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tv   Closing Bell With Maria Bartiromo  CNBC  September 12, 2012 4:00pm-5:00pm EDT

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"closing bell." we are going out flat as expected, waiting for the fed announcement tomorrow. we'll have special coverage at 12:15 p.m. eastern time. but in the meantime, hour two of the closing bell continues with maria bartiromo. i'll see you tomorrow. >> and it is 4:00 on wall street. do you know where your money. >>? as we're following at the close this wednesday night. stocks stuck in neutral today, investors remaining cautious ahead of tomorrow's big federal reserve decision. will the fed take more action to stimulate the economy? coming up, chairman martin cheltssy explaining why more stimulus would actually hurt the u.s. economy. and apple officially unveiling the highly anticipated iphone 5 today. the device is thinner, faster and has a larger screen. it will hit store shelves next week with $199 for the phone. take a look at how we're
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finishing today. settling up on the session. up 10.75 points at 13,334. the nasdaq composite picks up to 31.14. and the s&p 500 flat up three points on the day at 1436. governments to the rescue again across the atlantic. germany's top court upholding the bailout fund. here at home, all eyes on tomorrow's key announcement on february 3rd. what can investors expect? we'll bring in todd of shaver's investment research, david myth of rockland adjustment and mandy drury. you see even if the fete announces -- to the market --? i said, hey, this is a good opportunity because we know what is coming down the pike.
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the fed is going to lay their cards on the table. it's a trader's market. it has been all year. you've got the buy the rumor and sell the news. this is an opportunity if we get another spike tomorrow to take the chips off the table. we're going to get a better opportunity as the year unwinds to buy weakness. this is not the time to be buying into strengths. >> mandy, what do you think investors want to hear from the fed tomorrow? >> you know, maria, i think we can put this down to two simple things. qe, is it going to boost earnings? is it going to boost the economy? all of that is debatable. but at the end of the day, how much is qe baked into the market at this point and how much of a disappointment would there be if we don't get it. as for 2015, anything can happen.
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we're going to watch whether or not they're going to move from a data dependent scenario to a data dependent scenario, in other words, more or adjust according to what comes out in terms of economic data. >> todd, are you bullish on equities right now? >> yeah, we're bullish, maria. actually, it reminds us of the environment last year around this time. we are just a teenie bit below those levels. we had this tremendous alley in the s&p about 25%. here we are right back, sentiment become like that right now. price action is strong. you've got central bank support, you have earnings that just came in above expectations last quarter. >> but they are expected the slow down. >> yeah, they are expected to slow down. that's the beautiful thing. we were expecting a horrible earnings season coming into last quarter.
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that's why we have these highs. so i think the low expectations, the interest is very supportive of the market. >> jamie, where are you on this? what is the exposier from your standpoint in terms of groups? >> we remain focused on real high quality stocks. we are very concerned about bonds at this point in time. if you look at the tradeoff between stocks and bonds, clearly i think equities are more attractive asset classes with interest rates where they are and likely at some point heading up. qe3 is likely tomorrow. i'd be surprised if we don't get something there. that will drive interest rates down even further in the short line. but the fed is going to have to unwind this program and that's going to be bad news for long-term bonds, for sure. >> but is it 2015 like mandy was saying? >> yeah. that language is around the fed funds rate and that's different from what qe is -- it's more focused on longer term bonds. i think if they put the money to work, it depends on how they n
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aunwind it. do they let them naturally mature and run down the portfolio that way? that's to be determined. the fed funds rate i think is a very easy thing for them to do, to extend the time horizon to 2013. but if they have to back strak at some point because the know is doing better, that's great news to tell the marketplace. >> what are the big cattists after the fed? are you looking at earnings to check the focus? >> you know, maria, it used to be that intel was a big canary in the coal mine. i don't think they are as bill. but i don't think we can discount what they're saying about the entire pc market, which is a big slowdown in tech sans apple, obviously. i think we're going to see more and more realities. i don't dislike the market. i think we're in a bullish
