dollars are going to be made or lost tomorrow based on what you report. so we'll certainly be watching. peter, great to see you. don't forget tonight on fox business, neil cavuto will join us for special coverage of the convention. it all starts at 8:00. ends at 11:00. >> watch it. >> i'm adam shapiro in for melissa francis. here's what's "money" tonight. hopes of new stimulus are fading ahead of ben bernanke's street. will the chairman slap back wall street's begging snand economist john taylor live from jackson hole. plus the spotlight turns on mitt romney. just hours until the gop candidate's biggest campaign moments yet preparing to lay out his economic vision to jump-start the recovery. one of the romney campaign's top advisors is here with a preview. hedge funds go madman.

congress lifts a decades old ban allowing secretive investment firms to begin advertising. can an ad blitz score enough business to revive a struggling industry? even when they say it's not, it's always about "money" adam: good afternoon to you. we want to take a look at the day's market headlines as we head into what is going to be a big day of news especially out of tampa. first the bears waking up from their recent slumber. spain holding off on a decision to request a bailout and rising skepticism over a new round of stimulus from the federal reserve pounding stocks today. the dow traded below 13,000 for the first time in nearly a month. blue-chips slid 106 points closing at the 13,000 mark. despite a selloff there is

good news on the economic front, consumer spending in july. it posted its biggest gain in five months the data giving hope the recovery may be strengthening after sputtering through the ink spin and early summer. knight capital backingp plan over the facebook ipo debacle. offering to pay trading and brokerage first $62 million in damage due to technical mishaps on facebook's first day of trading. other major financial firms citigroup and ubs they're rejecting nasdaq's proposal. all eyes on jackson hole, wyoming. the economic elite are flocking to jackson hole for the federal reserve bank of kansas city's annual meeting to debate the future of the world's economy. federal reserve chairman ben bernanke is expected to offer more clues about the fed's outlook on the u.s. economy and what steps the fed may or may not take to help the economy grow. fbn's peter barnes has an invitation to this exclusive

event. he joins us with insight for investors as well as an upcoming interview with john taylor, stanford professor and economic advisor to gop nominee mitt romney. peter, i want to set this up to you. reading a quote from the "cleveland plain-dealer." this is where the elite meet. 140 people every year, some of the biggest names in economics and finance, come to enjoy the breathtaking views of the grand teton mountain range, hike, fish and engage in the intellectual combat in the halls of the jackson lake lodge. that combat impacts our wallets. tell us about it. >> they're absolutely right. this is a very academic conference. however the big keynote speech by the fed chairman every year is the big news and we get that tomorrow morning from federal reserve chairman ben bernanke 10:00 eastern, 8:00 here after he does his traditional walk shot. we have heard a lot from the fed about what it may do to try to help the economy with potentially more stimulus,

more monetary easing. we do expect the fed chairman to outline the options for the fed on how to do that. the risks and as you know, we got the all-important jobs report coming up from a week from tomorrow. after that the fed next fomc meeting on september 12th where the fed already said it will start to consider additional policy moves to help the economy, adam. adam: peter, very quickly, is the election a factor in anything they will be discussing there? >> i, it could be. i did talk to one former fed governor who is attending this and he told me at the airport he thinks that the conventions, this bookended by the republican convention where the fed chairman has been under a lot of criticism and democratic convention next week, he thinks that will temper the bernanke's remarks because he doesn't want to appear to be helping the economy to help president obama's re-election campaign. he wants to make sure he looks, stays firmly neutral. and speaking of that, let's now go to john taylor,

stanford economics professor and also an advisor to republican presidential candidate mitt romney. and, professor taylor, thanks for joining us once again here in jackson hole. >> great to be here. >> you just came from tampa? you were a delegate from california to the convention. very exciting i'm sure but the big story is, mr. , is governor romney's acceptance speech tonight. what is he going to say about the economy? >> well, of course his plan for the economy is laid out. he has got a plan to really get growth encreased quite a bit. because it has been so low to try to get unemployment down. that he is laid out. we have been talking about it, he talked about it and paul ryan talked about it last night. there certainly will be emphasis about that. what concerns me about the economy we're languishing here. under 2%, maybe hovering around 2% and i think we need a change in policy to fix that and he has got a real change in policy to do that. the more strategic.

