tv Power Lunch CNBC July 9, 2009 12:00pm-2:00pm EDT
uckle p.p. do ave perer lunch s set for you ododay investors aiously awaiting the results of thehe $11 billion 30-year bond auauctn.n. we will hee those results in at an hoho. >>ou gotune in for tt. sue is off today. the media moegles anand power players s ar meeting in sun valley idahaho. alsoso psiside obama is memeetg with g 8 leaders.
he is meeting in 30 minutes fm nonoanand we are nitoring that event. we havav breakingg news righgh now ononenener motors. lelet' head straight tomatt. >> this is nn andd the officicil adadli for filili appeals. we are sll chchecngng wh the nkruptcy court to f finut if there will any electctninic appeals.s. looks asasff right now that general motors, the gitt of the toto industrtry llll be ablbl t emerge fromm bankrupuptc in jus 39 days. they entered banknkptptcy june with liability. electronic apappes.s. thnenew gm willll be outndnd ry tooo business anand sell you a zef lay or a cadillac or memethg like that. > hss off to thegovernmenent. everyone said it couldn't be
done but yet t th d d it. first let't's get tooththe m mks now. dow is hovering neaea t flat line. and the nasdaq gethigher. aa lot of is c com from the 1:00 aaucon. llll b government be able to borrow money over r a year period.. >> as we g get out towards t t curve, the bararecomeshigher. and yesterday'y'susuccs and loloss helpedss turn around. w wilwatch to see e w we t the same effefect we arehehere with thee s&p a at. a nicecome back. cocoa beerer eaearngs came in better t tha expected. aluminum inventories are high.. none the less, materials are leining e wawa the steell merers should have a better cut of it. hopes getting updpdat orr
credit ssquzeze theyey leehe ssckck. that is one o of the biggest gainers inin t s&p 5 5 toy.y. kind of a mixed g. drug stocks, me isis a big stock.k. bott was pled and there is not muchxpxpla nation onthat. >> but you ao have toto consider e move upp that merk has had in recent weeks and monthths s mayy investstorarare oking forrnn excuse to sell th stock. there is a roller coteter i i mes square.. look t.t. that down and u up and downnd up and down. lplpinit go up a a the cpp stocks. eyeyre up 3% prtyty muchececau of the coverage of f brdd come. up 4.3%. the equivalent of buy ratingng thth biggest gainer is wyn
resorts. sitive dataovovg these highernn velopmental drugs. selling goingng in amamn. let's go to sharon.. > and t big sell o thatwewe have seen in oil o ove the lala weweekrr so coinues. we a aooking at lower pces crkikingbeloww $6$60 a barrel. we continue to go bebew the60 $level. anand mandontinues to show weakneness gasoline demanand still below where iwawas year ago a we ve much l lerer p pces at thehe pump. this demanand down from where we were a a ye o.o. th ishat aa lo of the refinersrs a l loong at.. they are g gng to closeseonone the canadian r referers so coider selling itit or shuttttg it down completely. that i 130,000 brere per dayay refifine.. we geto g g the specificun
energygy epeparent. >bc lilieu.. the e be prices i have seen in n n yes. we will l veve t wait and see. as far as otothe markets arare coconcned, f forgn markets are concerned, b beeaa lot o of sideways. is is aololla versus thehe pound. nonow let's l loo at a ten-ye, two day. we are u ten sispopoin from whe e were yesterday. reres the boom. we okok at itw. it is u u 20 bisis poioiss tayay why? bank of england isnsn't going up the ante sset per ass. > theg8 m mtitingn itataly we president obama is expecectetot speaea shortly. cnbc j joi us fromm therewiwith
spspecll guestst. hey steve. >> thanank uu very much indeedd we taeded about a lot of issu. ex strategies,, too aramature or not. one of the k key issueuewe have been taing about foror eight years is free tradede talks. i amtataing to theanan now whoh is in charge offhose talks.s. the general o of the w wld trtrd ornization. thanank uu very muchoror j jnin usus totoda how much progress are we making towaward s sstantial frereetrad maneuvers. >>hahaiot f fmm the didiscsisionwhich i reported waa commitmement toto - -- they know t the a thtr they arereally seethe danger. and they agreed that wewe shoul all keep push iing baback second, finishininththe around, which h isrorobly the best w wa.
anan thirird, keep pushing onn for trade w whi is what developiping c couriri need too increase theieir tdiding capapacieses. >> prident obama attended h hi fit t g8. how mumuch prress havav w been able to makakewiwith him asshe esesent of the uniteded states. have things changed now that he is dvivinghe conversation. a acompared to last year, o in the u.s.s. and a anoer in england. anand course, a a new adadninisttion hasmore c cacacit to drive a nenegoation. and too bring on contingencies provided the back gege of the table is a good one. anand atat's whahat a areookin fofo that is w wha the peoplpl in eueuro a a lookiking for. my stancee i is thathey have
expressed theriritil need too get erer they know thatthe ices. > i remains a bit of a netiation. a bitf a a c cpromising to be don. bubut f fl something th the political l wi is thther and this tete which they haveve agreed to o tr goo throughhehe roroun i is mething we have ver had before.. >> reporteter:010 conclusion? >hat ishaha ey say.. >>epeporr: thank you very much for joining s. that ishe man driving theey woworltrtrad tatas.s. baba to you michelle. >>hank you very chch we have bakakg ne.. the chairmama is saying ththath significant t cw riss mama effect future rupts. ey are declining to let
investstorouout of their main hedge funds.s. eyey are imposing g lolong lock up p perdd andnd lerer fs. he says the firm plans t to ava hihighprofile deals. yocacan ad that like chrysler? that was huge mistste.e. they a are obviouslyy facing issusues they say you cannot gett out of the fund. we willeduce yourr fees in exchange foror ttha wewe wl bring yo morees w we learn more a autut i >> to capitol l hi wee go. th are nowlaying work legislation on thehe climate. it is very i imptant for the esesidt, jojo.. >> an i intesesti postscriptoo the actioion theg8g8 summit t t steve was just reporting on. we know that developing cocotrtriehave been reluctant o go aangng with someeff the targets ththat moreeveveled cocotries want themm to setfofor carbon e emiioion reduction. w w see in the senate, barbara bberer,hairman of the environment coittee who hoped
ark up a a bill thth week a a rtrt o on attempt t have t the outlinesompleted is n now s sing e will lay that ocess. we g g wt we n nded on this susue ght now. hohous passage the cap and trade bilill. thatat ty y ca keke to the cop hay began summithihis year. it is a ather i indation that theechairman, this thaha is goig bebe be. > ty y e going have a l lgeg lockck ueriod and lower fefees
my apololieies. >> notot a a problem thther >> weave sohain storere les figures for ju. jobless claims actually felll more t tha expected. lostst sce juary. we a a g goi to dissect alllhe data coming o on ask tellyou wht itit means att t the break here. >>plplus ahehead what ishe best way to k kic start the ononom istt a secondtitimusackage or wldld business tax cuts bee tter. and d anhehepulse cckck on the coumer. we w wll go gaming whh e ains behindnd guitar hero. >> and the f ftt money halftime report justminutes away. why are stocks stalled aftfter e better than pected report? thrader iseaeadyo tell us. introducing g ona a da women's 2o.
