or duty to punish the otherwise government should leave us alone to do anything that is peaceful. that is our show.ch thank you for watching. lou: good evening. thank you for being with us. a massive sell-off today wall reet. the biggest losses of this year. the bleeding began right from the opening bell. anxiety that the federal reserve late this year will tiien its easyoney policy rattling investors, and across the board, a day when no assets were seemingly attractive to any investors. the dow jones industrials shedding 3504 points on its way to the largest one day percentage decline of thi year. over two 1/4% decline, the largest one dayoint decline since the member of 2011 as well. the eighth day in a rowf

triple digit moves in the dow. the dow losing more than 500 points over the past two days. the&p fell only 41 points losing two and a half% of its value. the largest one day pnt and percentage decline for the broader market sincece novemberf 2011. the s&p down two days in a row, six of the past nine trading sessions. the nasdaq losing 79 points. the tech dominated index down nearly 120 pointover the past two sessions. gold hit hard as well, sliding more than 6%, selling that $120,086.20 per ounce, dipping below 1300 for the first time since 2010. traders also blamed for china manufacturing sector which it commodities light crude oil very hard. crude oil sinking nearly 3 percent wle selng a $95.40 per barrel. the wilshire 500 measuring the day's paper loss at $500 billn

in lt market cap. three-quarters of a trillion dollars in losses of the past two days. investors and analysts, however, on fox business all day long not seemingloverly concerned by the day's sell-off. >> we are seeing snificant selling today. we see it tomorrothen i think we should start to get worried. let's not panic just get. >> back to the mid-90s which has been a healthy level. we sat here for quite awhile. >> stocks are extremely volatile. big moves up and down of the last two months. i am not overly concerned. investors are probably overreacting at this point. u: it is important to note that all three major stock indexes are still way up on the year. perhaps some reason for that call munched some observers and analysts the dow up or 12 and at% year-to-date. e s&p up me than 11 percent and the nasdaq up nearly 11 and a half. joing us to assess the impact of the poor reserve moves in the

bernanke's cments on the market, four of 35 forme federal reserve vice chairman and princeton economist, alsouthor of the book with the most timely title after the music stopped. i don't think you could hav picked a better day on which to invite you. the mic cerinlyid stop. made ver clear yesterday, but at the same time talking almost implicitly about the strength of the market at least as it related to eight, nine months ago and what to anticipate in the way of strength six months out. >> i think the mart raises strong free economy. hastenshe dayhat the fed star tightening. add to that bernanke's laying do of punitive timetables which he said umpteen times is tentative. may not to a defense and the economy. the market does not want to hear any of that.

if he says that the assumption is, oh, he will sto doing it tuesday are something like that, which is that goingo. lou: he made big references to ininflation. he made references to employment or at least the six and half percent levels part of construction for his decision . is a lite surprising to me. and it suggested that he does want to accelerate thigs year. are there signs that this quantitative easing combined purchasing program, this is having a n negative, a deleterus effect on the fed's goals? >> i do not believe so. it is not -- it is nothe sort of thing you would think would drive down inflation. inflation has fallen well bew the fed's goal, but -- but the people who are worried about qe are worried about the other direction, ilatiary. it probably has added something

to economic growth. mainly, but not exclusively throughower mortgages, more refinancing, more homes built and so on, and that is what he isalking about tapering o. lou: a lot of money -- i should say, oerip. the federal reserve has a lot of money. to as much as a a make reserves. it is notoving through the economy, creating vibrancy, energy in a private sector as was everyone's desire. what do you think the odds a of finding a way in which to energize the private sector or is this it? is this the way, to withdraw the fed's intervention? >> i d not belie that thiss the way. i believe that the direction they were applying the medicine, and by t way, still are. we have to remember, that has not changed. lou: that 85 billion. >> they're still buying it. it is the direction the you go to try to put more jews in the economy, but -- and theut is

