THERE'S A LOT OF THINGS WE WANTED TO WHICH WE WANT TO DO LONG TERM AS WELL. WE COULD USE MORE INFRASTRUCTURE, THE COUNTRY COULD SPEND MORE THERE'S...
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| 00:54:49 |
Canova, Tim - Professor
A BIG IMPACT ON ALL KINDS OF POLICIES AND WE SAW DURING THE 1990'S AND AFTERWARDS CHAIRMAN GREENSPAN PUSHING THE AGENDA OF THE DEREGULATION AND THE...
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| 00:57:11 |
Cramer, Reid - Director
DIVISION OF MONETARY AFFAIRS OF THE U.S. FEDERAL RESERVE BOARD. PRIOR TO THAT THIS IS THE DIRECTOR OF INTERNATIONAL FINANCE AND SENIOR ECONOMIST HE...
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| 01:01:48 |
Donner, Lisa - Executive Director
HIGH-COST AND LOW-QUALITY
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| 01:01:49 |
Donner, Lisa - Executive Director
PRODUCTS THAT ARE OUT THERE. THEY'VE CREATED A NEW PROFIT CENTERS FOR BANKS AND ALSO NON-BANK ACTORS ALIKE. BUT IT TURNS OUT THEY HURT THE REST OF...
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| 01:12:47 |
Plunkett, Travis B. - Legislative Director
NUMBER BECAUSE I DIDN'T KNOW WHAT IT MEANT TO LEAD THE U.S. BOND MARKET IS LIKE $35 TRILLION. IT IS A VERY BIG MARKET BUT THAT IS NOT THE ONLY PLACE...
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| 01:23:30 |
Mierzwinski, Edmund - Director
EXAMINATIONS AND RIDE ALONG. THE FLOW OF DOCUMENTS HAS TO GO BOTH WAYS. SO THE CFPB HAS TO SHARE WITH THE OTHER REGULATORS. ITS EXAMINATION OF THE LARGE...
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| 01:34:47 |
Cramer, Reid - Director
CONSUMERS WANT. THIRD, AS TRAVIS' MENTIONED, THE FED RETAINS SUPERVISORY AND ENFORCEMENT AUTHORITY OVER THOSE 800 BANKS. I LIFTED UP YESTERDAY. THEY...
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| 01:35:36 |
Q & A, -
MARKET FAILURE IN THE BANK CARD BUSINESS THAT HAS ALLOWED VISA AND MASTERCARD TO IMPOSE THEIR WILL ON MERCHANTS AND COLLECT $0.2 OUT OF EVERY PLASTIC...
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| 01:36:32 |
Donner, Lisa - Executive Director
HEAT FROM BOTH SIDES AS IS CONGRESS. THERE ARE A COUPLE OF SMALL CENTERS THAT COULD HAVE CONSUMER PROTECTION IN THEIR WORK AROUND THE COUNTRY. THE...
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| 01:38:40 |
Plunkett, Travis B. - Legislative Director
STRUCTURES. THEY ARE REALLY FROM ANOTHER ERA AND THE NATURE OF FINANCIAL SERVICES AND HAS CHANGED SO MUCH. IT IS NOT ABOUT LENDING YOUR COMMUNITY OR...
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| 01:39:19 |
Mierzwinski, Edmund - Director
BLACK AND LATINO COMMUNITIES, RACIAL DESPAIR, THE DECLINATION DATED SHOWS THAT WHITES ARE INCREASINGLY ACCEPTING, IN PLACING -- INCREASINGLY REJECTED....
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| 01:39:53 |
Q & A, -
DIFFICULT FOR LOW-INCOME PEOPLE TO GET LOANS. AN EMERGING PROBLEM THAT RUNS THE RISK OF BEING -- >> THANK YOU. >> THANK YOU. THAT IS A VERY IMPORTANT...
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| 01:41:20 |
Donner, Lisa - Executive Director
RAISE. IT IS A BIG TASK, AND THERE WILL BE A LOT OF WORK TO DO. I THINK ANOTHER PIECE THAT PLAYS INTO THAT AND WE CERTAINLY HAVE BEEN WATCHING CLOSELY...
