that's why it is a great morning that we're going on be joined by alan greenspan. he is ow newsmaker of the day, joining us exclusively at 7:30 eastern tim. so we look at his take on what all these numbers mean, on what he thinks the fed could and should be doing right now. u.s. equities reports are mixed. the s&p futures are up by about half a point. the dow futures down by about 5.5 points. and early european trading this morning, you will see some very similar nonmoves at this point. it's flat across the board. in asia, this is a huge story. the nikkei slid another 1.7% overnight. it is right around bear territory at this level. they have been looking at down 19%. it was down by even more during the trading session. we are in bear territory now for the nikkei. that is a huge issue, as well. this comes after a gain of about 75% from mid november through may. joe, over to you. >> i'm hurrying because i'm doing my -- i just decided to go to the lows. if we're going to do the interday high on the s&p -- >> how about on the nikkei, too? >> no. i'm done with the nikke

worse then alan greenspan who is such a snow key took down the whole global economy with these complex derivatives which are just fraud on top of fraud on top of fraud added on to the concept of fraud well mark carney is coming in to be the new bank of england chief and he's already been able to negotiate his running of the compliance divisions chair of the oversight of the banking establishment in the u.k. i predict they'll be a bit of a power struggle in the forest george george osborne i don't think i don't think george osborne will last in the next election i think he'll be dumped as the chancellor that could be true if you look at this next headline because there's a jobs fair going on as we speak building bird guest list includes george osborne and ed balls heads of big tax avoiding firms also set to attend secretive groups for days summit being held near wofford so george osborne and his labor shadow ed balls are going up to the build a bridge group. jeff bezos from amazon is up there google all these people who are right now under scrutiny for avoiding taxes and in fact often p

probably a little more dovish, though she was kind of on the hawkish side in the mid-'90s when alan greenspan was arguing not to raise rates. i actually have a little bit more of my money on christina romer for one reason is that she spent time in the white house. there's a certain continuity you get with janet yellin for policy that would be stabilizing for markets, but typically a fed chairman spends a little bit of a tenure in the white house. that's why we have alan krueger's name up there. larry summers is not out of it, and there's a process and the question is who is advising the president on this? another interesting question. is jack lew the guy who is doing it? is the president maybe calling up his former treasury secretary tim geithner who by the way is a candidate, raising the prospect of a cheney scenario, remember cheney headed the vice president select committee and ended up selecting himself. >> the announcement won't come in the fall. >> alan greenspan was announced as a replacement to volcker in june. what i do know is this. this job is typically one held increasingly by tec

everybody was blaming alan greenspan for a housing boom. h more permissive under bernanke than greenspan ever was. >> but bernanke was facing a real crisis where greenspan was just trying to reinflate the economy after some weakness. i think bernanke's actions were a lot more appropriate. he was facing the worst economic downturn since the great depression. if you talk to bernanke and geithner and paulson, they all said, we're not going to fail by underdoing like what happened in the 1930s. i think that greenspan was just trying to go from good to great, whereas bernanke was trying to go from awful to good. that's a huge difference, joe. i think it's a great thing really that bernanke is saying that it looks like the economy is going to be healthy enough to get rid of the training wheels, yet another metaphor, and so the kid's wobbling on the bike right now. the bond market was way in a bubble. just a huge bubble. so we're seeing that sell off. stocks are a little high. i think the stock market is going to stabilize. this is reality. it's a

. >> that was the former head, alan greenspan. tapering is still increasing the balance sheet, something the fed should not be doing. >> he is making a radical argument that i don't think the street is ready for and that is that they should stop tapering right now. i don't think the fed is ready for that right now. everybody can now say the fed is probably now comfortable with this policy that they have got. let's move on here. there was an article out saying the fed is on track to reduce its buying program. as long as the economy doesn't disappoint. >> largely a defensive market up until about midday yesterday. there is the movers. the first ipo in ages from china yesterday. i was at a conference and did not cover this. light in the box went public priced 8.3 million dollars at $9.50. we have not had an ipo in ages. and basically they just simply dried up. the big one everyone is talking about is ali baba. obviously they will go to hong ko kong. would they do a split listing in the united states? >> it will be a big enough offeri

