janet yellenerved with ben bernanke for quite some time now. she called forrcontinuation of highly federal reserve policy. summers is very interested in intervening economy. was the architect of so much of the stimulus levied on the economy the past couple years. regardless whether summers or yellen, melissa, to your earlier point the president will likely be satisfied with either one. he will get his top pick in summers and progressive top pick in yellen. both of those picks are in favor of more intervention, in my opinion destructive for the economy. >> another interesting point. don't forget one of the most popular things bill clinton did as president, eight years as president, reappointing a republican, a republican as fed chairman. melissa: yeah. >> so i'm not ruling this out that ben bernanke is not reappointed. in fact i would say he is right there in the mix. the thing that makes me very nervous about larry summers, he has a god complex. i'm not so sure you want somebody with that kind of master of the universe complex heading up the fe

remind me never to pay poker with fed chief ben bernanke temperature ne. nearly every single person i knew thought ben bernanke had a bad hand coming into today's fed meeting. the s&p falling 1.2%, so what happened here? how could so many people get this guy wrong, how could people think he had jack high with all this nonsense? ben threw in his cards when we weren't looking, got a whole new hand. the man is not an idey ideologu. the facts changed so bernanke changed his mind, too. he doesn't care that he's going to get hammered for doing so by the same people who hated what he's done for the housing market and what hoose done for the stock market and what he's done for unemployment. as bernanke said, he never spelled out what he was going to say anyway, people just put words in his mouth. think about what what happened when he said they might have to cut the bond market. d did you notice the home builder stocks were all crushed? i think when bernanke indicated it might be time to stop biography bond he didn't recognize central bonds from all over the world

ben bernanke: well, don't believe i recall stating we would do anything in particular in this meeting. what we will do is the right thing for this economy. our assessment of the data since june is that taken collectively, didn't quite meet the standard of satisfying or ratifying or confirming our basic outlook of increasing growth, increasing labor markets and inflation moving back towards targets. we try our best to communicate, the market will continue to do that, we cannot let market indicate our actions. it has to be indicated by this assessment of what is needed for the economy. >> [inaudible] >> peter barnes, fox business sir. you mentioned fiscal issues in a statement today. are you concerned of a government shutdown? we are hearing about that possibility. did that come up in your discussions at this meeting of what do you think would be the impact of a government shutdown on the economy and what could the fed, with the fed be prepared to respond to that and help the economy with additional accommodation for example additional asset purchases. thank you. bernanke: a factor that

stuart: you must be celebrating ben bernanke printing money because mortgage rates will come down andng around out there, you are nodding your head sagely. you love ben. >> it is bittersweet because there is a fallout in the end with inflation but it is great for housing right now because we have to get polk first-time homebuyers back in the market. we have to encourage people to buy homes that are going to live in them. i love my investors, selling investment properties, renting them out. that is money in my pocket. we have to get to a market where people who are living in these homes are buying them. stuart: it occurs to me that maybe the pace of existing home sales is slowing down a bit, up 1.7% in august over july versus the 6% gain in july over june. you could read that as a mild negative that things are slowing down a little bit. i don't expect that you have seen that because you have these investors clamoring to give you some money but that may be a bit of a slowdown. >> it is my favorite word, stabilization. we are starting to see the housing market stabilize. that is a good t

at an announcement and news conference today, chairman ben bernanke said the fed's stimulus plan-- through which it purchases $85 billion a month in securities-- is needed because the economy still needs help. many experts had predicted a fed pullback, but bernanke defended the move. policy expectations have to be determined by a best assessment of what's needed for the economy. what we will be looking at is the the other all market situation, including the unemployment rate but including other factors as well. but in particular there is not any magic number that we are shooting for. we're looking for overall improvement in the labor market. >> ifill: today's moves comes amid a very-public and highly- anticipated decision from the president about who will succeed bernanke next year. we look deeper into the fed's thinking with neil irwin, who covers the financial world for the "washington post." he's also the author of "the alchemists: three central bankers and a world on fire." welcome, neil. >> hi. >> ifill: so i know the fed is not responding to expectations and what we saw is they confo

