an exultant ben allen takes second. propelled by the fastest run split of the day, the defending champion, nico lebrun of france, secures third place. xterra legend conrad stoltz takes fourth. enough to win the us pro series crown for a record 10th time. rounding out the top five is another american, colorado native branden rakita. with the men's race in the books, can lesley paterson hold off the other women to take her first ever xterra usa title? holding onto second is snyder, but she's losing ground to paterson. so is mcquaid, who seems to be struggling ever since she got off her bike. in fourth is canadian danelle kabush, who is running well, but is still over two minutes behind paterson. the avia endurance spotlight. congratulations, xterra veteran josiah middaugh for taking the 2012 xterra usa championship. over thet decade, josiah has been a fixture on xterra podiums, and his win in utah adds to an already impressive resume of racing accomplishments. josiah not only excels at xterra, he is also one of the nation

it's 12 hours -- no, 16 hours after ben opened yesterday. >> thanks, ben. >> thanks, ben. it is official, obamacare is a train wreck. a new report from the government accountability office, that's the obama administration, it says so. it says, states are not ready to implement the law, that so far they are behind they won't make the deadline in four months, and health and human services department stone walled congress for three years when asked about the progress. it is a train wreck, the administration said so. >> golly, four months for it to go in, and nobody's ready. we heard this stuff particularly from local governments, and the federal government, for the government accountability office saying 16 states run their open exchanges, and there's a 16-52 key activities up done. that really means they are mind from 17-75%. you can extrapolate that to mean some of the guys may not be ready a year after they are supposed to be ready, and, certainly, that bodes poorly, and then there's the idea that the federal government will go into these states that are not going to set u

i had never met ben. i'd never seen a picture of ben. >> stephen: would that have changed anything? (laughter) >> so i went back to l.a. and ben asked if i would pick him up from the airport and i rolled up in a 15-passenger van and had a sign that said "ben gibbard" on it. so he got in the van and we went to go meet jimmy who i had never met before. we shared margaritas and recorded my vocals i think in a day. >> stephen: so this is ten years after the release of the album being released, your new old albums "give up." are you going to do a second album? >> um -- (laughter). >> stephen: (laughs) uh-huh. you have the same delivery philosophy as the actual postal service. (laughter) (cheers and applause) ben, jimmy, jenny, how about some songs? (cheers and applause) we'll be right back with a performance first time on television by the postal service. (cheers and applause) xppppxppxpxppxppxpxxxxxx >> stephen: here with a song off their album "give up", ladies and gentlemen, the postal service. (cheers and

ben stein. >> okay. last wee i ink charles payne said the smartest thing ever anyone's said on the show. he said 170 million calls to yemen, that's wat they're checking on, 170 million calls to yemen. the second thing is, does anyone really seriously believe they're just going to get the records -- the phoneumber of who called and the caller and not listen in on the calls? i ean, give me a break. >> it's so ea to listen in on the call. >> i do believe that they're coecting these phone call records and they're running a algorithms on them on vast amounts of data looking for patterns st likee they do in cred card records. >> you don't think they,hen, listeno the phone calls? >> i think they would go through the proper channels and there e also checks and balances in place. >> they never turn it down. >> this is where i agree with what dagen. it is being investigated. 's not somethi that should be investigated with sh listening. >> actly. youust read my mind. no one would bean investigator. >> this

he president knows that ben bernanke is worried about asset bubbles. that's why he may have to end quantitative easing. he knows his statement will be hear. and indicate the end of the crack cocaine in the market is -- it's coming. right? so what he. he says that and then he starts floating bernanke's likely successor, which is ben bernanke's steroids. >> mel lisa, say what you will about' bernanke, and a lot of people, mitt romney among them, who bemondial of this flooding cash in the system, it was artificial. but many argue on the right and the left that he seemed to be-ben bernanke, the only adult still standing, and now that date is going and we're left to -- the congress can't get anything wrong, the president can't against anything done, so scandal plagued. >> the real danger is that interest rates rise and damages the housing recovery. it's been the strongest again and again. house is coming back. one of the big reasons is because interest rates have been so low so as we see all this volatility, interest rates goes up and that hurts the housing

i had never met ben. i'd never seen a picture of ben. >> stephen: would that have changed anything? (laughter) >> so i went back to l.a. and ben asked if i would pick him up from the airport and i rolled up in a 15-passenger van and had a sign that said "ben gibbard" on it. so he got in the van and we went to go meet jimmy who i had never met before. we shared margaritas and recorded my vocals i think in a day. >> stephen: so this is ten years after the release of the album being released, your new old albums "give up." are you going to do a second album? >> um -- (laughter). >> stephen: (laughs) uh-huh. you have the same delivery philosophy as the actual postal service. (laughter) (cheers and applause) ben, jimmy, jenny, how about some songs? (cheers and applause) we'll be right back with a performance first time on television by the postal service. ex @"-wuubñ0io$o$@wwúaa]@-x >> stephen: here with a song off their album "give up", ladies and gentlemen, the postal service. (cheers and applause) ♪ ♪