less short-term stimulus packages. get tax reform going, dealing with regulations. it is an exciting time i think for policy. >> is chairman bernanke going to be announcing any changes in policy tomorrow? >> i have no idea of course. speculation is that he will really confirm what was said last, at about the last fomc meeting, which is of course hinting towards more quantitative easing or other kind of actions. i actually don't think it's a good idea to do that but they will do what they want. >> why don't you think that's a good idea? >> i they have they have been largely ineffective so far and more and more so. at the margin the benefits are getting smaller and smaller and you think the costs are growing. each time the balance sheet is increased is question how it is undone. there is speculation all the time about the markets. there is uncertain aspect to it. i think it is a question of costs beginning to outweigh the benefits. >> do you think that, well, what do you think are the active policy considerations? we did hear

that in september 12th meeting they're going to look at perhaps extending the forward guidance to keep interest rates, announce they plan to keep interest rates low, not just through the end of 2014 but maybe into 2015, maybe 2016? >> they may do that. there is another very promising thing at last meeting reported in the minutes. that is this discussion trying to use policy rules or strategies to talk about the policies. >> like the taylor rule. >> whatever they want. it is a promising development. we know policy worked well many years when it was more strategic, less discretionary. not so many of these very unusual interventions. the more they get back to that the better off they will be and better recovery will be. >> you're talking about the state of the economy right now. we have very mixed data points coming out over the last month. a month ago i was doing a story on a possible double-dip recession. just in the last couple of weeks the numbers look a little bit stronger. what is your read of the economy right now?

>> well it's not good. i mean irony is, 1.7% will go to 2.2, yeah, that's great. it's terrible, to have growth at that level. that's why unemmoment is not coming down. this kind of recovery is just not doing the job. i think it is a real concern. the last recovery from deep recession in early '80s. we had 6% growth. i think to me it is a lot of bad news. sometimes worse than others. when you're growing so slowly you get close to negative territory. >> your name keeps popping up on the list of possible fed chairman if mitt romney gets elected president. would you, would you accept that job offer if it came your way? >> such a hypothetical question. you know what i am doing now is writing and talking about monetary policy and actually fiscal policy and regulatory policy. >> would you totally rule it out? >> i think it is important for me to continue do that i'm enjoying it. i'm enjoying being a

professor. research and all that. >> you have been in public service about in washington. we'll wait to see how the election unfolds wait to see if you get back? professor john taylor of stanford university. thanks for joining us on fox business. adam, back to you. adam: appreciate it. you're keeping eye on mr. taylor, that broke the news that he would maybe replace ben bernanke. maybe in follow-up discussion whether you can get out of him whether he intends to become the chairman. >> i will work on it. adam: peter barnes live from jackson hole. he will have the latest on ben bernanke. we have latest on something that hits all of us. gas prices. they shot up 2%. in the wake of hurricane isaac. that is jump of 3.1% in two weeks. patrick dehaan, senior petroleum analyst for gasbuddy.com. thanks for joining me. the hurricane is gone. is that the only reason prices shot up or is there something else going on in the world? >> there is certainly something else going on in the world and really it's

going on in the great lakes. you know, looking at prices you would have expected the hurricane would have gone through the great lakes. prices there spiking even more significantly. in fact michigan and illinois seeing some of the highest prices now back over $4 a gallon. so it is regional refining issues that are coming into play here, not only in the gulf where refiners are shut down but now we're seeing it, the trickle over is still in the great lakes where they continue to be dogged by these issues. adam: when you say dogged by these issues i understand there have been problems with refinery in the midwest w i understand that the rye fineries in the gulf have to get started back up and they're not started yet. that will take three days. we're not at full capacity in the united states. we're undercapacity with refineries. can't we move the refining process to these places that are not operating at full capacity? >> well, that's a great question and we should. we should boost, utilization has been sluggish all this summer but demand hasn't

