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
called resolution authority, forced the big banks to create what they call living wills, which is, this is how you liquidate me if i go wrong. but implementing that has always been a difficult thing to imagine. jerry corrigan, used to be with goldman sachs, actually still is, used to be president of the new york federal reserve, told me that never in the entire history of mankind has a large financial firm been unwound in a large way. cuff a functioning financial system where you allow people to gamble without using their own money? i mean, no. have you ever seen one? i ve never seen one. ari, go ahead. well, you ve written about some of the reformers who have actually pushed on that effort to try to do some of what krystal s talking about. obviously, senator dorgan, who s now left. my old boss, senator cantwell. tell us a little bit about where that fits into the balance of power. because sometimes people feel like there s nobody in washington looking out for these
song for people concerned about the auction of our democracy. 94% of the time, the candidate who raises the most money wins. that s not an election. this thursday, yesterday, senator bernie sanders of vermont carried the pitch higher on the capital proposing his version of a constitutional amendment that simply establishes that corporations, by law, are not people. in my view, a corporation is not a person. the supreme court says that these corporations have a constitutionally protected right to spend, spend, spend shareholders money to dominate an election, as if they were real, live persons. here with us now, the man who is now at the center, the apex of the great 28 debate, senator bernie sanders. and senator, what must be done as the momentum is obviously accelerating to support not only you, but all of us in this country who are desperate to see this debate for the 20th amendment proceed. well, this still is the issue. our job is to educate, to organize, and to pu
song for people concerned about the auction of our democracy. 94% of the time, the candidate who raises the most money wins. that s not an election. this thursday, yesterday, senator bernie sanders of vermont carried the pitch higher on the capital proposing his version of a constitutional amendment that simply establishes that corporations, by law, are not people. in my view, a corporation is not a person. the supreme court says that these corporations have a constitutionally protected right to spend, spend, spend shareholders money to dominate an election, as if they were real, live persons. here with us now, the man who is now at the center, the apex of the great 28 debate, senator bernie sanders. and senator, what must be done as the momentum is obviously accelerating to support not only you, but all of us in this country who are desperate to see this debate for the 20th amendment proceed. well, this still is the issue. our job is to educate, to organize, and to pu
washington journal continues. host: michael hirsh, chief correspondent at national journal. thank you for being here. the book, capital offense: how washington wiseman turned america s future over to wall street. you write that it is about how an idea that was good for big finance is good for america came to define this era and then spiraled completely out of control. guest: my basic idea is you can t explain the magnitude of what happened with the financial crisis and economic hangover that continues that we deal with in the headlines, just by writing books about wall street and what a bunch of crazy traders did. something this huge and system, something that affected the entire financial system and then the economy happens over a much longer period of time. that is what i tried to explain. a narrative of the way back to the reagan era of how an ibm that free-market always work an idea, that free markets always work, when completely overboard. and particularly rega