i had never met ben. i'd never seen a picture of ben. >> stephen: would that have changed anything? (laughter) >> so i went back to l.a. and ben asked if i would pick him up from the airport and i rolled up in a 15-passenger van and had a sign that said "ben gibbard" on it. so he got in the van and we went to go meet jimmy who i had never met before. we shared margaritas and recorded my vocals i think in a day. >> stephen: so this is ten years after the release of the album being released, your new old albums "give up." are you going to do a second album? >> um -- (laughter). >> stephen: (laughs) uh-huh. you have the same delivery philosophy as the actual postal service. (laughter) (cheers and applause) ben, jimmy, jenny, how about some songs? (cheers and applause) we'll be right back with a performance first time on television by the postal service. (cheers and applause) ex >> stephen: here with a song off their album "give up", ladies and gentlemen, the postal service. (cheers and applause) ♪ ♪ ♪

connell: all eyes are on ben bernanke. bernanke himself may be ready to use up himself on the infamous bond buying program. dagen: peter barnes has much more. >> chairman bernanke's press conference will give them an opportunity to clarify or even walk back his comments back in may on possible tapering of bond purchases. >> he cannot say too much because he does not know himself when they will start tapering. >> they could try to clarify for investors their plans for slowing qe. former fed vice chair says the policy stalemate could make clear that the fed has no plans for reducing qe. it could also emphasized that any start a reduction of bond purchases remains dependent on the labor markets. the statement could also point to slowing inflation which provides ammunition for the fed to continue qe and low interest rates. questions about whether bernanke will actually be around to see this through, it sounds like president obama does not think so. >> bernanke is a little bit like bob mueller, the head of the fbi. he has alrea

so what should you watch for when ben bernake spaeeaks now. >> what to know before you sign. >> and healthy prognosis, why healthcare costs long the culprit of rising inflations are showing signs of slowing. that and more tonight. >> good evening everyone welcome. a triple digit move isn't what it used to be when the dow is above 15,000 but still eye catching, especially when it's the sixth in a row for the blue chip meter. it's the highest in three weeks. with the small company rising to a record up 1.2% on the day. so why the big move today? well, for one thing, talk of the big taper tapered off just a bit. investors ears tuned as always to the federal reserve seem persuaded ben bernanke and his people won't do it when think finish the two day-meeting tomorrow. >>> today's economic news benign. housing up less than expected and inflation jumped a tenth of a point and last month less than forecast. >>> building on monday's gains, stocks started the day higher and started there and at the close the dow up 148 for a two-day gain of 1.46% and the snp up 12. >>> so what will the federal reserv

and ben bernanke has a 2:30 p.m. eastern. and big day for the markets. what will ben say? prior to that, i'm heading to chicago. let's bring in tres knippa. why on earth are you at work so early in the day? nothing's going to happen until ben speaks. >> there's a crude oil at 9:30, i'm here for that. and don't forget that ben bernanke is an economist. is it possible that some of it, the tone of his discussion when he -- if he projects some kind of papering, don't you think that anything he does, he'll say, well, if we don't, if we want, we may go back, et cetera, et cetera, et cetera and keep it so vague and open-ended that i think it will be hard to trade off of. but is the fed going to change the policy and let the rates rise? no chance of that. stuart: stick around, i want to ask another opinion of you just in a moment's time. right now, i'm waiting on the opening bell. we're expecting a flat to slightly lower market this wednesday morning. okay? of course, you'll see him right here on the fox business network. the bill has just stopped ringing. we're off and running an

into ben stein. not for possibly using this text -- >> exactly. >> texting. >> if you're the cause of the accident, you're the cause of the accident. i find this to be a huge personal invasion of privacy. >> you're another one. >> it's way more complicated than that. >> you have no problem -- adam? i'm telling you. i'm just telling you. last week's show tape, look at it. >> no, i heard. >> i'm kidding. look at what you're saying. it doesn't jibe with what you're saying about being perfectly fine with them, you know, taking your phone records. >> because they're taking a whole mass of phone calls. >> and for no reason. >> and they're running algorithms on them looking for patterns that i'm not involved in. >> don't you start doing that algorithm thing with me. i don't know what that is. this is dangerous and you know it. >> it's our nation's duty and our government's duty to protect all citizens. it is not some cop's duty in new jersey to rifle through my purse looking for my phone. >> go ahead. >> it