. >> and to that point, dan, alan greenspan made his irrational exuberance speech and the market wentfor a month and went straight up for the next five years. i trying to pinpoint that's collapses is a tricky game. >> absolutely. charles: you've been bearish for the entire run. could you handle another 9 points on the upside. >> i'm not 100% short. my portfolios are different than what i'm-- >> people watching the show and grappling for help. people watch our show and our network because they want to figure out a way to earn some money and how do they do it and what do they do from here? >> this is a tricky environment now. like musical chairs with the stocks. you can be in the stock market, but you've got to be ready to pull the trigger and have your exit strategies, i like u.s. treasuries, they've lost control and there's an opportunity on u.s. treasuries, the commercials are high net long position and the highest in a year which shows me that a rally could be around the corner. now, we could get that disconnect now, that treasuries could rally and the stock market go down. the fed

he stayed about the average length of time for a fed chairman, alan greenspan was there. t of people say tim geith r geithner. he signaled he would probably leave end of his term. >> 30 seconds, a good or bad fed chairman? >> like greenspan, looked like he did a great job, there's been lots of criticism and the impact of what the fed does often comes years later when people look at it, say they missed this bubble like the housing bubble. >> thank you, panel. see you next week. don't forget to check out panel plus where our group picks up with the discussion on our website, foxnewssunday.com. follow us on twitter @foxnewssunday. >>> up next, the power player of the week holding a music festival in a national park. >>> summer means vacations, barbeques, fun in the sun. also means outdoor music festivals, including at one national park. here is our power player week. >> when you're outdoors in the summertime with the open air, there's something -- it is a very different atmosphere. >> talking about the magic of summer music festivals. he has taken over as head of wolf track,

. >> it was right after alan greenspan was named head of the fed. i think reagan was perfectly correct and we were continuing on a boom of incredible roerp proportions. i think today's stock market is also just a gyration. and i think the economy looks much better than it has looked in a long, long time. >> but do you think there's a boom? >> well, i don't know about a boom, but there's surely going to be appreciation in the market. i think the economy has leveled off and i think with politics in 2014, there will be a boom. it's not here now, but, you know, the t.i.p.s. yield, the treasury inflation protective securities yield has risen about 100 basis points. none of this rise in interest rates is due to inflation. >> very good point. >> which means the markets are expecting a much better rate of return over the next decade than they have been. which is another plus. >> i'm jumping on you, my friend, because everything was tight with breaking news. i want to thank you. art laffer, that was then, a quarter of the dow's value. today, 2%. still hurts.

. >> tiger woods, guys like clinton, gore, bush, alan greenspan they get those --.sa: elizabeth berkeley, looking at her on the screen. elizabeth berkeley gets $10,000 to show up to give some kind of a speech. >> i can't imagine. melissa: do you know who elizabeth beeley is? >> she was in stripper movie. even if she was ever hot. she was hot i don't even know. melissa: bruce, thanks very much. i hope you get half a billion dollars for your mex speech. >> y too, melissa. i hope you command the fees. melissa: thanks so much. next up on "money," building a brand from scratch isn't sy but it is more challenging when your brand is for high-end marijuana. we'll talk to a former microsoft executive who is betting $100 million that he can smoke out any competition. piles of, money, coming up. ♪ . melissa: high time for high on marijuana. now the recreational use of pot paased in washington and colorado, a former microsoft executive wants to cash in. he is looking to create the u.s. brand of marijuana, a national chain. think of a starbucks for cannabis. and eventually captu

alan greenspan is saying, you guys make me look like a piker, 85 billion a month. thing for the audience they will pull it back and the stock market will go down but doesn't have to stay down. the question is, can the economy ever take the rally legitimately? the u.s. economy is the biggest threat to the stock market. and ben bernanke is the biggest threat to the u.s. economy. they should top rate now. but he is not going to, the bond buying. and real quick, to his defense, the only thing i can say for ben bernanke on him is there's no fiscal policy. there's no -- >> neil: he's the only guy. >> feels like he is the only guy doing the heavy lifting. >> neil: been up since 4:00 in the morning. like jerry lewis. >> look like home. >> neil: they're mining. should you and should we be worried? we're ready to break it down next. i love to cook. i'm very excited about making the shrimp and lobster pot pie. we've never cooked anything like this before. [ male announcer ] introducing red lobster's seaside mimatch. combine any 2 of 7 exciting choices on one plate for just $1

