bernanke was very clear on that today, and he was right. so we've got low interest rates the rest of this year next, year. the fed policies pretty much script it. they told you what it was on august 9th. he affirm it today by adding nothing new. there's nothing new for him to do. it's the congress that is the risky side to this equation. >> so despite that risk, you like financials, perhaps the most beaten-down sector. >> iically we'll begin with the subsector, which is commercial real estate. the reality fund icf the ticker similar symbol, big drop along with the rest of the market this month. what fuels it higher? >> well, we think the financials as a group were beaten down. in the case of the financials generally, beaten up for four years. at this stage in time, what's new? what's going to derail them now? and we saw that validated by warren buffett in his bank of america deal. so our view is this is a washed-out sector. it's time to be nibbling at it, raising rates, do it broadly. >> tom: and you're doing that with real estate and with

he talks about ben bernanke a great deal. he said it would be trees nouse, and he launched his campaign in houston, at a prayer service, in which 30,000 people attended the sunday before he actually got in. so whether he can weave these three threads into a quilt that makes sense remains to be seen. gwen: wen i was in -- when i was in iowa, i spoke with mike huckabee and his response is he hasn't been roughed up yet. he hasn't got into the race yet. he hasn't been in a debate yet or shared a stage. maybe we're getting carried away? >> romney said i'm excited. gwen: he didn't look excited. >> they kinds of grudgingly said about perry, well, ok, he's a really good competitor. he's a great campaigner and it implies that they hadn't had one up until now. they respect the fact that he can raise money. there's no question about that. but they said it's been a month, guys. let's see -- there are three debates coming up in september, three in a row, one, two, three, one, i guess, in california, two in florida. we'll see where he stan

it was this time last year that ben bernanke introduced qe-2. that was an unconventional measure to support the country's fragile economy. just this year, the political environment may have proved a little more challenging as maggie lake explains. >> reporter: it was the comment that took the u.s. political world by surprise. >> printing more money to play politics at this particular time in american history is almost treasonous in my opinion. >> reporter: with that, texas governor and republican presidential candidate rick perry put ben bernanke on notice. a big new stimulus program for the american economy, another round of quantitative easing, will be met with heavy fire on the campaign trail. but many believe perry went way over the line. >> to the extent that he has people thinking that the fed doing its normal job is somehow or other a treasonous act is grossly irresponsible and to the extent that people think that perry know what is he's talking about, it does put a constraints on the federal reserve to be able to be more aggressive. >> r

it really is just as much their fault as it is alan greenspan's or bernanke ngs. well a couple of things i would say first i would agree with what was just said and the fed caused the current economic troubles by inflating the housing bubble and i also agree that the european central bank even though theoretically they have a good single mandate of christ ability these indirect bailouts they're doing are reprehensible but my main point is that franklin delano roosevelt extended it and they disaster baited and worsened the great depression with all of his spending the higher tax rates more government intervention and the hoover and roosevelt between them were two terrible presidents that kept the economy in the dumps for a long time now the only good thing i can say about the current political situation is that we will have grabbed luck because gridlock at least stops politicians from doing additional stupid things now in the long run gregg lock is a problem because we had desperately need to fix these entitlement programs this giant unfunded liability that the pol

bernanke and mr. greenspan mr.er, all of these fed chairmen, they use that money as a political tool. because instead of lending money at these ridiculously low rates, they should make those people that have the money borrow from each other. and they should stipulate when they lend out this money that if you're not going to use this money to create jobs in this country, to create and manufacturer things that people need to use, not toys, not games, things that people need, help the average citizen to be able to borrow money at a reasonable interest rate. you got people borrowing money, the average man borrowing money at 18%, 19%. they can't even pay it. they get a credit card and never pay it off. you have the republicans who want to blame everything on obama. obama doesn't have the money. he doesn't control the money. he was elected to preside over this country, and he's trying to do the best he can. but you have people that would have slavery where you would have to pay anyone, anything instead of a livable wage