listen, it's like if you bump into ben stein, arrest him for crashing into ben stein. >> exactly. if you are the cause of accident, you are the cause of the accident. i find this to a huge personal invasion of privacy. >> neil: you're another one. talking about national security. adam? i'm just telling last week's show. dagen, it doesn't jibe being perfectly fine with them taking phone records. >> because they are taking a whole mass of phone calls. >> neil: for no reason. >> and they are running algorithms looking for patterns. >> you know what that is? >> it's dangerous. >> the government's duty to protect all citizens. it's not their duty some cop in intelligence to rifle through my personal files on my phone. >> dagen, it's more important that. it's not a delicate balance. they are going to say, i wasn't doing anything wrong. ben stein stopped short she is going to say ben stein's fault or he is going to say, no you you weren't paying attention. >> i can look at my cellphone if i get to frisk the cop. >> whoa. >> neil: many people are pulling money out of stock funds. our gang

i had never met ben. i'd never seen a picture of ben. >> stephen: would that have changed anything? (laughter) >> so i went back to l.a. and ben asked if i would pick him up from the airport and i rolled up in a 15-passenger van and had a sign that said "ben gibbard" on it. so he got in the van and we went to go meet jimmy who i had never met before. we shared margaritas and recorded my vocals i think in a day. >> stephen: so this is ten years after the release of the album being released, your new old albums "give up." are you going to do a second album? >> um -- (laughter). >> stephen: (laughs) uh-huh. you have the same delivery philosophy as the actual postal service. (laughter) (cheers and applause) ben, jimmy, jenny, how about some songs? (cheers and applause) we'll be right back with a performance first time on television by the postal service. (cheers and applause) >> stephen: here with a song off their album "give up", ladies and gentlemen, the postal service. (cheers and applause) ♪ ♪ ♪ ♪

i don't think ben bernanke is either. one of the things he said today in the press conference was he was surprised long-term rates had jumped up as much as he had with the revelation he had in may that the tapering could begin in the next few meetings. what did he do today? he pushed that timetable back, as i see it, look, under this perfect economic scenario, it could start later this year, and yet what do we see, the 10-year yield jumps another 10, 15 basis points. so i'm surprised we've seen it considering the fact that, look, the fed is not exactly said that we're on the cusp of doing it and the fact that there are so many economic headwinds. >> scott, there are some businesses that are actually going to be beneficiaries of rates as they move higher. >> i would say a lot of businesses will be. and even more so, the lower rates have actually advantaged the larger companies versus small and medium-sized companies, because the banks have -- the big banks in particular -- have been sort of a congested credit transmission

it's like if you bump intoen stein, if you crash in ben stein, you know, arrest him f crashing io ben stein. not for possibly using this text -- >> exactly. >> texting. >> if you're the cause of the accident, yu're t cause of the accident. i find thito be a huge personal invasion of privacy. >> you're anoer one. >> it's way more complicated than that. >> you have no problem -- adam? i' telling you. i'm just telling you. last week's show tape, look at it. >> no, i heard. >> i'm kidding. look at what you're sing. it doesn't jibe with what you're saying about being perfectly fine with them, you know, taking your phone records. >> because they're taking a whole mass of phonecalls. >> and for no reason. >> and they're running algorithms on them looking for patterns that i'm not involved in. >> don't you staoing that algorithm thing with me. i don't know what that is. thisis dangerous and you know it. >> it's our nation'suty and our government's duty to ptect al citizens. it is not some cop's duty in new jersey to rifle through my purse looking for my phone. >> go ahead. >> it's more import

looney tunes. >> ben? >> this isn't really about any policy. it's just about attracting taeks to the protesters, giving them something to do, making them feel as if they're morally superior to their parents. protests of this kind are a psychological issue, not economic or political. they're about a mental disease or defect. >> that would bring us i guess to adam. >> i'm kidding. >> adam, what say you? >> well, there's no need to hyperventilate over this. first of all, gas prices are about where they were a year ago, keystone will go through eventually. everything dagen said is very validd we're in good shape here. no need to worry too much. >> i want to be in your world, adam, where everything is okay. >> i'm very happy. >> guys, it's going to get a little hot, see all the dinosaurs. but the sun will come out tomorrow. >> we'll make it through. you won't but somebody else will. charles payne, bottom line is this is going to go nowhere. you get keystone, you don't get fracking. in the end, you won't get squat. >> we will get fracking, to ben's p

the murder of ben novak jr. sickened investigators. the wealthy heir of the hotel in miami, florida who was bluj ended and tortured his eyes gouged out. the scene of the crime, a hotel suite in new york where ben was staying with his wife and stepdaughter. ben met darcy she was a stripper from ecuador happy to share in his lifestyle. in 1991 they married and raised her daughter. and investigators discovered there was a dark side to the marriage including affairs. right before his murder, ben's latest romance was getting serious. nashsy feared he would divorce her leaving her with nothing. police looked deeper and picked up a trail that led to hired hit man. the hit man pled gill two to murdering ben and what they told police next stunned them. >> anderson: who hired the hitmen? aphrodite is host of true crime she is joining us now. thank you for joining us. >> thank you for having me. [applause] >> anderson: who did you suspect? >> honestly, i suspected the daughter. >> and the victim's stepdaughter? >> yes. the reason i suspected her

