cheryl: a worker walkout at walmart, 15 cities workers demanding a living wage and no surprise, organized labor is behind this. liz macdonald going to break down with the bottom line. time for stocks, to the floor of the stock exchange with nicole petallides and the s&p, pulling back a little bit. diane: we are not off of the line. a third day of gains would be exciting, absolutely right if we were to have three straight days of gains for the dow jones industrials for the s&p 500. we haven't seen that since july so right now the dow was up 13 points, bank stocks doing well and retailers giving a strong u.s. dollar, other names on the move in the tech realms such as blackberry, takeover talks, yahoo! with investment of ackerman and pershing and

sprint, qualcomm, samsung and their new watch, a lot going on in that realm, jobs numbers were better with the monthly jobs report that will be key and a lot of people taking it in stride that the fed will taper sooner rather is an later. cheryl: cu 15 minutes from now. dennis: the g 20 situation as president obama tries to drum up international support for military action in syria. rich edson is in washington with more. rich: syria is off the agenda. president obama is putting on the g 20 schedule looking to build international support. he needs help in congress without naming who he called the administration says the president spoke with five senators yesterday, democrats and republicans to push his syria request and getting help in the united states. secretary of defense under president obama robert gates says whatever one's views on current u.s. policy toward syria

failure by congress to approve this request would have profoundly negative and dangerous consequences for the united states not just in the middle east but around the world. meanwhile the president wait for congress and the administration says the congressional input is worth the delay. >> the department of defense has made clear that unlike libya where there was an impending crisis coming within 48 hours this is a case where if we take action in a week or two weeks or months that we can still have a successful action and out come. >> full house and full senate returned monday, consider the president's request to attack syria. as for which way the vote was going there is plenty of skepticism the too worthy to call on this one and the chairman of the senate intelligence committee dianne feinstein has come out to the microphones after a briefing with administration officials saying once the administration made this call we need to back it up or else we'd be, a paper

tiger. she is also saying when she gets calls to her personal office about which way to vote on this overwhelmingly it is against intervention in syria but she says she is privy to a lot of intelligence briefings that her folks at home are not. dennis: i would not want to be -- is that something i would like to make a phone call about? rich edson. cheryl: on the market's initial jobless claims dropping for the week but not as much as analysts had expected. tomorrow's big jobs report going to be the last one the fed sees before the next meeting. managing director and senior economist michelle ng jerrod joins me with a preview of the unemployment report and it will impact the capering decision. you still expect the fed will indeed begin the taper. the question is by how much. maybe $20 billion? give an estimate. >> i was thinking they could do $20 billion and take $10 billion each of treasurys and mortgages to end of buying $35 billion in

treasuries and $30 billion in mortgages but i will say we have had a backup in rates, obviously the uncertainty associated with syria and when we look to third quarter gdp growth those estimates are coming down. altogether, perhaps the fed might choose to do something smaller. if you do something small why bother? i honestly think now the biggest tech is the fed wants to get the profits started. an ends up taking the line longer, that is what is needed. so i start to think we may see something more along the lines of $5 billion as opposed to $10 billion. cheryl: we are even going down there. that will be interesting, something the markets i am assuming like to see on the equity side anyway so a couple things the fed has to look at as far as targets ago, we are not at the 2% inflation target, we

are still above the 10% unemployment rate. that could be a reason for them not to do anything. imagine a scenario where they do nothing and taken by surprise because he mentioned the syria issue which is crucial. >> here is the thing. they set the table, they have been telling us for months now this was likely to come in september. the markets have priced it in and i am not sure what delaying at this point would actually do. we all know that it will come in three more months and will be three months of waiting for it. it is not going to be any easier to started catering process that year end when liquidity is even worse. seems to me the best thing is to get it over with mainly if it goes smaller but i think it would confuse the markets quite honestly if after all that has been said they chose not to take a least some small step in that direction at this meeting. cheryl: more fed comments this

afternoon and an informal speech going on so we will see if that move the market. one thing about these numbers whether it is initial jobless claims, monthly jobs report, you look at it, the jobs we are creating our service sector jobs. a lot of bartenders and waitresses getting jobs. not getting higher paying jobs and that is an economic killer. agree or disagree? >> i do. one thing we are talking about is for the consumer over all the consumer and the aggregate look like it is okay but there's a real divergence between what is going on at the upper end of the income spectrum and the lower end and you are right, the lower income earners are those ones that are in lower paying jobs where real wages are declining, they have high unemployment rates. that is why we can't get the consumer sector growing more quickly because we still have a huge part of the population that for many also see still sounds like we never came out of

recession. cheryl: always great to see you. thanks. >> we're keeping an on wal-mart stores nationwide as some workers, union activists are planning a walkout to push for a huge increase in walmart wages. liz macdonald has the bottom line. liz: breaking news, making change at walmart which is the activist group behind these protests in 15 cities rolling out throughout the day putting out a statement saying three workers were on arrested due to their civil disobedience in midtown manhattan today, trying to bring a tactician to a board member, mr. christopher williams to run the investment company at the midtown address so we're tracking that story again. here is where the walmart worker protests are being held from coast to coast, sacramento, los angeles to chicago, you will see boston, miami and new york city call walmart is coming back to fox business.

but this statement about exactly who are these protesters? here it is. a handful of union orchestrated media sons made up primarily of union members and activist, they do not represent the views of the vast majority of the 1.3 million associates' who do work for walmart. walmart is telling fox business with these activists want is minimum $25,000 annual wage. walmart is saying the vast number of workers already make $25,000 annually and worker protest groups are saying walmart needs to reinstate and reverse disciplinary actions that were made against 80 walmart workers, 20 of whom allegedly were fired. what walmart is saying essentially is these representatives, these worker associates there were 100 of them associated with a black friday protests last thanksgiving and what we're seeing is wal-mart is denying any wrongdoing. we do know that walmart has been

hit with allegedly 100 actions with the national labor relations board. this is the story developing. >> 80 employees as the union going to bat for them. thanks very much, liz macdonald. cheryl: as always charles payne is here to make you a little bit of money. what the next thing is coming up after the break. dennis: are you ready for some football? the billion dollar kickoff tonight in denver, the nfl trying to make the game safe, we will take you live to a company that is doing that. let's look at metal as we head to break. with the spark miles card from capital one,

