the market was looking for the bazooka, scott, i think we got a blunt knife. no mention of an esm banking license, no rate cut despite the fact of acknowledging benign market expectations, he told us that the bundesbank has expectations with the program. the market was expecting more after the big comments of a week ago and you know, i think for the euro to be down 2% and for bonds to be back above 7%, they are exactly where they should be after what was delivered today. >> why didn't he deliver at the very least a rate cut? >> i think he should have. i, i really think he had an issue with the germans. i think that he saw some push-back from merkel. he was seeing push-back from the bundesbank, he should have given us something. at a minimum, the a rate cut would have been something. i feel like he wanted a package. i think he was incredibly well intentioned a week ago, but ultimately he had nothing to deliver. >> steve liesman, paul, is with us as well. i think the point we're getting from this is that the germans remain somewhat of a hindrance from something

to delay the application to access the big bazooka.here's a hiatus of, i don't know, two, three, four weeks, what happens then? >> kick the can down the road. >> is that enough? can we stay where we are? >> no. i think the market takes money off the table. i don't think it's going to crash but i don't think it's going higher. gold may be but the money coming off the table. >> this is share volume and the slope to the downside. it is declining because all the major market participants trading less sigh that dark pools? >> well, yes. first off, nyse volume and the dark pools somewhere else, no, it does not. overall volumes down everywhere, trust me. put up dollar volume. i think it's important. this is share volume. kenny, you might want to comment on this. the actual amount of volume traded which includes the dollar amount, you could see this is four years and not changed that much. the average price of a share traded gone up. about $50 four years ago on the nyse. today $70. dollar volume, the amount of dollars trading is roughly the sa

you showed us a bazooka. what are we buying? we do not know. we are buying a weapon system we cannot afford. don't take my word for it. oakland is broke. they have had a weapon system for 10 years. the companies have gone out of business. they never used the equipment. they do not have enough force to use the equipment. that is what we have here. the police department ordered them at 10,000 apiece before the chief are right. we do not have 17 horses. -- chief arrived. we do not have 17 horses. we order police cars. that is where we stand. thank you for your time on this issue. >> good evening, commissioners. in addition to being a photographer, i am also a secretary of the city's mental- health board and i participated designing training. i even delivered a small part of it as part of a small presentation. i am not categorically against tasers but i am concerned about them being used in a cit setting. i heard someone say memphis is doing it so we have to do it. i would like to think that through. when an officer is in a crisis situation. they a

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. >> he has that bazooka in the closet and is ready to use it and if he does anything short of the bazookaarkets will be disappointed. >> you could say we are in purgatory but it is a good friday and like you said we are snapping six weeks of gains for the broader market. ashley: we will be back in 15 minutes. >> does it feel like a paycheck is not stretching as far as a was even a couple months ago? if so you're not alone. gerri willis has more on the stalled income recovery. gerri: i hate to be the bearer of bad news that this report is i opening. consumer incomes have recovered a quarter of a ground they lost during the recession. median incomes are up 2.2% in 2012 since the beginning of the recession but 7.2% below where they were at the start of the recession and 4.8% below where they were when the recession ended. you would think things would be worse during the recession but there were sir after the recession so people who think thing that getting less optimistic are absolutely right. ashley: looks like companies paying less because jobs are scarce so they can go down. >> fewer jobs

germany, both from wiedemann and also from the economy minister, pushing back on the idea of big bazookare from the ecb later this week, we're seeing stocks open -- potentially open to the upside. dow jones is expected to open higher by 40 point. nasdaq higher by ten points. s&p trying to add a couple points as well. across europe, ftse 100 telling us it's up 0.5%. xetra dax up 1%. cac up and ibex off the lows from earlier in the session. >> keep your eyes on nokia stock, surging up 11%. there is speculation -- this is what reuters is saying. speculation that traders talking about lanovo, chinese pc company, may be interested in making a bid potentially. nokia, up 11% on speculation lanovo is interested. >>> what are the experts telling us today about what investors should do? here are some recaps from cnbc already today. >> i feel like sterling, unbelievable story, shocking numbers. growth is terrible but the markets like sterling. seems to be some sort of safe haven play for europe. >> if you look at the overseas sales, over 70% plus of sales coming from outside the uk economy. we can

