♪ >> attention, atlanta. your city has been shut down and so is a big chunk of the country. it's a catastrophic weather event. winter isn't over. it hurts. goo morning, everyone. yes the weather tops the financial news of the day. the snow, ice, freezing rain, it has returned to the south and lingers on for much of the rest of the country. surely this will hit retail sales, jobs, energy prices and the overall economy. to obamacare, two headlines. one more delay, one big doctor

disaster. explanations coming. and so is janet yellen. she will say, i'm sticking with ben bernanke's plan to print less, but, there is no timetable. stocks are going up. "varney & company" is about to begin. ng ] ♪ [ indistinct shouting ] [ male announcer ] time and sales data. spt-second stats. [ indistinct shouting ] ♪ it's so close to the options floor... [ indistincthouting, bell dinging ] . ♪ all on thinkorsm from td ameritrade. ♪ there's nothing like being your own boss! and my customers are really liking your flat rate shipping. fedex oneate. really makes my life easier. maybe a promotion is in order.

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stuart: it was obvious the way the law was written. now we know obamacare hurts. there will be fewer doctors and longer wait times under the president's health care law. this is the doctor disaster. we got the numbers now to back it up. here we go. in one florida county, only seven pediatricians for 250,000 children. upwards of a million people in the san diego area will have access to only 10 dermatologists that apparently is a very low number. here is the scariest one of them all. average of just 15 cardiologists for every one hundred thousand people. that is on a typical obamacare plan. bad numbers on doctors.

president obama once again acting unilaterally to change the law passed by congress, announcing two changes yesterday. a one-year delay to the employer mandate for companies with 50 to 99 worker. companies with more than 100 workers, they only need to provide health care for 70% of them in 2015. that is a big delay. the president is in a circle, still not answering questions. here is fox news jesse waters, asking nancy pelosi why she will not talk to bill o'reilly. >> you said you would do the show. >> open-ended. one of these days maybe i will. i was not pleased with disrespect with the president. that is not a warmer upper. >> what about -- >> speaks for itself. >> she had said she would talk to bill o'reilly on camera. then she said she will not. obamacare is not working as promised. people behind it, are not taking responsibility. we have news for you.

a on google. b on a big ad deal on google. alibaba, news on that that could affect yahoo! which owns a chunk ever alibaba. we have two other stories, two other things that will affect your money today. janet yellen and that wicked winter weather. markets look to open higher. we'll take you right there next. we asked people a question, how much money do you think you'll need when you retire? then we gave each person a ribbon to show how many years that amount might last. i was trying to, like, pull it a little further [ woman ] got me to 70 years old. i'm going have to rethink this thing. it's hard to imagin how much we'll need for a retirement that could last 3years or mor so maybe we need to approach things dferently, if we want to be ready for a longer retirement. ♪

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[shouting] stuart: if you didn't recognize that, that is the walking dead. arguably the most popular tv show right now, outside of "varney & company" of course. its mid-season premier, sunday, beat the olympics with ratings amongst young people. that is the all important demographic. that is big. here comes the opening bell, 30 seconds from now. before we get to wall street. let's go to chicago. scott shellady is with us. what do you make about janet yellen? shoe this is what she will do, do her best to say absolutely nothing. do you agree? >> you're a mind reader, stuart.

safest thing would be not to show up. that would be the safest thing to do. she can taper the taper. number two, continue down the same point. number three, stop it. or number four, "the nuclear option", add back more stimulus. none of those will do well. it will be interesting to see how she answers questions. the opening bell ringing] stuart: you're right, scott, the big deal comes in the q&a. she will go with continuity with ben bernanke's policy. but will not do a timetable about cutting money printing. you're right, scott, it is the q&a that is the big deal. we're off. we're running. the opening bell has rung. trading has begun. it is tuesday morning. the dow is opening ever so slightly higher. a very modest uptrend in the very early going. let's get to individual stocks. google signed a big ad deal with comscore. that is a company that measures

the digital world. it will let google know in real time what ads you are watching. any impact on the stock nicole? >> the stock is slightly higher at. working with comscore, which we quote comscore, all the time. it will give google access to great moves and companies brands like kellogg's. stuart: time something important. thanks, nicole. amc's "the walking dead" beat the olympics among young viewers. not much impact. it is up 11 cents but 65 bucks on amc. we have higher profits at cvs. it filled more prescriptions. remember they will not carry cigarette products as of october the 1st. the stock is bouncing back nicely, up nearly 3% this morning. come on in liz macdonald. they pull in $2 billion a year from bow back coproducts.

