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The gas pumps. as of today paying an average of $3.86 a gallon regular. price going up almost 50 cents in the past two months. also on the rise, the stock market. big gains tacked on last week after the federal reserve announced more quantitative easing known as qe-3. however a credit rating agency downgraded the u.s. debt rating from aa to aa minus following that decision. joining me is jared bernstein, former chief economist for vice president biden. welcome back to the show. thanks for being here. sure. we re looking at this. we have egan jones rating that agency rating qe-3, saying it s going to hurt the economy more than it s going to help. you wrote in a column on msnbc.com that qe-3 will help. but not a loalone. can you explain all this? sure. that little notch down nlt credit rating doesn t worry me that much. standard and poors took the u.s. ....
Reserve. consumer prices climb and is the iphone five worth the wait. joining me now is economic analyst. it s a little lighter than it was when i spoke with you early this morning. much warmer, too. let s start with the fed. is launched another aggressive stimulus program. punches billions into the economy. why? well, basically the fed wants to bring down those borrowing costs. so what they did they bought $600 billion worth of government and mortgage-backed bond. this is the new program, the new stimulus program that s called qe 3. that s waquantatie easing. they want to continue to kind of pump this type of bond buying into the economy to also bring down that unemployment number. they want to kind of they re not going to halt this program until unemployment gets to about 7%. ....
He was very critical of that and yesterday held a news conference to further criticize the president and there has been a lot of criticism of democrats. he stood by it. didn t back down and republicans united around him in criticizing the obama administration, ridiculing the president for raising questions about whether or not egypt is an ally. shep: governor romney reacting to today s news that the fed plans to spend $40 billion a month. he was clear he does not like it. qe 3 is not on his positive list. he said he was against the idea. he thought while there might be the possibility of some short-term bump from it, in the long run, it wouldn t have enough bang for the buck. he said it wouldn t really be worth the exercise and that this is not the way to go about righting the economy. it s been for two years on the campaign trail, he argues that his experience and economic know how is what s necessary and as president obama demonstrated that he doesn t have it. shep: carl camero ....
And educational cuts at the local level. that s how to really stimulate the economy and get things moving. the fed has been begging the congress to do something, but because we have tea party control here in the congress, we can t get anybody to get off their hands and try to pass president obama s jobs program. peter, i tend to agree with the congressman s assessment there. the fed needed to act, especially in the absence of congressional action. there are concerns that qe-3 may not be effective, even with it being put out there indefinitely, that we ll continue to do this until unemployment gets down to what rate. i wanted to see your perspective. yooung qe-3 will be effective? it will be as effective as the last one. it s not working. the reason it s not working is we don t have a manufacturing base anymore. germany has 25% of their work force in manufacturing. we re down to 9%. the problem with trying to do some some of cyclical fiscal or ....
Work and can t find a decent job and take on 3 trillion worth of our debt. as you heard in that clip, that can be due whenever the chinese demand it. this afternoon the federal reserve announced an open-ended qe-3 with low interest rates sp buying up more bonds until 2015. in fact, the fed says it will keep spending and spending until unemployment goes down. peter navarro is the filmmaker behind death by china and congressman ryan is with us. what s your reaction to the fed s decision on qe-3? well, i think it s actually a necessary evil myself, because the congress won t get off their hands and actually do what the fed has been calling for and every sensible economist has been calling for. that is, fiscal investments into the country. roads, bridges, plugging the hole with police and fire cuts ....