8 million merger as the controversial deal sees them extend control in the largest smartphone maker. Shares of google up 10 in after hours trade. Hello everyone. Seema and wilf are on vacation. A very exciting show for you. This is germanys parliament set to vote on the new bailout deal with greece. That will follow about three hours of debate getting underway now but its widely expected theyll sign off on the greek bailout measures and then we can start the talk on the bailout package. Now this comes as imf chief Christine Lagarde warned about the sustainability of french debt. She wanted to see a full program implemented that includes financial reform. However she reiterated that some level of debt restructuring would be necessary to ease the burden on greece. Lagarde added she expects greek banks to open as planned on monday. Cash withdrawal limits at 60 euros a day but greeces deputy finance minister says that will decrease as the week progresses. This is after mario draghi announc
Is less human input. Also speaking in riyadh, the head of saudi arabias Sovereign Wealth Fund pouring cold water on speculation that the listing of saudi aramco could be delayed saying the ipo is on track. And novartis beats expectations in the Third Quarter as they say they are making significant progress on plans for a possible ipo of its alcon unit the ceo tells cnbc what management is thinking if we do bring this to market in a spinoff, lets say, its going to be important that we do it from a position of strength, so that in the nearterm we have to focus alcon on delivering consistent sales growth and core operating Income Growth. As chinas Party Congress draws to a close, xi jinping is importalized in the constitution as he is named in the amended draft. Just want to bring you data from the eurozone in the form of composite pmis, they were below expectations we have the flash composite pmi for october falling to 55. 9 from septembers 56. 7 still comfortably above the 50 level. But
The committee will come to order. Without objection, the chair is authorized to declare a recess in the committee at any time. This hearing is entitled semiannual testimony on the Federal Reserve supervision and regulation of Financial System. I now recognize myself for three minutes to give an opening statement. As we all know the dodd frank act vastly increased the powers of the fed way beyond has traditional Monetary Policy responsibilities. The act has made the fed omnipotent but cannot make it omniscient. No act can. Through the exercise of socalled heightened prudential standards the fed can control the largest Financial Institutions in our economy. Former fed governor kevin warsh recently wrote Central Bank Power is permissible in a democracy only when its scope limited, its track record strong and accountable assured. None of that do we observe today. Where his feds omnipotents has taken us . The big banks are bigger, Economic Growth lags and theres scant evidence our economy i
The meeting is coming to order and were going to declare the recess at any time and its called sem annual system on the sup super vision and i recognize myself for three minutes to give an opening statement. As we know the act decreased way beyond the monetary responsibilities. The act is made the fed omnipotent. Through the exercise of the heightened standards the fed can control the largest Financial Institutions in our economy. Former fed governor kevin warsh wrote that Central Bank Power is premisable when the scope is limited and the track record strong and the aaccount blt assured. None of that do we observe today where as the feds has taken us and the big banks are now bigger and the small banks are fewer and the Economic Growth lags and theres evidence that the economy is more stable. Two mu fed authorities granted under dod dx frank have been problematic. The see kra si make it impossible to measure the over sight or the integrity of the test findings. As columbia has testifie
Try to leak his vision led by a a few libertarians as the editors of the economist. Recently they published this article which tom just let me know he authored a couple of weeks ago. The recent and a warrant drugs and Central America have increased Peoples Awareness of the failure of prohibition and the need to tackle the socalled drug rovlin using a different approach. Tom argues that an Economic Perspective can help us to understand how the illicit drug industry and whats wrong with the current policies. He was after all leading freemarket cons from University Chicago using simple ruse of supply and demand who forcefully pointed out the fragility of prohibition. This approach was echoed by none other than the one of latin americas most renowned drug warriors mexican president Felipe Aycock around. Its to acknowledge that there are of its own drug holidays. By the end of his term in 2012 he told the wall street journal if the price of drugs goes up thanks largely to interdiction effor