well, we begin with bernanke. after the crash of '08, bernanke invoked emergency powers, and with unprecedented aggressiveness, he's thrown more than $1 trillion at the crisis. the words of any fed chairman cause fortunes to rise and fall, and so by tradition, chairmen of the fed do not do interviews. that is, until march of 2009 when ben bernanke sat down with scott pelley. >> mr. chairman, i'm gonna start with a question that everyone wants me to ask. when does this end? >> it depends a lot on the financial system. the lesson of history is that you do not get a sustained economic recovery as long as the financial system is in crisis. now, we've seen some progress in the financial markets, absolutely, but until we get that stabilized and working normally, we're not gonna see recovery. >> i wonder, do you expect double-digit unemployment? >> well, it's hard to forecast exactly where we're going. unemployment is rising. job losses are still very severe. and, no doubt, the unemployment rate's gonna go higher than it

bernanke should have gone on vacation. the minute he started talking about the more extreme things happening, the crashing of gdp, even if the less extreme problems with the fiscal cliff occ occurred, that's when we took the 80-point move to the downside. we've come all the way back. my sense here is there's a bit of a floor under the market right now for the next week or so. everyone believes there's still potential for a deal down the road. we have a little bit of a window here right now. i'd say it's probably until the middle of december. my sense is it's some kind of floor right now. >> well, it's not going to go away. they only have 15 days to get this work done. then they're going to go back on thanksgiving break. >> they're on break now. >> exactly. you said emerging markets. they've been sort of the hot star of the recovery for a lot of years except for the last year and a half. you look at an economy like braz brazil, for example. at its best, 7% growth. what was last quarter, .5%? does the slowdown in the emergin

rebecca patterson joins us now to talk more about the markets and bernanke. she's the chief investment officer of bessemer trust. >> hi, rebecca, nice to have you with us. >> hi. thank you. >> susie: so when i was at this event where ben bernanke was speaking, a number of the money managers i talked to said that the markets really haven't factored in the prospect of falling off of the cliff. how hard do you think the markets could fall if that were to happen? what are your thoughts on this? >> if we don't have a deal by year end and we do go off the cliff, even if it is just for a few weeks, i think the market implications are pretty severe. if you look at the implied volatility of the stock market right now, the vics index, it is suggesting everything is going to be fine, there is no near-term risk factored in, and that makes me very nervous. we are being very defensive, given that risk is still out there. i wouldn't be shocked to see 5%, 10%, if we went off the cliff on the s&p. that wouldn't be a big surprise to me. put it into perspective, last august whe

any reaction to bernanke? >> a quiet session with bernanke, made a few jokes, seemed relaxed. came out and said the ability of the fed to offset headwinds was not infinite, a little after 1:00 eastern time. look at the dow jones, that is when we started moving south, mr. bernanke went on to reiterate congress had to do something about the fiscal cliff and went on to little sidebars. he said the fed does not have the tools to offset the fiscal cliff. the dow dropped 70, 80 points that particular news. there was the dow. a little after 1:00. we have recovered a little bit of that. look at some of the sectors, either side of positive or negative, prior to him coming on, basically flat to slightly positive on all the major sectors of the day. mr. bernanke occasionally can move markets. >> the clock is ticking, a few weeks left before we go over the fiscal cliff, if congress fails to reach a debt deal this will result in a $4 billion hit to the education department, among other cutbacks. joining us in a "power lunch" exclusive is former intel chairman and ceo craig barrett. he is a

bernanke's speech. give you the highlights over the course of the show and let you in on some of the q and a session in as well, which is likely to be quite interesting. straight ahead, more details on what may be the most lucrative insider trading scheme ever. >>> welcome back. new information on a developing story. we've been following all morning out of the new york u.s. attorney's office. kate kelly joins us now with the details. what do we know to this point? >> scott, a very tough day for s.e.c. capital and especially for steve cohen, the hedge fund's founder. they have spent recent years fending off -- amid charges that two former employees engaged in insider trading and later destroyed evidence of their behavior, but in the case today, yet another former employee stands accused of insider trading and cohen appears to have been involved in the trades at issue. whether or not he knew he was dealing with will gotten information remains unclear. this case centers on allegations that starting in 2006

