
Browse content similar to 12/07/2017. Check below for episodes and series from the same categories and more!
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Hello, I'm Ros Atkins, this is Outside Source. | :00:08. | :00:09. | |
Donald Trump Junior has defended his meeting | :00:10. | :00:11. | |
with a Russian lawyer las year, who he believed had incriminating | :00:12. | :00:13. | |
Again, this is before the Russian mania, before they built it up in | :00:14. | :00:29. | |
the press. For me, it was opposition research. They had something. | :00:30. | :00:31. | |
The President is calling the greatest witch hunt | :00:32. | :00:33. | |
But here's his nominee for FBI Director in his | :00:34. | :00:36. | |
Is the future FBI director, do you consider this endeavour a witchhunt? | :00:37. | :00:47. | |
I do not consider direct A Mullen to be on a witchhunt. | :00:48. | :00:49. | |
Brazil's former president, Luiz Inacio Lula da Silva, has been | :00:50. | :00:51. | |
sentenced to nine-and-a-half years in jail for corruption | :00:52. | :00:53. | |
In an interview with the BBC, President Erdogan of Turkey has | :00:54. | :00:59. | |
denied claims that his country has jailed over 150 journalists. | :01:00. | :01:07. | |
TRANSLATION: Those people inside jail are not titled as journalists. | :01:08. | :01:15. | |
Some corroborated with terrorist organisations. | :01:16. | :01:16. | |
And some of the world's biggest tech companies are staging a day | :01:17. | :01:19. | |
of protest in support of net neutrality. | :01:20. | :01:21. | |
We'll explain what it is - and why it affects all of us. | :01:22. | :01:36. | |
Donald Trump Jr has a lot of explaining to do - | :01:37. | :01:38. | |
Yesterday he released emails which show him setting up a meeting | :01:39. | :01:43. | |
on the promise of damaging information on Hillary | :01:44. | :01:45. | |
Clinton that the Russian government wanted to supply. | :01:46. | :01:51. | |
Now Donald Trump Jr has spoken to Fox News. | :01:52. | :01:53. | |
Here he is on what his father knew about the meeting. | :01:54. | :02:00. | |
A lot of people will want to know this about your father. Did you tell | :02:01. | :02:08. | |
your father anything about this? It was such a nothing, there was | :02:09. | :02:11. | |
nothing to tell. I wouldn't have even remembered it until you started | :02:12. | :02:16. | |
scouring through the stuff, it was literally a wasted 20 minutes, which | :02:17. | :02:20. | |
was a shame. It is hard to imagine how the interview could have been | :02:21. | :02:22. | |
more gentle. We'll see more of that | :02:23. | :02:23. | |
interview in a moment. On the 3rd of June 2016 | :02:24. | :02:25. | |
Donald Trump Junior received an email from this man, | :02:26. | :02:29. | |
Rob Goldstone. He's a music publicist and | :02:30. | :02:30. | |
acquaintance of Donald Trump Junior. In it, he explains a former Russian | :02:31. | :02:33. | |
business partner of Donald Trump had been contacted by a Russian | :02:34. | :02:36. | |
government official - and the offer was of "information | :02:37. | :02:38. | |
that would incriminate Hillary To which the reply is, | :02:39. | :02:41. | |
"If it's what you say, I love it". Four days later, Rob | :02:42. | :02:49. | |
Goldstone emails again - asking Donald Trump Junior | :02:50. | :02:51. | |
if he would meet with a woman called She was described in the email | :02:52. | :02:54. | |
as a Russian government attorney. The meeting took place two days | :02:55. | :03:05. | |
later at Trump Tower in New York. We know as much because here's | :03:06. | :03:09. | |
Rob Goldstone, on Facebook, checking in at Trump Tower | :03:10. | :03:11. | |
and announcing that he's there. Donald Trump Jr says no useful | :03:12. | :03:17. | |
info was handed over. That was much, much later in | :03:18. | :03:25. | |
proceedings. Here's more of his | :03:26. | :03:27. | |
interview on Fox News. In retrospect, I probably would have | :03:28. | :03:36. | |
done things a little differently. Again, this is before Russia mania, | :03:37. | :03:41. | |
before they built it in the press. For me, it was opposition research, | :03:42. | :03:45. | |