he stayed about the average length of time for a fed chairman, alan greenspan was there. t of people say tim geith r geithner. he signaled he would probably leave end of his term. >> 30 seconds, a good or bad fed chairman? >> like greenspan, looked like he did a great job, there's been lots of criticism and the impact of what the fed does often comes years later when people look at it, say they missed this bubble like the housing bubble. >> thank you, panel. see you next week. don't forget to check out panel plus where our group picks up with the discussion on our website, foxnewssunday.com. follow us on twitter @foxnewssunday. >>> up next, the power player of the week holding a music festival in a national park. ♪ 99 bushels of wheat on the farm...99 bushels of wheat! ♪ [ male announcer ] yep, there's 8 layers of whole grain fiber in those mini-wheats® biscuits... to help keepou full... ♪ 45 bushels of wheat on the farm. 45 bushels of wheat! ♪ ...all morning long. there's a big breakfast... [ mini ] yeehaw! ...in the fun little biscuits. [old eovermany discounts to declar

. >> solman: stockman blames the federal reserve-- under alan greenspan and ben bernanke-- for inflating bubbles for years by keeping interest rates low. since the housing bubble burst, the fed has been fueling the economy by creating money to buy u.s. bonds and mortgage-backed securities. but in doing so, says stockman, the fed is just inflating yet another bubble. >> the problem is, you're creating a system of bubble finance, where interest rates are so low that people can speculate. so what this is, is a gambler's dream. >> solman: so you think we're cruising for a bruising? >> i think we're doing what einstein once said is the definition of insanity. he said, "if you do the same thing over and over and expect a different result, that's a sign of insanity." we're doing the same thing over and over. >> solman: as stockman tells it, low interest rates have created financial markets full of speculators addicted to cheap debt. as a leveraged buyout dealmaker, he was one of them, and became rich in the process. when you were in the midst of all of this, doing leveraged buyouts, you were pa

predicted the collapse of the subprime market, has been a vocal critic of former fed chairman alan greenspans op-ed page piece in april of 2010, burry rejected greenspan's claim that everybody missed it in regards to forecasting the financial meltdown. burry wrote that greenspan, "should have seen what was coming and offered a sober, apolitical warning. everyone would have listened. when he talked about the economy, the whole world hung on every single word." [ticking] coming up, the housing math of strategic default. >> you could afford to stay here, correct? >> i could, yeah. it's almost like the "in" thing to do right now, it seems like. >> walking away when your home is underwater, next when 60 minutes on cnbc returns. i want to make things more secure. [ whirring ] [ dog barks ] i want to treat more dogs. ♪ our business needs more cases. [ male announcer ] where do you want to take your business? i need help selling art. [ male announcer ] from broadband to web hosting to mobile apps, small business solutions from at&t have the security you need to get you there. call us. we can show yo

alan greenspan stayed longer than the average.mes banding about for a possible replacement is tim geithner. a lot of pros and cons that come with that name there. obama did signal that bernanke would probably leave at the end of his term. >> and in 30 seconds has he been a good or bad fed chairman? >> i don't know. it looked like he did a great job and then there has been lots of criticism. the impact of what the fed does comes years later when people look at it and they say they miss this bubble like the housing bubble. >> thank you, panel. see you next week. and check out panel plus where our group picks up with the discussion on our website, fox news sunday.com. make sure to follow us on twitter at fox news sunday. still no word on ed snowden in moscow. up next, our power player of the week holding a music festival at a national park. >> he is talking about the magic of summer music festivals. he has just taken over as the head of wolf trap, america's national park for the performing arts outside washington. >> whether it beaco

remember when alan greenspan was god? in those days we passed everything he said.gher in our post-depression, post-crisis economy. and every single thing that ben bernanke says, and the same applies to his counterpart in europe, is parsed for any sign that there's going to be a significant change of policy. the economy has been living not just on zero interest rates but on concert easing, which is mum bow jumbo term to describe large-scale purchases of baubds, $85 billion a month, to keep interest rates low. >> was this a market overreaction to something he had been saying or could it have been a very clever effort by bernanke to pop some of these asset bubbles that are building up? you know, let some of the air out of some of these bubbles. >> i think this was a perfectly consistent statement to make. he's been pretty consistent in staying that of course there will come a time at some future meeting when the data will be strong enough to justify a dialing down of the asset purchases, transition to a more normal, more conventional monetary policy. for him to say ot

