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Mar 19, 2012
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for more on the economic impact of higher gas prices, we turn to cnbc senior economic reporter steve liesman. steve, we're watching this fragile recovery. could it be derailed by the rising gas prices? >> there is definitely a danger. every $10 increase in the price of oil takes some off the -- this time it is a little bit different, lester. we have had more employment. the warm temperatures you were talking about have reduced heating bills and natural gas prices are low. all of those combined as something of an offset. that said, it is something that hurts the poor quite a bit. we did a poll at cnbc, there is a one in four chance that high gasoline prices plunge the economy into another recession >> steve liesman from cnbc, thanks. >>> this issue of gas prices is also becoming a major factor in the presidential campaign. and was certainly playing out all weekend between the republicans and president obama. nbc's peter alexander has that story tonight from illinois. >> reporter: virtually ignoring his competitors, mitt romney today attacked the obama administration on rising gas prices. >> w
for more on the economic impact of higher gas prices, we turn to cnbc senior economic reporter steve liesman. steve, we're watching this fragile recovery. could it be derailed by the rising gas prices? >> there is definitely a danger. every $10 increase in the price of oil takes some off the -- this time it is a little bit different, lester. we have had more employment. the warm temperatures you were talking about have reduced heating bills and natural gas prices are low. all of those...
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Mar 13, 2012
03/12
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we have our very own steve liesman with us as well. or start cost me anything." "and i got a one-hundred dollar cash bonus for rolling over by april 16th." "i like bonuses." "plus at scottrade, there are thousands of commission-free investments." "and if i need help, i can find it online, by phone or at one of over five-hundred scottrade locations." "it's why more investors with i.r.a.s are saying.." "i'm with scottrade." ♪ [music] aflac! ha! isn't major medical enough? huh! no! who's gonna help cover the holes in their plans? aflac! quack! like medical bills they don't pay for? aflac! or help pay the mortgage? quack! or child care? quack! aflaaac! and everyday expenses? huh?! blurlbrlblrlbr!!! [ thlurp! ] aflac! [ male announcer ] help your family stay afloat at aflac.com. plegh! >>> let's get to our all-star panel. joining us, bill gross, david kelly and our very own steve liesman and kelly evans. quickly, bill, what are you expecting today from the fed? >> not much. i think april holds the key. i believe there's going to be a q.e. 3. i think there has to be, m
we have our very own steve liesman with us as well. or start cost me anything." "and i got a one-hundred dollar cash bonus for rolling over by april 16th." "i like bonuses." "plus at scottrade, there are thousands of commission-free investments." "and if i need help, i can find it online, by phone or at one of over five-hundred scottrade locations." "it's why more investors with i.r.a.s are saying.." "i'm with scottrade." ♪...
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Mar 1, 2012
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thanks for that, steve liesman. >>> office depot, up 3% today.opped as much as 6% earlier in the session. the shares are up on solid earnings earlier this week, which included a positive clear outlook and jump in same-store sales. on a side note, though, office depot was also named as one of the best companies for women executives, female execs there, and 36% of all promotions to senior management. >>> coming up, singapore's shining star. don't go away. >>> reporting from singapore, my old stomping grounds of eight years, before he took off, though, he sent me a little surprise. >> all right, mandy, we've heard you're a big deal in singapore and asia, so we wanted to find out the pulse of the people. what better place to do that than one of the most famous food courts in singapore. it's lunchtime here. hi, sorry to interrupt. >> hi. >> do you watch cnbc? >> yes. >> and who is your favorite cnbc anchor? >> mandy drury. >> do you watch cnbc? >> all the time. >> who is your favorite anchor? >> mandy. >> mandy drury. >> i'll say mandy. >> mandy. >> m
thanks for that, steve liesman. >>> office depot, up 3% today.opped as much as 6% earlier in the session. the shares are up on solid earnings earlier this week, which included a positive clear outlook and jump in same-store sales. on a side note, though, office depot was also named as one of the best companies for women executives, female execs there, and 36% of all promotions to senior management. >>> coming up, singapore's shining star. don't go away. >>> reporting...
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Mar 20, 2012
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steve liesman just got out of class with the fed chairman himself. it is a cnbc exclusive. >>> also on ice, we've got ourselves a good old fashioned battleground stock brawl. that was the start of the rangers devils came last night. they fought before they hit the puck. priceline is your battleground. under 700 bucks. sit worth it? two analysts that see differently on the name. >>> we've got some breaking news a few minutes ago on hewlett-packard. let's go to jon fortt in silicon valley with more on hp. jon? >> brian, cnbc has been able to confirm hp is indeed combining the pc and printer businesses. the head of the printer business now will be retiring. todd bradley who heads the bc business will take control of the combined unit. the reason for this will be to simplify hp's overall business. this coming from a source familiar with hp's thinking behind this. meg whitman had mentioned on this on the last quarterly call. there's also hope that some of the innovation from ipg, from the printer business, will be able to come over to the pc business also
steve liesman just got out of class with the fed chairman himself. it is a cnbc exclusive. >>> also on ice, we've got ourselves a good old fashioned battleground stock brawl. that was the start of the rangers devils came last night. they fought before they hit the puck. priceline is your battleground. under 700 bucks. sit worth it? two analysts that see differently on the name. >>> we've got some breaking news a few minutes ago on hewlett-packard. let's go to jon fortt in...
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Mar 20, 2012
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now, steve liesman got up close and personal with fed chairman ben bernanke. it all happened while bernanke was lecturing at george washington university, and steve scored this exclusive interview. please take alisten. >> how are you? >> steve, how are you doing? >> can i ask you a couple of questions? >> sure. >> how does it feel to be back at school? >> awesome. i was a professor for 23 years. >> yeah. and i love talking to students and it's a great chance for me. >> drou prefer answering questions of journalists and senators -- do you prefer students to journalists and senators? >> sometimes, yeah, i think i might. >> tell us why a fed chairman would come and teach a course at a university as a way of communicating? >> well, to be honest, i started off doing this just for my own interest really because i haven't taught for a while. i really enjoy talking to college students. i frequently have college students at the fed, you know, just to engage with them, but it's -- it looks like it's going to be a good educational opportunity with george washington settin
now, steve liesman got up close and personal with fed chairman ben bernanke. it all happened while bernanke was lecturing at george washington university, and steve scored this exclusive interview. please take alisten. >> how are you? >> steve, how are you doing? >> can i ask you a couple of questions? >> sure. >> how does it feel to be back at school? >> awesome. i was a professor for 23 years. >> yeah. and i love talking to students and it's a great...
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Mar 2, 2012
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steve liesman for us in russia. growth is in fact grow, google is a problem. >> google chrome is a problem. that's the one name that i really like and would want to own, but it hasn't proven itself yesterday. may of 2011, 65%. they again last month fell again. on the other side, google chrome, 10%, this past january 30%. obviously google chrome is a problem for them. also the concerns about a possible secondary share placement is problematic as well. it's not time to buy it yet. >> all right. let's talk about yelp. it's screaming higher on the first day of trading, up more than 60% after the company priced its ipo above the expected range. is the company already overvalued? let's bring in max wolf senior analyst at greencrest capital. why do you think it's already overvalued? we think that's pretty comfortable. we like the company, we like the business model, what it has done, what it is doing. we like the best of breed apps. it's on the window many, dominant, that doesn't necessarily mean that a 60% first-day pop i
steve liesman for us in russia. growth is in fact grow, google is a problem. >> google chrome is a problem. that's the one name that i really like and would want to own, but it hasn't proven itself yesterday. may of 2011, 65%. they again last month fell again. on the other side, google chrome, 10%, this past january 30%. obviously google chrome is a problem for them. also the concerns about a possible secondary share placement is problematic as well. it's not time to buy it yet. >>...