you've said that, ben bernanke has said that. what would be your expectations of the economy in terms of the growth pace in the next year? >> i'm still optimistic. even after my forecasts have been dashed. >> great to talk to you. we appreciate your time. >>> up next, what does feds' stunning decision mean to your money and the markets? and that's not all that's going on in washington. what might happen, next. and later, we take a walk down memory lane on wall street. what are the lessons learned? what's still left to do? that's coming out. ...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... we're making it. building animatronics is all about getting things to work together. the timing, the actions, the reactions. everything has to synch up.

i feel like once ben bernanke came out with a marker of 6.5%, i was not expecting the tapering either. what about you? >> i was surprised. in june bernanke said even though they would keep the short term rate at 0 at least until the unemployment rate came down at 6.5% or lower, they suggested it would begin to taper by the end of this year. the surprise wasn't so much that they decided not to go with september, but the body language from ben bernanke is they might not go in october or september either. that leaves us scratching our heads. >> we heard from james bullard at the top of the show and he said tapering is possible in october. of course, the economic data will not change that much but does this change over the short term how you invest? >> what doesn't get talked about a lot is there's a certain number type of companies that we invest in that don't benefit from short term interest rates. if you think about companies profitable through the economic down cycle and a high return on equity, they've been generating so much cash that their balance sheets are fat and too strong in s

these sellers tapered too aggressive for him, which is another reason why ben bernanke threw in his old hand and got another. second, bernanke listened to the companies who reported. every single retailer except the dollar stores had a horrendous time since the interest rate jumped. oh, the dollar stores did fine. manny chirico, ceo of pvh, he told you sales had gotten very soft. he was sitting right here. i almost fell out of my chair. that would have hurt. target, macy's. those are retailers. bernanke listens. he knows things had gotten worse. if he didn't play a new hand, they were really going to get bad. the hard line rhetoric coming out of washington is going to hurt the economy. he said this is bad. the coming government shutdown and we were sure we were going to get one would make the housing market much worse than it is. i may call the show "the mad money coming showdown." it's going to be ugly and histrionic and totally depressing. savor this moment. it won't be with us in a couple of weeks. fourth, sure unemployment has gotten better. sure we've done some hiring but bernanke

. >>> a ben bernanke bombshell. no taper. and stocks, bonds, gold, and all prices, the fed says it's just not the time to cut become on bond prices. so question. where does the fed and the market go from here? >>> and then there was this. >> this week the house will pass a cr that locks the sequester savings in and defunds obama care. >> now speaker boehner's promise throws down the gauntlet for a fight with the white house and the senate democrats. the clock is ticking. time is running out. and frankly, a government shutdown seems more likely than ever. and ben bernanke says this concern was the factor in the decision not to cut back on their stimulus. >>> and what will it take to get younger americans to invest in the markets, to save, or even buy homes? we assemble an all star panel of young cnbc millennials to get some answers. all and more coming up on t"the kudlow report", beginning right now. good evening, everyone. i'm larry kudlow. it's 7:00 eastern time, 4:00 p.m. on the west coast, and we are live on "the kudlow re

and ben bernanke is not in the fireworks business.ith all wall street in the past couple of months. i think the details of the taper, it really doesn't matter. >> 30 billion would be a shock, wouldn't it? >> i don't think it matters. we're going to get to zero by the middle of the next year. bernanke has said he wants to get to zero by the time unemployment gets to 7%. we're now 579.3% and falling at a roent pace. it's not going to have a huge impact. >> does that mean we can get through it and if you like buying stocks yesterday, you'll like buying stocks tomorrow? >> i don't think it makes any difference. i think what the whole debate does highlight is that the way the fed looks at tapering is very different from how will how wall street is looking at fed tapering. we're carrying on buying bonds, we still have the acceleration of the economy. tapering is slowly easing your foot off the accelerator of the economy. wall street is looking at it differently. wall street is assuming that because they're slowly taking their foot off the a

