We can see the s p looking some muted reaction this morning. Perhaps today will be a quiet day. How did europe do . Lets show you and see how it is doing. The markets wont close for a few more hours. There is a look at the uk. And germany and france. All of which are in the green. One week ago, a very different story, wasnt it, as you look, that still takes your breath away sometimes. 1. 419 on the 10year. Its 2016. Halfway through. Those people who get older, those ones, those guys who get in their like 50s and 60s have no place to invest. No kidding. No kidding. What do you do . Municipal bonds. Its a problem. Whats this we, you stuff . Ill be there soon enough. All right. Our road map this morning, starts with the first trading day of the second half where the market is heading as we turn the corner, oh, man, second half already. Hershey rejects a 23 billion takeover bid from mondelez. First we told you about that yesterday. The question now is, well what is next . What does the tru
To talk about two examples, case studies, if you would come of the approaches that we took when i was in the senate to actually get things done and move things forward. Ive had fellow senators during my tenure who had come to the end of 5 years and say they werent even able to get an amendment that theyve introduced to a vote on the senate floor. I will take two cases here to show you the way that we were able to do this. The first is on the post 9 11 g. I. Bill which i believe is the greatest Educational Program for our veterans in history. I started speaking about the need for a new g. I. Bill a real g. I. Bill fo for the people who would serve since nine 9 11 well before he decided to run for the senate in 20 2006. I come from a family that has a citizen soldier military tradition. My father served in world war ii. I grew up in a military. My son left college and enlisted in the marine corps during the iraq war and was in ramadi, iraq, and we kept hearing over and over again this is
Performs quite well across the range of different assumptions of how the economy is structured and operates. Despite these attractive features, i do not believe any prescriptive rule including the taylor rule can take the place of a Monetary Policy framework that has the collective assessment of a larger number of factors that impact the Economic Outlook. As i say, the taylor rule has significant shortcomings that could be detrimental to attainment of the mandated objectives. Not just theoretical but very relevant to Monetary Policy in recent years. First, the taylor rule is not forwardlooking. Its policy prescriptions based on the current size of the output gap in the deviation from the feds objective, not how these examples are likely to evolve in the future. In a rapidly changing environmt, the taylor rule and other similar will be behind the curve. Rulee fall of 2008, taylor were above the level of rates at the time. And a sharp, tightening financial conditions that occurred during
Defensive. I am curious whether why do you think that is . Clicks i think it is a problem. Testified, it was just so start. It is an arcane subject. It is somehow, i dont think it just reflects the polarization people refer to all the time. It could be there are lots of possibilities. Some people say the parties have somewhat different philosophies about government interventions in power so one party so generally, less interventionist. Another is more interventionist . There are more political reasons. Good. T think it is people mean well, trying to be constructive. Reason, it has gotten very partisan. Why . Issues we all want to have a stronger economy, a stable economy. There is nothing partisan about it. To theuld go way back Jennings Bryan type of partisanship. I dont think it is that you are that it isct polarized politically understands why it is a bad idea, in part because the fed has to carry that out. That would ultimately politicize the process, reduce the credibility, and ma
The risk . Okay. Lets get you uptodate on whats happening out there in the markets. Guys, stocks have been you know, a little bit soggy. You is k see the dow and the s p moving to the down side in fairly narrow trading, but the nasdaq is holding its head above water. Not a huge amount of movement in either direction right now. As for oil, lets take a look at whats going on with oil. It is currently sitting to the down side by 1. 6 . Brent, meantime down by 2. 6 . You might remember became the first u. S. Corporation to hit 700 billion in market cap. Its just building on it today. I want to say billion dollar val walkings at current prices. To put it in perspective, take a look at what that 724 billion means in terms of the size of other large cap well known stocks in america. First of all its twice the size of microsoft. Microsoft is around a 350 billion company. Yes, apple is worth two times microsoft. Its awes bigger than four coke i dont colas. Thats about the size what im talking a