And he said to her marriage is the foundation of the most Important Foundation of life and it was his marriage to martha that made him think that. It is the most Important Foundation of everyones life but for washington i do think it was that he was married to the right person. Yes . [inaudible] if she did, she burned it unfortunately. But we do have her letters. I find them extremely vivid. The project is underway. Who knows where there might be letters that were not published in the addition of the papers by joseph fields. Its going to be very exciting over the next four or five years. I think if you go online and it will be published as well in about four years. So i dont know i have to say its one of the few times im looking forward to revising my book because then i can read all of the new letters that i hope will come out because america is a treasure trove of 18th century papers in the different historical societies and people travel so much in america like marthas great, great
We are very, very happy to have congressman teeberry take over as vice chair. Welcome. I also want to welcome our distinguished chair of the Federal Reserve janet yellen and thank her for appearing before us this morning. This committee has a long tradition of receiving regular updates from the chair of the Federal Reserve and were pleased to be continuing that tradition today. U. S. Economy has struggled through a long season of at tted growth. Over that time, our economy has grown at a historically slow pace averaging 2. 2 per year. Some had suggested that a 2 growth rate is and will be the new normal for the economy. All of us should view these low Economic Expectations as unacceptable. The fed certainly has an Important Role to play in setting Monetary Policy. And that is where its focus should be. There will no doubt be discussion of fed policy and Interest Rates during todays hearing as Monetary Policy by the fed has been the norm for some time now. We should also be mindful that
Died with no heirs the execute for of her estate saw the folder upon folder of material dealing with Herbert Hoover and contacted the library. Of course, the archivists were interested and the collection was donated. Little did they know that it also contained important correspondence between lane and her famous mother as well as drafts of her mothers writings including a version of her own published autobiography. For decades fans have trucked to west branch like pilgrims seeking the holy grail. Theyve asked to see the big chief tablets that contain wilders drafts and our copy of the autobiography. Were indeed fortunate to have with us today Pamela Smith Hill who has recently published the autobiography. Laura ingalls wilder, pioneer girl the annotated auto autobiography, came out last fall and immediately sold out the first printing of 15,000 copies. Its now on the ninth printing and still selling strong. It took years of research, examining the various drafts of pioneer girl in diff
Were interested in having the chairman address that issue also. These are some of the major issues we will discuss, and i certainly look forward to hearing chair yellens thoughts on this. There is also growing uncertainty that we should add to the occasion. Too many mornings we hear breaking news or pick up the newspaper and find headlines we dont want to read. That appears to be a spreading cancer not only in the United States but also throughout the world. And so the uncertainty that that levels and the impact that it has on economic policies is perhaps another issue that we ought to be discussing. This morning, unfortunately, the house of representatives has a series of votes coming up shortly, so there may be some in and out of members having to deal with that as were trying to wrap up our session. Im going to try i will ask our members to try to keep their remarks and questions to five minutes. If we need a second round, we will try to accommodate that and also try to accommodate
Of your policy making and the effectiveness on your policy may be really regarding some structural changes that may be occurring in the result of the fact the result of the majority has been stagnant. And it seems to be a disconnect from some of the policy or the theory i remember learning years ago in economics that normally when you have increases in productivity, that productivity translates into higher wage levels. We have not seen that in recent years. We have seen productivity has gone up significantly more than wage levels. And if youre looking at formulating Monetary Policy, youre looking at aggregate demand and how you get that demand is income in the economy and wages. You mention that consumers are 80plus percent of it. So the more money consumers have, the stronger the economy is. And yet if it is not growing from wages, then it has to grow from them taking on debt. And yet if we look at the fact that wages have been stagnant, were seeing consumers are starting to deleverag