welcome backck. some retailersnn a rl fofollining e june retaill sale figures. retaililer b bea or met same ste sales. e bad newsrhehe caveat there. most of the results are negative buwhen comompad d toast june, some of t the retailers, the bi box nesess w wl as the departmementtoto names cing tt withegegate ccom. terms of itsreport going forward frorom theononly same ore sales firere
> ty will givee u us thenumbs wh t theare ady. >> thank you. >> we ee tracking a a nbebe of things in ththarket rightnow. a smaller l los than ancipated repoport theoboble c cims numbeber came in muchowow a aft a decline of ,000. the retails sesigiges that rebebea a ha been reportining on in 45 minututes will have the bond auioion. the resultsts coming oo. the $1$11 bibilln. yesterday's number move t maet on the enenear note. yiyiel could happepengain today. whatat ishehe real driver. jobs, earnings sales? itit is tataskorce time. > w have a barbell apapprchch wewe d't't see this recovery as being sustainable for now. have a add 2% of a double
short.t. ththene had ananotrr 2%ndnd othr thgsgshat are conservatatee rr poportlilio. >> d d you aeeee withththat assessmentnt? if he doesn'n'believe inhe cocory, thenn t 30-year option would go betterrtoday. await thee results? >> t the auction igoing go extrtrem we. wewe have ininededib numbmber h. sowewe wldxpxpec $11 billion inin00 yearsrs tdodo quite ll. >> not to get t knitttty gritty. the wall sseet, still camame ou wi native same store ssal.. th were nowhere nr asbaba as wall street expxpecd.d. you think thattl is a owing cfidence? > i wisis knew.w. but t the consume ser reallyy strapped.. deleveraging. geininrid of the c cret cacard cat use these lasas umumrs.
i inink it has a lot t too with auto reconfiguration. but contitinugg claims, ionon seththe consumer a being r rea lpful now. what w wou y y nnow >> w we are in oioil but we are prprepeded f a rocky colele months which i i why w srtrted the whwhol mararke thahats ee ory. >>hanks for joining ustoday. i thinkk i is clear thaha the mood has changed. like weeaea yesteterd.. after the unememoyoyme number st thursday, peoeopl are starting to o beevevthat we will
not see the growth. >> even when y look atat the ekeklyobless claims. they show an improvemement but ththeyre higher t tha any prious recessionhahat we have had. a lot ofbad news out there. president obama expectct t to spspeaababt the economy 12:30 eaeaerern time. popoweluluncwillarar it live as soon as that begigins up next, t blogs are buzzizi.. what's t the real way to create new jobs? is it y y another stitilulus package orrould t tax cutsoror big g sisine be better. we get plugged i a ready. plus we arare strikikg g up thed and g getngng readydytoto take o susu valleyitithehe man behindn guguit hero. we wilill jnn fst on cnbc. d#: 15 'm rethinking everythihing.. tdd#: 1-800-345-5-25 cluding who i trust toto lk after my money." td: 1-800-345-2550 tdd#: 1-800-345-252550 "tt be setetining. tdtdd#1-1-0-345-2550 that's's gatat, but " tdd#: 1-800-0-5-5-25
d#d#: 800-345-2550 "i guessss i j jt done with doining ththin you know?" tdd#: 1-800-345-5-25 tdd#d#: 8080345-2550 "oh, i'm'm n t thiing about movingngy y moy. tdd#: : 80800-5-2550 i am moving it."." i hohopee e hathat insurance. lac! you reallyly nd d these days. how come? well if you're hururanand n't work it pays you casash. yeah to help w wit heryday bills
and what h he belilieses should theirr independence. this all comomes aheadadff a heariningnn the exact question. >> this g gettoto the heartrt o debate atat has startrtedo o gr louder and louder in wasasngngto whis benbernanke's fututur atat e e fed. the big articlele tayay where ty ta a aboheheer or not lararry summerers lllle his replacememe. and right now, w wtton s sms to bebe s somemeining the feddeeees to remainin indepepdedent or r will bee a fear o ilalati. > a will lower the u u.. creditit rating.g. >> and therere is a ar among te members ththathehe don't w wan necessarily hahavethatressure their shoulders.. >> of course otot. it is aa crucial issue.e. inonowon has bibig ththoutstson th thatsome of rr other guests ass well. lay lindsay wasas on cncnbc eaier today criticizing obama's stulus paagage.
thisimimul, the way it was cotructed wasn't targeted on jobs and therefore wasn't going ststulate the economymynd lo andbehold it dndn't w w aolitical cument. it wasas n a wellhohoug out economy policy. >> what is the smartestay to eaeate jobs? momo spding or m mor tax cuts for business. yoboth have sececon t tmakeke yoyourcase. yoyou ow how it worksks. tonya, youou first. tax cutss for busisineesesor me stimulus pependg? i think sit a a a dichototom sosomemes you n ndd food, sosomemes you needed water, somemetis s yo need bo. tutuing to apolicy.y. if you lookt th period between n 20 a and007, the t
cuts rumted in the investmemen th w wasess than ha in the stst world rr ii peodod. >> 20 secondnds. >> there i is n questionhat the united states has one e of the highest corporate tax rates in thworld. atatis whywe have beenen hammeredith novation. t a smart mo t reduce rdrdenn businesses so thehey can afafrdrd t hire people. the money has not worked thus far. more govererenent sndndin is. >> et's look at how it hahas played t.t. agn,n, between 2020, 2007, we w w deine inededn ges and householdld income.. a lotofof the g groh h d cononmr spspenngng was f fueed by the ususincrisis and m martt which knowwas a wkkwaway to move
forward. the bottomm line iss the t tax policy does n notenenef middle ininmeamericans. we won't knowwa lot aboutut tha t. construcucti s speing and more. >> do yougrgree with tt?t? >> that i is so notot b bas on economy rereity. theororme governrn of the federal reserveeaiaid itghght. it wasastt targeted or timely ad ththisoney iss b bei usededoo g ckcko the state. the stetehave usedt t to surere up medicaidacacunts and accountshey have n been fiscally prudentnt on. the ththin tt is staggering about t tsese whore calalli for a second round i ishe facttof ee t ser t the states have beenn irrerespsisie and thefefedel vevernnt is not in thehe position of creatingbsbs the privatate ctctor doeoe not
create bs.. > they didd not between 2001d 200707 when we rere deep in the policycyofof cutting taxes att totop inme taxes. th d did not create jobs. inct, as iaid earlier, t trere was an actual decreasase in househololinincos. so when you u cu xes, you help pepeop. you help people.. th's greaeat. > i am stunnedhat youayay the privatesesect doesn't eate jobs.. >> that's not what isaid. don't mmststat what isaid. that's not whatii said. i said bween 2001 and 2007. don't misstata w wha said. don't misstate what i i sasaid. >> pleasee ststop ththprpriveector is t the greatest wealth creation,hehe greatete job creator t tha we have in this ountry.. >> i i d't think we a a going soe e itt this point. >> find it ststgering.