been there refineries haven't been incentivized to entice them to produce more. if we get the refiber-optickers to produce more. adam: time out. you said demand has not been there. call me a freshman, if there is no demand why is the price up? why is it not down? wholesale prices for gas went down. retail price whether i'm in chicago, cleveland, los angeles, miami, shouldn't it be falling? >> i should put it in relative terms. demand is there. it is down compared to where it was so production is down. we're still consuming eight million barrels of gasoline per day. that is lower than last summer when we were over nine million barrels a day. demand is still there. refinnerries have a conflict of interest. adam: you think? >> if they move capacity they boost their bottom line. adam: very quickly, t. boone pickens was on with with us yesterday. he expects the price of gasoline to go back where it was before the hurricane by next week. do you think he is right? >> i say it may take a couple weeks. adam: a couple weeks? you're saying not even until

the end of the september perhaps? >> i don't think it will be just one week. i think it may take two weeks. everybody knows prices come down slower than they go up. adam: patrick, thanks very much. i know stuart varney is big fan of yours. appreciate you coming on this show but also "varney & company". patrick, have a great day. >> you bet. adam: 11 minutes after 5:00. hours to go until mitt romney's prime time convention address. his vision to revive the u.s. economy is set to take center stage. one of mr. romney's top advisors will be here with a preview. that's next. plus is google running scared after apple's knockout patent blow against samsung? developing details how google and apple may be working towards a piece peace agreement. more "money" coming up. ♪ tdd#: 1-800-345-2550 when i'm trading, i'm so into it,

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♪ . adam: governor romney is getting ready to step onto the biggest stage of his political career. he has about the 40 minutes to give the sweep of his life when we accepts the republican party nomination for president. get this. an estimated 40 million people are expected to watch on television. so what can we expect? lonni chen is romney's senior policy advisor. he is here with inside scoop. i already know make my day, clint eastwood will be there. what other surprises are we expecting tonight? the national anthem is playing. out of respect mr. chen is waiting for that to end. out of respect to everyone there. i think they have just

wrapped up. is mr. chen with us? are you able to talk with us, mr. chen? lonni, are you there? >> i'm here. i'm sorry. they were finishing the national anthem. tough time hearing you. good to be with you, adam. adam: clint eastwood is there. there will be olympic athletes there. let's get right to it. what is the most important thing that mitt romney has to do with this speech? he has 40 minutes to win the vote. how does he do it? >> i think governor romney will present his vision where he will take america over the next four years. this will be a speech that let the american people know where he is comes from and where he will lead the nation. this will be a speech about the bitter disappointment last four years. americans were expecting so much more from president obama. he hasn't delivered the leadership america needs. adam: talk about a hard act to follow. paul ryan amazing last night. a lot of people on the left saying it was a terrific speech. then you have condoleezza rice, who summed up so well what so many people believe

to be american exceptionalism. listen to what she said last night. >> the efforts of america, what really unites us, is not nationality or ethnicity or religion. it is an idea, and what an idea it is. that you can come from humble circumstances and you can do great things, that it does not matter where you came from, it matters where you are going. [applause] adam: we chose that sound bite because she seemed presidential in her speech last night. how does mitt romney top that? >> well, secretary rice and congressman ryan gave great speeches last night. tonight though really is about mitt romney presenting a vision. it's about him letting the american people know more about who he is. and i think the american people will find that he is a man who is ready to lead. he is a man who had a remarkable career in business and in government, saving the olympics, growing businesses and saving a state. i think that in of itself, that presentation of who he

is, it is going to make for remarkable speech tonight. adam: let me ask you, if you can still hear us, i hear them rehearsing the national anthem again, paul ryan speech coming under attack from democrats saying he left out details and wrong about some of his details. for instance, talking about medicare. that the democrats, the president will cut $716 billion from the program. they say ryan and romney will do that. how do you counter? >> well, look, president obama is absolutely guilty of cutting $716 billion from medicare to pay for obamacare. there is no question that he raided medicare for current seniors to pay for his program. he is running from his record because he knows it is a weak record. and he knows that mitt romney and paul ryan are the only candidates in this race that will bro tech medicare for current seniors and strengthen the program for the future. adam: but the left would say in response to what you just said, romney-ryan cut 600 plus billion from medicare too? >> well that is simply

