cheryl: as we continue to monitor what we're hearing from capitol hill, testimony from ben bernanke. inue to listen to all of this. we will be right back. dennis: we're still monitoring the testimony of big ben. let's get some last talks from her. >> short-term volatility is likely off of that sensitivity. we really have to set our sights on the long-term trends acknowledge the fact a lot of stocks are reaching new highs. as the s&p 500 extends the own uptrend, we want a bullish bias. dennis: around 1760, so another 100,000. cheryl: thank you for sharing the hour with us. something dennis finds interesting as well. we want to thank charles payne as well. we're going to take a quick break because we will be going on for another hour of "markets now." dennis: you cannot get rid of us. junius to dissect the testimony on the hill. cheryl: we will introduce you to the business legend that led to a billion dollars in sales. the shares hit small business tips with you and more on small business. dennis: the disappearing movie and white is happening in a theater near you. the boys used double

i'm not sure i would be a politician, liz an dave -- david: the problem is ben bernanke is trying to be a politician. >> he shouldn't. first thing my wife said when i was leaving for work, i said i wish ben would talk less. liz: we have ibm numbers. we want to get those to viewers. it's a major beat of $3.91. expectation was 3.77. it's a slight miss on revenue. not even, listen when, it comes to these things, when you're looking for 25.37 billion and you get 24.9, that's not slight. so i'm surprised and perhaps it is more deeper into the outlook here that the ask is $201 although just a minute ago the bid was at 202 and that has moderated just a bit. we're looking at asia-pacific business coming down single percentages but the 2013 guidance, excluding one billion second quarter workforce rebalancing charge. you're looking q 2 gross profit margins, 48.7%. that is up so. you're looking a at decent number here. i can see why the stock is moving slightly higher. not slightly. the close was 194, david. david: it is up 2%. keep in mind this is a stock has taken it on the chin over last thre

and as we went to ben bernanke he said i don't think so.ge and from melissa as well. judge napolitano: he has taken an oath. >> followed up by saying we're focus on main streets and creating jobs and deflected and didn't think of that. stuart: we have been sitting here all this time and the market has not moved. when he started, when the market started to work, we had the dow up 22. now it is a 16. no market movement whatsoever. >> he didn't do anything to dissuade the market from believing the money train is going to stay right where it is. stuart: precisely right. even though you disagree with the fed, melissa is right. no indication they will quit printing and the market does not go down. ed butowksi in dallas, thank you very much for appearing on a difficult day, you are indeed a genius and we thank you for being here and judge and melissa great stuff, the hearing continues. i am sure you will see more of it on the fox business network. my time is up. deegan mcdowell and connell mcshane. connell: everyone talking to dagen mcdowell is al

. >>> what ben bernanke was telling congress about the economy. they were reassured by the comment there is no set timetable for pulling back on the bond buying stimulus program and strong quarterly earnings from bank of america. we'll take a closer look in a moment. >>> despite all of that and an upbeat outlook of economic condipgco conditions in the federal nation, stocks still posted small gains. the dow added 18 and nasdaq 11.5 and the s&p up 4.5 points. >>> more on today's testimony from bernanke before the committee. the fed was on message with lawmakers when the central bank might pull back on asset buying plans. hampton pearson has more on the testimony. federal reserve chairman ben bernanke said markets are more stable now that investors understand the central bank is in no rush to take respond buying program or raise key short-term interest rates. >> we are very focused on main street. we're trying to create jobs. we're trying to ever housing affordable. we're -- our low interest rates creates a lot of ability to buy automobiles. >> repo

ben bernanke.