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cheryl: time to make money with charles payne here to talk general markets. we are losing steam here. charles: an interesting week. normally i find the weekly have the jobs number this one session with the dow 100 or down 100, essentially flat going into friday and getting the same thing, not much gyration but

certainly as you look at it for the weekend has been really sort of the calm before the storm or a scene from one of these weapons where the bad guys are coming in to town, too quiet. gary cooper, need any help? i am bracing for the markets to react to good news as good news instead of getting scared, the good news pools back and fat is bad for stocks. charles: the debate about capering rate hikes is not rate hikes, the change in fed policy that may impact some people live there is a hiccup. i don't think there will be but if there's the major hiccup it will create one of the most amazing buying opportunities out there. cheryl: michele jerrod was saying because of the data we're getting potentially a $5 billion cut on the fed capering policy. what would the markets do? charles: that would mean ben bernanke is taking his cue more

from wall street than any other indicator out there and that is bad farm the market in general. wall street shouldn't be details that wags the federal reserve. ben bernanke has gone out of his way to appease these guys too much. you want to his defense of law, sells stocks, sell it. at some point and have to stop catering. at some point in won't be now or next year but raise rates. if they do the economy is doing well. here is the analogy everyone uses, training wheels, no one takes the training rails street, but they still falling little bit and they get better. dennis: as we do every 15 minutes let's check the markets on the floor of the nyse-listed and sales winners. >> maybe you have been to costco or walgreen's, look at these

retailers we are speaking of, the fed doing nicely today, great performers year to date, costco of them to present the $2.50 a share this year, 15% and walgreen's up 1% over 1.3% and that year to date is up 30% but what is interesting 35%, what is interesting is same-store sales numbers coming in and impressing wall street, before august or costco were up including -- that was good news and for walgreen's, in man hadden there was between read on every corner and they did very well not only with sales but the pharmacy part of the business as well. ashley: thank you. what is bugging me? blackberry. the company that once dominated

the market put itself up for sale, stock talking up on the news today last time we checked after a board members said yesterday there is a place for blackberry as the player. but wait a minute. only in any insisted was doing fine. a little known analyst had the temerity to say the new smart phone was a flop blackberry went ballistic and accused the guy of manipulating stock price and had the gall to call for an sec investigation. that mean-spirited reaction was a warning shot 4 other wall street analysts. mess with us we will attack you. the company refused to put up or shut up. it wouldn't disclose specific figures, just said demand was in line with expectations. now all we know how all low those expectations were. shame on you for lying to us. did blackberry mislead us about its troubles?

we know how all week the z 10 and how weak the company is. tweet me at dennis kneale, your turn to weigh in. cheryl: should i give this to you now? for let out the window? it is over. iphone, samsung, it is over but the most popular sport in america makes billions of dollars a year but exactly how safe is the nfl for the players? we will go live to a company that makes ads for the league. connell: the jobs report out tomorrow morning and the engine behind employment but are they hiring? we will find out in a few minutes. how the dollar is fairing against foreign currency. ♪

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>> this is your fox news minute to egypt where the interior minister in charge of the police force says his convoy was targeted by a large explosive device in eastern cairo. he escaped unharmed but 20 to be

wind including two police officers and a child near the glass. police still trying to figure out why nearly 130 vehicles were involved in a series of crashes on a bridge east of london. crews needed hydraulic cutting equipment to rescue drivers and passengers that ended up trapped in the pileup, dozens were injured, tweet seriously and witnesses a dense fog contributed to the crash. it is the girl. the panda cub born two weeks ago at the smithsonian national zoo in washington is female. officials say the cub appears to be in good health but still doesn't have a name. giant pandas are among the world's most in danger species and by far one of the most adorable. those are your news headlines, back to cheryl and dennis. dennis: thanks very much. is the s&p poised for a big year? morgan stanley think so. we go to the pits of the cme

where sandra smith -- sandra: 1600 in the s&p 500 by the end of this year. a new forecast, analyst adam parker, chief equity strategist at morgan stanley, 1840, this same time next year, that would be a long way to go in a short period of time. the worst case scenario is 23-27 and they worked it all out and said the highest probability is a year from now, 11% gain from where we are today, growth in emerging markets, growth in developing nations as far as the economy is concerned, what could throw a wrench into this rally is a stronger u.s. dollar, higher oil prices and marginally higher interest rates. we hear a lot of calls all day long, but we are feeling more bullish from major banks which could have an influence on the

market. dennis: thanks very much, sandra smith. >> in new season of nfl football action along with players when it comes to added padding on the field, jeff flock in woodridge, illinois with the main patting manufacturer for the nfl's 5 and knee pads with more. >> players love them and i will show you why. they are making them right here. this is new technology that really makes you able to breeze and move in a way you couldn't before. the company's mcdavid, the man on the door is bob. >> we college text technology and involves cutting individual places. >> we want to show you what we mean by that. this is the raw form. >> each model pad segment is different and not connected to the next one. it is multiple pads in the

fabric. >> we have a fellow overhead, of lafayette pad we are talking about required in the nfl. >> 5 pad in general, a lot of them use these. >> this is what they used to look like. they are in flexible but kind of hard and move and breathe and not only the make size but shins, ankles, and everything, elbows. >> very popular in basketball, a fight that shirt, shoulder, rib and spine protection. >> this was in the basement of your partner's house. this is another of these garments, this technology is what has come along. >> that is one of the biggest innovations of the last ten years. >> how do you compete with nike and the rest? they have big names, big

dollars. >> you have to have the technology first and they don't have this technology. to develop it we have to keep our eye on the ball and work hard and remain focused on what we do, do all the things they do and specialize in this product. >> if you're going to get in a fight with somebody at recommend having this on. as you can see this guy, don't mess with him. they are handy on the subway. cheryl: thank you very much. dennis: the ms. -- must have. let's talk jobless claims, a five year low this morning. and the nation's biggest job creator, small business relief airing. ceo brian hamilton coming up next. cheryl: retirement in the golden state, a new plan could help

lower incomes californians. we are going to explain. and jamie -- jpmorgan chase, we will have that. you know throughout history,

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cheryl: want to show you a couple of things on the dow right now. we're up about 17 points but again we have scaled back gains of the day. a lot of this based on jobs data. initial jobless claims came in and shortened holiday week we got the adp numbers. a little below estimates. it is hard to predict what will happen tomorrow. we'll show awe couple names. american express and due point. as far as due poupt this is adding almost four points to the dow. overall kind of a quiet market. at&t is the drag. it is down by 44 cents on

percentage base. down 3 1/2 points as far as the dow jones industrials. let's bring in nicole petallides from the floor of the new york stock exchange. we're having three days in a row of gains but we're very tepid, nicole. >> absolutely is and volume became lighter as we approach 3% on the 10-year. got to get to a story right now, jcpenney is up today. we all too well remember the three-way scuffle and jcpenney and martha stewart and macy's had a stuart, make as deal with martha stewart. the whole thing is going to court. they have been battling it out. this was 10-year 200 million-dollar deal with. martha: stuart. the rest of the decision with the court is coming up. here is what is happening with martha stewart living omni media. down 5.6% for msl. what is interesting, the court was supposed to make a ruling.

