of course his encounters with ben bernanke were legendary, historic. we'll talk to them coming up very shortly. lauren: it will be hard to get answers today because the fed is stuck in this really tough positions. we have to it figure out how to jump-start the economy, not just the stock market. let's go to nicole petallides at new york stock exchange. david: let's start, nicole. we start with fedex it was an extraordinary run-up. it was in the $100 range. it pulls back quite a bit. this is the biggest pullback since 2011? >> certainly is, the biggest pull back since 2011. concerns globally and also going to cut down what they're shipping over it asia. lauren: how is oracle looking ahead of their earnings release, nicole? >> we're watching oracle closely in the tax realm. we'll see whether or not they have earnings. [closing bell rings] david: best buy up another 5%. that stock can not be denied. as you her the bells are ringing on wall street. looks like the indexes are going to keep essentially where they were before and after ben bernanke began to t

guest is in expecting policy change, he says we may get some new insight into how long fed chief ben bernanke can keep pumping money into the economy. the chief monetary economist, formally from the u.s. federal reserve. thank you for joining us, sir. >> my pleasure. lori: expecting any surprises from bernanke and company this afternoon? >> not in terms of policy and don't expect any change in rules, they will keep interest rates low, at the present levels i think for some period of time yet. maybe even more likely by the events in europe and cyprus. where i would be interested in is what, if anything, in terms of changes will be made in the exit strategy. they didn't visit that issue last time not until june of 2011 and since then i haven't devised a strategy but giving some hints through speeches and everything they may not engage in asset sales, and that would be a big deal. lori: we have had an improvement in job creation, improvement in retail sales and headwind as peter barnes put it especially with the cyprus. how do you think it will all net out? will it give us more insight into how

lation right paul krugman that going is the true inflation rate ben bernanke and once again i got to tell you if feels great to be a bit coin millionaire you know it's gone up almost fourteen hundred percent in the last year and i'm loving it because there's anonymity there's power you're taking a stance against the paper pushers like jamie diamond over at j.p. morgan and this is really this is the currency of the resistance. let's look over and back at the dow jones because that did hit an all time high and we look at charles and your man and his daily video podcast where he talks about this so that brings us to today's reality where the u.s. economy is in or a session in recession to find this declining after tax income year over year net of inflation and the u.s. stock market is percentage points from an all time. but u.s. company insiders know what's really going on going on so it's no surprise to me that insiders that u.s. companies have bought the least amount of shares in any one month and also that the ratio of insider selling is now fifty to one those numbers that's the most

bernanke. let's welcome back our panel as we count down to the fed decision. ben nein and michael santoli. does bernanke have any real dissenters on this fed board and who is it if he does is it. >> he has esther george, the president of the kansas city fed who is dissenting this year. i suspect she will again today and then some of the people not voting are very much in the hawkish camp. that's richard fisher, charlie plosser. the thing is bernanke for now has control over this federal open market committee. the governors are on his side. all seven of them, they vote every meeting. he has enough of critical mass of the regional presidents. the question is will we see dissents later, maybe a year for now. jeremy stein has expressed worries about asset bubbles. >> ben, any dissent there from you? >> no dissent from me. maybe bullard comes out with a dissent. the most he gets are two. there's not a lot of resistance. he dominates the open market committee for now. there's no real reason for the hawks to gain a lot of traction as we've talked about, see prcy sequestr

well many of them would have already failed so the answer is no but you know ben bernanke wasn't even being honest was senator warren of course he's not honest with anybody but on that particular issue he was disingenuous at best because when she is talking about that subsidy and it's hard to quantify exactly what it is but ben bernanke he acted as if the subsidy was there for the stockholders of the banks it's not the subsidy makes it easier for the banks to borrow money it makes it easier for the banks to attract depositors' who want to put their money in an institution that's too big to fail and if you've got more money than the f.d.i.c maximums you want to make sure you're in a bank that's going to get bailed out you don't want to take your chances on a smaller bank and so that does give the big banks an unfair advantage to attract customers and to borrow money and even if the banks fail the the depositors are still going to get bailed out this secured creditors are still going to get bailed out and ben bernanke you know was oblivious to that he focused on the stockholders but tha