they may had concrete evidence to the stories that I heard about which | :03:46. | :03:49. | |
were probably underreported the years, not just during the campaign, | :03:50. | :03:53. | |
I wanted to hear it out but it went nowhere and it was apparent that was | :03:54. | :03:56. | |
not what the meeting was actually about. | :03:57. | :04:01. | |
Let me ask you a hypothetical, maybe you have thought about it since now | :04:02. | :04:04. | |
that it has become Russia collusion etc. Did you ever meet with any | :04:05. | :04:09. | |
other person from Russia but you know? I don't know, I have probably | :04:10. | :04:13. | |
met with the people from Russia but not in the context of a formalised | :04:14. | :04:18. | |
meeting or anything. Why would I? In the grand scheme of how busy we | :04:19. | :04:22. | |
were, it was much more important... This was a courtesy to an | :04:23. | :04:25. | |
acquaintance. Some people ask... Hear him asking | :04:26. | :04:31. | |
why would I, they look at an e-mail exchange during which he is offered | :04:32. | :04:34. | |
information about Hillary Clinton from the Russian government and | :04:35. | :04:37. | |
think, why wouldn't you? Here's the President's | :04:38. | :04:38. | |
verdict on that interview. "My son Donald did | :04:39. | :04:40. | |
a good job last night. He was open, transparent | :04:41. | :04:42. | |
and innocent. This is the greatest Witch Hunt | :04:43. | :04:43. | |
in political history. Let's see how Anthony Zurcher | :04:44. | :04:51. | |
describes it. He is live from Washington, DC. Sad as one word, bad | :04:52. | :05:02. | |
might be another? Absolutely. Donald Trump, Vice President Mike Pence, | :05:03. | :05:04. | |
everybody in the administration spent months saying there was no | :05:05. | :05:07. | |
corroboration or contact between Russian officials and members of the | :05:08. | :05:12. | |
Trump campaign, now we have actual e-mail correspondence that has | :05:13. | :05:16. | |
Donald Trump Jr not only meeting with someone that he thought was a | :05:17. | :05:20. | |
representative of the Russian Government but welcoming and | :05:21. | :05:24. | |
celebrating that fact, hoping he would be provided information that | :05:25. | :05:27. | |
was incriminating to Hillary Clinton. He says nothing came of | :05:28. | :05:31. | |
that meeting but the simple fact that there was an openness to such a | :05:32. | :05:34. | |
meeting, that Donald Trump Jr was able to get the chair of the | :05:35. | :05:39. | |
campaign, Paul Manafort, to sit on the meeting, as well as his | :05:40. | :05:42. | |
brother-in-law Jared Kushner, that undermines much of what we have | :05:43. | :05:45. | |
heard from the Trump White House over the past few months and shows a | :05:46. | :05:50. | |
little bit about how members of the Trump campaign were being so | :05:51. | :05:55. | |
defensive about Russian contacts. People like Jeff Sessions said he | :05:56. | :05:57. | |
had never met with Russian officials, only to have to | :05:58. | :06:02. | |
contradict that later. Michael Flynn said he did not talk with Russians | :06:03. | :06:06. | |
about sanctions, only to have to recant that and ended being fired | :06:07. | :06:10. | |
about it. It plays into perceptions about a lot of smoke circling the | :06:11. | :06:15. | |
Trump administration when Russia is the topic of discussion. There are | :06:16. | :06:20. | |
difficult perceptions, but in terms of the practical politics, has | :06:21. | :06:23. | |
anything changed for the White House? The White House has dug in, | :06:24. | :06:29. | |
formed battle lines again. It used to be there was no contact, no | :06:30. | :06:34. | |
interest in coordination with Russia, now it is a little | :06:35. | :06:39. | |
different, the contact was meaningless, nothing came of it, it | :06:40. | :06:44. | |
was before Russia became the big story. They have changed a bit, but | :06:45. | :06:48. | |
then you see stories in the New York Times and the Washington post about | :06:49. | :06:53. | |
the chaos going on within the White House. They don't know where these | :06:54. | :06:58. | |
leaks came from, these e-mails got out, the stories about Donald Trump | :06:59. | :07:01. | |
