that's exactly what alan greenspan said. my plan is this. there is a $4 trillion projected surplus. now my plan is this. there is a $4 trillion projected surplus. $2 trillion of it goes, as john mentioned, to social security -- which by the way, pays down debt in the social security system. we retire $2 trillion of debt. i spent about have of that -- the remaining -- on tax cuts, and half of it as a cushion, perhaps more debt repayment, perhaps emergency spending. the difference between our plans is, i know who's money it is we're dealing with. we're dealing with the government -- we're dealing with the people's money, not the government's money. and i want to give people their money back. and if you're going to have a tax cut, everybody ought to have a tax cut. this kind of washington, d.c., view about targeted tax cuts is tax cuts driven by polls and focus groups. if you pay taxes in america, you ought to get a tax cut. under my plan, if you're a family of four in south carolina, making $50,000, you get 50-percent tax cut. i've reduced the lower rate from 15 percent to 10 percent,

governor bush: what alan greenspan said, is if it's governor bush: alan greenspan says if it is possible to discipline congress to pay down the debt, that is fine, but short of disciplining congress, which i do not think we should do, is the ought to have a tax cut. my plan is this. there is a $4 trillion surplus. $2 trillion goes to social security which pays down debt. i spent about half of that on tax cuts and half of it as a cushion, perhaps more debt repayment, emergency spending. the difference in our plans is i know whose money we are dealing with. we are dealing with the people's money and not the government's money. i want to give the people their money back. if they are going to have a tax cut, everybody ought to have a tax cut. this washington, d.c. view about targeted tax cuts is done through polls and focus groups. if you pay taxes in america you ought to get a tax cut. if you are a family of four making $50,000 you get a 50% tax cut. i reduce the rate to 10%. it does this, and this is important. there are people on the outskirts of poverty, unlike -- like single moms workin

i certainly remember the chairman greenspan discussed with congress the importance of addressing this. >> thank you. >> time of the gentleman has expired. the chair recognizes the gentleman from maryland. >> i want to thank you, chair yellen, for not only your leadership in general but your participation and patience at this hearing. i want to welcome our visitors and guests here today and thank you for bringing your importance message. we do talk about how our unemployment rate has gone down, which is has, below 5% now. but we all know when you get behind those numbers, there's really two types of jobs being created, high skilled, high paid skills. need advance education. and low skill low pays jobs. what we are not creating middle skill, middle class jobs, that have been the backbone of this country and allowed wages to grow. the chair touched on something very important, which is infrastructure. there's nothing we can do as a country to help address that problem more than rebuilding our country. if i could edit your t-shirts, i would say let our wages grow, rebuild our country. i t

i certainly remember the chair greenspan discussed with congress the importance of addressing this. >> thank you. >> time of the gentleman has expired. the chair now recognizes the gentleman from maryland mr. delaney. >> thank you, mr. chairman. and i want to thank you, chair yellen, for not only your leadership in general but also your participation and patience at this hearing. i also want to welcome our visitors and guests here today and thank you for bringing your important message. we do talk about how our unemployment rate has gone down substantially, which it has, below 5% now. but we all know when you get behind those numbers there's really only two types of jobs being created right now this this country. high skill high paid jobs. we need very, very specific skills, advanced educations to get those things. and low skill low pay jobs and what we're not creating is middle skilled middle class jobs, the kind of jobs that have been the backbone of this country for a long time and allowed wages to grow and people to raise their families with one job. and the chair touched on somet

except we don't have alan greenspan in front of us. government institutions work bet fer they listen to the american people. first because the american people will accept the decisions and second because we get better decisions. yesterday in a small state that is doing better than most of the country, two-thirds of the people went out in a very, i think a record-setting turn-out with inclement weather. to say they're mad as hell, particularly at the financial institutions that this committee deals with. and two-thirds of them voted for the most angry candidate they could find. too big to fail should be too big to exist. madam chairman, in response to the lady from wisconsin, you said it was basically the department of justice' failure to have a single criminal prosecution of those who had robbed the banks and more importantly robbed the american people. and i wonder whether you can really just put that at the feet of the department of justice? because we've learned institutions can get so big that they are too big to fail. your predece

except we don't have alan greenspan in front of us. government institutions work better if they listen to the american people. first because the american people will accept the decisions and second because we get better decisions. yesterday in a small state that is doing better than most of the country, two-thirds of the people went out in a very, i think a record-setting turn-out with inclement weather. to say they're mad as hell, particularly at the financial institutions that this committee deals with. and two-thirds of them voted for the most angry candidate they could find. too big to fail should be too big to exist. madam chairman, in response to the lady from wisconsin, you said it was basically the department of justice' failure to have a single criminal prosecution of those who had robbed the banks and more importantly robbed the american people. and i wonder whether you can really just put that at the feet of the department of justice? because we've learned institutions can get so big that they are too big to fail. your prede