. >> you know what, the last time i get my information from a bazooka joe wrapper. >> that grand pianore is a fat ass on that grand piano, man. >> we learned something again. >> i thought you were a harpsicord. ?ai we will close things out with a post game wrap up. to see recent clips of shows go to fox news.com/red eye. >>> see you back here on "the five." oh deer god, we have gavin mcguinness. gavin has a new character he is going to unveil tomorrow and i am frightened. andy levy, post game wrap up. >> diane, and another thing i here you are on cobert last night? >> they made fun of a story i did yesterday. >> cool. what was the story? >> it was about papa john's ceo saying he would have to raise pizza prices. >> what? >> he would have to raise pizza prices because of obama care. >> title for the new book? >> "end is near" and it will be awesome. >> short-term pessimism and long-term optimism. >> sherrod, what is the latest? >> good afternoon america. it is on abc. i will be back next friday 2:00 p.m., abc, with laura spencer and josh elliott. i was on yesterday. it was great. >> coo

uncertainties and with the way that the fed has been pushing this idea of qe 3, unless they pull out a giant bazooka, we have been expecting this for a long time, it's largely discounted. it would be the risk markets, you see a little lowering in yields, and gold prices will probably rebound a little more. i would not expect anything unless they give us a real shocker on qe 3 in the middle of september. >> any other thoughts on that, bill gross? >> sure, i think if the fed follows through here in the next few weeks you want to buy what the fed will buy and what they will affect. you want tips as opposed to nominal securities. you also want morning gags because probably, i think the fed will be using mortgagies fo the program. >> jason, i know you like dividend paying securities, we'll keep watching those. the largest quality company that's pay dividends, yes? >> as bill is saying, if you're more of a trader, i would not stand in front of the risk on trade. it's at that point i would take profits on the risk on positions of asset prices. until then i think as bill said you don't want to stand in fron

i guarantee you i'm going to get letters and people will shoot bazooka rounds at my house.w they are going to do that ladies thanks very much. good to see you. >> in a moment brit hume interviews paul ryan. show you some of the highlights of that interview. i, your humble correspondent will analyze. we're coming right back. >> bill: back of the book segment tonight, our pal brit hume scored the first solo interview with paul ryan since he was selected. that took place in colorado this afternoon. >> president obama said of you, he called you, just after your selection, a decent man, a family man, an articulate spokesman for the romney vision, but he said that's a vision that i profoundly disagree with. what would you say about him. >> i think that's correct. i think it is a vision that we have fundamental differences on. i think the president himself is a good family man. we have a very different idea of how to take this country forward. the president has given us utter failure when it comes to creating jobs and bringing fiscal discipline to washington. if we stick with the

i have a bazooka pointed at you. >> david is a friend of mine -- >> are you saying you did not say it or did you say it? >> i had a nice conversation with nick ravanti where i said, can you send me the statement that david made. >> he kept pointing to a report with no relevance to the hank greeneberg case. >> it had relevance to the case in connecticut. >> let me tell you -- >> he said that jack welch said tell your friend i'm going to put a spike through his heart. >> he said that? >> yeah, and jack could not wait to tell me. >> what do they do -- >> how do you deal with that? >> he says to a colleague of yours, tell him i'm going to put a spike through his heart? >> what did he say to john whitehead? this is war between us. he said that -- >> because whitehead was agreeing with hank greenberg. >> i read that david boyes partner wrote what spitzer said. let's be honest about one thing. mr. spitzer made it very easy for us to challenge his integrity and honesty. he lied to his wife and children. he went after people that frequented houses of illrepute, that's hypocrisy. if i had done

i can get a nuke, i could have a bazooka and a flame thrower and i carry it wherever i like because west our minds on guns. it's a well regulated militia. it didn't mean that you could grab a nuke and an oozi and shoot up area neighbors. read the goddamn amendment. when we come back, governor of pennsylvania. we're going to have a very interesting conversation with him about politics, too. >> all of this attack may be hurting the president's brand a little bit too. i think our supporters went a little bit too far with the business. hey joe? yeah? is this a bad time? no, i can talk. great -- it's the 9th inning and your hair still looks amazing. well, it starts with a healthy scalp. that's why i use head and shoulders for men. they're four shampoos for game-winning scalp protection and great looking hair... go on, please. with seven benefits in every bottle, head and shoulders for men washes out flakes, itch and dryness. and washes in... confidence. yeah it does. [ male announcer ] up to 100% flake free scalp and hair with head & shoulders for men. >> it's go time. (vo) at the only onli