ben bernanke is >>> ben bernanke is masterful. lots of people complained about him. i see there's nothing to complain about. he's doing the right thing. he doesn't want to repeat of 1937. i don't want one either. ial prous to >> good evening everyone and welcome in, this is "the kudlow report." obama arrives in israel to cement our relationship with our great allie and he and netanyahu must deal with series issues. president obama is said that the use of chemical weapon this is in syria would be a game-changer. quote unquote, now back here the markets get back to rally mode. but, did the fed-head ever so subtly indicate an every so slightly less easy posture? that is my take and we will debate it later on. here is something that investors and businesses and consumers do not want to hear, it's a new tax on the internet. even downloads from ituness, who thinks that is a good idea? not me, here is good news "the kudlow report" begins right now. president obama in israel for the first same in his presidency, securing the relations with the allie in the middle east, here

the same stimulus train thanks to ben bernanke. we heard that the qe program, $85 billion a month in mortgage and treasury purchase will remain for the foreseeable future. ben bernanke still keeping an eye out for potential negative effects from the policy. but so far he's promised the markets this will continue. in terms of the commentary around the dart, we did see adjustment lower on the growth forecasts. smament, ben bernanke is pointing to the fact that there has been some improvement in the likes of the housing market. the fiscal consolidation thanks to its playing out for the budget, this is going to have an impact in 2013 growth, 2.3% to 2.8% is the number we're looking at. this is down from 2.3% to 3%. just a small tweak there. 2.9% to #.4%. but the unemployment rate is interesting, too. we're seeing a little movement to the down side. 7.7% is what we've got in february. but the magic number is looking for is 6.5% and it seems we won't hit that level until 2015. bill, back to you. >> wow. so he said won't touch interest ra

fed chair ben bernanke says easing money is here to stay.hief economist with us on the economy, the market, and the fed next. ♪ ♪ lou: ben bernanke's federal reserve keeping money cheap, plentiful. chief economist for ubs will tell us whether this is sufficient magic for the market through the remainder of the year. let's take a look at what happened on wall street. today's talks are moving higher. investors expecting just the news that they received, the fed's standing fast, holding steady, helping -- keeping 85 billion a month into the markets in perpetuity. the dow up 56 points, but within 20 points of its all-time high setting a new intra-day record. the s&p up ten points coming within seven of its record high, the nasdaq up 25 them. the nasdaq still some 1800 points away from its all-time high close. over 3 billion shares traded on the big board. gold down $3.80 today, we'll update, interest rates moving slightly higher on the bond market's the treasury ten year holding up till 194. fed chairman ben bernanke warning monetary policy, as

i don't want to be a wet blanket here, but i think it ends when ben bernanke hints that he's going to. charles: well, you could be right, but that hint could be somewhere dow north of-- i don't know, been bernanke has been pretty adamant about not cutting, stopping this for a very, very long period of time. stuart: there you go, 14,200 never this level before, never ever. >> ben bernanke has been adamant about trying to get this economy going. listen, one thing we don't talk about a lot when we criticize and i say we, certainly people on the street criticize ben bernanke is the fact that he's probably feeling like he's not getting any help on the fiscal side. no fiscal policies out there and he's the only guy out there in his mind with power that's trying to do something to help and i think the one thing, too, with ben bernanke, and actually scares me, is the notion that he can just stop the threat of inflation with the flip of a switch. and it's-- he feels very-- his ego when he talks about that worries me, but this is a concern that could be a year, two-- >> that's the whole point.

people like to criticize ben bernanke. the fed is doing the best they can. the two parents are monetary policy and fiscal policy. one parent is exceedingly lenient and generous with gifts of candy and toys and the other one is extremely stingy. >> that's congress and the president. isn't the fed bailing out the policymakers? >> at this point they are. and ben bernanke has said this in all of his testimony, can you, congress, please deal with your fiscal situation a little bit better than you are? and he doesn't want to see the austerity the way it's applied through sequestration. he made that clear through his testimony. he would like to see long-term deficit reduction, addresses social security and medicare which crushes us when the baby boom retires. but he doesn't want to see a lot of money come out it right now. >> in the face of all of this, david, what should we do with our money today? >> wow want to find places in this great big world of ours where the is being released. you want to own some japanese equities. secondly, is you want to look at mexico.