importt, is a drip, drip, drip. this is not a powerful instrument. believe me, ben bernanke would give his itt could have another hundred basis points he could use, but he doesn't. you wind up with weaker instruments, and that is the situation that therein. lou: a couple of quick questions as we wrap up here. if i may. allen, intert rates, where d.c. them going are we about to seek a new world don? >> i think they're going up. i think it was predictable, except in detail, not to the basis points. as soon as the market got a with of fed moving in the direction of thtening, this case instead of less seizing the magistrates are going to start going upp and they havv a lot, and i think that there will probay -- unless the fed manages to talk the market out of it there will continue. lou: rising, yet there is not appreciae velocity of money in

the economy and theyste what are the odds then that we are setting back the housing recovery, that we are, in fact, inviting in an odd sort of perverse way while trying to do the right thing here, the fed chairman may have exposed a vulnerability to deflationary, disinflation, if you will. >> probably very little dbt the first of all, we don't know how large this rise in interest rates will be here. suppose it is 100 basis points just to pick a number. that will have a niceae netive, as you say, effect on hoing market, and that, in turn, will take some of the steam out of the recovery. that is the hazard of this exit came. you know, people talk about technical aspects of market functioning. i never worried about that. the hazard ishe expectation of gain. as soon as you get t market's thinking exit, interest rates are going to roll faster than you wanted to with alert the economy. lou: i mtioned the perversity of it all.

the housing marketuppprting hundreds of thousands of jobs, d likely creatioover the next year. this is a very difficult decision to make. do you agree wit been bernanke on this decision? >> a hard question to answer. the you hav to do something like this at some point, absolutely. the timetable, relatively sennible. the problem d the rson that, if it were me, which of course@ it wasn't, i would not have been so quick. the markets were going to go faster thanou want them to g. it's a little bit early to me given the strength of the economy f us whether a significant risen long-term interest rates. lou: as we conclude here, your name has bn mentioned with increang frequency as a successor to of ben bernanke. is it a job that you would b interested in? >> i think anyone whos what i do for a living would be honored to be considered for a job like that.

lou: think you for being here. honored to have you with us. >> thank you. lou: thank you so much. while thearket's were borrowing,g, there was movement today on capitol hill, sort of movement. the so-called gang of eight immigration reform plan moving as they negotiated the deal, th whom it is entiry clear, to strengthen border security. it is so strong is being billed them as a borr surged. fox news chief congressional correspondt mike enuel with our report. >> after a round of phone calls with the democrats' republican senatorsob corker and john hoven have rolled out a so-called border surge amendment in an effort to commence the gop security will be a critical compent of immigration reform. >> our legislation will provide significany more resources to secure the border. more manwer, more fencing, more technology. d those resources must be fully deployed and operational

before green card status is allowed. >> the amendment estimated the cost of more than 30 billion that would implement e-rarefy to determine worker eligibility, entry and exit tracking built 700 miles of border fencing as new technology iludingadar, night vision, and drones and hired trained and deployed 20,000 new border agents. >>ome people have described this as a border surge. the fact is tt we are investing resources and securing our borders that have never been invested before. >> king of late republican senator gave the eminent positi reviews >> the entire effort immigration rerm hinges on whether and how we get the border security parts of the bill right. if elected what is being proposed, this is a dramatic expansion and improvement in border security. >> the latest poll reveals 81 percent favor more bours -- border securityas 74 percent of tho surveyed prefer a path to ciiizenship. >> we just have to understand

this is not easy to do. think we have a path forward. >> some conservatives in like a bipartisan gang of a plan, and security amendment. a lawmaker whoorked in the 1986 immigrationeform and ntrol act says he is not convincethat this will produce results. >> it's about time in washington that we quit making empty promises, particularly on immigration and particularly when we have the experience of 1986. i was part of those promises. we screwed up. >> on the house side of the day ter meeting with 25 members offthe congressional hispanic caucus the speaker emphasized intellective security we havehe border security. the legal and illegal immigration issues. regardless of what the sate does the hse is going t work.

