says. thank you very much everybody. here's connell. connell: thank you very much. good morning everybody. it is a grave concern that is how it was described this morning the unemployment situation in this country by ben bernanke. he says the fed will try to help more, if it's needed. then mitt romney making his case to the american public last night. he was talking about his business experience. also getting a little help if you want to call it that from hollywood. >> i'd just like to say something ladies and gentlemen, something that i think is very important is that you, we, we own this country. [applause] connell: a unique appearance by clint eastwood. romney by the way is headed to new orleans as the bill comes in now from hurricane isaac. we're going to be live today in louisiana with the latest on the storm's aftermath. at the top of the hour, we come on air on the markets now with a rally underway on wall street. every 15 minutes.

stocks now with lauren simone i simonetti. >> good morning. i used to work down here full time a couple of years ago where i found a card where i had volume what was considered light medium heavy throughout the day. it is amazing to see how much the numbers have declined. volume is very anemic and it has been all week. that's the underlying theme of the move we are seeing. big movers today is facebook, unfortunately hitting new all time low $18.23 a share. several analysts coming out and cutting the price target on the stock. b of a, merrill lynch is citing up coming lock up expirations that will put down side pressure on it. you can see navistar surging and intel is one of the leaders on the dow and one of the leaders in the s&p 500 as well. back to you. connell: thank you lauren. basically i'm here if you need me. that was the message from ben bernanke this morning in jackson hole. john brown t senior -- the

senior economic consultant is joining us today from florida. it's reiterating a previous message. basically what he's been saying. i will help you out if i can, more stimulus if needed. what do you make of is it? -- what do you make of is it? >> our central bankers are continually producing synthetic money which in turn finances synthetic growth and lots of political votes. that's the way of politicians staying in power and that's what they want. in effect it is robbing citizens in the end. nothing goes continually upwards like this, ever. in the whole of physics and almost whole history. there's bound to be corrections. if you get really steep, you have a correction. they won't allow the natural directions to happening. what they are doing for the future is a massive crash.

connell: i think that people have your point of view run into the problem in kind of trying to make their case that we won't believe it until we see it, almost. it's almost like kind of the doubting thomas syndrome and we have gone through these years where hey the stock market has gone up, dow is up today, 140 points, they are saying come on, john, but you are saying massive crash still. >> it's very interesting. you raise an interesting point. all the central bankers are saying no, no, no. what do they do? they're the biggest buyers of gold in the world and their massive net buyers now. so they keep telling everybody, oh, citizens, don't you worry about gold. gold is nothing. you just take our paper. what are they doing? they are buying massive amounts of gold, net buyers huge amounts right now. connell: i'm glad you brought up gold because the gold standard something you have talked about a lot, back into the mainstream to some degree this week when it was talked about in the republican convention scene the party platform -- and the party platform, you really believe

there's a realistic possibility -- notice i'm not asking you if you think we should go back to the gold standard, not that debate today, but do you think there's a realistic political possibility in the united states that we would revert back to something like that, modern day? >> well, connell to answer your question really, i have to say -- define, there are three gold standards, there the full standard, the exchange standard where you allow paper convertible into gold for ordinary citizens and there's the link standard which allows convertibility of paper into bullion but only central banks. that standard i think that could come back, in other words pre-nixon. i think it could come back pause it could be in the interest of nations not in the interest of individuals, us, the citizens, the voters but of the bankers. it could come back. and that one i would say there's a possibility of that one coming

back. the thing is so bad. connell: people have been speaking about enthusiastic cli -- enthusiastically, and we will continue to have a discussion about it. thank you. >> thank you. connell: forbes opinion editor, live for us in our d.c. bureau, is that a strategy that you think is effective, the one that was articulated by governor romney last night? >> i thought it was one of his more effective ones, in that he made the point that a lot of people probably were proud and excited back in 2008, but how do

you feel about that choice today? you look at where you are economically, where the country is, it's probably not an exciting decision at this point. connell: a lot of people described the romney speech as -- i heard this word over and over, quote unquote, solid, and then some of the people that are the most conservative were maybe looking for more, and others did point out that it seemed as if as you said he was able to reach some people maybe he hadn't been reaching. do you think that was the way to go? is this the typical move to the middle that we've seen in general election campaign? is that what last night was about? >> yeah, i mean, i have to say solid, not my favorite. i thought he was very light on policy proposals. it was more just a lot of platitudes, but my view is that he only had to be mediocre last night. conventional wisdom says he had to hit it out of the park. but i say look at the president he's going up against, president obama has overseen a failed economic plan, this in the most talented country on earth.

it won't take much to beat a president obama who doesn't understand how economies grow. so i don't think he had to be great last night. connell: let me pick up on your point, he only had to be mediocre, that's interesting going into this. we're going to have a policy director on in a minute. it will be a chance to ask the romney campaign about what essentially is your criticism that you brought up, they weren't heavy enough on policy. i know he had the five point plan that he outlined towards the end of the speech. what did you want to see? >> even there, we're all for tax cuts, i certainly am, but i thought what he said about taxes is something that any republican presidential candidate would say. i thought we need to de-regulate, but i didn't think he was very specific there. the biggest concern for me is there was no discussion of the dollar. it can't be stressed enough that there are no companies and no jobs about investment and when administrations like the bush and obama administrations have done are cheapening the dollar, you are not going to get job growth, and not once did romney bring up this problem and why

this is a huge barrier to job creation. connell: it's fair to say that strategically you save that kind of thing for a debate maybe and when he goes head-to-head with the president, or no? >> fair to say. i look back to ronald reagan, he ran on returning to a strong stable dollar. dare we say it, he even talked about a gold standard. romney also talked about there will be unmistakable consequences for countries that don't trade fairly, my view is that trade is always fair, and the only cheaters in this game right now are governments that are playing around with currencies and so for romney to say that and essentially talk about starting the trade war is very dangerous, and it's something that would spook the markets. connell: interesting. i'm going to take some of these arguments that you have made directly to the campaign to a key policy advisor who will join us in a few minutes. keep the discussion going.

