that is one of the reasons the federal reserve has been so aggressive. by getting unemployment down, we hope to bring back to work some of the people who have been out of work as long as they have. in that respect, try to avoid the long-term consequences of people being out of work for months at a time. that is part of the reason we have been as aggressive as we have. as the situation drags on and as the long-term unemployed lose skills and contact with the labor market or perhaps just become discouraged and stop looking for work, then it becomes really out of the scope of monetary policy. at that point, job training, education, and other types of interventions would probably be more effective than monetary policy. >> do you think that is out of the scope of what the fed can do? >> indirectly, if we expect that we can help the economy recover, and help job creation proceed, some of the people who get jobs will be those who have been out of work for a long time. that being said, we do not have any tools for targeting long- term unemployment specifically.

reserve if you don't abolish the federal reserve and prevent the opportunity for them to continue to water down the value of the dollar and frankly if you don't end the wars that we cannot afford to fight anymore if you don't do those two things it doesn't really matter what else it is that you're going to do it's not going to work well speaking of the federal reserve our next guest tonight is organizing a rally this coming weekend in philadelphia a continuation of end the fed now fed stock to rob joins us tonight he is down here from philadelphia organizing getting ready to organize this event filling next weekend where fans of good music and sound money will be gathering he is not only a committed sound money activist he also holds to elected positions as a school board member and is the constable for upper hand over temp township here he is representing ron paul's campaign for liberty. i'm involved with campaign for liberty which is a political activism group we've got some core principles but in a nutshell we believe in individual liberty we believe in constitutional law we belie

the federal reserve. we would get your thoughts on this first-ever press conference. here are the telephone numbers. you can send this e-mail, journal@c-span.org. you can also send us at tweaked on twitter. the first-ever federal reserve press conference, we will take your phone calls on that in just a new -- a few moments. this plays out in in new york post. he says that at 2:15 p.m. bernanke is expected to lift the federal kimono a smidgen to give americans a peak -- several other takes in the papers this morning. here's the main editorial from the "washington post." "mr. bernanke is speech clause " is how they characterize it. it is appropriate that his plan to leave at a meeting and take questions from the media at the first press conference for a sitting. chaired. it is is chance to answer the fed's critics and reassure markets that the residual confidence in the dollar is not misplaced. the federal reserve holds a press conference today, its first-ever. and that -- you can see that live on c-span at

a rare interview with a voting member of the federal reserve. my candid conversation with charles evans about the feds' next move, raising interest rates and whether he is concerned about inflation. >>> the markets wrap up a blockbuster first quarter, but will the bull keep on running? where should you put your money now? >>> plus, don't look now but it's almost tax day. last-minute tips before you file. and what the irs is smiling and frowning on. "the wall street journal report" begins right now. >> this is america's number one financial news program, "the wall street journal report." now maria bartiromo. >> here is a look at what is making news as we head into a new week on wall street. shoppers got little rest during the month of march. same store sales showed a surprise increase of 1.7% increase last month. in spite of bad weather across the country and late easter shopping. analysts had expected a decline of 7/10 of a percent. the dow jones industrial average closed at the highest point in nearly three years on monday, was higher again mid

historic press conference yesterday federal reserve chairman sought to everyone when he saw his shadow and went back into hiding but only after telling everyone he was going to surprise surprise he created money the rich will get richer and the poor will get poorer and i will see the republican bill figure out what bernanke is really up to with don harold find out what rand paul had to say about donald trump and hear from the director of the dust he's making initiative at fuller theological seminary glenn stassen plus a special segment about my minus the hot sex with a preview of jacob deliver over sense the adam versus the man a royal wedding spectacular the dollar is going down gold is up and you're watching adam vs the man. federal reserve chairman ben bernanke he gave a press conference yesterday and as always it was completely full of crap almost everything he said was intended to distract you from the fact that he only has one simple tool at his disposal creating money basically our whole monetary system is a scam and it seems we have tragically accepted the idea that the rich wi