welcome to the kaiser report imax kaiser so ben bernanke all print no taper as we said all along the fed will never taper it was a hoax from the way the very beginning but then you don't become the greatest hedge fund manager in history without duping other market participants first. execute trades based on mark manipulation and trading on inside information do you. know it would appear that the fed as you have said many times all along many of our guests have actually said is that the fed is like a hedge fund which apparently is something that warren buffett agrees with and thinks is a great thing the federal reserve is the greatest hedge fund in history says warren buffett the eighty two year old who has led berkshire hathaway for more than four decades hailed the fed's ability to make money from bond purchases as a result of quantitative easing which in five years is more than tripled its balance sheet to more than three point six trillion dollars the fed is the greatest hedge fund in history he said yeah right ok it's a four trillion dollar hedge fund so if they want the price of

ben bernanke is very clear. he doesn't want to start cutting until we see unemployment, not cutting, rather, tapering. they're not cutting for a long time i think. forget that. that's not happening until unemployment comes down to certain levels which it is not at the moment. here are the treasury yields. anybody surprised about this? tim, what did you think when you saw treasury yields coming down just a bit? >> no, i wasn't that surprised, liz. if you go back to may when the taper talk started, that is when they started to back up. now that's off the table, it was pretty swift. but, so was the backup in rates. so i'm not surprisessed at all. my guess is, if this continues, again in terms of fed monetary policy i expect them to continue to -- liz: john, how stark do you think that move was compared when it comes to gold, jumping now $57 in the after-market session or at least last look compared to a sort of a slight move down on yields? what message does that send as we spin it forward to investors who say what

but not yet said chairman ben bernanke.sion specifically in mortgage rates. it blames washington, making note of another congressional showdown on the debt ceiling. >> a government shutdown and perhaps even more so a failure to raise the debt limit could have very serious consequences for the financial markets a

these sellers tapered too aggressive for him, which is another reason why ben bernanke threw in his oldanies who reported. every single retailer except the dollar stores had a horrendous time since the interest rate jumped. oh, the dollar stores did fine. manny chirico, ceo of pvh, he told you sales had gotten very soft. he was sitting right here. i almost fell out of my chair. that would have hurt. target, macy's. those are retailers. bernanke listens. he knows things had gotten worse. if he didn't play a new hand, they were really going to get bad. the hard line rhetoric coming out of washington is going to hurt the economy. he said this is bad. the coming government shutdown and we were sure we were going to get one would make the housing market much worse than it is. i may call the show "the mad money coming showdown." it's going to be ugly and histrionic and totally depressing. savor this moment. it won't be with us in a couple of weeks. fourth, sure unemployment has gotten better. sure we've done some hiring but bernanke knows it is fickle. it isn't like there's a huge number of j

paulson gave high praise also to ben bernanke and q.e. 2. take a listen. >> i am a -- a believer in, you know, the ben bernanke stimulus programs in the sense that i think it's remarkable even though it -- we have low growth, that this economy has been growing at 2% since the end of 2009, while we have undergone the massive and necessary deleveraging. >> so did bernanke and t.a.r.p. save the u.s. economy? let's bring in the former senior economist at bear stearns, douglas holtz-ecan and forbes opinions editor john tammany. let's start with t.a.r.p. take it piece by piece. hank paulson said t.a.r.p. was a great success and not only was it paid back it made $32 billion. what's your take on t.a.r.p.? >> well, larry, as you know at the time i thought something like t.a.r.p. was very important. john mccain stopped mccacampaig and i came back to get a successful vote on the t.a.r.p. program. i think, however, with benefit of hindsight it turned out less important than hank paulson thinks. >> what do you mean? >> well, i think in the end it was a l