i ll not let you misstate what isaid. >> thank y y v ver much. >> yoyou e e go at that. >> i feel t the por. i i el the love there. media moegleses a h h knobbing in sun valley totoda thth ceo of o one of t hottests video game publisishe is there o ck fofor us.. talks gamamesnd consumerr spspenngng i moment. >> and w we are minutes away f president obobaa speaking out o thee economy in italy. we will havave that forouou liv. d coming up, get r rea forhehe fafa money h halime poport >>hehe stock market really onon edge as wentnt earnings seseas.. also, one analyst making aa bold call a one h hom builder w wit momogage ratesdropping. that and mucuch morenn the halftime poport rereowowerunch after this. toavavmore for retirement,day
has alalreyy seen. today, no response. eight pointntsnn theow 8186.. as we await w worfrom thehe g8. exexpe to he f fm president oba.a. he willivive us hisis thoughtht ee onony. >>anand a halff an hour awaway e bond auction. here is a look at h thehe veo gagame plilishs are t trang toy.y. you notice elelectnini arts sor of an outlier there. theyotot an upgrade earlier todada media momoleles, industry por plplays s ar meeting in sun lley, ido. julia is t thewith the ceo of aca acacvivisi. >> reporter:r: warar so g gdd tt bobby, ceo of aactisisio took me time to talalk to s.s. knknowne of t the big panels
yesterday was on the ononom deo games is a consumerasas bubusiss which reallll relieson ople wanting to o go out there and spend meyey entetertnmnmt. what iss yr sense how the consumer is dodog?g? whwhatss your outlook on the economy? >> i amm probablyotottheosost well equipped person t to tech late o on ee economymy with respectoo videoames,t t is low costt formff entertainment. sit probably the m mos eicient rmrm o entertainin m you cann . there isis mee vavariyy today. new hardwaree etherit's the wii oror pc onne. rere dersity in the experiencece. and i think it s satfifiesll consumers from a an entnttatain pepersctive. >> ahdd owawa street expectatatio.. guitararero and wormd of warcraft. what d dss the rest of the era look like foror you and do you
think you cann keep uup? i have g gotnn myself into the de over t tast few days of thininngng aut the next five to ten yeaea of ouour busisine.. and when you l lk k ou over the next three to fe to ten years, one of the thingsyoyo realize, as production values get better, as social ieractions whether itit is vce over ipipr instant messaging orhe physical part ofhehe experience keke the wii esesare great tatalys for exexpaion of our audidien.. we are ststil in thee earlyly dy in other markets. we have had ry little success in developingg markets. so, m. >> relatively pessimisticic aut th onomy,i amerery optimisticicbobouthe anltff vivioo games to sisfy enrtrtnment needs off consumerers. >> i havealked to howard ererne who ss heoesn't have
any plans toutut play statioion prices. bubuyou saidyoyou are ccerns abt t e priceofof the play ststion 36789 what is your tatae on the situation? just a gat opportunityty articucutete wt i think is poportt. you have very sensitive consumer mmkeketpce. thth highesttununplploynt we hee seen sininceii h hee been the s ofof t company. and i thinkhat it wasn't directed specifificayy to sson bu generallyly t the lower the hardwarereririce pointss are,he mo con seemers w wil be wliling to pchche. all of the companieies, miososof soso,, nninndo, fo whatever th might do inin terms price duction, they will make thahat back manyyimimesover in tererms softwaresales. >bill, b bac over t you. >> nice sunglasses there.e. i is on tevision. glamorous he..
so mumuchwe are w waingngor p i incredible that after9ays gegenell mototsscouldmemerg from banknkrucycy >> so manyny eerertsaid it would be impossible too achieve it i susuch a short amount o otitime >> ishehe psident r rdydy to spspk out of italy andololwing ththe apap up ofhe g8 mmmm. andodon' fofoetet the 30-y-yea bond auction reseststs athe top of thehe hoho. we are b bacwiwithore power ncnch ter this. c@
l loo li gm i going erer out of bankrkrtctcy. phil, ininededib, isn't ? >> reporter: i it is. t itt speaks s towowo thihis.s. you havave a willinin yeyeand a llllin backerer you will g it donene they d did much legeg worknn adadncnce. gegeing the deals led up. far different tn what happeneded with ryrysl. u put those twowo things together a y y nn get a 63
sale in 39 days. >>ititthe government puttingng up all the inincing. sit a huge requirereme t get a companany g g through the presess. the governmeme c cou dictate the terms and movevehis quickly. >> now wa youwiwill see f fm gegenell mototor is it isot over. e sprint is justbeginning. we have been hearing that for decades. >> phil, h how do they mee that happen. they have cleaeane u up the balc sheet side of the sisine. cleaned upfinancial statements. how do they mee the opeperangng side the business work? the operatingng see should
turn a profifiif sales areatat least 10 million anannu rateini the uniteded stete and right t nowewe are r rning ababouwhat? 9.4, 9.5 bibilln,n,xpected to be over $10 billionon by th end o the year. if they havethth product coming outhat is inhehe pipipelee alg with newew product, they ould start to turn aprofit, you know,,y thendnd of xtxt ye, early 2011,2012.. they will s srtrt to get baback ththe ack. is is all on paper. thiningshahae if y you don't co out t wi the product. lit c comdown product. >>aveouou heard a that bob maybeomomesback and has a w role inthe cocompy. > rororr: i have heardthat. i think what youwill see from bois on the product side. he is the influencece ehehd the renaisisncnce at weave seen with the newew malibu, thehe ne prprodts, the desesn,n, stylyli th iererrs. ususedo be a joke.
people would look at the terior of a chevy and say what is this? ththiss plastic.c. bobob came in a made lot of anges. nonow atat y will seeis more direct influeuenc >>he otherig questionnisis how ch government influenencess the going be and whether thehey wiwi dictate green carsand produceears that maybe inindiduals do or don't want. >> i don't knonof we are goinin sese t too muchgovernment interference inteterm of day to day perations. i ththin it islear the governmementasasade it clearini rms of me fuel efffficntnt vehicles. yoyou arar with thee negotiatio over -- that's wherere you sasae vernment influenceomomg through. gegenel motors realizes thatat hahato come u up with more fuel fifient options out there. they are rerey done along that path. wh t the announce thehe a coming o outff bankruptcycy, tc forrimimto announce major managementchanges. > thanks v vyy much.
lelet'go to italaly. the presidenent speaking a as e wrapap u the susumm.. > t peopleof italy h hav shown us during thihis stay. we are grateful to all you. i want to thankhe 17 otherer leadaderwhwho participateded. we h had aandid and opepen discususonon aut the growing threat oflilima change and what our nations mususto individually andnd collectivelyo dress it. whe e weon't expect t sveve throblem in one etetin o one summit, i i thkk we hee made some impoporttt strides forward we move tarar copenhagen. don't thkk that -- ee sciencnce clear a and cononcli and d ee iacac can no longege be ignored.d. icsheets are melting. sea a lelsls a rising. our oceanans ee becomingg m mor acidic and we have a alrdydy se itsffffts on weather pa terns,
fo a andater sourceses, ou health andhabitats. every nation onn this planene i atsksk. and just as no oneation is rereonsible, no one nioion n address it onone. d that's why ck in apriri i convened this formrmf the world's majoreconomies who a ar responsisiblfofo more t tha thr quarters of t t worlrlss carbon pollution.n. that is why we havav gathered ain here totoy.y. eachch o ournations come t to t tablblwiwithifferent needs, didierent priorititieanan differeren levels of developmen. eaeachavavdifferent concecern about thth re they wiwill play n thesee effffor.. ththeyanant make s see that thy do n have to o saifife their asaspitition for developmentntad higherivivin standards. but with m mtt coming fromom tse countries, their activiv participation is a p prerequite
forsolution. d developed cntries like my own have a an historic responsibility to take t the l. we ha a mhhararge carbon footprint per catata i kw inhehe past ee united ststat h has memetis fafall shsht of meeting our responsibility.. let me be clear thosese days are over.. one of myighest p priititieis toriri a clean energy transforortitionf our economy and ththe united states h taken step towards this goal. llllio. biofofllprprects tryiyingoo sho at there is no contradicicti betweennvironmentally sustaiainae e owth and robubus ecomic growth. we have alsooror the first time
created a national p picy raising ourr fuel efficiency standards that w wl r restt in 1.8 8 biioion barrels o o oil o thee l lifimeff vehicles sdd in the next five years alone. and we just passed inourououse ofofep sentivesthth rst clclatate ange lelegiatatn that will cut carbon polluluti by more than 80% b 5050 the are veryry significicansteps in the u unid d states. thth a are not as far as somome countries have go. but theyarareururth than otothe. and i thinkhat as i wrestle with these issues politicacall n mywn countrtry, i have come to se that it is going be ablulute critical that a a of us go beyond wt is expxpecdd if were going to achieveurur goals. dudungng t course of o three days, we veve takenn a als a number of significant stss