cameras. >> there's not much that the federal reserve can do about gas prices. after all, the fed can't create more oil. gwen: covering the week, mark mazzetti of the new york "times", tom gjelten of npr, karen tumulty of "the

it is not consistent with the federal reserve mandate. indeed, most central banks around the world set inflation above 0, usually at about 2%. i turned to the committee's economic outlook as indicated in today but the policy statement. the recovery is proceeding at a moderate pace. household spending and investment in equipment and software is expanding, but residential investment is still weak and the housing sector is depressed. overall conditions in the labor market continued to improve. the unemployment rate moved down a bit further and payroll employment increased in march. new claims for unemployment insurance and -- is consistent with continued improvement. looking ahead, participants expect moderate growth -- recovery to extend into 2011 with some celebration of growth in 2012 and 2013. participants' projections for output growth that the central tendency of 3.1% to 3.3% for this year, but rise to 3.5% in 2012 and 2013. these projections are a little below those made by the committee in january. the markdown of growth in 2011 refl

on top of that, the federal reserve holds its first ever news conference following its regular policy meeting-- a big break with tradition for ben bernanke and company. finally thursday, investors get their first peek at first- quarter g.d.p. estimates for that are getting trimmed daily. still, market pro nick colas says don't worry. earnings will be good enough to underpin the market. >> my thought right now on stocks is that there is still some upside in the stock market because u.s. corporations have become so brutally efficient at making money even in tough economic times. we've seen that very consistently in the last two years. >> reporter: with a third of the s&p 500 having already reported results, analysts now expect to see profit growth at a respectable 15.5% for q1. that's a bit better than earlier forecasts. nevertheless, the market will face rather blustery headwinds in the coming weeks, and that has experts questioning its ability to move higher. some worry about what will happen to stocks when the fed ends its easy money program, known as qe2. for others, oil prices pose

reserve is like so close to the federal reserve. you know charlie sheen type nostromo. that's rules. but i also. thank so much for that vestige of journalistic on the cocaine trade. thank you max well will be coming back a lot more right after this don't go away that. will. bring you the latest in science and technology from around the world. we've got the future of coverage. plug in back to the kaiser report time now to go to upstate new york and talk with author and blogger james howard kunstler james welcome back to the kaiser report i meant nice to be with you and i believe you have a phrase entropy made visible that's not all about you know entropy is that force in nature that drives us towards disorder and destruction it's the second law of thermodynamics and you know what it basically means is that things run down you know your coffee cup never warms oh more it always just cools off you know people don't go in the direction of being younger they go in the direction of being older and passing away you know things don't get bet

reserve is now this is moves the federal reserve is now the largest holder of u.s. government debt and it used to be japan used to be china now it's the federal reserve with china buys us never meant that they do so openly and use real resources real stuff to make real things that the cost of real labor to sell to us to earn money to buy our debt to fund our debts when the federal reserve now the largest holder of united states government did when it buys that it does so with money that didn't exist in order to show us gated up the rest of the world sees us they're not obligated to keep funding our debts or to keep holding us dollars and nobody else to do i get they still are. well i mean that they are you know they are today but you know it's like five or six guys stand around a room look at the exit trying to you know nobody wants to spook the other guy would be the first one help the door but i mean this is what look here's what happens what it becomes difficult for us several of the front steps it starts it starts offering higher returns interest rates go up tha

i view it as a partnership with the federal reserve. we like to be the front line on interest-rate and the sec has fare clearinghouse as well. they should not have central bank liquidity. dodd frank did allow for it. emergency exit circumstances when the secretary and the board of governors decide that. that should be the absolute rare occurrence. it shouldn't happen. clearinghouse hasn't failed in this country. we survived two world wars and great crises. the clearinghouses have to have a collection of margin. they have to have it on a daily basis. they have to have property bought management. >> have to make sure everything clears. >> they have to make sure everything clears and that which clears has available pricing, available with witty and also with regard to the comment letter you referred from the u.k. it is important the clearinghouses have open membership, the access to the clearinghouse cannot just so narrow. clearing houses are at greater risk if it is narrow membership benefit broadened out and markets work best when they a

