Of destruction from Hurricane Harvey home make that to visit on Tuesday crushed houses flattened cars apartment complexes with their roofs gone some businesses like a laundromat simply disappeared just bricks left remaining So really some startling scenes of just how powerful this Category 4 hurricane with 130 mile an hour winds are officials there still don't know how bad things are initially in the early morning hours of yesterday the 1st rescues were begun often by ill equipped 1st responders there's no power no communications hard to get gas and very hard to drive also a lot of downed power lines across the road and flooding as well Dr Steve Harrigan in Corpus Christi Texas governor Greg Abbott meantime mobilizing for a 1000 National Guard troops to help deal with flooding numerous rescues and thousands of Texans without power Ray meantime from the storm not letting up the bad weather forcing both of used international airports Bush and hobby to close hundreds of flights there for been canceled meantime Federal Emergency Management Agency had rock long outlining the tough work his agency is doing to assist victims of Harvey Right now we're not we're not doing recovery there's no such thing as recovery right now right now we are deep into the life safety mission of helping people be rescued through swift water swift water rescue search and rescue and it's my job to coordinate that rock long appearing on N.B.C.'s Meet the Press many experts also wondering about any lingering effects from Hurricane Harvey on gas refineries off Texas and Louisiana the Lundberg Survey reporting that a gallon of gas this week is averaging 239 about the same as 2 weeks ago the nation's low 206 in Baton Rouge Louisiana the high 303 in San Francisco Fox News fair and balanced. Listen my life changed because someone was there to get me to use drugs. No one can understand whether or not they've shuttled with addiction themselves people seem to think that having someone who will listen is can help make it better I'm realizing that I. I need help I'm listening. I need help I'm realizing that I think that having someone who will listen is going to help make it better whether or not they have struggled with addiction themselves people seem to understand no one can get me to use drugs. My life changed because someone was there to listen. One in 7 Americans will struggle with addiction during their lifetime want to know how you can help go to hear to listen dot com for tips and tools to help turn addiction around a public service announcement brought to you by the council. Members of the Charlottesville Virginia community getting a chance today to speak up at a community recovery town hall this following a deadly white nationalists rally in that city earlier this month the things that we've been talking about since Occupy Charlottesville these are things that we've been talking about for years and years and decades and centuries so why can't we just wake up. Where is the compassion one woman was killed when a man drove his car into a crowd of counter protesters after that White Nationalist rally dozens also injured in that attack state troopers died 2 of them in a helicopter crash on that same day lot of media speculation last week that Ohio Republican governor John k. Sick and Colorado Democratic Governor John Hickenlooper could form a bipartisan ticket for the 2020 White House race case of asked about those rumors today on N.B.C.'s Meet the Press basic Hickenlooper you couldn't think 1st of all you couldn't pronounce it and secondly you couldn't figure fitted on a bumper sticker case it was a 2016 Republican presidential candidate and there is speculation he may run again robots are taking up a rather unique duty in Japan this is what a traditional Japanese Buddhist funeral sounds like. And this is how pepper the robot conducts the same service. To chant things in a computerized voice while tapping a drama. Japan's aging and shrinking population means Buddhist priests are getting less money from the community forcing many to take outside jobs so a priest may not be available for a funeral but Pepper is always ready Gary Baumgarten Fox news police in Brazil today bearing the 100th officer killed in Rio de Janeiro state this year a 39 year old shot multiple times while off duty that milestone underscoring a surge in violence in Rio just since last year's Olympics I'm Paul Stevens Fox News Radio. In the same Linder must Roddy Monterey's Studios this is our top 1460 and one on one f.m. Enjoy the ultimate ownership experience Monterey dot com video of us have parents or grandparents who served gallantly in World War 2 to protect the freedoms we take for granted today since the beginning of time oral histories handed down generation to generation have been an important way to. Pass on the significance of history today hometown hero shared the stories of our greatest generation and reveals how much these selfless men and women sacrifice so we could live in freedom This message brought to you by Nate Smith's optimal Auto Care 2335 So Cal drive Santa Cruz today 4761332 Sean Hannity. My brother from tomorrow would know the real on this program. Get. 60 in 101 I found one I found. This is Money Talk I can make money and I can make it into more money 25 years on the air with money matters Here's your most. Welcome to America's Money program this is money I think. It's great to have you with us we'll be going to our guest segment shortly and we're going to be talking about monetary policy in the central bankers should be a good one and