people are expecting ben bernanke to make some kind of rescue plan on friday. you're saying that that could be bullish for gold. tell us why. >> an indication that there could be further quantitative easing would involve the fed printing more money. essentially devaluing the dollar. and gold is a form of sound currency. so when people lose faith in the dollar, they move into gold. so any indication that further q. e. is coming down the road i think would be good for gold. >> susie: so let me talk a little bit about specifics on gold. your fund invests in gold mining stocks, and you have three of your favorite. let's take a look at them, coming up here on the screen. gold corp., ticker symbol gg, ran gold, ticker gold, and eagle mines aem. why do you like these stocks and why should investors take a fresh look? >> one of the things that we look for in a gold company is growth. growing production. gold production globally has stagnated over the last decade. so companies that didn't provide growth generally see much better share price performance. and all three of

with each hole but bernanke he plugs up. the pressure is growing and growing because that change in the structural problems underneath it all. and sooner or later ben bernanke he's fingers. work with the paper won't be able to prevent the damage from collapsing. we can't keep plugging the hole. we need to either do something about the pressure behind the dam or rebuild the dam back to where it was before reaganomics started drilling these holes into it the fed can't do that stuff. only mess with the minutes money supply to fix the structural problems to address why the dam is cracking to begin with and how we can go about building a new stronger dam congress needs to step up bay to start helping people on main street and try to relieve some of the pressure on our dam. help people stay.

in the end ben bernanke his lack of an announcement that there would be for there. were so close and caviar there was something in it for almost everyone the fed can't tell us specifically what it's going to do but it doesn't specifically what's going to happen so the more specific the fed makes a promise from our libel the fed is have to go back to go back later and to change it because it promised us something they can't deliver on the questions behind any further action by the world's most important central bank remain and will dominate economic discussion for months to come can we do more well it's what happens if it doesn't and most of the economic policies that support robust economic growth in the long room are outside the province of the central bank. there is still the widespread view that the fed will act to provide monetary stimulus beyond the july statement that with keep u.s. rates at record lows for up to two years but there is also the view that it needs to keep something up its sleeve in case the euro zone's fight to prevent a financial system meltdo

federal reserve chairman ben bernanke said that no new steps will be introduced to boost the economy well let's cross live to our business desk now maureen is there a marina not exactly what the markets were hoping for there wasn't no it wasn't bill investors were really looking forward to hear what ben bernanke you would have to say about how he would improve the u.s. economy and one of the measures that we're looking forward to more is more money printing and even though i think there are rule it out he did say that would consider in september but for now it's a no and investors were looking forward to the markets improving and although there were disappointed markets and did make a comeback u.s. stocks are now trading in the black the u.s. their european markets close on the negative note but russian forces also positive so they have made a bet of a comeback so this appoints a new spot the markets have definitely over. ok i'll have more of course in business for sure thanks a lot marina i will see you in about five or six minutes and thanks a lot for more on that marina there. wel

strong comments, but the markets focusing much more on ben bernanke. news particularly resonating with investors. many say economic fears led to the stock market slump on friday and asia getting into the act seeing most of the markets higher. the chief asian emerging market equity strategist at jpmorgan joins live in the studio. nice to see you. >> good morning. >> ben bernanke says that the economy is still weak but no need yet for any further easing. the markets seem to like it. do you think that we can in any way see the line? you've seen lows in the market? >> i don't think so. we will see lower lows in those markets. >> why. >> we continue to get very weak economic data coming out. i think what ben bernanke was really saying is we've run out of policy options here. mo monetary policy proving to be infectual. qe2, inflation. we should be using words like stagnation. 1% growth, that's stagflation. >> your bearing this and not seeing the feds or policymakers in washington taking the lead on this? >> they can't really, because we've got a fiscal probl

