most people have lost confidence in the president's ability to handle the economy. and nasdaq admits the facebook ipo was a disaster. investors are filing suit, morgan stanley has been subpoenaed. what a mess. >> and what kind of sick joke is this? president reagan's blood being auctioned off? it's true. we go live to get the reagan family response. >> i'd be remiss if i didn't say facebook was perhaps the single worst ipo i have ever seen, everything done wrong from where it was placed by morgan stanley to perhaps this new call, that some knew the earnings were weaker to how badly the nasdaq handled it to every single aspect and it's just a blight on our market. it's always a bull market somewhere. i'm jim cramer. i will see you tomorrow! >> hey, sully, what are you looking at? >> i can't say it look you did.

but the facebook ipo, a big uh-oh. i'm filling in for larry kudlow as he takes a few days off. and it is a big news night. your top story, breaking news, a new nbc news/wall street journal poll released minutes ago shows most americans are losing confidence in the president's ability to handle the economy. also breaking tonight, facebook ipo finger pointing. the nasdaq admitting it was a mess. envestors filing suit and now morgan stanley has been issued a subpoena. the question tonight, was the facebook ipo a failure? plus the congressional budget office sounding larry's alarm. if the bush tax cuts expire, the american economy will come to a screeching halt. and here's a story that would make larry's blood boil. a british auction house plans on

auctioning a vial of president reagan's blood since the day he was shot. yeah, folks, that is a true story. breaking news with the new poll. john harwood joins us live with the details. john, what does that survey say? >> brian, one of the things it says is that voters are so locked in that even big news like the gay marriage announcement, like the jpmorgan trading debacle have not significantly shifted the numbers. let's look at the horse race between mitt romney and barack obama. by 47-43 the president hold as 4-point edge over mitt romney if the election were held today. that's slightly smaller than what he held last month. when you look at what weighs down president obama, number one is declining confidence in the economy. just 33% of americans expect the can economy to get better over the next 12 months. that's down 5 points from a month ago.

when you look at who has the best prescriptions from the economy. president obama, 3 2% of the americans have confidence that obama can physical the economy. but that number is more inconsequential for the incumbent. when you look at the romney business experience, when you ask voters if s that an asset or liability? the obama campaign has been going after the bain capital record, almost 4-1 they say romney's business experience is a help. >> and obama at a 58% chance of reelection. john harwood, thank you very much. >> so president obama is betting his bain attacks will win him points over mitt romney. if it was not clear before, people, it should be now.

this election is all about the economy and who can fix it best. here now, matt miller, "washington post" columnist and center for american progress senior fellow. kevin williamson, author of "the dependency agenda" and our guest host for this evening. i liked, mark, what john had to say. americans are so locked in. why doesn't we just have the election tomorrow? is there anything anybody can say or do hon list that will sway anybody to the other side at this point? >> i don't think so. it's worse than it looks. the campaigns get the internal polls that are much more detailed. the obama administration frightened by what they saw. i've never seen this panic in may for an ibt. when you say bush had the same numbers, he's up against kerrey, hose credentials were kind of vague. this is a guy with a real

business resumé, ceo. you have the margin of error that will also help romney. >> it's like a batter saying i'm confident, coach, that i'll get a single, not a double or home run. the next guy says i'm confident i'll strike out. nobody's confident in anybody. >> i think they have reason not to be. if you look at the way our institutions have failed us, from the bush white house to the obama white house, people have had a pretty rough ride of it. the idea the public is broadly turned off and doesn't have confidence in either side i think makes perfect sense. it means people are paying attention. >> shouldn't we have a poll are you convinced anybody in d. krchlkts can do anything to improve your life? >> you look at congress and people usually go around 4%, 5%, 6%, something like that. there's a lot of evidence these guys don't know what they're doing and they're not the best

people to solve the problems. unfortunately we have to choose between one jack ass and another jackass. >> that your both highly capable people, different priorities and ideology. >> we were talking about the pack animal, which was very needed on long journeys. >> technicallies a donkey and elephant. >> maybe you believe that. i'll take the record from '09 forward and conclude jack ass. if i'm romney, i like the fact obama is planning to attack him over bain capital. if i'm him i want to say, yes, let's talk about my business career and how i'm good at it and you're not. >> if i was romney and i wanted to go on the attack, i might say i had a law career. if you're obama -- to the extent romney wants to trump his private equity background as being credentials for the white house, obama's best trump is

