-- he was effusive about ben bernanke's term in office this time. do we think it was his idea or ben? >> it took the president time to warm up to make the comments. the comments he made very off-handed, didn't sound well thought out. clearly, i think this is a speechwriter or somebody who decided to take the time to thank ben bernanke for his work and for the president to say, in a more formal way, how he felt. >> interesting to note that janet yellen comes into the job with probably one of the most important jobs at hand, and that is this debacle going on in washington. she said more needs to be done. i wonder if that suggests more stimulus or more fiscal policy or at a minimum, some end to this dysfunction happening in washington. diane swank, what's next? >> absolutely. i think you'll hear more from the fed. the fed has said already the fiscal policy is a drag on the u.s. economy. we saw the personification of these people. they often become. the bernanke fed, the greenspan fed. it will you-l now be the yellen fed. you heard her talk about the pe

maybe she can try to differentiate herself from ben bernanke. i don't know that. >> should put some nice intellectual framework around it but yes, i fully agree. the problem is we have too much debt in the world and we treat that differently in different parts of the world. it doesn't work too well, but here we will kick the can down the road as we do anywhere else in the world. it is with monetary policy and yes, that will create bubbles anthat will debase the dollar. the problem is we have account differences. when the bond market forces policies to their knees, the dollar may be far more at risk. we will have other crises playing along like in japan where they are very relatable. cheryl: the asian finance minister are thrilled the president will be nominating janet yellen. can she right the ship that comes the global bank? other global banks have followed our lead in blowing out stimulus year after year, month after month. maybe the train stops with her. >> i am willing to say started as an economist of the fed, she certainly has seen what ou

how is she different from ben bernanke? in terms of her economic philosophy, her use of monetary policy, and her use of the sort of tools that ben bernanke has been using. >> so i think there's certainly a lot of continuity with chairman bernanke so i think had he do share a pretty similar world view and i think a similar concern about both inflation and unemployment. i think she might be somewhat bolder. so many people will say the first word out of their mouth on janet is she's so nice. she's also tough and i would expect her to make forceful arguments and to be pushing for perhaps some different policies as she thinks she sees fit. but i think comment newity new- continuity is the order of the day. she's an architect of a lot of the policies the fed has been following so far so i expect a lot of those same policies to continue. >> rose: what do you think her analysis of what the economy needs today is? >> well i think it's in many ways kind of obvious in the sense that if you look at the numbers, what's true is inflation

one in mid-december which ben bernanke may decide, he has a legacy he is thinking about right now. he doesn't want to be thought of just helicopter ben, just pouring out all this money. maybe at one of those meetings before yellen comes in we may have bernanke dialing back a little, no? >>, again, i think they're in a position right now that they can't dial back. they may not be able to dial back for another year. they have create ad very large problem here. we have a lot of jobs that are still not filled. we have lot of money out there but not at the lower levels. all the money has been taken up by the higher levels. so we don't have a real solution here. the average joe has not been able to benefit -- david: hold on a second, todd. you're saying there will be no tapering at all either in october or november or decent? >> i don't think so, no. david: wow. >> if i could jump in. no chance of a taper in october. december is still in play. in order to taper in december the fed needs to see evidence that the recovery is really strengthening as they hoped and expected it would at the t

by her side and the president's side will be ben bernanke. larry summers was looking for t nomination. he ran in to a lot of opposition by the left. and in many senses this nomination today is about summers falling on his sword about two weeks ago and withdrawing his name from nomination. now the question will be will janet yellen will care rig out the policies of ben bernanke. the quantitative easing that has been talked about, and also monetary policy, the core function of the federal reserve, keeping track of interest rates, racing them or lowering them, and job number one, keeping an eye on the unemployment rate. that is expected to be the focus. will she be confirmed by the senate? most expectations are that she will be. there has been some opposition voiced by republicans, chiefly bob corker who sits on the banking commission, but this is a good day for democrats who were backing this nomination for weeks now. >> mike viqueira joining us from the white house. mike, thank you very much. >>> joining us now with more incite about janet yel

