CHARLES: FOX CAME OUT TODAY WITH
VIGOR, BECAUSE OF CONTINUES SIGN
OF CONSUMER STRENGTH.
AND DEPARTMENT STORES,
DILLARD'S, AND MACY'S WITH
STRONG EARNINGS.
OFFERS GUIDANCE ABOVE CONCENSUS.
AND EARNINGS, AND BOOKINGS, SORT
OF MIXED.
AS FOR BROAD MARKET, I VIEW
TODAY LIKE TRADING THAT HAPPENS
AFTER THE FOMC MEETINGS WRAP,
MOSTLY A GUESSING GAME.
THROUGH THOUGHT -- THE TRUE
THOUGHT ANALYSIS OF WHAT FED
SAID WE'LL HAVE MORE TOMORROW,
AND I BELIEVE THAT POWELL, TOOK
MORE ABUSE THAN NORMAL.
THERE WERE QUESTIONS ABOUT
THINGS OUTSIDE PURVIEW OF FED.
INCOLLUDEING DACA.
-- INCLUDING DACA.
WITH ALL THAT PUSH AND PULLING
WILL POWELL THERE WERE ANSWERS
THAT GAVE US GLIMMERS TO REAL
SOLUTION FOR REAL PROBLEM.
POST TAX CUT CORPORATE
WINDFALLS, AFTER ACKNOWLEDGING
STAGNATION OF MIDDLE INCOME.
THE CHECK LIST, EDUCATION,
ENTERTAINMENT AND SKILLS.
CONCLUSIVE WE NEED A HIGHLY
EDUCATED WORKFORCE, THEN ANSWER
TO QUESTION.
FROM REPRESENTATIVE FROM NEVADA
SUGGESTING HIGHER MINIMUM WAGE
COULD CORRECT OF ISSUE OF RICH
GETTING RICHER, POWELLRY MID
OVER LONG PERIOD OF TIME ONLY
STANNABLE WAY FOR WAGES TO GO UP
IS FOR PRODUCTIVITY TO INCREASE,
THAT IS A FUNK -- FUNKTION OF
INVESTMENT AND PEOPLE SKILLINGS,
BUT PROFIT
BUT PRODUT
BUT PRODUCTIVITY HAS BEEN STUCK,
HOW DO WE TURN THAT AROUND, A
SORRY TALLY.
AND LESS THAN 2.2 FROM 1990.
SO FOR MORE ON POWELL'S
TESTIMONY AND FATE OF MONETARY
POLICY, LET'S ASK TWO OF BEST,
JEFFREY CLEVELAND, AND JOHN HILL
SETH FOR "WALL STREET JOURNAL."
PRODUCTIVITY MIRACLE, ALAN
GREENSPAN TALKED ABOUT IT ALL OF
THE TIME.
>> IT ENDED WHEN THE TECHNOLOGY
BUBBLE BURST.
WE HAVE THIS TECHNOLOGY BUT THAT
DOES NOT SHOW UP IN PRODUCTIVITY
STATISTIC, YOU MAY ARGUE THAT
TECHNOLOGY IS GOING TO PLEASE
OUR NOT -- LEISURE NOT THE WORK,
THINK ABOUT YOUR KIDS SITTING ON
TOUCH PLAYING WITH INSTAGRAMS OR
TWITTER ACCOUNTS, THAT GOES INTO
MAKING AMERICANS PLAY BETTER,
OTHER IDEA THAT COMING BUT NOT
HERE YET.
YOU THINK ABOUT ARTIFICIAL
INTELLIGENT, MACHINE THAT CAN
SCAN X-RAYS AND RADIO RAMS
BETTER THAN HUMANS, THAT IS A
PRODUCTIVITY IS COMING BUT BE
PATIENT.
CHARLES: AFTER THE BELL, AMAZON
ANOINTED TAKING OVER --
ANNOUNCING TAKING OVER RING,
THEY KNOW EVERYTHING ABOUT US,
THEY WATCH US EVERY MINUTE OF
THE DAY.
PERHAPS IT IS ABOUT LEISURE, BUT
YOU THINK WITH INTERNET,
ARTIFICIAL INTELLIGENCE,
ROBOTICS, BIG DATA COLLECTTION
WE WOULD DO BETTER.
>> TWO THINGS, DELAYED IF YOU
THINK ABOUT 1990s, GREENSPAN
ENJOYED AFTER EFFECTS OF THE
PERSONAL COMPUTER BOOM, THAT
STARTED IN LATE '70S AND EARLY
'RATE
'AATE
'A 0E
'A 0S IT TAKES TAKE TO SHOW UP,
IT IS AHEAD OF US STILL, A LOT
OF THINGS MAYBE WE'RE NOT
CAPTURING CORRECTIONLY, YOU NEED
TO MEASURE OUTPUT.
YOU KNOW IN 1990s, I HAD 300
CDs IN A TOWER, NOW I HAVE 30
MILLION SONGS ON SMARTPHONE IN
MY POCKET.
I PAID FOR THOSE CDs, I PAY $9
FOR STREAMING SERVICE FOR MUSIC.
MY LIFE IS BETTER.
CHARLES: DOES THAT MEAN
PRODUCTIVITY IS DOOMED.
>> IT IS SET TO BOOM IN YEARS
AHEAD.
>> THAT WILL BE GREAT NEWS FOR
AMERICAN ECONOMY AND AMERICAN
WORKERS.
FOR AMERICAN STOCKS THAT IS
REALLY THE KEY INGREDIENT TO
INCREASE PROSPERITY.
CHARLES: QUICK, JOHN, UNWINDING
BALANCE SHEET.
OR UNPLANNED
OR UNBLANNED
OR UNBLANCED
OR UNBLANCA GONZALEZ
OR UNPLANCA GONZALEZ
OR UNPLAN - GONZALEZ
OR UNPLAN --GONZALEZ
OR UNPLAN -- UNZALEZ
OR UNPLAN -- UNBALEZ
OR UNPLAN -- UNBALANCED BALANCE
SHEET.
>> HOW DO THEY DO IT?
VERY, VERY, VERY SLOWLY.
THEY ALLOW SECURITIES TO MATURE
WITHOUT REINVESTING.
IT WILL TAKE YEARS TO GET THAT
BALANCE SHEET DOWN, I DON'T
THINK IT WILL BE NEAR AT END OF
THIS PROCESS, WHERE IT WAS WHEN
FINANCIAL CRISIS STARTED.
>> NEW NORMAL.
>> WILL BE A COUPLE TRILLION AT
LEAST.
CHARLES: RIGHT, JEFFREY,
QUICKLY, ANY CHANCE THEY COULD
MAKE A MISTAKE?
THAT IS A BIG QUESTION MARK?
>> I THINK IT IS OVER HYPED IF
YOU LOOK AT BALANCE SHEET A
SHARE OF GTP, IT IS 22 PERCENT,
NOT -- GDP, IF YOU WANT TO PICK
ON A CENTRAL BANK, BIG BANK OF
JAPAN 95% OF GDP THAT IS A
BIGGER CONCERN IN TERMS OF ITS
IMPACT ON THE MARKET THAN
FEDERAL RESERVE.
>> THANK YOU VERY MUCH.
WE HAVE BEEN SQUEEZED IN A
COUPLE BREAKING NEWS STORY, A
PROGRAM ALERT, TONIGHT, YOU
DON'T WANT TO MISS, TOMORROW
NIGHT RATHER, TWO BIG TIME
FINANCIAL EXPERT, BILL MILLER,
AND JEREMY SIEGEL.
BOTH FROM FORBEING CONFERENCE IN
LAS VEGAS.