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environment. as our last guest said, the overall pessimism drives us higher eventually. i'm just say the saying right here and now, into this news, it's a siller's tape. >> it's seller's tape going into the news? >> absolutely. >> okay. mandy, let's talk about the next catalyst after the fed opinion what are you watching? >> obviously, we have about 55 days if my checks -- that is something we're watching in terms of the outcome. then you have the physical clip to think about, as well. overthis period, we have the ongoing debt try sis with germany ruling the feeling is that things are moving to some sort of a stability. it will be interesting to see whether or not we can move from
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a damage control scenario to a growth scenario in europe. let's hope that we're not talking about the european debt crisis in one year from now. >> it's a great point. we appreciate your time tonight. we'll see you soon. do you remember these guys with the nifty ropes? ralt was resting on their decision today and germany's role in the bailout plan in europe. but wall street decided to move ahead. bob pisani, what's the hoed ahead of ben bernanke's was very modest take a vps, travels, jpmorgan, financials did well. ty a look at big volume ecs. what are they going after? financials very big. brazil had a lot of volume action recently along with some
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other merging markets. finally, the vix playing volatili volatility. that wasn't worked. people have been selling that all week. we want to mention apple, bigger screens, systems closing near the highs for the day. no big dramatic bump up. some people were expecting more. we're $14 from a historic high on apple. elsewhere moving on apple is the ea moving up here. the electronic arts had a bump in the day. i mentioned general electric. it made a 4 1/2 year high for our old companies. >> and who they really want to win. we'll re-sri some eye popping survey results that are exclusive to cnbc. a lot more ahead on this jam packed edition of "the closing bell. >> announcer: coming, romney and
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the economy. cke, ceo and mitt romney adviser andrew buzzner talks to maria about the gop candidate's plan to fix the nation's financial woes. plus, trial, badrill, baby, dri. and all eyes on the fed. noted economist martin feldstein weighs in on his views on what the central bank should and should not do to stimulate our skag nant economy. here's one you may not have thought of -- fidelity. now you don't have to go to a bank to get the things you want from a bank, like no-fee atms, all over the world. free checkwriting and mobile deposits. now depositing a check is as easy as taking a picture. free online bill payments. a highly acclaimed credit card with 2% cash back into your fidelity account. open a fidelity cash management account today and discover another reason
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welcome back. all day on cnbc, we've been breaking down our latest survey. who will win the election and who they want to win the presidential election? our survey guru has the results. >> some guru i am, maria. i was completely floored by these results. we put the political questions in and i had an idea what they would come back. but these are surprising results. maria is right, there's an interesting split here.
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not in who they think will win. 46% think obama is going to win. 24% mitt romney. 31% don't know. we had 8 respondents to our survey. economists, money managers and strategists. but look at who they want to win. 53% to 18%. obviously, the national polls are much more evenly split. obama has a 1 in 4 lead depending upon which poll they read. they track the donations in wall street which has been far in favor of the gop and mitt romney. mitt romney has been critical of ben bernanke as well as his hundreding mate, paul ryan. so we asked f will mitt romney resign if obama wins? no. what about the biggest problems for the u.s. recovery? . it's still there. the euro crisis, though, has
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come down just a bit. tax and regulatory policies. what about the most important issue that we're going to be dealing with tomorrow? will there be more qe? it's shot up from 78% in july, 90% of our respondents say it's going to happen. and we haven't seen those kind of results since the eve of qe2. >> they don't think it's going to do much good. 59% say they won't lower the unemployment rate. the press conference of ben bernanke tomorrow and we'll have full coverage all day long. maria, of course, you can read all about this survey on >> and i will go there now. thank you within steve. >> sure. >> so is wall street giving up on mitt romney? let's go inside the romney camp.