gets what? mike ullman said, jcpenney we're out. we're out. i don't know if he is trying to save face with martha. dennis: thanks very much, nicole. despite jobless claims falling this morning to a five-year low my next guest hayes his finger on the pulse of small biz. american employers continue to have grave concerns about the recovery. there are more roadblocks ahead. brian hamlin, ceo of sage works. look at jobs number this morning. adb report on job creation, the one on weekly jobless what is not to like here? what bothers you? >> well it is lukewarm, dennis. look where we are in the economy, 48 months into straight growth, that should be much lower, 5.5% unemployment or 6% not where it is. that's my big concern. dennis: that's a big concern plus you say the average recovery only runs 50 months

before it turns back down. we're at the 4th month. we're running out of time. >> it's true. we don't know when it will happen but at this point we want that unemployment number going way down. as you know we're talking about it. it is kind of stuck in my view. remember there's a lot of, as you know, you reported on this, there is a lot of low-quality jobs. we're not out of the wood by a stretch. dennis: you did a survey of small businesses right. tell us about the results. 25, 30% not hiring or letting people go? go ahead. >> it is kind of a up per actually. it really is. you have got 30% of the people who say they might hire. 30% of the people who say they will let people go. you have the great unwashed stuck in the muck and saying look, we're not doing anything. here's the notable thing. that survey has not budged for the past, like, two to three years. when we go to the business owners we should have a net group of people saying, look, man, we feel good about this

recovery and next year we're going to hire people. so, you know, we're really kind of not happy about that survey. dennis: yeah the entire sector needs a huge dose of zoloft it feels like. i don't want to be a total buzz kill here. let's figure out what can be done to fix this. what will unlock some of this hiring? looks like the problem is more than merely businesses saying i don't see enough demand. >> you're not going to like the answer and it's a guess, okay? i don't know is the truth. we're alw this, but look, if you look at where we are and look at the fundamentals of these companies, they are very strong, period. we don't know what's going to happen but right now they're very strong. my message to washington, our message has got to be, look, get your act straight. fiscal cliff, tax policy, budgetary, you know, constraints, health care. let businesses know early what you're going to do, even if your plan stinks, you know that's not good but even if it stinks, get

it out early and give these very a adaptive entrepreneurs time to make plans. if you do that they will create jobs but all of these debates, dennis, keep getting extended and it is killing the job recovery in one person's view. dennis: now on obamacare, as a matter of fact, i had thought every time we saw another big delay come out and gee, we're not going to penalize people and gee, we're not going to penalize employers for a while. i thought that was a good thing but turns out the delay can be a bad thing. >> that's perfect. it is true. we have another year delay. again more uncertainty. we have to remember these business people, they have got mortgages. they have got car debt. they have got kids in college. their profit is off then what they use to eat. so when that's compromised or what they don't know what their cost structure is going to be, they are going to do what we do. which they will be more careful. and that's the problem. we've got to get policies out quickly so, please, washington,

listen to that message. even if you're policy is a stinker, get it out early so i or these 27 million businesses can plan their business. dennis: right. >> then we'll get out of this woods. we always have, remember that. remember that we've always been adaptive. dennis: something to remember. capitalism is not about hungering down, guys. capitalism is about taking risk with the optimism that good stuff will happen. thanks for being with us today, brian hamilton. >> great to be here. cheryl: well, america's biggest bank, jpmorgan, taking steps to get smaller. senior correspondent charlie gasparino has new details on jpm's downsizing plan. that's next. dennis: first let's look at the 10-year and 30-year treasurys. clients are always learning more to make their money do more. (ann) to help me plan my next move, i take scottrade's free, in-branch seminars... plus, their live webinars.

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two words. double miles! this guy can act. wanna play dodge rock? oh, you guys! and with double miles you can actuay use, you never miss the fun. beard growing contest and go! ♪ win! what's in your wallet? >> i'm jo ling kent with your fox business brief. jpmorgan chase, the biggest u.s. bank, says it will stop making new private student loans according to fox business. the bank will stop accepting new student loan applications on october 12th. the company says competition from federal government programs limit its ability to grow the student loan business. good news for detroit. toyota announcing it will invest more than $28 million to expand power train operations at two facilities in ann arbor, michigan. toyota's technical center will design and evaluate new

dennis: breaking news. the white house says that president obama has canceled his trip to california next week. he will stay in washington to work on the syria crisis before congress. the president's trip included a fund-raiser in hollywood. that was the original plan. now the white house says president obama will not go to california next week. he will be working on syria. cheryl? cheryl: dennis, thank you so much. you heard this here first on fox business. dick bove told us yesterday that jpmorgan is looking to sell non-essential assets as regulatory pressures mount at the nation's largest bank. senior correspondent charlie gasparino is here with the latest. he told me last week on fox business. >> we know jpmorgan is in jamie dimon led effort to downsize the bank. will this be a breakup, a glass-steagall breakup? no. this will essentially be the non-core assets. excuse me not the credit card business, the student loan

business. keeping the credit card business. stuff that maybe doesn't make as much money as it costs to keep going. so that's what it is right now. right now what we're talking about is an effort to sort of downsize the bank by taking out these sort of non-core assets. they also call them hobbies. i never heard that before. it's a business like the physical commodities business they got out in june i don't our hobby is unking are. they're calling businesses hobbys. >> make a few million dollars a year. don't need it and causes too much regulatory headache. here is the bottom line here. this is what viewers should know, particularly if you own jpmorgan stock. they make a lot of money. they made $20 billion last year. regulatory probes are mounting. these probes are having impact. the first step they're doing is taking down the non-car assets. jamie dimon does not want to spin off, you know, the bank, the commercial bank from the investment bank, but, listen, i'm telling you this. this is what i'm telling you. this is the usually the first step that could happen. don't take that it off the equation if these regulatory probes keep mounting, the

pressures to basically hoard capital, if they keep getting hit with new regulations, this bank at some point will have to break up. that is essentially what dick bove was saying. it was a prediction. not that he knew. it was prediction they would have to spin something off. he talked about the asset management unit. i don't think they would do that. that is kind after stable source of revenue. cheryl: everybody wants to stay in that part of the business. >> they have to do something to shrink the bank. what you're seeing is first step here. jamie dimon's directive, get rid of non-core assets. we have to focus on businesses that make money and make sure as we're focusing on the businesses we're not doing anything stupid. that's what is part of this thing. focus on stuff that keeps us out of trouble. that's where we are right now. i will just say this. if this seems to me, this is me covering banks for a long time, the first step to something much more radical. that at least from my sources inside jpmorgan is not happening right now. cheryl: this is interesting what you said as well.