risk includes possible loss of principal. , ben bernanke falo , ben bernanke falling in further c, bryldagen: j. p. morgan was in dinpo imus and called i j [talking over each other] -- is not funny now. h cheryl: i am cheryl casone. ben bernanke's latestp.ss ksment fiscal cliff speaking ing.tta, o we expected to begin in 15 minuing pay li. to do for the markets and t afford to miss. cheryl: i, mgar -pshkardtaak3 release. lateskiing.leils on shrnalu t3o oivisions that resulted in releasing its albums on iitungs. hour, stocks every 15 minutes, veralo markets are flat despite the hp industrials are in positive the nasdaq and s&p gradualoypfo strength. keep your eyes open. we were up 27 points. that until the all -- i, sidylso rallav the s. at the tech had $8.8 billion. dennis: thank you. taopfo cf1 o that had a ben bernanke's na f, m i ainuing isi to his colleague's calls to rein an rein in the fed? rein in the fed? >> i don'tp.n impartial and not fooled by a dennis: ben bernanke is ch3gtao cf1e n do the twist ball is there anything ben bernanke %an clyl, enning.tmc% ce canetty clyl. numbe

just like chairman bernanke is. congress and the administration have to get together, but, you know, the president's been very clear that he doesn't want necessarily higher tax rates. he wants more tax revenue. speaker boehner said, well, geez, we can get higher tax revenue just by closing a few loopholes, restructuring mildly the tax code. so i think the fix is in. it's just why hasn't it happened. they wanted to wait until after the election, see if both sides wanted to see if their hands were strengthened. obviously, the president has the strong hand. >> they sort of like taking everything to the cliff, to the edge of the cliff to get everybody nervous, i guess. feels like a dÉjÀ vu from last summer. rob, you make a good point. i understand it from mya mcginness, who created this fix the debt croup. she says if you take away all the loopholes and exceptions, you get $1 trillion. that sounds good, right? unfortunately a lot of those loopholes will not be touched t like the mortgage interest, the charitable donatio

what did ben bernanke say that causes investors to worry?oining us from dc, peter barnes, a temporary downturn in the market, peter? >> that's right, david and liz. ben bernanke says the fiscal cliff poses a risk to the recovery, and if not fixed, it causes a recession. it says the threat of the fiscal cliff is hurting the economy because of the uncertainty created for consumers and businesses, and they have turned cautious with spending and investment, and as he swung a big stick today, whacking politicians for not getting a deal yet on the fiscal cliff, ben bernanke held out a carrot for them too. >> cooperation and creativity to deliver fiscal clarity, a plan to resolve the fiscal issues without harms recovery could help make the new year a very good one for the american economy. >> now, of course, ben bernanke says they are ready to help the company suggesting quantitative easing is an option, maybe making qe3 bigger, but ben bernanke said in the worst case scenario with the economy falling off the fiscal cliff, quote, "i don't think the

bernanke, the embargo's lifting on mr. bernanke's comments on housing, which of course will be breaking news because it is an integral part of the economy. the fed chief is speaking. the embargo's lifted. steve leisman, what's he saying? >> fed chairman ben bernanke saying the federal reserve will continue to use policy tools to support the economic recovery and making some positive comments about the housing markets saying for the first time in a number of years the housing sector is improving and adding to jobs and growth in the economy but saying housing is not out of the woods. it still faces significant obstacles. pointing out though the benefits of the housing revival remain quite uneven. saying that strengthening the housing recovery is still a critical challenge for all policymakers. makes a special point here that i haven't seen in at least a while, if ever, talking about the impact of the housing crisis on lower income and minority communities, saying they have been disproportionately affected by the housing bust

all right, steve, we have got the ben bernanke stuff. i want to get to that. lacher's comments not getting a lot of attention on a very heavy market day. what do you make of them? a little of this going on at the federal veer? i pound my fists together? >> we know this going on at the federal reserves to use your exact metaphor there, brian. what is interesting and perhaps up precedented about this is a fed official going outside the fed to try to went argument. let me go back and give you the tale of the tape here. lacher has been an opponent of what the fed has been doing, quantitative easing, many years now you warned about folks inflation, it has not come to parks he has not suede the board to stop doing quantitative easing. and now to suggest that maybe what we need to do is have congress put limits on fed purchasing is a fed official going outside the confines of the board to ask for help making policy. this is undprentsd. it essentially toys with the fed's independence, if i understand jeff lacher correctly, because one of the things the federal reserve

