Friday. It went above 2. 2. Can you imagine that . There we stay above 2. 2. Lets get to our road map this morning and it starts with those markets, six years into the bull market. The dow coming off one of the worst trading days its had in over a month. Will the weakness continue . And watch out for apple, as we spring forward, apple expected to unveil the latest details of its watch in San Francisco. Plus, gm says its time for a buyback. Shares are up in the premarket as the auto maker announces a 5 billion Share Buyback, which does avert that proxy fight that might have been in the offing with harry wilson. But first some other news. A hostile bid, or at least a bear hug. Lets call it a hostile bid from Simon Propertyies group for macerich announced by Simon Property group which has tried to get macerich another large Shopping Mall operator in the country, with primary parts of its property. It has tried to engage it in a potential deal discussion for some time. Makes the decision t
Of course, we are ready to provide information that Congress Needs to evaluate the feds Decision Making in Monetary Policy and elsewhere. With respect to Monetary Policy rules, they can be useful and i find them useful and long have as a kind of benchmark for thinking about what might be the appropriate stance of policy. But to chain a central bank to follow a simple mathematical rule that fails to take account of many things that are very important in making Monetary Policy, for example i was earlier asked about being against the euro lower bound which is an important special consideration, that would be a very foolish thing to do, and i oppose it. With respect to proposals having to do with voting and the structure of the fed that you mentioned, a lot of ideas have been mentioned. I would say for my part i think the Federal Reserve works well. The system we have was put into place by congress decades ago. I dont think its a system thats broken. Of course, congress can revisit decisio
Ms. Boomer, on this one, members of the board, because there are two issues today there are not going to be a whole lot of people. What id like to do is to begin with asking a question of the people in the audience here today, how many people want to speak on the free muni for youth . Issue . If you want to speak, please raise your hand. Free muni for youth. How many here to speak on behalf of the [inaudible] . How many people want to speak on the free muni for youth proposal . So, weve got three people. How many want to speak on behalf of how about the central subway issue . Okay. We have very few members, what id like to do is do the free muni issue right away. Thats 10. 3 on our agenda. We dont need a staff report. Remind that you this board the policy we have, we are doing this because the money has been found through the mta and through supervisor campos leadership. So, with that let me ask supervisor campos to come and join us, please. All right. Let me read it into the record. I
Ing please call the role. Director bridget. Brinkman . Present. Director heinicke is anticipated. Director lee . Present. Director nolan . Present. Rib key present. Mr. Chairman, directors, you have a quorum. Announcement of produce sound producing devices during the meeting please be advised the ringing of cell phones, pagers and other similar sound producing Electronic Devices are prohibited at the meeting. Any person responsible for one going off in the meeting may be asked to leave the room. And please know that cell phones that are put on the vibrate position do cause microphone interference so the board respectfully request they be placed in the off tion position. Full approval of the minutes of november 20, 2012 regular meeting. Motion. Second. All in favor say aye . Aye. So ordered. Item 5, communications. Okay. Ms. Boomer, on this one, members of the board, because there are two issues today there are not going to be a whole lot of people. What id like to do is to begin with a
Well positioned to enable us to serve both. Right. And just to focus the question, and please address this, as i said at the very outset of this discussion, i think its important we as a board keep our promises and thats why i was very sort of reticent to make too many promises and said so in the first instance. I didnt want to promise a program we couldnt then fund. So, here my question is specifically and i realize this doesnt end the debate. But do you feel that our original resolution sort of binds us to do this today, given the funding we have from the mtc . Or are we really evaluating this anew to see whether this is new money and whether this is a good use of it balanced in the program . I dont believe the resolution binds you because this board can adopt a different resolution that does something different. This use of funds is fully consistent with the words of that resolution. And i believe is consistent with the spirit, even though the Funding Source is slightly different. W