they're saying, go away, we're not going to take that money in. seems to me they are betting the other side of the coin. they're betting on obamacare. >> yeah. that's right. woe have a hit parade of top senate democrats writing letters to walgreens, to rite aid, to national association of drugstore chains. you know what? you too should join cvs, pulling, this is what they're saying, pulling from store shelves tobacco products. a number of senators include tom harkin, jay rockefeller, dick durbin, citing health reform and preventative benefits of health reform. taking a dig at wall street. do not put death and addiction at corner of family neighborhood. that is dig at walgreen's motto. stuart: i have a quote from the letter. this is letter from the democratic senators to -- >> rite aid and walgreens. stuart:, we're right to urge you as a company committed to health and wellness of its customers to follow cvs caremark's plan to stop selling tobacco products

and promote cessation efforts in all stores. pretty soon you can't buy cigarettes but you can buy weed. >> i can't recall in recent memory, or anytime seeing congress in such concerted effort in one industry to remove tobacco products. yes, tobacco is at at root of all sorts of cancers and i'llness that is cause death. this for the first time, we're seeing a band of democrat senators you know what, pull tobacco from your store shelves. that might be unprecedented. stuart: it has done cvs a lot of good. the stock price is up when they announced it. it went down initially but now is back. >> drugstores turn into mini clinics and get your heart checked and others as well, will be difficult to look to the side and see tobacco products. i think that is what is going on. stuart: i have to move on. stuart: i want to move to the

weather. national weather service calling the storm, this is the national weather service, a catastrophic event. the city will basically shut down for the next two days. it is being called a weather event across the south is being called historic. keith fitz-gerald is coming with us, from portland, oregon, yesterday. you couldn't get out of your house, you were snowed in in portland, oregon? >> oh, yeah. it is unbelievable. we didn't have to go to sochi olympics. my sons were sledding. stuart: was portland shut down. >> very much so. stuart: this has got to the affect the economy nationally. the atlanta gets hit again. the south gets hit today. in that weekend business was dead because it was so dead and

cold. another storm wednesday night and thursday. i have got to believe this hits the overall economy. what say you? >> well i do. i think it takes about half a percent to even 3/4 of a percentage point off. we're talking 220 million people affected by this roughly 2/3 of the country one way or another. we have 39,000 flights canceled. factories are shutting down production. things can't move to market. customers can't go shopping. i think this will put a damper on spring growth. stuart: this affects way you -- stop selling stuff because we have a nasty winter storm. >> quite the opposite. i look for companies, underlying variables, management hasn't changed and product set, i will look for energy and technology right now. i will look in the energy space. i know obamacare, the abomination that it is will produce some good things. stuart: have to look for the silver lining someplace and i guess you -- >> i hope so. stuart: hey, keith.

thanks very much. get back to your shoveling, lad. a labor of love. more obamacare delays. delays, more of them. the president announcing yesterday that the employer mandate would be delayed for an additional year. that is for companies with 50 to 99 full-time workers. another delay, liz. got anymore on this? >> there have been 28 delays, 28 delays to the health reform bill. at some point i think legal experts might say this pose as constitutional crisis of equal protection under ever shifting law. we also have. we're seeing the international national franchise association. they represent mcdonald's and dunkin' donuts, increasingly the administration is picking winner and losers and significant problems for employers to implement, stuart. stuart: so what they have done with this latest delay is push beyond the 2014 elections, this

imposition of obamacare on these medium-sized companies. >> right. stuart: so those companies will not be downsizing, moving to part-time employees before the election. >> that's right. as companies have been doing now, they have started to downsize. they started to set up more part-time workers. ibm, home depot, major companies moving retired workers and workers to the health exchanges. the question is, estimates show possibly 82 million workers could be affected by this change. in other words, you delay pour a second time the employer mandate which says employers don't have to provide affordable health insurance. now to 2016. now what we're talking about now is those 82 million estimated workers based on 2011 data, may not get affordable health insurance at these companies. will they have to switch to the insurance exchanges to get subsidies? they may not qualify for the subsidies. if their small business employer does not provide them health insurance. >> what a mess. what an outrageous mess this has

all become. >> to avoid companies laying off or downsizing full-time workers to part-time workers. stuart: has nothing to do with improving the health care of america. it has everything to do with avoiding political downside they face in this election. >> for the midterm elections coming up, right. stuart: just awful, but liz, we call it the chinese amazon, alibaba. it offered to buy the rest of a digital mapping company. it's a deal worth 1 1/2 billion dollars. we bring this to you because yahoo! has a big stake in alibaba. yahoo! has, its stock price has a lot to do with alibaba. nicole? uh-oh. i think we've lost the audio there. happens every now and then. but, liz, you have something on this. >> thii company, alibaba, setting themself up for a sweet pop when it goes public later this year. could be idea on floatation of facebook.