Jr all came out into the press and there is a lot of finger-pointing | :07:02. | :07:05. | |
within the West Wing of the White House, trying to figure out who is | :07:06. | :07:08. | |
trying to get Hugh, who will benefit and who needs to protect themselves. | :07:09. | :07:13. | |
That is the main story in Washington, but stay with us, | :07:14. | :07:14. | |
Anthony. Let's also talk about | :07:15. | :07:14. | |
Christopher Wray - this is Donald Trump's pick | :07:15. | :07:16. | |
to become the next FBI Director. His senate confirmation | :07:17. | :07:19. | |
hearing has begun. No surprises, there have | :07:20. | :07:20. | |
been a lot of questions And this one was specifically | :07:21. | :07:22. | |
about Donald Trump Jnr and the meeting we've just been | :07:23. | :07:26. | |
discussing. Let's see how that went. Here is | :07:27. | :07:38. | |
what I tell every politician, if you get a call from somebody suggesting | :07:39. | :07:42. | |
that a foreign Government wants to help you, by disparaging your | :07:43. | :07:46. | |
opponents, tell us all to call the FBI. To the members of this | :07:47. | :07:53. | |
committee, any threat or is it to interfere with our elections from | :07:54. | :07:58. | |
any nation state or any non-state actor is the kind of thing the FBI | :07:59. | :08:02. | |
would want to know. Google do you believe that in light of the double | :08:03. | :08:05. | |
junior e-mail and other allegations that this whole thing about the | :08:06. | :08:11. | |
Trump campaigning in Russia is a witchhunt? -- in light of the Donald | :08:12. | :08:15. | |
Trump Jr e-mail? I can't speak to the basis for those | :08:16. | :08:22. | |
comments... I am asking you. As the future FBI director, do you consider | :08:23. | :08:27. | |
this endeavour a witchhunt? I do not consider the former director to be | :08:28. | :08:31. | |
an witchhunt. In a normal situation the | :08:32. | :08:36. | |
President's nominee for director of the FBI directly contradicting the | :08:37. | :08:38. | |
president might be a story in itself, but it feels a little | :08:39. | :08:44. | |
overshadowed? This was a fairly routine confirmation hearing for a | :08:45. | :08:50. | |
nominee who was not all that controversial, but a huge shadow was | :08:51. | :08:54. | |
being cast over this based on James Comey's firing by Donald Trump, the | :08:55. | :09:01. | |
ongoing Russia investigation, Wray was asked time and time again would | :09:02. | :09:05. | |
you pledge loyalty to President Trump the wake only said he was | :09:06. | :09:09. | |
asked to, and cellar Christopher Wray said that my loyalty is only to | :09:10. | :09:14. | |
the rule of law and the Constitution. He said he was a | :09:15. | :09:17. | |
straight shooter, he said he was not going to pull any punches. All other | :09:18. | :09:23. | |
questions, at least from Democrats in particular, to be to try to make | :09:24. | :09:29. | |
sure that Wray was independent from Donald Trump that would be a strong | :09:30. | :09:32. | |
and standing up to pressure from Trump is James Comey was, maybe even | :09:33. | :09:39. | |
stronger. If anything happens in the next 50 minutes, Anthony, you know | :09:40. | :09:43. | |
where we are! Let's move a lot further south from Anthony. | :09:44. | :09:45. | |
He used to be President of Brazil - and he's just been sentenced | :09:46. | :09:49. | |
to nine-and-a-half years in prison for corruption. | :09:50. | :09:54. | |
Let's bring in Katy Watson, the BBC's correspondent in Brazil, she | :09:55. | :10:03. | |
is live from Rio. Could you start by telling us what his crimes? He has | :10:04. | :10:11. | |
been accused... Sorry, sentence for nine and a half years the corruption | :10:12. | :10:15. | |
and money laundering, it refers to a beach-front property that he | :10:16. | :10:24. | |
received in return for the construction company to be able to | :10:25. | :10:30. | |
get some contracts from a state-run oil company, Petrobras. This is part | :10:31. | :10:35. | |
of the country's biggest ever corruption operation, Operation Car | :10:36. | :10:40. | |