that the auto restructuring he provided over was a much bigger version of the private equity construction that mitt romney ever did in his entire career. he mad the cuts, he slashed costs and you've got two viable american automakers you wouldn't have. solyndra and four other companies went down the tubes. >> solyndra's a pimp compared to -- >> they have a lot of pimples. >> he rescued a lot overseat -- >> what you're saying, mitt romney, he's for the wealthy, he's for that group. i'm for everybody else. and there's a lot more, moot, than anybody else. >> so how does mitt romney

counter that? >> i don't think people rese resentment to the rich people. americans kind of like winners. >> which is why i have argued and will continue to argue that mitt romney should come out tomorrow and say i support passing the buffett rule, let do it. let's raise the taxes, hammer it, get gop on its side. at least it out of the way. that takes that argument away from the president's cam many and focusses on the other 90%% of the -- >> why is it a cheap political gymic? >> it's occupying so much of our dialogue despite the fact ilt petty cash! >> and it's also sound policy. it's not about resenting the rich to say -- >> it's not that sound. it's petty cash. it operates the government for five days. >> but that's not the relevant point. the fact that something doesn't

fully solve the problem doesn't mean asking the best in society to bare some burden of the adjustment the whole country is supposed to make, that's fair. >> even buffet himself says it cures any words. >> i wonderany politician will come out to say the net effect for the fax rate by dropped by more than half as 1980. >> it's not the rich, it's the bulk in the middle whose income has not gone up, but whose tax burden has dropped nicely. >> don't yell at you, america. and we double the number of searsiers on social security and medicare. even show we chang the both of those champions, which i should have to do.

i'm going to said you said that. >> he doesn't touch taxes. maybe you don't agree with all his cuts but he cuts much deeper than anybody else. at least he seems to be speaking more -- >> not when you cut taxes out of the equation. >> ryan is talking about exclusions and things like that. >> caller: and he hasn't talked about a simple parade. he walked away from simpson-bowles. >> specifically the form in that model is something republicans can get behind. >> the bottom line is four years later, we have the worst recovery as possible, have half of people under bar. >> he's the own one that's been

president. >> we had a financial bubble burst. it takes years to get that off. >> the steeper the declean, the steeper the recovery. >> if you can't fix the problem in 2009, don't run in 2008 promising to fix it. >> i like kevin's view everybodyies a jack ass because most people would agree. was a good discussion. nice shirt by the way. i like that. >> all right, coming up, america is barrelling toward a fiscal cliff but don't you. because tonight maybe there's hope that the president and congress will fly and hope. i realize out of here. and don't forget the cuddly creed. premarket capitalism is the best

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welcome back. i'm mark simone filling in for larry kudlow. a dire warning from the congressional budget office

tonight. unless congress addresses the end of the year tax cuts, a recession could grip washington. senator udall, if there were no republicans, just democrats, what is it you'd want to enact? >> well, that's never going to happen with all due respect to my republican friends but i would want to put bowles-simpson in place immediately. i was a businessman all of my life, i know you have to have a balance sheet. usa inc. is no different. we're going to simplify the tax rates, generate more revenue. we make the right kind of investments in the short term in infrastructure and our people and it leads to innovation and

our economy. >> if i couldn't get re-elected bowles-simpson, i could live with that. >> there are lot of things that people object to with bowles-simpson. your thoughts on that. >> it sounds great to put forward simpson-bowles but the way this process works is the house has shown they're willing to be held accountable. they've passed a budget. that's on the table. we need to see something out of senate democrats to put on the table. then we would go to conference and that's where the compromise would begin between the parties. first of all, the democrats have to compromise with themselves and pass a budget or at least agree to president obama's budget. >> i know -- i'm day dreaming here but there was a time when reagan and tip o'neill could get together and talk, even clinton