you've covered the federal reserve for several years. do you feel that the fed is more transparent after this first news conference? >> it's interesting, one of the pundits on wall street said it was sort of more visibility than transparency. because there was a lot of face time for the chairman. but i think i do give him points, they subjected the chairman to questioning, they thought it was somewhat of a risk. but of course they're behind other central banks. so he's pretty much tried to address head on our questions. in the limited time we have. >> tom: the two cat force of questions concentrate on inflation and energy, and jobs. and you asked a question about long-term unemployment. and how much the federal reserve is worried about it and what can the fed do to tackle long-term unemployment. >> yes. i didn't get to follow up with him. but the reason i asked is because critics say there isn't much that monetary policy can do, especially when people have been unemploy forward a long time. and the fed chairman said something similar to

rebel cole is with the federal reserve board, currently professor of finance with defall university. nice to see you, welcome to nightly business report. >> thanks for having me. >> tom: so do you agree with senator leff thane the crisis comes down to a conflict of interest on the part of lenders. >> i think he is dead on there and we're sooing that play out in the courts where you are having a lot of wall street firms such as the monoline insurers and all state suing the investment banks for selling them a bill of goods, for selling them that really didn't meet the warranties and representations made for them. >> tom: so with that kind of blame and the kind of lawsuits that continue to be adjudicated does today's report in the january report from the financial crisis inquiry commission finally settle the causes of the countries is three years ago? >> i don't think they settle it. i think they lay out a lot of the problems involved. in my view, the real root cause of the cries sis all about compensation and how you pay people. and when you compensate people based upon sales you are g

reserve is like. a reserve because you've got. charlie sheen type nosh talking. nothing else. but i also think the government thanks so much for that best damn journalistic piece on the cocaine trade in laconia thank you max well well be coming back a lot more right after this so don't go away to. see a social see how to make a show too high so i called talk from the q. sampson. life on the. video on demand. tease my old costs. as a speech now in the palm of your. wishes on the dot com. welcome back to the kaiser report time now to go to upstate new york and talk with author and blogger james howard kunstler james welcome back to the kaiser report i-max nice to be with you now i believe you have a phrase entropy made visible what's that all about you know entropy is that force is nature that drives us towards disorder and destruction it's the second law of thermodynamics and you know what it basically means is that things are rather. you know your coffee cup never warms more it always just cools off y

that is one of the reasons the federal reserve has been so aggressive. by getting unemployment down, we hope to bring back to work some of the people who have been out of work as long as they have. in that respect, try to avoid the long-term consequences of people being out of work for months at a time. that is part of the reason we have been as aggressive as we have. as the situation drags on and as the long-term unemployed lose skills and contact with the labor market or perhaps just become discouraged and stop looking for work, then it becomes really out of the scope of monetary policy. at that point, job training, education, and other types of interventions would probably be more effective than monetary policy. >> do you think that is out of the scope of what the fed can do? >> indirectly, if we expect that we can help the economy recover, and help job creation proceed, some of the people who get jobs will be those who have been out of work for a long time. that being said, we do not have any tools for targeting long- term unemployment specifically.