>> please do. connell: thank you, john. good to see you again. >> thanks. connell: news alert for you now, magnitude 7.6 earthquake today striking the area east of the philippin philippines. followed by a 5.5 quake in the same area. tsunami warning immediately issued. since been lifted. the seismology agency reported a moment ago that there were small waves hitting the southern philippines and higher waves could arrive shortly, but they have lifted at least some of these tsunami warnings. that's a big earthquake though just off the coast of the philippines. more on it as we get more information throughout the day. and again, more on mitt romney's economic plan in just a moment. the governor, his policy director, is going to join us in just a moment. we will go through some of the specific issues that our last guest just raised and the plan for the future now as the general election campaign is in full gear. then high-stakes big money game of keeping energy markets stable. this is pretty cool, stick around for this, melissa francis with the navy today in the persian gulf. she has a live report later this

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connell: markets now continue and we will have the policy discussion directly with the romney campaign that we promised you in a minute. first hurricane isaac which is now gone from louisiana but the damage is far from being gone as local officials there are dealing with the aftermath. and jeff flock is in louisiana and he's on top of it today. jeff? jeff: 3 1/2 thousand people evacuated from this community alone, connell. i will tell you, the water is starting to go down. when it goes down, it really gives you some interesting stuff because you see everything from worms -- there's one -- i was going to say i thought it would be pretty easy to find one right there. and then the other thing is ants. these fire ants, take a look at

this, they are everywhere on this ground. there they are eating that worm. i apologize to the worm. but this is what happens when the water goes down, and in fact, we got that other -- that's a colony of them there, there you go. and they are looking. look? they are on an ant expressway here. i don't know if you are able to see this, lance, they're just running in a line here. so they're everywhere. this is what people going back to their homes are trying to -- are facing here, along the receding flood watters in and around new orleans -- floodwaters in and around new orleans. connell: jeff flock thanks in louisiana today. quarter after the hour right now, let's go back to lauren, stocks now, every 15 minutes. big winner in this market for us? >> yes, it is a data software company, 3 billion dollars market cap and it has some big customers like bank of america,

zynga, as well as viacom. their second quarter loss widened but grew their sales more than 70% as they continue to attract a bigger customer base and that made their boost their full year revenue guidance, the stock is soaring, nearly 17%. the company ipoed back in april at $32. it is up since then. as for markets overall, nice gains across the board, looking to take the winning streak into month number three. of course today is the last day of august. can you believe september is when we come back after the long weekend? back to you. connell: that's right. lauren, thank you very much. after officially accepting the republican nomination last night, romney's campaign will be preparing to take the next step. we're joined by phone right now by the policy director for the campaign, perfect person to talk to today because just before i got you to call in, there was criticism that a prior guest was making and others made it as well, that last night although the governor made a solid

speech, it was a little bit light according to to john and others on policy. john says when he did talk about policy, nothing about a strong dollar, and the comments about china maybe bordering on scaring the markets into thinking we're headed towards a trade war. what about those criticisms of last night's address? >> well, thanks for having me on your show this morning. what i say is throughout this campaign, what you have seen a series of really detailed policy proposals that governor romney has put forward. already given us some sense over the last several months on what he would do to fix the economy and get it growing again. last night was really about helping the american people understand who mitt romney is and why he's prepared to lead america. you will hear us talk a lot more about policy, about the governor's plan for stronger middle class, and that includes trade relationships. connell: the governor has talked a lot about that.

what about last night was effective, that it accomplished that goal that you talked about for the governor. now what? >> i think the next step is really demonstrating the impact of our policies on the american people and how it's going to help folks in the middle class, how it is going to help every american. on the trade side, i'd say specifically that we've been in a situation for the last several years, and this pre-dates president obama where we have really been kind of soft in dealing with countries like china, that has stolen intellectual property, manipulated their policy. it is about time we have somebody step up and do something about it. in a negotiation you have to be willing to say look we are going to take a hard-line stance. and ultimately i think the chinese respect that. i think they understand that neither said wants a trade war. connell: when the campaign did talk about policy the last couple of days whether it be paul ryan two nights ago or

governor romney last night, there were some questions that were brought up about whether they were being misleading or stretching of truth, ryan's mention of a plant in wisconsin, the argument of simpson bowles, the fact checkers went in and said he's misleading us on some commentary. people go back and can't really find an example to that. what do you say of those criticisms of facts? >> what i would say is the obama campaign doesn't have a lot to go on. their record is a poor one. everything that's been said is verifiable. we understand the liberal media will be out there trying to tear our candidates down. it is pretty clear evidence that obama has gone out apologizing for america. he went out and said to different countries when he visited them that america has dictated to them and that he expressed regret for that. and i just don't think that's an

appropriate way to conduct our foreign policy and that's the point governor romney was making last night. connell: policy director for the romney campaign, thank you sir for calling in today. we appreciate it. >> thanks for having me. connell: other big speech today, the one made this morning by ben bernanke out in jackson hole wyoming. talked about there being a grave concern about unemployment in this country. and peter barnes is covering it all for us. peter will join us. also, merkel, the german chancellor has been on a world tour trying to solve europe's problems. she has a pledge from chinese, continually to buy euro bonds. apparently she's headed to spain and austria, we will talk about that and the important of it for markets. speaking of world markets, here's how the currencies are shaping up today. we talked about the dollar policy and whether it was mentioned last night, there's the dollar versus the euro and everybody else. we'll be back on markets now.