>> they say this is the bernanke's side.hris or dirty but other money managers talk about historical growth rates of 4% that are baked into the obama budget are of the past. talk about the demographic wall, the low birthrate we will be less than 1% growth look at the economic isis on top of a fiscal crisis. lou: the idea this country can sustain zero growth, high unemployment, it is not in our national day -- dna. i set my hat to whether bernanke or whoever that is t the way this country works. i guess it's a little angry. >> the birthrate 2011 is the lowest in history. corporations are sittingon $1 trillion in cash. the signals are out there by the people's decision that don't have fait in the political class. lou: not about people but multinationals. if you tak about that $2 trillion we talk about them. people are out there consuming. >> the people have faith with great then 1% growth. lou: we could give them a kiss on the cheek? >> i believe you have to have a stable economic environment that is are we have gotten our gro

i do think over time you'll see bernanke replaced.he reaction in that interim is that dramatic. >> if you follow that scenario through, if romney were to win and austerity was his path, you would think that would be bullish for bonds. >> it's all within the context of i think rates are going to stay low for a long time. but if you think about, you have a president that is going to be more pro-growth you have a president that is going to change the fed. i do think the markets -- we're talking about a ten-year that is under 170. so do you see markets react and see some backup as a result of it? i think so. it's all within the context we're going to be in low rates for a long time. >> rick, at the risk of killing earnings here, let's go across the pond and avoid elections for a minute and talk about european debt. i know you're relatively bullish on the sovereign story there. i think italy will where this is a very wealthy country, a country that can pay and has the political will. has it gone too far? i think you definitely buy for the

that is where ben bernanke's ideas were misplaced.lookack in history and see that was something that didn't work out. gerri: he is a historian. you would think he could figure it out. thanks for coming on tonight. a pleasure having you on the show. come back soon. we will be right back with my $0.02 more and the answer to the question of the day, where are you find a better deal? in store oon line? @a gerri: is officially the holiday shopping season, so where are you finding a better deal? in store or on line? this is what you are posting on my facebook page. fighting the croats traffic and crowds takes its toll. i prefer the comfort of my home to have a huge variety of goods at my fingertips. bernadette's says what is better than getting a great price with free shipping and you didn't have to ave your easy chair? i can relate to that. we ask on gerri willis.com, 90% said a story, 81% said online. steve wright's the reality is we no longer depend on true american patriots to overcome the masses of those who will want to hand out. in t

that is where ben bernanke's ideas were misplaced.l look back in history and see that was something that didn't work out. gerri: he is a historian. you would think he could figure it out. thanks for coming on tonight a pleasure having you on the show. come back soon. we will be right back with my $0.02 more and the answer to the question of the day,here are you find a better deal? in store or on line? can i help you? i heard you guys can ship ground for less than the ups store. that's right. i've learned the only way to get a holiday deal is to camp out. you know we've been open all night. is this a trick to get my spot? [ male announcer ] break from the holiday stress. save on ground shipping at fedex office. gerri: is officially the holiday shopping season, so where are you finding a better deal? in store or on line? this is what you are posting on my facebook page. fiting the croats traffic and crowds takes its toll. i prefer the comfort of my home to have a huge variety of goods at my fingertips. bernadette's says what is better t

bernanke.t would mean that homes that are just emerging from their underwater status could go back and drown. that would be terrible for the banks. they have been a god send for getting rid of the house and lands inventory on the bank's balance sheets. i think it's more of a push issue. in this case, ultimately the tie goes to the bulls because the banks are cheap. i believe a recession will be avoided under bernanke if obama keeps bernanke. okay. enough negativity. this morning i saw an excellent interview with the ceo of carlsburg. the beer company. so i had to laugh when the ceo said the fiscal cliff means nothing to him. the rush is far more important. do you know how many stocks are in the same boat where another country is more important than the united states? soft goods, packaged good companies, think johnson and johnson. those make sense to buy, not sell, into this weakness. next, buy some gold, for heaven's sake, would you? come on already. romney's hard money strategy would have been

