I think what weve got is a range. I dont think its anything really terrific, and i dont think its anything bad. One of my favorite technicians, larry williams, who was the dean when i was in diapers, he was doing great stuff, weve been going back and forth about the notion, look, until we get closer to action, hes usually an october 20th buy. I mention because neither one of us thinks theres anything catastrophic ahead but neither one of us is excited if you are excited, if you think we will return to the days when stocks only go up, you will be disappointed, scott. I just think what were seeing with the teslas is emblematic if you get too excited. One of the central questions whether tech has gone down enough relative to how much it ran up i bring that up, you look at the faangs, month to date microsoft down amazon, facebook down 11, 12 and 13 1 2 here is what mike wilson told us from Morgan Stanley thinking tech could have a ways to go before its done all right, well, we dont have th
Any time. Members are reminded to keep their video function on at all times. Members are reminded that theyre responsible for muting and unmuting themselves and to mute themselves after they are finished speaking. Consistent with the regulations accompanying the resolution, staff will mute members when not recognized to avoid inadvertent background noise. All house rules relating to order and decorum apply to this remote hearing. [ inaudible ] economy and i know recognize myself for four minutes to give an opening statement. Chair powell, the law that required the Federal Reserve chair to testify before congress twice each year was established back in 1978. However, no fed chair has ever testified before this committee with the economy in the condition that it is in today. More than 116,000 americans are dead from the coronavirus. And just last week, 21 states recorded an increase in their average daily new cases compared to the prior week. The april jobs report was the worst in Americ
We will take you to the basic news, and we will begin with , a call to help negate the academic Economic Impact of the coronavirus. Michael mckee joints me now with more. Theres a lot riding on the next 24 hours. Mike a rescue package for European Countries should be based on the european stability mechanism rather than joint bond issuance. And another idea is to set up another European Fund that would guarantee bank loans to Small Business. And finance ministers meet tomorrow to discuss a package and then possibly the leaders would decide on something on thursday. Thehe other of the world, japanese Prime Minister is announcing the largest similars package ever for the country. He says he will declare a state of emergency in tokyo. Is equivalent to of japan. Of the gdp the first phase would be support for households and businesses affected by the virus, shut down. The second would aim to look at trying to stimulate a vshaped recovery in japan. The plan includes cash handouts to househo
Delay in february. The 4th political prisoner or at least 20 people have been killed by is very far in gaza and yet another attack and palestinians waiting for a load of the crazy roundabout. Its a key location linking north and south garza shots a set to being fired from it is running helicopter. More than a 150 people have been injured. Its a 2nd attack on the run divide in 2 days. Im also submitted a new proposal. It says its aimed at ending the war on garza and support who relief efforts as well as returning refugees to their homes. They send the fund to contact in egypt, and mediators is rarely Prime Minister benjamin netanyahu, whose office is called the proposal unrealistic. A bond for gang lead and haiti has one politicians against taking part and to propose transition kinda so as far as have been breaking out across the capital pool to friends. People have been stranded in their homes for days because of the violence and the running out of basic items that they need. Finance.
Gina ewing testified that the Biden Administration has driven a historic recovery over the last three years and address the need for Regulatory Framework stable corns and Digital Assets. Intelligence and the financials actor. This is about two hours. Committee on banking an the committee will come to order. Secretary ellen who has been taxable in the schedule and we had to change the time from yesterday to today and then she has to leave at 11 30. We will risk back that. I will enforce the five minute rule on myself and everyone else. Thank you for understanding, all of you. For a long time, its clear what gets rewarded and wall street. Bigger risks mean bigger profits. Your profits mean more stock options. Bigger profits mean fatter bonuses. Then we end up with a wall street culture that glorifies seen just how much they can get away with. Executives know that when big bets pay off, they get to cash out and when is bets failed, they dont clean up the mess. Workers and taxpayers and ou