cameras. >> there's not much that the federal reserve can do about gas prices. after all, the fed can't create more oil. gwen: covering the week, mark mazzetti of the new york "times", tom gjelten of npr, karen tumulty of "the washington post, and john harwood of cnbc and "the new york times. >> award-winning reporting and analysis, covering history as it happens. live from our nation's capital, this is "washington week with gwen ifill, produced in association with national journal. >> this rock has never stood still. through the years when our clients needed us we were there to meet them. this rock has never stood still and that's one thing that will never change. prudentia the -- prudential. >> corporate funding is also providing by boeing. additional funding is provided by the annenberg foundation, the corporation for public broadcasting and by contributions to pbs stations from viewers like you. thank you. gwen: good evening. musical chairs for the president's national security team. now follow the bouncing ball. with robert gates leaving the defense departm

dollars a day go to the coffers of the federal reserve simply in interest payments we pay them so they have the privilege to print our money if you cut out of the budget a lot of folks could be fed a lot of jobs you know a lot of infrastructure could be taken care of so no matter what the president talks about either obama or clinton or bush will matter what anybody talks about the first thing i want to cut is interest payments they thought it was or well you think that's a realistic possibility this time. well actually i think united talked a little bit about this last night i don't anymore i don't think that's a possibility and i also don't believe in this because shocking lot of folks who listen we talk on the internet for the last five or six years now i don't believe anymore that the federal reserve is even an issue and you know i talked a little bit about this was not we know they can print money and hand it to banks and brokers and we know last year i would one hundred fifty billion dollars bonuses to banks and i was chair and over the next twelve years the president's budget th

. >>> the federal reserve chairman is holding his first ever news conference, ben bernanke. it's the first time that any chairman in its history and economic growth and where we are headed in the months ahead. some of his comments include the facts that federal reserve officials are more upbeat about prospects of employment but they see higher inflation than the start of the year. also the federal reserve will end the $600 billion bond buying program because the job creation has gotten stronger. bond purchases were intended to lower loan rates. investors are looking for clues about when to reverse course and boost interest rates. >> and nicolas cage after an arrest in new orleans, they are investigating actor for child abuse on top of domestic abuse he already faces. it stems from an incident ten days ago in new orleans. he was arguing with his wife. police report says they dropped the five-year-old son who suffered a minor cut on his knee. it also says a very drunk cage was yelling at >>> coming up at 4:00, looking and feeling 20 years younger. >> thanks f

reserve is like don't close the reserve because you got. charlie sheen type nostril. all right. thanks so much for the journalists. on the cocaine trade mark colvin. thank you max well we'll be coming back with a lot more right after this so don't go away. hungry for the food we've got to eat first the biggest issues get a human voice ceased to face with the news makers on the hot seat. welcome back to the concert for time now to go to upstate new york and talk with author and blogger james howard kunstler james welcome back to the kaiser report i meant it's nice to be with you now i believe you have a phrase entropy made visible all that's not all about you know a trape is that force in nature that drives us towards disorder and destruction it's the second law of thermodynamics and you know what it basically means is that things run. you know your coffee cup never warms oh more it always just cools off you know people don't go in the direction of being younger they go in the direction of being older and passing away you know things don't g

reserve system and this system of federal reserve banks. in 2008, they became a holding company, from which it benefits today. talking about henry goldman having a seat at the table when they set up the federal reserve system, it is a glimpse of hank paulson employed -- and lloyd blankfein 100 years later. there was what it was an adviser to every president from lyndon to johnson. he took the subway to downtown manhattan. it is hard to imagine a goldman partner taking the subway now, but he was a senior partner, and on the subway, he came up with who should be the treasury secretary during the eisenhower administration, and eisenhower had never heard of him, and he got the job, and he was a good secretary. paulsonn, corzine, and all went into government service, and part of the reason is they believe in it and they may get a priority, and you have your time at goldman sachs. you have your time making millions of dollars, and then they want you up, and they want you out. most of the guys are sort of forced out after a period of time, which m

certificates in the vaults of the federal reserve and the banks are worthless that we can't even determine what debt is not being paid back you know it's just not being recorded and the other thing is that you know as a general principle when you introduce. distortions into a system you either prefer producing perverse behavior in that system so right now you know the perverse behavior is that the deflation just isn't being allowed to show up you know we're seeing these distortions like distortions in commodity prices and things like that but you know as this works out i think that we're going to see a whole lot more inflation and what that really boils down to is that nobody has any money when you have deflation if you get into a hyperinflation which tends to be a very sudden kind of affair that happens very quickly because people start spending money as best as they get it you know that that's having a lot of money that isn't worth anything so you can have a lot of money that's worthless or you could have no money but either way you're broke ok james howard kunstler thanks so much again