untrue. governor romney hasn't indicated if he is elected president he is going to restore those cuts, that $716 billion is going back into medicare. so that is just a flat-out lie. adam: paul ryan last night actually criticized the president for failing to follow his own presidential commission, the simpson-bowles commission on debt reduction. he voted against that, wasn't even a vote but he chose not to follow it. would in a romney-ryan administration would they enact the one to three, revenue raising one cuts, revenue, would they do that? >> ultimately the question will there be presidential leadership to follow some of the template of what bowles-simpson laid out. bowles-simpson ultimately was about tax reform. it was about a need to get to a place of fiscal responsibility. there are some he willments of bowles-simpson that governor romney absolutely supports. adam: like? >> shame to president convene the commission and completely ignore. adam: we have a little time. i think its important. what are some of the

elements that he supports from simpson-bowles, bowles-simpson? >> first idea of tax reform that broadens the base and lowers rates. the notion that we have to get serious about the problems that we face in social security. doesn't agree with all the exact fixes there but a number he believes are step in good direction. finally the need for deficit reduction. we have to get to the point cut our spending and move to a balanced budget. adam: lan-hee chen, thanks very much for joining us. a lot of people, 40 million plus will watch mitt romney in tampa, florida. >> thanks again, sir. have a good one. adam: you've been following in the newspapers and television the battle de jure of century, i'm talking google versus apple. before his death, apple ceo steve jobs, called for quote, thermonuclear war against google for stealing his ideas and using those ideas in the android mobile operating system. last week a jury ordered samsung to pay apple more

than one billion dollars for violating at that time points on the -- patents on the iphone with eight of their devices. first collateral damage in the war between google and apple, they targeted samsung. there are report that is the two ceos, tim cook and larry page, are having behind the scenes talks, almost like the middle east. they're meeting in denmark perhaps. behind the scenes talks about intellectual property rights. adam lashinsky, "fortune" magazine editor-at-large and author of the book, inside apple which saved me more than once in covering apple last spring. joins us now. these negotiations going on, do we see a truce in the future? what's going to happen? >> hi, adam. yes, i think there has to be a truce in the future. that's essentially what always happens in intellectual property situations. reuters reported that larry page, ceo of google and tim cook, the ceo of apple have spoken on the telephone. they didn't report anything more than that. we don't know anything more than that about what they spoke about but here's the way these things work w they

sue each other. there are rulings in trials and then there are, then licenses are taken out essentially by the losers. that is oversimplification where this thing is heading. eventually if you want to use somebody else's technology and you know that you could get sued for taking it, then you pay for a license. >> so as a consumer because the argument is over the samsung settlement i may pay more for a samsung device but at the end of the day will google end up paying licenses fees to apple? did google do what steve jobs accused them of doing, stealing patents? >> i don't know. it is complicated by the fact at a high level the reason apple sued samsung, not google, samsung is the one selling a telephone, getting revenue from it, using google's free software. so it is hard it sue a company using, that is distributing free software. if, if the, you know the powers that be come to the con pollution there is --

conclusion that there is apple technology in google's software, then they will have to take out a license. as far as consumers go cases like this can stifle competition in that, you know, there will be fewer options for consumers. on the other hand, if a samsung and an htc and ran lg and google have to do something different, if they're able to succeed in doing something different and innovating that of course will be good for consumers. adam: coming down the pike, will we see called the google wallet versus the i-wallet and might apple bash google over the head saying you stole our idea or might google bash apple over the head saying you stole our idea? >> the difference there, right now these companies and everybody else are essentially fighting feature by feature by feature over everything on the cell phone and everything on the tablet. and so this mobile payments wallet issue is yet another example of that. apple's product is called the passport. it is not really a product because they have announced it but they haven't released

it yet. they announce these things early so they get their partners working on it. google wallet does exist but it is supposed to be adding many more features. so i don't know where this will go from an intellectual property or patent perspective but what i would point out, it is very early days for all of these features and for all of these products. these are two of the players. there are many, many more players involved here. adam: i have to wrap up, adam, quickly when we were teenagers the question was ginger or mary ann, now the question is kindle or ipad. >> is the question to me or what do i prefer or what do i prefer. adam: kindle or ipad. >> i'm a ipad. i'm not sure if that is ginger or mary ann but i use ipad. adam: adam lashinsky if you haven't read his book, i'm a fan of his book. it saved me covering apple. encourage you to cover it. and how people at apple actually function. mr. adam lashinsky thank you very much.