god, this goes back 10 years in our history. splitting off investment banking and commercial banking. >> citigroup. you have to get inside of jamie dimon's head why it is more difficult for them. he helped create citigroup. people forget about that. he was a major executive, number two or essentially sandy weill's right-hand man which created citi and merged investment banking and commercial banking and insurance for a time when they had travelers. he was the guy that put it together, that supermarket model. he believes it works. he believes management can get some of the problems. it is so big, you have to get good managers. the problem he has right now it has not prove very much out in had case. jamie dimon is up with. best in the business. remember, what he did with the lond do whale. cheryl: you interviewed him before on fox business. >> i've known him for years. cheryl: known him for years. >> remember what he did? farmed out "london whale", that investment portfolio to someone he trusted. if it was a smaller bank he would have paid more attention to it. that is what got him in trouble with the london whale, farming that out. when you run such a big

operation you don't have a chance to call all your business unit people up and break their chops, you know, every day. that is just, it is just, you know, $2 trillion in assets, branches all over the place. operations in all these different countries, hard to manage. this is the first, this is why this is interesting. this is the first recognition by jamie dimon that the bank is too big. cheryl: on high net individual net worth management side whether ubs or morgan stanley they're all targeting that same demographic, that same group. they can't all split that pie and still be effective do you think? >> i would tell you this, if he was sitting here our size and scope, our balance she the fact we dominate certain businesses and basically proprovide the best sort of service we can to someone like high nest worth individual. why is jpmorgan in deals like, why is it a major underwriter of facebook? it has the balance sheet. it can lend them money. can do things. can service the corporate customer and funnel that ipo,

first dibs on. ipo through its wealth management division. that is his argument for keeping this big but i think it is increasingly difficult to manage these things particularly if you're this big and with all the regulation going on. i will get back to it, this is the first step. what makes it important that this is the first recognition by jamie dimon that his bank is too big. cheryl: you heard it hear first on fox business. thank you, charlie gasparino. denany, over to you. dennis: as we do every 15 minutes, let's check the markets. mark newton, gray wolf partners on the floor of the new york stock exchange. mark, the dow and s&p are trying to extend their gains for the 30 strayed day which is the best for some time. give as you bold prediction. is it going to happen? >> the market stalled ahead of tomorrow's number. treasury yields are backing up close to that 3% level psychologically speaking. big moves in the dollar index today and also big moves down in

gold which people are watching. crude oil is escalating geopolitical concerns into next week. that is really what is happening. that is helping to drive energy which is the best-performing sector today. dennis: thank you very much, mark newton. >> my pleasure. dennis: good day. cheryl: time for your west coast minute. california-based yahoo! has unveiled a new logo, its officers logo change in 18 years but to the surprise or dismay of many the logo is not that different from the old one. it is still purple. still says yahoo! exclamation mark. ceo marisa mayer was heavily involved in the redesign, and said on tumblr, rolled up her sleeves and dug into the trenches with the design team. more importantly, the stock see how it is doing now. it is actually down three cents, 28.04 exclamation mark. a phoenix company just scored a $4.3 billions veterans health administration contract.

triwest sign ad five-year contract to service the health care need for vets in arizona and 27 other states. at a bonus this could be good news for the phoenix labor market. with the v. apotentially adding hundreds of jobs in the region. seattle teachers approved a new contract and schools are opening on time. the two-year deal ends contentious of negotiation that raised possibility of a strike, something seattle hasn't seen in decades. teachers will get a 2% raise for this school year and 2 1/2% raise the following school year. that is your west coast minute. dennis: tackling california's retirement pension problem, the golden state, how it plans to save for your golden years. we'll tell you about it in just a few minutes. and more on what is bugging you. cheryl: what is bugging you. dennis: yes. cheryl: and let's look at today's winners and losers on the nasdaq. priceline, sears. we'll be right back. ♪

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cheryl: did you know that the united states has a $6.6 trillion deficit in retirement financeing? well a new retirement program in the state of california is meant to help ease that pain. the senator of california's 22nd district and creator of this program joins us now with more details. senator, thank you for being here. this is interesting. you backed a law basically in california that has passed that would give a retirement program option to lower income workers but many on wall street, many big banks are against you on this they don't like this. how do you respond? >> well, first, you know, good morning and good afternoon to you, cheryl back in new york.

you're right, we have a retirement tsunami that is on the horizon here in california and i would argue across the nation. the beauty about the topic of retirement security, more aptly put, retirement insecurity is truly a non-partisan issue because it democrats as well as republicans. what we've done out here in california we're trying to set folks on the right path for retirement security so they can start saving today and not tomorrow. and what i have done was send a bill, sb 1234, california secure choice retirement program, is develop a program, a product, that has some of the best features of a defined benefit program without the taxpayer liability or the employer responsibility. cheryl: let's explain that. that is one of the fierce out there. >> let me explain that because i want to make sure, we're talking to a national audience. that may not be familiar with this plan. >> gotcha. cheryl: basically it would, it's a private plan and it is voluntary. anybody can put in 3%.

if you don't have a 401(k) at your company you can put in 3% and that is managed. now there is a guaranty, an insurance guaranty, guarantor behind this program, correct? >> that is correct. cheryl: okay. >> that is correct. we have automatic, we have automatic enrollment with an opt out provision. we have automatic payroll deduction. it would be publicly, i should say professional amanaged. it would create a public-private partnership. could be vanguard, t. rowe price, fidelity who could bid to manage the dollars. we have insurance protect with a wrap. we want to do feasibility study. we want to make sure we get this right and dot our ts and cross -- cross our ts and dot our is. cheryl: you don't have a launch date, is that fair to say. >> launch date will be likely 2015. we have to do a feasibility study to make sure we do this

right. reality in california we have eight million individuals in the private sector, in the private sector who have no access to retirement security in their place of employment. defined benefit or retirement contribution plan so this will put them on the right path. cheryl: we did our research as well, a majority of americans have nothing in retirement savings or maybe $25,000 which will get them nowhere when they hit 56. real quick before i let you go, we're almost out of time, why do you think wall street banks are pushing back so much on you about your plan and this law? why do you think this shaping, senator? >> cheryl, i think that is changing. i think we're changing mind on wall street. i think folks are coming on board. i think they first misunderstood the plan. they thought it would be direct competition to their market share. that competition doesn't exist right now. it is highly fragmented, difficult to reach population. last time i checked there was no charles schwab in east los angeles or east harlem.

we're trying to create this market. i believe at end of the day for other business models there will be plenty. we'll get the private sector a real opportunity to showcase, you know, their products to make sure every californiaian is going to save and have a pathway to those golden years. cheryl: senator kevin deleon. interesting program. we'll check back in with you. thank you, senator. >> thank you, cheryl. bye-bye. dennis: what's bugging me? the notion that blackberry misled us about its troubles. here are some of your thoughts on it. michaelly says, quote, it does not sound like blackberry was shooting straight. sound familiar. recollection ryan says the jets will be winner. bet on that. and neville says it wasn't rim's credibility on the line here or a line it drew. it was the markets. yeah, that's the ticket. reference to president obama and that red line. dan says, rim should use its considerable might, while it lasts, to invent a better email from scratch. a little bit of lighting the

candle, instead of cursing blackberry's own blackout. cheryl: i am concerned what will happen with the jets this year. is there any hope? dennis: i think blackberry's chances might be better -- but i'm a dolphins fan. cheryl: there you go. focus does remain on syria at this hour. president obama is in russia. he is trying to pitch his plan for an attack, putting the decision in congress's hands. judge andrew napolitano, coming up. everybody stand up. [ male announcer ] how do you get your boce?

