And that because your point on bonds. Right now we have the 10 year yield backing up six basis points on the week, up 14 basis points. The worst week for bonds going back to august. Bonds selling off. That pushes yields higher on the idea there is some kind of recovery happening around the stimulus. It is going to be interesting to see whether or not the 10 year yield can break out of this range. David we will have to watch that carefully. We knew the job numbers would not reflect all of the covid surge, but we did not expect them to be showing downward trend before the covid came roaring back. To take us through what the numbers may indicate we welcome douglas holtzeakin, president of American Action forum. He earlier served as director of the Congressional Budget Office as well as chief economist under president george w. Bush. Great to have you back with us. Disappointing on the downside. How much should we read into that . Douglas the real significant piece is on the Household Surv
In napa and clear lake and weve seen cold temperatures elsewhere as well. Well continue to watch that as well as the fog. How is it looking for the commute . Things are changing right now. We do have that deadly crash at camino diablo. Fog registering in the south bay. The metering lights just turned on before 6 00. Quickly filled in all of these lanes right here and a bigger factor looking at the oakland camera with that fog. The low clouds creeping down across the nimitz, the peninsula, south bay and east bay. Stay with us. Well give you updates. Back to you. Thank you very much. We begin with the rising number of covid patients. Today in the bays Cierra Johnson live in San Francisco this morning monitoring the already overloaded hospitals. And i know state Health Leaders there are being very clear the next few weeks could be critical especially as we move into the winter months which could make things worse. Reporter weve been talking about that surge expected after thanksgiving and
Immigrants, or they can override state voting laws or let violent felons out of prison, things that have nothing to do with the coronavirus. Those are the two most important things we could do to help those who are still struggling with this virus get back to work until vaccines are approved and widely distributed. What will not help, what will not help, will is not designed to help was the 133 programs that have been so much of the point of discussion today. The 133 facilities have achieved their purpose. The reason we wrote it and members of this Committee Help drafted it was to fundamentally that the credit slowed to fundamentally credit where the businesses. It was not to subsidize failing businesses that were not going to be able to succeed before china unleashed this plague on the world. It wasnt to bailout fiscally irresponsible, mostly democratically led states and cities who mismanaged their finances for years or even decades. It was to stabilize credit markets. And i have to
3, 2, 1. This hearing will now come to order. Is in a hybrid format and the hearing room has been configured to maintain the recommended six foot social distancing between senators, witnesses and other individuals in the room necessary to operate the hearing, which we have kept to a minimum. , a those joining remotely few videoconferencing reminders which you should be familiar with at this point. Once you start speaking, there will be a slight delay before your display on the screen. To minimize background noise, click the mute button until it is returned to speak or ask questions. Issue,e is a technology we will move to the next senator until it is resolved. I remind senators and our witnesses the fiveminute clock still applies. Those remote should have on your screen one of the boxes labeled clock which will show how much time is remaining. Weve had some trouble getting those boxes to everyone screen or at least getting everybody to be able to find them and follow them. We are going
With the cares act in march and prevented the covid pandemic from doing even more harm to the economy and welfare of americans than it did. The cares act is essentially been spent, many people are about to lose benefits. Unless Congress Acts. And unless Congress Acts fiscal policy soon will be a drag on growth. They are still more than 11 Million People still unemployed by the official count. Most economists and certainly those gathered here today agree more fiscal support is necessary. Following that discussion, we turn to an issue predating the pandemic him one that persists. How to think about the federal debt and very low Interest Rates. Its growing and unsustainable rate. There is sentiment among comp economists for doing anything about that right now. When is a debate about how and how best to address that Going Forward. Had to balance the risk and cost. And too little Public Investment. We look at that issue with the paper posted on our website. By two veterans of economic polic