multi hundred billion dollar food stamp industry being controlled by a hedge fund manager like ben bernanke you but unfortunately the people on food stamps don't have representation so as a hedge fund and not hedge fundamentalists hedge fund been in this has fundamentalists to work without representation well actually i might point out that the day after the fed announced it would not taper that it would continue purchasing eighty five billion dollars in bonds from wall street giving them free money to congress the republicans in congress voted to cut forty billion from food stamps so you know the fed printing is of course going to make the price of everything rise including food but you know just for you out there i want to show you this definition just from google of what a hedge fund it is and ask yourself whether or not you want this from a central bank which is supposed to provide monetary stability and price stability it's a limited partnership of investors the limited partnership being the banks on wall street and a few rich guys that uses high risk methods such as investing with bor

federal reserve chairman ben bernanke will hold his news conference in four minutes now.excuse me. there goes my math. ashley: new jersey math. tracy: there's that. we'll get more reaction to that we'll check on the bond market right now. your 10-year right now, we'll show that to you in about a second. do you see it? ashley: i don't but it dropped below. i can say the 10-year -- tracy: 2.76. down eight basis points. it was 2.75 a second ago. the 30-year as well, can we put that up, you guys? ashley: there you go. tracy: down to 3.79%. let's get back to our all-star panel, doug cote, chief market strategist at ing investment management. scott brown, chief economist, raymond james. anthony valari i have to note is this san diego, nicest lace place of all our guests, fixed income strategist at lpl. and stephen olinner. let's go to scott first. the scott, the economic data, still not so great but certainly getting better. do you think this was a proper rationale to just wait and see yet again? at this point we could be waiting and seeing for months? >> well, you know, we are

the right hand man of ben bernanke. wouldn't he be more qualified to take us out of those policies we have lived through in just these past five years? >> i think they're equally qualified. she ran the san francisco fed. again, he would be a great chairman. i strictly look at the politics of this. getting support on capitol hill. this is a president who has seen his own democrats defect on syria, a lot of his own democrats defect on larry summers. does he want to do something even more provocative and overlook her? i think it makes no sense politically. adam: might there be a problem not on the political side, but on the history side. for instance, a speech in 2005 in jackson hole where there were economists raising red flags about the shadow banking system. here you have donald at the federal reserve saying essentially don't be worried. the repeal of glass stiegel makes our system more able to react to problems. he was wrong. >> i think he is in a pretty large category of people is said that. a lot of people at the fed

peter barnes was at the news conference and asked ben bernanke whether fiscal issues in washington d.c. played a part in the decision to delay capering. turned out to be a key moment in the news conference. >> what will be the impact of a government shut down on the economy and what could the fed be prepared to respond to that and help the economy with additional accommodation, additional asset purchases? >> of factors that did concern us in our discussion was some upcoming fiscal policy decisions. i would include the possibility of government shutdown and the debt limit issue. connell: we will talk about those issues, former executive vice president, director of research at the atlanta fed, from cumberland advisers. turns out of the chairman was concerned about these big issues that will take up all of our time whether the government shutdown, what do you make of that and how it played into the decision not to do what people to do? >> he is right to have worried about the fiscal situation and that is not new. this has been going on for the better part of a year or more as we come up t

up more than $100 since ben bernanke dodged the taper. us on a gold now or is it looking too expensive at this moment? we will break that down after the break. [ res reec] ♪ malennouer ] 1.21igawts. tod, th's ey. gis rolutni pow. supcharng tbine witadvaed hdwar aninnotiveoftwe. ing ta pdictely helpoweenti cits. sohe tbineof tay.. wl por usll.. to t fute. ♪ anthisark thensidof yr bo. se thepeci psyium r metucil acallyels trasomearbs helmainin hethy ood gar vels metucil 3 aming nefi in 1uperiber metucil it's been that way ysince e day you met.. but your erectile dysfunction - itld be a question of blood flow. cialis tadalafil for daily use helps you be ready anytime the moment's right. you cabe more confident in your ability to be ready. and the same cialis is the only daily ed tablet approved to treat ed and symptoms of bph like needing to go frequently or urgently. tell your doctor about all your medical conditions and medications, and ask if your heart is healthy enough for sexual activity. do not take cialis if you take nitrates for che