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Mar 28, 2012
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steve liesman is here with the incredible results. steve. >> yeah.edible is a good word for it. we asked americans putting together a survey for what if we just asked them, how many apple products do you own? i think it exceeded our expectations what these numbers were. 49% of the public does not own an apple product. 51% actually do own one. maybe it's not working today. 51% own at least one. and look here what they do own. what you find is that 28% own one to two. and then 13% own three to four. and 9%, down here, own at least five or more. one, however, is not enough. get rid of that one right there. and then what you find is that 1.6 is the average of apple devices owned by all households. but how about among those who own at least one? the average is it is going to be three. and then come over here. i want to show you on the other s set of charts we have available here. apple ownership exactly what you would think when you go up in income groups, 28% earning less than $30,000 own one, 42%, 57% of those who earn over $100,000 own at least one app
steve liesman is here with the incredible results. steve. >> yeah.edible is a good word for it. we asked americans putting together a survey for what if we just asked them, how many apple products do you own? i think it exceeded our expectations what these numbers were. 49% of the public does not own an apple product. 51% actually do own one. maybe it's not working today. 51% own at least one. and look here what they do own. what you find is that 28% own one to two. and then 13% own three...
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Mar 13, 2012
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and steve liesman joins us. the headline seems like nothing has changed, except maybe a slight change in the view of the economy, right? >> i think the way to think about this, bill, fitting a jacket. they removed a button, maybe they let a seam out here and there. but the jacket, the overall policy statement by the fed remains of the same material. that is to be easy until late 2014. a tweak to inflation. hey, what we expected was going to happen, sort of in the near term, is going to take a little longer. some upgrades to the employment outlook. soup upgrade to business. a very grudging upgrade to what's happening in the global situation. but i want to read you a note here from our friend dan greenhouse over at pdig. he says, nearly every optimistic note was book-ended by a caveat. so bill, i think the story is, a begrudging fed acknowledges both a changed inflation environment and a changed economic growth environment. but not changed enough to change policy. >> and bob, the fear was, early on, that if the fe
and steve liesman joins us. the headline seems like nothing has changed, except maybe a slight change in the view of the economy, right? >> i think the way to think about this, bill, fitting a jacket. they removed a button, maybe they let a seam out here and there. but the jacket, the overall policy statement by the fed remains of the same material. that is to be easy until late 2014. a tweak to inflation. hey, what we expected was going to happen, sort of in the near term, is going to...
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Mar 1, 2012
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i'm becky quick along with andrew ross sorkin and we'll go to steve liesman in a moment and hear whatsures represented 27% of all sales in 2011. in 2005 foreclosures made up less than 1% of all sales. >>> investors in greece are pushing hard to get payouts on default swaps. the international dririves association is meeting this morning to try to determine whether the country's debt restructuring qualifies for a payout. >>> passengers on the disability "costa allegra" cruise ship are finally on land. the ship has been without power for three days following an on board power. >>> futures are indicated slightly higher, the dow futures up by about 33 points, building steadily through the morning. >> our guest host, led new york state for three terms, former governor george pataki is with us, now a law firm, chadborn and park and the organization "no american debt." governor good to see you. >> good morning, gentlemen, nice to be with you. >> which is true, that this republican, what would you call it, i guess it would just be nice to say the campaign -- >> slugfest. >> it makes the eventu
i'm becky quick along with andrew ross sorkin and we'll go to steve liesman in a moment and hear whatsures represented 27% of all sales in 2011. in 2005 foreclosures made up less than 1% of all sales. >>> investors in greece are pushing hard to get payouts on default swaps. the international dririves association is meeting this morning to try to determine whether the country's debt restructuring qualifies for a payout. >>> passengers on the disability "costa allegra"...
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Mar 1, 2012
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steve liesman is in moscow ahead of this weekend's presidential elections where putin is expected to idency. steve? >> hey, scott, thanks very much and greetings from moscow or good evening i should say. the big question here is not if there's going to be change, but how much and how soon. there's a growing middle class in this country that spelled opportunities for investors here, but it may also spell trouble for russian president vladimir putin. protesters in the streets. a level of government corruption even the president has said is out of control. but still, despite troubles as deep and severe as its winters, russia's overall economic position is better than developed european nations teetering on the verge of recession. russia just completed two back-to-back years of growth above 4%. its 6% unemployment rate is among the lowest on the continent. is a fraction of the hyper inflation that plagued the country in the '90s. with economic results like that, putin is expected to win back the presidency in weekend's election. many russians still praise him for leading them out of chaos
steve liesman is in moscow ahead of this weekend's presidential elections where putin is expected to idency. steve? >> hey, scott, thanks very much and greetings from moscow or good evening i should say. the big question here is not if there's going to be change, but how much and how soon. there's a growing middle class in this country that spelled opportunities for investors here, but it may also spell trouble for russian president vladimir putin. protesters in the streets. a level of...
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Mar 20, 2012
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steve liesman joining us from d.c. bob, first let's kick it off with china here. is it really slowing down? do you think that is what is behind the iron-ore companies, the mining companies? >> first of all, great to see you. our man from london. >> i like this new set. >> you like it? isn't this great? we're on the floor and it's great to have you. but to answer your question, i'm suspicious about this. now, this poor guy makes a comment that iron ore ships into china are going into the single digits. you would have thought china was collapsing in the world markets. all of the material stocks, worldwide was down, china was down. good heavens, look, it's very simple. chinese steel -- the question is steel. the steel numbers of china are getting actually a bit better. they were slow last year. here's what morgan stanley said. the chinese markets are improving. mills are raising prices. steel production is up month over month in february. they are simply pointing out that some of the demand is slower. it had 24% growth in imports, in iron ore for the last ten years i
steve liesman joining us from d.c. bob, first let's kick it off with china here. is it really slowing down? do you think that is what is behind the iron-ore companies, the mining companies? >> first of all, great to see you. our man from london. >> i like this new set. >> you like it? isn't this great? we're on the floor and it's great to have you. but to answer your question, i'm suspicious about this. now, this poor guy makes a comment that iron ore ships into china are...
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Mar 5, 2012
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steve liesman is live in moscow. e, interesting times we're living in there. >> reporter: yes, definitely, mandy. after the results came in pretty much you know with the strong showing expected from putin, today was a day of political activity in the streets in moscow. also in st. petersburg. two rallies separated by less than a kilometer. the opposition screaming russia without putin. we understand just a few minutes ago we had reports -- [ technical difficulties ] as well as several others. they were concerned about reports of fraud over 3,000 fraud allegations. european observers also saying that the issue was not so much during the vote but the lead up to the vote in which opponents did not get access to television. also a pro-putin rally they screamed putin russia went on with very loud speakers. meanwhile the russian stock market here cheered the results today. the russian stock index up by 1.5% in the daytime trading. sold out in the evening 0.2% down. i had a chance last night to talk to some leaders in the ru
steve liesman is live in moscow. e, interesting times we're living in there. >> reporter: yes, definitely, mandy. after the results came in pretty much you know with the strong showing expected from putin, today was a day of political activity in the streets in moscow. also in st. petersburg. two rallies separated by less than a kilometer. the opposition screaming russia without putin. we understand just a few minutes ago we had reports -- [ technical difficulties ] as well as several...