looney tunes. >> ben? >> this isn't really about any policy. it's just about attracting taeks to the protesters, giving them something to do, making them feel as if they're morally superior to their parents. protests of this kind are a psychological issue, not economic or political. they're about a mental disease or defect. >> that would bring us i guess to adam. >> i'm kidding. >> adam, what say you? >> well, there's no need to hypervtilate over this. first of all, gas prices are about ere they wer a year ago, keystone will go through eventually. everything dagen said is very validd we're in good shape here. noeed to worry too much. >> i want to be in your world, adam, where everything is okay. >> i'm very happy. >> guys, it's going to get a little hot see all the dinosaurs. but the sun will com out tomorrow. >> we'll make it through. you won't but somebody else will. charles payne, bottom line is this is going to go nowhere. you get keystone, you don't t fracking. in the end, you won't get squat. >>we will get fracking, to ben's point. >> i k

one of my friends wrote a piece, how ben bernanke cost me 50 grand. the question is how that's going impact the housing market because that's been the real bright spot. >> at what point do you thing that may start to happen? well, not until interface gets to 5% or 5.5% that it starts to slow the stock market down. >> i heard mixed things. i interviewed the chief economist at fannie mae that they still see a bust and he doesn't see them going back down but i also talked to credit experts who say, yeah, this is going time path housing, anything will, because this is fragile and a substantial rise in rates but then ben bernanke was defending housing saying it could stand on its own because of home price gains because that's enough to gooey the market. >> stories like this, the takeaway is always hard but should we understand the fed easing off is actually a good sign for the economy? >> well, if you think of the dmi as a very sick patient that got sick during the frch chal crisis and the feds came in and offered drugs and life support, ben bernanke comin

ben bernanke's job up for grabs. president obama discussing it last night on charlie rose. >> ben bernanke has done an outstanding job. he's a little bit like bob muller, the head of the fbi where he's already stayed a lot longer than he wanted or he was supposed to. >> who could fill bernanke's shoes. names tossed around include former treasury sect larry summers, roger ferguson, allen kruger and the counsel's former chairman, christina roamer. one of our favorite games around here, larry meyer is here to play. >> you know all of these people. who do you think is going to succeed ben bernanke? >> i think the first thing i want to say is this is really remarkable. i almost fell off my chair when i heard the president's remarks last night. he essentially fired ben bernanke on the spot and gave a testimony afterwards. it's time to focus on who the next chairman might be. i do think that gellen is the most likely. that reflects two things in particular. she has extraordinary credentials. she was a governor on the board,

he didn't fire ben bernanke on the spot. what he was trying to say is the guy has done a great job, i appreciate what did he in the financial crisis, we've talked, he doesn't really want a third term. you know, and the white house basically the next morning were all over the place people saying, look, this was not meant to be a firing of ben bernanke, he doesn't want a third term. >> why isn't right in sn fed chief likely to be allowed to go. just the same thing. he should have been saying please stay. >> the big point is during the height of the 2012 campaign, there were questions about whether bernanke would go ahead with qe-3, is it too sensitive. and he went ahead and did it. >> you remember hw's relationship with greenspan. >> exactly. >> he doesn't want it play into that whole conspiracy theory about whether this was some politicalization. my guess is if bernanke wanted to say, it would be his place to stay. >> do we know of any hand rigging inside the federal reserve, were people astonished by this? was anybody saying

people have to keep eating no matter what. >> ben, what do you like? >> if you are on the same team sign up >> he's been w writing and freedom continuesor a place for business. that is alys right, fox. >> you help us and we'll help you. head of the national security agency asked in congress to give legal immuneitty to pivate companies. should angry customers like you able to sue those companies if they are wrongfully targeted. >> h everybobody. welcome to forbes on fox. we'll go with steve and rick and rich and elizabeth and sabrina and john. john, ould customers like us be able to sue in >> yes, we should be. companies should not be helping the federal government to snoop on us. we have to ask ourselves how

ben has stocks set to roar. take theseags to room 12 please. [ garth ] bjors small busiss earns double miles on every purchase every day. produce delivery. [ bjorn ] just put it on my spark card. [ garth why settle for less? ahh, oh! [ garth ] great businesses deserve limited reward here's your wake up call. [ male announcer ] get the spark business card from capital one and earn unlimited rewards. choose double miles or 2% cash back on every purchase every day. what's in your wallet? [ crows ] now where's the snooze button? ♪ ♪ ♪ [ male announcer ] for dad's first job as dad. nissan tests hundreds of child seats to give you a better fit and a safer trip. snug kids, only from nissan. ♪ >> charles: afraid higher interest rates may slam stocks. they say don't be afraid. >> tbt ultra short treasury, interest rates goes up. this goes up. >> adam? >> xlp a consumer staples, less interest rate sensitive. people have to keep eating. >> charles: ben? >> i love berkshire hathaway, if you can be on the same team,

