fed kindn my view, the of establish this fantasyland, but a credible fantasyland in which for 30 quartersrow yearve been saying, "next conditions are going to be really strong and we are going to raise." the data comes in. well, we are not going to raise yet. we are going to wait until next quarter when i forecast says it is going to be great. now we're back on that cycle. >> why is this? you advise the new york fed? are they saying, we have been wrong a lot, we should adjust our position? >> that is what they should. the new york fed has been better than most of the regional feds on that front. i think it is because, and the this, iot alone in think it is because most of the forecasting models are fundamentally about reversion to the mean and we predict the future will look like the past looked. they're basically saying in the model, implicitly, when house prices go up, the data from the us people will spend money and the economy will come booming back. and what happened in 2006 is the thing that is abnormal, not now. >> if you are running a company and you had a model that kept generati

view, the fed kind of ,stablished this fantasyland but a credible fantasyland in which, for 30 quartersrow, they've been saying next year conditions will be really strong and we are going to raise. and then the data comes in and it is not that strong. and they say, well, we won't raise yet. we will wait until next quarter with the forecast says we will be great and we will raise. now we are back on that cycle. david: you advise the new york fed. in a way, the new york fed has been better than the board offeds are the governors. i think it is because -- the fed is not alone in this. i think it is mostly the forecasting models are fundamentally about reversion to we predict the future will look like the past saying ind they are the model implicitly, when house prices go up, the data from the 2000s tells us that people spend housing starts will skyrocket and the economy will come booming back. 2006 is thepened in thing that is abnormal, not now being the thing that is abnormal. david: if you are running a company and you had a model that was running the norm -- the wrong numbers, would you

that is like fantasyland. he is not. >> we do not think that he will. >> he will definitely pick somebody who has -- listen, if he calls, i would say yes. i do not think that he will call. there are some great people out there. fitting the bill perfectly. so many people out there that fit this bill. i am hopeful that when he starts to actually announce his cabinet to include his vice presidential pick, a lot of the people that you were talking about, i may not like him, but i like the people he is surrounding himself with. that is where brian said i am not quite ready, but i think he will be. i think they all have to. trish: mitt romney? >> i do not know. you will have to ask him. i am hopeful that he will say, you know what, i do not like him, but i will support the party. how do you not support the party. 10 million new people in this country are coming into our party. how do you throw that to the wayside. it is very disappointing and disheartening. they get and start a third party. they do not recognize wha

is part of the appeasement, appeasing vladimir putin, you name it, he has a foreign policy and fantasylandonald trump for his limited role in the global stage which is fine, but he didn't have any foreign-policy credentials when he was elected. when he was a first-term senator, it betrays the notion he thinks being liked is the most important thing, it is not the most important thing. being liked by other countries -- i did not say that. >> i thought that was where it was going. >> it is critical, it is paramount to him, to have someone else in complete contrast which is what donald trump is, a reaction to this president. arthel: i want world leaders to underestimate donald trump. >> i want vladimir putin to hang out with donald trump. you could get some good stuff out of it. >> donald trump castigated our closest allies, pretty deep with vladimir putin who is anathema to everything we stand for and said we should sit down with the head of north korea. >> i want trump to be the guy, the only one who could possibly do it. hillary clinton is stuck in the old way. traditional republicans are

fantasyland, i would love a formidable third candidate. i just do not see it possible.way, supporting donald trump. having said that, many are not. the brassica, some other names that have come up. >> a bizarre choice. i think that back in certain reflex stearate late. he is a fresh new senator from nebraska. he has to be with his children. if you will not come up to me and to weaken support-- neil: here is what they said. when i first read it, i shared your immediate reaction. a third-party entrants could deny anyone from getting the 270 electoral votes that they would need. not keen on donald trump. going to that third party candidate. what do you think of that? >> i think that it is possible. i was not a donald trump supporter, but this is the will of the american people. i am more on the paul ryan camp then i am my father's camp, quite honestly. he has had an invitation and he has been open to it. >> a convention chair. not backing the nominee. >> there are still a lot of questions. i think at a certain point, he is going to have to. he has to start being a leader.

the glowing reports are a fantasyland of the nontruth. the speaker pro tempore: the gentleman's time has expired. . for what purpose does the gentleman from georgia seek recognition? mr. woodall: by the direction of the committee on rules, i call up house resolution 742 and ask for its immediate consideration. the speaker pro tempore: the clerk will report the resolution. the clerk: house calendar number 117. house resolution 742. resolved, that upon adoption of this resolution it shall be in order to take from the speaker's table the bill h.r. 2576, to modernize the toxic substances control act, and for other purposes, with the senate amendment thereto, and to consider in the house, without intervention of any point of order, a motion offered by the chair of the committee on energy and commerce or his designee that the house concur in the senate amendment with an amendment inserting the text of rules committee print 114-54 modified by the amendment printed in the report of the committee on rules accompanying this resolution in lieu of th

we have to perpetuate the fantasyland that everything's okay and we can just open borders.k the migrant crisis in europe is creating -- are they near the point of rake crack up in europe because of the migrant crisis? >> i really think as i said before, europe is on its deathbed. when you look at nations like hungry, poland saying this is not good for our national security. the brussels attackers, paris attackers exploited the refugee crisis. one of them had a syrian passport. the e.u.'s coup by one world vision allows this kind of non-integration, the exploitation of refugee streams and things like the brussels attack. stuart: you know what makes me not, it's been called a big it was momma focused i say maybe we should calm down on immigration until we got it under control. i object to that and i know you do too. i've got to run. thank you are joining us is always. stuart: how about this for a worrying headline. dead people voting in california. they have been dead for years. how does that work exactly? we'll have details in a moment. elizabeth warren blasting donald trump