talking about estimates from wall street, possibly $15 billion could be raised by alibaba once they go public. the company could be valued at 100 billion once they go public. what alibaba is buying a bbg stake in auto mapping. they sell mapping software to information with the likes of audi and china mobile. the fact it is doing investments pre-ipo, compressing prove margin and showing a sweet margin pop best ipo that is setting up for a sweet ipo process. stuart: when they go public you and i could buy into them directly? >> hopefully if retail investors and companies don't snap them up. stuart: yahoo! will have a dollar value on their stake in al by baba? >> that's right. stuart: we're still down about 4.3, 4.4% from the high of the dow, what

about six weeks ago but we're coming back. almost every week we get another new story that tries to put down facebook. you remember the one about are they losing teenage users? or they're not cool anymore? there is another one. another put-down we got this week. after the break we'll tell you what that put-down is and whether it hurts. ♪ [ male announcer ] e new new york is open.

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stuart: call it, what it is. 15, eight is where we are. for the price of gold, keeps on going up ever so gradually, recently, you notice that? 1280 as of now.

groupon today, announcing, jeffrey holden, senior vice president of the company, leaving the company. stock take as dive when one executive leaves. the stock is down 7%. green mountain coffee roasters, another new high, up 14 bucks. that deal with coke sitting well with investors. 3% higher today. if you have facebook, you know what a like is. and if you have a company page on facebook, then you know how important those likes are. they visibly show the popularity of your brand. all right? here's a report that claims like farms are clicking like on every page. that means far more likes but that ends up diluting the value of the like, doesn't it? now this is just the latest story talking down facebook and look who is here? randi zuckerberg with us. she is the former director of market development of facebook.

the author of, dot-comly indicated, the sister of mark zuckerberg. welcome back. >> great. thanks to be here. stuart: what is it like being a target? there are always these negatives pecking at you. >> when you're small, when you're the underdog everyone is rooting for you, like with any big company, everybody wants to tear you down. i have a hunch people who didn't buy in at the stock price now seeing it in the 6 s and wishing -- stuart: hasn't had iaea effect on facebook, has it. talking about the morale, not the stock price. >> facebook had its 10th anniversary. incredible moment looking back at the decade. part of the story that the is interesting, this is an internet-wide issue that is happening. you can go on the app store and bye downloads and reviews on the app store. you can buy followers on twitter. you can buy reviews on almost

any travel site. stuart: buy as influence with money? you can purchase a point of view? >> you can purchase a good review on a site. so i think it is really up to us as consumers to be a bit more discerning when we go on -- stuart: up to us. up to us in the news media to be very discerning what is a genuine story and what is just propaganda that you put out there. liz, you brought us that story, was it princeton, who likened facebook to a disease? >> ridiculous. stuart: got enormous publicity. >> that is hilarious. liz: it wasn't peer-reviewed, of course that study, right. it was a grab at a headline. it was impact on advertising model at facebook when you have this issue going on, right? is that something that's a concern? >> it is definitely not in facebook's interest to have these click farms going on because anything that is reducing the engagement of actual viewership and ads. so i definitely think that these sites are getting better

cracking down on the click farms but certainly an issue. stuart: i would love to know who is paying the click farms to click? i would love to know that and i don't know know that. >> for any of us who think we have the worst job in the world, you could be at a computer all day clicking like on things. stuart: you could develop a program to do that. surely you could. i have to ask you aboutpy birds. i'm not intimately familiar with this thing. creator of this app, he suddenly ups and says, i'm not doing this anymore. i'm walking away. i can't stand the attention. not doing it anymore. what do you think of that? >> incredible rise and fall of this app. suddenly went viral after months being in the app store. all of sudden this developer comes out and saying this is ruining my simple life. people are getting addicted of this game. pulling it out of the app store. stuart: is he nuts. >> i think nuts and genius go, nuts and genius go go hand in in hand. most of the time i have to say.