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Mar 13, 2012
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let's get to steve liesman. er to you, steve. >> quickly, we'll get to this, but four banks appear not to have passed the stress test. it would total about half a trillion dollars over the nine quarters. the 19 companies that see a decline of their capital ratios to 6.3% in the fourth quarter of 2013, from 10.1% under the stress scenario. four of the 19 holding companies failed the stress test, in one or more capital ratio, according to the release. as maria said it included a 13% unemployment rate, a 50% decline in stock and 21% fall in housing prices. sun trust, citigroup and allied would have a capital, minimal capital level below 0% after the stress test. i don't know who the fourth one is. i haven't had a chance to figure that out from looking at these documents. bank of new york, melon and amex would have the highest ratios. citigroup just barely missed. they were at 4.9%. and jpmorgan -- morgan stanley was at 5.4%. most were between 5% and 6%. i believe if you slipped under, that means you didn't necessari
let's get to steve liesman. er to you, steve. >> quickly, we'll get to this, but four banks appear not to have passed the stress test. it would total about half a trillion dollars over the nine quarters. the 19 companies that see a decline of their capital ratios to 6.3% in the fourth quarter of 2013, from 10.1% under the stress scenario. four of the 19 holding companies failed the stress test, in one or more capital ratio, according to the release. as maria said it included a 13%...
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Mar 2, 2012
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steve liesman is live in moscow right now ahead of this weekend's presidential election and looks at of investing in russia. it certainly sounds like quite a riddle. >> yes, thanks very much, mandy. good evening from moscow. russia's not just cheap, it's the cheapest of all the brics out there. the market trades lower than pakistan. its massive oil company some of them trade lower than those in sub sahara africa. steven jennings is the ceo of renaissance capital, that's the biggest independent investment bank here in russia. he says the economic numbers don't justify the valuations. >> from 2000 we had one of the fastest growing economies in the world in dollar terms, faster than china for example. much of that growth was driven by sectors that were underrepresented in the soviet economy. so retail services like manufacturing and hundreds of large scale businesses were built by russian entrepreneurs. yes, we do have entrepreneurs here. >> it does justify the valuations are questions about the stability of the current regime headed by russia strong man vladimir putin. corruption even
steve liesman is live in moscow right now ahead of this weekend's presidential election and looks at of investing in russia. it certainly sounds like quite a riddle. >> yes, thanks very much, mandy. good evening from moscow. russia's not just cheap, it's the cheapest of all the brics out there. the market trades lower than pakistan. its massive oil company some of them trade lower than those in sub sahara africa. steven jennings is the ceo of renaissance capital, that's the biggest...
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Mar 28, 2012
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bring in steve liesman who has the exclusive results of cnbc's all-america survey. >> this one floorede. i do a lot of surveys. it's our big survey. we're very proud of it. we get to ask broad public of what they think of key economic issues. we said what do you think the best investment is right now? had this result been half of what it is, i wouldn't have made a big deal. treasuries 8%. savings account, 14%. stocks in third place at 19%. real estate at 24%. gold, 19%. basically beating out stocks two to one as the best investment. when we dug down into the results what we found i think is worrisome for the stock market. we looked at the spectrum of people who answered it this way. take a look just at the next chart. the percent choosing gold as their best investment. own no stocks, 35% chose as favorite. 50,000 or more in stocks, 37%. look at the income brackets. if you are more than 100 in income, 42% say it's their favorites. less than 30,000 in income, 37%. what does that tell you? take those two middle bars. we call them financial elite. more than 100,000 in income. you guys at h
bring in steve liesman who has the exclusive results of cnbc's all-america survey. >> this one floorede. i do a lot of surveys. it's our big survey. we're very proud of it. we get to ask broad public of what they think of key economic issues. we said what do you think the best investment is right now? had this result been half of what it is, i wouldn't have made a big deal. treasuries 8%. savings account, 14%. stocks in third place at 19%. real estate at 24%. gold, 19%. basically beating...
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Mar 21, 2012
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rick santelli joining us from the cme in chicago and steve liesman joining us here on set. eve, what's on your mind this morning? >> just the existing home sales we had some numbers yesterday that rick reported. we were down 1% from a revised number. some comments this morning making the comment that will higher retail sales follow this little boom that we've had in housing and housing starts. we'll get that number at 10:00. point being it takes about three quarters for the housing change to show up in retail numbers as people go out and buy and remodel. if you look at what happened to home depot and lowe's, they've done great and the question is, have we been there done that. i want to throw that question to you. >> i was going to throw it back to wilbur. >> we'll throw it to chicago. >> wait for chicago. we got a good one for rick and then wilbur. is it being reflected in the ikts in these home improvement companies? >> don't know about the equities but it's a fact when a house gets foreclosed it's usually been trashed, it needs remonth aviation and repair and so i think f
rick santelli joining us from the cme in chicago and steve liesman joining us here on set. eve, what's on your mind this morning? >> just the existing home sales we had some numbers yesterday that rick reported. we were down 1% from a revised number. some comments this morning making the comment that will higher retail sales follow this little boom that we've had in housing and housing starts. we'll get that number at 10:00. point being it takes about three quarters for the housing change...
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Mar 1, 2012
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cnbc's senior economics reporter, steve liesman, is live in moscow covering those elections. into the land of the super rich. steve. >> hey, sue, good evening from moscow. you're right. a select few have made unaccountable wealth since the fall of the soviet union. but where the first millionaires, they took their money out of the country, new millionaires are sticking it into the ground. building homes whose square footage is as difficult to count as their wealth. russia's wealthy have secluded themselves in the woods outside of moscow in the same gated communities and on the same land where certain ministers used to live. of course they've torn the old homes down. it was only in the mid-90s russians had enough money to build a mansion like this. now there's enough wealth in the country to resell it. asking price for this place? a cool $15 million to $20 million. >> if it's the right place, you definitely will find a buyer, but it will take maybe some time. you will definitely sell it. >> a few years ago this was the woods with just a few small kiosks. now it's home to some
cnbc's senior economics reporter, steve liesman, is live in moscow covering those elections. into the land of the super rich. steve. >> hey, sue, good evening from moscow. you're right. a select few have made unaccountable wealth since the fall of the soviet union. but where the first millionaires, they took their money out of the country, new millionaires are sticking it into the ground. building homes whose square footage is as difficult to count as their wealth. russia's wealthy have...
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Mar 19, 2012
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steve liesman is here now with exclusive results of the cnbc fed survey. hey, steve. >> hey, sue.is a really interesting development. you'll remember we began the year with fears of another european financial crisis or the continued european financial crisis be the number one danger to the u.s. economy. not anymore. there's been a little bit of change. a little bit of say softening of the concern. we asked in our fed survey the probability of a euro country default in the next three years. you can see here portugal went up a little bit. ireland has eased off as has italy. that's a big change there that had been heading up. and then greece interesting number. it's come down from 88%. we asked about the probability of a second default and 72% to my mind is still a very high number suggests to me that perhaps the market is not so secure with the recent deal. now we also ask the outlook for the eurozone the next five years. will any countries be ejected? that went up to around 30% say no. or only 30% say no. some ejected 69%. and you can see here, the emu being dissolved, that 6% has
steve liesman is here now with exclusive results of the cnbc fed survey. hey, steve. >> hey, sue.is a really interesting development. you'll remember we began the year with fears of another european financial crisis or the continued european financial crisis be the number one danger to the u.s. economy. not anymore. there's been a little bit of change. a little bit of say softening of the concern. we asked in our fed survey the probability of a euro country default in the next three...