how is she different from ben bernanke? in terms of her economic philosophy, her use of monetary policy, and her use of the sort of tools that ben bernanke has been using. >> so i think there's certainly a lot of continuity with chairman bernanke so i think had he do share a pretty similar world view and i think a similar concern about both inflation and unemployment. i think she might be somewhat bolder. so many people will say the first word out of their mouth on janet is she's so nice. she's also tough a i would expect her to make forceful arguments and to be pushing for perhaps some different policies as she thinks she sees fit. but i think comment newity new- continuity is the order of the day. she's an architect of a lot of the policies the fed has been following so far so i expect a lot of those same policies to continue. >> rose: what do you think her analysis of what the economy needs today is? >> well i think it's in many ways kind of obvious in the sense that if you look at the numbers, what's true is inflation i

she has been, as you suggest, on the more dovish side of ben bernanke. if anything she will lean toward keeping policies in place longer, more aggressively, doing everything the fed can to keep unemployment down. >> at some point the fed is going to have to turn off the spigot of money, and the chances are janet yellen will oversee that. how tricky is that going to be? it is find a pump money in, but to be the person who says we are stopping that money? >> that will be the challenge. it is not just a question of what to do, but a question of when to flip that switch, how quickly to turn back the dial and pull back the liquidity they have been pumping into the global financial system. getting that wrong could have tremendous cost for the u.s. economy and global economy. if you move too soon you nip the economy in the dot. if you do not, you have tremendous bubble problems. >> most people around the world could not name the chairman of the u.s. federal reserve, but when we look back, paul parker, bernankenspan, ben now, they are people who have an outsized

she was a disciple of ben bernanke. chairman last four years of bernanke bernanke's chairmanship. when the the fed buys money out of the thin air and bonds $180 billion worth of bonds every month. lending the government will $85 billion into the economy, she is in favor. that, so you are likely to see next to no change. failure of the federal reserve who believes it is the job job of the federal federal reserve to create cass out of thin air and stimulate the economy because those wrings are loans. they will cause inflawnsenned everything waste wily seen as frontrunner for this job. complaints about a lack of diversity in the president's close-toes and all of the sudden larry summers dropped out of running. >> i'm not a fan of larry summers. however, he probably was a better understanding of the way the free market works and what it is like to make a payroll than any other chair of the federal reserve in the modern era. you know that upset some people on president's left. that is why he is not there. the first woman tha

under the strong leadership of ben bernanke. for nearly eight years, ben has led the fed through some of the most daunting economic challenges of our lifetime. for some time now, he's made it clear that he intends to finish his service as chairman at the end of his term, which is this january. so today, i just want to take a minute to pay tribute to ben for his extraordinary service. but i also want to announce my choice for the next chair of the federal reserve. one of the nation's foremost economists and policymakers, current vice chairman janet yellen. you know, after i became president, i was proud to nominate ben for a second term. and while the fed is and must always be independent, i want you to know, ben, i'm personally very grateful to you for being such a strong partner in helping america recover from recession. perhaps it's no surprise as the son of a pharmacist and a school teacher that ben bernanke is the epitome of calm, and he's been a voice of wisdom and a steady hand. at the same time, when faced with potential

she will succeed ben bernanke. his second term ends at the end of january. she had emerged as the leading contender. she was in a strange campaign battle versus larry summers. there's never been a campaign for a fed chair. in fact, most fed chairs, the public wouldn't know who they were going to be before they were named. in this case there was a campaign. there were people who wanted larry summers versus people who wanted janet yellen at the head of the fed. now, summers withdrew his name from consideration after a lot of opposition surfaced from senators. yellen is 67 years old. she will be the first woman ever to run the federal reserve. her appointment has to be confirmed by the senate. the big challenge facing ben bernanke and janet yellen over the coming months is what to do about all the money that the federal reserve puts into the economy. they have said they will start to pull that money off, tapering if they see unemployment down a little lower and economic growth a little stronger. that was expected to take place in september. it didn't. then we w