>> thank you. adam: congressional tariff on chinese goods leads an american tire company in sleds and hundreds of workers out of a job. head after bankrupt business is here to talk about how he is taking his case to court. ted cruz calls for no limits, you're hearing me right, no limits on money in politics. but will a campaign cash free-for-all make a bigger mess out of the election process? we'll ask wyoming senator john barrasso. do you ever have too much money? everyone has goals. take the steps to reach yours, with us

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♪ . adam: when congress passed a law in 2008 placing a tariff on imported goods from china, some countries

assessed duties back in 2008, and 2009, we sued in federal district court and we initially filed for preliminary injunction saying look, if you impose these 44% duties, the company will not beable to stay in business. but the court imposed the duties anyways. we, the bank called our loan the next day. we were forced to file for bankruptcy protection. we then won in federal district court in august of 2010. the department of commerce who imposed the duties appealed the decision. it went to the federal appeals court and we won again in the federal appeals court in december of 2011, just last year. adam: but then congress changed the law, right? congress changed the law, making the tariff retroactive. meaning you didn't get a refund of the money the courts said you were owed? >> exactly. the court said, the court said that the, the department of commerce owed

us the refund. the department of commerce appealed to the supreme court which did not hear the case. and then they went to congress and they did something which was very interesting. it was by unanimous consent, in other words, vote without any public debate, without going to the floor, without anytime for comment, and they passed a retroactive bill it say, well-being okay, if the courts are going to say that you didn't violate the law as it stood back in 2006, we'll simply change the law. adam: let me stop you there. retroactive. it put you out of business because you were hoping to get that money back but, making something retroactive, i'm not a lawyer, but i think our law is based on after the fact. this is before the fact. this is very dangerous. could this be applied to all kind of industry and regulation going forward? >> well with the reason we're continuing to suit is

simply because this is very dangerous. this is a slippery slope. like the government backing in and saying we know you didn't violate the epa laws back in 2006 but you know what? guess what? we're changing that law and now you have violated the epa laws. so this could be done from the department of justice, for the ftc, for epa, for any of these administrative agencies. so its very, very dangerous. adam: so much so even though you're out of business you're still fighting this case and other companies, i know that the tire that you used to sell, some of them made in china, chinese firms are actually helping fund this fight. it is somewhat complicated. but at the end of the day this new policy it would seem of making something retroactive not only seems un-american but does seem dangerous? >> well with you know, we're very concerned because a lot of people are talking with regard to the tax code. businesses need predictability and if we can't rely on the laws on

the books at the current time, what can we rely on? and what company is going to feel like they're going to sue a federal agency if they know that even if they win in court, the congress can simply go and change the law retroactively? i think it will have a very chilling effect on business in america. adam: first i appreciate you being with us. i'm sorry that your business is out of business because it cost about 500 people their job. good fight. keep the fight going. a lot of people are rooting for you. >> thank you very much. adam: tossing out limits to campaign cash. tea party star ted cruz calls for unlimited money in politics but could it make an even bigger mess out of the electoral process? we'll ask one lawmaker running for re-election this year, senator john barrasso. he's next. move over, hedge fund ads may be hitting airwaves. you thought the lawyer ads

were bad. details how they plan to get investors to listen up. "piles of money" just ahead. ♪ . ♪