stuart: wait a second. , you, randi zuckerberg, you think he is a little strange and little odd like a lost techies, not referring to your brother, a little strange and a little odd, and he walked away because he is odd. not because he is setting up a marketing opportunity for his next game? >> i don't know. there is lot of speculation back and forth. people say he is genius marketer. there have been over 15 million downloads of this game. they're still making money from ads. liz: what you read his tweets, like he got up on the wrong side of the bed said, i'm sick of this, i hate the attention, i'm pulling the plug. stuart: last question, limited time. i saved it until the end. a lot of people must ask you, what is your brother really like? what do you say to them when you ask the question? >> a creative genius. stuart: is he? >> in every sense of the word. i think again, facebook has a 10-year anniversary and it is amazing how he stuck true to the

vision. liz: did he eat your food off your plate when you were growing up? did he like take your clothes or give good presents at holidays? >> gosh, i remember him being a very picky eater. that is about it. stuart: how is the book going? >> the book is going great. we talk about flap by birds being so addictive. i right a lot about the need to step back from technology when we're getting too sucked into it and too addictive. dot and dot-complicated is going well. do the will be a television show. exciting. jim henson optioned the rights. stuart: randi zuckerberg, we're out of time unfortunately. come again soon. >> thank you. stuart: u thank you very much. my take on the remarkable life and career of shirley temple. that's next. ♪ (vo) you are a business pro.

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stuart: hey, big announcement for you. starting the february the 24th, "varney & company" is moving and expanding. we'll be coming at you from 11:00 a.m. to 1:00 p.m. eastern.

that is a full two hours. and in our first week we got some heavy hitters for you. do not miss it. february the 24th is when we start. early today came the news that shirley temple had died at the age of 85. this morning at our production meeting i asked our team of 20 and 30 something's if he ever heard of her? yes, they had. they knew her. they knew her work and they admired here's my take. just think about the life she lived. go back to the 1930s, and remember her celebrity. she was thenal original child star. when she was six or seven one of the most famous people in the world and focus of constant attention. imagine the pressure on someone so young. yet she came through it. she made a couple of movies as a young adult and walked away. that is not easy and it is very unusual. she became a diplomat.

she married successfully and lived out a long life in california. i met her once. she was gracious. she had the aura of fame without any of the conceit. that is what made her such a rackable woman. fame is a shooting star that did not get to her. to walk away from the pinnacle of success and stay happy, stay fulfilled. to be comfortable in her own person. that's the way to be. maybe she will live on as an example on to handle talent an fame. some of today's young stars would do well to look at the way she lived. it was a long life. she used her talent to move on to other areas of life. she live ad full life. what a woman. ♪ [ male announcer ] this m has an accomplished research and analytical group at h disposal. ♪

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stuart: how is she doing? janet yellen new fed chair. how is she doing? we also have this for you, a big obamacare supporter, originally, he has done a full 180. charles payne not happy. he runs a company. his plan has been canceled. charles is here. did you know that hackers can now take control of your car? steer it, stop it. the judges here. how about 30 years in jail for

welfare fraud. we will introduce you to the newest star in the fox business lineup. ♪ ♪ stuart: john boehner will offer a clean debt ceiling bill. a clean debt ceiling bill means he has a bill which he says raise the debt ceiling. no strings attached. nothing to do with military pensions. nothing to do with obamacare. no. you get a blank check. >> pretty astonishing. this will get the tea party caucus in an uproar.

stuart: the tea party caucus will be an uproar, but the bill will likely pass. democrats will vote on it. the tea party will oppose. they lose. charles: the midterm elections will be strictly about obamacare. john boehner does not want any other noise. yesterday i will go ahead and extended until spring. he has been at war with the tea party. shutting the government down, i think he feels like he has the upper hand. stuart: the idea of attaching

military cost of living and balances. it was not enough to put back in the bill. it will be a clean debt ceiling bill. look at that. no response on the market. charles: everyone knows the debt ceiling will go up. this removes the drama aspect of it. >> when you have businesses saying, hey, this employer mandate again? it is confusing to us. i think charles is right. obamacare front and center for the midterm election did. stuart: i think you are right, to sum it up. any moment janet yellen will raise her right hand and give her first testimony as fed

chair. she says in her prepared statement that she will continue to do what ben bernanke was doing. that would be slowed down the amount of money they are printing. the question and answer session will begin roughly 25 minutes from now. that is what we could see the markets move. as of 10:00 o'clock eastern, we are up about 40 points. let's get to obamacare. delays and doctor shortages. charles payne has his own personal and professional comical disaster story. the plan that you used to cover your employees at your wall street firm, that has been canceled? charles: it was canceled about two months ago. i have to tell you, my co oh has

been working day and night on this thing. it has been something i have been really proud of. it is tough. there is no alternative that is not extraordinarily expensive. stuart: what you are looking at that no way around it, is a whopping increase in premiums you have to pay. charles: they have to put some skin in the game, too. we have a guy coming by at 2:30 p.m. it is an unmitigated disaster. it is still for a business like me, wanting people to still work hard. stuart: i will stay on obamacare for a minute here.