ben bernanke goes before congress. is doing it this wednesday and factor for our lawmakers ask this question him make sure we as a society understand what they're doing and why and what the risks are and hold them accountable if they get wrong i think that's one of the most important things we can do in this world where they are deploying this vast power on behalf of all of us. so that is my take and that is the story of "the alchemists." i hope you read the book and enjoy. i would love to answer your questions or hear your comments. [applause] >> in if you ask the question, can you please go to the mic in the back? >> from what i read, this austerity that has been pushed by congress has been debunked. the study was absolutely wrong, and i don't know whether bernanke has the power or the will to come out and say, no, this is not the time for austerity. we need to spend federal dollars in order to get an employed populace. you are never going to lower employment unless the fed to can print money start printing it and hi

hotmail or a book because ben bernanke says it will. what we often think of is, as the power in society and what drives economies. it's the labors of millions around the country but the financial system from the system of money is what creates the bedrock that allows all that. is a platform on which it stands. that raises an inner question, why is ben bernanke and of those words federal reserve note, why does that matter and white does that make that money than the. and for that, nancy alluded to, we have to do a little history. i'll give you a very brief history of what central banks are, how they came to service great power or the world, great power over society. so as mentioned minute, 1650 sweden, way back. sweden was an emerging power at the time. a controlled great empire. consider controlling most of scandinavia and the ukraine great. they were a great empire. they were on the rise. as in most of europe at the time

ben bernanke commencement of the most today. peter, back to you. he was very clear in his fed speak, kind of an oxymoron there, did we learn anything more from the fed chairman relating to the bond buying program? >> he stayed on message with that, and said once again that if the economy continues to grow, and if it continues to add jobs at the paste the fed forecasts, he says once again yes we can start tapering later this year. but if we don't get what we forecast, we may not taper later this year, we may increase bond purchasing. with the new language was with these plans by no means been a preset course. possibly hurting the housing market. >> many think the role is to save the day. this is very dangerous. >> this is an idea going around the fed can step away and not do anything. we have to have interest rates somewhere. we have to do something. i think we're better off getting the economy moving then not. >> when he was pressed if interest rates are going up, he kind of, i don't know, slipped a little bit at the end and said the economy is wea

stocks because of ben bernanke.rospects of that particular company are more than today. >> they are buying them because they think the market is going to go up, right? >> the machine did not move the market. >> no, hold on. they don't buy it because they don't think the market is going to go up. >> what are you talking about? they are not buying it thinking that it's going to go down. >> someone buys dell or hewlett-packard because valero is going up. today, the stock market went up because there was optimism about ben bernanke, no doubt about it. at the end of the day, you look at valero after the close, it did not drop. >> they are spreading out. they are not specking a stock and saying, i'm going to do this, i'm going to do that. >> that may be the case. yes, i think clearly over time we're seeing an increase in what i'll call passitivity of the market. >> are your clients risk averse right now or putting money into the market? what are you seeing? >> listen, the knock on hedge funds right now is that they are un

peter barnes and ben bernanke in washington. dagen: the railroad that literally touches almost every part of the economy reporting its best ever quarterly results. the ceo, is here. connell: that'll be good. dell delaying the vote to be private. new developments on that story ahead. dagen: scorching temperature the in the east coast and impact on businesses and you as we're going to get relief in a few days, maybe. look at the oil markets. we don't need to heat our homes, but you still have oil up, really, following the market today, better economy, higher crude pricings, almost 108 bucks a barrel. ♪ (announcer) scottrade knows our clients trade and invest their own way. with scottrade's smart text, i can quickly understand my charts, and spend more time trading. their quick trade bar lets my account follow me online so i can react in real-time. plus, my local scottrade office is there to help. because they know i don't trade like everybody. i trade like me. i'm with scottrade. (announcer) scottrade. voted "best investment servi

that is from fed chairman ben bernanke. let's bring in charles payne who has been kind enough to join us on this. >> this is ben bernanke's last testimony. he goes out and says to these guys you don't know what you're talking about, i'm sick of you barragebarrage me. if you think my job is irrelevant, watch this whole thing go to hell. that was the way he wanted to go out. he probably wanted to say that for years. >> i don't think he is right. if they wind up a quarter of a point that does not have to tank any economy. >> here is a crazy thing about this. they buy assets from the government, they buy this from banks, it is not getting to main street. i don't think their lives have been impacted by the fed. we talk about the housing market. we got existing homes, 28% first time home buyers. we talked about the stock market, the bottom line is ben bernanke, his desire to spark the virtuous cycle is where he is frustrated. in a large degree he blames it on fiscal policy as well. cheryl: he did say he things mortgage lending wo