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>> welcome back, everyone i'm cheryl casone. >> i'm dennis kneale. new mixed signals on the economy holding stocks back today deutsche bank will tell us how the fed reading latest numbers on jobs, manufacturing and more on a critical meeting of fed in two

weeks. >> divided over syria strikes. g20 leaders in russia are split and so are members of congress ready to take military action against damascus. latest details ahead. fox news's judge andrew napolitano tells us what power the president has to act on time for stocks now. nicole petallides on floor of the new york stock exchange. three whole days up. let's be thankful for small favors. >> the clock strikes two p.m. and the dow, nasdaq and s&p all managed to hold on to these gains. though small. as you noted. and what is interesting about the run that we are seeing is that it could be and could mean three straight days of gains for

both the dow jones industrials and s&p 500. we haven't seen that. that's the big deal. is the trend favoring. people used to interpret good economic news as bad news. you know how it works with the correlation of the fed. right now keeping the bulls ahead. cheryl: thanks, nicole. a debate over a military strike against syria is overshadowing the g20 summit in st. petersburg as president obama tries to drum up international support. rich edson watching everything from washington. he has more. rich? >> president obama is selling syria intervention to world leaders weeks ago. the president canceled his one-on-one meeting with russian

president vladmir putin. but that doesn't mean they won't see each other while the u.s. and syria remain at odds over syria, u.s. and russia remain ad odds over syria, putin greeted all leaders at the g20 opening this morning included president obama. they both manage ad smile. back here in washington the administration continues pushing congress to approve the president's request to attack syria. senate intelligence committee chairman dianne feinstein supports granting the president's request even though vote that's call her office are overwhelmingly opposed. >> there is no question what is coming is over well mingly negative. there is no question about that. then you see, they don't know what i know. they haven't heard what i heard. >> she's talking about closed-door intelligence briefings. the senate foreign relations committee has advance ad resolution granting the president limited authority to attack syria. under this plan president obama could have up to 90 days to conduct military operations

against the assad regime. on monday a democratic national committee source confirms president obama has canceled a hollywood fund-raiser. this was first reported in "the hollywood reporter." the dnc refused to say whether the cancellation was because of syria. the fund-raiser was scheduled for the same day the full congress returns from recess to debate a syria attack. back to you. cheryl: we'll get more out of washington tomorrow, 12:00 p.m. eastern time. probably more developments. he probably need to stay close to home. thanks very much, rich edson. appreciate it. >> thanks. dennis: two key readings out today on the health of labor market. adp private sector payrolls came in below what economists were looking for but not much but initial jobless claims topped expectations that means they were better than expectations with the four-week average falling to a near six-year low. joining us what it means for the fed, we have carl ricodonna, senior u.s. economist at deutsche bank. economist want goldilocks number

when you get jobs data. you don't want to be too good because the fed will pull back and not too bad because it will depress us. is this goldilocks because the metrics are so mixed? >> it looks like we're moving into a goldilocks phase into the economy. inflation is a bit low, admittedly a bit lower than policymakers would like to see. the jobs market for first time in three years didn't go through the summertime swoons. it seems to beholding up and maybe adding momentum. we could put to the point using a goldilocks analogy the porridge is getting too hot. if we see a decent employment report tomorrow, i think maybe 190 on non-farm payrolls and another .1 decline in the unemployment rate to 7.3%, if we get that sort of a report, the fed will begin tapering asset purchases at its september meeting. dennis: right the new jobs from the government number tomorrow, expected to stay at 7.4% interest, i mean, 7.4%

unemployment and 190,000 jobs you just said. so if the number came in and it was 250,000, the market has a huge selloff because the fed will pull back on that $85 billion a month it is buying in bond. >> right. dennis: but should investors in that case, wait a couple days and buy right in because that will be kind of a panicked overreaction? >> well there are two forces here. one is the force that is lifting the equity markets and also boosting yields and fixed income market. that is a healthier economy. so in that respect if we see a strong jobs report, it should be a buy signal for the equity markets, sell signal for fixed income. however, the opposing force if you will is this pullback from the fed and it is going to be a balancing act of the economy strengthening but the fed pulling book on the steroids, financial steroids it is applying to the economy for the last several years. so i think that maybe tomorrow you sit on your hand, and don't try to trade the market in the

near term, but then, you know, step back in late in the day or maybe next week. dennis: okay. so now the fed has been trying to stoke what is the worst recovery ever from a major recession in modern history. >> absolutely. dennis: on two battlefronts. we buy bonds because that raises demand for bond and that keeps prices high and interest rates low and that helps the economy. that other front we set interest rates overnight and kept them at quarter point or zero but one day we'll start raising interest rates. which battlefront is more sensitive for wall street and scarier for wall street? i would think the bond purchases. >> they both could have significant impact. it is not so much in the reduction of the pace of purchases. if things really caught on fire and the fed had to sell without a doubt quantitative easing angle would be more impactful for wall street and the financial markets but i think as we're going to see it this is a very gradual and deliberate fed. so they will slowly taper the pace of asset purchases, probably never actively sell

these assets. they will let the balance sheet naturally unwind. the question what you're honing in on, is, really the quantitative easing versus interest rate guidance. churl bernanke is trying to drive a wedge between the two and say, well we use quantitative easing and tapering for near-term momentum and interest rate policy for meeting the fed's longer term objectives. dennis: gotcha. >> the question is, will the markets believe that and as the markets say, well the economy is healthy, maybe tapering will be faster than what they expected they will push forward the expectations of that first interest rate hike. dennis: all right. you know lately? the market is a bunch of frayed did i cats. i'm telling you, carl of deutsche bank, the dow closes 16,000 by year-end. i bet you lunch or dinner. >> i think it will be higher. dennis: liking that. take care. >> take care, thank you. cheryl: there is so much more to come this hour. presidential powers being tested in the debate over military action over syria. fox news's judge andrew

napolitano tells us how it could play out coming up. dennis: plus a new twist in the jcpenney, macy's battle over martha stewart. sending jcp shares up nearly 5% today. gerri willis is on that story coming up. but first time to check how oil is trading. life's an adventure when you're with her.

