so i'd like to welcome up the vice-chair of the commission alan lowe and megan levinson to say hello. you look surprised. >> the last thing you need on a glorious day like this is yet another speech. so, just congratulations to this tremendous community and to everybody that's been mentioned already. i have a child somewhere in that playground and i have got to go find her. so, congrats. (applause) >> commissioner, it's good to see that you can go left and use your left hand. maybe do it more often, right, supervisor avalos? anyway, it's great to see everybody here. it's a great showing of what can happen when everybody comes together. and under the 2012 bond, there's more to come, but you've heard enough speeches so let's shut up and get out and play. [cheering and applauding] >> thank you, commissioners. all right. just a couple more speakers then we're going to cut that ribbon. but they're playing anyway so it doesn't -- we're good. all right. so, this is a team effort, right. it's the community, it's government, it's park avenue katz, it's everyone. but our capital bond program is

volume of course is low. alans telling me, if you take out the holidays, this particular week is the slowest trading week of the year historically. so that's what we're looking at. the number of decliners to advancers is actually about 3-1 now. dennis: talk about google's special anniversary. tell us about that. >> nine years ago today, google ipo'd. $85 a share. we'll show awe chart. $869 right now. that's a move of about 900% in the past nine years. so google is one of the tech stocks showing some strength today, dennis. dennis: up tenfold in nine years. you know what? that is capitalism, baby. optimism monetized. thanks for being with us, lauren. >> sure. lori: i can remember that day. lauren's post at new york stock exchange. dennis: did a dutch auction and supposed to do democratic price and it soared on the open anyway. lori: we thought $89 was mind blowing. dennis: for every facebook there's a google. this guy may have created iphone but he barely made a ding at the box office, the jobs biopic with ashton k

lows. covering oil, alan joins us, portfolio manager of spartan commodity fund and for gold, thomas, partner of orem option strategies. welcome to the program. alan, is oil in a one-way direction now? >> well, sort of. i think we'll have a small retracement during the day and a rally back up by the end of the day. however, the problems over in the middle east are not going away any time soon. so, unfortunately we'll see higher levels in crude oil. i think we'll get to 114 in crude oil. >> you have to assume, don't you, there will be some contagion around the region to big oil producers like iraq, or at least terrorism on a grander scale, before you start talking about supply interruptions. >> real supply interruption i don't think we'll have. i think we'll have the fear of supply interruption which will get futures to rally. it might also prevent ships from being insured. can't have ships insured, you can't have a ship across the suez canal. >> 25% of all oil comes through the straits of hormuz. alan, i was looking for your confirmation. >> yes, roughly 25% is going through that canal. >> th

alan: i think it shows leadership of the technology sector. if you look at the p.e. ratio, it's down at historical lows. it's only around 13 for the p.e. which is a 30 year low. so i think there's more upside, but keep an eye on apple. as apple gets stronger, that lifts the nasdaq because it comprises about 10% of that nasdaq index. james: right, i actually completely agree with him. we saw tech kind of lag in the first part of this year and it's really starting to come back. of course, being helped by the participation of apple. apple to come back a little bit here. the valuations look good. the only thing in the short term there is some down-side risk if the market rolls over-- if we get our taper information... alan: i want to talk about the market in general. the vix did not make new highs when the market made new lows here this week. that could be a sign of some bullish divirgence, and the overall market can make a nice move up from here. angie: well here's your bonus round question here guys, it's for labor day: which of these statements are true about labor day? labor day originated in canada, l

alan: this is the first time we've been to 500 since january, but the risk-reward's no longer there. we've already rallied $120 off the lows. the midpoint is about 550. 580 is the target... andrew: no chance it gets to 580. period. alan: that's only 15% higher. there's better plays in this space--- andrew: google. alan: ---look at crus and look at gorilla glass. andrew: nuance communications too. alan: they have more upside as apple continues to gain and they have better reward as far as re- risk ratios. angie:and your bonus question is: name 3 stocks trading above $600. andrew: priceline, google...there's 2. how many do we have? alan: we gotta come up with another one? amazon's not it. blackstone's $300. andrew: well how about berkshire-hathaway...? alan: that doesn't count. angie: that is three. not on my list but you are correct. mastercard is the third choice. and keep in mind on labor day we will have a special edition of traders unplugged so we are asking you for your questions to ask the guys. thanks a lot and have a good day. i wanted to be in the military since i was a kid. i served in the united states air force.