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we'll hear what ben bernanke has to say.e a question and answer period in london live when it happens. tracy: cyprus reaching a last minute deal on a $13 billion bailout avoiding the collapse of its banking system and a euro exit. when will banks be open and what happens next? our very own rich edson in nicosia, cyprus, with the latest. hey, rich. >> good afternoon. you're starting to hear about consequences around the world from the bank of international settlements. overseas lending and bank exposure to cyprus banks totaling $100 billion. as for the question when do banks reopen? tomorrow. all the banks except for the two involved here. the nation's first and second largest banks. the second largest bank, the poplar bank of cyprus will be resolved. its good assets, its insured deposits go to the largest bank where investors and large account holders take a haircut. we hit the streets earlier today it find out what folks actually think about this and the answers are mixed. >> for me the idea is to go out of the eurozone. en

ben bernanke has said this in his testimony. your fiscal situation better than you are. he doesn't want to see the austerity the way it is being applied through sequester trags. he made it clear. he would like long-term deficit reduction that addresses social security and medicare which crushed us when the baby boom starts retiring. he doesn't want a lot of money coming out of the economy now. >> what should we do with your money today. >> you want to find places in this great big world where the tourniquet is released. you're going to have monetary and fiscal accelerator pressed to the floor in japan. you want to own japanese equities. secondly, you want to look at mexico. they are basically going to release the straight jacket they have had an the energy sector. that's why you're drillers. you can play it through mexican equities, the big u.s. drillers. you want to buy your u.s. global guerillas which we talked about which are the u.s. multinationals that sell at attractive valuations that have fortress-like balance sheets, pa

it hasn't affected the stock market, because they're on ben bernanke happy pills. it will affect interest rates. and i think one of the more interesting stories in the past few days is the drop in yields and the rally in the bond market. this is still another head wind. the possibility, slim, but the possibility of a shutdown added to the payroll tax hike, added to the sequester, on and on and on, i think this economy will be weaker. i think interest rates will stay surprisingly low. >> i think the markets at this point are giving some cover, if you will, to washington ineptitu ineptitude, don't you think, greg? if you had markets move like tarp, the bank bailout, when markets fell dramatically, suddenly they got priorities in washington. greg, yesterday we heard both the president and speaker boehner say they're already working to avoid a government shutdown at the end of the month. you don't sound like you have any real optimism that that's going to happen. >> well, i could give you a scenario. it's below 50%, where you have two dueling cr bills, continuing resol

of his lunacy and his money printing policies up until the creation of bitcoin so keep printing ben bernanke and bitcoin will go under two hundred five hundred hundred thousand a million dollars if it going there's plenty of room for it to go to a million dollars for a bit going so as i said the fed is buying eighty five billion dollars in securities to help wall street out at the same time that we spend here in new york we've hit we've seen the sequester happen so eighty five billion dollars in automatic cuts are happening for the schmucks down at the bottom so i want to see look a little bit further at this discrepancy between the eighty five billion dollars of free money given to wall street and the eighty five billion dollars cut in services to the poor first look at hong kong because the you know all the financial centers are really seeing the benefits of quantitative easing hong kong not just eighty four million dollar home sales so this is a home in hong kong max that sold for eighty four million dollars this past week and previously sold in two thousand and six for twenty six million