we led this piece, only that the fed doesn't focus on the stock market, because as i remember, alan greenspan on the stock market quite a bit with his so-called wealth effect and what that does to people's ability to spend and feel richer. but what's going on now after miss george's comments? >> i wouldn't disagree with you, maria, it's always been out there as a focus for the fed. my point would be, over the past five years, while other channels for the federal reserve to affect the economy have become less effective, the failure of interest rate sensitive parts of the economy to respond to lower rates, as those have become more futile, the fed has focused on the stock market as a way to boost the economy, and it's a very, very ambivalent relationship, with on the one hand, some fed officials seeing it as a main conduit for wealth, and others seeing it as a main conduit for instability for the economy and the way for the fed to make a bad mistake. here are some of the ways that the fed sees the market, maria. consumer wealth. that's the wealth effect. also, corporate finance. higher stock pr

. >> i don't know if you saw alan greenspan earlier on our air, it was fantastic, he was talking about the fed and about interest rates, he warned that we are now at risk at not being able to control interest rates. listen to what he said, and i'll get your reaction to it, christina. >> okay. >> my concern is that bond prices have got to fall. long-term rates have got to rise. and the problem, which is going to confront, is we haven't a clue as to how rapidly that's going to happen. and i think we must be prepared for a much more rapid rise than is now contemplated in the general economic outlook with all the people with whom i talk. >> do you agree with that? >> um, no. you know, i think none of us have a crystal ball, so obviously we don't know what's going to happen to bond prices. you know, i tend to think that markets are pretty rationale, and everyone knows that certainly short-term rates are eventually going to have to go up. that should have been priced into bonds. so the idea that suddenly, you know, when the fed starts to taper or when they start to raise the funds rate, that

you know who else we have to give kudos to is alan greenspan. the market may be saying we don't like what's happening here. the s&p a week ago we looked at the intradition day high to intradition day low it was 5%. now we're more. now we're more and we're back below 15,000 on the dow and yesterday, as you mentioned and i don't -- what's her last name? her last name is gone. >> kayla tausche. >> kayla. >> kayla is here. were you not -- >> you're calling that. >> he was not here, i don't think last time you were on. >> madonna or bono. >> it's pronounced bono the one i liked who was married to cher. but, you know, so now here we are back below 15,000. we'll sheer. we'll see whether -- you never know -- it's like a little thread you go what is this? you go oh, oh, and you start pulling it and then it's one of those sweaters and then the sleeve is gone. >> the market is so short term it's hard to predict whatever is going to happen. >> it's so short term if we get 10% or something that's something that we want to have talked about as it was happenin

i think alan greenspan has a good point saying listen, if we got away from this discussion, if the fed started tapering we would see how much stocks are worth. the fed may have lost control. >> if i want to follow the ten-year and i assume that we'll get a decent jobs number for june and that the experts are right, the tapering will begin in september based on what will be a number of fairly strong numbers, the ten-year will go up in yield and therefore, what do i do? >> it's the velocity. and 60 bases points. in a couple of days and that's a monumental move and we just needed to cool. i would love it so mortgage rates would go up to 3.75. you check your five-year cd. 80 basis points and we're making 20 basis points now and that means the -- >> not too hot, not too cold. >> we need to focus on earnings again. we can focus on other things. >> this is partly what greenspan was talking about. let's just play this tape for people if they missed it this morning on "squawk box." here's alan greenspan discussing propensity of the federal reserve to start exiting here. >> the sooner we come to

they of alan greenspan, a tough guy standing up to wall street saying i'm not giving you the money.n't have that attitude. he has to get tough. i don't know if he has the you know what to do it. >> both sides of the opinion expressed. >> i think he's going to wither. he won't stand up. >> jones says printing less. >> i hope he's less, but i don't think he will. >> we'll find out. >> stand up to wall street. >> i want to know when we find out, specifically when, and peter barnes is in washington. you got to give me the tame table, everybody is hanging on ben and every word. something coming out, released at 12:30 eastern, or is my timetable mixed up? >> for this event with the press conference, stewart, we get the policy statement at two o'clock as well as with the new economic forecasts. those are released at two o'clock, and that's when we report those, and then at 2:30 #, we have the press conference. >> now, what kind of press conference is it going to be? last time, as i recall, he had preapprovalled, prescripted questions. they were handed to him. he took his pick about what wa