we'll get to that shortly I'll tell you more about it 1st let's look at the information that will be flowing through the canyons of Wall Street this week and. See what happens the week will start with not a whole lot coming out but it'll pick up it'll pick up even on Tuesday we'll get the Standard and Poor's Core Logic a Shiller housing price index it's expected to show a consensus says of economist a gain of one half of one percent for the month in the 20 city average that would bring the year over year to 5.7 percent for the average of the 20 cities followed and that index. Also as we move through the week on Wednesday we'll get the 1st of the 2 major employment reports this is the a.d.p. That's automatic data processing the payroll processor the a.d.p. Employment report and. This report is computed from a subset of records at a.d.p. And have a lot of records that represents about 400000 u.s. Business clients and about 23000000 employees that are working in all private industrial sectors so this is a broad based index the employment report looks for a consensus of 182000 new jobs. In the month of. August to getting this report out a little quickly coming out on August 30th but they will have the data put it out there so. That report will be the 1st of the 2 big employment reports coming out on Wednesday morning we'll also get the gross domestic product report on Wednesday morning at 830 Eastern Time and the gross domestic product report is expected to show possibly a slight upgrade in the 2nd quarter figure. And the 2nd quarter currently is estimated at $2.00 This will be an estimate of $2.00 according to the consensus of a con a mess the range is 2 and a half to 3 now if it comes in a $2.00 If you add in the $1.00 from the 1st quarter that would bring the annual rate of real gross domestic product growth up to 2 point one percent based on the current numbers the annual rate is a 2.0 percent So if it does come in a $2.00 it could lift that annual rate of growth up to $2.00 if that happens that will bring the rate of 2017 g.d.p. Growth closer to the average rate that we have seen over the last several years so we'll see how that plays up the jobless claims figures come out on Thursday morning estimate is 237000 last week 234000 we have been looking at a couple of years now where these jobless claims numbers have been near or at record low levels we'll get the labor department labor report Friday morning and Friday morning is that the one but they are planning to release the number on the 1st day of the month they don't always do that and the estimate for non-form new jobs 180-180-1770 extension 00 of which are private payroll jobs so notice that the estimate from the a.d.p. Jobs report is very close to the Labor Department report a.d.p. At 182000 consensus Labor Department consensus 180000. And the unemployment rate is expected to stay at $4.00 The range is for $3.00 to $4.00 for. And the average hourly earnings are estimated at 2.6 year over year right now there are $2.00 So all of these figures will be coming out as we move through the week I think most of the focus will remain on the jobs numbers so I think that the. Employment Report on Wednesday morning the employment report on Friday morning will be very very closely watched The other figure of little figure that will be watched closely will be Wednesday's revision of g.d.p. Which is expected to be very close to where was reported on the last estimate. Well return with our guest segments Stay with us on money talk. Money Talk. 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Or one in use promo code I heart that's 50 percent up plus free shipping don't delay order now Howard 141-6101 I found and I are greedy a station radio station $66.00 powered. Radio City. This is money. Coast to coast border to border and ya didn't have a white north to Alaska it's America's Money Program money talks Bob Brinker here in our guest in a segment is Piers to close professor of economics at Wilfrid Laurier a University in Ontario Canada. P.r. We thank you for your time it's great to have you with us thanks for having me. Well of course central banks been a big topic on money talk for a long long time in fact we had the big we had the big soiree this week with the Jackson Hole Wyoming hosting Janet Yellen and Super Mario draggy and Bank of Japan governor Kuroda. They certainly have had their hands full since 20082009 what kind of a job do you think they're doing well I think that all things considered not too bad. Right. Many federal banks were slow to react but. All the major central banks probably reacted the most quickly maybe not the right way at 1st but just in a matter of weeks they did react very aggressively and I think. Because they reacted so aggressively the u.s. Probably came out of the crisis faster than most other countries the u.k. Probably would and the eurozone would last but the eurozone for other reasons. So that would imply that the Bank of England did a better job in terms of managing their monetary responsibilities after the recession then than Mario Draghi did in European Central Bank would you agree with that. I think I would probably agree with that but keep in mind that. Mariel draggy had constraints that the Bank of England or the Fed did not have these operating a central bank which is sort of in a monetary union made up of a large number of sovereign states and has a lot of different constituencies to keep happy and most importantly the Germans who are always very little reluctant to at central banks intervene whereas in the