headline reads max bernanke he under pressure to calm markets so you know ben bernanke he is speaking at jackson hole tomorrow and he's under pressure to calm these markets remember i said these fainting goats they faint when they're startled so these these goats these banking goats are threatening to pass out again but i want to bring up one thing about these goats according to the wikipedia older goats learn to spread their legs or lean against something when startled and often they continue to run about in an awkward stiff legged shuffle so you don't need to faint if these bankers can just come up with an awkward stiff legged shuffle they can still stay standing you know into the awkward stiff legged shuffle could be the dance craze of the season remember under good duffy's the recent x. ray expatriation they have the. what was it called the jenkins. dance this is the awkward standing baker dance so if you see the words ben bernanke you leaning up against a wall with his gold like beard you know. q three q three q four q five. you know that he's trying to stop himself from fainting

this was the same venue where bernanke announced plans last year to buy u.s. government bonds in an effort to kick-start the economy. since that effort ended in june, the job market has stalled, housing remains in a hole, and the u.s. government has seen its credit rating downgraded. president of the committee for a responsible federal budget maya macguineas is in jackson hole, and expects a somber tone from the fed chairman. >> how do you grow the economy in a time of excessive debt burden is quite challenging, and you add to that the layer of political challenges that we have, and i fear that the mood here is better right now than it's going to be at the end of the meeting, when everyone is going to be pretty serious and possibly pretty depressed. >> tom: macguineas expects bernanke to acknowledge the slow economy in his speech, and hopes the chairman will continue pushing congress to address long term budget deficits. >> susie: with hurricane irene gaining strength in the atlantic, the east coast is making plans for what could be a weekend of extreme weathe

economy and by implication the world economy but to ben bernanke in speech from jackson hole proved to be an anti-climax he signaled no new moves and that the fed would not be cranking up the points in prices for three well joining me now for reaction is roland that chief investment strategist for the capital hello to you thank you so much for joining us now can you tell us what's your take on bernanke this speech . i think is actually a pretty clever speech he failed to disappoint both the pessimists and the optimists and given that. given that the world's financial markets are really been focusing on this speech now for most of this week to get it just about right and i would not leave markets moving very rapidly in one direction on the other is probably the balance you want to get actually but do you think that print some more money would help. it would certainly help in the short term it would help commodities it would help risk assets but i think mr bernanke is really looking forward to the to the longer term as well thinking about the longer term as well and by reacting very rapi

economy and by implication the world economy but some ben bernanke speech from jackson hole proved to be anything but what they expect that he signaled no new moves and that the fed would not be cranking up the prints in prices for q e three bots overall and that if investment strategist that far in the capital believes bernanke you still did a good job. he failed to disappoint both the pessimists and the optimists and given that the given that the the world's financial markets are really been focusing on this speech now for most of this week to get it just about right and not leave markets moving very rapidly in one direction on the other is probably the balance you want to get actually i think they're going to switch and look to where the problem really exists right now which is in europe so they'll be watching europe next week and to see whether markets in europe continue to react as badly as they have been in recent weeks if that happens then without standing behind to make some positive statements and i think you could see some further weakness in the markets what mr bernanke he

candidate rick perry has threatened our nation's top money man chairman of the federal reserve ben bernanke just how far will his brazen cowboy go to push use irrational ideas across meanwhile no love for ron paul you know the twelve term congressman republican candidate who won the i would debate the guy who clinched the runner up spot of the recent i was straw poll yet can't get any attention for his accomplishments why is he an afterthought in the media. you need to know this rick perry is wasting no time resorting to violent rhetoric in his campaign for president while speaking to a crowd i will carry weighed in on the federal reserve chairman ben bernanke he's monetary policy saying this. we are you. training. course people can be put to death of convicted of treason economist nouriel roubini tweeted about the comments saying the code is making murder threats all of the german. rick perry is really running for america's executioner in chief and he's already there as the governor has killed more. visitors and at least one who was apparently innocent than any other governor in history ri