when ben bernanke speaks, global markets listen. european stocks are higher mirroring moves in asia as they get ready for his testimony today on monetary policy. >>> novartis says it is not part of china's probe into alleged bribery in the pharma sector after the chinese state paper demands a crackdown on foreign companies. the swiss drugmaker raises its outlook on the back of the strong q 2 sales. >>> foreign companies continue to pour money into china despite rising scrutiny and slower growth. june fdi rises 20%, its fastest clip in more than two years. >>> and the u.s. energy regulator finds barclays and its traders $453 million for allegedly manipulating energy prices in california. investors shrug it off as analysts call the amount not material. >>> hello and thank you for joining us. let me tell you what's coming up on today's show. glaxosmithkline says it knew nothing of the alleged bribery of medical staff in china. but are other companies equally as blind to the practice? we discuss the scandal at 10:20 cet. we're talking o

as the dollar gained before federal reserve chairman ben s. bernanke testified to congress undermining the appeal of commodities as a protection against inflation so people are investors in this oil market we're thinking that he's going to reduce inflation stop printing paper and therefore oil was not the place to be it's not taped her it's a tape worm this guy bernanke is a parasite and when he lets the quantitative easing into the system it's like drinking a nine gallon drum of pepto bismo or something it's meant to enough the thais the pain of being involved in an economy that's run by charlatans and parasites if you drink enough pepto biz ball which is quantitative easing like a little pink slime member pink slime they outlawed pink slime they should outlaw quantitative reading for the same reason it's a simulation it's a simulation for an economic policy but it's not actually substantive there's nothing there there it's just all smoke and mirrors there's ben bernanke e the charlatan in chief who while you know the reason why one has diarrhea is to

ben bernanke said, all the fed stimulus is not going anywhere.t sent gold rallying at $33 an ounce settling at its highest level in three weeks. >>> losing money today anyone getting a mortgage. the rate on a mortgage jumped to a fresh two-year high according to freddie mac. the 30-year is up from 4.9% last week. wow, buy a house quick. >>> not getting their money's worth, fans of rhianna. they are in a uproar after she showed up 3 hours late to a concert in monte carlo last night. the tickets cost $782 a pop. they included dinner. wow, the food must be really cold considering rhianna didn't arrive until 11:30. i myself sat out waiting for rhianna at a concerted. never again. >>> the markets need ad fistful of xanax and ben bernanke was helpful to supply. they were jumping for joy. the s&p 500 leaping to all-time highs today. the fed easing money policies are not ending anytime soon but it is no time for investors to rest oo their laurels. scott martin from united advisors joins us with more. why do you say that? why is it not time for investors

stocks moved higher as ben bernanke was on capitol hill yesterday. what will it mean for today's trading? - you know, i don't think he said a lot, and he's still got another full day of testimony today. i think yesterday he accomplished exactly what he wanted - a market that had no volatility and low volume and is really just kind of stuck in the middle here. i think that's what he's trying to accomplish. why the fed is trying to trade the market, i don't know. - ben bernanke has made it clear to all about the labor market. so does that mean you pay extra attention to what's happening with jobless claims out today? - no, i don't think so, because i think that ben bernanke and the fed keep changing what they're looking for and deciding on how they want to taper, and i don't think they're going to be able to taper so quickly, because i think they backed themselves into a corner. i think there's a lot bigger issues to deal with here, and that's why we keep getting the stall, and why we can't get the answers that we want from the fed. - will earnings rep

fed chairman ben bernanke says it is too early to tell when tapering will start.it's now the time to get some tapir protection for your portfolio. carol palmer, pepper international president, a lot of high-end clients have been calling you up san you have to be ready. what do you do? where the for steps you would take to protect your portfolio? >> the first thing is a lot of wealthy individuals have a huge proportion of their portfolio in fixed-income. now unfortunately the same part of your portfolio may be the most dangerous if you are in bond funds. fueled individual bonds and you bought them and can hold them until maturity and are getting coupons every month, don't worry. whether the fed raises rates now or in six months you just hold your bonds and could your coupons in your fine. liz: and he studied your money plus a little bit of yield. >> and the older bonds, you have them your fine. liz: what if you did not kayten. >> well, if you didn't get in on the older or if you're in bond funds, smaller accounts in your in bond funds, maybe iras, those of the ones