forward. i i wa to brieflyy highlight them. this wkk the natition came thth ccrcret goal of reredungng carbon emissions. all agree that by 2050, developedations willl reducucy 80% andde will wk with ll nations to cut gbal emissionsns in hahalf ththe ambitiousffort i i consistent tliliting global wawarmg to no more than twoo dedegrs celsius. thisis i a anonowlged for the first timeme is w wha the mainstreamofof the scientific commmmuny y ha called foror. today, at the majorconomies foforr,, developed anand d devog nanatiss made further unececentedcocoitments to keke strong acacti. committed to r rediningmissions in a aololut terms and developig nations a ackwledged the significance of t two degrees celsius me trick a agreed to take action to meanangfgful lolor their emissionsselelive
to businesss a as usualin the nx decade or so. they will negotiate ccrete goals to reducee tirir essions by 20 0 50e. wewe agreededhahat e actions we tata to achieve our reductioions must be measurabab,, affordable andverifiable. and we a agrd d tostablish at ththe rliest possible date a peak year after w whi global emissions wiwilltatartfalling. these a are all very significan stepepfoforwd in addddreining is challengnge. in addition, wee agreeeed substantially ininease f fincial resourcecetoto hp regions create grgrow plans and dloloy clean energy technologieses. we recognize thatlilite changege is already happeningngnd we wiwl veve t help t tsese fected countries adadap l lly those least ableoo deal w wit these coeqeqnces because of a lack ofof reururs. we arere lookokgg at roviding significant financial resources and i w wan toommend the
xican president a and gordon brownn of the unitete kingdom f congngp with creativiv proposalals atat a of usus are gogog be explplining as totoow mighght nananc this. we haveasaske the finance ninists to take up t t i iues and rerepo b bacto us a a the 0 meeting inin t t fall.. filly we have aeeeed eate a ww glglob partnership too drive t the development ofnenew erergy technologogieararnd the world.d. we needoo bring t technolologi t tmarket and to hieve our longtete energy anand emissions goals. a number off c couriri have alalreyy a agrd to take leleadn developipingarartilar chnologies incluludi solol a smartt gridids,dvdvand vehicles buy oh energy a momo. auauraraliis cating a neww centnterwhich wilil b introduced orortl and i tnknkoints to the ability for usoo pool o resosours s order to see theh
technology breakakroroug that will bee necessary o ord for us t t solve thihis proboble let me summarize. haveade a goodd stt. but, i a am e firstnene to acknknowdgdgthat progress onn this i iueue will not be easy. d i think thattne of t things we will haveve to dos fight the temptatioioowards cynicicismoo feel thatt the problem is so immense that sosomew w weannotakak significant strides.s. it isoo small task f 17 leleads s bridge their differences onon an issue like imate ccngnge. each have our national priorititi a andolitics to contend witithanand any steps w agree to he are ininteeded to suort and noteplace the main negotiatioio w witoror t tha 19 countries. it's eveven rere dficultnn the cocoexext of a g gbabal recessi
whwhh h i ink dsdso the fears ththatomehow theears w wl affect gbal economic owth.. wewe can eitherhahape our futur w we n let events shape it t for us. fallacack on ee stale debates and olddivisions oree cacan vivi too m mov forwardand memeet "t challenge" together.. it's clear from ththerogress todadawhwhic patathis preferabl anwhwhh p pat w have chosen. you know theprprobms we face arare dedey human beings. that means it't's ththinur capacici t to lve them. the question ishether we will ve the will to dso. whether we will summon the cocoure e anexercise leadership to chart a newcourse. at's theesespoibility of our neration and that must be e ou legacy. i lolookgg forward to beiei a
strong partner.r. withth that, letee turn it o or toto kin who i think h h a significant annououncenenthat -- >> we will step aside beforor e ime minister gets stted.d. presidenent amam wrarappg g th g 88umummi that i if anything brbrout greater rethat stillll exist on climate, trtrad a a jump-statartg g theconomy withh the gg 8atatio and d delelopg countrieies atat we also inin attendance. we will epep aside. melissa a eeomes with her gang after these messages. stay with us.a a leletemultivite only o o a a d men's 50+ advantage..... has gingngkoororemory and concenentrioion. plus support for h hea h hlth. that's a great call.l. one a day men's. i hope he e hathth insurance. lalac! you reahow come?d ithese days. wellyeah to help withnand n'n't. ereray bills li gas, the mortgage...
> > weome to the fast moan halftime report. we wilil g t tthe word onon t street. the ambassadadorn the housese ad briaian sutlanan equities and auction action trader. it doesn'tlolookike e markets e e mong, but we are leadershship f fro the marketst papaicular. wewe heethat no o o on soldman cks saying t tdiding could beat the record. >> that's not ee whole bununch and it showsheheres a seration and ldldn is lookinintrong andd jpmorgann lookining rorong someme guyuys llll benefitit on lack of cocoetition. >>o you buy any of ththem
>> it'sn e earngs upgrade andd that's what t yoarar watching. u may see them llll ssui bubu o tradingng financials s an theararge tapepe t tha is under esessu here. >> we g got excited bause wee hd coa better than expectctndnd it lookokedikike theyrolled over toy. how aree t o optns traders popopgng themselveses the bulkf it ihould say? > w have seen abig institutional ininveor. on the s&p&p coming in dd tinin a blili stancend every titime eearket seems t to dip,tt crcread d callll by t the 880 e in july. that july strike expires next frayay. we are taking a blish stance congngp and betting t tha the markrketovoves higigrr and buyi thrisk. >>alk us t thrghghhe outlook for the market at this point. >> sure, , messssa d it's a 75-p-poi range. support level is874 and we veve mulled ararou t tt level for threeayays thatakes it
exextrelely gnificant. 874 on a a closed basisndnd we e holdldg g it. aa few more days to hold that before i b bome a buyer. >> let'salk about thee consumerr and we had mixed bag. mortgage ratesreicking lower and we hadeport with home builder trade on fire. hohowo o u feel is ititoo early to get onn tss trarade >> i i d't'tnowff it's too early. w wl see t next several wes s wi mortgage rates diing lower. ththtyx that shows thehe yield the bobondis goingower, trending lowowerndnd it g goe t about 4.. th means ras s to me should t t out 4.8 and that wilill a a is c calyst for further refinancing and more saleses o homes. >> with all the people w wting on t thesidelinene thatat's for us for today. an abbrereatated halftime rerer. we have the top-ranked biotech alysts and ee best way to pl coming u nene.
"power lunch" hassnsnsta reaction as thovernment releases the resesul f fm the 30-y-yeaauauctn. >>mm coming out of bankrupuptc and car sales aree suinin is the aututo adade ck on the stst tck? and war r gas.s. games no morore. ber terrorism is othe rise. herere'sowow tprotect yourself and profits. plus, , ee monsteritit the hohoesest trades after ours.st onon arica's post market show tonight. ial adviviceouou nd? ial adviviceouou nd? where wiwillouou fd the stability and d sosours toto kp p yoahead of this rapidldlevevolng world? th''why we brought togethth t twof the moston popointroducing morganan snlnl smith barney.ry.y. here to rereininkwealth. here to anansw.... your questions. rgrgantanley smith barney.ah managememe f fir
>> join the conversasaonon w stteted. welcome to t t second hour of "power lunch". stocks trying to stay ithe eeeen today. the r rests o oththe important 30-year r ndnd ation are due in momentnts omom now. we will brining you t the numbe anaa untitil s and m mkeket reaction. >> worrieses about thehe j j ma resultingg inacack luster june
saleles d d th were ugly. weill have an all-star pall toto dcucusshe jobs fearfafaor and the ripppp effects othth economy anand nsnsum and the rest of the story as well.. >> i'm rebecca jarvis a 30 miminus s fr now, a house subcommittee wililhohold a heag onhe powers of the fed. wall s strtt and congress don't see eyeye eye. shshou h h be reapappotete or rerepleded? we will talklkbobout the f furef e e fe >> we willll be joineded r ro ensanna of thestreet.com. enenjoyour w wk,k,ir. thank you very much. >> we will g to the bnanke thing ter. your thoughts at the moment, bearing g m minthe jobs data from last week. e retail sasass figururesndnd te fafacty and everything put together. >> i think werobably t turd positiveve i tetess ofroroh in e e thd or fourth quarter r this yyr. it doesn't look like tyy are
deteriorating further r ann fact thahass a misread. tata sales we bunk, no doubt, buttouou have interest ratetes c cing down andnd mortg applications going b bacupup and we are bumpingnglolong the bot. itit's not geing much better. >> i hearhe phrase l-shapeded rerecoryry. thatateaeanso recovery. > i i ithe w camp. i think we gett respitete a the we get itit all the ininflioion rries. >> we havevehehe resultsff that irird-ar bond ction. wh does it look li?? >> around 4430 yield andd the rket was tdidinground 429 eleld. we h had a higher y yie on the auctctnsns a lower price i in e dutch process. bibid cover 2 hundred 36. is is b bel the lastuction, bubut fits.. about %% on indirect bids..