if confirmed by the senate, yellen would succeed ben bernanke. his term ends in january. bottom line, it's another glass ceiling broken. women's groups are calling the appointment a victory. kpix 5's cate caugiran shows us the cal professor is joining the ranks of other high-profile women rising in the ranks. >> reporter: dr. janet yellen is making history. she is now the first woman ever to lead the world's most powerful central bank. >> it's not just that she's this, you know, a woman in a high ranking position. it's the nature of the position being economics and math and these kinds of areas that women are traditionally underrepresented in. >> reporter: "san francisco examiner" columnist melissa griffin-caen says when picking a new fed chair it's all about the qualifications, not gender. but the fact that yellen is breaking the so-called glass ceiling is still a huge victory. >> they are not going to say what about motherly duties, how are you going to clean house and do this job in to the extent we're moving away from that and strictly sticking to character, it's trem

liz: the next move has to be ben bernanke deciding i want to at least begin to tie up when i opened up and started a while back with the quantitative easing purchases, correct? >> i don't think he is going to change. because i don't think she wants to taper. so as not to cause her problems, i think there will be no taper under bernanke i don't think she will rush to taper. just a little revolt going on. normally operates on a consensus. it sounds like there is less consensus then there usually is. liz: he gave her a tip of the hat and said she found the early warning bells an we came to the housing bubble. that was under alan greenspan. she was vocal to say be careful, now she is much more . >> also, she did fight for inflation target, stated inflation target. we have to remember that while her reputation and it is more dovish, but when she becomes the chairman, it may affect the dynamics of all that now that she has to lead the fed and she does have 2b and inflation fighter. we may see her try to demonstrate and talk about a more balanced approach as they go forward. liz: the market s

she has been, as you suggest, on the more dovish side of ben bernanke. if anything she will lean toward keeping policies in place longer, more aggressively, doing everything the fed can to keep unemployment down. >> at some point the fed is going to have to turn off the spigot of money, and the chances are janet yellen will oversee that. how tricky is that going to be? it is find a pump money in, but to be the person who says we are stopping that money? >> that will be the challenge. it is not just a question of what to do, but a question of when to flip that switch, how quickly to turn back the dial and pull back the liquidity they have been pumping into the global financial system. getting that wrong could have tremendous cost for the u.s. economy and global economy. if you move too soon you nip the economy in the dot. if you do not, you have tremendous bubble problems. >> most people around the world could not name the chairman of the u.s. federal reserve, but when we look back, paul parker, bernankenspan, ben now, they are people who have an outsized

twel white house confirms the president settled on a replacement for ben bernanke. president obama will nominate tomorrow afternoon if confirmed by the senate. yellen will be the first woman to head the bank. it is near hi day nine of the federal shut down and president obama is sticking to his position. the house speaker john boehner an the unconditionle surrenderer by the gop. mike has more. >> well the nation isle days in the shut down. there'sle 8 to go the first ever in the federal government and tuesday. tkpwapb with a lot of fun. president obama picked up the phone and called house speaker john boehner and spoke for ten minutes. by the time they finished a pair of dueling news conferences. first president obama then john boehner it was clear today was going to end just as it be tkpapb with a stabegantoday jus. >>> president obama rejected claims that steps can be taken to avoid default even if congress fails to act. >> there's no sill vir bullet. there's no magic wand that allows us to wish away the chaos and results if for the first time in our history we do

not a very close ben bernanke. she's a steady hand. she will not come with the same controversy that larry sumers will have come with. >> her name has been out there for a while. they also knew her as the president of san francisco so she has a lot of experience. she has a lot of government experience and a calming influence. >> let's go to the government sh-t down. we've already seen some impact today with with the big down day for the political markets. if this shows a few days longer, what impact. we don't know what they are holding up. we don't know if it's not being respected. you have to realize all of what government does. there are workers who are not working right now and will be able to borrow from credit unions and every day expenses. >> unless something else happens and that can be the debt ceiling. talk to us about the next shoe that might drop. >> that is. it's a matter oh of trust as credit is a matter of trust. it's no longer pure. >> what would first happen. >> there's a misconception about who holds most of the debt.