will a more doveish fed chair emerge, doveish not more than ben bernanke but certainly more than larryow much does it matter to the markets? let's bring in our brilliant fed round table, kevin hastert, senior economist in washington, d.c., and we have ernie, former vice president for the bank of new york federal reserve who is in our newsroom. ernie, any surprise? what did you first think when you saw that summers was pulling out? >> no surprise, i don't blame larry. the knives were out. he didn't stand a chance. they just kept throwing everything up against the wall against him hoping that something would stick to get him out, and i think he took the right path. liz: kevin, all the business journalists were surmising as to why the markets were jumping, and it's clearly because they felt he might have been a little more challenging to the conventional wisdom and that maybe the current so-called front runner, janet yellen, would follow in the same path -- which is very market friendly -- as ben bernanke. >> i think that's possible. you know, it's really hard to see if you look at janet

>> ben bernanke made a statement some months ago that this program has to end. he may have been indicating next spring. that made the market extremely anxiety ridden. we know that the economy is not back yet, and his eyes are on that labor number, the employe employeement number. we know that there is hidden unemployment in the system. we know there are people who want jobs who simply gave up looking for jobs. this is not an easy fix just because we hit the marker for unemployment. >> why do you think there is such a disconnect among the american people. >> well, i think that they would like to see loans to small businesses happen in a speedier fashion. to see the banking system recover and now they would like to see themselves recover. there is a perception that the banks are benefiting from this, and wall street is benefiting from this, and clearly they have, but this takes time to filter down. it's all about confidence. that's why this liquidity is is important. >> things take time, but we started this rounds in 2010. it's been a number of years i think it ha

is low inflation. >> they have been right on that. >> and the monkey wrench is, of course, that ben bernanke is stepping down next year. how do you factor in the news conference tomorrow and factor in what bernanke may or may not say? >> i think one thing about bernanke stepping down is you would think that perhaps he would want to initiate some tapering before he left. karen alluded to the fact that we have not within seeing signs of inflation. we have not seen real wage growth. and i think that suggested that maybe their work is not completely finished. i wouldn't be stunned if what we hear is more talk of taper but we don't actually get the 10 to 15 billion that the street is expecting. >> let's go to the senior economic correspondent. his work, his articles widely read on the street. john is also known in some circles as the fed whisperer, which i know you hate. >> i do. >> good to have you with us. your most recent article is interesting. it described a pickle that ben bernanke is in. >> what kind of language are you expecting out of this news conference? >> in terms of the pickle, here

alongside that interest test test unfortunately, ben bernanke disagrees with that, and he's pandering that i don't think will play out so well. i think what he did this week was borderline un-american. >> you call him a central planner, but at least someone is planning in washington, because no one else is, keith. >> exactly. >> and that's the truth. look, what happens now? >> from here, you're in a really tough spot, because, of course, now what ben bernanke did was he put a huge systemic level of risk into the bond market, because if you're not going to taper now or you're not going to tell us or you're not going to go with what the market actually expected -- in other words, ben bernanke's decided not to respect the market, which is a very difficult position to take, i think -- i think all of a sudden into october you get that taper talk again. so whether it's called the october taper or whatever people make it out to be, that become as big risk, christine. for us, i think it's a great spot. if you've been long stocks, it's a great spot to sell some. >> keith, great to see you. hav