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i'm shape adam shapiro. before we do the spare change segment. it is important to recap where we've been. roughly five hours mitt romney is expected to address 40 million people nationwide as she -- he accepts the nomination for the republican party to come their candidate for president. last night we herd from paul ryan. joining us two guests that will look familiar to you from fox business. first of all, tara dowdell, democratic party strategist? what is the title. >> you can refer to me as democratic strategist. adam: democratic strategist. david asman, everybody knows one of the anchors at fox business. the stauget was stage was set by paul ryan on the left, democratic side there was great criticism about the speech. >> i will say this to paul ryan's credit he gave a crowd pleasing speech. clearly had the audience on their feet at the very end of the speech. it was a rousing speech from

a style perspective. he had humor. he hit all the marks but on a substance perspective it was filled with falsehoods, misinformation. fact checkers had a tough time going through the speech because there with so much in it not true. >> now we're fact-checking the fact checkers. i would say the game seter actually took place the night before, the first night, not because of mrs. romney. i thought she gave a great speech. not so much of chris christie. i think his speech was criticized. i think diversity of new talent. republicans have a new talent. very diverse, a lot of minorities. for all the charges we're hearing just broaching the subject of welfare reform, kind of same way bill clinton did in the 1990s is a racist thing to do, that was belied by just the look, the new talent that has been come to play in the republican party. adam: when you talk about talent, i think, ooh i am going to, forgive me for personal opinion here, condoleezza rice, to me

there is a presidential candidate. i thought that speech was amazing. >> right. adam: but i want to get back to the issues because we do know that mitt romney does take some of the simpson-bowles plan. we talked about this at the beginning of the program. some of his economic policy should he become president comes out of simpson-bowles. paul ryan very appropriately the finger at the president who ignored simpson-bowles. you smirked at me. >> i'm smirking because, paul ryan was on the simpson-bowles task force. >> right. >> and paul ryan voted against simpson-bowles. there is evidence that paul ryan also pushed back against the grand bargain which would have offered more spending cuts, 10 to one spending cuts to revenue increases because he didn't want -- didn't want, let me finish. >> you're not saying that the president was in favor of simpson bowls? because the president was one who ignored it. >> he didn't ignore it. he put it together. >> not only do republicans say that, but bowles himself says that bowles is a democrat who worked with your friend bill clinton.

he says the president ignored simpson-bowles and -- >> doesn't change the fact that paul ryan voted against it. it wasn't lex wally to get -- >> paul ryan doesn't vote against simpson bose. some of which was simpson bowls presented by. adam: one more question. the control room will tell me when we can get to the fun stuff. >> this is fun. adam: very quickly, i will share with both of you. i conducted a interview with neil barofsky, bush appointee, democrat attacked by obama administration and attacked by conservatives. he says a plague on both houses. he says neither mitt romney nor barack obama will do anything to real in the financial industry, and make it, hold it accountable or protect us u.s. taxpayers from too big to fail. the president going to do anything? he didn't do it this term? >> i think dodd-frank does. it requires higher capital requirements, greater transparency. mortgage brokers and servicers

many which benefited from signing, giving people loans without checking their credit. no background checks. the government may have wanted to expand homeownership. they did not tell the banks not to check people's credit. adam: even tim geithner said in regards to that, you know, the financial help for underwater mortgages geithner said, he said we're foaming the runway for banks. >> can i throw some facts in here? the banks are more concentrated now than ever. >> right. >> we have had more concentration in the top five banks. now in the past four years when the president has been in control. remember two of those years he had democrats controlling both houses of congress. so why have we had a bigger concentration, more too big to fail banks under the president's terms? >> that is fair question. and so i have a response. because not all of the rules for dodd-frank have been written. so you can go online. you can actually monitor the rule-writing process and implementation process. adam: 2,000 pages. congress had an opportunity

with i think it was senator brown and i, brown-kaufman, both liberal democrats. but their bill would have broken apart the banks. and senator shelby, actually was in favor of this. there were republicans. >> now he is not. adam: but they were. but they were. where was the leadership on behalf, the administration saying let's do? what barofsky, former inspector general of tarp, president, everyone, republicans and democrats are in pocket of wall street? >> something tara and i will agree on, politicians shouldn't decide who fails and who succeeds. it should be the market itself. if banks are doing something badly they should be allowed to fail. they shouldn't be supported by politicians many of whom have a direct interest in the banks succeeding. sometimes a monetary interest by the way. adam: i appreciate both of you coming on. i have to end. hopefully at the end we get spare change. they canceled "jersey shore". that is important topic.