and on c-span, the first ever federal reserve conference. ben bernanke will hold the first news conference this afternoon following a two-day meeting of the federal reserve in washington. this news conference is expected to be the first of four this year. we will have the news conference live at 2:15 and will follow that with your phone calls and your tweets: #. #. #. # >> the unemployment rate is still high. in its early stages, the economic recovery of the financial system, the expansion of monetary fiscal policies, and the building depleted inventories. economic growth slowed significantly in the spring and early summer of 2010 as the impetus from inventory building and fiscal stimulus diminished and as europe cost debt problems roiled global financial markets. more recently we have seen evidence that a self sustaining recovery in consumer and business spending may be taking hold. notably, real consumer spending has resumed at a solid pace since last fall, and business investment in new equipment and software has continued to expand. stro

. >> lehrer: then, we assess the first-ever regularly scheduled news conference by a federal reserve chairman. >> brown: kwame holman has the tale of two cities in one within the nation's capital. that's sometimes the interests of the residents of the district of columbia clash with those of the congress. and that's what happened in a battle this week. >> lehrer: and ray suarez examines a major security breach involving the personal data of millions of sony playstation users. that's all ahead on tonight's "newshour." major funding for the pbs newshour has been provided by: ♪ ♪ moving our economy for 160 years. bnsf, the engine that connects us. >> i mean, where would we be without small businesses? >> we need small businesses. >> they're the ones that help drive growth. >> like electricians, mechanics, carpenters. >> they strengthen our communities. >> every year, chevron spends billions with small businesses. that goes right to the heart of local communities, providing jobs, keeping people at work. they depend on us. >> the economy depends on them. >> and we depend on them. and

. >>> federal reserve chairman ben bernanke will do something that has never been done in the 98 year history. he will hold a news conference. he has agreed to take questions from reporters at the conclusion of a two-day federal reserve meeting. it's a sign the federal reserve is trying to be more open and less secretive. >>> here in california governor jerry brown is banning all nonessential travel for state employees that includes conferences, networking opportunities, continuing  education classes, and all meetings that could otherwise be conducted by video conference. travel for an audit or to collect revenue will have to be reviewed and approved by the governors office. >>> at & t's plan to upgrade broad ban service in san francisco has hit a speed bump. after hours of testimony last night, the board of supervisors cabled thish -- tabled the issue for another month. they would have to decide on whether to have at & t under go an environmental review. some people say the boxes will be magnets for graffiti. >> major eyesore, yes. it's in addition to every existing one we have had

the federal reserve does is they just raise interest rates and right now they're incredibly low but our economy also is you know you may say it's not in a recession anymore but it has not recovered by any means at least not in a full way so what do they do here right i mean the federal reserve wants to you know. try to think they're in charge of inflation and they're also in charge of employment unemployment still near ten percent and there's a lot of people on the sidelines for a way to get a job so this make a lot of sense to go after higher interest rates you know we might see is a political pressure on another body in washington the white house or congress to do something about getting middle class folks relief in terms of unleashing some of our reserves of oil maybe giving people some greater. you know whatever they can do in order to keep their paper going the ratings wise seems to me like they have bigger problems going on right now the white house and congress because we're basically on the brink of perhaps another government shutdown here in the u.s. and what with how that affe