will his comments about bernanke in particular scare the wall street wing of the party? >>> mitt romney doesn't want to fight back, but perry's pulling him in to quite the early he said/he said, about that general election, governor, looks like it's going to have to wait. and the white house says the president's midwest bus tour isn't about politics. okay. but while on the road it's pretty clear the president has found a foil. its name -- congress. oh, by the way. the president says he's got a new jobs plan coming in september. >>> it's tuesday, august 16th, 2011, happy elvis death day. heim chuck todd. this is a special edition of "the daily rundown" from dubuque, iowa. this morning traveling with the president on day two of his three-day bus trip. he hosts the white house world economic for um in neighboring peosta later today. let me get right to my first reads of the morning and we start with rick perry. the national media getting its taste of rick perry unplugged. the texas governor showed off his political id, retail skills and non-essential credentials as a mob of

bernanke and his colleagues have been doing the right thing. offsetting some of the negative tendencies. it's interesting that ben bernanke warned congress not to do too much cutting in the short-term the last time he testified. he said we have a longer term deficit problem. you've got to deal with that. but in the short-term, these cuts you're talking about are head winds against the economy. so the thing now is he's doing everything he can. but that we need to do something now on the fiscal front. i think it is now overwhelming. piers, i'm going to borrow from your country's history. in the late 40s, the prime minister called truman saying i'm facing a terrible economic crisis. i can't continue the efforts to maintain british remnants of empire. if you want to do it, fine. the time has come for us to recognize the terrible crisis here in the economy and withdraw from iraq, withdraw from afghanistan, tell our good friends in europe that the cold war is long since over, they are well able to defend themselves. it is time for us to substantially

federal reserve chairman ben bernanke is said no new steps will be introduced to boost the economy well let's cross live now to our this is testifying up more green is there going to exactly what the markets were hoping for there was no no it wasn't bill investors were really hoping to hear that ben bernanke were announced new measures that would help the u.s. economy and one of those measures would be around all the money prints and because last year at the same meeting was when he announced that he was too and investors were hoping that that would help change things around so even though this one thing is for investors the markets there european markets close in there are limits of their losses and american markets made a complete can back and they're now trading in positive and of course russian markets also closed in the black but i'll have all the figures for you in business shortly ok thanks a lot marina yes more from marina a little later this is our team coverage you live from the russian capital time now to update you on more world news this hour a world update first to nigeria

now tonight we're going to take a look at federal reserve chairman ben bernanke these statements today or lack thereof but also look at a secret program asking a foreign governments to detain interrogate and beats american citizens and a.f.l.-cio president richard trumka has come out hard attacking president obama running to withdraw his support from his campaign in two thousand and twelve so how damaging could that actually be for the president's attempts at reelection or to have all that and more for you tonight including a dose of happy hour but first let's take a look at what the mainstream media has decided to me. all right so i've been giving you my take on the natural disaster reporting over the past couple of days and hopefully have made it pretty clear so far that i'm not a huge fan it's not that i don't believe that people should be able to watch the news and see what's coming take the necessary precautions find out which areas are being evacuated where the shelters are find out if nine one one is going to be working or not quite the opposite i think that that is the exact in

how much of that is ben bernanke? >> well, it's ben bernanke to a certain extent. looking at the markets they were relatively over sold. we saw the equity markets selling off dpor almost two weeks now. we got to the point whereas set prices were extremely cheap. selling was indiscriminate across the board. even quality assets getting sold off sharply as well. therefore, value investors came into the market, and the markets pushed higher. ben bernanke has had a positive effect by keeping interest rates on hold at the current level till mid 2013. what could have boosted equity prices higher is if you talked about qe 3. >> absolutely. do you think just by saying interest rates are going to be kept on hold and they do have tools to use if necessary is going to be enough, or would you expect qe 3 to happen? >> i do expect qe 3 to happen at some point in the near future. i don't think the u.s. administration has much left in termination of tools in order to spur economic growth. whether this will spur economic growth is something entirely different. what we've seen with