in 2002, alan, greenspan went to bed every night and said why me? why are you giving me this conundrum of low, long-term interest rates. don't you know it makes it harder to stimulate credit? in 2012, central bankers lost their minds and now they celebrate every time the yield curve latins. channel is one that negative rates is just not going to work. alix: it's not like inks were killing it with their net interest margins. in theory, if demand picks up, can you make up for it? peter: if it is narrower, getting less reward. if i pass along the deposit rate, my balance sheet shrinks and i can't lend. ae: why the seeming zeal and part of central bankers to experiment with negative rates? you make a lot of sound arguments and markets don't seem to be particularly enthused or working particularly well in terms of generating inflation. on the other hand, some of the tools, you had a good reaction to that. why are they interested in them these days? peter: they don't want to admit they are running out of ammunition. it has become an article of faith that

tomorrow morning, we will have an interview with alan greenspan . that's at 5:00 a.m. eastern. your morningwith tea over in london. check out how stock markets finished. the big news was from china. reserve the requirements. that's ♪ it for bloomberg markets. >> it is noon in new york. >> welcome to bloomberg markets. good afternoon. i'm scarlet fu. this is what we are watching. if you wanted to avoid the worst of the equity route, look at what analysts are recommending. wall street's favorite calls are not heading out. super tuesday is almost honest. we will tell you what donald trump could mean for investors. a crucial time for their industry. what it could mean for dealmaking. we want to get a check on the activity. julie hyman has the latest. a surprise move from china central bank. stocks are rising.

if tomorrow you ask alan greenspan, what is the history, he will say there is not a history. there are no data points. so back to what are the central bankers doing, to francine's question? they may be totally successful. francine: and stanley fischer is absolute about it. tom: he gave support to the idea. negative rates filter into all emerging markets as well. it is not a discrete market economic space. shannon: money is cheaper than cheap, so where does that money go? does it stay here or go into emerging markets, and how does it inflate the economies or not? toncine: should be go back communication? that is the big theme. if a central bank does not do enough, mario draghi in december, markets tank. it is hence you lose, tails you lose. -- it is heads you lose, tails you lose. it is of a larger movement. it is like the irish elections. there is an antiestablishment, people at the top movement in people's heads, that none of these people can get this stuff right. there is third little credibility going, and that is why the markets are so afraid. markets comehe into line pre

manus: 1994, yes, greenspan went on to do 25. the whole way through. but communication is totally different now. neil: we did not even know when the fat was meeting. [laughter] so i am told. but a critical difference really this time around, is that the central banks that were included now have skin in the game because of the balance sheet, which are massive through qe. the fed is holding $4.4 trillion. they could get hurt. anna: we will no doubt pick up the conversation later. there will be a lot of suggestions, just how creative central banks need to be as we deal with the world as it is now. neil williams, thank you very much. have delivery of fourth-quarter gdp out of the united kingdom. that will hit at 9:30 gmt. half an hour later, final inflation data for january. anna: then at 1:30, jobless claims. that weekly check in on how the job situation in the u.s. is going. wrestle withill canadian acquisitions, will it be the talent they are looking for? we preview the earnings for the worst performing european oil major. let us look at that. ♪ anna:

ouring do not miss exclusive interview with former fed chairman alan greenspan. that is tomorrow at 5 a.m. eastern time. we will see you back here tomorrow. due respect to cruise, argue really the right person to be attacking donald trump on the mafia? >> they keep pulling me back in. ♪ john: happy leave day, sports fans. we are making the most of our bonus show on the use of super tuesday. tomorrow i hope bunch of states will vote in the republican and democratic presidential

i go back to greenspan and others. take us inside the debate at the .ed of the how how do you determine through 2016 though when of those rate increases? have been reasonably clear on that, i think. let me first describe the survey of theomic projections 17 members of the open market committee. every three months, we all fill out a survey. it asks a lot of questions about gross, about inflation, about interest rates. the question on interest rates is different. ,he interest rate forecast interest rate projection, is the answer to the question what do you think the appropriate path of interest rates will be? that is different than what we say about output and so forth. and there is a range of views. instance, 4, 3, 2, 1, or the numbers that you specified, there was a range of views as well. when somebody said "in the ballpark," he meant it's among the numbers being talked about. he did not mean it's the only number being talked about. and we don't even need to how many we will do in the coming year. the language in the

this room for 20 years and the room has the feel that it had two years ago except we don't have alan greenspan in front of us. government institutions work better if they listen to the american people first, because the american people will accept the decisions and second, because we get better decisions. yesterday, in a small state that is doing better than most of the people went of the out with a record-setting now with inclement weather to say they are mad as hell particularly at the financial that this committee deals with. mostf them voted for the angry candidate they could find. too big to fail should be too big to exist. chairman, in response to youlady from wisconsin, said it was basically the department of justice's failure to have a single criminal prosecution of those who had robbed the bank's and rob the american people. i wonder whether you pimp that at the feet of the department of justice. we have learned that institutions can get so big they are too big to fail. your predecessor was in this room demanding that we bailed them out and, god for bid, you will be again if you allow