we have someone with those who use to support obamacare, but now opposes it. gary, you have been on this program. >> i have. stuart: you have supported obamacare. now you have done a 180. what is wrong? >> i still support the legislation. i would like to see it succeed. i am a cancer survivor. when we heard the president say it is fixed, it is not fixed. go to maryland, for example or oregon. we are having a real tough time of it. stuart: e-health. that is you. >> we are the amazon.com of health insurance.

charles: my coo is probably watching the show. [laughter] stuart: you ron, essentially, a private enterprise exchange. you are saying that obamacare, the website, it is so bad that you have come to oppose not the legislation, but the implementation of it. >> yes. stuart: can you fix it? >> i would like to have a chance. stuart: can the government fix its own obamacare website? >> i do not think they can fix it adequately, no. they need help from outside. if you have more than one louder into the pool, you will have more people using it.

charles: your stock is pulled back here recently. the earning estimates have dropped sort of dramatically. is this a part and parcel of the fact that the overall response to this program has been almost a yawn? >> no. it has actually been almost the opposite for us. we had spent so much on marketing with the application that we had dared so many people coming to us because a lot of these government websites are not adequate. >> you are pulling business away from the exchanges. that is a big deal. >> i do not know if we are pulling it away, but we are a choice.

consumers like choices. stuart: the whole thing seems to be falling to pieces. >> i would like to help. stuart: get in touch with charles. [laughter] >> e-health.com. charles: got it. stuart: let's get back to the markets. i have to food companies that are down big today. nicole: to food companies, two new annual lows. not good news. private label business, somewhere in there, one of the brands is not doing as good as they had hoped. they have a private label business that they give to these

companies. that has not done well either. then there is land o lakes, that, too, is to the downside. they could post a loss in the first quarter. stuart: thank you very much, indeed, nicole. i have to get back to capitol hill. speaker boehner will offer a clean debt ceiling till tomorrow. in other words, give the president a blank check, nothing in return. you heard this news, congressman. what do you make of it? >> it is very disappointing. i really do believe it is a perfect scenario. it is disappointing to me, greatly disappointing, that the white house absolutely refuses to discuss that. won't come to the table.

boehner has been put in a position where he has to do what he has to do. what this tells me is that not only are they trying to get the democrats to come on board, but they could not get enough republican support. stuart: frankly i find this a very surprising development. my team here agrees. it is a very surprising thing. he does not want anything to detract from the problems of obamacare. he does not want any government shutdown did he just wants to focus right there on obamacare. this cleaned debt ceiling bill is a political strategy. flat out, a strategy which he thinks is a winner for republicans. >> we have a tendency to step on

ourselves. not passing a debt ceiling would do that. i assume a lot of us will vote against it anyway. it is absolutely the strategy. people are very frustrated with the leadership from the white house. the symbol of that incompetence is obamacare. that will be the issue in november. stuart: okay. one more story for you. that would be the keystone pipeline. you are from nebraska, sir. i know you are in favor of keystone. the president may save till date, but only with significant strings attached. >> i just want to get him to the position where he is saying yes. i would like to see what the strings attached are.

there is already strings attached that they have already agreed to. stuart: thank you so much for your comments. we appreciate you scrambling to address that issue. imagine this, you are driving down the road and a hacker takes over your car. total loss of control. this is not hypothetical. we will explain it all in a moment. ♪ (announcer) scotade knows our clients trade

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stuart: we were talking about the keystone pipeline just a moment ago. we have a new report from a research company.

they say you build that pipeline and it will create and support 478,000 jobs. the president dismissed it as does being a couple of thousand jobs. ihs says wrong. back to the weather. that winter storm that is bringing ice, snow and the rest of it to the south. the governor of georgia at the glaring a state of emergency in atlanta. here is maria. the national weather center causes a catastrophic event. that is a very strong word. >> the ice accumulation. some of these areas could see ice accumulation exceeding half an inch. locally, we could see an inch of ice. that will be coaching powerlines, tree branches. we could see tree limbs coming

down. power outages are forecasted. this could be a big impact across parts of georgia, south carolina and north carolina. we can see the snow coming down from the north of atlanta. it is not even this batch of moisture that is a concern. it is what comes right after this. we will see an area of low pressure developing. some snowfall accumulation could be as much as six-12 inches. we will be feeling the impacts right here across the northeast as we headed to thursday.

it starts very early in the morning. overnight wednesday into thursday. we could see up to a foot of snow out there. more than a half an inch of ice in the higher totals of snow right along the appellations. stuart: thank you very much, indeed. would we hear of power outages on a mass scale, we know the economy will get hit. thank you very much. good stuff. this device. you can build it for $20. it allows hackers to gain access of any car. kevin, you have to bring me up to date here. give me the details.