Wash, which started in March 20 14. It is a sentence for one of five | :10:41. | :10:46. | |
cases against him. Earlier you told me he will appeal this, he denies | :10:47. | :10:53. | |
his guilt? He says this is a primitive -- politically motivated | :10:54. | :10:57. | |
case, he denies wrongdoing and he will not be going to prison, he has | :10:58. | :11:04. | |
the right to appeal. In the past he has hinted perhaps wanting to run | :11:05. | :11:08. | |
for presidency again, so this sentence we have heard today does | :11:09. | :11:13. | |
not stop him from potentially running for presidency. If he is | :11:14. | :11:20. | |
convicted, if the sentence is upheld in the Appeal Court, he would not be | :11:21. | :11:24. | |
able to run, but in the meantime nothing much changes in terms of | :11:25. | :11:28. | |
that. If you look at the polls, he is the frontrunner for next year's | :11:29. | :11:34. | |
presidential elections. Even if he can run legally, it seems | :11:35. | :11:36. | |
astonishing he might have a chance given he has been found guilty of | :11:37. | :11:40. | |
these crimes? But you tell me he does? This case really divides | :11:41. | :11:49. | |
Brazilians. Millions of Brazilians see him as the country's saviour. He | :11:50. | :11:53. | |
was the most well-respected politician in recent history. When | :11:54. | :11:59. | |
he left power at the end of 2010 he had approval ratings of 80%. Buy a | :12:00. | :12:05. | |
big part of Brazilian society he is very much still supported, but the | :12:06. | :12:09. | |
other half feels he has become a symbol of the problems of corruption | :12:10. | :12:13. | |
in the country. There is still a lot of support if he decided to run for | :12:14. | :12:18. | |
president. I feel that every time we talk about the trouble of | :12:19. | :12:24. | |
politicians in Brazil, the accusation that the judiciary is | :12:25. | :12:27. | |
political comes up time and time again. Is there any evidence that | :12:28. | :12:36. | |
that is true? I mean... All of this, whether it's is Lula, Dilma, it | :12:37. | :12:47. | |
divides everybody. When you look at the judge who has brought the | :12:48. | :12:51. | |
sentence against Lula he is seen as a symbol of exactly that, some | :12:52. | :12:55. | |
people serious too politically motivated, others see him as a | :12:56. | :12:58. | |
symbol of cracking down on corruption. Operation Car Wash has | :12:59. | :13:04. | |
implicated so many politicians and people in power. A third of the | :13:05. | :13:10. | |
current Cabinet is linked to the corruption investigation. It is very | :13:11. | :13:14. | |
hard to separate politically and be able to remove it and say that these | :13:15. | :13:19. | |
judges have their views, people here all have views on whether the judges | :13:20. | :13:23. | |
are doing this to serve a political purpose or not. | :13:24. | :13:27. | |
Thank you for explaining it, Katy Watson, live from Rio. | :13:28. | :13:32. | |
An iceberg four times the size of London and thought to weigh | :13:33. | :13:37. | |
a trillion tonnes has broken away from Antarctica. | :13:38. | :13:39. | |
Fire Service advice to residents to stay put inside flats in Grenfell | :13:40. | :13:56. | |
Tower during the fire lasted nearly two I was, the BBC has learned. A | :13:57. | :14:00. | |
change in policy recommending residents tried to leave was made | :14:01. | :14:04. | |
one hour and 53 minutes after the emergency call. Tonight, survivors | :14:05. | :14:08. | |
confronted the senior investigating police officer looking into the | :14:09. | :14:14. | |
fire. Some others cannot sleep, because | :14:15. | :14:21. | |
when we sleep we dream of it! (INAUDIBLE) | :14:22. | :14:31. | |
. SHOUTING. The test of an investigation is whether it is done | :14:32. | :14:35. | |
properly, not quickly. An investigation of the skill will not | :14:36. | :14:38. | |
be quick, but it will be thorough. It will get to the bottom of what | :14:39. | :14:43. | |
ever happened and hope those two accounts, whether it be an | :14:44. | :14:47. | |
individual or an organisation -- and hold those two accounts. | :14:48. | :14:53. | |