ben bernanke. craig, it is weird, i guess, in wall street par lance, you don't want growth or jobs games to be too strong but it's odd that this bastion that hates any help, welcomes it for themselves, isn't it? >> well, they sure liked his help on wall street but is the help trickling down to main street? that's my concern. the job number was very good but look at the internals, the u-6. that didn't do too well -- >> that's that? >> how many more unemployed people we added to the ranks. 17,000 more. it went from 13.8 to 14.3. look at the quality of jobs. we hit all-time high for percentage of parttime workers now, neil, and that's a direct result of obamacare. maybe we'll get an increase in that because mr. obama has given us a year before it has to be implemented so we have an election coming up. that was anticipated. but i wouldn't be popping the champagne corks just yet. this is great for wall street but not so great for main street, and i don't think we're going to get more than 1.8% gdp, and

they mention tapering markets crashed they backed off ben bernanke in his recent testimony said that and i quote or paraphrase i should say he said basically that if in fact we taper if we ease off on the easing the economy crashes is what he said. i think but last year they said that member in fifteen minutes they could raise interest rates and there would be no problem this year is saying if we raise interest rates the economy crashes according to bernanke. so they can't that tells me again that they're out of all their tricks there's a merger in the bag by oh they are no more tricks in the bag there are no more tricks people by taking their gold delivery people are taking delivery and wanting to take delivery of the go see the all of these gold obligations people were happy to keep in dollars because you could do the exchange ok but they're out to mentally gold obligations they're not their only dollar people any willing to hold them and exchange them against dollars because of the sanctity of the gold obligation basically now if that sanctity is is questioned in any way whatsoeve

this ben bernanke you we hear you clearly gold is in backwardation and the gap is growing we're going to take you out of the structure but you in large numbers are going to be the. finance for you to believe speaking. well larry summers can't be taken out in a stretcher he needs a helicopter he needs what is it going to do. that larry from his house. so garo barber who is of the new austrian school of economics the same school that sandeep jaitley comes from he is interviewed in this reader's piece and he says the actual message of the backwardation is that there is behind the curtains a lack of confidence in the fia monetary system he then goes on to say that's why a fall arise in gold prices is not so relevant anymore the monetary fire alarm message courtesy of the relationship between spot and futures prices is run for your gold there is a not enough for all and germany guess what no gold free schmucks china russia much gold america. no gold all right so you're with thanks so much for being on the ca's report thank you bags. states of this i could have a whole lot more. i've seen t

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later in the week we have ben bernanke's testimony on capitol hill., of course, throughout the week, earnings season kicks into high gear. the question -- what's the most important thing to look for next week? let's ask kate warren, investment strategist at edward jones and lee munson, chief investment officer in portfolio llc and the author of "ringed money -- "ringed money." a lot of traders i was talking to on the new york stock exchange, squaring up the books getting ready for that gdp number from china. >> the china number is less important than the overall aspect of earnings. it's a key week for earnings. lots of companies reporting, and it's hard not to stay that ben bernanke's testimony won't be one of the drivers at least on wednesday and thursday. but i think overall it's the earnings picture that will divert stocks because people are still watching to s ing ting to companies able to deliver earnings in a slow overall sales growth environment. >> and how are you positioning your clients as you look forward to this really big week we're going

good economic news was bad for oil but after ben bernanke they seem to be back together again. i don't know if ben brought back together but that is the news. good economic news is good economic news for oil. we saw it in the jobless claims number. that means more gasoline demand. in the philly fed number manufacturing demand, removing things by truck, that is bullish. at least for today they are in tow but i am not sure they can keep them together. down the road they will decouple again once the market gets closer to the point where we might talk about capering. then they will decouple again but right now all is well. dennis: natural gas is up 5%. what is stuck with that? phil: is on fire. natural gas prayers were saying this was when we would get above the 5-year average, it didn't happen. demand was stronger, production was lower so supplies didn't make it above the five year average. they missed it by one. is significant because we know next week the demand for natural gas will be through the roof. new york city record power demand today will blow it away and when that happe