>> i'm from jersey. i'm so glad they did that. adam: i will give you last word on that one. as we head to commercial break, republican calling for no limits to campaign fund-raising cash and it's growing this idea. but will it bring even more havoc to the election process? my grandmother would say process. she is canadian. senator john barrasso next. ♪

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aah! learning how to kick flip 6 stairs takes determination. so will getting into college. i've got what it takes. so do you. ♪ . adam: 11 minutes until gerri willis's program. before we go there, tea party texas senate candidate ted cruz is calling to open the floodgates on campaign donations. he said earlier, this is quote, i believe in free speech. i would eliminate the all the limits and require disclosure. should contributors be allowed to donate as much money as they want? joining us to discuss this from the rnc convention, senator john barrasso himself, up for re-election this year in wyoming. love your next of the words, sir.

been to jackson hole. it is beautiful. when we talk about campaign finances. a lot of people think that is ugly. what do you think about candidate cruise is calling for, donate as much as you want just identify who you are? >> i sport ted cruz's election to the united states. he is constitutional scholar. been lecturing on the constitution since his days in high school. i will do everything possible to get him elected to the united states senate. with regard to financing of campaigns, laws are passed supreme court rules on that. you want openness, you want transparency. you want to know where money is coming from. and you want to make sure there is no special deals, no carveouts. because unions have found ways around this for many, many years. and i want to make sure they don't get special favorism or treatment. adam: what would will be wrong with this propfl? ply colleague john stossel has a brand new book out he makes the case, open it up, if you're a billionaire, go

for it. why not make it simple, donate as much as you want and go to the races? what is wrong with that? >> supreme court will rule on these and specifically freedom of speech. that is something that is discussed. i don't see anything passing between now and election in november. after the elections i'm sure there will be robust debates about accountability, about disclosure of campaign money, but you just have to make sure there is, that there isn't an openness to the process because what we're seeing now this administration under president obama using intimidation tactics of those who have been contributing to some of the super pacs, there have been storerys about what he has done to intimidate those who have given an attempt and try to scare others from contributing, using the power of his white house, the power with the government. so, people will then maybe shy away from contributing. adam: but isn't that the argument as to just, let it all go?

we seem, our inclination to believe too much money corrupts the political system. but a lot of people would say the system is corrupt as it is just open the gates. just identify everyone as they are? what's wrong with not, what's wrong with having no cap on how much a person can contribute? >> well, what i'm saying right now is that the president is using the power of the government to intimidate people to not contribute, whether it is legal or not. these are people who are doing things that are 100% legal and the president is still trying to intimidate them. and i think that is absolutely wrong. he is doing it to impact them as well was to scare others from contributing to efforts to undermine the president's re-election effort in an effort to get mitt romney elected. that is why we're here in florida, to hear mitt romney tonight. there is so much excitement on the convention floor. the convention doesn't open yet for almost another hour. and yet the floor is starting to fill up and

there is a significant buzz after the speech last night by paul ryan and what people are anticipating tonight from, from mitt romney. adam: will go very off topic, last question. it is a softball question to you, sir but how does mitt romney top condoleezza rice and paul ryan who gave terrific speeches last night? >> well we've heard some remarkable speeches last night and the two that you mentioned as well as susana martinez. absolutely wonderful. mitt romney will be here on the floor tonight. he will connect with with the american people. he is going to show them that he has the competence and as well was the confidence to be president of the united states, to lead this country in a way, in a direction different than what barack obama has done over the past four years. people will, after tonight realize that mitt romney is someone who they are comfortable with, someone they trust and someone that has the right answers. only one in three americans think our country heading in the right direction right

now. we need it turn that around mitt romney is the person to do it. adam: senator john barrasso from the great state of wyoming. thanks for joining us. >> thanks for having me adam. sure will with. >> moving on the e-trade baby may soon be getting a serious run for his money. hedge funds move to dive into the advertising game. details how it could impact investors next. at the end of the day, it is all about money.

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