>> and the way for an in-house seems unclear. with this border surged the senator predicted as many as 15 republicans will get on board and vote in favor of immigration reform, which then would pass the senate. lou: border searc powerful. i will see if that rns out to be even a approximate reaty for what these fks that in mind. as always, thank you very much. but more on the gang of a border sirs' legislation. later i wille taking that up with heritage foundation vice presidents, the heritage foundation not pleased with the effort of the gang of eight so far whit house officials denied confirm that presidentbama is planning a maj push t takle ccimate change in the weeks ahead.

senior officials say the president is preparing executive orders and actions limiting carbon diode emissions from existing power plants with walt wa. offering to free an american soldier hd captive since 2009 in exchange for five prisoners that there being held by the united states at guantanamo bay. talibaban leaders say the prisor exchanges the first item on their agenda before they open peace talks with the estates. those tks are supposed to be held today, but delayed without explation. right now is unclear when or even if those talks will begin. but ghan president is signaling that he may join in those talks. however, likely not pleased by news that the reclusive leader is once again creating waves, vowing to retake kumble within a

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♪ lou: put a hot pot -- the house judiciary committee is probing for perjury the possibility of perjury charges. committee member congressman randy forbeses moments away. we will be discussing all that crap -- discussing the farm bill today. before we to that, this hat -- and we spend lots of money on things like this, down 15,000, if you can see it. it is a latter-day right now because the dow jones industrials, as i said earlier, poing yet another triple digit loss losing almost 354 points. the down, 14,758. the worst day of the year so far . all ten s&p sectorsown more than 1%.

94 pernt of stocks traded on the new yorktock exchange losing on the day. that is quite a decline advantage. volume on the big board is rising the just under 5 billion shares, the second heaviest trading session of the year. jobless claims up by 18,000 last week. some investors were put in a bad mood. existing home sales rose more than 4% in may while prices rose to the highest levels since july of 2008. that was not adequate to move the market. the bond market, the yield on the 10-yearoared. that is the highest yield since august 5th,011, whe the s&p downgraded the u.s. credit rating..3 attorney general holder, as i said, finally responding in writing to the house judiary committee, concerning -- concerning hill lied abo the prosecution journalists. he called the warranty signed for fox news james rose and

inappropriate investitors stepped. containing relevant as it to have evidence is not equivalent to the prosecuon offa member of the news media. remember teesen number of questions. >> we understand tha he approved the warrant that was issued, but heid not read the affidavit. so that leads to the question of department's does not have a written policy which was also disclosed in a letter with regard to how they gather information about reporters during these investigations. lou: joining us now, member of the house judiciary committee as well as the armed services committee. great to have you with this. are you satisfi cash with what you ow of the attorney

general's response. >> i was in the room when he was asked a question. the chief law-enforcement officer of the country and we second to be transparent and honest. he acts more like a trial lawyer in instead of answering questions to us to change the question the response to get bak today, a city never ad an intention to prosecut. that was not the question he was asked. he said thereas neverven a potential prosecution. you cannot possibly say when you have probable cause for a search warrant the sametandard proved you have for an arrest d charging that there was not even the potential of prosecutn. so i hope that we ll continue making an account for the testimony gave. lou: can you confirm that the attorney general will be testifying, will be testifying before your committee? >> nobody n confirm that. what we can say is, as you mentioned, he has responded in written form to the questions trying to give an explanation of those.

you will be meeting with the chairman of both the full committeand subcommittee on crime. it is my understanding from talking to both of them that after that it will make a decision about whether to have been befe the full committee. iertainly have encouraged him to do that, and i hope that is what we will see happening. lou: your committee moving to successfully passed two bills. strategy to take an incremental, cautious, and considered approached to immigration reform appears be paying off. fact, there is so little ccntroversy arou the process right now that the house is taking care may looks as though the judiciary committee strategy will be the one that prevails in actuly -- if there is to be immigration form, it will be the leader in achieving that. >> well, the chairn is doing exactly what we should be doing and just compare what is being done in the house of the senate.