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dennis: time to make a little scratch with a guy who is really good at it. charles payne is here. this hour he has a two-fer. two pick. he will follow up on chinese social platform ywyw. i'm guessing they have really good news. >> we had fun with the name why. people tweeted it. i thought it would be good segue, that is sort of chinese internet play. i got a russian internet play. actually russian search engine, yandex. i was pounding desk when the cofounder got sick. stock vacillated a little bit. he died. this guy was amazing.

was absolutely incredible. weigh as brilliant, brilliant guy. the stock sort of went sideways and today breaking out on huge volume and deserves to. i am pounding the table. will do extraordinarily way. they have 62% of the search market in russia. they put out a new mobile browser for android and ipad. they have a new email service everyone says is remarkable, revolutionary. they're doing well in new areas. making money on display ads and online payments and things like that. dennis: one key question, but, it's russia. it is a dieing market, russia. >> people say the stock market shouldn't be up in america and look out window nothing is moving. this is still a 16 trillion-dollar economy. somebody is making money in rush share, right. >> let me tell you something. almost everybody in the country uses the internet. the anyone could hand capture particularly on mobile they will make absolute fortune. this is not a bet on russia. this is a bet on these guys catching more market. cheryl: only concern for u.s.

investors by the stock, buy the adr of the stock would be government intervention, regulations in russia which are a whole different slew of regulations you're dealing with than the united states. >> putin scares me. cheryl: he scares many people. >> he crush ad lot of my russian stocks last time he was around. he did. he destroyed them. i would say this time around i think it will be a little different. you could argue the same thing for chinese internet plays which have been on fire. you're right, that is a small risk -- dennis: i think that is huge. nicely done. is see you sir. >> thank you, sir. dennis: yy, charles payne. cheryl: it is quarter past. time to check the markets. nicole petallides on floor of the new york stock exchange. we go there every few minutes. so blackberry, the stock is up almost 2% right now, nicole. this was dennis's, what is bugging me today and what's bugging him that blackberry should have made this move i guess a long time ago you would say? dennis: yeah. >> better late than never.

what's interesting we're watching the stock running up but the question if they do in fact manage to pull this off and they sell off blackberry by november, what will be the price? because you do have some of the analysts talking about the fact that they have a sell. canaccord has a sell rating and has a 8-dollar price target. that is because they think the latest products, blackberry 7 and blackberry 10 have had soft sales. one bidder is definitely out. also microsoft which may have been considering to buy this one probably out because of their deal with nokia. you have other ones like lenovo which may still be in it. we'll watch this until november because blackberry wants to move this along quickly. cheryl: they are incredibly focused on the z 10. you can't wait them off yet. you never know. miracles can happen. thank you, nicole. dennis: president obama, put as syria attack in congress's hand but he could just he could ahead without them?

we'll ask fox news's judicial analyst judge andrew napolitano. cheryl: we'll take a look how the dollar is moving against currencies around the world. you go, dollar.

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>> 19 minutes past the hour right now. hi, everybody, i'm jamie colby with your fox news minute. president obama has postponed a hollywood fund-raiser scheduled for next monday, the same day congress begins debating the use of military force against syria. the $32,000 a head event expected to bring in well over 1.2 million door the dnc. the fund-raising reception not yet scheduled. the percentage of u.s. middle and high school students who use electronic cigarettes more than doubled from 2011 to 2012. that is according to the cdc. the agency saying the latest findings are troubling because the use of these cigarettes could lead middle and high school students to become add dicked to nicotine. and maya angelou is this year's recipient of the literary award. it is a honor from the national book foundation. the 85-year-old poet and author has been celebrated everywhere from the grammy awards to the white house but this is her

first major literary prize. the award will be presented next month. those are your news headlines on the fox business network. i'm jamie colby. back to you, cheryl. cheryl: jamie, thank you. >> you're welcome. cheryl: good to see you. for more on the ongoing situation in syria, the senate foreign relations committee voting to approve military action in a split vote but does the committees's resolution actually restrict the president? fox news judicial analyst, judge andrew napolitano. >> can i answer the question? >> yes. >> in a word no. the under the constitution decides whom to attack. the congress declares war. the president decides how to attack. the president, under the constitution, can't attack whoever he wants. there's a federal statute that let as him do that. we can talk about the difference if you like. of the congress can't micromanage the war. so when john mccain says, i like this resolution because it lets us level the playing field

and bring about regime change, he's correct. cheryl: i thought, and please correct me if i'm wrong, but under the supreme court statutes, that the president could indeed initiate a military strike? i thought that was the case which he could have done two weeks ago? >> the war powers act in 1973 over president nixon's veto. he vetoed it because he thought he restrained him rather than liberated him. allows any american president, post '73 to target anybody, for 90 days without interference of congress. president obama could have done this. but that statute is unconstitutional. no court said that. i'm making the argument that the court would find it unconstitutional because congress giving its war declaration powers to the president. cheryl: can't you stretch though the words, necessary an appropriate any say this in quotes, necessary and appropriate, can't that be, can't that give the president more power? >> no. the phrase, necessary and appropriate, describes congressional authority in the

constitution and not presidential authority. think about it. if congress could let the president declare war, could the president let congress appoint federal judges? well if that were to happen, keep going an going the constitution would mean nothing. that's why the supreme court has said, not looking at the war powers act but looking at other tradeoffs between congress and president, you can not change the fundamental duties assigned by the constitution without a constitutional amendment, otherwise the costtution means nothing. but the war powers act is still good law. barack obama knows it is good law. he knows he -- cheryl: choosing not to use it. >> correct. because he wants congressional cover for what would be very unpopular use of the american military. cheryl: no, you're saying political cover. >> political cover. cheryl: that is what you really mean. >> for very unpopular use of military force. cheryl: there is u.s. law and international law. >> international law gives us a couple of circumstances under which we can use military force. a country can use military force

when it is been invaded obviously. it can use military force when an invasion is imminent, obviously. it can use military force coming to the aid of an ally, when the ally is invaded. here is the controversial, one, cheryl. it can use military force to enforce a international norm, like, thou shalt not use chemical weapons when authorized by the u.n. none of those circumstances respect to syria. we haven't been invaded by syria. we're not about to invade syria. syria has not been invaded about enemy. and we're not authorized -- cheryl: hitler didn't try to invade the united states. >> his allies did, the japanese. why was dennis so quiet during the interview. champing at the bit to talk about it. dennis: rubbed me right out of the thing. cheryl: you're right. we've got his media minute which is on fire today. dennis: yes.

you're between me and that judge. get out of the way. >> thanks for having me. don't you ever a stage manager, a legitimate bonafide stage manager? dennis: in today's media minute, speaking of me, cbs went back on air after a month-long fee fight with time warner cable but the next cable clash, already looming large. disney's espn has a contract with dish network that expires at the end of this month and this fight could end up being even rougher. now in one corner you've got dish ceo charlie ergen. he is reknowned foe of ever higher costs of sports television. and dish is a bare-knuckle fighter in a fee fight last year, dish let the amc channel and walking dead, a hit show, go dark for four long months before finally caving in. in the other corner of this fight you've got espn with the richest carriage fees in the business. it rakes in $5.71 a month per home from carriers like dish. this complication could make it

even worse. the talks also involvefies for disney's abc network. abc could be looking for a rich bump up given cbs just extract ad hefty increase from time warner cable. cheryl, i think we could see more channels going dark here. in addition to 50 other cable channels coming up with new contracts to be reissued with time warner cable and dish and twc, are two of the most cantankerous carriers. cheryl: one analyst on the noon show, i think it was tuna, that you said, point blank, who wins? he said, cbs. dennis: yeah. cheryl: we don't have the numbers yet. dennis: content, content has the clout right now. cheryl: well, interesting. coming up, is jcpenney dumping martha stewart? we're going to tell you why ceo mike ullman may be parting ways with the domestic mogul. gerri willis will be covering that story for us. dennis: but first, as they say, take a look at some of the day's winners on the s&p 500 and maybe a loser or two.