this means the ecb, will they put out that bazooka. whatever it takes per what ecb means and investors mean, this will all set investors up for disappointment, and this reversal back down. >> dan, you're a little more concerned, but by years end you see the market higher, yes? >> yes, i still think we'll meet our target which is about 1450. i think we'll see that in the fourth quarter. we have been in the sprint for the last three months. we're getting a little winded. and the vaelt we're dealing with a race with only half of the competitors in it. the real test will come after labor day to see if we can break above this and frankly it's an evaluation game. this mark is between a 12.5 and a 14 pe for the last three years. we're bumping up against is and i don't know if we have the earnings power near term to get past some of these items. >> ron, you're still looking at cash levels, that's certainly a positive for the market. >> yeah, we'll always be vulnerable. we had a 9.9% correction back in may, we rallied 11% in six weeks. a 50 poi

and we sthau the markaw that th surged from those comment, but one economist said it is like a big bazooka rescue the bond markets. so what were they talking about? that they expected to get things going? >> well, it reminds me of my old grandmother who always used to look at you no matter what you have done and say, so what have you done for me lately? and it is the same thing with mario draghi today. here we have three pages of it. believe me, i have waded through this stuff. and i can tell you that yes, he said last week, that he would do something. his exact words were that it will be enough. we will do whatever it takes. well, today, they come out by saying that over the coming weeks, we will design the appropriate modalities for such policy measures and try to stay awake, suzanne, because it is gripping stuff, i promise you, but the truth is that the ship is sinking, and the best they can do is to say they will still design something in the future. and the real -- >> why didn't they do anything today? >> well, that is the question that people are saying. he said on the one hand that

if you get action out of europe and they pull the bazooka out of the closet, i think the markets around the world take off because that's really what investors want to see. they're trying to feel it, challenging the highs, they want to look forward and want there to be some optism. >> is the situation in the u.s. starting to perhaps overtake worries about europe with the fiscal cliff argument jpmorgan just put out or not? >> i think europe is still the issue. that vote in germany is coming september 12th. after that, it will focus on the fiscal cliff and what's going on in this country. i think the fiscal cliff is a problem and not one who thinks they will do it prior to the election and what will they do it with a lame duck congress or administration after the election. if they put a ban on it, it will be viewed by the american public or investors kicking that ro ii down the road and they won't be happy as it but won't be as severe as the call. >> thanks. hi, mary. a market flash. >> take a look at sutherbies. quite a turn for the stock, down 1% after williams cut it to an under-perfor

i guarantee you i'm going to get letters and people will shoot bazooka rounds at my house.y are going to do that ladies thanks very much. good to see you. >> in a moment brit hume interviews paul ryan. show you some of the highlights of that interview. i, your humble correspondent will analyze. we're coming right back. [ male announcer ] this is sheldo whose long day setting up the news starts with arthritis pain and a choice. take tylenol or take aleve, the #1 recommended pain reliever by orthopedic doctors. just two aleve can keep pain away all day. back to the news. introducing share everything. unlimited talk. unlimited text. tap into a single pool of shareable data and add up to 10 different devices, including smartphones and tablets. the first plan of its kind. share everything. only from verizon. now add a tablet for only $10 monthly access. >> bill: back of the book segment tonight, our pal brit hume scored the first solo interview with paul ryan since he was selected. that took place in colorado this afternoon. >> president obama said of you, he called you, just af

and mark, there was speculation that draghi not in wyoming because he was home polishing the big bazooka. do you think we get something of significance for next week and how do you set yourself up for that? >> i think we do and the market is at risk if we don't. much has been made of the fact that the ecb in collaboration with the efsf is coming together for one-two punch of monetary and fiscal wraps around some type of solution to solve for the sovereign debt crisis and seeing spanish bond yields again today blowing out almost 6.9% and the market would react violently should we not get an announcement of the ecb and so i think we're going to hear something. i think at risk is not so much whether we get something from the ecb but rather that it's underwhelming and policymakers in europe notorious for doing that and remains i think a point of caution for investors leading up to it. the ties of doing something good and stay careful in case they don't. >> arguably, more help being built in to the september 6th meeting opposed to the one today. mark and mark, thank you for joining us. >> tha