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| 01:42:15 |
Plunkett, Travis B. - Legislative Director
MENTION THAT CFA SHARES YOUR ALARM, AS DO MANY OF THE PUBLIC INTEREST GROUPS WITH THE PROPOSED DOWN PAYMENT REQUIREMENTS YOU MENTIONED, CIVIL RIGHTS...
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| 01:43:43 |
Cramer, Reid - Director
OF INDEPENDENT. >> IT IS ALSO A CONCERN TO THINK THAT THE DIRECTOR, HIM OR HERSELF, WOULD BE SO IMPORTANT IN REALLY MAKING THINGS PUBLIC. WE DON'T FEEL...
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| 01:44:12 |
Mierzwinski, Edmund - Director
ANY DISCUSSION, AND WE HAVE HAD A HARD TIME UNDERSTANDING. IF THERE IS ANYTHING GOING FORWARD THAT WOULD CURTAIL WE THINK WHAT IS AT THE HEART OF...
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| 01:47:55 |
Q & A, -
THE SLIGHT FREE -- SWIPE SEE AMENDMENTS AND THE NUMBER OF CONSUMER ECONOMISTS AS WELL AS THE MERCHANTS, BUT BASICALLY WE ENDED UP IN A SITUATION WHERE...
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| 01:49:50 |
Mierzwinski, Edmund - Director
MAKING. BUT THE GREAT, GREAT MAJORITY -- AND THEY HAVE ALLOWED US TO COME IN AND MEET WITH THEM, CONSUMER GROUPS, AND PITCH AND MEET WITH THEM AS MANY...
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| 01:50:33 |
Plunkett, Travis B. - Legislative Director
PANEL, CONGRESS HAD OF LEFT-RIGHT COALITION LED BY RON PAUL AND BERNIE SANDERS, KIND OF THE ODD COUPLE THAT INCREASED TRANSPARENCY AND AUDIT OVERSIGHT....
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| 01:56:32 |
KONCZAL, MIKE, -
COMPLAINTS DEPARTMENT'S LEADING THE EXAMINATION AND ENFORCEMENT PROCESS FOR CONSUMERS. JOSH BIN IS WITH THE ECONOMIC POLICY INSTITUTE, THE AUTHOR OF...
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| 01:57:33 |
Kelleher, Dennis - Adviser
THE FINANCIAL MARKETS
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| 01:57:34 |
Unidentified Speaker, -
AND THE PUBLIC SECTOR IS NOT. WITH THAT, LET ME QUICKLY TURN TO THE FUTURE OF THE FED AND FINANCIAL REFORM. I AM SURE YOU NOTICED LAST WEEK THERE WAS...
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| 02:08:56 |
Barefoot, Jo Ann - Co-Chair
FROM ALL THE ANGLES. YOGI BERRA SAID YOU HAVE TO BE CAREFUL IF YOU DON'T KNOW WHERE YOU'RE GOING BECAUSE YOU MIGHT NOT GET THERE. I THINK THAT A CRISIS...
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| 02:20:44 |
Bivens, Josh - Economist
I'LL EXPLAIN WHAT THAT MEANS. ESSENTIALLY, I'VE GOT FIVE THINGS THAT WE WANT FROM A FED TO THE FUTURE AND THEY'RE VERY OVERLAPPING. THEY'RE NOT THE...
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| 02:32:27 |
KONCZAL, MIKE, -
TO COLLAPSE IN A VERY SPECTACULAR MANNER AND JOHN THE GREAT JOB EXPLAINING HOW THE FED NEEDS TO CHANGE, THE MODEL DIDN'T REALLY HAVE AN ACTIVE ROLE FOR...
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| 02:36:14 |
Kelleher, Dennis - Adviser
LOT OF ATTENTION AND IT'S GOING TO BE INTERESTING WHO GOT WHAT AND HOW MUCH OF THE OTHER REPORT COMING OUT IS GOING TO BE AS IMPORTANT AND HITS THIS...