chairman benjamin ben bernanke g the policy against those who think it needs defending.y said it's helping to boost growth around the world rejecting criticism it could lead to a currency war. joining us is drew, senior u.s. economist for ubs securities. drew, good to have you here. >> good to be here. >> reporter: does ben bernanke have to defend fed policy based on a market -- up about 10% on the dow? i mean, this is a good run, this year to date. >> it's been a good run. what he's worried about, though, is increasing level of concern about how the fed gets out; right? everyone loves to party when it's going. when the party ends, how badly does it end? lou: i'd put this to those concerned about the exit strategy for the fed. why not worry about that in 2015 and just walk our way through the cycle that we're in? what do you think of that? >> well, just like in 2003, excesses spilled over time. if we have a huge amount of rereceivers in the -- reserving in the banking system, the fed says, trust us, we'll drain the money when we need to, but when you drill down and inter

ben bernanke is saying the sequester triggered cuts. they could have cut at least half a point from the gdp for 2013. some are even saying it was the fed in the first place who helped push the dow to a record. interest rates still at record lows thanks to the fed's bond-buying program. that helped stimulate borrowing and job creating, and neil, today, the yield on this ten-year u.s. treasury note, while the dow hit an all-time high-was at 1.89%, and, neil, as i wrap this up, five stocks in the dow jones industrial average, we now know, hit all-time highs today. 3m-travelers, home depot, johnson & johnson and walt disney. there you have it. >> neil: all right. thank you very much. you heard her talking about the yield on a ten-year know. the yield from the s&p 500, a little north of 2%. why would you park your money in a treasurery and get that kind of a paltry yield when you could conservatively be looking at a 2% yield plus on the s&p 500. that's while they pay attention to that. but essentially the dow is back to where it was more tha

because, you know, chairman ben bernanke commented on this yesterday. someone said to him, what about the downside risk of all of this easy money. and he said, look, there are no issues of inflation. we don't have any issues in terms of, you know, this free money so far. and in fact, it's been helpful to the economy. so, what is the downside risk? how does this end? >> well, this is the greatest and most perilous experiment in the history of paper money. every central bank in the world is doing approximately what the fed is doing. every central banker in the world, of any consequence, thinks what chairman bernanke thinks. they all have the same model, the same outlook, the same conceit about what they can know. the people who run the fed did not see the most obvious and disastrous excesses of credit and residential real estate when they were struck between the eyes with these excesses. now, chairman bernanke seems to sleep well. he has the most astonishing degree of serenity on his face, but insists he can see into the future and approve it before it ha

they agree with jim cramer that ben bernanke is the master and the markets are the dogs.y're obedient. they have very little volatility. much of their movement isn't totally of their own devices. off the market have a smidge of volatility after it's all said and done. not a lot of movement. maybe the equities strength and that's really about it from the market. >> well, it's not it from the fed because ever this quick break and thanks a lot, rick, we are just minutes away from hearing from ben bernanke himself. you got the fleet, is it a fleet, a pod, a family of press reporters? >> a pride. >> a pride of press. thank you. waiting to hammer the fed chairman. or a gaggle. we're back right after this. thank you orville and wilbur... ...amelia... neil and buzz: for teaching us that you can't create the future... by clinging to the past. and with that: you're history. instead of looking behind... delta is looking beyond. 80 thousand of us investing billions... in everything from the best experiences below... to the finest comforts above. we're not simply saluting history... w

first a word on fed chairman ben bernanke.ng in london with mevvin king, outgoing head of the monetary policy committee there. he broadly supported all the global monetary policy easing for central banks around the world, say k effectively it was not currency. here's what he said. >> because stronger growth in each economy -- these policies are not -- rather they are positive sum enrich thiy neighbr actions. >> what he's saying is what japan is doing is okay. new york fed president bill dudley, he had some very strong words for critics of the federal reserve who say that the fed is potentially going to be losing money through its current quantitative easing policy. let's give a listen to his comments today at the new york economic club. >> the fed is a central bank, not an asset management company. our commitment is to our dual objectives. >> dudley added over the course of the entire cycle, the fed -- only seemed to have benefited the economy and increased benefits to the treasury. a couple other dovish comments. the fed must