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good to see you, sir. thank you so much for joining us. what are you saying to this is results? >> thank you for having me here. >> only 24% expect a romney win even though 53% prefer a romney whip. >> well, anytime mitt doesn't do spectacularly well in a poll, it bothers me, but not realistically. i think it's encouraging that people who understand business and understand the economy would be very supportive of governor romney. i think the economy will reemerge as the primary issue in this campaign and it will be the down fall of the obama presidency. so i think that's a very positive thing. as far as the number of people who think he's going to win, i think there's a little bit too much focus on some of the polls. when you look at the polling, there's two different kinds of polls. the polls that poll likely voters and polls that poll registered voters. if you look at the ones that poll likely voters, you have
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rasmussen this morning who has president obama up by 1%, well within the margin of error. and, in fact, if you factor into rasmussen's number, the factors that lead towards one candidate or another, romney is up 1%. if you look at the washington post abc news poll yesterday, it overpolled democrats. despite that among likely voters, they found a 1% lead for the president. if you look at the polls realistical realistically, i think you see a change in that number. so anytime governor romney is behind in something, i'm concerned, but i don't think there's real reason for concern at this point in time. i think things are well in hand and we need to move on to the debate. >> so what do you say to another poll that has romney is ahead on the economy for the first time this year? this was extraordinary to me given the fact that -- >> i will say that after the --
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and i'm not sure which poll you're referring to. but after the convention, obviously, governor romney was ahead after the republican convention vengz. it's not unusual that there would be a bump for the president after the democratic convention. i say bill clinton's speech in particular, the experience with the economy and do think a lot of the president, in the debates, governor romney is going to be debating. barack obama and barack obama's record. he's not going to be debating bill clinton. you'll see this settled down and actually i think the agency. the polls are tight. it's a very tight race. the president said it's a tight race. i think he's right on that and i
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think governor romney will do fine. >> and in terms of the economy, will it do fine? here we have this fiscal issue that is impacting uncertainty right now. never mind if, in fact, the u.s. goes off that fiscal cliff. give us your sense of the differences in policies for the vote candidates. because there is also a poll that shows voters think romney is too vague about his policy proposals. >> well, let me address that a little bit first. that's something that really kind of gets under my skin. you know, governor romney came out with a 59-point plan. i contributed to that plan. he subsequently clarified his position on taxes, education, made them clearer. everybody said governor romney, he's so technical, he just gets into the details, he's a policy launch. he doesn't see the forest for the trees. so in the convention, he gives a speech where he talks about the forest. here are the five things i'm going to do, here is how i'm going to do them. so you have the details and the
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more general approach. when he gives the more general approach, he says there's not enough details. it's out there, it's been out there for months. he's got a book out that explains it. so i think that criticism is unjustified. i think governor romney has given a lot of detail with respect to his policies and what is the second part of your question again? >> by the way, the president hasn't any questions on the economy, so you've got that. what i asked you to do is set out the policy differences between the candidates. >> well, let's start with their history. you've got president obama who has had $4 trillion plus deficits. he's taken our debt up to $16 trillion. and he got a credit downgrade. in massachusetts, governor romney came into a state that had a $3 billion budget shortfall. he balanced the budget all four terms when he was governor. he left a $2 billion rainey day fund, $2 billion in the bank and he got a credit upgrade. so you've got somebody who has demonstrated that he knows how to deal with these fiscal
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problems and somebody who has demonstrated he can't deal with them. as you mentioned, he did not come up with any plan in this convention. there was a lot of argument about social issues, but there was nothing saying here is how i'm going to fix these problems in my second term. i think you've got somebody who can do it and somebody who is unable to do it. on policy measures, governor romney has laid out a great plan on taxes as to how you would get government going again. he's laid out a great plan on energy, which we could be energy independent by 2020, on education, on infrastructure, there's a lot of detail out there and anytime you want to talk more about it, i'm happy to talk about any of those issues in detail. >> good to have you on the program. thanks so much. >> thank you, maria. good to be here. the powder keg that is the middle east on fire again. is it time to finally get serious about not importing so much oil from country that's hate the u.s.? that's next. and then, are we in great danger if the fed makes new moves to support the economy? former counselor and economic
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in libya, of course, the reaction turned deadly. the american ambassador and three other embassy staffers were killed when extremists stormed the u.s. consulate last night. president obama and mitt romney speaking out about this today. >> the united states condemns in the strongest terms this outrageous and shocking attack. we're working with the government of libya to secure or diplomates. i've directed my administration to increase our security at diplomatic posts around the world. >> the attacks of libya and egypt underscore that the world remain aes dangerous place and that american leadership is still sorely needed. in the face of this violence, america cannot shrink from the responsibility to lead. leadership is necessary to ensure that events in the region don't spin out of control. >> all this happening as israeli
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prime minister benjamin netanyahu is using the strongest language to date about using force to stop iran from developing a nuclear weapon. this brings up the issue of making the u.s. less dependent on foreign oil. should we get off of middle eastern oil? chris, you first. all of this make you nervous about how much we depend on that region for our energy needs? what's the answer? >> well, you know, you look at saudi arabia providing 20% of the oil imports for this country. america needs to be self-sufficient on energy. the oil and gas industry needs that we utilize to drill here in america has put america on the road of energy dependance for the first time in several decades. keep in mind, we're producing 6 million barrels of oil a day.
