Premiering nationwide beginning this Friday, December 20 at 7:30 p.m. on public television (check local listings**) and on wealthtrack.com, Consuelo Mack WealthTrack presents a “Fed Centennial Special” in honor of the 100th anniversary of the creation of the Federal Reserve (December 23, 1913-2013), featuring two noted financial historians: Grant’s Interest Rate Observer‘s Jim Grant and NYU Stern School’s Professor of Financial Markets and Economics Richard Sylla, who debate the benefits and dangers of the Federal Reserve.
Tracing the evolution of the Fed from its 1913 beginnings to its current powerful role in global finance, economies and markets, Anchor and Executive Producer Consuelo Mack asks Grant and Sylla whether the Fed centennial is cause for celebration or condemnation. Grant and Sylla discuss the Federal Reserve’s impact historically, share their critiques — whether the Fed has been an effective price stabilizer and the Fed’s large impact on U.S. currency — and discuss what the primary goals of a central bank should be.
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In this Consuelo Mack WealthTrack video, Jim Grant and Richard Sylla comment on the Federal Reserve’s current practices:
Jim Grant thinks, “The Fed now is in the business of manipulating the structure of interest rates. It is in the business of suppressing some interest rates, and, new thing: it is in the business of talking up the stock market. In other words, Dick [Sylla] mentioned stabilizing prices. The Fed is manipulating prices, especially on Wall Street. It’s a very new thing.”
Richard Sylla says, “This is the first time in my memory when it seemed to be official U.S. government policy that the stock market goes up, and the Fed likes this because it thinks that when the stock market goes up, people who own stocks feel richer, they’ll go out and spend more money, and the unemployment rate will come down.” Sylla shares this example later in the episode: “Bernanke came out of a Fed meeting and said, ‘We might start tapering by the end of the year,’ which means they’d stop buying so many of these bonds and creating excess bank reserves. The stock market took a tumble. In the middle of December they’re worried now, especially the economy’s doing a little better, they think the Fed might announce pretty soon that there will be tapering, and so the stock market is weak again. I think this confirms the idea that the Federal Reserve is having a lot to do with stock market.”
Upcoming Consuelo Mack WealthTrack episodes feature a rare interview with T. Rowe Price Equity Income Fund‘s long-time Portfolio Manager Brian Rogers (December 27) and a “Great Value Investors” special (January 3) featuring a television first: Weitz Funds’ Wally Weitz and Gardner Russo & Gardner’s Tom Russo sit down for an exclusive joint TV interview with Consuelo Mack. Details are below.
**Local market airdates and more info on Consuelo Mack WealthTrack are below.
Series Press Kit:
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Consuelo Mack WealthTrack “Consistent Great Investor”
Premiering nationwide beginning Friday, December 27 at 7:30 p.m. on public television (check local listings**) and on wealthtrack.com
Guest: Brian Rogers, Portfolio Manager, T. Rowe Price Equity Income Fund
This week’s Consuelo Mack WealthTrack features a rare interview with T. Rowe Price Equity Income fund’s long-time Portfolio Manager Brian Rogers on why caution is his guiding principal in today’s market.
Consuelo Mack WealthTrack “Great Value Investors”
Premiering nationwide beginning Friday, Jannuary 3 at 7:30 p.m. on public television (check local listings**) and on wealthtrack.com
Tom Russo, Partner, Gardner Russo & Gardner
Wallace Weitz, President, Portfolio Manager, Weitz Funds
This week’s Consuelo Mack WealthTrack features a television first: an exclusive joint TV interview with Weitz Funds’ Wally Weitz and investment advisor Tom Russo, two value investors who have outstanding track records. They discuss the different places each is finding value, and why Warren Buffet is their investment hero.
About Consuelo Mack WealthTrack
New episodes premiere every week nationwide on public television (check local listings)
**New York metro area: Fridays at 7:30 p.m. on WLIW21, Saturdays at 8 a.m. on THIRTEEN and Sundays at 10:30 a.m. on NJTV
**Los Angeles area: Saturdays at 8 a.m. on PBS SoCal WORLD, Sundays at 3:30 p.m. on KLCS, and Tuesdays at 11:30pm on KVCRDT3 Desert Cities
Consuelo Mack WealthTrack is a presentation of WLIW21 in association with WNET. The series is distributed nationally by American Public Television and sponsored in part by New York Life and MainStay Investments, Loomis Sayles, and Wintergreen Advisers.Consuelo Mack WealthTrack official websites:http://wealthtrack.comhttp://facebook.com/wealthtrack