will wall street like the message they get this afternoon from ben bernanke?icymakers concluding their latest two-day meeting just hours from now and under the new schedule the post-meeting policy statement will be issued around 2:00 p.m. eastern time and that will be followed by chairman bernanke's news conference a half hour later. it's cnbc's special coverage of the fed decision on interest rates begins at 1:50 p.m. eastern and that, jim, is the story of the day. forget cyprus for now, for a moment. >> right. >> if the fed will decide today whether this rally goes higher and takes that next leg or not, right? >> i think the fed got kind of unlucky in terms of events in that we've had this amazing flight callity on vequality on . it's obvious that interest rates are going higher. he's helpless of doing anything about it and he's got to find a way, and then we've had this incredible rally in treasurys and interest rates going down because of cyprus. what does he do? did he expect that pitch? this is a three-pointer by the bond guys that swooshed. >> the good

" i defended ben bernanke for printing money. wow. the federal reserve prints money? who knew? [laughter] this is why we have the federal reserve. this is what it's been doing since 1914 when it first came. but to a number of americans, this was kind of a revelation, it was big government, and you had these unelected people like bernanke and his colleagues doing all sorts of things that they didn't know they could do, all of which were perfectly legal, by the way. you had, as i mentioned earlier, the explosion of the deficit. americans have always at the lip service level -- b so when i say "always," i mean as long as we have polling data. this goes back at least to the '30s, and i'm sure it was true earlier than that -- thought deficit's evil, bad thing. it's bad to have a deficit. franklin roosevelt railed against the budget deficits of herbert hoover, for example. but if you look one level lower at the polling data, you also see that with a single exception of spending on international affairs, foreign aid, single exception, a

rose: we conclude with a look at the press conference pie the chairman of the federal reserve, ben bernanke. my guests alan blinder and david leonhardt. >> the most interesting part of the news conference was when bernanke was asked if he wanted to continue on in the job. his term expires in february, and although he refused to answer the question, he said he and president obama had spoken about it "a bit." i think it's interesting to think about the iea th a obama have talked about whether he wants a third term and perhaps how inclined obama is to give it to him. >> rose: a look at syria and chemical weapons. and also the bernanke conversation today about the economy and the role of the federal reserve when we continue. captioning sponsored by rose communications from our studios in new york city, this is charlie rose. >> rose: the syrian conflict reached new levels this week. the assad regime and the syrian opposition groups accused of each other of using chemical weapons. the allegations were made only hours before president obama's departure to israel yesterday. the white house has yet

i actually trust ben bernanke, silly me. i say what's good for the economy is good for the stock market and good for corporate profits and good for you. which once again, we will hear about from a host of great american companies when they talk to us next week. let's go to denise in california, please. denise. >> caller: boo-yah. is this that sexy jim with a smoking hot body? >> no, no. this is a different jim. he's taken over that guy. >> caller: i have a question about petsmart. it's gone down since i bought it. and i know they offered poor guidance for the year. and also ross stores have gone down, too. should i buy more of each one? >> what did you start -- when you started you were talking about -- oh, never mind. you were discussing me. just trying to get the physique thing down. petsmart i actually think was an overreaction. i think it went down too much. ross stores was an overreaction. i think that went down too much. these stocks are now in the penalty box. we actually can't touch them until we see the next quarter

ben bernanke appears at the london school of economics.e will appear with the chief economist of the imf. on tuesday more housing news that will be released. the s&p k schiller home den index is out as well as the number of new homes sold last month. on thursday the third revision of the gross domestic product for the fourth quarter of last year. and good friday wraps up the week. banks will be open, but u.s. equity markets are closed on friday for good friday. >>> and saving your pennies when the hotel bill comes. trip adviser released the first index of room service affordability, comparing how much hotel travelers pay across the country for common incidentals. denver was the biggest deal. a combined cost of a club sandwich, a water, a coke and a mini bottle of vodka add up to $40.46 in the mile-high city. the same bill will run you more than $60 in honolulu, where a club sandwich tops $20 for that sandwich. at least in hawaii the sandwich comes with a view. that will do it for the show today. thank you so much for joining me. next week,