>> at 24 minutes after the hour, i have have your fox news minute. tsunami warnings have now been lifted in parts of asia after a 7.6 magnitude earthquake struck off the philippines. the quake destroyed roads and

bridges in that country as people fled to higher ground to avoid potential rising waters. the pentagon formally issuing a warning to a former navy seal who has written a book giving inside details about the raid that killed bin laden. defense officials say no easy day violates the agreement the author signed saying he would not reveal classified information from the operations. and keep your eyes towards the sky tonight for the phenomenon known as the blue moon. it will go to its full phase just before 10:00 p.m. eastern time bringing august's full moon count to two in a single month. that will not happen again until july 2015. those are your news headlines on the fox business network. connell, you sound impressed. connell: once in a blue moon. i'm definitely impressed. >> twice in a blue moon for this month. connell: i guess. pretty good market rally going on. let's get back to that for a moment with charles payne who is

here to make you some money. up 140 on a friday right before labor day. i know you have a stock for us. charles: you will like these, the foundation of industry and capitalism. i like this action too in the market. we were up, then we almost collapsed and now we're up again. i mentioned this stock recently and it just continues to jump out at me. the reason it is jumping out at me is two things, the volume has been absolutely amazing. even today i think it will trade 50% more than its normal volume. it tells me that smart people are buying it. someone is going to go out there and buy 3 million shares of this stock today, normally trades around 2 million shares. why? they did have some news this morning. it's a construction, heavy construction global play, giant projects, consulting on a billion dollars refinery in kuwait, there's been 7 announcements this month alone, u.k., thailand, brazil, this is

a global play. i like it a lot. even execution has been bad, missed two of the last four quarters, this company is coming on, i think this is one of these deals where the stock is going to come on a lot faster than the fundamentals actually show. you will see the stock up, i'm looking for it to go back to at least 26 for the next big test, double top but i think it has potential to go higher than that. then you will start to see good news come out. connell: 4 more dollars we will see. thank you charles. he likes the market today. a lot of people would with this niles rally we have going -- with this nice rally we have going for you. ben bernanke, maybe he's the reason for it, who knows, he's been stealing the headlines. one of our next guest doesn't care about bernanke's wyoming trip. he's watching merkel and her world tour, we will get into that. the price tag for isaac, the numbers are starting to come in and we will see how the gulf coast region plans to recover from yet another big storm. all that is still ahead. first though not hard to find some winners on a day like this. there are some of them, first

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connell: we are back here on the market now at the bottom of the hour. lauren: stocks down about 10%. they sell equipment and apparel. they came out with numbers. they are having same store sales

that were met. so many retailers really beat by a pretty wide margin. that is being viewed by a negative. they could have a stronger september as a result. year-to-date, the, the stock is up by 16%. i see nothing for green, turn on. connell: thank you, lauren simonetti at the new york stock exchange. men known to be the life of the party. the breaking news this hour will be the closing of the european market. ashley: european market dropped initially after ben bernanke initial comments. at "the closing bell," we sell the ftse up.

meanwhile in paris, the cac was up about 1%. there you go. the ftse actually moving slightly lower after "the closing bell." as you can see, they are getting some gains. the spanish government is creating a bad bank in which homeowners can be offloaded. there was a theft of value of the assets and then the banks will either receive cash, debt or banks and return. it could last ten-15 years. angela merkel has asked an italian prime minister hold off on any reports. also claims that merkel will make the same request of spanish prime minister when they meet next week to the reason is to call and our internal crisis.

the two -- persuaded to stay by the government. that is the very latest. either way, it is a soap opera, connell. connell: and you are prepared to cover it for us. ashley, we appreciate that. the european situation as opposed to ben bernanke down in jackson hole where everyone has been talking about ben bernanke. the next situation is what our guest says is the most important situation. we have a portfolio analyst with us now. it is interesting to see angela merkel going around the world doing this. what do you make of this? >> well, she is trying to buy time and have a backup plan in case everything goes wrong in a few weeks.

you have the court decision. you also have the report coming up. you have a report on the banking system. in the event that there is some sort of panic, she certainly wants to have some backdrops in place. so far, the germans do not seem to be buying. connell: how much power do central banks have. that is the debate we have here in the united states today. ben bernanke comes out and says unemployment is a great concern, i will help you out if you need it. what can you really do? interest rates are about as low as they really can be. what about europe? >> ben bernanke, i think what you said about ben bernanke is right, he does not have much power.

in the case of europe, as i said before, you have this institutional structure, so everything falls on the hands of the european central bank. they are the only ones who could backdrop the bond and the debt crisis which is in effect a fiscal world. they are much our powerful with the fed. the problem is that institutional structure needs to rely on a large degree of consensus to get this done. you are dealing with 17 different countries. that makes it very complicated. connell: not easy as they have proven. marshall, tank you very much. he was not as concerned as others may have been about ben bernanke. the fed chief does stand ready to act if needed good peter barnes will join us.

he has been covering what is going on. he will have a live report. we will also hear from melissa francis. she is live in the middle east. she is checking out oil interest there. this is a big money that. floyd mayweather putting money where his mouth this to the tune of $3 million. we will tell you all about it as we continue with market now. ♪

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the expert strategies feature is one more innovative reason serious investors are choosing fidelity. now get 200 free trades when you open an account. connell: breaking news coming from the white house as they just announced president obama will be heading to louisiana on monday to assess the damage and meet with officials to make sure the needs are met. you may have heard earlier that the republican candidate for president, mitt romney, is on his way to the new orleans area today. there is a rally under way. the fed chairman ben bernanke gave a speech this morning. once again he said central banks are ready to part with the stimulus is needed for the economy. anything we have heard many times before.