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sounds like a lot, but the country is using 19 million barrels. we have a long way to go. for the first time, the battle ship has turned the corner. >> why not drill as well as develop alternative energy? what's wrong with that? >> first of wall, i, too, believe we ought to reduce our dependance on foreign oil and that's exactly what president obama has done. in the past several years, we increased jobs in the oil fields by 57,000 people. we're importing the least amount of foreign oil in the last 15 years. we're producing more oil from our federal lands and waters in the last three years than in the last three years of the bush administration. and most importantly, under president obama we're going to save 2 million barrels of oil a day when the new fuel economy standards he just announced finally take effect. >> yeah, but this is not a political discussion, though. >> what's that? >> this is not a political discussion. this is a discussion about the dependance that the u.s. still has on middle eastern oil. >> yes, but you know what?
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under president obama, our dependance on opec oil has decreased. our imports from opec have gone down. >> some of your facts are misstated. >> if you go look at energy information, you'll see that opec -- >> but what's wrong with it going down more? what's wrong with it going down more? i mean, most people believe we should have done the keystone pipeline. >> we should have access to drilling on federal lands. drilling on federal lands has gone down 14% in the obama administration. >> that is a lie, chris. 2011 energy administration says that the last three years of obama has produced more oil every year than the previous three years under bush. >> this is not a political discussion. i understand you both want to push for the president and that's fine, but this is not what we're talking about. >> i want to get the number of 6 million barrels a day in america up to 19 million barrels a day and so if the president wants to increase our -- or lower our
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admissions and increase our gasoline usage or lower our mileage on our cars, that's fantastic. but americans tend to drive further when their cars allow them to. >> that's another lie, chris. that is absolutely wrong, eia reports that fuel economy and vehicle miles are both down. >> why are we married to the middle east? why do we continue to spend $20 billion a month? iran, tunisia, libya, all these countries, which we have no concern about? >> chris, we have oil from egypt and libya, not from iran. >> what are we going to do when -- >> excuse me, chris, i -- >> and we can't support our needs in this country? >> what you would have us do is have oil drillings in the national parks, like the everglades and the grand canyon. >> what about the keystone project? >> we can achieve energy
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independence without drilling in our crown jewel and resources, places where we go to hunt and fish and rec reeate. what you will do is drill baby drill. that's the only solution you have. >> what about the keystone pipeline? >> excuse me. >> barrels of oil from america to canada? how can you tell canada, we don't want your oil and send it to china? >> so now they're going to china. >> to the west coast of vancouver because the canadians opposed it. secondly, a large part of oil will end up in the gulf coast, it's going to be exported once it's made into diesel and the oil companies have said that. they refuse to say we're going to use this oil in the united states. >> only 80% of the finished products in this country are exported to other countries. 92% go to the benefit of the united states. and i agree with you, i think all the fuel we make here in the u.s. should go for americans' benefit. but the reality is, the pipeline would bring much needed oil and much needed jobs to this
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country. we've already started building the pipeline from curbing, oklahoma, down to the refinery in texas. we need to have the other piece down.hoo here. whether you like it or not, that oil is going somewhere. it might as well go through the united states. >> we will carry the risk of the pipeline, other countries are going to get the oil and gasoline. that's a bad deal for america. >> that's not true. that's a misstated fact. >> but we've heard from the canadians that they're going to do a deal with china. so the oil goes to china. >> canadians don't want a pipeline from china to vancouver. there's a similar type of pipeline that people here have been opposing until we find out whether or not that route is going to threaten agricultural waters. >> wise up. we need the oil. if we need the oil, we need the jobs. it's a no-brainer. >> we'll leave it there. >> we've increased our productivity from oil fields by
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57,000 in the last year. >> thank you, maria. i hope you had a good birthday yesterday. >> thank you very much. our next guest is very worried about more economic stimulus from the federal reserve. he's not that worried about falling off the fiscal cliff, though. marty will sxlain next. and then a new report lays out just how much the financial crisis cost taxpayers. you won't believe the staggering bill. back in a moment. just picking up some, brochures, posters copies of my acceptance speech. great! it's always good to have a backup plan, in case i get hit by a meteor. wow, your hair looks great. didn't realize they did photoshop here. hey, good call on those mugs. can't let 'em see what you're drinking. you know, i'm glad we're both running a nice, clean race. no need to get nasty. here's your "honk if you had an affair with taylor" yard sign. looks good. [ male announcer ] fedex office. now save 50% on banners. is now within your grasp with the e-trade 360 investing dashboard. e-trade 360 is the world's first investing homepage