that is, until march of 2009 when ben bernanke sat down with scott pelley. >> mr. chairman, i'm gonna start with a question that everyone wants me to ask. when does this end? >> it depends a lot on the financial system. the lesson of history is that you do not get a sustained economic recovery as long as the financial system is in crisis. now, we've seen some progress in the financial markets, absolutely, but until we get that stabilized and working normally, we're not gonna see recovery. >> i wonder, do you expect double-digit unemployment? >> well, it's hard to forecast exactly where we're going. unemployment is rising. job losses are still very severe. and, no doubt, the unemployment rate's gonna go higher than it is. but i think, again, that if we do succeed in stabilizing the financial system, that we'll begin to see a slower pace of decline and eventually a stabilization that will set the basis for a recovery. >> ben bernanke, age 55, has been chairman of the federal reserve board since 2006. for our interview, he opened up the fed headquarters, rarely seen b

bernanke. la vice rectora y catedratica de economia de la universidad de georgetown adriana kugler la conoce y cree es la mejor nominada. adriana kugler, vice rectora

. >> you look -- you right to, ben bernanke, look at the numerous projections that ben bernanke has made over the years. it quickly becomes evident that he has seldom been right. >> if you can find me, i will certainly give him credit. i mean, does not have a clue. it is not miss an economics. as i understand finance. is understand currency. all he understands is printing money. he will ruin the nation for all this before is over. >> to you have a date when that will start? i mean, the markets, as we're taping this, the markets are recognized. >> they certainly are. bernanke is going to leave in the early 2014 s. agassi try to get out before it collapses. come sometime after early 2014. if i were a betting man i would probably say maybe 2015, it's all coming apart. and what they keep doing, they keep printing more money. that is wonderful. the people are getting more money and having a fabulous time as you pointed out. markets are making new highs, but they're right. this is going to be disastrous. you cannot have an artificial system based on a lake of -- floating on the like a printed

bad fed policy is blamed for creating the great depression in the 1930s while chairman ben bernanke is credited for stopping the same thing from happening in 2008. day 9 of the partial government shutdown saw the pentagon accepting charity to fulfill one of its greatest duties. david more tin told us here last night that the department stopped paying death benefits to families of troops killed in action. well, some of those troops came home today. >> reporter: the return of a fallen soldier is surely the most solemn event in the life of a nation. but today the honor paid to private cody patterson by defense secretary hagel and other top-ranking officials in a ceremony at dover air force base in delaware was overshadowed by shame. hagel himself said he was "offended, outraged and embarrassed" that the government which sent patterson to war had reneged on its commitment to fair for its family. the senate chaplain began the day by asking god to "cover our shame." >> when our federal shutdown delays payments of death benefits to the families of children dying on far away battlefields, it's

>> i think she's likely to put her foot on the accelerator even more so than ben bernanke. it's fascinating, paul, this is the first democratic nominee to be the head of the fed dating back to the late 1970s when jimmy carter selected paul vo volcker, and volcker slammed the brakes on the money supply, and the reason i mention that, i don't think janet yellen believes in that philosophy. when mary was talking about this philosophy of a tradeoff between inflation and unemployment, mary's right that janet yellen believes in that, but paul, i totally reject that. i look at the evidence over the last 30, 40 years and it looks to me low inflation helps grow the economy and create jobs. i think it's a false tradeoff. >> there is this philosophical difference, for greenspan and volker focused on price stability as the main goal, janet yellen really, as mary suggested, focuses on job creation and output jobs. that's her focus. that's a throwback really to the philosophy of the '60s and the '70s. >> the philosophy espoused by james tobin of yale, and she is a student of james tobin,

janet yellen to be nominated by the president tomorrow to replace ben bernanke as chairman of the central bank. >> thank you. and of course thank to you mr. secretary. nice to see you, sir. >>> and straight ahead, breaking news involving an undercover cop allegedly involved in this motorcycle mob road rage attack. a live report next. also, guess who is calling? every night this week, we'll take a call from a famous surprise caller and i have absolutely no idea who it is. it's the staff that does this. you can start guessing using #greta and then find out wh >>> this is a fox news alert. an undercover nypd officer now under arrest in connection with the motorcycle mob beating of an suv driver. our fox new york reporter is here with the latest. lisa. >> i've learned from my law enforcement sources that a veteran nypd officer, a detective for at least five year, been on the force for at least ten, has turned himself in with his attorney. he's at manhattan central booking right now facing charges in connection with this attack on the range rover driver. also my sources tell me that he's assig