u.k. And in the u.s. There was at least some recognition that central banks had to react aggressively and. So the political differences are quite important but surely raises the question and we've raised it on the broadcast over the years as to whether it's possible for someone like Mario Draghi to do a better job than he's doing doing given the constraints under which he operates. Simple answer is probably not much better I think what he's done is he's handled in particular the the Nordic countries the complaints about the central bank intervening in the money market because the master treaty but at least in principle from quite strict constraints on what the central bank can and cannot do and in particular the phone supposed to help bail out countries however you want to define it but Mario Draghi found some very clever ways in which to provide liquidity and help sort of soften the blow when the foreign debt crisis hit the drain others were not very happy but they did recognize finally that as the. U.k. Economy and the u.s. Economy recovering whereas the euro zone economy was still stagnating and that in the end they had to sort of get in and try to save face and so now we see sort of the back. For that happening but these are important constraints and you know that as many have said the monetary unit is done finished business there's no deposit insurance Euro Zone wide still some restrictions on the banking union of course now that the worst of the crisis it's likely that found these reforms won't take place so all these things are problematic for the for drag for the eurozone more generally and these are problems that really are not comparable in u.k. Or in the u.s. Certainly not having seen the success of the f.b.i. See a new USA for such a long period of time there must be some good reason why they don't have deposit insurance in your ozone what would that reason be. Well I think 1st and foremost. The monetary union was about to sail currency and the presumption was that these economies would eventually converge to some extent to do to such an extent that those kinds of reforms would be necessary that deposit insurance on other types of regulation which are sort of. The responsibility of sovereign economies could stay with these economies and not be. Pushed to eurozone wide level but now we're seeing that the monetary union is incomplete that these economies still remain quite different from each other for a variety of reasons the banking systems are different and so now you need something to. To increase sort of a degree of protection of the cost of hers Otherwise you have all sorts of means for depositors' in a country that's more the risk to transfer their deposits to countries that are less at risk and so that helps undermine the monetary union that's what we saw in 2010 and thereafter and so. Draggy although not recently and others in the Governing Council and sort of tried to push the banking union one way or another but there is resistance and it's political and of course now that there are elections in Germany it's unlikely to happen anytime soon. Our guest is. His new book central banks into the breach from triumph to crisis and the road ahead. Professor you point out correctly that Mario Draghi took a page out of. The Federal Reserve's playbook and they implemented their defusing program somewhat later than we did here in the u.s. It started of course under Fed chair then Fed chair Ben Bernanke and that was handed off to the current Fed Chair Janet Yellen this occurred after they had taken interest rates sensually to 0 and they didn't know what else to do so they so quantitative easing was born. We've gone through 3 major q.e. Cycles now and we're ready to transition to the opposite quantitative tightening what kind of March would you give the Fed on their quantitative easing effort. I think we want to specially was the most successful and probably the most important I think there is some recognition in the research seems to support this that Q e 2 Q e 3 were relatively less successful probably because markets had sort of big begun to anticipate these types of moves and so as a result they were less effective That's not to say that they weren't necessary but they were certainly less effective and they were really aimed at different types of problems you could argue that Q You want those primarily and. Changing confidence in markets where as q.e. 2 and 3 were meant Vince markets that policy had to be loose to help the economy and recover the objectives were a little bit different but it's clear that I think you need to man Q e 3 I think the consensus is there are probably less effective so as a result of the quantitative easing purchase of Treasury and agency securities the Federal Reserve now is master of the largest balance sheet in the history of the world it's 4 and I have a trillion dollars and a lot of that is in treasuries and agencies and they've already started talking about reversing that to the quantitative tightening effort which will put these securities eventually a lot of them back into the market how do you think that's going to play what's your reaction to that. Well I think all central bankers recognize that sooner or later these. Huge balance sheets are going to be a problem and they have to reverse course the issue is how do you do that then I think what the Fed is hoping is that if the economy keeps growing and they let these securities basically mature that they can sort of deflate the balance sheet slowly and gradually I think they they learn from the taper tantru