>> everything we know is becoming connected these days. from your car to your refrigerator, of course, your laptop. preachers -- they could use $30 of equipment. they could take full control of the car. stuart: that to me is actually astonishing. i am driving along, literally, i am on the freeway, you are telling me that someone could actually maliciously take control of the car and make me crash? >> the good thing is, that is not possible yet. you actually had to attach physical wires into the car. as more cars become internet

connected, then who knows how a hacker can get in. stuart: your product from your company, you can stop this; correct? >> yes. we secured connected devices. smart phones, tablets and a number of connected things. you'll have to download security updates. in my opinion, this will change the world maybe even as much as the industrial revolution. stuart: i understand you have visions of grandeur geared i do not blame you. i think you will do very well with the product you are offering. i am sorry we are out of time. we appreciate you being with us. good luck, sir.

a quick look at the dow industrials. janet yellen, for the first time is on deck facing questions from occasionally hostile politicians. so far she has said she will keep going with what are nagy did geared that is this paper. the timetable may change. then we have this cleaned bill to raise the debt ceiling. john boehner will submit that clean bill. it will likely pass in the vote tomorrow. all of that is going on. the dow is now up 70 points. elsewhere we have florida lawmakers proposing big penalties for welfare chiefs.

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stuart: there she is. janet yellen reading her opening remarks right now. you could see some fireworks. we will show it to you if and when that happens. we have a much better story for the judge. the debt ceiling. the cleaned debt ceiling bill from john boehner. >> my remarks about outrage. stuart: john boehner says tomorrow he will bring to the floor of the house a clean debt ceiling bill. go ahead. raise the debt ceiling. we do not want anything in return. >> this is a rejection of what ever values remain with the republican party.

he is the speaker of the house of representatives. when an overwhelming majority reject what the speaker wants because he has reject did their values, he has jeopardized his longevity. stuart: this is all about winning the 2014th elections. john boehner is focusing on obamacare. >> if the government shuts down, it is because of the president refuses to talk to them. the president says my way or the highway. stuart: in the course of public opinion, that is a losing argument. >> they do not know what they

stand for. he is an agent for the administration. stuart, on, judge. >> he is an agent for the administration. stuart: the media would live boehner, blame the republicans. >> they promised to raise the debt ceiling. on the contrary. stuart: every republican voter that i know wants to win. >> every republican i know wants to stick to some sort of

principle. what will they be winning if they vote with the president? stuart: charles payne, the voice of reason, spoke earlier. it will pass either way. >> if john boehner applies the pastor rule, the majority of the majority has to favor legislation before it comes to the floor, it would never come to the floor. stuart: what is the best way of getting rid of that? the best way of getting good political strategy? >> do you enjoy a debt service? charles: the republicans do not

have anyone that can sell a true republican message. >> thank you, charles. charles: this is plan b. stuart: this is not divorce court. [laughter] >> that is because we are still married. i want to refer to janet yellen. she will face questions from politicians. you have the opportunity now to pose the questions that you would like to have asked. >> please give us a reason why we cannot audit the fed. stuart: i knew you would get that in. we have to go to a commercial break.

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♪ stuart: ladies and gentlemen, i have to tell you, janet yellen is a slow reader. i believe she has a couple

paragraphs to go. then the question and answer begins. right now we could have a drum roll, we could have the trumpets, i am not sure which. ♪ >> i have earned trumpets? stuart: deirdre bolton. >> thank you so much. that was ever so kind. charles: i owe you a box of chocolates. >> i will take it. stuart: what took you so long? >> i was waiting for the trumpets. if i knew there would be music, i would have shown up years ago. stuart: lifestyle, for what it is worth, i really do not like

covering the federal reserve. >> i actually do know that about you. it is a special day. we have to talk about it. she is a slow reader. interesting to know, we were thinking about this. as the former fed had of san francisco -- what it says about today, she cannot alter the message. this is not an official fed meeting. stuart: she will try to say absolutely nothing. on that note, the first meeting in march, will that be her only chance to really put her imprint on this thing? >> as far as today -- stuart: i will have to break it. first question for janet yellen.

