These are completely counterfactual. Speed mac. The fed used to have reserves and one of the changes is that now they can pay it and they look at the new tool of the interest rate. And number of people to put this in context a number of people have been arguing one of the problems in terms of Funding Investment in the private sector is that the fed is taking the money out of the system by paying interest on reserves. I think there is very little evidence that that is the case created the design of the policy was primarily to make sure that there was control over the rate to keep the fund rate is much narrower than they had been. Remember that as a time when it was all over the place. It seemed to have worked quite effectively, and i think the evidence to that policy is pretty positive. The evidence against it in terms of its longterm effect is minimal. That doesnt mean that it couldnt be used to harm the private sector by taking the money out of the economy because they have discretion
Holiday. Both chamber withs return tomorrow at 2 p. M. Eastern time. The house will consider a series of suspension bills are votes postponed until 6 30. Over in the senate, a period of general speeches until 4 0 when the senate will take up a nomination for the d. C. Court of appeals. A procedural vote will follow at 5 30. The senate may also hold a test vote on compounding pharmacies. You can watch the house live on cspan, the senate live here on cspan2. Cspan, created by americas Cable Companies in 1979, brought to you as a Public Service by your television provider. Host well, for the first time in months, federal Communications Commission has a full complement of commissioners; new chairman tom wheeler and republican Michael Oreilly have been confirmed by the senate. Joining us this week to discuss the fccs agenda for the coming year, sam gustin of time magazine. Mr. Gustin, what do you think is the number one priority right now for the fcc . Guest well, i would say the biggest pr
The city of london, the global hope of finance, our top universities are among the asked on the planet give inventiveness, innovation incredibility will be key to our success. We are the country that invented everything from the lightbulb to the jet engine, from the tin can to the tank. You name it, we created it. We are still added, whether it is the genome, isolating grapheme, or designing the chips that power not just nine out of the 10 smartphones in this room amount which i hope you all have switched off, but nine out of the 10 smartphones anywhere in the world. We have the scientists and Technical Expertise that is the envy of the world. This is britain, competitive, pioneering, creative, innovative. Our success in the global race hinges on playing to these strengths and taking the country that led the agricultural revolution, the industrial revolution, and the marketbased revolution of the 1980s and equipping it once again to leave economic revolution of today. And as we do so,
In afghanistan and iraq have changed the face of veterans day in america. Our phone lines are open now so you can give us a call. Host and we have a special line for veterans this morning host and catch up on social media at twitter, facebook, and email us. It is veterans day in the United States, and i want to lead with three different stories about the three different eras of veterans from three different papers today. Here is the Washington Times this morning. The headline reunion poignant for world war ii veterans. That story notes the host when the retirement army for slim tenant went to his first reunion at the 30th Infantry Division, those who landed on the beaches of normandy and fought across spansion germany, he was greeted by a thousand other veterans. Host another generation of veterans is looked at in the Christian Science monitor today. The vietnam era veterans. 40 years after americas most controversial war began to wind down, more vets seek closure and reconciliation. F
Attention to that and done a better job. And if we havent made real discernible progress in that the next several years thenly be disappointed in myself and in the bureau . Very short answer to this one, is there a political future for Richard Cordray . Which would consider running for an Elective Office in ohio . Its not a political job. I understand its a job done in a political con teblings but its a federal context, but its a federal job and thats how i see it. You can send more questions morningmoney if you have something in mind get it ready in the next few minutes. One good question that came in how does this cfpb choose the market and which authority . How do you pick in the nonbank area what you focus on and which tools you use . I think your question there just illustrated there are a lot of choices to be made in terms of how to prioritize our resources and our work. How do you pick in the nonbank area what you focus on and which tools you use . I think your question there ju