This is Outside Source live from the BBC newsroom. | :14:54. | :14:55. | |
President Trump's eldest son has said he didn't tell his father | :14:56. | :14:59. | |
about a meeting last year with a Russian lawyer, | :15:00. | :15:01. | |
who was apparently offering documents that would damage | :15:02. | :15:03. | |
The main news from BBC World Service. | :15:04. | :15:15. | |
Scientists are demanding new rules to protect | :15:16. | :15:17. | |
A report prepared for the UN says nearly two-thirds of open sea falls | :15:18. | :15:21. | |
outside the jurisdiction of any one country - and that that leaves | :15:22. | :15:24. | |
ecosystems at risk as natural resources are exploited. | :15:25. | :15:30. | |
A boost for the Brazilian President Michel Temer - | :15:31. | :15:32. | |
the senate has approved labour reforms aimed at giving companies | :15:33. | :15:35. | |
more freedom in employee contract negotiations. | :15:36. | :15:38. | |
Perhaps only respite for the President - | :15:39. | :15:39. | |
Police in Berlin have raided homes after a huge solid gold coin | :15:40. | :15:47. | |
It weighs 100 kilograms, and the suspected robbers | :15:48. | :15:52. | |
are believed to have used a ladder and a wheelbarrow to | :15:53. | :15:54. | |
The suspicion is that it's since been melted down and sold. | :15:55. | :16:06. | |
If you're in the US and you've been to sites like Google, | :16:07. | :16:09. | |
Facebook and Amazon today, you may have seen pages like this. | :16:10. | :16:18. | |
Titled this is a battle for the future of the Internet. | :16:19. | :16:21. | |
The sites are running slowly - and it's on purpose. | :16:22. | :16:23. | |
It's a protests to changes being made to rules which govern | :16:24. | :16:26. | |
what's called net neutrality, this is the idea that all internet | :16:27. | :16:29. | |
Right now all Internet traffic is treated the same, no matter where it | :16:30. | :16:42. | |
has come from, where it is going or what it is doing. We call that net | :16:43. | :16:47. | |
neutrality. Without it, campaigners worry that Internet service | :16:48. | :16:50. | |
providers might be able to intentionally slow down your | :16:51. | :16:54. | |
Internet connection unless you pay more for things like video | :16:55. | :16:57. | |
streaming, or they warned there could be some kind of Internet fast | :16:58. | :17:02. | |
lane where big, rich companies could pay to make sure their site load | :17:03. | :17:06. | |
quickly but other, smaller sites macro would be stuck in touch with | :17:07. | :17:22. | |
their politicians to pressure them into supporting net neutrality. Over | :17:23. | :17:26. | |
70,000 websites will push people towards the NCC to make their voices | :17:27. | :17:31. | |
heard, we will push people towards the members of Congress. We want the | :17:32. | :17:36. | |
FCC to hear that net neutrality is widely popular, which it is. But net | :17:37. | :17:42. | |
neutrality has some very powerful opponents, including companies like | :17:43. | :17:48. | |
Verizon, AT, IBM, Cisco, Nokia and, crucially, the new head of the | :17:49. | :17:52. | |
US Federal Communications commission has spoken out against net | :17:53. | :17:56. | |
neutrality. Those against it say it adds unnecessary new regulation to | :17:57. | :18:01. | |
the Internet. They say it makes it harder for Internet service | :18:02. | :18:05. | |
providers to make back the money they invested in building the | :18:06. | :18:07. | |
infrastructure that gives people high-speed Internet. I have had | :18:08. | :18:12. | |
plenty of questions on this story. Technology analyst | :18:13. | :18:13. | |
Tim Mulligan explains. There was research last year which | :18:14. | :18:18. | |
showed that 35% of all download traffic on | :18:19. | :18:25. | |
the US Internet systems last year was because of Netflix. | :18:26. | :18:32. | |
And Netflix is not contributing to that? Yes, and this gets to the hub | :18:33. | :18:42. | |
of the issue. We are transitioning from an ownership culture to access | :18:43. | :18:47. | |
to ownership, effectively streaming. Netflix is the leading provider of | :18:48. | :18:52. | |
