ben bernanke says central banks are ready to act. all three major indices closed and agreed with the nasdaq surging 4%. nine of 10 sectors ended higher lead with technology and consumer discretionary. oil jumping 96.54 per barrel. 10% for the month of august, the biggest percentage gain since last october. consumer sentiment climbed in august rising 74.3 from 72.3 in july. price discounts and low interest rates boosted buying. david: try to figure out what ben bernanke is up to. i can guarantee he will have a clear idea because of these guys, we will strengthen it all out. telling us what area of the market he says is a buying opportunity of a lifetime and he has some ideas about what the fed was trying to tell us and former fed member telling us why qe3 is no longer on the table. in the pit of the cme. we always look to gold to see what is happening as a barometer of what the fed does or does not. is it time to sel seller doesn't have room to grow? >> the reaction is the same ways on 2010 and the same in 2011. this kind of policy ac

what is bernanke going to say? will he lay out in depth the auctions without actually indicating whether he'll use any of them? >> i think so. i don't think you can expect too much out of chairman bernanke in a few hours. here's a point of context. if you remember two years ago, in august 2010 chairman bernanke gave a speech. we now remember it as the beginning of qe2. remember it as the first kind of signal that the fed of going to do qe2. kind of a progress after that point. if you remember from that time, at the point in august of 2010 a lot of us viewed that as a neutral speech, kind of a sign that, yeah, we might easily, might buy more bonds, but we're not so sure, it's kind of an even case, here's the case for or against. what the chairman not do is come out in a speech and says here's what we'll do. what he does here's the pros, here's the cons and here's what we're thinking about. i think that's what we'll have. >> what's dominating. in mind how evenly balanced are the pros and the cons? >> well, the pros n

>> susie: ben bernanke made a strong case today that the u.s. economy needs more stimulus and he's ready to give it another dose to boost growth. his message was clear and delivered with conviction. investors around the world had been waiting eagerly to hear the fed chairman's speech in jackson hole wyoming and stocks in the u.s. rallied in reaction. here are the highlights: bernanke said even though the economy has benefited from fed policies over the past few years. the outlook is still quote "far from satisfactory." he described the high unemployment rate a grave concern. he believes the fed should continue using non-traditional policies to spur growth. and bernanke concluded by saying the fed will provide additional policy accommodation as needed. >> tom: that statement was a buy signal for investors. they bought up stocks on the belief that the fed is on the ofe rgin treg akiomo verge of taking more action to stimulate the economy. blue chips rallied triple digits but pulled back by the close. the dow jumped 90 points. the nasdaq added 18 a

ben bernanke's speech set to begin in one hour. will he hint at additional stimulus and what's his read on where the economy is heading as we close out the month of august? good morning. welcome to "squawk on the street." we're live at the nyse, melissa lee, jim cramer, dave faber going to be back on tuesday. take a look ahead hitting at the top of 10 a.m., good action as people begin to make some bets, at least directionally. we should mention the dow is having the worst week in about three months, in the red for the month of august by the slimmest of margins, down 7 points for the month. as for europe the euro having its highest level since mid-july. we'll keep an eye on that as we get head lines out of central banks over there. the road map, jackson hole, wyoming, bernanke headlines an hour from now and bring you those live and see how markets react to the long awaited speech. >> that's right. the ecb may give the power to grant bank licenses, another step towards a full blown banking union in europe and. >> mitt romney makes hi

federal reserve chairman the central planner in chief ben bernanke he trotted to the hill today to give another one of his economic outlook speeches as traders of course listen carefully for any news that might give them an edge on their daily speculations hoping to make a quick buck a quick buck it seems is all that americans can hope to make these days with interest rates suppressed at near zero for almost four years now forcing more and more hardworking people to speculate on riskier assets if they would like any sort of return on their money at all now for those who are less inclined to spin the roulette wheel there is always the comfort of your mattress which guarantees a return of at least some of your money whatever is not confiscated through what mr bernanke isso euphemistically calls quantitative easing we call it counterfeiting more confrontational folks may refer to it as outright theft some but officials though most notably fed gov janet yellen says there may be more ahead they've been hinting that the central bank may ease yellin in a recent speech to the boston economic cl