you have had alan greenspan come out and criticize the fed. you do not see that.do that. this is starting to come out. i think they were aware of the distortions. ashley: we all understand. we have watched an incredible selloff in gold. one of our analyst has sent out hr. fifty-two week lows. a lot of people are getting earned because they moved their money into gold and now we are almost at $1200 an ounce. what should i be doing right now? >> a very small portion of the portfolio. when gold was the leading asset class, client went in and put 100% into gold. then they went into silver. you saw what happened. people are wondering what relationship is to get gold moving back up again. above all else, it is the dollar. when the u.s. dollar gets stronger -- that has been happening. you will see that the dollar started to rise against other currencies when gold started to selloff. watch as data begins to weaken. if they start turning right back down, what you will see is the dollar will weaken on the expectation that the fed tapers the taper talk in the dollar starts t

scaling back its $85 billion monthly bond purchases, a topic we discussed with former fed chairman alan greenspan just a couple weeks ago. >> tapering, obviously, is the first thing, but tapering, remember, it's still increasing the size of the balance sheet, and that means it's going to be a little bit more difficult to reverse it. and i'm a little concerned that the reversal procedure is a little more difficult than we think. the markets are not going to give us the leeway that we would like. >> tomorrow, the fed is also expected to provide an update on its economic projections for 2013 all the way through 2015. that decision on rates will be announced at 2:00 eastern time. and then chairman bernanke will hold a news conference coming up at 2:30 p.m. you can't miss complete coverage right here on cnbc. and guys, this is definitely the story of the week for the markets. >> really of the month. >> but i want to get to the story of the day or maybe the year. can i give you the story of the year? >> please do. >> here it is. president obama in an interview -- do you know about this? >> oh, i do. th

ere's a lot of human judgments. >> alan greenspan of 2013 has a different view than alan greenspan of 2003 on how human behavior affects -- >> absolutely. there's significant change of view when i look at the data. i remember, back in 2006, 2007, there was a general awareness that started to be events, which -- not supposed to happen once in 1,000 year event happens within three days. that tells you the shape of the distribution is especially not, as we say in mathematics normal. but essentially, it had a large tail risk associated with it and it went out like that. we never experienced that before. we didn't until 2008 and when we fat tail it was down right obese. . we are out of time but i wanted to get to this question. ut a big question so we'll have to ask you to summarize it. how important is the structure. but there seements to be huge resist tons changing the structure to allow for more efficiency? >> it depends on the alternative. almost all central banks are individuals in the sense that you've got diverse views from people around the country sitting in the seats of federal

that's why it is a great morning that we're going on be joined by alan greenspan.lusively at 7:30 eastern tim. so we look at his take on what all these numbers mean, on what he thinks the fed could and should be doing right now. u.s. equities reports are

scaling back its $85 billion monthly bond purchases, a topic we discussed with former fed chairman alan greenspan first thing, but tapering, remember, it's still increasing the size of the balance sheet, and that means it's going to be a little bit more difficult to reverse it. and i'm a little concerned that the reversal procedure is a little more difficult than we think. the markets are not going to give us the leeway that we would like. >> tomorrow, the fed is also expected to provide an update on its economic projections for 2013 all the way through 2015. that decision on rates will be announced at 2:00 eastern

but to have a conviction we have not seen he is not alan greenspan but believes in consensus and wall he is doing. 2.6%. stuart: a new poll shows 41 percent of small businesses have frozen hiring because of obamacare and our next guest is a small-business owner and says she will not expand here, miss obamacare. you have been on the show before but you don't have 50 employees so how will obamacare hit you? >> thank you. it affects all small business. obamacare has created an amount -- a large rock of uncertainty. as far as the entrepreneurs are concerned it has diminished living the american dream and growing your business. mine is poised for extreme growth and we have to make every decision because i need to make sure i will not reach that threshold because once i do a whole business will change the whole model will change it. stuart: is it the confusion of the terms or the implementation of obamacare? what has gotten to you? >> there is so many factors obviously all the uncertainty nobody knows what to expect but i do know that the health insurance premiums continue to rise with less