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Mar 28, 2012
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steve liesman joins us with the exclusive results of our cnbc all-america survey.very much. our survey -- fascinating results inside this national survey of 836 americans on a broad range of economic and political topics. and i think the headline number is that there has been some improvement in the economic outlook. let's take a look at what the results show. 27% really no change since november of those who gauge the economy as being worse or that it will get worse from here. but take a look here. those who say it's going to be the same, that's come down a little bit from 41% -- 43% down to 431%. big change there. where does it go? right here. those who say it's going to get better. 36% versus 27%. if you move to your right just a little bit and zoom in on the numbers right there, you can get a better look at where those numbers are right now. 36%. let's get rid of that and take a look now at whether or not critical political question, are you better off now than you were four years ago? take a trip down memory lane. 1992 here. what is that? 37%. what happened tha
steve liesman joins us with the exclusive results of our cnbc all-america survey.very much. our survey -- fascinating results inside this national survey of 836 americans on a broad range of economic and political topics. and i think the headline number is that there has been some improvement in the economic outlook. let's take a look at what the results show. 27% really no change since november of those who gauge the economy as being worse or that it will get worse from here. but take a look...
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Mar 2, 2012
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our senior economics reporter, steve liesman, is live in moscow with the details on that one.ey, sue. thanks very much. and good evening from moscow. look, a lot of russian billionaires made their money basically by getting control of the former soviet state assets. but one of them is among those who earned it the old fashioned way. he built a $10 billion retail empire from scratch. welcome to retail in modern russia where the empty shelves of soviet times replaced by an abundance of goods from all over the world. we're not just talking in moscow, we're south. fueling russia's consumer boom, 50% of all households entered middle class in the last ten years. disposable income up by 26%. this super store on the cutting edge of russian retail founded by a man who some call russia's sam walton. >> maybe we can do what other guys can't do. >> what he's managed to do is bring western style shopping with traditional open air marketing that many are used to. the biggest country in the wo d world. >> in the next three months -- >> it's become an economic force in its own right. sales of
our senior economics reporter, steve liesman, is live in moscow with the details on that one.ey, sue. thanks very much. and good evening from moscow. look, a lot of russian billionaires made their money basically by getting control of the former soviet state assets. but one of them is among those who earned it the old fashioned way. he built a $10 billion retail empire from scratch. welcome to retail in modern russia where the empty shelves of soviet times replaced by an abundance of goods from...
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chairman. >> thank you. >> congratulations, steve liesman. let's bring in the chief economist for goldman sachs. jan, good to see you. the economy is still very challenging. unemployment is still high, short run, we are dealing with important challenges. what does that mean for qe-3 and the possibility of it? >> well, i think he was pretty careful not to give anything away on the ongoing deliberations as far as qe-3 is concerned or, you know, other policy measures. my own view is that there is still a good chance, i think it's still a little more likely than not that you will get another round of easing. but of course, they haven't really said anything about that for quite a while. so, there's a lot of uncertainty in terms of what goes on. the last sort of tangible, you know, response or statement that we've heard from bernanke on that issue was really at the january fomc press conference where he seemed pretty favorably inclined, but we don't know. >> jan, it's zachary. is there any indication, given that bernanke does talk about the difficu
chairman. >> thank you. >> congratulations, steve liesman. let's bring in the chief economist for goldman sachs. jan, good to see you. the economy is still very challenging. unemployment is still high, short run, we are dealing with important challenges. what does that mean for qe-3 and the possibility of it? >> well, i think he was pretty careful not to give anything away on the ongoing deliberations as far as qe-3 is concerned or, you know, other policy measures. my own view...
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our steve liesman got an exclusive one on one with mr. bernanke ahead of his class. here's his take on the economy. >> if a student raises his hand and asked how is the world going to be different for me, the economy going to be different for me when i fwraj wait what are you going to tell him? >> the economy is still very challenging. unemployment is still high. that makes -- creates problems for everybody, obviously, you know. that's -- that's the honest answer. but i think the -- the longer-term prospects for the country are very good. and ultimately things will normalize. but in the short run, of course, we're still dealing with important challenges. >> and steve also asked the chairman about the recent jump in interest rates and whether that might force the fed's hand to boost rates before 2014. he would only say that the fed continues to watch the economy closely. steve is now in class with mr. bernanke and he'll have much more coming up on "street signs" at 2:00 p.m. eastern time. >> sitting up there in the front row, i'm sure. >> i'm sure he is. >>> to politi
our steve liesman got an exclusive one on one with mr. bernanke ahead of his class. here's his take on the economy. >> if a student raises his hand and asked how is the world going to be different for me, the economy going to be different for me when i fwraj wait what are you going to tell him? >> the economy is still very challenging. unemployment is still high. that makes -- creates problems for everybody, obviously, you know. that's -- that's the honest answer. but i think the --...
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steve liesman, thank you for joining us this morning. >> it's worth pointing out -- >> go ahead, steve>> reporter: russia is the lowest valued of all the rates that has a multiple to go along with its judicial system. >> steve, thank you so much. drink some vodka for us. look forward to seeing you back in new york. >>> still to come, we will welcome alan and then tomorrow the candidates on super tuesday. we have our own guests planned. alan malally, peter orszag, john poodsta. stick around. we'll be right back. what is that? oh, we call it the bundler. let's say you need home and auto insurance. you give us your information once, online... [ whirring and beeping ] [ ding! ] and we give you a discount on both. sort of like two in one. how did you guys think of that? it just came to us. what? bundling and saving made easy. now, that's progressive. call or click today. all of a sudden, when you have been making them with somebody else for 35 years. i guess there is something in me that has always been strong. i've always gotten through some pretty rough stuff without falling to pieces. ♪
steve liesman, thank you for joining us this morning. >> it's worth pointing out -- >> go ahead, steve>> reporter: russia is the lowest valued of all the rates that has a multiple to go along with its judicial system. >> steve, thank you so much. drink some vodka for us. look forward to seeing you back in new york. >>> still to come, we will welcome alan and then tomorrow the candidates on super tuesday. we have our own guests planned. alan malally, peter...
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i'm becky quick along with joe kernen and steve liesman.et to your morning headlines on this jobs report friday. the way is now clear for the release of a $172 billion greek bailout package. a bond swap deal that leaves private sector investors with sizable losses drew an 83.5% participation rate, but so-called collective action clause will be enforced to force others to take part as well. we'll have more details at the bottom of the hour. >>> and starbucks is shaking up the single serving coffee market. it's introducing its own at-home system which will compete with the keurig machine. starbuck jumped after hours while green mountain shrunk. >>> and today marks the third anniversary of the market bottom that followed the financial crisis. the dow and the s&p 500 have doubled since then. the nasdaq doing even better. american express, by the way, has the biggest gain of the dow 30 in that period, it's up nearly 400%. hewlett-packard is the only dow stock to register a drop. it's down about 3.5%. >>> the futures this morning, well, things ar
i'm becky quick along with joe kernen and steve liesman.et to your morning headlines on this jobs report friday. the way is now clear for the release of a $172 billion greek bailout package. a bond swap deal that leaves private sector investors with sizable losses drew an 83.5% participation rate, but so-called collective action clause will be enforced to force others to take part as well. we'll have more details at the bottom of the hour. >>> and starbucks is shaking up the single...
