Isnt it . Well, from our perspective at the United States mint, its unsustainable. You cant sustain losses on pennies and nickels and expect to be a Viable Organization that benefits the American People. Welcome to 60 minutes on cnbc. Im leslie stahl. By most accounts, the financial crash of 2008 pushed the u. S. Economy to the brink of collapse. In its aftermath, some of the countrys biggest banks received very big bailouts while large numbers of small local banks failed. This Edition Features a unique inside look at the seizure of a failed bank and a rare interview with one of the men at the center of the 2008 economic crisis and the Recovery Plan that has followed, the chairman of the board of governors of the Federal Reserve system, ben bernanke. Plus, morley safer asks, can america afford the lincoln penny . Well, we begin with bernanke. After the crash of 08, bernanke invoked Emergency Powers, and with unprecedented aggressiveness, hes thrown more than 1 trillion at the crisis. T
Isnt it . Well, from our perspective at the United States mint, its unsustainable. You cant sustain losses on pennies and nickels and expect to be a Viable Organization that benefits the American People. Welcome to 60 minutes on cnbc. Im leslie stahl. By most accounts, the financial crash of 2008 pushed the u. S. Economy to the brink of collapse. In its aftermath, some of the countrys biggest banks received very big bailouts while large numbers of small local banks failed. This Edition Features a unique inside look at the seizure of a failed bank and a rare interview with one of the men at the center of the 2008 economic crisis and the Recovery Plan that has followed, the chairman of the board of governors of the Federal Reserve system, ben bernanke. Plus, morley safer asks, can america afford the lincoln penny . Well, we begin with bernanke. After the crash of 08, bernanke invoked Emergency Powers, and with unprecedented aggressiveness, hes thrown more than 1 trillion at the crisis. T
To create a title for the book to talk about alternatives to the one that you see. Then we capitalize on the notoriety of the volcker rule so why try that was rejected as too narrow someone else suggested a much more expansive than a volcker rule. [laughter] and the fellow on my left loved it. [laughter] but it was knocked out because they say the cute isnt cute so we took the title the triumph of patience because she did what he did. Researching the book i have the perverse personal and professional side he dove into the entire contents of the walkin closet including the Elementary School report card and also authorized by reviewing correspondence held in the Federal Reserve bank of new york. The fed did not like that one bit. And finally over 100 of interviews i assure you can guess. Let me turn to some substance. A story of the mansard under five president s serving under the five greatest crisis in history i will tell you about the crisis first broke crisis number one is cold. Some
Support is the committees outlook, we will likely reduce the securities purchases in further measured steps at future meetings. Of course, continued progress is by no means certain. Consequently, future be adjustments to the pace of asset purchases will be deliberate and dependent on incoming information. Host so, greg ip of the economist, what does all of that mean to the average american . Guest well, so take the most basic aspect of that. One of the aims of the bondbuying program was to hold down longterm treasury yields. Essentially, when you buy a bond, you push up the price, and that pushes down the Interest Rate on it, and because Mortgage Rates are usually linked closely to 3w07bd yield, the more are bought, the more it held down Interest Rates. Over the last eight months as the market became aware the Federal Reserve pulled back on this program, we saw some rebound in mortgage Interest Rates. What mr. Bernanke hope is the that by gradually continuing the process over the comin
Vice President Joe Biden has wrapped up a twoday trip to lithuania and poland where he sought to reassure nato allies in a region that the u. S. Will defend them against any russian aggression. He told a pair of baltic leaders that we are in this with you together. He spoke after russias president to cleared ukraines Crimean Peninsula as part of russia and militiamen took over ukrainian headquarters in crimea. Ukraine is not part of nato. The United Nations Security Council is meeting today on the russian issue. Meanwhile, the European Union is considering economic sanctions. The eu meeting scheduled for tomorrow and friday in brussels. Take a look at our live coverage here in cspan at 1 00 p. M. Eastern. A Heritage Foundation discussion on the Federal Reserve and Monetary Policy that will be followed by new Federal Reserve chairman Janet Yellen Holding her first meeting today as head of the fed open Market Committee and will talk to reporters after that meeting. That is scheduled to b