>> i think ben bernanke put the toothpaste back in the tube. i think he'd like to have earlier speeches back where he perhaps spoke too much. he wants to commission us he's not going to buy $85 billion of bonds every month. but he will only stop or slow down when the economy's good enough. but he said it's not quite there yet. >> what i thought was interesting was when he said the unemployment rate underestimates how bad unemployment is. that gave it away right away. saying, look, we're not near our target. so it may be difficult for us to begin the end of the stimulus in september. >> yeah. i think he had in mind this superstorm sandy which added a lot of jobs to the economy and they're probably temporary. investors are in a run down right now. they love quantitative easing. but they also want the economy to grow which would take away qe. so who do you bet for? that's where we find ourselves. >> what about earnings? earnings season underway. you had financial companies reporting. jpmorgan, wells fargo. what are you expecting and what do you se

we've been watching ben bernanke closely for the last few weeks and -- lori: this is it for ben bernanke. do you agree with that if this is his legacy in place here? >> i think he's trying to set the last step in motion, but what's important now to watch the data. it all becomes about the economy. the fed has said this is what they expect. now we have to see if it happens. forecasted record is not good. you know, they might miss some of the objectives if they are setting out, and that's -- that could force them to rethink what they do with the programs. lori: great catching up with you. thanks so much for the time. >> okay, thanks a lot. dennis: oil holding ground at $106 a barrel. fox business contributor phil flynn of price futures group is in the trading pits of the cme. phil, is 106 now the new normal or change form when weekly inventories are out? >> it could change tomorrow, and i think more so after ben bernanke and his comments. there's absolutely no doubt that when oil gets into a trading range, they have the tendency to stay there. before, we were in a range of 78-98, and break

this is what ben bernanke is paying attention to just like your previous guest.iz: but keep focused on gold and tell me if you believe that it will march higher? >> absolutely by would have said the same thing at 15 or 1800 it is much more than the story of $500. i think gold will be the interco part of the reserve currency system for r5 down the road and the west is desperate to keep that from happening. go back to j ray. the central bank of central banks has to say we need liquidity buffers in case 2008 repeats itself. triple b bonds is fine but equity but no gold. white? it acts better than any other asset. said it was to give anybody the idea it could become a current say -- currency than to buy dollars in euro. liz: en good by bit point hello to the chinese yuan how quick can get its act together? gold will be partially backed i would bet anything. front west to east it is massive and redoing hour best the chinese say thank you for letting us to buy it in 1800 because if we had to we would pay up to 2500. the chinese don't think given quarterly intervals the

ben bernanke will be speaking live, about an hour from right now. he'll be taking questions, as well, including when the tapering might begin. something, of course, of keen interest to investors, it seems. you will see it here live when that begins after 4:00. >> also, the eliot spitzer saga continues, believe it or not. before you discount what his role would be as new york city's comptroller, it is becoming clearer now that the power of that office could be much more vast than anybody ever thought. including the power to subpoena. is that why he wants the job? the banks certainly want to know what the answer is to that question, and we'll be looking into that coming up in today's program. >> you can look at what he did as the attorney general, and remember the use of the martin act, which had not been used as expressly like that. >> exactly. >> let's look where we stand on wall street. >> can you guess, the fed minutes came out. >> so clear when the fed minutes came out about an hour ago, because the market really kicked off some real volatility t