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let's go to steve liesman. ortunately i don't think steve is ready for us just yet. i want to get more on this data. >> rick covered a lot of lights but i think it's important. usually in the first month of a quarter we'll see a drop for whatever reason in these orders in the way that durable goods is doing. we saw that. we saw a big drop in january. this rebound in february is the kind of rebound that will put people at ease. this keeps sort of the weak economy, the 2%, one 2% trajectory for gdp all of that fully on the radar. >> steve is ready. the hologram that is steve. steve has some new data from cnbc all american economic survey. steve, is that the real steve or is that the hologram. >> the beauty of technology, andrew, is you'll never cho. we're looking at our cnbc all american economic survey, quarterly survey of 800 americans, a national poll done of americans all parts of the country, all income groups. looking at the challenges the president faces in his economic, bid to be re-elected and the key eco
let's go to steve liesman. ortunately i don't think steve is ready for us just yet. i want to get more on this data. >> rick covered a lot of lights but i think it's important. usually in the first month of a quarter we'll see a drop for whatever reason in these orders in the way that durable goods is doing. we saw that. we saw a big drop in january. this rebound in february is the kind of rebound that will put people at ease. this keeps sort of the weak economy, the 2%, one 2% trajectory...
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steve liesman is here. great to have you with us. >> thanks. >> jpmorgan becoming the first bank to boost its dividend after the fed stress test. it came two days after the government planned to post government results. that forced the fed to release results after the close. four banks failed the stress test including citi. >> citi only fails under a scenario where it's gone ahead with a capital distribution plan. so what does all this mean? they hope to return more capital this year through stock buybacks or a dividend increase is less likely to happen. the news a black eye for ceo's vikram pandit. while citi's tier one quality ratio stood at a hefty 11.7% last year it drops to an unacceptable 4.9% of a 50% decline in the stock marked and 13% unemployment rate and a 21% housing crisis by 2013. that is if one include as capital plan that citi submitted to the fed. without taking action on that which can't be done would their approval, it's given a pachls citi which survived a financial crisis declined comme
steve liesman is here. great to have you with us. >> thanks. >> jpmorgan becoming the first bank to boost its dividend after the fed stress test. it came two days after the government planned to post government results. that forced the fed to release results after the close. four banks failed the stress test including citi. >> citi only fails under a scenario where it's gone ahead with a capital distribution plan. so what does all this mean? they hope to return more capital...
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Mar 22, 2012
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i'd rather argue with steve liesman about the fed. >> she chickened out. adding a new shift at a plant in chattanooga. and in the next half hour we'll talk energy and politics. harold hamm and larry nichols will join us. hertz gia carfirmation. hey, this is challenger. i'll be waiting for you in stall 5. it confirms your reservation and the location your car is in, the moment you land. it's just another way you'll be traveling at the speed of hertz. you have to dig a little. fidelity's etf market tracker shows you the big picture on how different asset classes are performing, and it lets you go in for a closer look at areas within a class or sector that may be bucking a larger trend. i'm stephen hett of fidelity investments. the etf market tracker is one more innovative reason serious investors are choosing fidelity. get 200 free trades today and explore your next investing idea. on december 21st, polar shifts will reverse the earth's gravitational pull and hurtle us all into space, which would render retirement planning unnecessary. but say the sun rises
i'd rather argue with steve liesman about the fed. >> she chickened out. adding a new shift at a plant in chattanooga. and in the next half hour we'll talk energy and politics. harold hamm and larry nichols will join us. hertz gia carfirmation. hey, this is challenger. i'll be waiting for you in stall 5. it confirms your reservation and the location your car is in, the moment you land. it's just another way you'll be traveling at the speed of hertz. you have to dig a little. fidelity's...
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Mar 2, 2012
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steve liesman is in russia today and he has a preview. steve?: hey, becky, joe and andrew, maybe what i should say -- [ speaking russian ] >> still to come on "squawk box" the nation's richest oil man talks gas price and politics, herald hamm of continental resources is our special guest. plus senator kay bailey hut schoin and john sununu on fixing our nation's energy policy. "squawk box" is coming right back. . >>> >>> vladimir putin is expected to win this sunday's presidential election in russia but his grip on power may be slipping. steve liesman is in moscow and has more. see, i've been saying this all day. every time i see you there in that coat, it's like you -- i mean you look so comfortable there. honestly. then you speak russian on top of it all. >> joe, does it amaze you how much money the company will spend to give you new material to rag on me. i think it's pretty amazing. i'm on a flight 8 1/2 hours just so you can go at me with the russian thing. pretty interesting changes here i got to tell you. president putin if he win this ele
steve liesman is in russia today and he has a preview. steve?: hey, becky, joe and andrew, maybe what i should say -- [ speaking russian ] >> still to come on "squawk box" the nation's richest oil man talks gas price and politics, herald hamm of continental resources is our special guest. plus senator kay bailey hut schoin and john sununu on fixing our nation's energy policy. "squawk box" is coming right back. . >>> >>> vladimir putin is expected to...
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steve liesman joins us live from common fund forum in orlando, florida, with more on the growing conflictsteve, you know i felt really geeky earlier today. >> i heard it. i heard it. i loved it. >> i was channeling you. i never knew we'd be talking about oki. who is this guy from like stein beck? >> ochin's law. >> okay, not oki. sounds like "grapes of wrath." >> do people know how much grief you give me for being wonky on this on camera but it's two-fold off camera. >> i find you're not wonky, you're just ahead of the curve. we think it's wonky and i end up talking about it when everybody's talking about it. >> now were we talking about it last week, i want to get this, i looked at the numbers that economists were looking at over the weekend, lowering their growth forecast, mostly because of the trade numbers that came out higher than expected but it really highlights this growing job growth disparity that's out there. john riley just writing me before i came on, i asked him over the weekend, he says it's like a 4% jobs economy, but a 2% economy when you look at everything else. so eithe
steve liesman joins us live from common fund forum in orlando, florida, with more on the growing conflictsteve, you know i felt really geeky earlier today. >> i heard it. i heard it. i loved it. >> i was channeling you. i never knew we'd be talking about oki. who is this guy from like stein beck? >> ochin's law. >> okay, not oki. sounds like "grapes of wrath." >> do people know how much grief you give me for being wonky on this on camera but it's two-fold...
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i'm joe kernen along with becky quick and steve liesman. andrew ross-sorkin is off this week.-- >> turned things around a little bit? >> i'm not saying that but i don't think it's a totally absurd thing to say because he's so widely followed and he was so positive. >> a great debate about whether or not what's fueling the market and the growth outlook for this country and he's in the 3% -- the double threes, 300,000 jobs, 3% growth. >> larry we all agreed that higher rates if it's for the right reason -- japan's had lower rates for 20 years and that hasn't helped anyone. when rates go up based on improving economic growth it's okay especially at 2.3. we're not at 9.3 or 19.3 >> higher mortgage rates will hurt the market but the person with a job is way more capable of qualifying for a mortgage. >> low mortgage rates aren't helping. >> i think it's helping them make prices more affordable for people who wouldn't be able to do it otherwise. the concern is everyone has said this entire economy rests on the turn in housing if you're really going to see a strong comeback you have t
i'm joe kernen along with becky quick and steve liesman. andrew ross-sorkin is off this week.-- >> turned things around a little bit? >> i'm not saying that but i don't think it's a totally absurd thing to say because he's so widely followed and he was so positive. >> a great debate about whether or not what's fueling the market and the growth outlook for this country and he's in the 3% -- the double threes, 300,000 jobs, 3% growth. >> larry we all agreed that higher...