>> i will ask the obvious question. and forward guidance which has been somewhat anchored in the evidence rule, monetary policy will not tie and until it drops below 6.5%. chairman bernanke announced or described this as a tailor like rule, although, professor taylor who we will hear from later on may not agree. we stand on that threshold and so i also see in your testimony where you said crossing one of these thresholds will not automatically prompt an increase in red oral funds rate. to some extent, "perhaps the open market committee should have called it the evidence

suggestion." the mistake was telling market that there was a fixed rule. the only sure thing is more improvisation. who is right here? do we have something that is rule like? >> after the federal funds rate hit its -- >> could you pull the microphone a little closer to you, please. >> after it reached its effective lower bound, close to zero, at the end of 2008, the federal reserve was forced to provide additional accommodations through tools that were new. an important tool that had been

used to some extent in the past, but we have relied on, quite heavily, since that time is our forward guidance concerning the likely path of monetary policy. >> if you reach a threshold and then you ignore the threshold, what good is forward guidance? >> what the fed indicated in december of 2012 is that we would not consider, did not think it would be appropriate to consider raising the federal funds rate as long as unemployment was over 6.5%. we have followed the guidance. >> i would say this, if i can,

there is one thing that the fed says, it is another that markets may hear. my time is running out. i want to cover a little other ground, as well. i think if i have read some of your statements properly, and i do not want to put words in your mouth -- stuart: ladies and gentlemen, i do not understand the question or answer. i think we are off to a bad start. however, deidre boulton is with us. what was that all about? >> eventually, the labor market participation rate. many people just dropping out. i am worried that so many people are just depressed. they cannot find a job and have just given up looking. charles: 6.5% is not the real number. they threw it out there, but it

does not matter. stuart: .unemployment rate is not relevant, you are saying. it used to be, now it is not. >> exactly. the fed put down that limit in december 2012. she is saying, to your point, that no longer counts. stuart: why do we have a look at what she is saying now. >> it is impossible. the conditions facing the economy are extremely unusual. i have tried to argue and believe strongly that while the taylor rule call or something like it, provides a sensible approach in more normal times like the great moderation under current conditions with this

economy has severe headwinds from the financial crisis and is not able to move the funds rate into negative territory that rule would have prescribed. we need to follow a different approach. we are attempting through our forward guidance to be as systematic and predictable as we can possibly be. >> madam chair, my time has expired. i will attempt to set a good example for the rest of the committee. >> thank you very much, mr. chairman. you alluded to continuing the policies that were initiated by the committee that you served on and with mr. bernanke. i am a supporter of quantitative

easing. i would like to hear from you what you think quantitative easing did to stabilize this economy. can you tell us, not only what you think happened with quantitative easing, but how you intend to continue the policy on tapering as it is today. >> thank you, congressman. the purpose of quantitative easing, we have been buying longer-term treasury securities. the objective has been to push down longer-term interest rates. i believe we have succeeded in doing that. two more probably make financial conditions accommodative. the purpose is dispersed spending in the economy and to

achieve more rapid economic growth. i believe we have been successful. some examples would be that as mortgage rates fell to historically low levels, we certainly saw a pickup, a very meaningful pickup in housing activity off the very low levels it has fallen to. we have also seen a very evening will increase in house prices. i think that has improved the security of a very large number of households. many households have been underwater in their mortgages and that fraction has diminished substantially. that means that those households are in a better position to spend and to borrow. in addition, low interest rates have also stimulated spending and other interest sensitive

sectors. stuart: i wonder if i could just act as interpreter for a moment. did printing money work? yes. especially for the housing market. let's rejoin for more. >> as i mentioned, we have seen, since the beginning of this program, we have seen the unemployment rate climbed 1.5% did i think this program has contributed to that. you asked about our plans with respect to the program. i want to address that. it looked like the recovery and progress in the labor market was stalling. we began these asset purchases as a secondary tool. a supplementary tool to our forward guidance to add some momentum to the recovery.

we said we would continue those purchases until we had seen a substantial improvement in the outlook for the labor market and context of price stability. as i noted, there have been a substantial number of jobs created and unemployment has come down. in december, the committee judged that enough progress had been made in the labor market to begin a measured pace of reductions in the pace of our asset purchases. we purposely decided to act in a deliberate way to take measured steps so that we could watch to see what was happening in the economy. we indicated that if the outlook continues to be one in which we expect and are seeing continued improvement in the labor market that implies growth strong

enough going forward to anticipate such improvement and inflation which is running below our object to. we are likely to continue reducing the pace of our purchases. if the committee judges. to be a change in outlook, it would reconsider. it would reconsider what is appropriate with respect to the program. >> thank you. short-term proprietary trading caused the financial crisis? >> i would not say the short-term proprietary trading