no movement by ben bernanke and that leads to a major stock rally.ath it all, it might not actually be good for the u.s. economy. and why not? want your soccer deal to win? you do something about it. why not. this is "way too early". good morning, everybody. brian shactman here. thursday, september 19. we is a lot of mother nature to deal with this morning from an update in colorado to the deadly storm in mexico. but we want to start with oklahoma. firefighters have been battling a gigantic fire all night. it's at a chemical plant. it broke out around 10:00 p.m. local time. no one was working there at the time and the dozen or so people living nearby were vehicevacuat. crews are letting the fire burn down. we'll bring you any updates as we get them. >>> in tehran,

who replaces ben bernanke?ly thought to be a heavyweight fight between janet yellin and former treasury secretary, larry summers. the latest haymaker, a letter signed by more than 300 economists urging president obama to choose yellin. from fast food to walmart to women's underwear. part-time employees of victoria's secret flagship store in new york joining the fight for more pay. the result, the secret is out. the workers won raises across the board. the latest so-called hot investment could leave your portfolio up in smoke. online offerings of stocks related to all things weed are everywhere. the federal regulators are warming consumers to be on the lookout for scams. remember this submarine car used in the james bond movie "the spy who loved me"? imagine the surprise. for one lucky couple who found it in a storage locker they bought in a blind auction for just 10 on bu0 bucks. the car sold at auction for $920,000. whoa! $920,000. that's a lot for most of us, less you're a big-time nfl quarterback, say,

chamber of commerce, which is republican-friendly, and fed chairman ben bernanke both urged congress to cut deals on the debt and the bunt saying the showdown could hurt the u.s. economy. the debt ceiling measure is supposed to reach the house floor next week. anne-marie? >> susan mcginnis in washington. thank you, susan. >>> well, with washington navy yard is set to reopen today three days after aaron alexis shot and killed 12 people. president obama will attend a memorial service on sunday, but investigators have not determined a motive yet. the v.a. said he visited two hospitals in august but denied that he had thoughts of harming himself or others. danielle nottingham has more. >> reporter: investigators didn't have to look as far as aaron alexis's hotel room to find notes the killer left behind. he had two of them written on the side of his shotgun. etched into the metal gun was the phrase, "better off this way." the second read "my e.l.f. weapon." it may refer to extremely low frequency waves which the navy uses to communicate with submarines. it might have something to do with

that was in the bill because hank and ben bernanke had asked us to put it there. it was all or nothing. we said do as much as you have to do. >> on lehman we did not have it all. they could not guarantee are putting capital. the fed was able to make a loan because it was secured. >> that was the other thing. herbert hoover had signed a bill that gave the fed the power to give money to anybody that they felt they needed. that was repealed. you do not have that power anymore. >> elizabeth warren has said that we get a lot nice things in. frank -- we did a lot of nice things in dodd-frank, but we haven't solved the problem. >> too big to fail has to and. -- end. this is not what i'm concerned about. as a result of this legislation, regulators have the twill's -- tools to manage the failure of large financial institutions and keep it out of bankruptcy. what i have said is that too big to fail is a misnomer. it is not just size. it is complexity and interconnectedness. i go on to say that, that, no bank is too big to liquidate. if we had in other global one, is a syste

he was considered the leading candidate to succeed ben bernanke.y. >> it's ban very public speck tackling and now there's new speculation about who would be tapped to take over when better than aches anxiousy's second term ends in january. david wessel looked it over. was he taking himself out of the rupping or the white house realizing there was 25067 opposition and it just wasn't going to happen. >> i don't think those are mutually exclusive. i think larry summers realized and was probably counseled by the white house that his odds of getting through the senate were not very good: i don't think they told him to get out but i think he saw the handwriting on the wall and called the president on sunday, withdrew his name, and explained that confirmation would be too acrimonious. >> and in explaining why he was such a charged candidate, some of it was personality clearly but a lot of it was, what? people, he became a symbol for people of what led up to the financial crises essentially? >> yeah. you might even say he was a caricature. people in the ma