century initially the federal reserve on the alan greenspan compensated for the lack of growth in consumer income by creating a credit bubble in other words the low interest rates let people refinance their homes it's been the activity and that kept the economy going until everybody drownded in debt right and now there's nothing that can get the economy going i just want to get one more question and you're right about the american people who have been placed outside the system of democratic capitalism is democratic capitalism and it's careful. arme sustainable or does it inevitably devolve into some kind of tyranny. yes i think it. is but an unregulated capitalism. ends up being you know. run by a few people. it's what we see today you know wall street runs treasury runs the financial regulatory agencies it runs the federal reserve so once you think that deregulation free market deregulation is the answer and we have pursued that now for a quarter of a century both here in england in france indeed just about all over the world the net result is that our accumulates into fewer and fewer hands and so you have an oligarchy in the crowds out the mark

low. brian? >> all right. well, the big story right now is another management shake-up at j.c. penney, maybe. we say maybe because of in alan questrom said he may come back as chairman if conditions are right. salesmen think he could come back as the operating ceo. did you follow all that? courtney ragone jan rodiers, herb is here as well. courtney, you've been to j.c. penney, you talked to management. can you have i to help us clear it? if seems like not much has changed. >> i've reached out to j.c. penney. hopefully we will get a comment, perhaps some further explanation, we have the her that bill ackman sent. he owns 17% to 18% of the company, clearly has sway on the board. he's the one that brought ron johnson in. johnson was out, they rebrought in mike ullman from what we understood to be an interim period. we have no idea how long they intended ullman to say. now it would be less, because he came in in april. >> so it seems like in reading the acman letter, acman, correct me if i'm wrong, frustrated, ticked off that the board is acting slowly for the search for a full-time ceo, so it seems like he is proactively then

low. let's get the first reaction from the white house. first here on cnbc is dr. alanf the white house council of economic advisers. i know it is your last day on the job. congratulations on a great run. but you know what that means, it means you can be completely candid today, no talking points, just tell us exactly what you think. >> you mean i can be like i am every month when i'm on your show, carl. i think today we have seen another solid report. over the last 12 months we add ed 2.3 million private sector jobs. the economy is slowly healing. i think the most important thing going forward is that we get some cooperation from congress to support jobs and growth and most importantly that congress doesn't mess up the recovery by having an unnecessary protracted fight over the budget or worse yet, failing to raise the debt limit in a -- without much drama. >> you mention government. government, i believe, added just a sliver of jobs, the net contributor to the month of july. some have suggested maybe we have cut as many government jobs as we can. do you agree? >> i th

alan valdez, thank you very much, sir. keeping a close eye on stocks. >>> bill, just a little more than ten minutes left to go. i said earlier just off the session lowsill one of the worst days of the year with the dow down more than 1% and the nasdaq down twice as much. >> how will it all end? we'll look at that when we come back after this. ♪ make it happen with the all-new fidelity active trader pro. it's one more innovative reason serious investors are choosing fidelity. get 200 free trades when you start using active trader pro today. >> alan valdez, thank you very >> how will it all end? >>> welcome back. if you're just joining us, fears of a u.s. military strike on syria have markets moving big time today. stocks down hard especially the nasd nasdaq. dour about 2%. safe havens up higher. gold up, bonds up, and yields having their best day in a year and a half, kelly. >> the question what investors should do here. and with us, our guests. >> how are you? >> thanks very much for joining us. >> you bet. >> david, appreciate your time. what are you telling clients here when they call and go, what's going on with syria? i don't see a resolution? is

he should have recognized the problems of alan greenspan, which was money was too cheap, interest rates were too lowong. the fed was too big a backdrop the greenspan put because of the fed, there was so much risk-taking on wall street. there was too much borrowing, too much spending on main street, all because the fed kept interest rates too low for political purposes. it's just like a. rod, he wanted to hit more home runs. >> i can't understand the debate over 2008. i'm sorry, we're going to unfortunately leave it there. >> you still don't understand the problem. that's y. >> well, we're going to try to, we got the makings of another future segment. >> thank you both very much. >>> good morning, everybody, by the way, all right. i tried to -- i'm the rational one, that's a problem zblb well. >> i have to bring it in. >> i'm surprised he thought so highly of arthur burns, the fed chairman during the great inflation of the '70s. >> when we return on "squawk box," a major long island landmark is about to undergo a facelift. we have one of the finalists for the job. real estate developer and minority o