peter barnes is there left for us now. >> we heard kind of a rehash or repeat of previous policy options here. the fed chairman left the door open to additional monetary easing steps. it is a kind of language we hear recently. he is very concerned, however, about the weak jobs market. he says the economic situation is far from satisfactory. improvement in jobs has been painfully slow. the stagnation and the jobs market is a grave concern for him.

quantitative easing and the rest, he said "we should not roll out the further use of such policies if economic decisions should warrant." connell: laying the groundwork for more stimulus. peter, thank you. friday before labor day, millions expected to be hitting the road today. a big travel day. the badness is the price of gasoline as we continue to hit record levels nationwide. $3.52 last month all the way up to $3.82. speaking of gasoline and oil prices, oil passing through the strait of her news everyday. making sure nothing interviews -- interferes with that. melissa francis is live now.

melissa. melissa: we were embedded on the uss enterprise exclusively. this is a vessel with a ton of history behind it. it has been on the waters for 51 years. right now it is in the sea of arabia patrolling the region. they are passing through the strait of hormuz, as you mentioned. i asked the commander what it was like when the iranians come out of their ship and check him out. >> we go through each time and i know they get on the radio or they make their announcement on their news how they dislike it. i imagine, no country like that with so much american

presidents. melissa: is the message -- we opened it? >> if it was closed, it would take a wild to reopen. it would be painful. i think the world knows that. yes, that is a threat. it may happen, it may not. melissa: now, connell, back to the important questions. no, i did not fly on one of those f-18s. yes, we were trapped and catapulted off of that aircraft carrier. and, yes, that is where they shot "top gun." we will have more coming up all day today.

connell: that is pretty cool stuff. live in the middle east. pretty cool. we have stocks now with lauren. lauren: xm radio. we are hearing that the ceo is looking to sell 30 again shares as early as the beginning of september. the question is why is he selling the 30 million shares? the stock is up 40% this year. his contract is up at that and of the year. he could be leaving. it is a loser today. volume four stocks, overall, is not good today. we are heading into a three day weekend. we have green arrows across the board. all three positive now for august, the third month in a row

for gains. connell: we are heading back to the gulf here in just a moment. president obama will be there on monday and mitt romney is headed there today. another live report. putting down a lot of money on college football. did you hear about this? well, you will coming up. here are some of the individual stocks doing well over at the nasdaq. ♪ [ male announcer ] let's level the playing field. take the privileged investing tools of wall street and make them simple, intuitive, and available to all. distill all that data. make information instinctual, visual. introducing trade architect, td ameritrade's empowering web-based trading platform.

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♪ connell: almost a million homes

and businesses still without power in louisiana and mississippi as the residents and medical are dealing with the aftermath of hurricane isaac. >> after 40 hours of straight relentless rainfall, the water had to go somewhere. the problem still persists. the river clearly swollen its banks. all of the river systems in southern mississippi and the neighboring states, especially louisiana, are up above their banks flooding neighborhoods. about 30 riverfront homes and for president this morning, well, there is no driving your car out of your house to your

job. you have to get into the canoe or kayak and paddle. >> it is hard. it is really frustrating. every once in a while we have to do it. >> we are used to it. we live on the river. sometimes you have to paddle out, but it is worth it. >> everyone's spirits remain positive. even jason who had to battle his way out to go to the car dealership where he sells cars. he just bought this home along the river a month ago. this is his welcome to the neighborhood. the crest predictions are coming up. the biloxi river, 17 feet above. there is a chance that these crest levels that are, without a

dow, the highest they will be once it is said and done. they could rewrite over the next couple of days. all of that rainfall falls down, it has to drain into the creeks and streams and rivers. all of that end up going south to the golf of mexico. so far, everyone is hoping -- it could be a wet weekend, but the rain and wind have moved on. connell: a few quick sports headlines for you. fresh off a two-month -- mayweather making a big bet on michigan's football team. quite a number of reports that the 35-year-old is waging millions of dollars on the wolverines eating the 14-point spread against favored alabama

saturday night. he is known for making vague wages. that is a big bed from floyd mayweather. the other big headline, andy roddick calling it quits. he made the decision yesterday. it happened to be his 30th birthday. he will play in 19-year-old from austria tonight in the second round. this could be it if he loses tonight. he said it was a good, just not a very great career from andy roddick. stocks are in the green after comments from ben bernanke today. it sets up sandra smith to tell you the very latest from the pits of the cme in chicago. sandra. phil:.

sandra: unfortunately, for a lot of traitors down here ben bernanke did not really say anything. the markets are up. why? he did not say anything. >> he ritter rated the fact -- will he eventually do some more qe? absolutely. the risk of potential returns and equities right now, i just do not see it. the upside is relatively limited sandra: this could be just a short-term rally. >> i think traders are banking on the fact, listen, he will step in, he will do qe at some point. those are the only tools he has and he has made it very clear he intends on using them. sandra: we are seeing the dollar drive and the euro rise. if there was going to be more

easing we would see a drop. >> every single central bank is saying all, there will be more. there will be more. all this is is a race to the bottom. they will print more dollars. europe will print more euros. that is all this is. sandra: thank you for joining us. guys, we will be live all day here on the trading floor. connell. connell: you are right. he said a lot of what he has been saying. we will talk more about this later. nothing more than a sugar rush for the economy and the markets. cheryl casone and dennis kneale will the next continuing on markets now. ♪

connell: markets continue covering a rally on wall street before labor day. the aftermath of the storm in the gulf and political campaign for president heating up. the general election campaign and these things coming together but dennis and cheryl are here. we try to keep ben bernanke comments in perspective. a ton of new ground broken but the next rally on the markets. cheryl: and interesting rally on friday going into a holiday weekend but at the same time we were talking about low volume on friday. dennis: rather than low volume down and happy friday. i am dennis kneale. cheryl: i am cheryl casone. sugar rush. an expert tells us any help from the central bank will be short-lived for the market. dennis: down 24. ben bernanke says it is his biggest concern, job creation.