i very much heard ben bernanke saying we're going to be driven by the data.uote you played to open the segment was exactly that. i really liked what he said because he said i am going to target unemployment, and by the way, you folks in the house of representatives, you're giving me and this economy a real headache about w all of your fiscal headwinds. he repeat that had numerous times, so i think that this was a speech that said, folks, the fed is data driven, and if the data come in worse than we think, and jimmy may be right about that, i think he maybe, is we have to help continue to support the economy and there i strongly disagree with art. >> i think that he backed off, by the way. he backed off the unemployment rate target. >> i think so, too. >> an interesting side light to the testimony, but, again, if you're injecting money, if you're buying bonds and you're paying for it with cash to the banking system and if you start buying fewer bonds, you're putting less cash into the banking system, i would disagree with the fed chairman. i would say that is

ben bernanke says the u.s. still needs fed stimulus.ecoveries in their economies remain on track. you have pain at the pump. traders predict a sharp -- in gasoline prices could be seen within days. and changes are coming at microsoft. the company's expected to announce a reorganization today, which we have been talking about for a while. it is thursday, july 11th, 2013. and "squawk box" begins right now. >>> good morning. welcome to "squawk box" here on cnbc. i'm joe kernen. becky quick and andrew -- the guy with three names, andrew ross sorkin, they're off today. i'm joined by my colleagues from another squawk this one occurs on the street of manhattan. the streets of manhattan. david faber. are you familiar with the show? >> with the show "squawk box"? >> vaguely. vaguely. i have some vague memories of sitting across from you for a decade. >> are you repressing them or embracing them? >> embracing them. never able to take -- >> do i see -- your eyes are glistening a little bit. >> of course. i get teary -- the '90s were good to us. >>

the comments from chief ben bernanke fueling the market to record levels. he says the economy still needs help and promise to continue to stimulate growth. the dow jones industrial average right now is up 130 points, the s&p up 16 and a third. the nasdaq is up 40% or six points. the dow is down better than one point. it almost doesn't look like a currency chart at all, it looks like a commodity chart. gold has been soaring up nearly 7% since its multi-year lows made just two weeks ago. today up 2.5%. the thinking is the miners will go with that. we now have a 4% gain in gold. oil is taking a downturn. cnbc market contribute tore and analyst. welcome, guys. we put together a string of comments from mr. bernanke. >> this should be fun. >> that's why we did it. that's why we did it. we started back in may, so let's take a listen to what he said starting may 22nd about tapering all the way up to yesterday. >> if we continue seeking improvement and we have confidence that that is going to be sustained, then we could, in the next few meetings, we could take a ste

there's ben bernanke and markets love him.uced a yawn during and after his appearance on capitol hill. we're going to hear from him later on today. we'll bring it to you. we're a minute from the opening bell. come in, scott shellady from chicago. 'cause scott, i'm tired of hearing about ben bernanke. liven me up. tell me, i want a date certain when the dow hit 16,000, go. >> and i think 16,000 by sometime next summer, date certain, a year from today. how does that sound? i'll go out on the limb and say that. i think all of this paper talking and higher interest rate talk is way too premature. i think that september, october, is when he starts to taper. i think 2014. we're still in trouble and need to see the unemployment rate come down and the growth, gdp numbers come up, but we're not going to do anything, same course straight ahead. stuart: it's the doldrums of summer for you trading guys, isn't it? >> absolutely. we haven't had a lot of sweaty days down here, even though it's 100 degrees in chicago it's pretty cool on the t

it's all about the markets realizing that everything that ben bernanke says does not have to be taken as gospel. we had him on thursday saying, you know what? the economy has been a victim of misunderstanding of what bernanke said. i think if he had to do again, he would have walked it back. if he had a stock ticker he would have said, let me back up a second and revice my remarks. >> live in real time. with the stock checker. >> i hope that the fed and usually the fed does not, i hope they are not just looking at the stock market and saying, how is the stock market reacting, we have to change our statement. i do think they freaked out a bit as the rates started to go up, as people concluded. people were concluding more than what he thought he was saying. so i think he might have said it different. >> that is the story, the ten-year t-note, it's up in 60 days. >> and the gdp revised downward. gdp was revised down and a lot of questions of unemployment. >> and inflation is still bubkus. >> how is the economy doing? is it justified to see the big move in the ten year? >> not as well as