and newt gingrich could talk, bob dole could get things done. what's going on now? the bickering never stops and nothing ever get done. senator udall, what can we do about that? >> you're right. the president and leaders of both houses ought to sit down, majority reed, leader pelosi and the president, let's urge them to sit down and go to work and a bowles-simpson plan. >> shouldn't your president get off the campaign trail and got these guys in the room and do something about this, run that meeting? >> sir, we got very close in august as we all know. it was discouraging to me a bit because we had nine part spending cuts to one part revenue increase. my good friends on the republican side wouldn't take the deal. let's get to work and get bowles simpson put in place. >> senator johnson, it's not as simple as simpson-bowles but is this government now too big to

succeed? >> it's certainly too big to manage, that's for sure. i want to go back to last summer because i have no idea hough close we might have come. i was totally opposed to negotiations because the american people simply don't know what was proposed, what was rejected. we should be really following basically regular order. again, the house has done that, the senate should do that here. the democrats and the senate should put forward a plan they can actually vote for. since i've been here, a senate democrat has yet to even vote for one budget proposal. none. they need to do that first so the american people can see what their plan is for preventing the fiscal cliff. >> senator, you'll agree at some point we've got to cut spending, wouldn't you? >> let me say, ron, we'd agree to call each other by senator but, ron, he and i have a common goal, which is to get our country on a physically

sustainable path. strict spending cuts provides a way forward. it's become so political, so much gotcha amendments, nouts a worthwhile process right now. we could agree to return to a process that was substantive that would folks on the budget rather than playing political gotcha gains. >> people talk about tax increase, but that hasn't been shown to generate revenue but tax reform could generate revenues. >> let's increase it the old fashioned way, by growing our economy. i also think just an attitude chang. he heaps regulation after regulation on the backs of job leadership. i think getting new leaders, saying america is open for business again. get all the cash that's on the

sidelines that's afraid to be invested, give those guys the confidence to start investing in business and creating jobs. we need plan, need to show those folks we're going to get our fiscal house in order here. republicans have a plan, it's on the table. the democrats don't. >> but we need all you guys to get together, stop the bickering and get something down. thanks to senators john udall and roger noon. >> they did not hug it out at the end but maybe you got somesome confidence they would work together. >> i don't have any confidence. i glae with you immediately. you got -- this has become like yankees-red sox. nobody can talk to each other anymore. >> i believe there's a certain type of people but a little more on the social liberal side. i imagine there's millions that are sitting in the middle that say i don't want to spend

anymore, i'm not for higher taxes but why is the republican party going over here socially? >> do you think that's true or not? who do you pick, though, they'll just stay away. i wonder who that would again fit, if millions stay away because they're disgusted what you just taub about, that there's no candidate that speaks to them. by it's way romney may find his voice. imagine if they just did tax reform, how much simpler things would be. >> i just tweeted out the first candidate who says middle class taxes are at 30 years low, i will vote for him. he has my vote. all we ever here are the overtaxed middle class. i'm not advocating higher taxes but at current spending levels, the money is no there. >> no mark, stay with us.

up next, euro fears are back. former graek prime minister that means our experts will face off. that's ahead. that's ahead. today is gonna be an important day for us. you ready? we wanna be our brother's keeper. what's number two we wanna do? bring it up to 90 decatherms. how bout ya, joe? let's go ahead and bring it online. attention on site, attention on site. now starting unit nine.

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i'm bertha coombs with a news update. in response to the controversy of the role of an analyst in the

facebook ipo, morgan stanley said it followed the same as with all ipos. a former nasdaq official cells cnbc it would have delivered a solution. the first lawsuit has been filed against nasdaq claiming it was negligent in handling order for facebook shares causing losses for investors. it is seeking class action status and this is likely just the beginning. meantime dell shares down 12% after hours. the cfo saying we fell short of our own expectations. and before tomorrow's opening bell, another tech giant hp reports, having already leaked its plan to lay off as many as 30,000 workers.