i mean, i want to correctt ben n e thing. he made the point before that immigration is basically to to meet demand for b. not to drive down the cost of labor. so -- >> amo other things. >> what's odd about this is tt we don't he dend for hard labor. and they're still thinking about bringing people in. and this is what i don't get from t left. they say they're for the poor and everything, to give benefits out. and basally hel the poor. this doesn't help the poor, this hurts the poor. it dres down the base wage rate. >> it actually if you look at the cbo report, it says that wages will drop slightly for lower income americans and higher iome -- i's t middle group that will not have a gative. and i have the union argument. if y unionize like mcdold's, your prices will go up if the wages go up. if you keep wages flat or lower, thatmeans prices at restaurants and retailers that we all go to will remain steady. >> the went into hard labor. but the way, that was this 1920s when there was a need. we don't have the need now. >> we wil

ben cohen, the cofounder of ben & jerry's ie cream says yes. heill tell usis ambitious plan to do it. i hope it includes the americone dream. that is delicious. >>> breaking down the cost of imgration. cbo says it will cut the deficit and boost the economy and increase jobs. really? we haveormer cbo director douglas holtz-eakin to crunc the numbers. "piles of moy" coming up. ♪ ♪ melissa: no matter what time it is, "money" is always on the move. fans rejoice. microsoft just announcing that they will not require their upcoming xbox one video game system to have an internet connection to play games. this issue has caused a huge stir in the video game community. there is no doubt that news will help microsoft sell the council. right now investors are gaming board's in don't know what to make of it, but soon there will. from makin as commander montae ending a cold hard cash in the nation's capital and n in the big apple, ben and jerry's co-founder has a new campaign to stamp money out of politics. he is giving away $1 bills stamped with phrases

and that the markets had misinterpreted ben bernanke's statements last week. lloyd blankfein told me -- >> chairman bernanke said we'll be very data dependent, but if the data reflects growth and very much focused on unemployment specifically, we'll taper ourselves off of quantitative easing. potentially by the end of the year. not necessarily if the data doesn't support it. >> the final measure of the gdp was revised downward to 1.8% growth. that's down from a previous measure of 2.4%. less than expected and due in part to weaker personal consumption. housing remained a bright spot. the s&p kay schiller was up in april. surpassing expectations. it also had the biggest annual gain in seven years, due to partly tightening inventory and fewer foreclosures. sales of new homes rose to the highest level in five years, to an annualized rate of 476,000. the market certainly felt different this week. did anything fundamentally change, or did they just take a deep breath and redetermine what ben bernanke was talking about. university of chicago boot school of business

i mean, i want to correct ben on one thing. he made the point before that immigration is basically to to meet demand for labor. not to drive down the cost of labor. so -- >> among other things. >> what's odd about this is that we don't have a demand for hard labor. and they're still thinking about bringing people in. and this is what i don't get from the left. they say they're for the poor and everything, to give benefits out. and basically help the poor. this doesn't help the poor, this hurts the poor. it drives down the base wage rate. >> it actually if you look at the cbo report, it says that wages will drop slightly for lower income americans and higher income -- it's the middle group that will not have a negative. and i have the union argument. if you unionize like mcdonald's, your prices will go up if the wages go up. if you keep wages flat or lower, that means prices at restaurants and retailers that we all go to will remain steady. >> they went into hard labor. but by the way, that was this 9 1920s when there was a need

>> yes. >> neil: ben, what do you think? >> before you came on i watched president obama talk and say there is no problem. we're if nobody phones is being listened to, what is the whole point. if they are not listening to us and monitoring our emails what is the point of the whole thing? >> there is a very easy answer to that. >> what you are forgetting this the first step to getting the probable cause to listen to your phone. >> that the way they work. >> it's never, zero. >> which is the position that the republicans have always taken. look, here is the thing. if you got a suspected terrorist in a place like yemen speaking to somebody inside the united states, i want to know the phone number of that person. i want to be able to have the court and go authorize them to listen to it. that is not what the president said. secondly what we're talking about here is preventing another 9/11 attack. i don't understand.... [ talking over each other ] >> neil: we're combining events. here is what i think, the fact of the matter this i

and the taper is not tightening, as ben bernanke tried to point out. they're not stepping on the brake, they're just taking their foot off the gas. >> there is an effective tightening, a minor tightening taking place, of course. this is where we have to distinguish between if you like the big picture which maggie was talking about where the economy is moving and we should be pleased. but there is a highly technical point, of course, that as accommodation or as tapering takes place, bond deals will rise. that requires investors to start thinking about where they're going to put the money. if bond deals are rising, mortgages will rise and collerns will rise. >> you want to take that excess out. there are bubbles forming and the fed wants to stop that. >> but that is a de facto tightening, and there you will see the specialists starting to scratch themselves and say something is going on. but the big picture, which is what you and i need to consequence on, the big picture is looking rosy. >> i'm not scratching anyone anywhere, richard quest. i'm just tryi

