Committee will come to order. Without objection, the chair is authorized to declare a recess of the committee at any time and all members will have five legislative days within which to submit extraneous materials to the chair for inclusion in the record. This hearing is for the purpose of receiving the semiannual testimony of the chair of the board of governors of the Federal Reserve system on Monetary Policy and the state of the economy. I now recognize myself for three and a half minutes to give an Opening Statement. Notwithstanding the greatest monetary and fiscal stimulus in your nations history, the economy has limped along for eight years, arch averaging only 1. 6 gdp growth. Savings failed to recover from the 2008 financial crisis. A new phrase was coined by leftleaning academics in an attempt to rationalize the phenomenon, namely secular stagnation. A far more accurate and descriptive phrase, though, is high taxes and heavyhanded regulatory policy. Fortunately, with the electi
Distinguished news man. He was kind of embarrassed by this. He was moderating but he disappears for sometimes five or more minutes at a time. Today, you would not have a moderator jumping in every 30 seconds. Sunday night at 8 00 eastern and pacific on cspans q a. Nigerian president Muhammadu Buhari met with president obama to talk about the boko haram and violence in nigeria. Later, president buhari spoke in an event hosted by the u. S. Chamber of commerce. [applause] Muhammadu Buhari please sit down, ladies and gentlemen. When we read our speeches in the other room, the audience was so small. In fact, i wondered why some of the governors turned down our invitation only for me to find in here. I, too will reread my speech. [laughter and applause] the governors here. The governor of river state, b orno state, the central ground of boko haram. The governor of ibo state. The governors of other states, and the rest of my team. Ambassador adefuye. And corporate sponsors and captains of ind
The fdic has the history in being able to do that. Clearly were in far better shape than we were. Of all the economies around the world the one thats doing the best is ours. It wasnt a miracle. It was because of hard work that we put in place here that allowed us to arent there unintended consequences such as the issues of market liquidity, for example . I do want to comment on one aspect of hansling. I was amazed to read i wish i had his ability to say ridiculous thing and be unphased by the potential reaction. He complained nothing has been done since the bill passed about fanny may and freddie mack. The man has been in control of the house of representatives. Hes chairman over the committee that has jurisdiction. Its the great republican myth. The republicans controlled the congress from 1995 to 2006 and did nothing about fanny may and freddie mac. We would have if we retained control worked on it in 2011. The republicans have been in control of the congress and the house certainly
Move are good . Espn, a look at that and thats a big negative. All right, now look at this. Look at this thats a hover board. You want to see more of this the full story and you will see more of it. Youll see all of it. Varney company is about to begin. This is Varney Company right from the get go were covering the money thats in your pockets. The price of oil still cheap, 46. 22 this morning, but here is the real money story. Look at that sound effects. And gas is down a penny, were down a penny a day consistently. National average, 2. 63. The price is down and thats what we like to see. South carolina the cheapest gasoline states 2. 25 is the average 2. 25 in average in some states for regular. Despite disneys drop despite apples drag the futures, thats an indicator of how the dow is going to open looking pretty good. Up 88 points at 17,500 despite the drag from apple and from disney. Now, we had a fed governor say they are on track for rate increase next month. Then we got a negativ
In a natural relationship. But that being said, you dont want to create the government has a responsibility to the taxpayer to be fair and to be transparent. You have to do that. The question becomes how can you do that but at the same time give industry the flexibility to do what they need to do . I dont know there is a good answer which is why acquisition reform has been a buzzword for decades and continues to be something we continue to strive for and continue to struggle with. But i would say that is probably the hard problem of the century. But nevertheless it is something we have to continue to strive to get better because there is a balance between letting industry innovate and letting industry take responsibility and put goods into the hands of the war fighter that meet the war fighters needs and making sure that the responsibility to the taxpayer is upheld. So before i go, let me follow up with a specific question. Is there one word, based on your current understanding of wher