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and welcome back to "the kudlow report," everybody. i'm brian sullivan in for larry

as he takes some days off and mark simon is your special guest for the next half hour. and a uk auction house is putting up for auction a vial of president reagan's blood. tonight we are live as the reagan family responds. and where there's smoke, there's fire. vice president will switch out vice president biden for secretary of state hillary clinton. some are saying it is the only way he can win the election. we will debate. let us turn to the risky business on capitol hill. today's senate banking committee hearing was the first of a series that probed jpmorgan's big bet blunder, regulations and risky bank bottles. was there any big catches coming out of this or was it

congressional fishing at this point? >> a lot of congressional fishing, a lot of tough questions from these regulators. it won't surprised you to know that they suggested to the lawmakers they need bigger budgets for their agency, mary shapiro saying her agency is outgunned by the computer power up on wall street. but after the hearing hi a chance to catch up with mary shapiro and i asked her if individual investors should be confident in the markets given everything that we've seen from mf global to jpmorgan to facebook. and here's how he answered that question. take a listen. >> i think there's a lot of reason to have confidence in our markets and the integrity in how they operate. but there are issues specifically with respect to facebook and as we testified to, we're all looking carefully at the jpmorgan trading. >> can you tell us what you focused on in your

investigation? >> i can't tell you just yet. we're clearly focused on what happened with the trading and whether there are any implications on that. still under way. >> do you have a time frame as to when you might have some answers? >> no, i don't. sorry. >> no answers about exactly what they're learning but they are clearly looking into the situation and no sense yet of when we'll get the details of what they've uncovered so far. >> thank you. >> you bet. >> we had a late-day selloff on the street because greece remains the word. european fears, remember those, kept back into play after former greek prime minister said that preparations for greece's possible exit for the eurozone are indeed being considered and the facebook fallout continues as that stock dropped another 9% today. the stock is now down about 20% from its friday ipo price of $38 a share. mark zuckerberg clearly in the poor house.

joining us to discuss all but the last part, michael farr, mark simone still with us. all right, michael farr, we've had one pseudo greek default already. is this going any time soon? >> no. but i appreciate you saying i'm not an expert on the poor house. if zuckerberg's there, it not bad company. this is a slow rolling really intense car wreck that's not going anywhere pip talked to a senior official of the wall street bank who is an ops manager, covers europe. she told me over the weekend they can't clear drachma. it going to take them four to six months before they put the computer systems back into place to clear drachma transactions. even if they want to throw them out, they can't get rid of them right now. this is going to continue to

cause lots of nausea for a while. and without germany and france actually being able to come to any sort of an understanding, you know, it going to be great theater but hang on to your money, you're going to need it. >> mike holland, you've got people at home saying i just want to buy ibm, i just want to buy google and they're saying why do you guys keep talking about greece? can you patch it together. does it really matter? >> it does matter. as warren buffett is quoted as saying a long time ago, when people are fearful, i want to be greedy. when people are greedy i want to to be fearful. just a little comment of the greek prime minister knocked the prices down 30. ibm and google, two stocks which i own are doing very well and their stocks are very, very low

valuations. you have company throwing off huge cash dividends relative to the other yields in the world. >> you guys keep kill mieg facebook stock, though. >> do you really own facebook? >> i have a few shares of it. >> my apologies. >> my sympathies. >> i have a sell order at a thousand. >> are you going to sue anybody? >> i'll start a facebook page for that. what is going to change in europe? you have this entitlement society where half the population is not working in countries like greece and other countries. there's no long-term solution to that problem. it's there for everybody. >> well, it is there for everybody. and we're watching the french election. we just had to hold on. is he like a cousin of yours or something? >> my sungle. i naund understand he knows how to garner the popular vote but i

don't think he knows the balance sheet at all. >> he is no aausterity. spending has gone up in every major european country over the last five years except this year. spending in greece is $30 billion higher than it was about six years ago. what austerity? >> with socialism, the problem is you run out of other people's money has come true here. >> an unfortunate thing here, brian, ireland has done it right and really done hard work and bitten the bullet and what's happened is they're mired in an economic -- >> forget the pigs because i'm going to coin is right now for all of perpetuity. the ices have it, iceland and ireland. they're coming back to the debt marked. facebook a big stain, a black

eye. it looks bad, stinks bad, you got lawsuits. but does it matter to the overall market? >> yeah. it perpetuates, brian, this really horrible view most people have of the stock market. people who have been burned for ten years. it causes opportunity but baus it makes valuation very low bu it keeps investors away. >> i don't i don't think there are people around for the dot.com double. >> but it also undermines confidence. we have morgan stanley who looks like they really messed up and it looks like nasdaq all of a sudden it undermines that confidence and a lot of what really builds our chi. to dip in on that one ipo, it may never return. gentlemen, thank you very much.