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welcome back. the health of the economy, the election in november and the fiscal cliff. our next guest expects we will go over the fiscal cliff and that is when the tax cuts and expending cuts expire january 1. joining us now is martin feldstein. he's a current economic adviser to republican presidential candidate mitt romney. profess we shall thank you for being on the program. >> f good to be back, maria. >> so you don't think there will away deal to avoid the physical cliff? >> i don't think so. we really won't know until the election happens and we see what the outcome is. but if somebody gets re-elected, my friends tell me that their
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strategy would be to let the fiscal cliff occur and then pick up the pieces after that. >> no, you know, worry that people's lives are in the balance and that, you know, we're going to see a significant number of layoffs at year-end from all those spending programs going away? >> there's a real danger of that. maybe they could do something during the lame duck to prevent that, but i think these games of chicken can easily go wrong and we could end up with a much worse economy. >> do you expect more bond buying from the federal reserve? is it going to be affected? how does that play into your thinking? >> i don't think it's going to be effective. i think the message that we got in jackson hole is that the fed -- that ben bernanke would like to see his colleagues do more and i think they probably will do more. but i don't think it will have much of an impact at all on the economy. >> so where are we in the economic cycle in your view
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right now, marty? how are things going? >> they're going terrible. we are in a deep hole. we are crawling along. you know i've said on your program in the past that we would be lucky if we had 2% real growth this year. i think we're going to be very, very lucky if that happens. we're much more likely to be well short of 2% growth. what we need is 4 fers growth if we're going to be back to anything right for full employment. >> so what is it going to take, marty, to get things moving? how do you move the needle this economy in terms of job creation? >> i think the key thing is the fiscal outlook. if people think taxes are going up, they're going to hold back on spending, businesses are going to hold back on hiring and investing. the near term tax increases, the fiscal cliff, the president promise toes raise taxes and the longer term consequences of not coming to deal with social security and medicaid. >> so you're talking, really,
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about fiscal policy. energy policy, tax change. >> tax changes are really what i'm talking about. we could have, as was pointed out, we could have lower tax rates and pick up some revenue if we're prepared to go after all of the government spending that is done in the form of so-called tax expenditures that are built into the tax code rather than the ordinary government outlays. so that is really what the next congress has to deal with. >> and will they deal with it? >> all i can say at this point is i hope so. but -- and that's exactly what gvr r governor comeny has been talking about, bringing down tax rates and broadening the base in the same way that the reagan administration did back in late 1980s. but we haven't heard anything similar to that from president obama. >> marty, let me get your take on the news yesterday, moody's
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warning that we will get another downgrade of the u.s. debt. what are the implications? are you worried about that? >> i think at most, there are some technical implications for security holders would can't hold anything less than a aaa security. but as far as the world goes, they know everything that moody's knows about the projected fiscal deficit so that moody's won't be adding any real information to anybody if they come out with that. >> all right. we'll leave itere. thank you so much for your insight. >> good to be with you. >> so are the banks solely to blame for causing the financial crisis? a new report says they are and that the damage they did to the economy was worse than we thought. not everybody agrees. both sides of the debate is coming your way next. and then the market may be pressing in more fed action, but does the economy need for fed stimulus? also, a wild theme through the streets of los angeles today. a car chase starting a dash for cash.
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welcome back. a growing number of americans say they do not have a bank account. but why? mary thompson with more on this new survey. >> the number one things the people say they don't think they have enough money to open one. the census bureau reported today median household income fell for
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the fourth straight year and a study found a number of americans couldn't come up with $2,000 of cash in 30 days. now, in a fold of 45,000 households done with the census bureau, the sic found a percentage of households without a bank account rose 8.2% in 2011. that works out to 10 million houses and 17 million adults who are unbanked. >> giving new regulations prompted banks to come up with account minute mums. higher fees, though, were the number one reasons. whether the economic downturn probably and a savings account, something 30% of households
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have. the center for responsible lending suggests many consumers lack a financial safety net. but even without a bank account at all, the bank lacks a gateway to more sophisticated products like credit cards and mortgages, issues or products that may not having these products, of course, may hamper their upward financial mobility. maria, back to you. >> interesting story there, mary. thank you. nearly $13 trillion, the new figure in a report says the financial crisis will cost all of us through 2018. the report coming from better markets, which has not been a friend to banks at all in recent years. so who are they firmly blaming? that's right. wall street and the banks. dennis is the ceo of better markets which released the report and explains why florida bankers association president alex sanchez disagrees. good to see you both. thank you so much for joining us. it's all on the banks. top $13 trillion worth. is that wa you're saying? >> hi, maria. thanks for having me. it's not all of the banks.