lee, i read your comments about bernanke's speech. you loved it, he gave a little part of himself, what do you mean? listen, i'm probably like you. he came up and said near the end, i used to be a young guy, and we had theories, and now i'm running the show. i don't have any experience extest for the last few doing this. this is the grand economic experiment. he is clear he will do qe, and he is clear this will have unintentional consequences. >> who was more confusing, bernanke or clint eastwood? >> i'll leave that to the viewers. quite frontly. it's time to get back to basics and uncle same has to leave us alone as let business take over. the changing of the guard that is coming in a big way is the most bullish thing we seen in six years. >> are you talking about the coming presidential election or that bernanke will be gone and some are looking at this speech as a way to defend himself to whoever gets the new job? >> it's a thankless position. he's done a great job, he kept us from the depression, but it's time to let the boys on c

>> susie: ben bernanke made a strong case today that the u.s. economy needs more stimulus and he's ready to give it another dose to boost growth. his message was clear and delivered with conviction. investors around the world had been waiting eagerly to hear the fed chairman's speech in jackson hole wyoming and stocks in the u.s. rallied in reaction. here are the highlights: bernanke said even though the economy has benefited from fed policies over the past few years. the outlook is still quote "far from satisfactory." he described the high unemployment rate a grave concern. he believes the fed should continue using non-traditional policies to spur growth. and bernanke concluded by saying the fed will provide additional policy accommodation as needed. >> tom: that statement was a buy signal for investors. they bought up stocks on the belief that the fed is on the verge of taking more action to stimulate the economy. blue chips rallied triple digits but pulled back by the close. the dow jumped 90 points. the nasdaq added 18 and the s&p rose seven

>> the post-bernanke buzz on twitter. we'll be right back. [ male announcer ] while many automakers are just beginning to dabble with the idea of hybrid technology, it's already engrained in our dna. during the golden opportunity sales event, get great values on some of our newest models. this is the pursuit of perfection. >>> time to hit the "fast money" twicker. seema? >> instant reaction to ben bernanke's speech, michele. we asked you to tweet us if you're more or less confused. lewis tweets i'm less confused the market wants another financial fix and the chairman reluctant. let's get to the next one. it's pretty clear the powers that be are firmly behind 2% growth and 7% unemployment. lastly, the final trader says the fed says it is not ready to buy more bonds so i'm buying more bonds. traders based on the development do you put more money in equities or bonds? >> what do you think, guys? >> equities. >> absolutely. yeah. just like we talked about last night with warren buffett. virtually every stock is big dividends

bernanke, sandy. thank you. advertisements can roll out in a whole new way thanks to a up-and-coming business. the company is called, star toilet paper and offers advertising space on toilet paper. joining me the company's founder, jordan silverman. it is a business plan, a model thaw spent, many, many months planning and putting together. you still have to talk about this with a sense of humor. it is funny, jordan. it's clever. do people actually read toilet paper before they use it? >> they never had the opportunity before but we did surveys. we found that over 75% of people would read advertisements on toilet paper. lori: what inspired you? how did you come up with this? >> sitting in the bathroom, bored, using my phone. how advertisement is every facet of their lives that people don't notice. this is opportunity to get people to read and advertising is getting people to notice your company. lori: you brought some samples. important nonetheless as i do say so. is that printed on here? is that newsprint. are y

>> susie: ben bernanke made a strong case today that the u.s. economy needs more stimulus and he's ready to give it another dose to boost grth. his message was clear and delivered with conviction. investors around the world had been waiting eagerly to hear the fed chairman's speech in jackson hole wyoming and stocks in the u.s. rallied in reaction. here are the highlights: bernanke said even though the economy has benefited from fed policies over the past few years. the outlook is still quote "far from satisfactory." he described the high unemployment rate a grave concern. he believes the fed should continue using non-traditional policieso spurrowth. and bernanke concluded by saying the fed will provide additional policy accommodation as needed. >> tom: that statement was a buy signal for investors. they bought up stocks on the belief that the fed is on the verge of taking more action to stimulate the economy. blue chips rallied triple digits but pulled back by the close. the dow jumped 90 points. the nasdaq added 18 and the s&p rose seven. trad

