Welcome to this hearing on the subcommittee on antitrust policy and consumer rights. Today we are pleased to have with us the chairman of the federal trade commission, joseph simons, and the assistant attorney general for the antitrust division at the department of justice, makan delrahim. Welcome to both of you. As an initial matter, as a matter of housekeeping, we have been informed we may have a block of more votes starting about an hour from now. The practical matter, we may be able to push it to an hour and a half from now, but before we hit the recess at some point we will likely have to go to recess to cast a few votes. We will have to play some of that by ear. I apologize in advance. Theres no way to predict these in advance. It does seem to be an uncanny event, with antitrust subcommittee hearings. It seems to be a good predictor, albeit an unintentional predictor of when votes are going to occur. As both of you know, ive been critical of the fact that we have two federal agen
Welcome to this hearing on the subcommittee on antitrust policy and consumer rights. Today we are pleased to have with us the chairman of the federal trade commission, joseph simons, and the assistant attorney general for the antitrust division at the department of justice, makan delrahim. Welcome to both of you. As an initial matter, as a matter of housekeeping, we have been informed we may have a block of more votes starting about an hour from now. The practical matter, we may be able to push it to an hour and a half from now, but before we hit the recess at some point we will likely have to go to recess to cast a few votes. We will have to play some of that by ear. I apologize in advance. Theres no way to predict these in advance. It does seem to be an uncanny event, with antitrust subcommittee hearings. It seems to be a good predictor, albeit an unintentional predictor of when votes are going to occur. As both of you know, ive been critical of the fact that we have two federal agen
What are we doing . Interesting but smart leading the feds beige book. Leading with beige. Check in on regional economies is telling two very different stories. How we are adjusting to the trade war. On one hand the beige book highlighting a retail chain that raised prices on furniture but is considering reversing the price hike because consumers arent buying it meantime, in cleveland manufacturers are feeling the pain by cutting overtime pay rather than laying off workers things looking up in philadelphia and new york. This is like a choose your own adventure book choose your own beige book. Are you allowed to do that . Is the economy headed down the path of new york and cleveland or are we Holding Strong like philadelphia and minneapolis . Gia dam uy adami. Ill be optimistic. Things look okay, not great. Thats reasonable. I think that along with the news out of hong kong where things have been tapered down for a couple of days, thats encouraging. The market is up 3 4 of a percent, 8
The [inaudible conversations] good afternoon. Welcome to the National Press club, the place where news happens. Maybe andrea snyder, part of bloombergs breaking news desk and Vice President of the club. Before we get started, would like to remind everyone to please silence earphones. For viewing and listening ideas, please feel free to also follow the program on twitter using the hashtag addin pc life. It seemed to introduce her head table guests. I would like to ask you to please hold your applause until all the guests are introduced and i would like each of you to please him briefly as was announced. From your right we have sarah riordan, reporter for a magazine. Fatah chief strategist in npc have letters member, currently mcwilliams for the Senior Advisor to the fda commissioner, marine, washington correspondent with use site today, jennifer rodriguez, commissioner for affairs of the u. S. Pa. The medicine and health editor, kathleen quinn, Senior Adviser to the fda commissioner. He
Today. Nice to see you in person for a change. I think people are predisposed to think of you as bearish. Why a bubble in the u. S. . Why this feeling now . Well, i think that we have to distinguish the different sectors in the u. S. The bubble is in the most popular stocks is making great companies. Amazon, netflix, so forth, but theyre highly priced and dont forget. October 99 to march 2000 the nasdaq 100 doubled and then it went down 70 . And navidia which is one of the millennials favorite stock declined in 2000 to 2002 by 95 . After 2007 it declined by 88 . I think we are in a financial bubble, not only stocks but also bonds and we have this liquidity bubble. I would rather invest in europe than the u. S. And where the economy is improving. Thats people think. In asia we have cheaper markets. If you look at the u. S. Market compared to other markets, it is at the highest level ever. If i say improving economy in the u. S. Thats what you say. I disagree. You dont agree . No. On wha