if you take this all the way back to greenspan, asian market crisis, are the central banks set up to deal with that story? ramin: this is a story from our e.m. strategist. they are saying that a lot of the state owned enterprises are standing ready to bail out some of these corporations, which have funded themselves in foreign debt markets. the balance sheet of those sovereigns will have to take a hit. that might be a problem down the road, these companies suddenly become a sovereign problem. this will become a sovereign spread risk and we could see sovereign spreads widen as a result. how do they roll over this debt? that is the concern. a part of it is short dated. if you look at the turkish issuance, it could be hard to roll over. see the same problem we see in the u.s. high-yield market. start to widen, they won't be able to roll over the deck. guy: it has been a great pleasure. thank you for your time. up next, we see the saudi-led oil glut impact u.s. producers. we're going to get today's chart on the matters. that is next, here on "on the move." ♪ hans: welcome back to "on t

he was in the government back with alan greenspan was the fed. speaking and juggling these balls. it wants the economy to keep humming but it doesn't want to turn it to quickly. manus: a wonderful saying when we stick a lot on a friday night which is saying you here, i will change the gears. that is what the pboc needs. malcolm, thank you very much. all ofalk more about these things in terms of markets and the impact. just lebron as joins us --rent brones joins us florent brones joins us. one of the great debates is we are running up to g-20 next week. the pboc guiding the yuan, setting the rates higher, bringing stability. that really is what they want to try that they want to try and achieve ahead of next week. the one has had the biggest weekly advance in a year. the stock market has had the biggest weekly advance in two months. my question to you is do you think we asked the worst -- we have passed the worst? china can cause for us -- we're already at a hard landing. we're already at 2.5%. florent: in terms of equity markets, we could shrink in chinese equities. the currency -

scarlet: and do not miss an interview with alan greenspan tomorrow. why: mark mobius tells us he believes chinese assets will rebound later this year. another is more cautious on the region. alix: a positive outlook. we break down those numbers. ♪ alix: welcome back to "bloomberg markets." i'm alix deal. scarlet: and i'm scarlet fu. let's head over to our markets desk where julie hyman has the biggest winners and losers on the day. julie: let's start with taser, one of the stocks in the plus column. they beat estimates by a pretty wide margin. nine cents a share and profit, up 20%. the weapons of segment -- of course, the tasers most of us are familiar with -- up 54% and ,t also makes axon body cameras that segment surging by 47%. the board authorizing a buyback of up to $50 million. also we are looking at signet jewelers today, one of the best performers in the s&p coming out with earnings, but specifically addressing concerns about its credit business, finance for customers. it lost $60 million in bad debt. that,terest is exceeding and that is whe

economy has a very slow recovery, and i want to assure you alan greenspan went to bed every night saying, thank you, the, thank you for this curve.p yield in 2002, he went to bed every night saying, why, lord, why are you giving me this conundrum, don't you know it is harder to stimulate credit? in 2012, they lost their mind and celebrated each time the curve flattened. the credit channel is one that negative rates is just not going to work. alix: it is not like banks are killing to and interest margins before that. in theory, if demand does pick up, like larry summers was hypothesizing, can you make of up for it? ther: if i pass along deposit rate and is negative, my balance sheet strength. i can't win. bee: markets don't seem to particularly enthused or working particularly well, in terms of generating inflation. on the other hand, there was a good market reaction to that. why do you think they are getting so interested in that these days? peter: i don't think they want to admit that they are running out of ammunition. in order to have credibility, they have to say things that don't ha

has and ipredecessor have on many occasions certainly i remember that chairman greenspan discussed with congress and the importance of addressing this. >> thank you. >> the chair now recognizes the gentle man from maryland. >> thank you and i want to thank for yourn yellen leadership and also participation and patients and i want to welcome our visitors and guests today and thank you for bringing your important message. we talk about how the implement rate has gone down substantially but we all know when you get behind the numbers, there are two types of jobs being fitted now in this country, i skilled, hyped a jobs and we need specific skills and advanced educations to get those and low skilled lopid jobs and we are not creating middle skilled middle-class jobs, the kind of jobs that have been the backbone of this country for a long time and allowed wages to be able to raise their families with one job. infrastructure is important because there's nothing we can do as a country to help address that problem more than rebuilding our country. if i could edit your t-shirts, i would say let

are bettingone, you planners and basically on greenspan, bernanke, you get what i'm saying. door number two is the opposite. you are bidding on natural markets, price areovery, that free markets adaptive, complex, homeostatic systems. i think the disparity has never been greater. you know in poker that you have even got the best hand or the worst. are made and you want to avoid the area. this is where we are as investors today. the big problem is there is cognitive dissonance here. it teaches all of us that door number two is the right one to choose. are all piled into choosing door number one. fort ever reason. it clearly feels the best in the short run. let me forget about today until tomorrow, that kind of thing. door will behe cracked open. it may be slammed open. we will see when that happens. the dreaded black swan monster. this is what used to happen with cognitive dissonance we had. beit does not all have to philosophical or theoretical. if you had listened and done it was said,ple, at the dawn of qe, do what bank is telling you to do, by risk assets, make a lot of m