the senate takes eight peoe and they sit behind some smoke-filled room at the american eople never get be- never get to see. the house, they're doing somethintotally different, putting everything transparent and working it from the bottom of to make sure we have an effective bill and start by making sure we're rnforcing laws that we have which is what the american people wanted to do lou: there is a grave jeopay for the republican party. let us put up the full screen here showing the voting tres. presidential election years, 1986, president reagan pushes through amnesty for illegal immigrants in this country. eventually successful and was rewarded with 37 percent of the hispanic vote that year. 1988, h. w. bush receive 30 pcent. in 1992 he receives even less, 25 perce of the vote. 1996, and you see the trend as

it goes forward. the low point bogles percentage. the majority of going without interruption to the democratic party. what makes anyon in the republican party think that there will be a reward as so many have suggested, chamber of commerce, business roundtabl l of the republican camign organizations. what makes anyone think that there will be a payoff in terms of the percentage of those voting amongst the hispani voters. >> it's myth. this is really the core issue. most of us did it to government because we want do what is rare for the country. the american people don't want to be coveredy focus groups. ey want this to -- they want us to do what we think is right for the country. that's not the senateill. it is to enforce the laws we

have and also bring back a basic principlin thicountry at we will enforce the rule of law. that is what made our country great. i hope ultimately our party will do wt is rare for the country, not what some focus group or politil organization tes us that thinks the best thing to do. lou: let me ask ou this in conclusion. the farm belt, the republican measure goes down to defeat. sixty-two republicans voted against it. what in the world does this jeopardize speaker john boehner? what does it do to the party, the legislation? how big of a reversal and setback is this where the republican conference? i don't think it hurts the speaker. the chairman did a wonderful job . everyone acknowledged in trying to be bipartisan and work with democrats and republicans at the end of the day the democrats cutting loose did not support the bipartisan effort. at the same time, we have is a

number of people in our caucus that if you cut 18 billion are not happy unless you cut 19 if you cut 19 there will be happy into you cut 20. we have to regroup and cutback. lou: you mentioned the democrats . sixty-two republicans could have turned the day. >> there is no question that we should have had better support with our conference. i think we wi probably go back and read aut that next week. it was a shock toverybody commander think we thought we have this vote. it turned out we didn't. we will regroup and hopefully bring the farm bill back. lou: some people calling it the food stamp bl. >> there is no question. we would love to separate that bill and actually have a bill that really deaals with farming and helps farming and deal with the food stamms and other

programs separately. we cannot get that done. that would b my pference if we could get it done. lou: good to have you with us. lou: up next, a plan tec clear up that tarnished image of the irs. all begins in our hearts. we will explain in the "chalk talk." ♪ i did? when visa signature asked eerybody what upgraded experiences really mattered... you suggested luxury car service instd of "strength training with patrick willis." come on todd! flap them chicken wings. [ grunts ] well, travel a lot and umm... [ me announcer ] at visa signature, every upgradedxperience comes from listening to our cardholders. visa signature. your idea of what a card should be. but with advair, i'm breathing better.

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♪ >>e need to abolish the irs. and i have the second idea. we need to take every one of those irs agents and put them on our southern border. lou: tha is some tk coming from the senator from texas and a two-party rather this week pong a little fun at the irs, bravely slow, en are urging its abolition. he went on to joke tha if the first thing illegal immigrants saw aft crossing the border was an army of irs agents that would turn and run. the senator may have a good idea after.

the irs now has 90,000 employees that is more than the epa, osha, fb dea, fda, alcohol, tobacco, firearms,nd explosives combined. the borde control currently has 20,000 agents, working its way to the senate, nearldoubling the number to 40,000. it is nothing compared to the irs. agencies' budgets also give us a clear picture for where the federal government has its priorities. the irs budget works up to 12 and a half billion dollars, and the border patrol gets a measly three and half billion. not only that, the irs wants moreoney. imagine. just last month former irs commissionerteve miller suggested the irs would not have targeted those conservative groups if it had a bigger budget because then they would have had enough agents to do their job proper. the irs wants to give employees

$70 million in bonuses and arguing is legally obligated to do so to the union contracts. this is just a reminder. all of thi whenever you do with it, keep it coming. it isll good because what yore talking about is not only re federal workers, but more union workers. by the way, we are going to be giving ual -- somhing of a preview of some of the names that will be coming of the the end of the broadcast in our flip side stay with us as we continue right here. the gang of eight has been negotiating again commend this time it has come up with an idea of a border security. will it be enough? one of the top officials in the country's leading conservative thintank says the idea stinks' . genevieve wood joins us next.