fed chief ben bernanke says there's room to do more to help to the economy. the hope for more stimulus boosted stocks, but economist bob brusca says he's not buying it. the gold rush isn't over. find out what's behind the glittering rise in precious metals. what could a deal on deficit reduction look like? we do the math as we wrap up our coverage of the looming fiscal cliff. that and more tonight on n.b.r.! "there is scope for further action." those words from federal reserve chairman ben bernanke in a letter to a top lawmaker on capitol hill pushed stocks higher today. bernanke's comment came in response to questions from california republican darrell saischairman of the house oversight committee. bernanke added that the benefits need to be balanced against their potential costs and risks. the possibility of more stimulus from the central bank gave investors hope and stocks spiked after that august 22 letter was made public this afternoon. the dow rose 100 points. the nasdaq added 16 and the s&p gained nine points. but in spite of those gains, all three of

so in reading the tea leaves about what the fed could do bloomberg compared july rhetoric from ben bernanke himself to february rhetoric in part to deduce the fed could cut the interest it pays banks for excess reserves take a listen and a possibility that we have discussed in the past is cutting their interest rate we paid excess reserves as a range of things that we could do. each one of them has costs and benefits and that's an important part of the calculation. now we don't lot of the money the fed has tried to pump into the economy has wound up right back at the fed so what would getting rid of that interest paid really do here to focus on all of this and what the fed's actions mean for the lives of average people is mike maloney founder of gold silver dot com and author of a guide to investing in gold and silver which is part of the rich dad poor dad series a very popular series there and always a very popular guest on capital account so first of all mike maloney welcome back to the show thank you so much for being on today from what looks like beautiful los angeles. thanks for having

fed chief ben bernanke says there's room to do more to help to the economy. the hope for more stimulus boosted stocks, but economist bob brusca says he's not buying it. the gold rush isn't over. find out what's behind the glittering rise in precious metals. what could a deal on deficit reduction look like? we do the math as we wrap up our coverage of the looming fiscal cliff. that and more tonight on n.b.r.! "there is scope for further action." those words from federal reserve chairman ben bernanke in a letter to a top lawmaker on capitol hill pushed stocks higher today. bernanke's comment came in response to questions from california republican darrell issa, chairman of the house oversight committee. bernanke added that the benefits need to be balanced against their potential costs and risks. the possibility of more stimulus from the central bank gave investors hope and stocks spiked after that august 22 letter was made public this afternoon. the dow rose 100 points. the nasdaq added 16 and the s&p gained nine points. but in spite of those gains, all three o

about ben bernanke. the next situation is what our guest says is the most important situation. we have a portfolio analyst with us now. it is interesting to see angela merkel going around the world doing this. what do you make of this? >> well, she is trying to buy time and have a backup plan in case everything goes wrong in a few weeks. you have the court decision. you also have the report coming up. you have a report on the banking system. in the event that there is some sort of panic, she certainly wants to have some backdrops in place. so far, the germans do not seem to be buying. connell: how much power do central banks have. that is the debate we have here in the united states today. ben bernanke comes out and says unemployment is a great concern, i will help you out if you need it. what can you really do? interest rates are about as low as they really can be. what about europe? >> ben bernanke, i think what you said about ben bernanke is right, he does not have much power. in the case of europe, a

will ben bernanke unveil a new plan on friday to stimulate the economy? the fed chairman might have second thoughts about doing anything given news today that the economy grew faster than previously thought. the g.d.p. rose at an annual rate of 1.7% in the second quarter, up from the 1.5% originally reported. also today, the federal reserve's beige book report showed all of the central bank's 12 districts expanded gradually in july and august, thanks to a pick up in housing, and retail sales. still, the economy is not where it should be, and that has many stock investors on edge. suzanne pratt reports. >> reporter: the last week of august is one of the quietest of the year here at the new york stock exchange. a quick look at the paltry trading volume tells that story. but, look out for friday. that's when federal reserve chairman ben bernanke gives a speech in jackson hole, wyoming to economists and central bankers. investors are hoping he'll indicate he's ready to do a new round of bond purchases, designed to keep interest rates low and encourage more bo

will history prove that ben bernanke is right? that this is something that saved and helped the u.s. economy or not? >> i think history will prove him right. i think that it's very, very -- i want to do three "verys" misleading to talk about spending money. it is correct to say the fed has been involved in a balance sheet transaction. it has been buying assets. it is holding those assets on its books. it believes, and i think there is evidence to support this view, that those assets will make money for the taxpayers. so to compare this to government spending is just misleading. number one. number two, i think it's really misleading to suggest in any way that bernanke and the fed would be influenced by the election in terms of what they would do. this is an evidenced-driven group. that's why they cited the 43 studies. unlike, unlike, if you listen to the speeches of the candidates in the convention this past week, there was no evidence. there were just assertions and there were asterisks. so the fed is following a set of evidence.