i t thihihis slightlyy above average auction in thehe contex ofof yeerery. we movee ee paper and we h had fofourucucti this eek. we move anan i w wil tell you that we move and down in pre e d the dlar indexatat the lowswsf f th day.. >> what's the ade? >> i w wld say c pplu >> not so good. > dapapintment after yesterday's barnburner. how is the market respononngng? >> holding in th dow wobbled a bbit are back in the g gre here. the s&p isoling in at about 884, a nicic move fromm the lo ststery when we hitt about 869. a lot o of people w wat that level. financials have been t thetrtrg pott and an upgrade for goldman sacks atank of ariri and merrill lyncnc yoyou look at goldman s sks and due toto a reportonon tuday, thy
haveve g ge omom 0 to 2 2 wi a high of 427.7. regiononss are reaeallthe stron point. momorgkekeogn upping its outlook. look at huntntinononank shares. > t debatee raging onn regarding theeed fofor additionalal stimumus.s. in totoy's " "wa s strt journal,l,eded who serveved as f ececonicic advisor ununrr presit bu s sd thatat a s sonond stimus ckage ululd a mistakeke. he jns us live from stanford university wherere a theuman resources and econonocscs prprofsoso and t s senr fellow athehe hoover initution. gogo t to e you. >> nice e toe e ck with you. >> do you believe e eyey a tatalkg aboutut secocond stitim? there is a a l o of bate out of ththe ite house. > they h havbeen reluctant t declare a position one yy or ththototheand that's probablbly the wisese ing to do. whwhen you t tnknk aut the logi
anandteeeems strange you would think about a second stimulus whwhenouececlad the firstss notororkiss well a you anticipateted. why do the see again. >> l let me ask i i this w and pracace pointing out in s lley just a few minutessago, warren b bfett is in favor o o second stimulus. is comesesrorom a g guyho recentnt t tol us he doesn't s any green chutes i in e e onomy. mainly wh those businesses that he is invested in he fefee an answerr i is aecond smumulu package. >> she hopiningorora second imimul that can rkrk. thee p pblem is a the one i pointed out in this article i i thth one of my eastern economists w wn n we c csidered ththisssssuen december at t economic advisory. t thoht about doing a stimulus backk then andhihis esesseially the brewster's millioions now matatteow hardouou try, it's dififfiltlt t spend mey in
ququk pioiod time. that's what theeoboba administstraonon ifinding. ththononly way to getet moneynt the ececonyy i by give together back to the peoplple. we didhat in 2008 in theororm ofof tax rete and they d did i earlieiewiwith social s secititd unemployoyme, , buetting spending out t thrghgh the governmentnt iaa slow prprocs.s. i inink w warn fffft's desire to do t thi is a goodd onon but unfortunately y it n notomething yoyocacan complish. >> don't movove. we want to bringng iananotr voice. they had job losseses. the ceo of alex partners, w w wanted to bring youou inecause wewe s t the sas numbers and ththeyere ugly a aoss the board. mamayb better than expectct.. still down sharplyly. how much of tthi y you do a lot work with retailers isis a sult of t tss fear that j losses wililremain high f a long time. has it changed consumer behavior in a semi permanent w??
>> i continuinin ha we have always marvelled att th ability ofmerican c csusume to bouncece bk k gardless of anything. this has been the one, two p pun in theenense of bothhe financial crcris m mt down that sprerea lot of deststruioion of neworth andousingalalue along with thetrtremdous unemployment j jppt 9.5%. we ven't seeee this sinince1983. we willeeeep spending down and probably 8 8 10% frommhat we would hopefor. around00007 leleve. >> you ing up an teresting poinint d d lot of fos out of jobs, morerehahan 20% are enagers. a a pitatal point in terms of shing the wayhey make decisions inin t the tutu. >> that't'ririgh the psysychogog is shapeddt a early age,, point oneanan point tw don't f forttaby boomers fefe like they lt t 35of net worth in onene year and don'teel
like theyavave a a much tee as they head intntoreretimement ye. ththeyre doubling down on vings. we are expecting the savavin ra that wast year a arod 0% to be around d 7%% androbabl mpmpo 10%. thatat's b bigwing. >> i would worryy less about teagers. whenen graduated high sschl,l, th w w a startff arecession. >> he spendnd money le e d now. >> beyond thatat, when youlook t thestululus one thing i discussed isis a lot unenen momonethey c can bring forward thefofos of a payrollll t hoholiy that would put larger paychecks in the handsff employees. wegrgree with this and this goes straight t tththe bottom linefo consumumeranana much mo potent way to spread i itutut. >> as ee of the things that panicked people atat ts s pot and gott them to talking is tht jobs number from l lt t we.
let's face it. you will nott see an improvemen in jobs right away.. that is the clalaiciclalaing indicator. ishahathe rson to talk about a second package. >> i i think i iss not. th job picturere is very blblea and iss going to continue to b e that w wayrorobay for another ye and maybe two. that's anunfortunate consequence ofofhehe w recoverieses work. la me peopletalked,, all rerecoririesend to be jobless and y see soso job grthth andn nanall wage grgrth. that's's wt't's ing to happen he as well. nonot chch the government can d to addressss it. the only thihing theyanan doisi contntin t to make se that t financial sectct sound and ththe finincicial sector thahatd thth pblem in the first place does not continue toto csese t problem.m. >> in spite othe fact that itit could be a a lagging indicator,
unemployment is s anndndicor on peopop's's mds when you see eieir habits.. atat makes people havave rerespse and we h hee seenthth trickle througugefeffe of that. >>hahat e is certainlyly true. unfortunately thee economy at a lowlevel and i would expxpec thth w we ll see turn aund in terms of g rowth. wewe wll not seehat in the labor market for long timeo come and that isgogog to slow threrecory that we do see. it's still posossie e at we can sesee ststng recoveryy coming ot ofofthis, perhaps as early as 2010. we h hopsoso. again, i wououn'n't gue that a stimulus is going too sed that up in anany y or me that any momoreiaiae for the long run. >> alwayaygogoodo seeu. thk you foroining us. thanank u.u. i find nototngng wrong with a a savings rate. 's about time. ththcacabl dvr wasas spopod to ki vo, b but the rring
deviceomomny sned a deal th best buy. the man at the helm, mr. tomm roroge talks aboutut th deal ps the h helof a consumer and muchh more. >> theshshar at this hour are hier by more than 1%. take a lookok at the movementnt made last month. stock up morore anan 20% and we arback in two machines. not long ago, this man had limited mobility.