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a lot of people were involved. but any fair and unbuyance evaluation of the cause of the crisis centers on the top of the hierarchy is basically wall street. but that's what of a distraction. the real issue is what exactly did the financial collapse and economic crisis really cost the american people? even if you want to disagree that who actually caused it and what the contribution of wall street and others really were, let's focus on what it cost the american people. no one has done that yet and looked at all the costs. we gather those costs, put them into four broad categories. talking about bailouts and other action and human suffering. what we then did was we tried to pick a conservative way of looking at it. what we did was looked at lost gdp and avoided lost gdp. >> maria -- >> i seem to remember barney frank on the air saying everybody should own a house back in 2006, everybody really needs to own a home, that's the
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american dream. i seem to remember, we have a structure in this country where the banks have regulators. and the regulators have -- >> so how are they to blame? >> maria, can i step in on this? >> look, there's plenty of blame to go around. >> not everybody is equally to blame? >> no. what i said is there's plenty of blame to go around, but not everybody is equally to blame. i think wall street is at the hierarchy. but if we focus on the damage done, regardless of who contributed to it, you have to take into accounts the numbers and trillions of dollars. >> alex, you're a representative of the banking association. you disagree with the typings. why? >> maria, look, how appropriate that i'm on this phone today. this is our 50th anniversary that my family and i came over to this great country and a bank gave my father and mother, immigrants, a bank loan to buy their first home in america. bankers are making dreams come true each and every day. in all due respect to to dennis,
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he should concentrate on the fcc shadow banking, the fcc regulated industries, even secretary geithner, maria, said that the shadow banking industry was the big cause of the meltdown. where was the s.e.c. on madoff? where was the s.e.c. on the rating agencies? >> but those -- >> excuse me, i'm not finished, dennis. so our banks are lending money. we lent $600 billion to small businesses last year, maria. so we are helping the job creators in this country and for dennis, in all due respect to come out with that is misguided. >> the problem is that alex hasn't read the report. in fairness -- >> but you are saying that the banks are at the top of the list. you're blaming the banks. >> but maria, let's not get distracted. what we've done is we've cataloged the cost of the financial collapse and the economic crisis. those are real costs suffered by our country and the american people. in october of 2009, there are 26.9 million americans unemployed. today, there are 23.1 million
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americans who can't find full time work. 9.3 -- >> but maria -- >> wait, alex, i let you talk. >> is that the bank's fault? >> whether it's the bank's fault or not, what we want to do is pay attention to the number. >> well, yeah, we definitely -- >> the loss in gdp -- >> we want to pay attention to the numbers, but you're making a statement. you said that the banks are to blame for the financial crisis. you're putting it on the -- wait a minute. you're putting it on the banks. and it's very important for our viewers to hear the entire story in context. rather than creating more class warfare in this country. so that's what i'm talking about. >> maria, let me say this. let me say this, maria. our banks are a reflection of our economy. we're lending for people to buy homes and start small businesses. the federal government made $30 billion on top when the banks repaid it. >> they did not. it did not. >> yes, it did. so it's people like you, dennis, who are misguided who are making statements like this that are
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really inappropriate, maria. >> the luxury, if you don't read a report, you shouldn't criticize it. another thing is, maria, we don't say the banks cause anything. we focus on the too big to fail banks, on wall street that required the bailouts in massive amounts. >> some of them did not require, but they took the money, anyway. let's be clear. some of them did not require it, but they took the money, anyway, because government said to take it like jpmorgan. >> but i did not say all banks. but more importantly, let's assume for a minute that the ooo big to fail banks, everybody agrees we've suffered a massive crisis. we should know what it costs and what it cost on a conservative number of lost and avoided gdp is $12el 8 trillion. no one has talked about the damage to this country and human suffering and wreckage. it has nothing to do with banks. >> dennis, bear stearns was not a bank.