fed chief ben bernanke says there's room to do more to help to the economy. the hope for more stimulus boosted stocks, but economist bob brusca says he's not buying it. the gold rush isn't over. find out what's behind the glittering rise in precious metals. what could a deal on deficit reduction look like? we do the math as we wrap up our coverage of the looming fiscal cliff. that and more tonight on n.b.r.! "there is scope for further action." those words from federal reserve chairman ben bernanke in a letter to a top lawmaker on capitol hill pushed stocks higher today. bernanke's comment came in response to questions from california republican darrell issa, chairman of the house oversight committee. bernanke added that the benefits need to be balanced against their potential costs and risks. the possility of more stimulus fr the central bangave investors hope and stocks spiked after that august 22 letter was made public this afternoon. the dow rose 100 points. the nasdaq added 16 and the s&p gained nine points. but in spite of those gains, all three of the

this's the bernanke put and buried. took a while to realize. he's not really changing anything and going to act if he has to and said that the economy was continuing to operation under the sub par level. he said inflation under control and the markets rallied. i agree with comments. europe is a big factor in the rally today. they think there's a big bond buying program coming. i think so but not next week. i think premature right now. >> we'll talk about that. thank you for the moment, bob. pimco's bill gross weighing in on the chairman's speech with the tweet. bernanke to go out with the guns blazing. qe3 is a near certainty. it will be open-ended but increasingly impotent. more from bill gross in the next hour of cnbc importantly. let's get a trader's reaction. kenny pulcari joins me. when's the street view? >> the market's kind of celebrating what they think once again is more rhetoric coming out of the fed and ben bernanke. dollar's under pressure and the equities higher. continuing to see that. we're not anywhere near the highs. right? rig

what bernanke says matters a lot. we should note that tonight we will have a special report with in-depth analysis of both the republican national convention and hurricane isaac. that begins at 10:00 p.m. eastern time tonight. >> an airline stock hitting turbulence today and one apparel name on firm footing. we are telling you how to trade all the big movers and we will fill it with puns coming up after the break. [ male announcer ] at scottrade, you won't just find us online, you'll also find us in person, with dedicated support teams at over 500 branches nationwide. so when you call or visit, you can ask for a name you know. because personal service starts with a real person. [ rodger ] at scottrade, seven dollar trades are just the start. our support teams are nearby, ready to help. it's no wonder so many investors are saying... [ all ] i'm with scottrade. to dabble with the idea of hybrid technology, it's already engrained in our dna. during the golden opportunity sales event, get great values on some of our newes

will history prove that ben bernanke is right? that this is something that saved and helped the u.s. economy or not? >> i think history will prove him right. i think that it's very, very -- i want to do three "verys" misleading to talk about spending money. it is corrt to say the fed has been involved in a balance sheet transaction. it has been buying assets. it is holding those assets on its books. it believes, and i think there is evidence to support this view, that those assets will make money for the taxpayers. so to compare this to government spending is just misleading. number one. number two, i think it's really misleading to suggest in any way that bernanke and the fed would be influenced by the election in terms of what they would do. this is an evidenced-driven group. that's why they cited the 43 studies. unlike, unlike, if you listen to the speeches of the candidates in the convention this past week, there was no evidence. there were just assertions and there were asterisks. so the fed is following a set of evidence. th

so in reading the tea leaves about what the fed could do bloomberg compared july rhetoric from ben bernanke himself to february rhetoric in part to deduce the fed could cut the interest it pays banks for excess reserves take a listen. and a possibility that we have discussed in the past is cutting their interest rate we period excess reserves as a range of things that we could do. each one of them has costs and benefits and that's an important part of the calculation. now we don't lot of the money the fed has tried to pump into the economy has wound up right back at the fed so what would getting rid of that interest paid really do hear to focus on all of this and what the fed's actions mean for the lives of average people is mike maloney founder of gold silver dot com and author of guide to investing in gold and silver which is part of the rich dad poor dad series a very popular series there and always a very popular guest on capital account so first of all mike maloney welcome back to the show thank you so much for being on today from what looks like beautiful los angeles. thanks for havin