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♪ lou: joining is now, i genevieve woods, vice presint of the heritage foundation. good to see you. what do you make of this border surge? does this begin to beat the heritage foundaaion's interest >> i tell you, lou, what's changed since the last timi was on with you last week is the bill has got larger, logger, and more eensive. everything else has stayed the same. it is still an this the first, still about giving legal status to folks who are here illegally first and foremost . and border security promises are made after that. we are seeing a man is this a we will strengthenorder security, but it's still, december december 2. there are no guarantees. they're saying we will do that before we give amnesty first. whethert is doc warner, senator corker, it is the same game.

lou: people who determine whether the border was a neat and the trigger or condition still be secretary of homeland security. >> at the end of the day the dertment of common security, still administration, the obama adnistration who in the past said tha a border as a secure. there is no track record that says they can secure the border. eighty-six, 2006, back and again, more money to do it, promising me agents and the like and the border. the fact is,s we already know, the cbo and t report made this case yesterday. many of the illegal immigras we have here are here because they overstayed visas. so just putting more folks on the border is not going to necessarily solve the problem.

is a complex issue by the house is boeing about it the right way. lou: you believe that the chairman of the house judiciary committee in regar order moving through incmental bills that are considered thought out, carefully constructed as a better approach rather than the omnibus comprehensive stuff that right now is about test the fourthrom the senate side? >> well, it is definitely a better appach. we would know wt was in it, have a very good, balanced debate. lou: supported. >> we support a step-by-step approach. individual boards that are coming tough, what you have to take each one at a time..3 a much bettee sense of what this will cost. a cbo came out yterd. the only scor the fir ten years of it.

no guarantee it will actually solve the problem. lou: very quickly, extrapolations by some say is that -- say that the cbo is revealed to be 46 million new emigrants. thtwo decades that there will in fact only be 25 teeseven light 25% reductionn illegal immiants as a result -erry quickly, are we just watching the american people did game by the republican and democratic party? >> if the senate bill that we are currently talking about goes through, the american people -- the american public will be the loser, and so will those who want to come here and pursue the american dream. we have to do this e right way . lou: one other way, both political parti trying to gain in the gang of eight proposal the american people? >> i think politics has been put ahead of principles and informing policy.

both parties are now are guilty of that if who. lou: that's fair. thank you for being with us. up next, one of the presidents of friendliest media outlets offers a less than flattering take on his dwindling popularity . the "a-team" takes tt up and more. ♪ at od, whatever business you're in, that's the business we're in. with premium service like one of the best on-time delivery records and a low claims ratio, we do whatever it takes to make your business our business. od. helping the world keepromises.

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at is all i can think. brad blank men must have been cringing when they put the present of the united states in a lucite in the baking sun in front of the brandenburg gate where ronald reagan ge an epochal speech to talk about a nuclear weapons freeze with russia and global warming. it was the worst stage crass imaginable. my goodness. two is runng the show? lou: any thoughts onhat, brad? how important is it runs the show? he i still president barac obama. >> he is not barack obama 2008, that is for a short. the stagecraft was unbelievable. the message was hopeful an inspiring bk in008, but now it comes time to deliver against a backdrop of where ronald reagan stood, a chris said, and kenny stood. the wall is gone. so trying to recreate an inic given that you cannot possibl

top and then have it go so badly. and on the heels of the tension between the russian presint, it was a disaster. lou: 200,000 people there in 2008 to watch candidate barack obama. 4500 is the estimate, and they get 6,000 tickets, 4500 folks to listen to him do whatever it w he was doing behind that 6--inch plate glass. how the mighty have fallen. and the president, the psident calling the fince minister, uk financeiniste george apple horn jeffrey, three aforetime spirit i mean, this was a disastrous trip for this president, was in this? >> i was not a tour de force, i will say that much. the ruian president showed him