we'll talk with the great ben of the ben & jerry's about politics and money which is the chunky monkey of our democracy. and refuseing to publicize kick ass ii. i'm still waiting for that apology from batman forever. and mcfleetwood of fleetwood mac, michelle lee, and robocop and one more thing the texas state representative was able to make a crazy comment about rape kit because she brought along with hero offensive statement kit. this is "viewpoint." [ ♪ theme music ♪ ] >> john: ben and jerry's likes our theme oh song. i'm john fugelsang and this is "viewpoint." democracy in america is on the march. you thought we had democracy in america already? in a country where affirmative right to vote is not established in the constitution, but the right to make unlimited campaign contributions is, the ever-rising cost of elections seems to be driving the average voter to the margins while corporate power has its way. which might explain why half of the adults asked said they would vote in favor of government-funded federal campaigns, and nearly 80% said they would vote to limit the amount

because of the verbal tapering we've got from ben bernanke. that opportunity selling in the bond market. you saw withdraws as you mentioned earlier, from bond fund. bond fund in equity, by the way. like utilities have seen the 10% correction. if you got your money out of bond fund, now is time to shop for equities. take a look the at stocks that have gone through the collection. now is the time to put money to work. >> i'm saying, okay, we are down almost 5% from highs. is that the correction and is this the moment i get in, like you're saying? or is there another 5% to come? >> yes. as pete are lynch said, buy what you know and save money when it gets claeper. cheap er /* /-. >> don't jump in all at once. don't take the whole wad of money. use it as it happens. >> with the market down 353, what does this tell you about tomorrow's open? >> ben bernanke was the spark. i think the other more importantly, if i put a percent ang on it,. china is the most important economy if the world right now. it satisfied the rest of the world from going into d

will ben bernanke make hints about his own future? so much intrigue on this fed day, and welcome, everybody, to a very special "street signs," folks, fwhr a few minutes we're going to find out about interest rates and then the action will begin with the fed news conference. mandy? >> indeed it will. welcome, everybody. we have an all-star panel lined up for you today. we have pimco's bill gross, jpmorg jpmorgan's david kelly and diane swonk and our very own steve liesmanch we'll hear from all of them in just a moment's time but here is where the markets are standing just minutes ahead of that big fed decision. the dow is off by 17 points. the nasdaq is down by 7, and the s&p is down by 1.5 points. well, joining us now is diane swonk, chief economist and managing director at merzio finance and david kelly with jpmorgan funds. great to have you with us here today. ladies first on "street signs." diane, what are you expecting today? >> well, i'm expecting the fed to keep its purchase program at 85 billion per month for now. the u.s. econ

he renovated the ben franklin hotel in downtown san mateo. it is filled with students who shadow draper even for this interview. >> you went to stanford and harvard. what does draper u deliver those schools do not? >> for one thing we are clear of all of the accreditation requirements and all of the lawyers and the boards. they are all very careful. we take a lot of chances with the students. but those students come out much stronger, much better for it. it is a great experience all the way around. >> is there a fine line between a great experience and kind of -- a scam is too hard of a word but is there a fine line that this is a fun session that this is not doing much? what we are trying to do is -- people have always told me you can't train entrepreneurship. and you can't teach entrepreneurship and when ever somebody says you can't, i think well, how would you? how would you create an entrepreneur from a ball of clay? i thought, well, there is a way. >> okay. what's your angle? are you trying to poach some of these young students for yours

we have ben bernanke's news conference. i mean, everything happens tomorrow. and the market's pentagoning itself for a rally today. >> so i guess this is suggesting that tomorrow the fed will say, we're not going anywhere. we're going to keep the foot on the pedal. in terms of stimulus. >> i guess. >> is that what this is suggesting? we'll get answers with our guests. >> i don't -- i've stopped trying to read the market's mind lately. it doesn't make sense. >> the traders are unfazed by another big new his item today at a hearing in washington. it was revealed the government stopped a terrorist plot to attack the new york stock exchange. we have the full details coming up. the reaction here from the floor. >> plenty of reaction, trust me. >>> tomorrow at this time we will know what is ben bernanke doing and what is he not doing? remember yesterday, how this market moved in just an hour, right here on this program, just over that report on what he might or might not do. well, imagine when we actually do know what he said and what his intentions are, we'll have