john: now we will get janet yellen. >> she will not be much different than ben bernanke. if anything she might air even more on the side of easy money and he did. john: that is what everybody says. thank you. coming up, so far the fed bond buying has not cost that much inflation, but might that change? will we soon have to go to the grocery store with this? it will be awful of money? it has happened in other countries. will it happen here? next. next. coming out. when we made our commitment to the gulf, bp had two big goals: help the gulf recover and learn from what happened so we could be a better, safer energy company. i can tell you - safety is at the heart of everything we do. we've added cutting-edge technology, like a new deepwater well cap and a state-of-the-art monitoring center, whe experts watch over all drilling activity twenty-four-seven. and we're sharing what we've learned, so we can all produce energy more safely. our commitment has never been stronger. ♪ john: do you trust these? inflation is about 2 percent per year. not bad. that means the dollar will

and the federal reserve under the strong leadership of ben bernanke. he has led the fed through some of the daunting economic challenges of our lifetime. he intends to finish his service at chairman at the end of his term, this january. so today i just want to take a minute to the pay tribute to ben for his extraordinary service. but i also want to announce my choice for the next chair of the federal reserve. one of the nation's for most economists and policy makers, current vice chairman, janet yellen. after i became president, i was proud to nominate ben for a second term. and while the fed and must always be independent, i want you to know, ben, i'm personally very grateful to you for being such a strong partner in helping america recover from recession. perhaps it's no surprise as the son of a pharmacist and school teacher that ben bernanke is the ee pit mee of calm. he's been a voice of wisdom, and a steady hand. at the same time, when faced with potential global economic meltdown, he has displayed tremendous courage and creativity and took bold a

john: now we will get janet yellen. >> she will not be much different than ben bernanke. if anything she might air even more on the side of easy money and he did. john: that is what everybody says. thank you. coming up, so far the fed bond buying has not cost that much inflation, but might that change? will we soon have to go to the grocery store with this? it will be awful of money? it has happened in other countries. will it happen here? next. coming out. ♪ john: do you trust these? inflation is about 2 percent per year. not bad. that means the dollar will be worth almost a dollar next year. 2 percent adds up. earlier in the show we pointed out that the dollar has lost 90% -- 96% of its value since the fed started. that means it takes $23 to buy what $1 bought 100 years ago. it could be much worse. inflation was 10 percent when i started reporting. if that kept up for a century it will take $12,000 to buy about $1 bought. and if you think that is bad, this is a $100 trillion bill from zimbabwe. indeed rulers printed money like crazy and eventually even this $100 trill

a considerable credit of that goes to ben bernanke for his wise, courageous, and skillful leadership. it has been my privilege to serve with him and learn from him. we have made progress. we have farther to go. the mandate of the fed reserve is to serve all the american people. too many americans still cannot find a job and worry how they will a those bills and provide for their families. the fed reserve can help if it doesn't stop affect every.-- if it does its job effectively. we can help ensure that everyone has the opportunity to work hard and build a better life. we can ensure that it doesn't undermine the benefits of a growing economy. we can and must safeguard the financial system. the city has powerful tools to-- the fed has powerful tools toinfluence the economy in the financial system. i believe it's greatest risk in this capacity to approach important decisions with expertise and objectivity and unite behind a response. effectiveness depends on the commitment, ingenuity, and integrity of the staff and my fellow policymakers. they serve america with great dedication. mr. pre