president gets to nominate the chairman of the federal reserve whether it is ben bernanke or alan greenspan or whomever. there it is. that was a particularly unfriendly one to the fed. what would an audit divulge?we are ready know what it would doubled. it would diebold that the -- it would divulge. it would divulge that they were -- americans might not appreciate that. on the one hand, if you are a believe that we are a global economy and we might have to bail out a german, dutch, and french banks to preserve economic stability, that is what the fed is doing. if you are more isolationist,or believe it is none of our business, you might get very mad by that. what a fed audit would diebold's -- divulge >> the question can the fed stimulate the economy without creating asset bubbles? what are the asset bubbles and can the fed stimulate the economy without creating them? guest: the answer to that is the only thing that can stimulate the economy is economic growth and economic growth has to come from companies creating jobs or people creating jobs. the fed can set rates very low, it can try to

then alan greenspan. tomorrow on "washington journal" we'll talk about the federal research's plans for its sometime yu luss program. followed by issues important to younger americans, including student loan interest rates. and the washington post reports hat they use photo database to identify suspects in criminal investigations. e'll talk with the reporter. "washington journal" live on c-span at 7:00 a.m. eastern. >> when you talk about transparency to the american public there is -- you're going to give up something. you're going to be giving signal to our adversaries about what weaknesses are. the more specific you get you are having people sitting around saying ok, now i understand what can be done with our numbers in yemen and in the united states and i'm going to find another way to communicate. there's a price to be paid for that transparency. where that line is drawn in terms of identifying what our capabilities are are out of our hands. there's a price to be paid for that transparency. >> this w

. >> former fed chairman alan greenspan recently talked about the u.s.economy and his tenure in charge of the federal reserve. he was the featured speaker at the wall street journal cfo network conference on monday. this is a half-hour. surewanted to make somebody was out there. >> they are out there. we have half an hour. a lot of ground cover. i would like to talk to you about the present, the past, and the future in 30 minutes. talking about how you size up the economy today, how we got into such a bad place in 2008, and what economic policy makers need to do next. i would like to start talking about the present. how do you assess the global economy and the u.s. economy, is the extent to which there any momentum or possibility for faster growth? >> basically, i would describe both the united states and the rest of the world as being in a sluggish environment where effective demand, if we can use that old-fashioned term, is inadequate to galvanize the system in the growth. yet there is not enough downside weakness to create any significant short-term c

we had alan greenspan talking on air and you could almost point to his comments, on one hand, he seemeduch. ezra cline, thank you as well. up next, we'll get an exclusive behind the scenes. >> buy more tesla stocks? >> great buy. everybody's buying tesla. why don't you buy one of the cars? >> you'd look good driving that. we're going to be looking at the tonys behind the scenes. we'll be right back. i want peacocks. peacocks? walking the grounds. in tuscany. [ man ] her parents didn't expect her dreams to be so ambitious. italy? oh, that's not good. [ man ] by exploring their options, they learned that instead of going to italy, they could use a home equity loan to renovate their yard and have a beautiful wedding right here while possibly increasing the value of their home. you and roger could get married in our backyard. it's robert, dad. [ female announcer ] come in to find the right credit options for your needs. because when people talk, great things happen. from the united states postal service a small design firm can ship like a big business. just go online to pay, print and have

. >> and leave it on the shoulders of janet alan just like when alan greenspan came in and then two months later you had the stock markets crash. you leave it on the shoulders of the successor. i don't think he wants to go that route. >> what was the point you were making that they know they need to taper, but they don't want to at this point or we had greenspan on, just mentioned last week, who said that the markets might not wait for the fed to stay as accommodative as it is forever. may be forced to start pulling back because markets just get tired of it. >> well, in the sense it is a self-fulfilling prophecy because higher the markets go, more and more and more of the assets gets concentrated in this ill liquid credit, unless we forget that before 2008, the credit market there was -- there were countparties like the banks willing to take on the paper in case of an inorderly sell-off. now they can't do it anymore because they have dodd frank. they can't buy all that stuff anymore. prop trading diminished substantially. so here you have the potential of retirees, people that hold this cr