>> thanks, brian. >> let's have a little good news. optimism in the middle east. for the first time in 630 years, egyptians are heading to the polls to freely elect their next president. it is a high-stake vote that could influence the future of economics. professor, thank you very much for joining us. this is an election that is very important but it is a long way away. i'm guessing that most of oraudience is not familiar with the candidate. can you give as you quick primer who the candidates are and what might be the best outcome for open economic policies because egypt is the youngest and the most populous. arabic, not muslim, but arabic population in the world.

>> there are really only two candidates who have a reasonable chance of winning, the former head of the arab league, a secularist, very urbane, well known and a former member of the brotherhood and is perceived to be somewhat more liberal on some of his former cog eegs. the opponent will have to respond to very popular demands for distributions of waelt. one of the chat engs has been a perception that crony capitalism and corruption really disported the individual. >> ambassador, the great credentials comes with a great resumé. again, he's part of the mubarak

administration. there was a lit mubarak teague at the end there. why go back to anybody from that administration? >> he's been trying to shed the mubarak question ever since he entered the race almost a year ago and it's been hard. nonetheless, the polling shows there's still some pore from people from the old regime. people also know -- percepti perception -- he was tough on us and tough on israel. >> former candidate. where are the leaders in all this? >> the new folks who made the uprising, kindly disappeared.

and. >> abs, aexpect a week in europe about three weeks ago. i was very hospital mystic. the people were struggling but they craved chick freedom. kentucky fried chicken, levi's, nike and all of them expressed their desire to be a closer part of the economic world, free trade. who is the best elected of these two, if it's going to be one of these two, that would further egypt's push toward greater economic freedom and maybe its greater sort of place in the economic world? >> my guess would be amr moussa.

>> abolfotof talks about it but doesn't -- >> congress anticipated a large amount of money and the american people didn't want to see ngos operating. we did try. >> thank you former ambassador daniel kirtz. >> up next, a truly vial story. a vial purportedly of late president reagan's blood up for auction. plus does obama's ticket for a second name contain the name

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time off. a u.k. based online auction site is selling what it claims to be blood taken from president ronald reagan following the assassination attempt against him in 1981. unbelievable. an outrage. here now to respond is executive director of the reagan foundation. thanks for being with us. what have your lawyers told you? this blood apparently was handled by an outside lab, as a lot of blood is sent to a lab. someone took it home from the lab, she asked permission first from her supervisor, who said it would be all right. what have the lawyers said about the legality of that? >> well, the story as you've described it is just as we've read it as well. we're doing the best to track down the individual who says they're in possession of the blood as well as get in touch with the auction ship in england to try to halt the auction.

outrage is correct. it's absurd that something like this could happen, the president of the united states goes into an emergency room and has to worry about where his blood is going and if someone is going to profit from it, it's absurd. >> a big hospital, you think they'd do the blood work inside the hospital. there must be something inside the agreement that the blood can't be handed out to an employee to take home. you have consulted lawyers about that? >> we have. it violates every conceivable right you can imagine to privacy. when you go into the hospital room in a tough medical condition, this is something you want to be thinking about? i don't think so. we've been in touch with gw. >> did the person with the blood contact you and try to sell you that blood? >> actually, the person with the blood contacted the united states government. they contacted the archives to find out whether or not the

government had an interest in it. the government said to the person it's not government property. we don't have an interest in it. you give it back to the reagan estate and the person is selling it anyways. >> it's a disturbing story but there's a book out that goes into the bigger issue that, what we don't understand is that when things are taken from us at hospitals, they are no longer the property of us. in other words, we do not own our own organs, a lot of our own dna. perhaps some good of this. if we find out this is legal, john, do you want to make a bigger push, go after the rights of people who have this things removed from them that are used from profts down the line without anybody getting any benefits from it? >> right now for us time is of the essence because this auction is scheduled to take place on thursday and we are highly