can't unions avoid the unemployment issue? cheryl: a delicate situation in mississippi. emergency personnel from go to work compromised by isaac. dennis: hollywood's latest big money bomb in the big balloon adventure. so bad kids don't even care. cheryl: never heard about that movie until today when you told me about it before the show. stocks every 15 minutes. lauren simonetti on the floor of the stock exchange. the volume issue is part of what is going on here. >> volume is very light. a sense on the floor is quieter than it has been all week long. traders are out ahead of the 3 day weekend. we are up and we are up for the entire month for august. the dow was up by 0.9%. bigger gains for the nasdaq and

the s&p 500 and the common component in the nasdaq and the s&p is apple which is up 9% this month. that is how major averages are looking. for the biggest movers for the month you can see cisco is up 20% this month. bank of america and home depot had big month. biggest losers coca-cola down 7% in august and hewlett-packard down by the same. that is how we look this month but having a pretty good day today as stocks overall -- looking at the big board there is one red arrow that is down by half a point. dennis: said chief ben bernanke saying once again at the fed annual summit that the central bank is ready to act to provide additional accommodation as needed to promote a stronger economic recovery and help boost the labour market. our next guest says further that stimulus will be a sugar rush to

the economy and markets. senior fellow gerald driscoll joins us. thanks for being with us. did you look at the speech this morning? do you think stocks being done 124 are we overreacting? >> yes. i don't think he said anything new which is what i expected. the fed stands ready to repeat for a third time what hasn't worked two times. that is why i say it is a sugar rush for the financial market. what ails this economy is not something the fed can do anything about. dennis: we will never know how much it might have been had the fed not expanded its balance sheet by $2 trillion. do you think it literally had no effect whatsoever? the fed could have done nothing here? >> no but when financial markets seized up at the end of the fall and end of 2008 the fed's liquidity was appropriate because we had a liquidity problem. we do not have a liquidity problem in this country.

cheryl: dennis: if you feel if the fed were to ease up more they can't afford to do drastic action because it will be seen as too political for the election. >> they boxed themselves and. dennis: something they can't do a lot. in a perfect world what would work to get the economy going again? what could the fed do? >> what would work is not something the fed controls. we need more certainty on the tax code. we don't know what the tax code is going to be. a regulatory cliff which people know there's a raft of regulations waiting to be issued after the election and a lot of anti business rhetoric. business men don't want to make a commitment. dennis: a bunch of things beyond control of the fed which may not stop them doing something in september anyway. thanks for being with us. at the labor day weekend. cheryl: mitt romney taking the

stage last night and accepting the republican nomination for president. his campaign heads to richmond, virginia. rich edson joins us in washington d.c.. you travel fast. peter: rich: i do. maintenance took time but we got here on time. you have got this campaign going on the road. romney and ryan are officially the ticket. they left florida this morning and took a detour to louisiana. mitt romney will meet with governor bobby jindal of louisiana and meet with first responders. this campaign goes away from the convention staged to be hidden rhode stage to get folks to vote for them and paul ryan earlier this morning kept that going. >> let me now say this. coming out of tampa we have given our fellow countrymen a

very clear choice. we can either stay on the path of america by president obama of decline or we can get you back to work. we can restore growth in this economy and opportunity in our society and the way we do that is a like this man, mitt romney as president of the united states. peter: rich: joe biden on the road in ohio and according to the campaign the obama campaign he will say mitt romney is against the federal government or any government using funds to save jobs, to save industries and say they care about the middle class speaking at a union hall in ohio. cheryl: thank you. great stuff from tampa. i want to bring in chad morganlander. it is -- there was no mention of

the fiscal cliff from him. at the same time you say that something has to happen especially with the bush tax cuts. what is your prediction? >> after the election the tax cuts for another six months. this is having a fiscal drag on the economy and in the range of 1/2%. bent going into next year you are going to look when all is said and done with the negotiations and argument probably another fiscal drag of 1% and it should be 1-1/4%. >> we have china with a% gdp -- >> doesn't have the get up and go. it can keep an orderly market in the financial system. it has to happen through consumers and we see a bit of

that evidence for new homes creation, home builders and new orders but you don't have the real get up and go to create jobs yet. cheryl: a couple things on the fiscal cliff like the extension of the bush tax cuts for six months. that would be a market negative. they have seen this before. they're frustrated with congress and don't believe in anything congress will do. if we get to the election don't you think washington would be ready to make a true commitment to get the economy back? four more years whoever it is will be four years. >> depends on who wins election. [talking over each other] >> could be marked negative. if there is an extension going forward like your previous guest mentioned tax uncertainty for corporations and individuals, things like dividend tax. this will have a drag on the economy and hard to measure what that is.

cheryl: you have two tea things investors care about. we have a capital gains tax that will jump and dividend tax that will jump. does that affect market psychology? stocks in the next four months and smacked on taxes next year. >> when it comes to dividend stocks i wouldn't be concerned. there is a deep enough money pull between pension funds and tax-deferred accounts that can fill that gap. this does create uncertainty for the economy to create jobs so therefore you won't see the economy accelerates into next year. you will see a limp along 2% meaning it caps the s&p 500 earnings for next year. $105. cheryl: i see or point where earnings are impacted in the third quarter as companies hedge their bets. europe. i want to ask about europe. we are looking for stimulus out of ben bernanke and also stimulus out of the euro zone.

do we get it? >> you may get some stimulus but european issue in the early innings we have two scenarios. the euro can break up over the next three years and there will be a dramatically smaller euro. greece will be weaving of the euro. just a matter of when and maybe there will be at equilibrium in the credit markets and that is where there's opportunity -- cheryl: a lot of people are ready to see it go. chad morganlander. thank you very much. dennis: emergency workers scrambled to save the community in mississippi after the storm isaac put a dam to its limits. cheryl: ben bernanke calling the job situation in this country a grave concern. we will see a noted economist ben stein feels the same way. let's take a look at oil. oil up again $1.54. we are down and we will make

sense of that. [ female announcer ] you want family dinner to be special. dad, we want pizza. you guys said tacos. [ female announcer ] it doesn't always work out that way. you know what? we're spending too much money on eating out anyway. honey, come look at this. [ female announcer ] my money map from wells fargo is a free online tool that helps you track your spending. so instead of having to deal with a tight budget, you could have a tighter family. ♪ wells fargo. together we'll go far.