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lehman brothers was not an fdic banks. get your facts straight. >> which is why if you read the report, it says wall street. >> but you're saying banks. >> no. i did not. >> that is wrong. >> yes, you did. >> maria said it. i said wall street. but more importantly, alex -- >> so it's not the banks' fault? are you saying it's not the banks ael faults? >> no, maria, even alex would agree that the financial crisis in the economic crisis has inflicted great damage from one end of the country to another. and the american people and the policymakers ought to know how much that cost. >> yeah, but people like you, dennis, people like you -- >> and we ought to address how to avoid it from happening again. >> sure. but we also should address -- we also should address the fact that there is an enormous amount of class warfare in this country. everybody hates everybody. there's a lot of attacks on the banking sector. and i want to be clear, if you're going to say it's the bank's or wall streets' fault, we need to talk about it. if it's not accurate, it's not
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accurate. >> but maria, let me say this. >> let me say this, maria. >> fireworks. >> maria, let me say this. dennis has to understand. banks believed in my father who was a construction worker and my mother who worked in a kitchen baking cookies. that is what banks do every day to make dreams come true. >> that may be true but it is also the case that the country suffered a massive financial collapse and economic crisis. what i said and what is true is as warren buffett said if there is class warfare his class won. >> thank you. we appreciate your time. >> thank you. >> thank you. with the spark miles card from capital one,
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welcome back. an unbelievable scene in los angeles as a bank robbery turned into a scene out of robin hood. even by l.a. standards this chase was crazy. it started after several gun men robbed a bank. suspects began trying to get rid of evidence in full view of cameras. >> look at the money.
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look at the money. >> suspects threw money out of the window. pedestrians began lining the route in a way i haven't seen since the o.j. simpson chase. finally police with guns drawn moved in to take two men into custody but had to surround the vehicle. some in the potential line of fire. we will show you a still showing how big the crowd got. the suspects and their car were eventually taken away. there were questions about a woman wearing pink. she ran up and grabbed something as the pursuit ended. scanner suggests she may have taken a bag, maybe money. turns out she was just grabbing her dog. this is the third wild police pursuit in two days in los angeles. bank of america says it is working with law enforcement to try to recover some of the money
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thrown out the window. that may be difficult. >> thanks so much. up next my observation on the violence in the middle east and why it means we need to become energy independent faster than ever. bob... oh, hey alex. just picking up some, brochures, posters copies of my acceptance speech. great! it's always good to have a backup plan, in case i get hit by a meteor. wow, your hair looks great. didn't realize they did photoshop here. hey, good call on those mugs. can't let 'em see what you're drinking. you know, i'm glad we're both running a nice, clean race. no need to get nasty. here's your "honk if you had an affair with taylor" yard sign. looks good. [ male announcer ] fedex office. now save 50% on banners. there's natural gas under my town. it's a game changer. ♪
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it means cleaner, cheaper american-made energy. but we've got to be careful how we get it. design the wells to be safe. thousands of jobs. use the most advanced technology to protect our water. billions in the economy. at chevron, if we can't do it right, we won't do it at all. we've got to think long term. we've got to think long term. ♪ how did i get here? dumb luck? or good decisions? ones i've made. ones we've all made. about marriage. children. money. about tomorrow. here's to good decisions. who matters most to you says the most about you.
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and finally my observation on the heinous and disgusting attacks in libya and across the middle east. fundamentalest muslim groups set fire to the consulate in libya killing four people including the u.s. ambassador to libya. the violence in benghazi erupting after a film produced by a developer. it is a movie not flattering to the religion. all of this horror and ugliness over a movie that without these horrible scenes most of us would never have heard of let alone watched. i return to a discussion we had earlier. why do we remain so dependent on middle eastern oil. a perceived insult in a small film spurs all of this and we
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depend on them for energy in this country. if this is not a wakeup call i don't know what is. why not allow the keystone pipeline with canada which is our friend and would create more domestic oil or how about an energy policy which requires natural gas. all of this doesn't mean we can't still pursue clean energy ideas? isn't that better than depending on a region that does this because of a movie? it seems to me this is where policy and businesses can work together. it is not happening and the situation has become deadly. it may not be the last time. before we take a look at the day on wall street today where we had gains a lot of cautiousness ahead of the federal reserve results which we will get tomorrow. the dow is up about ten points. nasdaq up about ten points, as well. and the s&p 500 picking up


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