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>> ninety minutes until the close. the dow 30 kind of split down the middle as we battle between fear and greed. lately fear seems to be winning. trying for a third straight day. the best day in two months. it shows you how skittish traders and investors have been over the fed than what it will do. the holts syria. netflix shares. 300% this year. already it's hitting another 52-week high today. >> reporter: a new high today.

everyone talks about netflix. remember when it was down in the dumps. trying to figure out how to put that different parts of the company. right near this $300 mark. dips down and came back up. working so hard on beefing up what they provide to the subscribers. this one deal after another. you have analysts on board now. hey, sell. this is a valuation call, doing great. sell and take your profits. on the contrary, an outperform rating on the stock. 330 up from 280. could have very well to said, take the ins and outs. on the contrary, they think it is going higher. tracy: all right. ashley: thanks, nicole.

tracy: we are keeping an eye out on walmart stores nationwide as workers and supporters are planning a walkout as part of a growing movement focused on raising wages and improving conditions for some of the country's lowest paid workers. we have that bottom-line. >> good to be with you. latest developments. we have one turned and two former workers of walmart that were arrested for basically disorderly conduct because they tried to deliver a petition to a board member at walmart. his name is christopher williams. he is on bel walmart board, an investment banker. the three were arrested. we are also continuing to watch the protests that are rolling out throughout the day. fifteen cities, places like los angeles, sacramento, dallas, chicago, boston, miami. and what the workers are saying is two things. they want a $25,000 minimum

annual salary, and they also want workers who were disciplined or fired because of the black friday protests after thanksgiving of last year, they want those disciplinary actions reversed. so we have walmart coming back to fox business with this statement that essentially says that workers at walmart already make on average $25,000 that today's protests are basically a handful of union-orchestrated media stunts' made up of primarily union members and activists who do not represent the views of the vast majority of the 1,300,000 associates to do work at wal-mart's. tracy: thank you so much. we are also getting some breaking news. i want to take a look at the oil. closing higher today. we are still at $100 per barrel

unchanged closing right now, as you can see on your screen. a gain of $1.14. a gain of more than 1 percent on the oil wti. ashley: a surprising twist in that j.c. penney martha stewart saga. j.c. pcl now scrapping the deal that the company had sought in court to preserve killing of home goods altogether. the new york post. >> 810-year $200 million deal. here is what they're telling people inside the company. her designs are not that great. they are not selling, and nothing that your normal average joe cannot come up with. that gives you a sense of what he thinks. j.c. p. every day. this could take a year to liquidate the the stuff they have on store shelves right now. they have markdowns a 50% on that stuff after trying to hold on top martha, i think they have

come up with the conclusion that it is just not worth it. ashley: it's kind of disrespectful. they might be able to create those candles, but no one will buy them. people did by throngs and throngs of stuff. >> at one time. the reality is people of moved on and are changing the taste in home decor. it was about really hard, kravis, all kinds of extra work, perfectionism. people today are just too busy for that. ashley: i really don't think that life changes that fast. it's so easy for us to sit there and assign blame. the biggest problem is finding someone to run it without martha interfering. not a good business person, a great impresario. tracy: people move on, nothing that's what the american publi

even paying attention to, the jumbo mortgage, jumbo mortgage rates below conventional mortgage rates. a very big deal for our audience it is highly unusual. people in the market said they have not seen this in 30 years. we are also going to talk about how it is sexy to be as savored. that means i'm sexy. we are on the same page. ashley: 6:00 eastern. the willis report. thanks. tracy: coming up, a special report, small-business big ideas. started as a shipping store, but a one-stop shop for small

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fox business brief. a firm-wide effort to sell off assets. fox business senior correspondent charlie gasparino has learned the ceo has given a directive to sell what he views as a non-core assets. the move comes as regulatory probes into the bank's operations continue to mount. total will invest more than $20 million to expand our trade operations at two facilities. a toyota technical center will design and evaluate new engine and transmission projects. coming up at 5:00 p.m. eastern on money, walmart workers are walking off the job in 15 cities today. but these protesters are not today appear to be. it is a story no one else is talking about. we will cover it tonight. that is the latest from the fox business network, giving you the power to prosper. ♪

♪ tracy: now to our special reports, starting out as a mailbox rental service. 700 locations worldwide. thank you for being here. you really have changed what other companies are now trying to do, kind of behind you. basically centers where small business owners can go, work, have meetings, but not pay for retail space. do you still see growth in this market? >> well, the interesting thing is this business started out very much a retail type business where the general consumer can come in. we found that small business owners need help with marketed -- marketing, needed help with producing their images, marketing materials, brand materials. so we provide small business owners with outsourced marketing

services and give them a place they can rely on to help their small business look. tracy: you made that decision to franchise back in 1992. has that changed for you? i guess, getting a grip on the business. someone that franchises out the name, you have to trust that the quality control is going to happen at that smaller franchisee level. has it been successful for you? >> absolutely. the success enfranchising comes with great systems, great franchise owners, great ed carter management team. so we have that combination of talented people. we deliver a fantastic consistent experience throughout our entire organization. franchising in general delivers that experience whether it be food or service or otherwise. tracy: do you think they are

franchisees' will be hiring over the next year? have you given up complete control? are you 100 percent franchise? if so, are they telling you that you will be adding employees? >> 100 percent franchise, but we don't feel like we have given up control. it is a partnership and collaboration with inspired entrepreneurs. we are hiring. our centers are growing and adding staff. remember, we support small businesses. so when we help small businesses get more customers they, in turn, began hiring and growing their businesses which is really our purpose, to be the small business -- the business beyond small business in america. tracy: a lot of our people are coming back. they are looking to become a franchise owners. you have a program where they get somewhat of a discount? >> we participate in a program for the international franchise

association. a significant discount on franchise fees. support and training to help americans, veterans, transition in the business. not only a big focus but an important and a focus to the international franchise association. tracy: well said. thank you very much. we look forward to seeing what else. >> thank you. appreciate it. ashley: looking for some new digs? how about a century old lighthouse built in 1903. near boston harbor. just sold for record price, $934,000. that is the highest cash bid ever paid for u.s. lighthouse. five stories, two-bedroom structures. stan's 113 feet high on the rocky 10 acres. a private talk but no bathroom. a figure that one out. under terms of the sale u.s.