this has been noted by chairman ben bernanke. if people could simply refinance at the market rate, as they are now, it would be literally, for the average homeowner, thousands of dollars a lower payment per year that would go straight into their pockets. it would be the equivalent of a 30-year tax cut for them of thousand dollars a year. that is substantial. it is not just pure stimulus. the incidents in the short run of spending the money for people who are massively liquidity restraint and hurting, trying to figure out how to pay their bills each month, that tends to be higher than for the banks currently sitting on reserves and for the mortgage owners. that could have a positive impact. >> you said a lot that was very interesting. you talk about the sequestration possibly cutting 1% of the growth rate. it was suggested it would be a certain amount, 2% and above. talk about that. we had a policy hearing the other day where the professor, a top economist, talked about the various subjects. he believes even a month of sequestrati

i can't think of a better guy than ben bernanke to do it.er he not he wants to extend his term of public service would be very hard for me to judge. >> conventional wisdom and reporting to this point has been that he does not want to stick around. that he's had some long time there, obviously, real long days for a really long time there. can you foresee a circumstance and obviously you haven't talked to him about this but would you be described to hear him say if called to stay in office would you be skriesed to see him take another term? >> i don't know. as his friend i would tell him to get out of there, get back to princeton, start writing a book and bring some calm and semblance of order to his life. he didn't anticipate signing up for this. but the ben bernanke i know is an incredible public servant. in the depths of the crisis he delivered. and if the president were to put his arms on his shoulder and say your country needs you can't speculate whether the president would do it or what ben's answer would be. but, he -- he's a noble guy

fall for yes uncomfortable truth is the likes of george osborne mervyn king timothy geithner and ben bernanke the are dumber than simple slime molds the solution. for president prime minister and the queen of the world only this single simple can get us out of this mess right stacy indeed max kaiser slime mold smarts and if you look at this this is the slime all navigating its way through a maze and it always finds the simplest straightest shortest route to the food now however if you return to the rest of the clip you find out that there are actually also able to create advance complicated civil engineering projects after scientists food in the relative position of major cities in urban areas slidell to accurately recreated the rail system of tokyo and the major roadways england canada were chicken and. i want to turn to this next headline genius george must go say backbenchers you see of course the headline is genius for a slime mold he's considered quite intelligent but if you look at the photo of him that they put with this article in the sunday times he does look a lot like a slime mold

liz: they're reserve chairman ben bernanke getting their royal treatment.s in london. concern about europe and its impact your account. peter barnes has the story. david: what he did not have to wrap hail a taxi or pay high fees for a town park. instead you click an application and share the car with somebody else next up, the plan to take on the taxi industry. ♪ it's monday. a brand new start. your chance to rise and shine. with centurylink as your trusted technology partner, you can do just that. with our visionary cloud infrastructure, global broadband network and custom communications solutions, your business is more reliable - secure - agile. and with responsive, dedicated support, we help you shine every day of the week. [ male announcer ] how could a luminous protein in jellyfish, impact life expectancy in the u.s., real estate in hong kong, and the optics industry in germany? at t. rowe price, we understand the connections a complex, global economy. it's just one reason over 75% of our mutual funds beat their 10-year lipper average. t. rowe price. i

see, ben bernanke is a rigorous guy. he's a professor and a genuine scholar of american financial history. it's what he does best. he knows that in 1937 after three years of 12% economic growth that took unemployment from 25% down to 14%, the fed, the president, congress, declared victory over the great depression. ♪ hallelujah >> washington raised income taxes on the wealthy. >> boo! >> took the top marginal rate to the astounding 75% and instituted a 2% payroll tax for social security. their goal? they wanted to start trying to balance the budget because the president and treasury secretary were worried about the long term deficit? does that sound familiar? at the exact same time, the fed tightened rates, doing what all the bears say bernanke should do, betting that inflation could rage and rage easily if the fed stayed easy, which is what his critics are saying he should do right now. but when we went down this road in 1937 it sent the economy into an amazing tail spin. causing a recession within a depression. it was