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thank ben bernanke for that.'s decision to keep pumping money into the economy triggered record closes for the dow and the s&p 500. christine romans is here to take a look at what this means, not only now but going forward. it's good news. but how long can it last? >> it's good news and it can't last forever. the big question is the fed has a lot of cash. it can keep pumping it in there. there may come a time when too much cash becomes a problem. that day hasn't come yet, at least not yesterday. >> stocks surged to record highs wednesday, a sizzling rally set off by ben bernanke doing, well, nothing. >> well, i don't recall stating that we would do any particular thing in this meeting. >> reporter: investors thought the federal reserve might pull back on the $85 billion a month in bond purchases it had been making since last september. but in a statement, the federal open market committee said it is waiting for evidence that, quote, progress will be sustained before adjusting the pace of its purchases. the stimul

ben bernanke considered a baseball commissioner. >> ben bernanke, expires, and the political governments peer, it is important for that person to have a baseball background. there's a certain form of president in dallas this year, president george bush did own the rangers for a time, close friends with nolan ryan so we will take anyone from the political sphere it will probably be him and even the chances of president bush being the next commissioner probably unlikely at this time. connell: almost like condoleezza rice who works for him wanted to be a football commissioner. we will see if the former president is up for that. a multi-billion dollar business, all major sports are but baseball revenues, records continue. you can make arguments against the sport that other sports move faster and football is the most popular sport in the country but the numbers, steroids can land a meeting els look good for baseball. tell us the candidates you have in your mind that keep that going. >> fascinating because there are two different groups of candidates, the old guard guys that are already in the

>> i think that it could be far worse if you were ben bernanke. i happen to think -- the data will drive the path of rates in the country. he is looking at data. brian, everybody has a point. you got former governors, fed governors making the point brian is make. at the end of the day things would be worse if they weren't doing what they were doing. at some point is the spigot will be turned off. when you consider how government has behaved the last year here we are on the brink of another crisis, a crisis we created for ourselves around government funding and a debt ceiling increase and until adult physician you can use that word, adults in washington decide to act like adults. >> majority leader john boehner announced a house vote tomorrow on a plan that would tie government funding to stripping all funding for obama care. the chances of it making out of the senate is slim to none and that put republican lawmakers in both chambers at odds with each other. ted cruz put pressure on his colleagues in the house saying harry reid will try to strip th

ben bernanke, 5%. not sure if that's possible.s the average taper amount, 14.5 billion from our respondents. that's up from september after the jobs report. but it's down from where it was, $22 billion, back in july. i can tell you, though, $14.5 billion is misleading in the sense that over half of our respond ens picked $10 billion as the amount of the taper but others said it would be higher, that's where we get the $14.5 billion average. 14% think the taper comes in september. no surprise there. fed is seen maintaining the taper level for 3.6 months and qe seen ending in august 2014. the or thing to watch is taper mix, how they reduce the amount of purchases it makes. our respondents think 77% will be in treasuries and 28% in mortgage-backed securities. this is a number we'll watch carefully when the statement comes out. is it priced into the market? in general they think it is. about 80% of the taper is said to be priced into markets. a little less in equities. something to watch tomorrow as well, how the stock market reacts v

yields in the dollar tank as ben bernanke says no taper.fake out. i want to kick it off with u,

republicans only supply 22 votes for ben bernanke. >> to me the big difference between the two is dor when they speak it moves markets for better or worse. janet yellin strikes me as someone who is careful with what she says. this is somebody that is not going to be a shy fed chair like ben bernanke. >> there is a lot of pyrotechnics. they are generally not words you want from the state. look. from policy point of view, they are similar. both are emphatic that the economy needs more stimulus and more inflation. you wouldn't get much different policy. the argument in my view comes down to what's the right type of purpose to run the central bank. you see a movement away from that personality driven style. towards a more technical committee-driven approach. you don't want the nation's policy in one man's brilliance. the choice between larry summers and janet yell up is do you want the more low key approach or do you want the fate in the hands of one brilliant person. you get a good policy, but i pg the approach we have seen the last few years works better for the president. >> they have