. >> rick, we heard this from alan greenspan a week and a half ago, raising the possibility that, lookhas all the time in the world. now there are these stories about concerns with the bond market potentially rising up in europe again. i just wonder how much of a sense of that you get. how much it feels like there could be something on the move or if that is not something you see at this point. >> you know, i think all world markets and all major developed economies aed some extent to emerging economies, their interest rates affect the psyche of the relative safest. i disagree with a lot of the issues this morning in a subtle way. yes, it's about the data, it's the fed's interpretation about the data, a, i think they will move that goal post. the second thing is just because are you at a time where beanie babies are popular, you have a garage full of them. you think, oh my good, i'm rich. they're going for so much money and i have a garage full, it doesn't mean that the overall sense, no matter how large of a position the fed holds in treasury, that is the key in my opinion. they could

alan greenspan says it's one of the greatest threats to american capitalism.>> there's a number of things we can do about it. i thought the speech was very powerful because how do you get people to talk about inequality. putting it into the context of rock, the theme really is, it's a long way to the top if you want to rock and roll. the difference between the top and the bottom is bigger. i think we're taking some steps already on taxation. i think we need to do a lot more to help people at the bottom end of the economy stay in school longer, go to community college. i think that's part of it. but we also need just a fair bargain between labor and capital. justin wolfer, the economist, put out some charts yesterday that showed not only in the united states but in a lot of other countries, the share of national in come going to capital as against labor is going up. it's more to capital. we've avoided big fights between capital and labor by having reasonable split between the owners and the workers. i think we need to figure out how to get back to that reasonab

that was alan greenspan request from us. it dated between 1.8. not need to see it? >> no more consequential number out there. >> let's take a look at u.s. equities futures at this hour. it's been a bounce back. remember the number 560 is what we lost the previous two sessions. >> 560 dow points and now we're looking at least at 90 up 100 or so. you might recall david tepper of appaloosa. a great record over the last 20 years, he joined us on squawk last month to sort of update us on what he said years ago before the market moved this much this is what he said to us that day. >> if there is a true taper, there better be a true taper or else you are in the last top of '99. so guys that are short, they better have a shovel to get themselves out of the grave. >> in the last couple sessions, people have tweeted us. who are reshoveling with that shovel? it was about 15 tough. when he said that, it ran up to about 15.5. now we're below that and he is you might wonder what he is saying today. he is corresponding, sharing his opinions on the fed action an

. >> alan greenspan himself said, that one of the greatest threats to american capitalism is growingou know when margaret thatcher in 1975, i actually -- huge margaret thatcher fan, because of what she did in great britain in 1975 was was so radical, one of her top goals if you go and see the speech she gave in 1975 to conservatives, it was spreading the wealth, not through government, but saying we have to get more people engaged in the capitalist system. we have to get more small business owners succeeding, entrepreneurs out there. and if the rich are getting richer and the poor getting pao are poorer then the people who drive american capitalism and made it a great wonder are the middle class. and they're getting snuffed out. >> and also when you talk about this pressure like the funnel you were saying just before, part of it comes from an anticipation that on the other side of it, there's a real scarcity. when people look at their kids, right, there was a time in the post-war boom years when there was an expectation if you checked the boxes and did the right thing there was going

top business leaders and thinkers from lee raymond to alan greenspan be projected an enormous naturalshortfall and, in fact, there were lots of investments for lng imports. today we talk about blend w5u8 problems. pv, distributed pv, $10 a watt. today we're talking about incredibly reduced costs. wind power up by a factor of 15 in that time period. so there really has been tremendous change, in fact, even in the four years since president obama took office we've seen this. most especially, of course, we all know how unconventional gas and oil have been a game changer in this, in this country. we often think of the energy industry, the energy system as one of incredible inertia and very hard and resistant to change. and there are some, there is some truth in that, and there are some good reasons. capital intensity, all kinds of issues. on the other hand, we have seen just in less than a decade, as we say, a complete change not only of the ground truth of our situation with oil and gas, but i think in the society a really shift of attitude away from one in which we are thought of as maj