if approved, she would succeed ben bernanke who is leaving at the end of january. yellen would also become the first woman to be the head of the fed. yellen has some very strong bay area ties. she taught over at cal at uc- berkeley and was also the head of the federal reserve at san francisco. christin ayers now with more on what yellen might bring to the job. >> i think she is the single best qualified person in the end tire world for this job. >> reporter: in her early years as a professor at uc-berkeley's haas school of business in the 1980s, not even janet yellen's closest friends saw her taking the national stage. >> she is shy, smart, thoughtful. >> reporter: but professor andrew rose, who has worked alongside yellen for 28 years, says she burnished her credentials here over the decades. yellen's star has risen here at haas, from twice winning excellence in teaching awards to being named professor emeritus. her colleagues say she is more than ready to head the fed. yellen has been second in command to ben bernanke at the federal reserve since 2010 and now she

are there any between ben bernanke and janet yellen? as monetary policy? >> i think she's likely to put her foot on the accelerator even more so than ben bernanke. it's fascinating, paul, this is the first democratic nominee to be the head of the fed, dating back to the late 1970s when jimmy carter selected paul volcker. paul volcker was a guy who came in and slammed the breakes on te money supply to break the back of inflation. i don't think yellen believes in that philosophy. when mary was talking about this philosophy of a tradeoff between inflation and unemployment, mary's right, that janet yellen believes in that, but i totally reject that. i look at the evidence and it looks to me like low inflation actually helps grow the economy and create jobs. i think it's a false tradeoff. >> there is this philosophical difference. for greenspan and volcker and volcker and then alan greenspan focused on price stability as the main goal. at least that's what they said was their main goal. janet yellen really focuses on job creation and output. jobs, that's her fo

an unsustainable bubble inoom. >> ben bernanke, we're not going to let prices fall. we will create the nfl of bills to lift the prices of everything by a little. >> did not want to see people out of jobs. well-intentioned. >> the consequences are recreated three incentives to borrow. john: the housing bubble, the housing bust. >> 7 million people will lose their homes. this is crazy. >> textbook when you take rates that low you'll have a boom and bust that will be likely to follow. and don't think any of us to ever worked with the fed take comfort from the fact that somebody screwed up. >> everyone wants to go back and say, things are fine now. we're asking for another crisis. >> we have never done this before. we have never been here before. the federal reserve is operating by the seat of their pants. >> they were supposed to us these people. most recently that fed printed a trillion dollars to prop up failing banks, some in foreign countries. more money than the bailouts which congress at least voted on, but the fed money was secret. it became public because of the

john: now we will get janet yellen. >> she will not be much different than ben bernanke. if anything she might air even more on the side of easy money and he did. john: that is what everybody says. thank you. coming up, so far the fed bond buying has not cost that much inflation, but might that change? will we soon have to go to the grocery store with this? it will be awful of money? it has happened in other countries. will it happen here? next. next. coming out. this is the quicksilver cash back card from capital one. it's not the "juggle a bunch of rotating categories" card. it's not the "sign up for rewards each quarter" card. it's the no-games, no-messing-'round, no-earning-limit-having, do-i-look-like-i'm-joking, turbo-boosting, heavyweight-champion- of-the-world cash back card. this is the quicksilver cash back card from capital one. unlimited 1.5% cash ba on every purchase, everywhere, every damn day. now, tell me, what's in your wallet? help the gulf when we made recover and learn the gulf, bp from what happened so we could be a better, safer energy company. i can

john: now we will get janet yellen. >> she will not be much different than ben bernanke. if anything she might air even more on the side of easy money and he did. john: that is what everybody says. thank you. coming up, so far the fed bond buying has not cost that much inflation, but might that change? will we soon have to go to the grocery store with this? it will be awful of money? it has happened in other countries. will it happen here? next. coming out. ♪ this is the quicksilver cash back card from capital one. it's not the "juggle a bunch of rotating categories" card. it's not the "sign up for rewards each quarter" card. it's the no-games, no-messing-'round, no-earning-limit-having, do-i-look-like-i'm-joking, turbo-boosting, heavyweight-champion- of-the-world cash back card. this is the quicksilver cash back card from capital one. unlimited 1.5% cash back on every purchase, everywhere, every damn day. now, tell me, what's in your wallet? at od, whatever business you're in, that's the business we're in with premium service like one of the best on-time delivery recor