joining me now is politico's ben white. if we can, give us a sense what happened in the markets yesterday. >> already in the red today. i think what you're seeing is ben bernanke is taking the training wheels off the economy. or will eventually be taking the training wheels often by pulling out all the quantitative easing, all the bond buying the fed has been doing. several rounds of this quantitative easing. it's boosted house prices. it's kept mortgage rates down. everybody's nervous when the fed stops buying up all these bond, the economy might not perform all that well and stocks are going to look a little expensive. so that's why you're seeing stocks sell off. that's why you're seeing mortgage rates go up. the ten-year treasury note is rising. the highest it's been in a couple years. think of ben bernanke as a drug dealer, he's taking the drugs away from the economy. >> everybody coming down from that high, as it were. the president in a conversation with charlie rose hinted bernanke would not serve a third term as fed

ben cohen, the cofounder of ben & jerry's ice cream says yes. he will tell us his ambitious plan to do it. i hope it includes the americone dream. that is delicious. >>> breaking down the cost of immigration. cbo says it will cut the deficit and boost the economy and increase jobs. really? we have former cbo director douglas holtz-eakin to crunch the numbers. "piles of money" coming up. ♪ at od, whatever business you're in, at's the business we're in with premium service like one of the st -time delivery recordsand a, we do whatever it takes to make. ♪ melissa: no matter what time it is, "money" is always on the move. fans rejoice. microsoft just announcing that they will not require their upcoming xbox one video game system to have an internet connection to play games. this issue has caused a huge stir in the video game community. there is no doubt that news will help microsoft sell the council. right now investors are gaming board's in don't know what to make of it, but soon there will. from making as commander montae ending a cold hard ca

we were living at home. >> for ben his life has completely changed. he's a mega celebrity now. >> reporter: the man with the pipes behind "thrift shop" -- ♪ i'm gonna pop some tags ♪ only got $20 in my pocket -- is an endlessly friendly 51-year-old who'd dreamed but given up hope of a music career years ago and gone to work for microsoft. then macklemore called. >> for me this is rarefied air. this is dream come true stuff. i am living a dream that i've had literally since 1968. ♪ i wear your granddad's clothes ♪ ♪ i look incredible >> reporter: thrift shop would not be an obvious song for anybody to go this is going to do really, really well. >> i swaz surprised. everybody here is surprised. the song about secondhand shopping. >> reporter: it's a recipe they were told would never work. including their subject matter. ♪ i might not be the same but that's not important ♪ ♪ no freedom till we're equal ♪ damn right i support it >> reporter: "same love" is an anthem to same-sex marriage. others are eloquently worded first person accounts

ben, what isoing on here? >> what is going on here is a disaster. those who travel a lot, arrive late at night exhausted. needing to go over the speeches the next morning need room service. we are suffering terribly. it's just almost unspeakable the forture we are going through. [ laughter ] >> when i hear the pain of america streaming on that, first thing it does in fact come t mind is what i will get the chickp wings at 1:00 in the morning delivered to my room. the wings are outrageously priced. average they make on room service is $3 a person. >> not far from us had a tray charge. $15 for the tray. can i keep it? they sa no. shocked. i thought we were moving toward a jetson world but it's moving toward the flintstone's world. you go to the supermarket, self-check-out. what the heck happened. prett soon you have to change your linen and have the same towel until you check out. you probably won't see a han being at the hotels in a couple of years. >> neil: but they are giving all this up. maybet's a pay-for-service type of thing. >> brown bag deliv

the one question i want to ask ben is, ben, what are you afraid of? i want to know what you're afraid of. cnbc, all the channels that cover business, we have person after person after person, buy side, sell side, upside, downside, how is the economy? economy is great. what about stocks? you got to buy them. what if they break? you have to buy the dips. what's wrong with the economy? i don't hear these people saying anything is wrong with the economy. so what's wrong, ben? why can't we get out of crisis management mode? there's always going to be something. let me think, ism is under 50, oh, my good god, we can't pull in qe. or unemployment. this unemployment really gets a spur under my saddle. i remember a point when i was talking about labor force participation rates before the election. when facts really matter and people vote for their leaders. no, the unemployment rate isn't really going down. what did i hear from the fed chairman? crickets. crickets! now that he 250is ties it to th unemployment rate, everybody wants to talk about ha factor becaus

ben, what is going on here? >> what is going on here is a disaster. those who travel a lot, arrive late at night exhausted. needing to go over the speeches the next morning need room service. we are suffering terribly. it's just almost unspeakable the forture we are going through. [ laughter ] >> when i hear the pain of america streaming on that, first thing it does in fact come to mind is what i will get the chickp wings at 1:00 in the morning delivered to my room. the wings are outrageously priced. average they make on room service is $3 a person. >> not far from us had a tray charge. $15 for the tray. can i keep it? they said no. shocked. i thought we were moving toward a jetson world but it's moving toward the flintstone's world. you go to the supermarket, self-check-out. what the heck happened. pretty soon you have to change your linen and have the same towel until you check out. you probably won't see a human being at the hotels in a couple of years. >> neil: but they are giving all this up. maybe it's a pay-for-service type of thing. >> brown b