was the main cause of the crisis. >> i am sorry, it was not? >> i would not see that as the main cause. >> i think we would be in agreemenn on that. you have noted, i think, as of december 10, just this past year , you had some concerns about the volker rule as well. you specifically asked for "assessment of what impact do you think this will have on u.s. banks in terms of, do they face potential disadvantages in various global capital market activities? >> i have some of those same concerns. i am not sure if we had those five regulators, the alphabet

soup of regulators that look at all of this, the discussion of the volker rule and the impact, it seemed to indicate that the fed was very concerned about that. that we were not going to somehow be at a disadvantage. i am not sure we have made ourselves any safer. >> i think -- stuart: may i again attempt to act as an interpretative. the representative was talking about the volker rule. i pretty much guaranteed that at least one in 2 million americans understand what is the volker rule. it is a ruled lay down and financial reform by the former chairman of the federal reserve which controls the trading activity at the banks. is that roughly right? >> that is roughly right.

only about one third of the volker rule has been put into practice. stuart: what we are looking at here is political theater. you have congress people sitting up there trying to look good for the folks back home. charles: why would a republican from michigan, why would that be his question? she talked about spending and the rapid economic growth. people are not using credit. the housing market rebound has been without main street. it had to be over 40%. people have not bought into it. he should have followed up on that.

stuart: when will you stand for office in the great state of new jersey? charles: that was a bad question. so what about the big banks right now. >> in fairness, yelling is very focused on real wage. this is one thing she is very concerned about. that is what she started with her when she started talking about this week this. the idea of the threshold. >> they have gone down. here is the problem with janet yellen. will she come in and really mess this thingp? will she be your typical central banker that moves too slow? stuart: i expect a great deal of continuity. i was expecting a little better theater.

spend some more money. print some more money. it is not working like that. >> it is not. charles: they will need close captioning with interpretation. just tell us what you mean. i do not know what you are trying to say. stuart: printing all of this money has not worked. i will stop. >> there has to be a very big difference between what she is thinking and what she can say. there cannot be any changes to policy today. stuart: i want to keep the audience. i cannot keep an audience with this. charles: i think this march meeting, she will have to be clear. let us know exactly what she is

going to do. that is her only chance. stuart: she will be slipping up. she will be making a mistake if she actually said something that is real. that will be a mistake on her part in the market will react. the dow industrials are up 80 points. nothing to do with what ms. yellen is saying. everything, in my opinion, to what john banner will submit tomorrow. >> i thought that was surprising. stuart: that was a huge surprise to me at least. you do not want any crises.

>> the unemployment rate is 6.6%. it stands at 12.1%. for hispanics it is 8.6%. for asians, it is a little over 4%. for young adults, it is 20%. what can this congress do in working in conjunction with the federal reserve to lower unemployment rates for african-americans, for young people, for the latino community, any suggestions? >> we are trying to do what we can with monetary policy.

because high unemployment disproportionately fixed many of the groups you mentioned, it will have a great benefit to the groups that you mentioned. monetary policy is not a man asea. i think it is important to pursue other measures. some of those groups have been adversely affected as well by longer-term trends in the economy that has led to very stagnant wage growth for those at the middle and bottom income

sector. certainly, almost all economists that i know of think that improving skills over the workforce is one important step that we should be taking to address those issues. >> so congress could also assist by taking a look at, say, infrastructure and starting a job program in that area where we rebuild our roads, bridges and other infrastructure and put americans back to work. >> these are certainly programs that congress could consider and debate. >> thank you for that. you stated that the evidence you had seen showed that the increase of unemployment is an onset to the great depression.

you cited the fact that job losses were widespread across industry and occupation. do you continue to believe that a significant component continues to be the result of physical factors? >> i do continue to hold that view. most of the increase we have seen in the decline we have seen is related to structural issues and there may be some reduction in instructional mismatches. members of the committee, every

three months, offer their personal views. the range of opinion in december range from five to 6%. i guess i would point out some broader measures of the labor market. the degree of involuntary part-time employment remains -- stuart: our time is almost up. i would like to thank deidre bolton. we value your expertise. >> i am so glad. thank you. stuart: time is up. dagen, it is yours.

the lady may wear a skirt. and every other way, she is like bernanke. connell: you are absolutely right. dagen: i am ben bernanke, except a lady. connell: let's go to peter barnes to talk about that. we will go back to the testimony. let's begin with peter. peter: the main message from janet yellen today is that she will continue the policies that bernanke handed off to her on february 1. not a surprise since she was one of the primary offers of near zero interest rates for lower for longer. here is what she said.