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| 02:38:07 |
Barefoot, Jo Ann - Co-Chair
ORIGINS. >> I WOULD BE TOTALLY IN FAVOR OF NOT ALLOWING THE REGIONAL BANK PRESIDENTS TO BE VOTING MEMBERS AND THE QUESTION OF REPLACING THEM THAT IS...
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| 02:38:40 |
Bivens, Josh - Economist
PROBLEM. THEY LOOK THE VACANCIES SIT FOR LONG TIME AND I DO NOT SINCE A MASSIVE AMOUNT OF URGENCY TO FILL THEM. SO STEP ONE IS FILLED THE VACANCIES...
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| 02:39:38 |
KONCZAL, MIKE, -
JUST WHAT YOU, MIKE AND JOSH JUST SAID, I TOTALLY THINK THE KEY THING HERE IS WHAT DO PROGRESSIVES WANT FOR THE POLICY? AND HOW CAN WE MAKE OUR VOICE...
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| 02:40:02 |
Q & A, -
WE CANNOT OVERESTIMATE THE IMPORTANCE OF THAT. MY QUESTION IS TO JOANN. MY FIRST JOB WAS A WITH CRA OFFICER OF THE FEDERAL RESERVE BANK OF BOSTON...
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| 02:41:48 |
Barefoot, Jo Ann - Co-Chair
IS VERY POWERFUL JUST AS IT HAS A BUNCH OF CASES AT HAND TO LOOK AT THOSE ISSUES. SO THEY ARE DIFFERENT BECAUSE CRA IS WITHOUT INCOME AND THE OTHERS...
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| 02:42:58 |
Q & A, -
INTERDEPENDENCE EASE OF THIS TO BE QUITE HONEST IF YOU CAN'T DO THAT, I DON'T SEE MUCH CHANGE HAPPENING. AND MY SPECIALTY IS BASICALLY BEHAVIORAL CHANGE...
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| 02:46:28 |
KONCZAL, MIKE, -
ON. THERE'S A LOT OF STUFF ABOUT THE WAY THE LEVERAGE WORKS IN AN ASSET BUBBLE. THERE IS A LOT OF SERIOUS ABOUT THE WAY DELEVERAGING WORKS, VARIOUS...
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| 02:48:00 |
Kelleher, Dennis - Adviser
FED THE SECOND THING I WANT TO RESPOND TO IS THE POINT ABOUT THE CODE WORDS, YOU KNOW, PART OF THE PLUM IS THAT THE HIGH PRIEST OF FINANCE ESSENTIAL...
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| 02:49:50 |
Barefoot, Jo Ann - Co-Chair
FORWARD. >> JUST QUICKLY THE POINT ABOUT BEING ABLE TO TELL THE NARRATIVE IS INCREDIBLY IMPORTANT. I WILL MAKE THE EXCUSE OF PART OF WHY I THINK IT IS...
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| 02:50:27 |
Bivens, Josh - Economist
SAY NO, NOT REALLY. I DON'T THINK THEY ARE WELL INSULATED FROM POLITICS. I THINK THEY ARE LOCKED IN THE ROOM WITH INFLATION AND THEY DISCUSS AMONG...
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| 02:53:22 |
Kelleher, Dennis - Adviser
ABOUT THESE THINGS AS LEFT. THE LEFT SHOULD CARE ABOUT IT. I'M WITH THEM BUT MAINSTREAM SHOULD CARE ABOUT IT AND THE LEFT WHICH IS WHY THERE WAS WHEN...
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| 02:54:57 |
Barefoot, Jo Ann - Co-Chair
BEEN THE CUSTOMER CENTRIC IN THE APPROACH YOU'RE TAKING AND INCLUDE AS ONE OF THE CUSTOMER SEGMENTS TO THINK ABOUT YOUNG PEOPLE. IF WE START EDUCATING...
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NOTE: The transcript for this program was compiled from uncorrected Closed Captioning.