up. ve him a very bad -- basically openly mocked nato and obama saying that they were harming cannibals and syria and doing a bad job of it that. showed no signs of making any move. lou: se get my attention. the cannibals and syria, i had not heard that until or read it until vladimir poohed and waited . >> the reports and we decide. but you see the body language between the two. it is just terrible..3 basically this is the hope for democrats on this trip. the president goes overseas and changes the discussion from this litany of scandalshe continued u go overseas anso the commandernd chief looked strong. a lucite seve like the baseball card and let the russian president give him a

raspberry. lou: this is what the president of the nsa sad to say well visitingreland. we've offered policy prescriptions and aeep counsel to the people of iland onhe ise of religious schools. if we check that with the audience. >> the catholics an their schools and buildings and the protestants have there's. if we can see ourselvesn one another, if you're or resentment are allowed to harden, that encourages a divisi and cooperation . lou: are president's supposed to talk like that? >> he is not the secretary general of the u.n. and is certainly not the pope. the president of the united states had the audacity o come to ireland and speak to them on topics that have nothing to do with the relationship, the bilateral relationship between ireland and the united stes

d england andthers of interest, that were ofnterest in this trip. it is ridiculous. i don't know what is happening at the white house, but the presiden wasupposed to get a respite from the problems teeseven domestically. he goes overseas and has a disaster. lou: i'm going t ask a question. i suspect i knowart of the answer. why in the world with this president do that? why would his people let him do that? thirdly, why would the national media in this country not just come down on him like a house the bricks for doing so? >> wel i have a particular interest and maybb some expertise and the -- expertise on the subject. these are my distant cousins over there in northernn ireland. those are before we lived in west virginia, as mountain folk came from up there in northern eland. lou: wait a minute. you're not one of those wt virginians?

>> no, no, no. lou: we just got there and were thrilled to be there. >> the president went there and compared the conflict between catholic and protestant to a protestant. when he arrived of for 500 your struggle that has been going on. i notice like because we a political division ithe united states, so mbe he did not fully grasp the gravity of this multi generation and multi century difficulty. lou:his is a world in which americans areupposed up live and breed freedom with every fiber of our being i here is the president's suggesting that religious freedom for protestants and catholiis alike and their religions be damned.

i mean, it was an unbievable performance. >> you can make this stuff up. the fact that the president would even have the thought when he saw that sech that this was a speech i am going to give. there are so many other important topics to be covered. let's not forget, the first lady was not without fault on this trip either. we call our michele antoinette. obama, the $3,000 nice we did not tell. lou: you don't really want to put her up at the mot six, now do you, brad? >> no, but the type of money that the fir family spends. lou: we spend money. you know, iot it. i get it. let me ask you this. let me ask you this as we wrapup . immigration reform, are we going to have it or not? and if we do get it, is it going to be something besides just a deigned proposition against the

amican people? very quickly. >> very quickly, it looks like we're headed t60 on something in the unite states. remember, this is step one. the use is going to taket into one thi and sd it back. the senate ll pass something, but we have a lot of football left to be played in this game. lou: what do you think? >> i agree. i think the best way to dot is incrementally. we have burned on omnibus bills of 300 pages, and what we first need to do isecure the border. if we do that everythin will flow from that. something needs to be done or is going to be held today -- hell to pay. lou: if they do pass it, would like to be among the first recommended be called the obama immigration bill because he has been so engaged and thoughtful in crafting a. thank you for being with us. >> you bet..3 lou: appear tomrow, forbes media chairman editor in chief among our guests. we go to the flip side, more of your favorite nickname ideas for

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>> because of your overwhelming response, we are trying to fin the best obma nickname. one of my favores here is oblama. pass the buck arry. e gve ithe good old

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bolting and goingnuts. i did find some good news for you today. at the same time, it's lie, facebook and the nsa. two andone. welcome, i know am no cavuto. let's just say the national security agency is saving face before beeterribly get the