video on demand streaming services. In music you have Spotify with music | :18:53. | :18:58. | |
streaming services. What we are looking at is an increased | :18:59. | :19:02. | |
significant increase in demand upon existing infrastructure to provide | :19:03. | :19:06. | |
what the public wants, which is instant access to entertainment. Why | :19:07. | :19:10. | |
is the discussion not about who should bear the cost of the | :19:11. | :19:14. | |
infrastructure, rather than at the point where the consumer gets the | :19:15. | :19:17. | |
experience, whether that should be neutral? The reality, and this is a | :19:18. | :19:24. | |
painful reality for the streaming services, they are on very tight | :19:25. | :19:29. | |
margins. Especially if you are an entertainment -based streaming | :19:30. | :19:33. | |
business. Most of your revenue goes on providing the entertainment, | :19:34. | :19:38. | |
getting licences, paying for the content. I mentioned Netflix, they | :19:39. | :19:44. | |
have 6 billion... Is 6 billion content expenditure this year, only | :19:45. | :19:49. | |
20% of that is going on original content, the rest is to place the | :19:50. | :19:52. | |
content to serve the expectations of the general public, and that is for | :19:53. | :19:59. | |
very low competitive pricing compared to traditional pay-TV. What | :20:00. | :20:04. | |
changes are being proposed in the US that Amazon and Google etc are upset | :20:05. | :20:10. | |
about? We have already seen attempts to try to test net neutrality. So | :20:11. | :20:17. | |
look at T Mobile, they have launched a binge on viewing service which | :20:18. | :20:23. | |
includes major streaming services, so if T Mobile customers pay for a | :20:24. | :20:28. | |
premium tier of data access they get zero rating on access to streaming | :20:29. | :20:34. | |
services like Spotify, Netflix. AT have tried a different thing with | :20:35. | :20:39. | |
preferred advertising partners and they have been chastised by the FCC | :20:40. | :20:44. | |
because of this. Right now we are in a grey zone where people are testing | :20:45. | :20:47. | |
the boundaries, there is a recognition that change needs to | :20:48. | :20:50. | |
become but it is difficult to know where to turn to. Are we likely to | :20:51. | :20:58. | |
underpin a situation where different regions will have different | :20:59. | :21:02. | |
approaches to this? Inevitably, yes. If you look at the distinction | :21:03. | :21:06. | |
between the approach that the EU takes versus the approach that the | :21:07. | :21:10. | |
US regulators take, there are significant differences of, for want | :21:11. | :21:17. | |
of a better word, worldviews. The EU is primarily focused on providing a | :21:18. | :21:21. | |
good consumer level playing field. The US is more of a laissez faire | :21:22. | :21:28. | |
business friendly environment, which inevitably creates a contrast and | :21:29. | :21:32. | |
how this will play out going forward. We will keep an eye on that | :21:33. | :21:34. | |
story. The Royal Bank of Scotland is one | :21:35. | :21:35. | |
of Britain's biggest banks - and it's agreed to pay a US | :21:36. | :21:38. | |
regulator $4.7 billion dollars. It's to settle claims that it | :21:39. | :21:41. | |
mis-sold mortgage-backed securities. Many of these products proved | :21:42. | :21:46. | |
to be almost worthless, and were a significant factor | :21:47. | :21:48. | |
in triggering the global The bank still faces action | :21:49. | :21:50. | |
from the US Department of Justice. Here's what one banking | :21:51. | :21:57. | |
expert has to say. It's likely that there will be | :21:58. | :22:11. | |
billions more in fines to come. They'd really like to get it done | :22:12. | :22:16. | |
quickly, but it has been overhanging the shares. The UK Government | :22:17. | :22:20. | |
ownership position, for a long time. RBS says they are not sure when such | :22:21. | :22:27. | |
a settlement etc might occur. It is not a horrible products, the product | :22:28. | :22:32. | |
was abused and got out of hand. The wrong people got mortgage credits, | :22:33. | :22:38. | |
the banks did it for all kinds of awful financial incentives, they | :22:39. | :22:40. | |