ben bernanke scheduled to speak today. take questions this afternoon.eases minutes from the june policy meeting. we will get those minute that 2:00 eastern time. you will see it on fox business and peter barnes standing by in cambridge, mass.. this audience is full of the biggest economists in the world. these questions will be pretty tough for ben bernanke. >> and listen, we flew into boston into the fog and the fog has been lifting gradually so we hope ben bernanke will help lift some of the fog around the future of monetary policy, quantitative easing about when the fed will start case during its billions of dollars of bond purchases to keep interest rates low on mortgages and carr loans and business loans, and the first hundred years of the federal reserve and lessons learned as prospects for the future so it is largely a history lesson, not much commentary. and the economy. and the national bureau of economic research and 30 minutes of this is cute and they from the audience and very smart folks here and that is when we expect they could ask about

all right now ben bernanke you mentioned of course now he is talking about tapering what should be going to stop ease off on the quantitative easing the markets immediately react with an immediate rise in ayles bond market sold off he's talking about the rise in jobs in the housing market as a reason are the signs that he's looking at saying that there's a recovery there's a recovery in the reason rates are going up and because economies are coming karl denninger is that true. employment participation ratio max. that's all that matters to the long term sustainability of any so-called recovery that hours worked every hourly earnings excreted expansion the chart that i put up throughout a repeated basis the reality of the situation is that from one thousand and eighty to two thousand and nine there was not one three month period where the economy expanded by more than the amount of credit the system expanded we had a couple of quarters where it happened during decreased the depths of the crash now we're back to the same game and quantitative easing is the tonic because the private economy

all right now ben bernanke you mentioned of course now he is talking about tapering what should be is going to stop you know ease off on the quantitative easing the markets immediately react with an immediate rise and yields by market sold off he's talking about the rise in jobs in the housing market as a reason are the signs that he's looking at saying that there's a recovery there's a recovery in the reason rates are going up and because economies are coming karl denninger if that's true. employment participation ratio max. that's all that matters to the long term sustainability of any so-called recovery that hours worked every hourly earnings x. credit expansion it's a chart that i've put up throughout a repeated basis the reality of the situation is that from one thousand and eighty to two thousand and nine there was not one three month period where the economy expanded by more than the amount of credit the system expanded we had a couple of quarters where it happened during decreased the depths of the crash now we're back to the same again and quantitative easing is the tonic bec

coming up, we'll go live to the q&a session of fed chairman ben bernanke. following his remarks to economists at cambridge mass. these can often move markets. stay with us on this. >>> first, t mobile trying to transform the business with bring your own phone deals into the metro acquisition. in today's markets, a lot can happen in a second. with fidelity's guaranteed one-second trade execution, we route your order to up to 75 market centers to look for the best possible price -- maybe even better than you expected. it's all part of our goal to execute your trade in one second. i'm derrick chan of fidelity investments. our one-second trade execution is one more innovative reason serious investors are choosing fidelity. now get 200 free trades when you open an account. ♪ [ male announcer ] you wait all year for summer. ♪ this summer was definitely worth the wait. ♪ summer's best event from cadillac. let summer try and pass you by. lease this cadillac srx for around $369 per month or purchase for 0% apr for 60 months. come in now for the best offers of the mo

in today's cover story, fed in focus: what traders and investors are taking away from ben bernanke's latest notes about the economy. plus, why agriculture is losing its clout in congress. and, is disney dealing with a flop - or not? first business starts now. you're watching first business: financial news, analysis, and today's investment ideas. good morning! it's thursday, july 11th. i'm angela miles. in today's first look: the market's mood has changed. following 4 days of rally action, the dow fell 8 points, the nasdaq moved up 17, and the s&p closed up 1 point wednesday. stocks pulled back following the release of the fed's fomc minutes. gold gained $10, and oil surged more than $2 yum! brands reported earnings after the close that topped expectations, but overall sales were hit by kfc's chicken trouble in china. idc reports global sales of pcs took a double-digit decline in the second quarter. and, ford's sticker shocker: the auto-maker is slashing the price of the 2014 ford focus by 10% to push the plug-in cars out the door. joining us now for trader talk, todd horwitz of avera