these fiscal and structural and i think that's where mr bernanke is hoping that the governor will now focus. part let's take a look at the markets or oil prices are down despite fears that hurricane irene could this truck refinery production on the east coast over the last and after a steep thirty six hours selloff in the gold market process not always stuck between gains and losses on monday it reached a record high of ninety one hundred dollars per ounce and this was followed by a fluke day correction. pull over and then you want to start lower ahead of time for ninety minutes only call they need but they are now limits and losses investors have also been reacting to all this thing allan consumer sentiment which turned out to be slightly higher but still shows a lack of faith in the economy. and the european stocks are recovering some of their losses as the fed chairman said the central. and has tools if necessary to bolster the economy. and the cycle of what's happening if you're ever on. both the arts yes and the my sex clothes the trade in session poses of territory there we go w

rick perry coming out firing all guns and going after ben bernanke. do you think that's the right tone to take? he said that if bernanke comes to texas he says we treat them ugly in texas. some felt it was threatening. what do you think about the tone so far of rick perry's campaign? >> i've known rick perry for a long time. he's a great competitor. he's got the best record in the country out of the last decade in job creation. he's a limited government conservative. everybody's got to decide what their tone's going to be. i think the broader point governor perry was making is the facical policies of this administration in running up debts and deficits is not good for our country. they're not creating jobs. they've had no plan to create jobs and governor perry has. i think he's going to make that contrast and he'll find his way to communicate that in an effective way to the people. >> but governor, with all due respect that's not the contrast he's making. it's one thing to go after president obama's economic record. all the republicans are doing that.

ben bernanke, the hero of the hour? >> as interesting is what bernanke said today is what he didn't say is that the fed was widely expected or hoped by the portion of the market that he would do another round of bond buying or intervention. that's sort of the salvation from above that the market was hoping for. that didn't happen. on the other hand, the fed came out as diane said, a clear same, for the first time, put a target date on how long it will keep interest rates, the target rate towards zero. that led to a kind of collective sigh of relief. we know we can expect interest rates for the foreseeable future. the fact that the fed didn't do the massive intervention maybe led people to think, okay, maybe it's no it that bad. that's sort of the last thing that it could have done. and wages have to be falling really fast and prices have to be falling significantly for the fed to go and do that again. it didn't, maybe things could be worse. the market took that as a sigh of relief. >> where are we in reality? where are

gave ben bernanke in his speech he didn't hand it more quantitative easing which a lot of people thought that he was going to instead he said that long term unemployment is going to remain a challenge have to be a priority but he passed the buck back to political leaders for fiscal solutions so is he right our fiscal policy is really the only thing to deal with the country's economic problems at this point. well let's let's just take it a step back really quickly so the problem right now is that we're in what economists call a balance sheet recession right households borrowed too much during the housing bubble and since then once the bubble crashed they found out that they were worth much less than they thought they were at the time so what. but households all tried to do was to save a lot in this make that no one was spending so what the government needs to do is to find a way to help households. you know shore up their balance sheets the best way to do this is with this bill policy right. unfortunately i think it doesn't take an expert to know that. the fiscal policy given the current

federal reserve chairman ben bernanke said that no new steps will be introduced to boost the economy let's get some more details on this cross live to our business on our board here at the marina not exactly what the markets were hoping for well no not what they were hoping for but that they are making a comeback u.s. stocks are already trading in the black and russian markets ended the trade in session on the positive note as well and of course yes investors didn't hear what they wanted which was a third round of money printing but ben bernanke it didn't rule it out he did say that they would consider end september and we'll have all of these cells for you in our business program shortly. all right see you shortly marina now let's go to our world update here on our twosome headlines from around the world this hour first to nigeria where a large explosion has struck at the u.n. complex in the capital of a buddha leaving at least sixteen people dead dozens of injured have been taken to hospital witnesses say a suicide bomber drove through the security gates in a car laden with explosi