>> he's standing on ben bernanke? >> get away from me. >> meantime, quietly dealing with a looming problem. reaching the limit. it is the scarcity solutions. >> over the last six decades, america's trillion dollar tech industry has been fueled by silicon's ability to continually increase computing power. scientists see that competing power reaching the limit. >> silicon will probably run out of steam maybe early 2020s, maybe mid-2020s. it's unclear. >> tech giants hunting far solution. the team at ibm outperformed silicon with carbon nanotubes in a chicken wire-like structure. >> we have single transiters better than silicon or any other material around. >> the technology is till in the infancy. as the slew of proposed silicon alternatives. >> none of the solutions so far are ready for prime time. it takes maybe ten years to commercialize these technologies once they're finished. none of these technologies are even finished. >> reporter: and that means that the industry could be facing decades of flat growth until a s

there's a fine art to reading between the lines of ben bernanke. mitt romney is the official gop nominee for president. last night he went after what some have called president obama's war on success. >> consider the president's entire reelection campaign is attacking success. is it any wonder someone who attacks success has led the worst economic recovery since the great depression? [applause] >> in america we celebrate success. we don't apologize for success. stuart: a pretty clear message. do not punish success. however there is an equally clear message from democrats. you did well. pay your fair share because we helped you do it. isn't that true? >> that will be the message next week when they convene in charlotte. mitt romney did the effect of thing. he laid out a very clear choice between wealth redistribution class warfare and stated some of president obama versus the message of freedom in all its forms of governor romney and paul ryan especially economic freedom. he spoke of american exceptionalism and that reinforce the message when it was

bernanke. when the prime minister of spain said no thank you, we're not applying for any aid until you articulate the terms under which the conditionality, that through the ball back into the european union's court. we were down already because mr. bernanke is convinced won't say much, and we said we'll put off on applying for aide, that implies they need a more coherent package here. we're under the control of the central bank's president. >> i think spain wants the ecb to guarantee if they open a program, the ecb will start buying ponds. so far they only said if you apply for a program, we might buy on the secondary market, but no garn sees, and sane wants to know for sure. >> they don't have that approval yet, and they're waiting for them to approve it. >> and that's why draghi wrote that op-ed expertise. >> they're going to articulate a very clear policy. there's a vacuum occurring in that time period between that. that's what we have to live through right now. my bet is that spain will app

bernanke is that he's been very vocal about his criticisms of congress. i mean, that's the one thing he still can do. is he can keep yelling at congress -- he can keep yelling at congress to get things done by the end of the year. is his voice a true voice in the fiscal cliff fight, do you think? >> i think they listen to it only a little. you know, here's the position the fed has got itself in over time and really they didn't ask for it. but in 1978 the congress passed something called the full employment and balanced growth act, where in congress essentially assigned to the fed the job of keeping the economy growing and keeping the unemployment rate low in addition to the responsibility they had at that time which was to control inflation. now, this is not something the fed can do. the fed can't make -- can't create jobs. the fed can't create faster-growing economy, and at first when the fed was assigned this role, they objected to it and said wait, we can't do this. this is not something we do. this is a product of good fiscal policy, but as the econom

what will ben bernanke deliver at jackson hole? we'll get a preview in a couple of minutes >>> up next, more reaction to romney's performance last night. "squawk" will be right back. >>> we weren't always successful at bain, but no one ever is in the real world of business. that's what this president doesn't seem to understand, business and growing jobs is about taking risk, sometimes failing, sometimes succeeding, but always striving. [ male announcer ] at scottrade, we believe the more you know, the better you trade. so we have ongoing webinars and interactive learning, plus, in-branch seminars at over 500 locations, where our dedicated support teams help you know more so your money can do more. [ rodger ] at scottrade, seven dollar trades are just the start. our teams have the information you want when you need it. it's another reason more investors are saying... [ all ] i'm with scottrade. >>> checking the futures right now this morning, after the worst session we've had in a while yesterday, 13,000, 0.71 where we closed on the