i guarantee you i'm going to get letters and people will shoot bazooka rounds at my house. they are going to do that ladies thanks very much. good to see you. >> in a moment brit hume interviews paul ryan. show you some of the highlights of that interview. i, your humble correspondent will analyze. we're coming right back. copd makes it hard to breathe, but with advair, i'm breathing better. so now i can be in the scene. advair is clinically proven to help significantly improve lung function. unlike most copd medications, advair contains both an anti-inflammatory and a long-acting bronchodilator working together to help improve your lung function all day. advair won't replace fast-acting inhalers for sudden symptoms and should not be used more than twice a day. people with copd taking advair may have a higher chance of pneumonia. advair may increase your risk of osteoporosis and some eye problems. tell your doctor if you have a heart condition or high blood pressure before taking advair. if you're still having difficulty breathing, ask your doctor if including advair could

a north korean tank approached, and when the bazooka team fired, the tank opened up with its machine guns, and the young man, private kenneth shadrick, was shot dead. his team withdrew. shadrick was the first announced american servicemen killed in the korean war. a journalist was present when the team brought his body to a hut that the medics had occupied. she had been a front line correspondent in world war ii and had left her tokyo office of the new york herald tribune to go with the troops to korea. she wrote that this dead young soldier had a look of surprise on his face. quote, the prospect of death had probably seemed as unreal to private shadrick as the entire war still seemed to me. he was very young, indeed. his fair hair and frail build made him look far less than his 19 years. the medic standing there said simply, what a place to die. and "the new york times" would write: he died as dough boys usually die n a pelting rain in a foxhole. back in skin fork, west virginia, shadrick's parents learned of their son's death that morning at breakfast when a neighbor rushed in tell

yesterday it looked like he had the bazookas ready to roll. as though we may start to see these fed guys start to see the picture here that this printing of money does not always work and actually the stimulus can be a depressant. stuart: very interesting. we are out of time. come and see us soon again. we like that cow jacket. >> thank you. stuart: our next guest says voters should think again before voting for president obama this time around. or just owens, former nfl player. he has written a book. it is called "it is all about team." burgess owens joins us right now. welcome to the program. you say those people who voted, african americans, who voted for president obama should not do so today. why? >> it comes down to respect. we have to recognize and focus on principle versus blackness. if we do that we will get that greatness. of course, get that back again. stuart: what about policy, do you agree or disagree with president obama's policy? >> i am a conservative did i think if we do things right and work hard, we can get reward out of th

all they did was flash the idea of a bazooka. we have not seen it yet.ofessional traders are looking to short this market. this caught them. i do not think we will stay here. lauren: thank you, mr. willis. we knew about this. here we go. we are at the highs of the session because of another news report that says this could happen. back to you before thank you so much, lauren. shares of eli lily are up. adam shapiro has more on this developing story. >> the test themselves were not a positive. the original study did not meet their primary endpoint, but we were encouraged by the data that continues to show a slowing of cognitive decline and alzheimer's patient. no other drug makers are pursuing some type of pharmaceutical that would help people who have alzheimer's. eli lilly seems to have found something that willful the cognitive decline. we talk about coming alzheimer's patients, we want to know how many people we are talking about the united states and the potential if a drug that have some kind of positive benefit, 5.2 million people in the u.s. today

the thing is unless they ask for assistance there's no ecb bazooka to cap bond yields. >> what we learned is that the condition for ecb support is for spain in that case to apply for help. what spain wants to do is to see what the ecb plans. there's still a lot of work to do. chances are we'll know more at an ecb meeting on the 6th and expect spain ultimately applies for help. >> is it about what the ecb plans? is it much more about the conditions, conditionality, the memorandum of understanding that's attached. >> i think also that spain is starting from a different position compared to the smaller bailout countries. spain has done quite a bit in a number of areas. the extent of the conditions are basically something like becoming more specific, what's already been agreed and something more but not a lot more. i think it's possible that the spanish would apply for that. >> how important is this issue of seniority? >> it's important. in the end it's also possible that every thinking of the ecb stands on a particular matter is important. but when it comes to official lenders, basically thi