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gdman sax shares a a neutral a a $17575 up fm m 144 which h ishehe the stock ststan right now. higher by more than$6$6, a gaia of m morththan%.%. tivondnd st buy eeeaming upo promotete ehh otothes products. tivovo's softwarar w wil go int best bububranded tevivisis and others. in turn the retailer will heavily advertise tivovo pduduct and s sercecein its u u.s tores. araresf both have been gettiting a cece bouncendnd still gting thatatirirstn cnbcbc we welcocomeomom rogers, t the "power lunch,"," tman who hired ronenennna a e. he ripped us from the ctctche of s sththercalifornia and ouout us to the east coastst. >> i sawron at eentth reunion, but not y you
>> i was inin sththn california anand m sorry i m misd it the way i readhehe pss rerelee,e, ts soundsind of li y y guyss a m mining this . you havevet t naed on exactlyly e quidprpro quo wille.e. >> it's aa partnershihiphahat w pursrs a a l of opportunity and ssibilities. some of which ithth marketining arena i is pretty neaea term concrere.. some of the digitatal offerings for consumers including whahat o mentioned d anththe ssibility of how tivo mhtht getet hoardedd i e e st buy television setsndnd 's's y to be w word ouout. ththnotion hereisis w are honored d byndndxcited b by. e e cls act of tailers, the laest retailer in the world.d. >> especiallyy with circuit cit out of t the picturur >> i i h a tivo for 11 years and
ii love it yoyoprprobly know thehe issue. i recommenenitit to pplpl and they go i have a dv th don't see a p proctct differentiation anand t the is ineffortia that happensbebecae the cable guyuy has to c cee anywyway they get that. does this in anyny w g g you overer tt t hule? this is abig, big step in at direction to deal w wit that. you couldn'tt askoror bter mamarkininpartner thananesestbu. they are thehe l larstlayer in the e world. we h h long-term relatatiohihip with bestuyuy tt has been great, by p pting tt the ststorofof tir digital sataty and in the a aououncent you saw emembrinin us as a auperior platform that will bebe tirir premier waway d dring. >> did ieaeayou right and they ll tvs at have ee tivo right in it. >> that't's ee of the things thy were l loong at and ceaiaiy somemethg g th gets alolot of focucus. the key heres thatat tivo
evolved sofafar fromhahayou knknew11 years ago. no l lonrr just thehe digital videorecorder. its a way to get anythining u u want, wheneveverouou wt it. >> michelle was fean she ugughter first one. i found ouousosomeing during wiwimbdodoand my wife remotely accesseded t tivo to recordd t match. that's not memeing i k knew could hpepen. will t the cable systems and operators looking at dvs provide the similar access thth exists for tivo? > tually whateare doing thth comcast wll allow t ttt kind of remotescheduling. wewe do pretettyooool t this wih the cellll pnene where youan xtxtour tivo and schedule e things that way as w wl.l. the sand ale retail offeringg has been way o out frontf ytytng we do by wayf f a t to
box. atat bt buy ll offers an abilityy toffer digital servrvic a a give a way f them to havee an ongoing relatioions with the customer. cece t customeris out of thee store anand backtt home and continually bbabaed with all ndnds possibilititief w wha do you dowith the householdd with all ththes ditatal hoemt entetertnmnmt possibilities? th is a way for them to tap into the c cusmeme at homeend the significanant way asswell a simpmpli a allhat. speaking ofhaha to do withth your home, consusursrs contemplating g wi w whathey haveven n thr lllls these ysys, w do youeeee the health of thecoconser and whereee are inin t cycle? >> my personal view with unemploymentnt uwiwi savings rates up and energyy pces up an wagestagnant an crerett cacardimits flat anand ee home equity piggy bkk ne, a d't see good news in terms of consumer s speing any time soon.
hangng sd thth, , vi impressed with how consumer eleltrtrons agnsnst e backdroro held up an inin particular, the ararea we inin wchsroviding great cocostfffficnt services and we give you fivive million pieces y cacan' g on blble sasateitit anand the notion ofof people ending more time atat home o ou of necessityty becauseofof l le digressiononarspspd suggest one of the cororne t tha benefit by this very difficiculcoconser spendidi e envonment. >> a good se at end of that forecast. >e brought it home. good to see you. see you at the 4th anannirsrsy. >> always great to be at the alma mater. >> take aooooktmetals. they have beenenebounding and a bit of a a weaker ddolr.r. stococks holding their own andn positive. what does the rtt of the trading day okok like e fo investors. have mavens fromboth sectors
t tl you. >> the i iide track onn nascar and how isis amerericss spt ovovhahaulg business? we get bind the whehe of the fastest show onn earth whwhen "p"pow l lun" comes back in two minutes. when you're reallyly ipapa relief can't't co fast enough. introducucinbabar quick release crcryslsls. it's ready to dissololveasaste than caplets or r blblet it's a whole new wayay fmm bayer to dissolve papa f fas new bayer quickk rease crystals.
to building more ndndurbines than anyone in thcocotry... creatingng iovovatn today for amerera'a's morrow. ananks no problblem akake alolo at tjx, tj maxx. 6% to the upside. thth delivereredaa 4% increase sasa-store sales a andththeyere looking for a decreasef 1.6%. ter gettttgg beaten up for ekeks,old and copperririce are moving higher.
this t tre likelyy ntinue? titimeo o ta m mets and the maet. on theflflr with the stotock exexchge and joiningg u is the chief commoditiesnanaly athh sb what do yoyoththin are we going toto see thihi continueue? >>hehe rally today, think it'ss aororctionfrfrom reaeayy extreme leleve.. we s sd off about $60 i in golo and d i' nurprised to see a bobocece. it will be difficucultoo sustai if in fact we d donee a f for of higighe inflation thaha doest appear t tbebe ithe nearermoror strange in the dollarstatus. >> the results weren't completely solol, , budon't scream t thapepele are worried. it hasn'tt helped. >> itt ha'thelped,but ihink opopleot pupull intntoold a ttle bit early worryingng about the inflation trtrad
wewe hen't seen anythingg that saidid inflalaonon i hereust t,, have e? >> oil just crossedelelow $6060 again. >>s thatatis s somhihing alcoa ought r amimim and mmmmody prices going forwarard. they reren' llllis but the is anotheromompont out of the earnings cycle a a that'sess baba t tha expectationshahad en goodnonoug forsometimeme. is it gogogg toto b good enough thecycle? i ion't think itill be. it will l beoooo enough t to ep us neutral o otrtrenng slightly hierer, t theprprobm is to moveforward, we neededomometng better. that's the key. werere not going to ee this market explode to the upside, but if somemebo mses, they will eher back dowow or have possibly 700handle. no one wanteted hear th.. we have a guy on earliererhoho said 66 was a popossilily. >> the researchff aajor bear market owow we h had a rececovy y an reflat trade that ntntoooo f ton
ination trade with no rerecoryry. i have beenn sing that that t ss y,y,ay out of boundnd you have gold crasasngng, whichi should. no reason own gololatat ts s time. copper is back t to asasonle levelslst t th point. >>hehe l economy and copper will go. >> those w who are aiciciping and smsmt t pele are anticipatingngononge term inflation n anbubuyi gold right now. are they r rig o o wronong? t the buying w we sawawas defifinilyly inspiredd bythe quantity and easingng monetary pocici which stimulated idss about future inflatioions i don't see thatatapappeng in the shorort m mium term. they avaveredednder 2%. th w wld imply aleast a gogo-n-neual level. where i t thiouou would be correct is the p ptftfol didirsifierrarath than on anan inination play.
annfnftion playa risky. as you pointed t, oill p pasd back dowown below $60 and yoyoe large capacitytitilitionndnd thecocooditiesecectoand if ththerisis positive correlation between gold andnd commodities generaral icich s been established in the lasast upup ofof montnt,, that wod d negative for gold d t theear term. >> thank you. stevev goahahea >> muaualfufund are notot buyin stocksks they are waiting foror t 85and 825 lelel l unrtunately. >> we are at 884 r rig n n. > n t the economy is makingni tough for even tosostaent ores fan totatay true their sport. tonight our r rorortearren r vel goes inside scar to look at ho this corporate-heavy ort is doingnn a tight economy.y. they are not tt together slow wn the love of her favavitite sport.
