And the prospects for our economy. The Federal Reserve and is one of the most important institutions in the country and if it deed the world. Served as vice chair, then as chair of the Federal Reserve board. Her distinguished service covered the most tumull chews period since the great depression. Many books have already been written about this period and certainly many more will be written from different points of view and differing assessments. The Financial System and the economy have stabilized. We are no longer debating how to reconstitute them. But rather how they might work even better. This hearing will review the Development Since the crisis and especially since dr. Yellen became it fed due to maximum employment and price stability. By the Standard Measure of unemployment which is 4. 1 at last reading and by the Standard Measure of inflation which most recently stood at 1. 6 . Both the first and second goals have been achieved. Although the standard of metrics are very good, a
This is just under two hours. Welcome, everyone, to the hearing, and we will discuss the prospects for our economy. The Federal Reserve is one of the most important institutions in the country and, indeed, the world. Chair yellen served as president of San Francisco fed, then as vice chair, then as chair of the Federal Reserve board. Our distinguished service at the fed encompassed the most tumultuous time in the United States financial and economic systems since the great depression. Many books have already been written about the events of this time, and many more will certainly be written from different points of view. And with varying assessments. One thing is certain the Financial System and the economy have stabilized. We are no longer debating how to reconstitute them, but rather how they might work even better. This hearing will review the development the crisis and special sense doctor yellin director yellen became the chair of the fed in terms of the dual mandate of maximum em
Translator hollanhollandei spoke with obama, obama asked me to thank all the Security Forces in our country. The arrest of Salah Abdeslam came after firptsd wer fingerpre found in a raid of a apartment. The United States obviously has significant resources and we have used them to help the french and belgians as they have taken steps to safeguard their country. So were going to continue to stay in close touch with them on this. Salah abdeslam was thought to play a logical role and part of the group that blew themselves unoutside a french stadium. His car was stopped at the frenchbelgian border but police let him go. Brett mcgurk tweeted, we will never forget his and all i. S. I. L. Victims. Paris. In europe too theres a sense that this is not over yet. Translator we recognize that this is an important step but not a definitive conclusion. There have been arrests and there will be others because this network is large in belgium france and elsewhere, until we have stopped all those that
To see the American Economy under default and with all the consequent impacts on the Global Economy and on the american middle class. In order to do that and was enormously damaging to consumer confidence. We were downgraded famously and it is a testament to the American People and the American Economy and the American Business and some of the success we have had working with the congress that we have been able to rebound and the economy continues to grow and create jobs but that was a selfinflicted wound and we cant have that nonsense anymore. Ok for people to engage in that kind of nonsense i appreciate the question and i refer you to my comments back then. People voting the way obama did. What happened in 2011, republicans in Congress Demanded and said they would let america default if they did not get the items on their agenda. That was consequential and unprecedented and the result was bad for everyone. Two weeks ago, the committee for responsible federal budget, which includes de
Cost of tax reductions. The alternative minimum tax is 28 . If your tax rate was lowered to 25 . You still have to pay 28 . That is correct. For incomes between to london thousand dollars and 500,000, the effective tax rate is 35 . You hit the 35 rate and incomes fire lower than the income levels at which you would hit the 35 rate and regular tax. Why do they call it a patch . It is a one time year by year patch to stop the broad expansion. You could ask why they call it a cliff. They have discussed this in terms of the patch. It is a year by year increase in the exemptions. The patches nothing but the increase in the a in the exemption to prevent tens of millions of people from being forced to fill up the return you have. The only thing i would add is the package, what makes this so critical in the fiscal cliff discussion, is we are talking about the past for the 2012 taxable year. Unlike the rest of the fiscal cliff which effects rates that will apply next year. The patch applies for