were distributed to investors for all the wrong reasons, the wrong | :22:41. | :22:46. | |
incentives, but the concept but some people's financial records might not | :22:47. | :22:48. | |
be perfect and they should be banned from getting a mortgage is wrong. It | :22:49. | :22:53. | |
should be a market open to everyone. To my knowledge the only major | :22:54. | :22:57. | |
institution that still has to come to terms with this or is fighting it | :22:58. | :23:03. | |
is Barclays, another big UK bank. Staying with the US, this is Janet | :23:04. | :23:09. | |
Yellen, the head of the US central bank. | :23:10. | :23:09. | |
The boss of the US central bank has told Congress that the US economy | :23:10. | :23:12. | |
is healthy enough to sustain more gradual rises in interest rates. | :23:13. | :23:15. | |
Janet Yellen was reporting to members of Congress about bank | :23:16. | :23:17. | |
Let's bring in Michelle Fleury in New York. I feel like if I had a | :23:18. | :23:26. | |
dollar for every time we considered the possibility rates could go up | :23:27. | :23:29. | |
but then they don't in the end, I would be a rich man. What has | :23:30. | :23:35. | |
changed? I think the key thing is she is saying about the economy is | :23:36. | :23:41. | |
growing, albeit slowly, it continues to add jobs. Much as you point out, | :23:42. | :23:45. | |
that we have heard from her in recent months. The difference here | :23:46. | :23:49. | |
is that she said interest rates would not have to go much further to | :23:50. | :23:56. | |
reach a neutral level. What did she mean? A neutral level does not | :23:57. | :23:59. | |
encourage or discourage economic activity. The market interpreted | :24:00. | :24:04. | |
that as a sign that maybe we will see one more rate increase this | :24:05. | :24:08. | |
year, but generally speaking the pace of rate rises will be slow. As | :24:09. | :24:13. | |
a result, that boosted stocks, we have seen the Dow hit another record | :24:14. | :24:21. | |
close, up just over .5%. Why this analysis lead her to think that a | :24:22. | :24:25. | |
higher point than the one we are rat serves American people better? After | :24:26. | :24:32. | |
the financial crisis, to try and spur activity in the economy, to get | :24:33. | :24:37. | |
the economy going and kick-started, interest rates were brought to very | :24:38. | :24:42. | |
low levels. The question became when would we return to normal and what | :24:43. | :24:47. | |
with the new normal look like? That is the part, if you like, of the | :24:48. | :24:51. | |
journey we are on, the return to what the Fed describes as a new | :24:52. | :24:56. | |
normal, in other words rates are starting to climb back up that they | :24:57. | :25:00. | |
will not settle at the levels they were at before, in other words they | :25:01. | :25:04. | |
will be slightly below where they were before. So that period of when | :25:05. | :25:08. | |
we were used to seeing interest rates of around 5%, 4%, forget that, | :25:09. | :25:15. | |
we will be much, much lower. I only have 30 seconds, when might we get a | :25:16. | :25:20. | |
definitive decision from Janet Yellen? This is an evolving process | :25:21. | :25:25. | |
and monetary policy continues to develop. They have always said they | :25:26. | :25:30. | |
are watching the data. We have seen American jobs market improves, the | :25:31. | :25:34. | |
inflation picture remains weak. The other unknown is what happens to | :25:35. | :25:39. | |
fiscal policy, which is controlled by Congress and the White House. | :25:40. | :25:44. | |
Thank you for taking as too large, Michelle Fleury, live from New York. | :25:45. | :25:50. | |
We have been talking about net neutrality with the help of Dave Lee | :25:51. | :25:55. | |
and other guests, they have been discussing that in the US. We had a | :25:56. | :26:02. | |
tweet saying somebody needed more information, we will get that for | :26:03. | :26:03. | |
you later. Before we talk you to, Piazon | :26:04. | :26:11. | |
monsoons, let's bring an update on the winter storm battering New | :26:12. | :26:14. | |
Zealand. It looks very | :26:15. | :26:17. |