spending untold sumsf mononascar and w whi exexememe, they weren't'talone. nascarar fans spendpproximately billion a year o nascar-licensed merchchdidise r r eearies what stteted as a small collection n ha grown into a a w wl to wall cocoectio worthy of earning the t top pri in the biggest fan cocontt. e $25 thousand then pririze spent on yes, momo s stu. >> when was the last ft thahat you got that was not nascar-motivated? > t the rec r rmm may be extreme,e,utut scar fanans are ree times m mor likely buy the p procts and services of companiestied to the srtrt tn
thososthat are not.t. fafansike the gries are a mamarkerer dream. >eally fascinating stuffffnd it l loo like interesting ory. julie, the super f fan a are nar clearlrly ffffentiating themselves from otothe sports nsns. >> ththe loyalty.y. i opened her fridge ununteeded atat inot a myth. i w wand d look intnto this bebeususe everythihinghehe hav not going fofo th from the ononom a a the fact thahat thth hahavehe occur manufacturerersnd thee chrysler anand gm g givg ndreds of mimillns. wh i fofoun was that the sport not doing well in tererms of---- everyone is not doing well,bubut better thanou think onomom eaeas. no100,000 fafansbubu85,000. w wt's a ticket cost? > y could udd to get in for $7$7 they reducuced it t to 0.0. ey did whahat e eryone else hah
done. >> it'ss a a sensitive sport to some degree.lx >> ababsotetely theyey do asko o yoget there four days before the r racinin your trailerer >> you can see t tha lot moreinside the track refueling the business of s da tonight at 9:00 p.m. eastern onon cnbc. >> minuteses fmmnow, a congngreioionahearingkikick off the power of the fed.d. here's a bigger quesesonon. shouldld b bernanke be rea poted or replaced. congress k kpsps aacacng m.m. o should win theigig and howow important is he rr the safetyt of youour money? >> take it aw.. >pmorgan and bkk of amamicic on the me.e. we will tell you why in t t mimitetes. the dow is up 1818 pntnt the gogoldelel skymiles creditit cd.d. from american n prpres.. of t theoror's largest airline.
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it a aery difficultt cll for the administration. they will probably makakitit i the fall. good goverernmt t uld suggest they reapappott him,m, t then again,n, ty y do have too ke a politicacal llllere as well. >> that w w fororme sh economic visor ry lindndsa wh hisis inion of ben ber thahank thee hearing begins in congrgrs on w wheererr not to expand the fed's role as a sysyememicisk regulator.r. >> is ben bernanke thehe rhthtan toto ld d thfed into a broadere and more piticized role? he chrman and cefef investment o oicicert the universityf maryland. ron nsanna is still with uasas well. shshldld t fed getore powerer andt t wi make themm more popolicicize let'statartith ben bernanke. lead linine i in e "wall streeee
journal" is that w wal street i fititingo keep ben bernanknke in thatposition, , bu congress doesn't necessarily y li him. i i kn y youave a strong opinion on this. > i thk anynydydy with quarter b binin would want ben rnrnan running the fed. he h h b bee the most effective fefed airman we have seen in a isisisquiteososbly in american hiory. >> if you changee him, ll i i ighten you? i willuy gold an dn't add that i will probably leaeav the country.y. will bebe frightened b becsese bebeananke is ee only guy among senior enonoc official who iss haveve the foggiest idea w whah is doing. i woululdn t takhim out. >> let's go around the rnrn. what d dyoyou ink? i i interestednn roron' view becausee is an east coast view and not a southern calalifnini view. that's where the quauart b bra came froro mymyissue is ththis inin cgrgres thereres s a decis
to determine a change in the fed structurure and thehe iepepdenc of t theenentr bban ben bernanank came inss a gogornment andocused on the sce of value of money. theememedi o o exchange anand e characteristics of neneta economics. if you politicize aa central ba, you change the sstrtutu. if you c chae thetructure, the persrsalalits you like areot necessarily the o one to be thther and f fnkly we don't wan to change the structurur >> i think t tt't's vote in favor.r. >> keep ben. hes the 1 who most qualified to deal with t the winingng dn n ofhis leleining have done toto t b bks. i most cape ablg ohose oba a uld appoint to deal with thespspenng and debt at this admin stririgzss pilingng u and the need tooanane inhahat context and not inflate and nally i'm not cvinced that
makingng t fed stemic regulatotoris ing to be a consequential l asveveone maintatain >> i have to - >> the quarter brain i i wa referring to i is shshinon and nonososoutrn california. >> i have to disagagre the fact is that ifouou put them aosition to make a regulatory decisionn and it los neutrality and it hass to d dea with monetary y nerarali. >> they asked th treasusury r permission to make loans. at is geing the camel's nose under the tent in a a wayoyo cannot affffor >> here's theueuestn i ve. itit b benernanke or no one elel? >> rogerer ferguson --erernae is
unique in compararis t to greenspan. veverysmartpepele and t the wowoul't frighten me as much as the other people.. >> i have known larry and i i hp his intellectt and i'm not se hicurrent point of view compared t to w w he would be apopriate for the economic environment. >> after reading what hahappeded in harvardrd a the m mon he spent -- >>ee spent money like itit w ining t of ste.e. >> i i'm concerned tt obama w wl ckck seone and go along w wit him and prinin a lot o of moneyd give us ininflioion. bernanke i is theuy whohoouould summon and i li thatndnd hs the person iavave e most coidence in, cringe at the titi. when are hass a president never a appntnted someone they w eye to eyeye on. >> we have a s scecessn of presidenent o o is kept inflati
th m mos approximates in m modnn history. e fed cirman t tyy inherited if he's a good, dedent,hohone guy. bebewill do the jojo i don'n't ntnthe president a pointiti s somne who will run ththe printinggpress to ratify l of hisspending. >> that's what you ee seeing. yoyou ee thinking abobo t the policy t tha youdon't agree wi. no matatte who d doeththat poli. >> independent fe i want an indepepenntnted and someone whoo ishehe to be a discscipnene aryan.. i don't want us getting back t 10% inflatatio >> i can seeee you forward the. >> we had thisis iueue bore with mimierer a carter. saw the blow up a andhehe effect on n ouececony. miereras gone and h rigigeded a sinking ship.p. you woululhahavepposed ththat peter. no, i wouldn't have.. i'm looking at t thcicircstances asashehey e right now. ifouou feelining is he's the bet
ququififie obamaisis a d difrerent personay than carter.. he isfar me political a i n'n'know iffe s s th tetegry to a aoint someone lilike bernanke. >> look downn t theroad andnd ae ththe president said d is donena the enend t thi term a a i lll point someone else. what does the m marto with that?? >> i wowoulay it selells o o pretty hard.d. >> the maet is inn trouble becaususe it's not j jttbernank but twtwo kakae'ses that are not lled. >> i thinkee w wou b be a n n ad situation n inhehe market. the marketetouldikike moror confididen t tn it does in the ministration. >> all three e ofououre talking y youbooks too. l l of you want to see bernanke stay. >my f feeng is that the markt woululfefeel the way do about anbernanke replacement. >>ut you wouldn't want t to see
m stay? >> ts s is not dependentt on on woman or mama i puit in t tha rdrder 100 people areuaualied to be chairmrmanf f th fed and to o governors of the fefed. the problblem we have is we are notscrutinizing the arrayay o o people anddetermining fed governors and chaiair men and n re about t to rewritit the ruruleininhich the fed operate. that's a rrrrle state of afirs. they are h heangng ttimony frfr dald o said les not potitizehe fed. >>onon d kevin e withihinhehe la two ldld outs w have been protected inin tseseany months. >> good to see you both.. ank you for joining u uand we mumustidid y adieu. seyou later.r. les s goack to bertha. talk about epepf is somethihi that you have to be are of wi t the track commodities. the sec ctrtrol how manyshares
th c c issue. thisiseeeek 's a problblemitith the u.s. natatalal g fund. they now w wan to g gww 10-fold anand ntnt t prove a n n llion sheses. it comestt an interesting titime eieir assets hahaveurged in the la t tee momont from abobo 70700 milllliototo over $4 biion. thth's twice t the size of the o thatat h n nrly two billion in assets. the big issues ishether t thi etf trackingg eor now iss g gng to be dported. if they approve thaha issuance, atat tt will mean for the market.