who is loyal to ben bernanke. he wants to keep the cost of monday load to offset the debt ceiling. wall street likes it. >> she is consistent. this is the first time that a world base has been headed by a one-man. >woman. >> we have some answers they knows about joseph's a banks to buy men's wear house. >> this is an interesting story, they are smaller but they are well funded. this will be a big deal for them because men's wear house has better sales. apparently, they looked at the deal and said no. >> do you think they will hire george zimmerman back? >> no. >> off topic-stashed the ceo of j.c. penney had eight stock increase. they are trying to do this before sach;'s takes them over. >> family at the dollar, the dollar and general--they had a pretty good quarter. we are still trying to digest from these. they came out and said that tesla made a lot. >> boeing is going to be doing good in the long term. there are means season is still off console far we have underperformed the. >> thank you rob. we would check b

john: now we will get janet yellen. >> she will not be much different than ben bernanke. if anything she might air even more on the side of easy money and he did. john: that is what everybody says. thank you. coming up, so far the fed bond buying has not cost that much inflation, but might that change? will we soon have to go to the grocery store with this? it will be awful of money? it has happened in other countries. will it happen here? next. next. coming out. this is the quicksilver cash back card from capital one. it's not the "juggle a bunch of rotating categories" card. it's not the "sign up for rewards each quarter" card. it's the no-games, no-messing-'round, no-earning-limit-having, do-i-look-like-i'm-joking, turbo-boosting, heavyweight-champion- of-the-world cash back card. this is the quicksilver cash back card from capital one. unlimited 1.5% cash back on every purchase, everywhere, every damn day. now, tell me, what's in your wallet? more than a new interior lighting system. ♪ it is more than a hot stone massage. and more than your favorite scent infused in

bernanke, and fed we trust, ben bernanke's war on the great panic. we begin with william silver, finance and economics professor at heat new york university's stern school of business and author of the triumph of persistence. in 2012 he was joined by former federal reserve chairman to the test -- discuss current economic issues. >> lessons from the era in the present situation. today we are fighting clearly a different angle, appointment yet we are having some of the same conditions a huge budget deficit that we need to solve. is the solution higher interest rates? >> before you answer the question, let me say, first of all, -- [laughter] you know, after the 80's inflation became very high around the world, but particularly in the united states with the possibility for world currency. and people thought this was a problem that was going to be dealt with. to begin with they thought that it could be dealt with. some became popular at the time because they have price stability. no, that's 20 years ago. but this history of central banking, a huge financi

yellen has been second in command to ben bernanke at the federal reserve since 2010 and now she could be the first woman at the top in its 100 year history. >> i think a woman as head of the federal reserve a qualified woman would be a very positive thing for this administration. >> reporter: her colleagues at haas say it's likely that yellen would do what bernanke has, keep interest rates low and focus on growth and unemployment at a time when the economy continues to rebound. >> i think that will help propel the economy along a little faster. and that's going to be good for all of us. >> reporter: yellen emerged as the top candidate for the job after former treasury secretary lawrence summers withdrew his name after opposition from many democrats. michelle? >> well, cate, we know the nomination will be announced today. do we know when? >> reporter: yes. both dr. yellen and chairman bernanke are scheduled to appear with president obama at the white house around noon for the formal announcement. >> thank you, cate caugiran in the newsroom. >>> a body found in a hospital stairwell may

ben bernanke ends his term in january. if confirmed she will be the first woman to lead the fed or any central bank in the world. anthony mason joins us. who is janet yellen. >> she's 6 # 67 years old. i this i you can make the argument that cease the most experienced. she's been vice chair since 2010. in between that she taught at u cal berkeley and she headed president clinton's council of economic advisers and he's married to a nobel prize winner than she met in the cafeteria. >> she sat along ben bernanke for the last three or four years and she's a co-architect of the budget. >> we now have a woman who's going to be the most powerful economic policymaker in the world. >> i think you can argue she's going to be the most powerful woman in american history. >> all of american history? >> well, when you think about it she's going to be in charge of the united states economy, the largest and most important economy in the world. yeah, i think you can make that case. >> who would be second in. >> that's another -- >> let's a

current chairman ben bernanke's term expires at the end of this year. the d