focused right now on one thing. stop this auction. stop the profit taking offering is willing has anybody in the reagan family talked to but this? >> the reagan is responsible for the protection of his legacy. >> if you want to auction something really rare, could you try obama's sweat. no, i didn't say that. i heard the last bid is $14,000. >> i think like most auction, we wee can probably expect this as it get to the last minute for the price to skyrocket about. >> john heubusch, thank you very much. disturbing but maybe some good will come of it for privacy down the road. and hillary is polling higher.

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welcome to the world leader in derivatives. welcome to superderivatives. welcome back to "the kudlow report." hillary for veep? rumors are flying on the presidential trail. with obama replace the outspoken

biden with hillary clinton? two-thirds of americans view her favorably. let's bring in our guest. keith boykin and senior contributor keith williams. biden was put on the ticket for his foreign policy gravitas. he is the biggest gaffe machine in political history. should president obama go into a tight race with that land mine waiting to go off, keith? >> he's not a land mine. absolutely he needs to stick with joe biden. if you get rid of biden right now, it makes it look like the president is weak. you can't abandon somebody who has been with you all this time. that's about disloyalty. he can connect with white voters and he can articulate the message to middle class and

working class voters in a way that barack obama hasn't been as able to do. he's effective but not as effective as joe biden it s. >> i'm not sure if that works anymore. he's trying to create that aura of every man but he's a long-time washingtonin sider. >> he takes the train -- >> it's very expensive to go from wilmington to d.c. >> biden maybe is best for the president this time and it does show loyalty but is joe biden better for the democrats in 2016? >> i don't think he's better this time. it cannot appear that joe biden is pushed off the ticket. but if he were for some reason not able to serve or switch roles with hillary clinton -- >> are you kidding?

>> i am not a conspiracy theorist. if joe biden and barack obama a team. joe biden was the one who will say things sometimes that barack obama doesn't say, but barack obama and joe biden are thinking the same things basically. >> if we're going into the convention and barack obama has his back against the wall and he does not think he can win, he needs this election to become historic. one of of the reasons he won last time was he had an historic moment. young people, african-americans, women, folks who might not vote this time in some cases showed up. this would happen again if hillary is on the ticket. >> what you fail to understand apparently is you apparently forgot what happened in 2008 when john mccain tried this whole idea of having a game changing can't. >> are you comparing hillary clinton to sarah palin? are you seriously doing that? >> my point is you don't make

changes and pick somebody just because they're a woman. you pick the person who is the best president. >> i hope the rnc is keeping this tape. >> hillary clinton is a great candidate, by the way and i hope she kicks the republicans' butt in 2016. >> there have been a number of president who is have switched vps. a guy by the name of franklin delano roosevelt, i believe, abraham lincoln. some were illness or other reasons. it's not like it's unprecedented. why do you think it would be such a bad move, at least from the optics? >>. >> it's completely unnecessary. it defeats into this whole oh, the campaign might be in business. mike dukakis lost the election

in 18 leads. and obama end is going to win. he's at the same place in the polls. they could have joe biden hillary clinton to an historic -- the first female vice president. >> joe biden is not going to stepstep down. >> why would hillary clinton want to hitch her wagon to barack obama right knew? >> exactly. >> it's a good question, it's an argument maybe she wouldn't. she is getting older. she's no spring chicken. >> she's young aer than mitt romney is. >> how old is she going to be in four years now? i mean -- >> is there any chance joe biden does step down for some reason?

>> do i get to answer? i'm not previous districting it but it's not an absurd impossibility. i give it some percentage chance as an act of desperation. >> keith and matt, we will continue the debate when larry comes back. >> oh, man. >> that's how i feel, too. many thanks to our special guest, mark simone. good job, might to meet you. i am brian sullivan in for larry. thank you for watching. have a great night, everybody. [ male announcer ] how do you trade? with scottrader streaming quotes, any way you want. fully customize it for your trading process -- from thought to trade, on every screen. and all in real time. which makes it just like having your own trading floor,

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