ben bernanke and company end qe but then what? the ceo of fifth street finance shows you where to put money now for when it happens. and the famed cleveland clinic coming to a town near you? first on fox business, cleveland clinic ceo on how the platinum standard in healthcare is teaming up with hospital chain community health systems. countdown to the closing bell starts right now. liz: good afternoon everybody. i'm liz claman. it is the last hour of trading. and you know what? we are seeing something we haven't seen on the screen in more than a week. a lot of red. not deep, deep red, but defin e definitely red. earlier this morning up 31 points, best levels of the session, the dow started to pull back and you can see the s&p has followed down a third of a percent. all-time high level we're looking at is 1565, 15 points away from that right now. the nasdaq is lower by 16 points or half percent. tech stocks are really among the day's worst performers. they are led by apple, jeffries cutting its price target on apple to $420 a shar

they're not good forecasters all they ben bernanke is looking pretty good right now. economy is picking up steam, no question about it. we're seeing really good stock market obviously. the one thing that i worry about,hat ben bernanke doesn't worry about, those esther george, the fed chief, that kansas city bank basically said we have to worry a little bit about inflation when we keep putting $80 billion into the economy every month. i agree with that concern. melissa: julia, what do you think about that. he was asked that question directly a number of times t was also in the statement. very mch shrugged it off. he basically said we could use a little bit more inflation right now? >> absolutely. >> he should shrug it off. i completely disagree with that. what the economy needs is employment and employment will lead to wage growth. then we can start worrying about inflation the adpri -- agree with earn about key the bigger risk they pull back too early and once again we see momentum slip away. this is a fragile recovery the upside of them being wrong so often that they

dan, weigh in on that. >> i know we're talking about your views of ben bernanke right now. jimmy p. been writing a lot on this longer than right-leaning economists have been saying. i am a nominal gdp targeter. the one major criticism of our viewpoint is it's nearly impossible to target nominal gdp. and that's where the nominal gdp futures market comes in. >> ever since the market went haywire, that's why i like to use a basket of currencies and commodities, including gold. >> we should come back and have a longer discussion. >> i am impressed with the following. this is the reason why i've rethought my position. i'm not totally convinced of market monitoring. but the inflation that many of worry about has not come about. that's point number one. point number two, gold stopped rising quite a while ago and has been very steady at around $1,600. i'm es preimpressed with that a impressed with the fact that the dollar, king dollar has stabilized. that's why i wrote my column. i'm thrilled an important web site like business insider picked it up. jimmy p., you've been part of this thing,

melissa: milton freed man fan you can't possibly like what ben bernanke is doing. he has perverted monetary policy. >> bernanke, i don't call it a perversion. bernanke said at that, 90th birthday party, we saw what you got wrong in 193. we're not going to get it wrong again. melissa: he is monetary policy on steroids. he has broken all kinds of new rounds of monetary crisis. milton friedman is rolling in his grave. matthew, what about you, i don't think he likes this at all. >> he shouldn't like this. i think ben bernanke is creating a whole bunch of problems. melissa: a bubble. >> definitely creating a bubble. we're enjoying it. we're making money. we'll get out when the bubble pops but i think for a lot of individual investors out there it will be a mess at some point. melissa: lance, weigh in. >> well, absolutely. milton friedman would have said the perversion in corporate profitability we have, we have very high profitability relative to wages. he would be rolling over in his grave had he seen what is going on now. you have 85% correlation between the stocks and

has been saying lately ben bernanke is saying we're going to keep engaging in quantitative easing until that unemployment rate gets down to six the half percent and as you are describing here the conditions for wages are such given the constraints on both the ecological front and on the credit front and don't seem to be going forward in any material way in reminds me of what milton friedman said a while back while he was still alive that there is no connection between monetary policy and employment so what is best for nike talking about when he says we're going to keep the quantitative easing spigot open it's all unemployment gets down to six nap percent i say does that make any sense to you. well i guess what he's saying is we're going to keep it open indefinitely you know we're all going to be in a race to the bottom and see how much. we can buy back ourselves but you know at some point this is just an unsustainable game there doesn't make any sense going forward if you were let's say a running the central bank a what would be one or two policies are running the the country's economy