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pharmaceutical sales are the biggest area. this stock caught my eye a few times in the last week mostly from acting in the volume. 75 all summer long and gaining momentum. looking very intriguing. one of the things that may be helping is two thirds of sales export out of this country and maybe the idea of fed action weaker dollar something is compelling about the way the stock is acting particularly today. cheryl: talk about other names in the group that you like. charles: i like this whole group. analytical testing has been a solid group but they are not sexy. what i like is not just the group listening to these areas but health care delivery. environmental management, food safety, water quality. this is the trade short-term but longer-term that will be well situated. dennis: it is 15 past the hour. stocks recorder hour.

loren is looking at shares of gm. >> walking shares of general motors as well as going higher by 28%. u.s. new car sales are expected to be up as much as 20% for the month of august. good news of better financing options we are seeing. also for gm the chevy volt saying the best-selling 25 plus in the month of august. as for for the ford focus out selling toyota coral lot in the first half of this year 490,000 ford focuses sold. it is set to outpace the popular toyota corolla. they're up but not as much as they have been. cheryl: in the last week 10 minutes. volatility with the volume. thank you. update you on a story breaking during our show yesterday. emergency crews working feverishly to repair a dam

compromised by hurricane isaac. residents have been evacuated as crews work to fix the dam. 50,000 people downstream of the dam have been ordered to leave. for more on the damage throughout that region jeff flock is in we see and and has more for us. jeff: it continues to be a problem here. even while life and everything from snakes to worms to a report of an alligator. you see a turtle coming up to find dry ground. a lot of people here trying to find high ground. 3-500 people remain evacuated from homes that are flooded. i want to give you some positive news. if we could take that shot and show you airline highway which is reopened. that is good news because that was one of a road that was run over but i want to leave you with this image and i hope it will not hunt you.

these are fire ants that have come out of the water. they have the ability to flow to. i don't know if you can see the 90 degree turn they are making. i do not understand this. they have taken a worm and feasted on that. just a little vignette. pretty bizarre. cheryl: what haunted me formerly was the snake. i have a severe case of fear when it comes to snakes. jeff: if i could find that i could find you another one. i will get back to you. cheryl: no. thank you. dennis: the next 55 film just got hatched. peter barnes covering of a fed meeting talking with martin feldstein. we will bring some juicy bytes next. cheryl: what role do unions have been solving the unemployment crisis in our country? we have both sides of the argument coming up. first as we go to break out

world currencies are faring against the u.s. greenback. the euro continues to hold its own.

>> 42 minutes past the hour your fox news minute. an initial earthquake with a 7.6 magnitude struck in the philippines earlier today destroying roads and bridges and cutting power to several cities. tsunami wave the appeared on the philippine coast. warning was eventually lifted. the area was hit with a second quake measuring five.5 about an hour after the first one. one person was killed in a collapse. president obama will visit hurricane stricken louisiana monday while isaac has moved on from the midsection many residents, ft flooded homes and no clean water or power. five deaths have been reported. princess diana was killed in a car crash in paris. admirers are paying tribute and leaving flowers and photos and messages in front of the flame of liberty monument above the exit to the tunnel where the

crash occurred and that is your fox business. back to dennis now. dennis: the jackson hole economic conference kicking off an ben bernanke's comments, peter barnes talked to martin feldstein and asked about the state of the economy. >> the economy is in terrible shape. we are in a deep hole. we are crawling along at a very low rate. we had 2% in the first quarter, and you say 1.7 is the new estimate for the second quarter. people are estimating third quarter will be about the same. just to maintain the current levels of employment, not make a dent or serious gap will take 2.5% of and we need to be growing faster than that. some positive news in the last

month or so on housing and much better employment numbers and the awful numbers we had in the second quarter. the economy is not doing anything. peter: policymakers that the fed can do some things. fiscal policymakers can do some things as well. what can the fed do here to try to help economic growth? >> i don't think there's much the fed can do. if interest rates on mortgages are at all-time lows. it is helping the bit but another 25 basis points is not going to change things. corporate america is much more worried about taxes than liquidity. they have lots of available funds for investing. small-businesss are getting credit because the banks they rely on the personal lowering interest rates in that situation. dennis: we heard from other members of the fed and fomc that

is not a panacea. we need some help from washington on the fiscal side. you are an adviser to the romney campaign. you had a column in the wall street journal this week saying governor romney's tax plan can raise tax revenue how? >> that column was a response to people, so-called tax policies who said the romney plan would force a large tax increase on middle class taxpayers which is just not right. you might not like his ideas but what the arithmetic i reported in that wall street journal article wednesday showed was you could have broad tax cuts, 20% tax cuts and you could eliminate

the alternative minimum tax, you could do a very things he prescribed and still not have to raise any tax revenue for people with incomes under $100,000. what we need is much clearer rules and rules about marginal tax rates. if we can bring down marginal tax rates as governor romney proposes and broaden the tax base to recruit the lost revenue or pick up some more revenue in the process, that would be a good thing. for peter: are you advocating supply-side economics all over again? >> that is what lower marginal tax rate is all about. it is supply side economics and it worked for president reagan and it works whenever it is used and we are seeing the opposite. with businesses and high income individuals nervous about the

higher tax rates that are just over the horizon. the fiscal cliff and the obama proposals for raising tax rates on businesses and households. it is not surprising that we are not seeing the kind of spending and investing that you would need to get the economy moving. >> bleak comments from martin feldstein at jackson hole. thanks to peter barnes for putting that together. cheryl: union's strike across the country as they struggle as pension reform. we have a debate on the state of the unions and the role they're playing in this year's election. dennis: 25% of the world's ball -- oil passes through the state -- through the strait of hormuz. let's take a look at the s&p winners. and may be losers.