bernanke and the policies of the past. where does it go from here? mr. bernanke shown relung tans to discuss the gold standard in a meaningful way. >> i give sympathy for the idea. i think the idea economically is not necessarily all that sound but i understand people's concerns. you have a central bank to print as much money as it wants and people say what's the basis of my money then if the government can essentially inflate it away. ? we don't have inflation now and there's concern some point in time to get inflation so, yes. it's on the back burner and i think it sounds like a commission in a platform is the equivalent of saying go stand over there and smile. that's what it means for now but let's not dismiss the undercurrent in american politics right now who have serious concerns and an expression in the republican policy and concerns. ultimately, i think the federal reserve can act to stem inflation but that's not entirely clear to everybody. >> all right. >> sue, i just wanted to say circumstances can also make ideas that don't look reasonable or

number one bernanke is certainly looking at doing more. if you look at the speech he gave to congress in july, if you outline what he said, he said the growth has slowed. that may have been the understatement of the year. he said unemployment was stuck above 8%. payroll growth is slow. consumer confidence is down. manufacturing is down. investment demand looks to be weakening. the president hasn't addressed the fiscal cliff. housing is improving but it is such a small part of the economy that it is not material. i do think they are still leaning towards easing. i think even though you have seen better retail sales data in august, i still think they are leaning towards it. i would expect them to come out and make sometime dovish or supportive statement from the markets. connell: that more stimulus may be to come. we appreciate that, craig. let's go to former florida senator mel martinez who is coming up in a moment. it will be an interesting interview because we're going to ask him about mitt romney's plan to win that state, so important, o

bernanke says. i think they have qe3 priced in to them and thus those two asset classes have to reprice to lower levels. bonds probably move higher in price and lower in yields. not like bonds offer great value right here right now but the recipient of short-term capital flows as equities and commodities reprice if he takes a pass which i think he will. >> ira, what are your thoughts heading in to jackson hole and we'll mention to get the statement at 10:00 eastern tomorrow morning. >> there's things going on. volatility's the name of the game here. we had hurricane isaac. no knockout blows. there's a lot going on. look at natural gas today. we had a bearish number in natural gas and yet rallied. up over 6 cents. every time this year we had a bearish number on natural gas it's come off. the rigs are still out for, you know, in oil. and yet, so there's a lot of unknowns here. bernanke, hey, more stimulus on the market. more dollars. i think that's going to be bullish for oil. devalue the dollar. the

. >> can bernanke get us out of this tomorrow? >> bernanke's not going to. i've been insist tent we're nothing going to have a qe3 up till europe takes care of business. they're throwing bad money after worse money. it's not going to half. let's not forget china. we can see how dire it's become there when you have merkel that's going over to china to talk to wen about their situation. i think they still go lower. we see commodity price continue to come down. i have a slight bias and positive with equity exposure. i haven't thought there's been any positive expectation of bernanke doing anything for a while. to me the market's been held up by positive expectations of what draghi's going to do, which is why we see the market trading off today after the press conference. so that's been the issue. >> stevey, i don't smoke grass, so what are you doing? buying into this or selling into this? >> i'd sell. do you think it's going to be -- >> it's an overstatement in cable. >> are you talking about the high school graduation date or -- >> let me tell you something el

bernanke and jackson hole, saturday mr. draghi and jackson hole. they will be the key day da points for the drivers next week and through the labor day weekend. >> what do you think ben bernanke says -- >> traders are such cynics. >> i'm cynical, and i think he will not say anything knew. i think basically it will be a watered down version of what they're going to say in september. i don't think he will have any impoe tus to do anything. they're not going to come out and make any statements that are market moving. i know that you're looking for something different, i just think -- i won't even -- it's not they don't want to pay attention, but i don't think it will be as significant as people are expecting. >> germany and greece both made slight gestures. grease with flexibility in terms of getting things done and i think those were positive

will ben bernanke make a move? that's the big question out of the fed's chair big speech in jackson hole, wyoming, tomorrow. stocks today, though, seemed to maybe already have the answer. major u.s. averages falling as the hopes for more easing appear to have eased themselves. at least for now. let's turn to our traders. what do we make of today's action? john. >> i like the action today. i think this is typical of what we -- >> on the short side. >> it is. we talked about it earlier in the week. we said, what are you going to see ahead of this fed meeting in jackson hole? you're going see selling. why is that? nervousness always occurs before these events. it's happened every time whether it was greece, spain, italy, u.s. issues. it's always happened, folks. has it been a buying opportunity? the answer is yes. now, whether or not this one will be, we don't have to wait even 24 hours to find out that answer. >> it's interesting. i think everybody's pointing to the holiday week. i understand that. i think this week