. >>> the federal reserve chairman is holding his first ever news conference, ben bernanke. it's the first time that any chairman in its history and economic growth and where we are headed in the months ahead. some of his comments include the facts that federal reserve officials are more upbeat about prospects of employment but they see higher inflation than the start of the year. also the federal reserve will end the $600 billion bond buying program because the job creation has gotten stronger. bond purchases were intended to lower loan rates. investors are looking for clues about when to reverse course and boost interest rates. >> and nicolas cage after an arrest in new orleans, they are investigating actor for child abuse on top of domestic abuse he already faces. it stems from an incident ten days ago in new orleans. he was arguing with his wife. police report says they dropped the five-year-old son who suffered a minor cut on his knee. it also says a very drunk cage was yelling at police. honey, we've got tickets to the game, so we're going to need a sitter on saturday

that's why legislation i am supporting calls for the federal reserve and other federal financial regulators, slow down. fully study this issue. carefully evaluate the 11,000 comments that were received on this proposed rule. i am particularly concerned about the estimated cost of the debit interchange rule for our community banks, which is not insignificant. supporters of the interchange rule say that our community banks will not be impacted. well, i beg to differ. consider what i'm hearing from the community banks in my state of kansas, one community banker in a town of just 1,000, whose bank began offer debit cards a few years ago tells me the cost of the interchange proposal will cost his bank $19,000 a year. two other banks that serve multiple rural communities will see increased costs per year of more than $46,000. and $100,000 respectively. other banks, including banks in my state, estimate the cost to be in the millions. ultimately loss of income for pwafrbgz will mean -- banks will mean less capital available to lend for borrowers. i want to mention concerns of mortgage disclosure r

. >> reporter: the federal reserve has engineered much of that momentum stimulating the economy with low interest rates. the question now brewing on trading floors is whether the central bank will feel compelled to raise rates sooner rather later. economist julia coronado says not a chance. >> i think they're going to be very cautious. i think they're going to end their quantitative easing program in june, and hold steady for a while and see how conditions evolve. and, then maybe next year move toward raising interest rates. >> suzanne: weighing in on the interest rate debate, new york federal reserve bank president bill dudley said today he sees no reason to start tightening monetary policy. dudley also called the recovery quote, "tenuous and far from the fed's goal of full employment." meanwhile, president obama welcomed the dip in the unemployment rate, calling it a sign of strength. for more on the administration's reaction, darren gersh spoke with austan goolsbee, the chairman of the president's council of economic advisers. darren started by asking goolsbee to describe the job

that's what the federal reserve finds in its latest beige book report. all 12 regions surveyed show busier factories and increased hiring. another sign of improvement? sales at u.s. retailers rose last month by 0.4%. the slight increase eased concern higher food and fuel prices would cause consumers to but the brakes on spending. still ahead, it's not too late to buy the best-performing dow stock this year. so says our "street critique" guest. she's hilary kramer of gamechangerstocks.com. >> susie: a bounceback in its credit card and investment banking business helped j.p. morgan chase post a 67% increase in its first-quarter earnings. it's the first major bank to report earnings this season. looking at the numbers, j.p. morgan earned $5.5 billion or $1.28 a share, 12 cents higher than analyst estimates. but mortgage and foreclosure problems still plague the bank. it recorded a $650 million expense for increased foreclosure costs and $420 million in losses related to mortgage repurchases. >> tom: j.p. morgan chase is one of 14 financial institutions in a

that's when the federal reserve chief will give his first-ever press conference. and tom, this will be the start of regular briefings between bernanke and the media. >> tom: first one, susie, in an unprecedented move, bernanke will talk to reporters shortly after the fed releases its statement on monetary policy. he can expect questions about inflation and when the fed is going to pull the plug on its bond-buying program that has pumped billions of dollars into the economy. >> susie: and as darren gersh reports, bernanke is trying to improve the fed's communication at a crucial time for the economy and the central bank. >> reporter: its popularity sagging and under fierce attack by critics, the federal reserve has good reason to up its p.r. game. donald kohn says his former colleagues at the fed are probably feeling a bit misunderstood. kohn should know. he retired last fall after 40 years at the fed, leaving his job as vice chairman shortly before the central bank began its $600 billion bond-buying program known as quantitative easing. >> they must feel that they