>> stocks every 15 minutes on fox business. i am lauren simonetti on the floor of the new york stock exchange looking at shares of sirius xm radio. shares are down onboard the ceo may sell 30 million shares of the company creating huge volatility in this stock. let's talk about volatility as it affects the overall market today. i look at the intraday chart, 150-point swing today. we fell two points after the ben bernanke comments were relaxed two release. a couple of minutes later, now we're pulling back a little bit but still up 70 points. now back to you in the studio. cheryl: lauren, thank you very much.

the chicago teachers union set a date to strike. monday, september 10. just the schoo as the school's o begin. reaching a deal on public pension reform. the state of union applying a big role in the presidential campaign. joining me now, the economic industry institute and senior policy analysis. thank you for being here. it is the labor vote going to be crucial come november? >> it absolutely is crucial, always is and will continue to be despite the fact that we have people covered by unions at their lowest levels, the unions are very much important to get out the vote efforts not only the national picture but also in key swing states and will continue to play that role. even though it is diminished and the overall state it will still be critical for the outcome of this election. cheryl: in 2011, 76.6 million

people republic sector ran to unions, what do you make of it? wilwill that be crucial come november? >> i think it explains why the union movement has changed so much. many members now work in government. we usually think of it on the assembly line but now twice as many union members at the post office as in the entire auto industry. this is why unions are always campaigning for more government spending and against tax cuts. in the private sector they endorse the kennedy tax cuts but in government we don't want lower taxes, less spending. it explains the union member politics and why they're always pushing for higher taxes. cheryl: one of the things we saw this year that was fascinating to watch with unions and politics is what happens at wisconsin with scott walker. that is a referendum, i would think, against the unions trying to get him out of office, he is still in office.

chris christie went after the teachers, big speech this week at the rnc, is it tied changing and going against the unions? >> to look at the numbers and clearly see that unions and laborers are swimming up against stream but i wouldn't read too much into those particular instances to clean an overall antiunion buying. they have a very clear antiunion bias to the detriment of the workers who elected them and reside in their communities in my opinion. i don't think we can draw a larger meaning behind the ascendance of chris christie or scott walker. he won a recall vote that was fairly close and something that was collectively unprecedented. the closeness of the show how unpopular it was. he is not the most popular guy in new jersey. cheryl: he is the governor of

new jersey. james, you should respond to that, this is new jersey we are talking about. the fact he got elected in the first place with a big deal. cheryl: he is the most popular new jersey politician in the past 30 years. scott walker won by a larger margin than the first time around. it shows a lot of taxpayers both republicans and democrats are taking a look at what the government unions are doing to the state finances saying we cannot afford this anymore. we need the government to be more efficient and less expensive. cheryl: state are broke, that is the simple ne. states have huge problems and many blame the union. >> unfairly. unfairly. there's a disconnect in american society where people increasingly believing government employees unionized or not are drawing a paycheck and not performing any services. between services that workers perform has been lost. his antigovernment sentiment is

encapsulated union workers. once we think about it and realized there's a direct link between the services they either enjoy or take for granted -- cheryl: we're talking about education, we are not talking about coal mining workers, we're talking about going back to teachers, the types of jobs unionized using a change in the thinking of the american public. >> and it is one of the things i struggle with because most people it in the fight, even mitt romney education is the key to america's future, investing in education being the key to moving us forward. when it comes to the people who deliver that education, there is a d. investment in them. something that does not make any policy sense, it is inconsistent because people are very much worried at this point about the overall economic state and it

becomes easy to target public employees. cheryl: i want to have you both back for another debate, this has been fun to talk to both of you. gentlemen, thank you very much. >> have a good labor day. cheryl: you too. and will it rank as the worst film of all time? we will look at the big balloon adventure. and you thought teletubbies was creepy. a look at the 10-year treasury. [ male announcer ] if you believe the mayan calendar,

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>> on tracy byrnes with your fox business break. consumer sentiment climbed to a three-month high. the final august reading coming in better than expected. 74.3. on the flipside the survey gauge consumer expectations fell to its lowest levels since december. half of those surveyed said the financial situation was worse than it was five years ago. today being the friday before labor day, millions are expected to hit the road.

some bad news for drivers as gasoline prices record record levels. according to aaa daily fuel gauge, national average for a gallon of regular gas now $3.82. domino's pizza is expanding its efforts in the fastest-growing network, india. that is the latest from the fox business network giving you the power to prosper.

cheryl: 20% of oil traded worldwide passed through the strait of hormuz in 2011. our own melissa francis spent a night aboard uss enterprise to find out what it takes to keep oil flowing to the rest of the world. melissa is live with more. melissa. >> that is right, we were exclusively on the uss enterprise and they patrolled the strait of hormuz in the city

of arabia 20% of the worlds oil goes through there. 17 million gallons per day. but there's also a commerce that goes in and out of there as well picking up things and delivering them to the gulf states. it is a very busy highway. there's one person who manages the air traffic, the f-18 super hornet above this area. they call him the handler. it is a tricky business. he has a language all of his own. listen in. >> pots and pans go out of their, scrub the latter line, the centerline and with the brooms and the wand, the pressurize her to keep it all up. >> what is that like a jelly bean? >> that is the crew switch. the corral between -- the corral between 01, 02. snake spot is right here in front of the island.