all right that's not going away anytime soon first bob i want to ask you about bernanke you broadly he talked about switching to a market based indicator possibly but please decode for us because this is ben ben bernanke he is burning his definition of a market based indicator the same as your definition of a market based indicator probably mine or a lot of our viewers. i would think not and we need to take a step back here for a second to just think about what who is the great manipulator when it comes to live and that's none other than the central bankers themselves because it is them after all who are setting the short term interest rates and it's their mandate to manipulate them and all these other derivatives from whether it's libel or cerebral rates are really just that their derivatives off of this great manipulation scheme that we already have going so once we get beyond that we have bernanke coming up and saying that yes we have a couple actually three market based alternatives and we can discuss those for you right now yeah let's get into those but but before i do what i'm he

stephanie, are you taking any big positions ahead of bernanke? do you want to wait for draghi on saturday? what do you think? >> it's going to be very important friday, saturday and then obviously the 12th with the fed meeting and that kind of thing. i wanted to ask dan, do you think that the u.s. -- do you think the u.s. is in bad enough shape that actually that bernanke and team need to do something? or do you think that muddling through 2% or so is good enough? >> well, how i feel about it and how policymakers feel about this are two different things. i think too often people get caught up in whether it's the s&p 500 or the john molden muddle through economy. they take -- they sort of forget to look at it from a central banker's perspective. in that regard, lower interest rates are better than higher interest rates in terms of stimulating aggregate demand. now, i believe that the lot of what ails the u.s. economy and is hindering investors and market participants more generally is not necessarily completely solvable by monetary policy. so i pe

bernanke in jackson hole or the platform for the gold commission? >> well, the platform committee certainly was right. almost every american september for the bureaucrats in washington, larry understand that what america needs is a dollar as good as gold. we can have tax reform, tax rate reduction, simplification of regulation, cut government spending, but unless we have a four-legged platform it won't be stable. that's a dollar as good as gold. >> it's interesting. mitt romney has spoken, certainly in my interviews and others that he wants a new man at the fed. from what i gather he favors the gold commission. it would not have gone through unless his people ok'd it. >> i think that's right. he made it clear that when elected i'm optimistic he's going to win. this team of romney-ryan is great. he has indicated he would appoint a new chairman of the federal reserve. >> let's talk more about this. you were on the original reagan gold commission i think which was back in 1981 or 1982. our friend seth lipski wrote a great editorial "gold standard going

so it doesn't take much thought to realize that dr bernanke is wrong plain and simple he's wrong. there are so we have clear evidence of this because the us as a debt problem and ben bernanke the solution over there at the fed is to adjust the monetary policy at attempting to extinguish the debt not with gold and silver but with more debt yes only yes for what he's doing cannot be considered money no no not at all you can't you can't you can't extinguish credit by issuing more credit you just end up with a larger amount of credit standing. i don't know whether dr bernanke he realizes this in the back of his head i'm sure he does he's not he's not a dumb individual. but the consequences of what he's doing i don't think he does realize or in fact any country that is monetizing that to this degree they do not realize the consequences of what they're doing and there will be nothing that they can do once once everything starts kicking off once everything starts spinning what i want to make very clear max is that you don't need marginal quantitative easing from here for asset prices to

so it doesn't take much thought to realise that dr bernanke is wrong plain and simple he's wrong. there are so we have clear evidence of this because the u.s. as a debt problem and ben bernanke the solution over there at the fed is to just a monetary policy at attempting to extinguish the debt not with gold and silver but with more debt yes yes for that what he's doing cannot be considered money no no not at all you can't you can't you can't extinguish credit by issuing more credit you just end up with a larger amount of credit standing. i don't know whether dr bernanke he realizes this in the back of his head i'm sure he does he's not he's not a dumb individual. but the consequences of what he's doing i don't think he does realize or in fact any country that is monetizing that to this degree they do not realize the consequences of what they're doing and there will be nothing that they can do once once everything starts kicking off once everything starts spinning what i want to make very clear max is that you don't need marginal quantitative easing from here for asset prices to st