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the latest on small business sentiment out from the national federation of independent business, steve liesmanrising 0.4 to still recessionary levels. joining us from philadelphia nfib chief economists, bill, good morning. >> good morning, steve, how you doing? >> you know, bill, we started this thing when it was in the -- what's the right word that i could use there, the pothole, is that fair to say, and it's barely, what, clawing its way out right now? >> that's right. we've had six monthly gains in the index and it's still below where it was in february of 2011, so, you know, the whole year and we're still, you know -- 0.2 of a point is not much difference so we're about where we were a year ago. >> that doesn't concern me as much, because we had the decline and we're on our way back up in 2011, the real issue is over that whole time period we haven't come back to what is normal, around, what, 93, 94, this thing should be, what, about 100? >> the average going into the recession in '08 was 100, so just to be kind of at average we should be many points higher, another six points which would
the latest on small business sentiment out from the national federation of independent business, steve liesmanrising 0.4 to still recessionary levels. joining us from philadelphia nfib chief economists, bill, good morning. >> good morning, steve, how you doing? >> you know, bill, we started this thing when it was in the -- what's the right word that i could use there, the pothole, is that fair to say, and it's barely, what, clawing its way out right now? >> that's right. we've...
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our steve liesman is here. steve, one of those data points is that people are ever so slowly starting to take on a little bit more debt. >> that's right, sue. that was kind of a surprise just an hour ago when we got the data. the first increase in household debt in the fourth quarter since the middle of 2008. not sure that means deleveraging is over, but perhaps people are just a little more comfortable with where their balance sheets are right now. the increase just 0.25%. nothing to get excited about. you can see where robust gains in consumer debt were. it came because of a 2.2% gain in consumer credit. that's the best gain since the recession. and a 0.4% decline in mortgage debt. that's the smallest decline since the second quarter of 2009. household net worth gained $1.2 trillion. overall that's because home values fell by $ 213. and equity values rose by about $900 billion. there's some other stuff in there to round it out. one issue on jobless claims sue just mentioned. while the level of claims has come
our steve liesman is here. steve, one of those data points is that people are ever so slowly starting to take on a little bit more debt. >> that's right, sue. that was kind of a surprise just an hour ago when we got the data. the first increase in household debt in the fourth quarter since the middle of 2008. not sure that means deleveraging is over, but perhaps people are just a little more comfortable with where their balance sheets are right now. the increase just 0.25%. nothing to get...
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i'm becky quick along with joe kernen and steve liesman. andrew ross sorkin is still on ca
i'm becky quick along with joe kernen and steve liesman. andrew ross sorkin is still on ca
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steve liesman is in russia right now. >> good evening from moscow. yes, putin is expected to win the presidential election this weekend. but that doesn't mean the status quo can hold. the big question here is not if there will be change, but how soon, and how much. it's a winter of discontent in russia. for the first time in the 12 years vladimir putin has stood astride this company, putin won the presidency with 53% of the vote in 2000. he served two terms and firmly took the reins of both russian politics and business. including the infamous billionaire oil magnate. by 2007, putin's approval rating surged to nearly 90%, as oil prices and the economy improved. he won the nation over with his race car driving, scuba diving and riding horseback shirtless. but the west is not so sure. back in 2001, then president bush praised putin. >> i looked the man in the eye, i was able to get a sense of his soul. a man deeply committed to his country. >> reporter: more recently bush says, i think he's changed. in 2008, in a strange power swap, putin and medvedev
steve liesman is in russia right now. >> good evening from moscow. yes, putin is expected to win the presidential election this weekend. but that doesn't mean the status quo can hold. the big question here is not if there will be change, but how soon, and how much. it's a winter of discontent in russia. for the first time in the 12 years vladimir putin has stood astride this company, putin won the presidency with 53% of the vote in 2000. he served two terms and firmly took the reins of...
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our steve liesman monitored today's hearings. steve, it seems the remark about energy may have actually been the market mover here. >> yeah. for a little while there, sue, markets seemed to take a modest dip as fed chairman ben bernanke some of his first comments about the recent spike in gasoline prices. let's be clear, he was responding to a hypothetical question of the doubling of gas prices. he said that would slow growth in the short-term. but then he seemed to take the question literally. >> higher energy prices create at least short-term inflation pressures. and moreover they act as a tax on household purchasing power and reduce consumption spending. and that also is a drag on the economy. so, yes, higher oil prices, high energy prices are a concern. >> bernanke said the u.s. is highly unlikely to lose any money in the european central bank dollar swaps it set up. also said the financial exposure to europe is limited. more on that in a second. the treasury secretary said there are no plans to ask for more funds from the ims
our steve liesman monitored today's hearings. steve, it seems the remark about energy may have actually been the market mover here. >> yeah. for a little while there, sue, markets seemed to take a modest dip as fed chairman ben bernanke some of his first comments about the recent spike in gasoline prices. let's be clear, he was responding to a hypothetical question of the doubling of gas prices. he said that would slow growth in the short-term. but then he seemed to take the question...
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. >> good insight there, as always, steve liesman with the breaking news. >>> welcome to the "closing bell." i'm maria bartiromo at the new york stock exchange. let's take a look at this market that's bouncing back after yesterday's pretty good drop for stock prices on wall street today. we're seeing gains on the back of the positive u.s. jobs data out this morning, as well as optimism that greece's restructuring deal will get done. a quick check on the major averages as we approach the final stretch, near the highs of the day. in fact, right at them with a gain of 90 points on the dow jones industrial average. 88 points higher. nasdaq composite bouncing back today after a steep decline yesterday. 23 points higher on the nasdaq. and the s&p 500 with a gain on the session of 92/3 points. apple, big news today on apple. the lost a bit of steam. they announced details of the new ipad tablet. it features the high-resolution retina display screen, along with a faster processor. it supports 4-g wireless capabilities. it is featuring a new five megapixel eyesight camera. the price range will
. >> good insight there, as always, steve liesman with the breaking news. >>> welcome to the "closing bell." i'm maria bartiromo at the new york stock exchange. let's take a look at this market that's bouncing back after yesterday's pretty good drop for stock prices on wall street today. we're seeing gains on the back of the positive u.s. jobs data out this morning, as well as optimism that greece's restructuring deal will get done. a quick check on the major averages...
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our senior economics reporter, steve liesman, joins me right now. steve, the numbers were a little bit better than expected. the question i have is, does it have staying power? is this indeed the upside trajectory we've waited for for so long? >> i think so, sue. there were a couple details of the reports this morning that suggests there may be some staying power there. temporary help was up 45,000. that's one of the best gains we've seen since 2009. usually a pretty good leading indicator. some of the other things we've seen, the government firing seems to have stopped. that's something that's been a drag on the numbers. every month if they say 220 in the private sector, i could have told you it's only going to be 200. the other thing is that once we reach these levels, they tend to go along in this way and the reluctance to hire seems to be put aside by many employers out there, sue. >> there was also the thought perhaps, steve, that these numbers today might dash the hopes of those who want to see more qe on the table. do you think it does? >> you
our senior economics reporter, steve liesman, joins me right now. steve, the numbers were a little bit better than expected. the question i have is, does it have staying power? is this indeed the upside trajectory we've waited for for so long? >> i think so, sue. there were a couple details of the reports this morning that suggests there may be some staying power there. temporary help was up 45,000. that's one of the best gains we've seen since 2009. usually a pretty good leading...