all these young men and women piloting the ship 16, 18 hours per day. everybody has a can-do attitude. our job is protecting the troops on the ground. let them know the importance of getting the aircraft off the deck and back on. >> so he said they're supporting the troops on the ground. those f-18s you're looking at on the flight deck are flying out over afghanistan to provide coverage to the troops that are there in addition to the vessels out on the water keeping the waterway open. coming up at 1:00 we'll introduce you to one of the few female pilot in the group, so stay tuned for that. cheryl: looking forward to it, malissa francis, thank you. denis: back in the u.s., phil flynn in the fox business contributor has details from the cme. his oil getting the boost today? >> just look at the dollar and

the way that is falling. i will not get then all the credit. for example right now out in the gulf of mexico we are still way down on production coming back online coming on slowly. making an announcement, they have to buy gasoline because that refinery was down. that is always very bullish for oil because the demand for high-quality oil into gasoline is going to be very high. of course we heard an announcement that one firm requested some oil from the strategic petroleum reserve but so far that is just one firm. this happens quite often when refiners cannot get their hands on the oil, the president approves it, the oil goes. not confuse this with a major release from the reserve. we're waiting to hear of other refiners will make the same request. so far no other request for oil from the reserve's so that is going to continue.

ben bernanke gets the start today, but other issues driving the market. dennis: we will take it. cheryl: every 15 minutes stocks of course, shares of facebook continue this hour to hit new lows. lauren: remember may 18? right now at an all-time low, $18.19. this has been more than half at this point. seeing a couple of analysts on the stock to a cut in the price target. to comerica, merrill lynch worried about the lockup period. stocks overall, green arrows across the board. back to you. dennis: my next guess was going to save a popular sandwich shop brand on the brink of bankruptcy. china now for this week's "small

business, big ideas." thank you very much for joining us, kelly. 375 stores across 32 states and you want to expand where you already are or trying to move into new states entirely? >> actually we are doing both. we're already in 32 states, so he might as well go there. we arwe're filling in where we already are but take a new trade areas as well. we're launching in new jersey this year, launche lunch in pena this year. we will be looking to go strong to florida this year and we just completed a large deal for california in the l.a. area and the entire state of arizona. dennis: i would have thought it would be far cheaper to start out in the southeast and a bunch of restaurants and kind of move out, why are you so spread even though it is only 375 stores?

>> our preference would have been start somewhere and grow out. we had restaurants in anchorage, alaska, restaurants in florida, southern california. we are already delivering food to our customers in the state to help those states we are bringing in more restaurants everywhere. it absolutely would have been great, but schlotzsky's has been in 32 states for a long time. dennis: your owned by focused brands owned by private equity brand. in 200 stores you have put them in a really strange, they grow faster? >> absolutely. we own two other great brands, sister brands that we put inside our schlotzsky's restaurants and

that really improves the level economics. three brands under one roof, one rent so the economics are really strong. noncompeting items complement each other. it really, really has worked very, very well. dennis: i will have to give it a try. thank you very much for being with us, happy labor day. cheryl: great sandwiches, by the way. it is time for your west coast minute. a possible tie up between u.s. airways and american airline. looking realistic. the companies said they have signed legal documents to exchange information related to potential merger. u.s. airways jumped on that news bit across $0.28 right now. three more cases of the virus at yosemite national park bringing

the total to six people who visitehavevisited the park and n with a rodent borne illness. two people have died according to state health officials. "los angeles times" reported city attorney for $18,000 in campaign donations, what many view as a conflict of interest because they seek a civil injunction for those who work around the staples center. he is denying those charges. dennis: investors are liking the comments by ben bernanke today. we are live in the pits of the cme with reaction. cheryl: as we go to break, look at today's winners on the nasdaq. intel, ebay, autodesk, we will be right back. [ male announcer ] let's say you need to take care of legal matters.

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dennis: a new box office record may get set at theaters this weekend. or perhaps the worst opening weekend for any film ever. it is a rocky horror picture show for three to five-year-olds with characters that one website calls "three terrifying noseless puppet he rose." they are brought to by the same guys who brought you the tele- teletubbies. cheryl: what is the point of this film? dennis: they lost their balloons just in time when it opened at 2160 theaters that brought in over $100,000 or so, only $47 per screen yet look at the big names in this film.

toni braxton, christopher lloyd, and even jamie pressley who makes out with a puppet of fish, and indeed, what were they thinking? cheryl: i'm definitely not going to see that film. commodities in the green after ben bernanke address. sandra smith at the cme with "the trade" today. >> they just about at noontime at the trading floor chicago and has been something the traders watching after the fed chairman's speech. i brought in a guy who basically is really neat to watch him work sitting usetting up in front ofa computer, but you are actually verbalizing everything you're seeing on the trading floor, everything the charts don't tell you. what do you see around the fed? >> initiates the fed announcement we saw a big reaction, a knee-jerk reaction for the most part, the s&p broke

1400 handle but found their way back up above and we are chomping sideways around 14,006 number right now. a big push lower in the gold, trading down 1547 and rallied back above 60 navy, so wide range trade. that has been the case across the board with a lot of energy. that is not what we're used to seeing the last couple of days. >> well said. look at what you cannot see on the chart. dennis: lori rothman speaking with the fed chief. and what a romney-ryan white house to do to get our economy moving ahead. cheryl: more from melissa

francis in bahrain and the strait of hormuz. keep it here on "markets now."