with congressional leaders bush's treasury secretary henry paulson and federal reserve chairman ben bernanke in september eighteenth two thousand and eight the purpose of the meeting was to disclose the coming economic meltdown and begged congress to pass legislation to help collapsing banks is stead of doing anything to help ryan left the meeting and on the very same day paul ryan sold shares of stock he own to several troubled banks and reinvested the proceeds in goldman sachs a bank that the meeting had disclosed was not in trouble but this is an example of market fundamentalism paul ryan in his mind he's thinking he's justified in breaking the law more or less i mean it's legal then for congress people to trade on inside information or maybe it's not legal or maybe they do a work around but it's clearly immoral and it clearly disenfranchises many americans but he figures that it's his divine providence to do so because he is doing god's work and so many people in washington are wall street believe that they're doing market fundamentalism like al qaeda is a kind of theocratic fundamentali

bernanke, should he go? doug joins us next. ♪ >> he killed one person at between 9 other people were shot and some may have been shot accidentally by police officers who responded immediately and while confronting the suspect and fatally shooting him. there may have been other victims as well. all of those are not seriously wounded and there's no expectation that any of them will do anything other than recover quickly. dagen: the mayor of new york city a short while ago talking about that shooting in the heart of manhattan. in and around the empire state building. that press conference with the police commissioner ray kelly is still going on but here's what we found out in the beginning moment of that press conference. the gunman's name is jeffrey johnson. he is 53 years of age. he was killed. he killed one other person. two dan and nine injured. jeffrey johnson was a disgruntled employee who had been let go by company that makes women's accessories and he killed one person, the victim said charles: 1 year

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. >> my guess is that draghi has spoken to bernanke and bernanke may have an idea of what draghi is going to do. but in a perfect world, the ecb's action, i think is more consequential for markets and more consequential for the outcome of the economy than any action the fed would take. and i've been surprised at how much skepticism there is among economists and guys on the street about the efficacy about any action. >> i'm so glad you said that let's bring in ed yardeni of equity research. very happy to have you here. i know were you listening to what steve had to say. give us your thoughts on what your expectations are and certainly relative to what steve was just mentioning. >> i think steve's absolutely right. the fed has been very focused on the subpar growth in parallel employment. and it's really been kind of on the borderline. it hasn't been all that terrible. but it certainly hasn't been as good as anyone, any of us would like. the adp data, which i actually think is pretty decent data, on average it does track the payroll data pretty well. past two months, they really weren't all

so it doesn't take much thought to realize that dr bernanke is wrong plain and simple he's wrong. there are so we have clear evidence of this because the u.s. has a debt problem and ben bernanke the solution over there at the fed is to adjust monetary policy at attempting to extinguish the debt not with gold and silver but with more debt yes only yes for what he's doing cannot be considered money no no not at all you can't you can't you can't extinguish credit by issuing more credit you just end up with a larger amount of credit standing. i don't know whether dr bernanke he realizes this in the back of his head i'm sure he does he's not he's not a dumb individual. but the consequences of what he's doing i don't think he does realize or in fact any country that's monetizing that to this degree they do not realize the consequences of what they're doing and they will be nothing that they can do once once everything starts kicking off once everything starts spinning what i want to make very clear max is that you don't need marginal quantitative easing from here for asset prices to sta

so it doesn't take much thought to realize that dr bernanke is wrong plain and simple he's wrong. all right so we have clear evidence of this because the u.s. has a debt problem and ben bernanke the solution over there at the fed is to adjust monetary policy at attempting to extinguish the debt not with gold and silver but with more debt yes yes for that what he's doing cannot be considered money no no not at all you can't you can't you can't extinguish credit by issuing more credit you just end up with a larger amount of credit standing. i don't know whether dr bernanke he realizes this in the back of his head i'm sure he does he's not he's not a dumb individual. but the consequences of what he's doing i don't think he does realize or in fact any country that is monetizing that to this degree they do not realize the consequences of what they're doing and there will be nothing that they can do once once everything starts kicking off once everything starts spinning what i want to make very clear max is that you don't need marginal quantitative easing from here for asset prices to s