coast guard will maintain the structure for navigation and will be subject to approval. the new owner will be allowed to renovate. so far i cannot find any news on who the person was to actually bought this. tracy: it is strange. well, it is coming up right now on i quarter till. stocks now. we do this every 15 minutes. you know, extending gains for a third straight day. volume is a little bit lower than average and a day like today. does that signal anything? >> largely it is going out. we have had a decent bounce. we have recouped about a third of this decline. the volume has started to roll over based on the decline now we saw from august. you have to remember, we are in the seasonally bearish month of september. eventually we get a little bit more on the upside. it is usually right to sell into

this given that the momentum is negative. tracy: i'm sorry. added not mean to interrupt you. i'm curious at this point. tapir, tapir. if the taper was 5 billion, that was it -- and this is possible, what does the market do? >> decisions on a military strike and the tapir. what is ironic is that both the administration and the fed find themselves in the same quandary, trying to convince the public of a certain action, but with no real clarity. that is what is interesting. i think no one knows the right answer. everyone thinks that it should happen, but based on the economic data, at least myself personally, i do not think we have gotten there and it should be put off until september. tracy: that is a great point. we are not at that two per cent inflation target. we are still above 7 percent unemployment. you could easily make the case with the situation in syria that

they should not do anything, stay on the $85 billion bond buying program. the problem is that bernanke and company have been in front of several microphones over the last few weeks. >> it is tough to know what has been priced in already. we thought that the market was going to rally. then we started just fallout. a procrastination on this. the market bounced a little bit before and after the holiday. the market obviously thinks that there should be at least in mention that it could occur. i have heard a lot of economic talking heads thinking that everything is in place. it should be ago. from my perspective we have real problems for unemployment. a lot of people leaving the job force and gdp simply is not the level that we need. tracy: part-time jobs, service sector jobs. a lot of issues. absolutely. thank you. good to se >> my pleasure. ashley: and j. p. morgan in the

cross hairs again, that target of a growing list of investigations. whether there is something bigger at play. that's next. tracy: as we go to break, we want to take a look get some of the winners and losers over on the nasdaq. as you can see, netflix building. we will be right back. ♪ ♪ nascar is about excitement. but tracking all the action and hearing everything from our marketing partners, the media and millions of fans on social media can be a challenge. that's why we partnered with hp to build the new nascar fan and media engagement center. hp's technology helps us turn millions of tweets, posts and stories into real-time business insights that help nascar win with our fans. unce keeps my clothes fresh for weeks,

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♪ ashley: question, why can't j.p. morgan get a break? it is now the target of seven separate federal probes. just settle charges with one regulator that it tried to manipulate energy prices. now the justice department is launching a criminal investigation for the same thing

. good government or just bank bashing? joining us now, wall street journal editorial board member and a host of opinion journal. all of these investigations generally aimed at fixing or punishing? >> you have to say that there is something odd about the fact that they are going after this company. think about it. one of the only bank ceos that did not blow up his bank during a financial crisis. all of that stuff. and he is also a guy that has spoken out publicly against dodd-frank. he was asked earlier this summer, remember, is dodd-frank going to make us safer. he told congress, not sure. that is a remarkable statement from a bank ceo. quite a big supporter of president obama. i think the chickens have come home to roost a bit. ashley: they have in this case. at think during the actual melt down and after the meltdown he was the one bank ceo willing to criticize some of a government

crackdown stuff an overreaction. at a time like this when you have the irs scandal, you end up wondering how much of this is politically motivated and how much of it is motivated act true regulatory fixes. let's talk about this other guy, richard cordray is another actor, the chairman of probably the most powerful new bureaucracy in america, the consumer financial protection board. an agency that does not answer to congress for its budget. this guy just came out with the speech where he basically accuses banks of deception. i thought it was the consumers light when they applied to the banks. >> the problem as one government policies create crises, supercharged crises they mated okay to do sub prime loans.

they need someone to blame. that's been the story line ever since 2008. it was not our fault. there is a very big political angle when it comes to lawsuits like the one you just outlined. ashley: you guys were bad, sent out bad loans, but then you saw the obama administration yesterday or the day before unveil a new plan and having the fha which requires only a three and a half percent down payment try to make it easier for people who defaulted on their mortgage to get a new one on a new on sale. >> this is dangerous because it is a repeat of what we saw post financial crisis -- pre financial crisis, i should say. there is another risk, regulators are trying to tell the arab people, don't worry, we can regulate risk out of the market. we will keep you safe and sued the big bad banks. the truth is, the best protection against bad practices in the market is bankruptcy. what we saw at the end of the

bush administration and throughout the obama administration is completely the opposite. government taking over these industries, hundreds of regulators into the banks in telling the public, don't worry. it will be fine. there is a lot of trouble there. ashley: a headline move today. getting out entirely of the college loan program because the obama administration takeover of the loan market, $407 billion in four years has pushed the bank out. >> the obama administration has nationalized the student loan market and incentivized universities to push up costs. is it good that they get out? no. less credit for students and more risk to taxpayers. ashley: make sure they stay honest. tracy: forbes released its list of the 20 top aide actresses on television who together have made a combined $183 million.

gray's anatomies ellen palmdale, melissa mccarthy. teenine fe. reality star. and don't forget the queens of reality tv. in second place making $11 million each. big bang theory. and the number one breaking -- rating and a total of $30 million, cheryl casone. no? wrong? her portfolio of celebrity endorsements far below weight the competition, and she is just a darn gorgeous. ashley: one word. and netflix cranking out one hit after another. analysts are taking note. shares on the rise again after two price target lists. rbc will join ashley webster on countdown to the closing bell with his new call on that stock.

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♪ ♪ ashley: i'm ashley webster in this afternoon for liz claman. thanks for joining us, it is the last hour of trading x the dow and is s&p 500 both on track for their third day of gains, the dow up 21 as we head into the last hour with investors waiting, of course, for tomorrow's big job report. well, today two jobs numbers helping lift the markets into the green, jobless claims falling by 9,000 to 323,000 and adp says the private sector added 176,000 jobs in august. steady numbers. and the ten-year yield, my, oh, my, a lot of talk about this, hitting a two-year high, inching

ever so close towards that 3% number as investors bet the fed will, indeed, start to taper later this month. also gold losing its shine, sitting at its lowest level in two weeks following those strong economic reports this morning. and, of course, this strong dollar also leading to the weak gold. two companies hitting new highs today. let's head to nicole at the new york stock exchange with those stories. >> reporter: all right, let's take a look. when we talk about the ipo of facebook, what a tough day that was back last may. $38 ipo,