i think ben bernanke is a student of the depression did a great job of avoiding that scenario but now we're in a different place the stock market is back to where it was in two thousand and seven and everybody that are scary times now right everybody is asking is it time to take the patient off this powerful medication called quantitative easing and i think that debate is going to be quite a protracted one because it's a little too early in my view to say recovery is established we can return to normal we can raise rates i don't think that is going to happen but there are there are critics of the fed who say that what ben bernanke did only prolong the inevitable and that we're going to have pain in the future which is greater than that which we experienced in two thousand and eight how would you respond to the i must say i'm a defender of. this issue i think those who for see a tremendous inflation as a result of quantity of easing don't really grasp how inflation works not somebody who spent his early career studying the german hyperinflation and even worked on russian hyperinflation

the market is very concerned about what ben bernanke is doing. they're very concerned the party is coming to an end, and nowhere are you seeing it more than the 30-year. you have to look at interest rates and the rate that people at home care about, the 30-year mortgage and that indicates whether or not they can sell their home. i don't know. when you look at it in the -- through the spectrum of half year, not that bad. but i think things are getting worse from here. >> the flip side of interest rates backing up, people get off the fence and that prompted the housing rebound. >> yeah. as long as interest rates -- this is -- benazir ben bernankeu need a some rink to -- shrink to figure out what he was saying, he seemed like he was going cut off stimulus. >> you know these guys. >> you mean bond traders. >> why everytime it looks like the numbers are good, they get nervous because it means that the fed is going to quit doing this. but the numbers are less than good, and that means they're less likely -- they're all keyed to the government. >> they

ben, what is going on here? >> what is going on here is a disaster. those who travel a lot, arrive late at night exhausted. needing to go over the speeches the next morning ed room service. we are sffering terriy. it's just almost unsakable the forture we are going through [ laughter ] >> when i hear the pain of america streaming on that, first thing it does in fact come to mind is what i will get the chickp wings at 1:00 in the morning delivered to my room. the wings are outrageously priced. average they make on room service is $3 a person. >> not far from us had a tray charge. $15 for the tray. can i keep it? they said no. shocked. i thought we were moving toward a jetson worldut it's moving toward the flintstone's rld. you go to the supermart, self-check-out. what the heck happened. pretty soon you have to change your linen and have the same towel until you check out. you probab won't see a human beng at the hotels in a couple of years. >> neil: but they are giving all this up. maybe it's a pay-for-service type of thing. >> brown bag delivery. >> n

ben bernanke spoke and the economy had a taper tantrum. he said the economy is getting stronger and if the strong reports continue, the fed will slow down the pace of the bond-buying programs that helps to keep interest rates low this fall. bernanke also said quantitative easing could end by the middle of next year. >> if the incoming data are broadly consistent with this forecast, the committee currently anticipates that it would be appropriate to moderate the monthly pace of purchases later this year, and if the subsequent data remain broadly aligned with our current expectations for the economy, we would continue to reduce the pace of purchases in measured steps through the first half of next year, ending purchases around midyear. >> well, those words spooked the markets. the dow jones industrials average tumbled 350 points on thursday, the worst day since the presidential election last november. the markets were mixed on friday. on top of that, interest rates on the benchmark 10-year treasury bond spiked, interest rates rising above 2.

thousand and eleven we'll talk about the markets and the fed with will neil ferguson and a floor trader ben well as in a little bit and just when you thought the treasury department would simply keep its meddling to monetary matters secretary jack lew made a full court press for internet censorship excuse me cyber security channeling george while the former revolving door exact of citigroup said the growing cyber threat is larger than anything that corporations can solve on their own and this is after several congressmen became quite vocal this is a few days after the trans-pacific partnership called nafta on steroids by some and that secretly negotiated freely would quote hand over u.s. sovereignty to corporate interests and that's according to congressman alan grayson so here's what's in your prime interest. now yesterday i had the chance to sit down with the author of neil ferguson a harvard professor of history and senior research fellow at both oxford and stanford university's he recently wrote a book called the great degeneration and i asked him about the fed's role in markets and her

i think ben bernanke is a student of the depression did a great job of avoiding that scenario but now we're in a different place the stock market is back to where it was in two thousand and seven and everybody there are scary times now. everybody is asking is it time to take the patient off this powerful medication called quantitative easing and i think that debate is going to be quite a protracted one because it's a little too early in my view to say recovery is established we can return to normal we can raise rates i don't think that is going to happen but there are there are critics of the fed who say that what ben bernanke did only prolong the inevitable and that we're going to have pain in the future which is greater than that which we experienced in two thousand and eight how would you respond to the i must say i'm a defender of. this issue i think those who for see a tremendous inflation as a result of quantity of easing don't really grasp how inflation would somebody who spent his early career studying the german hyperinflation and even worked on russian hyperinflation in the