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heading over to steve liesman. >> fed chairman ben bernanke interviewed with abc news saying that consumer household and business sentiment have all improved saying we are in recovery and we have had good news but it's far too early to declare victory. he says the economic recovery still has a long way to go higher gas prices may cause higher inflation. not completely confident on the full track to recovery, maria. it's an interview the fed chairman gave around the lectors he's given to abc news. back to you. >> we sort of predicted or we could have guessed, steve, you know, if oil prices sky rocketed out of control it's going to take a hit to growth but to hear bernanke say it tells you he's also watching it so closely and is worried. >> absolutely watching it closely and think there's definitely some concern there, but i think his primary concern is not to let the markets get ahead of where he and i think the center of fed is, which is that they remain on alert for downside troisk the economy and they're not really ready to move when it comes to interest rates and i think the market in t
heading over to steve liesman. >> fed chairman ben bernanke interviewed with abc news saying that consumer household and business sentiment have all improved saying we are in recovery and we have had good news but it's far too early to declare victory. he says the economic recovery still has a long way to go higher gas prices may cause higher inflation. not completely confident on the full track to recovery, maria. it's an interview the fed chairman gave around the lectors he's given to...
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joining us again katie nixon from northern trust, bob pisani with us, steve liesman with us and from a olick. steve, what about that thought that the fed might actually follow the market here and raise its fed funds rate? do you buy that? >> i can't answer that question, tyler. >> sworn to secrecy? >> i'm working now on the cnbc fed survey for monday. >> uh-huh. >> and i can tell you -- i'll let it slip, there's not a lot of belief in that late 2014 number or date. they are not on board right now with the idea that the fed will keep rates low until 2014. >> these are economists? >> economists and wall street 67 market respondents. and i'll leave the percentages for monday. you'll have to tune in. but there is a growing disbelief in late 2014. >> but, katie, if the fed -- first, do you buy that possibility that the fed may raise rates sooner than its stated sort of late 2014 goal? number one. and number two, if it does that, isn't that a good sign that things are moving along better than the fed might have expected? >> well, we doept believe that the fed's going to move before their st
joining us again katie nixon from northern trust, bob pisani with us, steve liesman with us and from a olick. steve, what about that thought that the fed might actually follow the market here and raise its fed funds rate? do you buy that? >> i can't answer that question, tyler. >> sworn to secrecy? >> i'm working now on the cnbc fed survey for monday. >> uh-huh. >> and i can tell you -- i'll let it slip, there's not a lot of belief in that late 2014 number or date....
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get to steve liesman with breaking news. what do you have? >> thanks very much. we have the fed's report on household net worth and total debt in the economy, and i think the headline is household debt up by a very meager and still positive 0.25% in the fourth quarter. that's the first gain since the second quarter of 2008. home mortgage, getting here, home mortgage declined 1.5% in the fourth quarter, smallest decline since end of '09. credit rebounded. questions as to where we are in the deleveraging process. may be coming to an end. household net worth rose by 1.2 trillion to $58.5 trillion. real estate values declined still by $200 billion to lowest level since 2003. but, stocks did well for households, rebounding by $900 billion to $12.7 trillion. where are we on the scorecard from the great recession? household net worth is $8 trillion higher than the bottom which we hit in the first quarter of '09 and we are 8.3 trillion lower than the top q-2 '07 and halfway back. meanwhile, household equity declined to 38.4%. and finally, federal debt rose by 13.1% and b
get to steve liesman with breaking news. what do you have? >> thanks very much. we have the fed's report on household net worth and total debt in the economy, and i think the headline is household debt up by a very meager and still positive 0.25% in the fourth quarter. that's the first gain since the second quarter of 2008. home mortgage, getting here, home mortgage declined 1.5% in the fourth quarter, smallest decline since end of '09. credit rebounded. questions as to where we are in...
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let's bring in vincent reinhart and we have kelly and steve liesman with us as well.incent, what are you expecting to hear from the fed today? >> not a lot. they have to recognize the labor market is better. but the chairman will probably take it back by saying labor markets are far from normal. do they admit energy prices are higher and how do they characterize them? is it a hit to demand or worry about inflation. >> you're focused more on the april meeting, sounds like? >> pretty much so. in chairman bernanke's open market committee, they usually contest issues in advance in public. you really haven't heard much chatter from governors and bank presidents going into the meeting. what i think they're going to do is talk about an alternative policy, that is, being more accommodative at this meeting. and if that's right, then you'll hear fed officials talk about it a lot because they're arguing the case before the public. so they're ready for the april meeting. >> steve, do you agree with that? >> you know, i don't think the fed is on the verge of additional policy acco
let's bring in vincent reinhart and we have kelly and steve liesman with us as well.incent, what are you expecting to hear from the fed today? >> not a lot. they have to recognize the labor market is better. but the chairman will probably take it back by saying labor markets are far from normal. do they admit energy prices are higher and how do they characterize them? is it a hit to demand or worry about inflation. >> you're focused more on the april meeting, sounds like? >>...
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we're joined by kelly evans, and steve liesman. good to see you both. so we did get the jobs numbers that were better than expected, kelly. what about the income and the paychecks? >> i want to point out as we're seeing increases in job gains over the last couple of months, income growth has been lagging. we're talking increases in hourlily earnings. we can see it in terms of growth and spending. >> steve, what do you think? what are you expecting this to translate into in the coming months? >> i look at it as a somewhat broader measure. i disagree with kelly a little bit. if i look at personal income, i look at the wage-to-salary component. growth to 4% year-on-year. we have about as good an income as we had back in the 2006 and '07 period. i'm not that worried about it. i think incomes are growing smartly here. >> we're looking at a real reaction in the market because of the news on greece. we actually saw stocks back up after the news. >> i have a number here, maria, that i'm trying to run down. i believe this covers only $3 billion of default and so
we're joined by kelly evans, and steve liesman. good to see you both. so we did get the jobs numbers that were better than expected, kelly. what about the income and the paychecks? >> i want to point out as we're seeing increases in job gains over the last couple of months, income growth has been lagging. we're talking increases in hourlily earnings. we can see it in terms of growth and spending. >> steve, what do you think? what are you expecting this to translate into in the...
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and first up and fresh back from russia is cnbc's senior economics reporter steve liesman on today's strong adp jobs report but also inflation in some of the data. welcome back, by the way. >> thanks very much, sue. had a great trip. back to the e con data in the u.s., wall street economists feeling more positive north of friday's payroll report after adp today total private sector estimate by adp of 216,000 january refiezed up by 173,000. by the way february data three of the past four have been north of 300,000. north farm payrolls 213 and unemployment of 8.3%. there was other data sue mentioned about inflation. the government revising measure for productivity in the third and fourth quarter. now, the 0.9% fourth quarter rise was just a little higher than originally reported 07 for the non-farm sector. you can see the step down we've had from the recession. but there was a huge change in labor costs that caught economist attention. the amount spent for wages to produce a unit of output, what was originally important at 1.2 now 2.8 in the third quarter. tfgs a decline of 2.1 in the
and first up and fresh back from russia is cnbc's senior economics reporter steve liesman on today's strong adp jobs report but also inflation in some of the data. welcome back, by the way. >> thanks very much, sue. had a great trip. back to the e con data in the u.s., wall street economists feeling more positive north of friday's payroll report after adp today total private sector estimate by adp of 216,000 january refiezed up by 173,000. by the way february data three of the past four...