perception, if the fed looks at the pos sive side of this it could keep it from firing off that big bazooka we have been talking about stimulus into the market. >> heard the political spin from both sides what does it mean for you if you are looking for work or worried about your own job and what does the employment picture look like for various groups suffering? i want perspective from georgia te economist danny boston. good to see you. you have mentioned when you saw this and saw felicia say, wasn't a great report but it was, you know, i mean, it was good enough. how do you see this overall? >> this is really in many ways it is very, very important because the recovery now has been taking place for three years, believe it or not, started in june three years ago. >> we are in recovery. >> we have been in recovery. the recovery has been unusual in the sense it hasn't been a straight line recovery like we had in previous recession. we have gone through these cyclical ups and downs, saw that in the chart that christine had. and for the last three months, three to four months, we have been on

the only institution which really can act, can act any time, and has the power, the money, the big bazooka or whatever you would call it. and this is at the same time weakening the position of the ecb over time, and i think it is a mistake if the ecb accepts this position as being the final savior of the euro area. this is a wrong impression, and i think the ecb should do everything to avoid that. >> not often you hear an economist, ross, saying shut up, but that's otmar issing for you. >> yeah, it's impossible, impossible. there's too many different constituent parts, right in europe for them to all stop talking. >>> still to come on the program, it was once dubbed the manhattan of madrid. i'm not sure why, but now it's home to a host of empty buildings. we'll examine the extent of the spanish housing crisis with views from on the ground. >> plus, we'll have the ceo of prudential here first on cnbc to discuss the company's results, which are just out. that's coming up after the break. >>> and these are the headlines from around the globe. china's export growth weakens in july, missing est

doesn't sound like he got the bazooka ready to be loaded like a lot of people thought yesterday, huh?ll street journal" said that he expected that there be a tightening by year end and that rising inflation was upon us. the st. louis fed has always been hawkish. that was not a great call. so i guess i'm not -- i think that ben bernanke has our back and i'm not as concern. always good to have some hawks, but being hawkish in april of 2011 was not the best call. >> you heard jim. >> it's probably not my best moment, jim. you know what it's like to make a bad call. >> i just want to point out if someone has to protect us from president obama and congress. if they're going to fight each other, we need somebody to have our back. it ain't the chinese, it ain't the germans. i don't know who will have it. >> we did get in a little bit of a discussion about whether the fed by stepping up and doing things where nobody else is, congress in particular, not being able to get this stuff done, does it allow the fiscal authorities to not have to take up the responsibility that they should be? and is

europe, but as i take a step back, there's a couple of things that have not changed, despite the bazookale gum, now somewhere in the middle as we try to debate mr. draghi's comments. what shines through are two areas. we've talked about them before and they will never go away because it is at the epicenter of whether anything will work and take traction and truly promoting growth in some of the weaker european economies. that is the citizens number one. the citizens. they have to go along with it. and number two, to the same vein, we need private investors to be involved in the auctions of some of the peripheral countries like spain, like italy, like portugal. why? because the daisy chain of help of one country in trouble donating to other countries in double, as it was said on this very show eight weeks ago, it isn't going to work. take it a step farther than that. the first part the citizens. we talked about taxation without representation. what i see is the ecb is growing into its own little form of girl. there isn't a federal constitution that allows that. and to think that they're g

oh wow, we have mario draghi's bazooka from this week, that worked out pretty well and you know, i don'tof dodd-frank that affects the fed in a big way. the powder that the fed is keeping dry? i have that powder. and it is dry. the problem is -- is it's basically koolaid, that's the powder that we're keeping dry right there. let's talk about the fed's abilities, what are the fed's abilities that we really should worry about? i'll tell what you we should worry b. we should worry about the viability of what they're doing. i think that's key. but let's talk about the sustainability, okay? because the sustainability is really, and forget my spelling, you try to do this, live, that's almost the most important thing. we've seen a lot of stimulus, where comes and goes, but it doesn't last really long. and of course, that really brings me to the key -- and that's durability. what's the durability of what the fed is doing? you know, when you throw the mix and the coolade, it stays this color. but when you throw the koolaid into the system as we see when gdp goes up and it goes do 1.5, it doesn't