they h he laggeded t the federa performance and we m may see mo of a disconnect. ba to you. >> a quick programammi n not an geralotots will hold a conferenenceroroun 9:00 a.m. tomorrow and r rhtht after thth we will h havththfirst interview wi ed whitaker. he is taking o ove th reigns ad g go 1 o o one liveveitithquaw t t street at 10:30 a.. as ththcocompy presumably avoids nkruptcy. u.s. distrtrt t jue denies ththetata of sale will hearar appeal. atatas one. a product liliililit case out of arizona filingng a clclm,m, i h. > th stayyas been denied an it can proceed.
they said they have a likelihood of success thattss minimal bebestndnd like lly being aumum on julyy 20th i'm m hangng a holly hunter momt bebecae they are reading t the things. thweek of july 20th if neededed. >> really? > y. >> it m n not be >> expedited basis.. somebody fileses an appealal a will be delayed.d. h hasot emergedfrom bankruptptcyetet >> whatrere the rds you neverer arar an n alalysy? how aut i w w wrong? a star media analyst hasfefeed up t t a bad calall o on pixix' latest motion pipicte,e,p. whwh's his call on parent company disnsney we tell them i in momome. stay wititusus. what's on the m mdsds of indeplet't'asask.tors?? whwhen t tde, i want a straighthtfoarard ice.
they lure you in wi a a5.99 trade, then charge e yo1515ucks. evevyy line stock trade you get a low price, but o onl if you make a ton of t tras.s.a, isisjujust9.99. period. no matter how w ofn n yotrade. m matr how much money you u veve ithe account. i hate t tsese hden fees buried in the e fi p pnt. surprise! it's a a matetence fee! i i ha surprises. at td amamerrara, you never pay a a matetenae fee. you get lolow,ststrahtf, soou always know exacacy y wh you're paying. hey, t thawoworkfor me. arare u ready to declare yoyo i indendence? at drives america's moiccessful investors.iritit announcer: trade commisissi-f-fe for 30 days us get $100 cash wh y youpen an account. but we missed the fifirshaha trying to downloadad t d doc whicich rnrn out to be the olold-w w do... rather than the new-w-w w do.
th b bobialed in from home e d d hi.. dog starts barking. so jen jumped inin wiwi her "two cents"... which h tyty msed because she was bubuyi s ses online. and then i i h m mut.. gegettg g ts of dirty looks rorougthe phone in the p pcecess - - ovall... - a great call.. - - eat call. ye.. len more at cisco.c.c/n/newys [ dog barks ]
>>it is noterer often an anyst a adms s made a bad callll butut t thass what rich grnfield did in an investor leleerer wn heaiai he was ddd wrononababou disney and succece with the n n m motn picture from pir r lled up. s salee you and we join m totoda whwh d did you get wrong? pixar hadanan unbelievable tckc rererdrd t this pot.t. whydidid you think k isis o woud break ththe ldld
>> pixar had decliningg prprofababily when you compare nding nemo which isthe pinnacle of successss wn n u look at t way.y. ey did not d do asell fm a pritability standpopott and felt that w wou behallenged an has d dfificu c comririso fromom m merandise stanandpntnt wall-elays intomemercndise sales s an it's substantntiayy exceeded expectationss enen though i i wasn't the typical lmlmhatisisnewould come out wiwi. >> you have a celebrating o on e stococexexpithe performance. t stotockss up overhehe urursef the last four mononths. the major reason why y thststoc is up is t t dow an the s&pasas sesen dramatically, , bu multiples expandnded and o realityings s prisised on the fahats s yolook out to
201010ndnd disney starts octobe 1st. we believe it wll be a chchalngngg year. don't believe thehe consumemers fifixe we had a sdound to fll the parks in20000 weavav to discount ainin. >> o onomompable analylysi w wu don'n'seseeny strength. >> when y look a a the travevel business for disisne o on e thee park end, ey are gog to deaeal with d dliliniatatndance or a continuingng o of bstantial discscous.s. mobrbroay spspeangng to answer your question,nn a lal t basisis t t advertising, i i tk 2010 will be challengingng year and the up f fro w whi was susuosed to playay out at this timeme lt t ar hasn't even started. 's chchlenging environment ghght now,, e espiaiay for loca ads. >> saying uure wrong is sotitis a good ining.
>> it's always right. >>id your clients congratululee yo >> t tss hasn'tt playeded ouout. disney has started to under peororm e s&p. disney on the shortt s sid rrems one ofof t b bt ideas along with ws corp. the o opptutunis to lo at the names anand thth s salley you have direrect >> would you b buyt t ar >> direct t p probly one of the be c cpanies to buy tayayith nene money, looking at t t opportunity, you h havdidirev ososg a transaction a a he's out in sun vley as wepeak at ththe media conference. >> we haveveo o ru we have to payay t b bls. > coming up next, former bababall star lennnnyikik stra clares bankruptcy a a hi l.a. mansion is gting foreclosed. atatn the world ppppen? the e guthth cl l nas when "p"perer lch" continues.
>> thehe o of t therereat atlalt and pacific te accocompy y d one of theheararge super market chnsnsn the northeast. he is oftenen fndndere at 2400 etet. hehe volunteers asas a pilot fo nonprorofiththat ieies chronicy ill patients to o mecaca facilities at t c cosas often as n need.d. many p pasngers are c cldldre suffering llifththreening didiseeses. >> it hard to take people you haveosositn for and someththingogoodith it. >> p pilsoror t nororthstst apter alone logging n neayy eight t miioio miles t tnswer 50,000 flighgh ququts.. as a new volunteer, thehey veve flown seveverapapassgers. he said thehe mgsgs kp him grououeded.
>> lenny d dik stra has file fo bankrupuptcwiwi the sale of ss home scheduled to take plplac minutes from now. we spoke whh dike strara and joins us from los angeles s wi more. s sai heisis a v vtim ofanank mortgage fraud thatt forced hi toile for b banupuptc protectionon. thisputs onolold the planned foreclosure auauctn n fo his 24 million hill top e eateinin t countrtry ubub where we met him. bougug thehohomerom wayay gretzky y an took out t t rtrtgas, claimingthat waington mumualal prpromededo financncboboth at an affordable payment anand atatorced him to liliquate valuable assets to p ofoff secondmmtgtgag a financialalstatement said h was worth 5858 million la year, but his bankrupuptc finin said
is only 50,000 in assets andnd 31 million in dedebt >> what happened? > i filed chapter 11. the c cfufusi here is this is about reororninizi and nothing el.. mymy debtors had theieirwnwn mo dd wl bepaid. thth w werililinon a amymy attorney told to make a bubusiss decision. i lost $38 million bebeususe of wawaington tual's banknk frfrau this is about bank fraud.d. ii filed chapter 11. thatat'sreorganization, not banknkrucycy. i am not babarurupt t ty're said yourr assets a a worth nono me than $50,000 and
your l lbibilies are more than $31 million. yoyou lylyave $50,000. >> i don't know how they y fi that stuff outut i tell the truth. >> he plans to s sue jpmpmornn s that now ownss wamu.. ey won'tomment o ohihis specifificasas due to customer pracacy t said we expecturur customerers p p their legal obligations s unrrmortgageges. asase was n not the partyty mov foreclose. that was theseparate company that claims he owes it $9$9000. he is suing, ciming i it olating california stata u use laws. he said thahat' hisis primama residencnce a he willl p pay ererody bbac thee sales company lllle profitable and said he i i makig money in t thetoto markrket wewe wl have more on ththe c csg
llll a i will put the 20 pf minute interview lateeor cnbcbc.c a as soon as we c can it. i can't w waito see all of that. bebeliable. back with more "power lulunc after this.. could someonon ss me here youou g eleven sixteteens.s... (announcer) from d desnini some of the worlrld'clcleast anmost fuel-efficient jejet gigis... to building more wiwindururbis an anyone in the e cotrtry. ththe opop of ge are workining gegeth... creating innovovioion day for america's totomoowow thanks!! no problem!