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. >> steve liesman here to give us the set tight. >> yeah. rbc index, brian, up about 47.5%. it's below the long-term average. a question i'll ask tom in a second is it just temporary bounce that will reverse because of high gas price sns take a look march versus february up 7.5. and all the major components expect for expectations which by the way had a huge jump in the last month, some cooling off there perhaps to be expected. the investment outlook and jobs outlook all better while the inflation outlook doing worse up at 78.3. here's a look at the long-term trend. you can see we've come back quite a ways there. there's the bump. and it's up around -- you can see where it was back in '08. and that's a level we want to get to more average level. the highest before the recession. recent experience with job loss at the lowest level since 2007. rbc also saying concern about job loss at a nine-month low. i want to show you this one chart i like from this index here. this is people who have experienced job loss themselves. you or your family. do you know somebody? you can see tha
. >> steve liesman here to give us the set tight. >> yeah. rbc index, brian, up about 47.5%. it's below the long-term average. a question i'll ask tom in a second is it just temporary bounce that will reverse because of high gas price sns take a look march versus february up 7.5. and all the major components expect for expectations which by the way had a huge jump in the last month, some cooling off there perhaps to be expected. the investment outlook and jobs outlook all better...
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let's bring in senior economics editor steve liesman. there's the chairman right there. take a look at the video. >> you got to love it too fast. >> there we go. >> a shot of the silence plate. it says qe-3 on it. the question is what are we going to hear today from the fed chairman? >> can we give a shout-out to your crazy producer who creates this stuff? >> the team was great on that. >> a shout-out or a shoutdown, i don't know. >> shout-out. >> assuming they upgrade the economy do today, does that make qe-3, just play with me before you say it -- >> right. >> if they upgrade the economy. that makes qe-3 less likely, stock traders don't want to hear that, do they? >> i don't know. i think we're starting to get used to a world where maybe qe-3 is not going to happen. the prescription should match the description, okay? if i tell you the economy is lousy as a central banker i have to tell you i have a prescription for the lousy economy that's equal to it so i'm sort of neutral in the description of the description. if you tell traders you're going to get a growth environ
let's bring in senior economics editor steve liesman. there's the chairman right there. take a look at the video. >> you got to love it too fast. >> there we go. >> a shot of the silence plate. it says qe-3 on it. the question is what are we going to hear today from the fed chairman? >> can we give a shout-out to your crazy producer who creates this stuff? >> the team was great on that. >> a shout-out or a shoutdown, i don't know. >> shout-out. >>...
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. >> let's bring in our senior economics reporter, steve liesman, what was bernanke's message intended to be? >> can we get a picture up of the six guys here? let's go do that picture. raise your hand if you heard bernanke say new qe3 today. one guy in the middle. the market is trading as if it heard bernanke say new qe3. i did not hear that what i think has happened is i think the debate on the board has shifted. from one that wanted earlier when the jobs numbers were not quite so good, to do new qe. i don't think that's the case. i think what's happening is the doves, including the fed chairman are trying to defend the existing accommodative policy. when he said what he said about the jobs market today, i think what he was saying was we're going to maintain our policy and at best, what we're hearing the fed chairman say is we're going to continue operation twist beyond the expiration in june. >> let me come back at you and say there was thought in the market based on what the data had been lately that perhaps the fed was going to be pushed into maybe raising interest rates sooner tha
. >> let's bring in our senior economics reporter, steve liesman, what was bernanke's message intended to be? >> can we get a picture up of the six guys here? let's go do that picture. raise your hand if you heard bernanke say new qe3 today. one guy in the middle. the market is trading as if it heard bernanke say new qe3. i did not hear that what i think has happened is i think the debate on the board has shifted. from one that wanted earlier when the jobs numbers were not quite so...
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steve liesman, you were in russia when it defaulted, weren't you. >> in the wintertime we thought russiascaped the crisis. by august it was done and defaulted. didn't happen -- it happened very, very fast. there was no time for people to get out of the way. you were talking about how this is largely expected. the hope is, the expectation is, especially when it comes to u.s. banks, plenty of time to pare exposure there. the question is, were they counting on this credit event. you have to think the fed told them, look, get out of the way of this with your exposure. >> rick was saying in europe when everybody in europe comes back to work monday morning -- >> i think there is the media event, and then do i start to put this on other countries. think of the default in portugal and spain. but for the moment, no big news here. >> to mandy's point, here's the thing. i love italy, i love spain, great people, great food, great times. the euro and ecb is germany with a little side order of france, that's it. that's going to dominate the
steve liesman, you were in russia when it defaulted, weren't you. >> in the wintertime we thought russiascaped the crisis. by august it was done and defaulted. didn't happen -- it happened very, very fast. there was no time for people to get out of the way. you were talking about how this is largely expected. the hope is, the expectation is, especially when it comes to u.s. banks, plenty of time to pare exposure there. the question is, were they counting on this credit event. you have to...
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we had a discussion about it around the table this morning and steve liesman brought up this point.ould feel differently if this was a thing leaked out to a reporter at the time who did a lot of confirming and finding both sides of the story and reporting it out. i don't know a lot about this gentleman, i don't know what happened there, but taking it just as a letter itself it seems to me like a disgruntled employee. >> almost like a -- how you feel about wall street. a ha or if you're a defender of wall street, disgruntled. >> well, i don't think you'll find many defenders of wall street outside new york city. this is a wall street town. but i think that it does feed into the kind of larger opinion about what's happening on wall street and this kind of grind between main street and wall street and that people want to demonize wall street and they want to be validated in their opinions that they are taking advantage of them. and this kind of feeds into -- it feeds into that kind of rationale. >> if the headline here, though, chuck is wall street is greedy, that's not much of a headl
we had a discussion about it around the table this morning and steve liesman brought up this point.ould feel differently if this was a thing leaked out to a reporter at the time who did a lot of confirming and finding both sides of the story and reporting it out. i don't know a lot about this gentleman, i don't know what happened there, but taking it just as a letter itself it seems to me like a disgruntled employee. >> almost like a -- how you feel about wall street. a ha or if you're a...
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steve liesman from moscow.ly be reporting on if he were here in this country. ben bernanke with part two of his testimony. >> i hope that will be sort of a trigger point to force congress to say how are are we going to solve this problem and so i of course realize how difficult it is politically, but i encourage you to make every effort to help restore fiscal sustainability in the united states. >> my concern is that i'm -- believe that we wouldn't have 25 or whatever the projections are, if we had not been irresponsible as policymakers over many years and i'm not blaming that on any president or party, but it's clearly a problem. it's been pointed out by "the wall street journal" today and in other articles in financial magazines that the loose monetary policy is compounding the potential problems in the future. and i think as senator shelby talked about the need for transparency, the need to understand where we're headed with this, is pretty important to us as policymakers. for for you to be brutally honest a
steve liesman from moscow.ly be reporting on if he were here in this country. ben bernanke with part two of his testimony. >> i hope that will be sort of a trigger point to force congress to say how are are we going to solve this problem and so i of course realize how difficult it is politically, but i encourage you to make every effort to help restore fiscal sustainability in the united states. >> my concern is that i'm -- believe that we wouldn't have 25 or whatever the...