that is where ben bernanke's ideas were misplaced.ack in history and see that was something that didn't work out. gerri: he is a historian. you would think he could figure it out. thanks for coming on tonight. a pleasure having you on the show. come back soon. we will be right back with my $0.02 more and the answer to the question of the day, where are you find a better deal? in store or on line? twins. i didn't see them coming. i have obligations. cute obligations, but obligatio. i need to rethink the core of my portfolio. what i really need is sleep. introducing the ishares core building blocks for the heart of your portfolio. find out why 9 out of 10 large professional investors choose ishares for their etfs. ishares by blackrock. call 1-800-ishares for a prospectus which includes investment objecves, risks, charges and expenses. read and consider it carefully before investing. risk includes possible loss of principal. ♪ fare thee well ♪ farewell ♪ mr. gloom be on your way ♪ ♪ though you haven't any money you can still be bright an

gold is safe and this is as you see ben bernanke protecting their gold that's in the new york federal reserve bank and their pile of gold. is the journey to go to central bank in new york. where there are gold right there were surrounding the players washington commission of other dogs you know government. funds you couldn't. go that's what you got to germany get real. i think is william dudley that's the president of the new york fed now. so headline reads max about that gold stored in flood prone lower manhattan max this is from business week and they know that a lot of buildings in lower manhattan were destroyed due to the flooding from hurricane sandy and they ask what about the nearly fifteen million pounds of gold bricks stored at the new york fed well they say it's ok because it's in a vault which is protected by an air tight and water tight seal created by lowering a ninety tons steel cylinder just three eighths of an inch into a one hundred forty ton steel and concrete frame in effect quote similar to pushing a cork down into a bottle. like. dr evil like no but the gold is no

this seems to go completely against this notion put forward by ben bernanke we call this just a trick and people collect it doesn't really matter well you look at what i do not what i say it's the answer to that absolutely and in fact actually you can make the argument that central banks now have a double bed in the market because they're bidding for themselves and they're also bidding to to buy physical and always deliver it for these very repatriation requests because of course you've got to realize that they're not able to on wind the chain of leasing and swapping in order to deliver balls to the within the cost of a dual system let me mention leasing there for a second a lot of people speculating that germany's gold has been leased out into the market does it mean the bullion banks this is a trick that central banks and bankers use to feather the nest of investment bank that telegraph to the market that they're going to change the release rates to borrow to sell gold knowing that the price will fall and that these banks can scalp a few bucks from the market on the lower price usin

see you in 15 minutes we have more now on ben bernanke. he says the fiscal cliff outcome will make-or-break the economy in 2013. peter barnes is in washington with more. peter, i mean, it's more idle talk, though; right? we are not seeing any action. peter: well, he's trying to push all the politicians down here to action with these warnings, tracy, no doubt about it. he did say that depending on the outcome, he is prepared to help provide more assistance to the economy, more monetary easing, potentially in the form of additional quantitative easing, expanding qe 3, making it bigger, but he says that what the economy really needs is a fix to the fiscal cliff. he says that's causing a lot of uncertainty out there along with europe. but he said the fiscal cliff problem is especially causing uncertainty and said quote, it seems to be weighing on spending decisions of households and businesses as well as on financial conditions. so he said the politicians in here could help to strengthen the recovery significantly if they avoid the cliff, but

hundred forty ton steel and concrete frame if it's just tradition exactly because bernanke is speaking out of both sides of his mouth these are deployed as nightmarish ghoulish it but the fact is that going forward gold is the only thing that's going to keep the economies afloat and that's why there's a mad scramble for gold that's why since two thousand and nine central banks for the first time in thirty years ben buyers met buyers all of gold and make the following prediction when the paper apocalypse hits you'll find central banks printing money not to buy bonds but to buy gold that's one gold bricks out to ten thousand dollars an ounce that's when the global market collapses that's when we have a new paradigm shift that's when we're going to really see some excitement. so here is a picture that accompanied this story as you see it's lots of gold from the new york federal reserve bank they say that's fifteen million pounds of gold that they say is tradition and yet they went through all these elaborate security measures to make sure it was safe from water we all know gold will not d

fed chairman ben bernanke splashed the markets with it. his speech today before the economic club of new york helping to accelerate losses today. the dow jones industrials down 94 points. the session lows. we're down 39 at the moment. but really the session lows hit shortly after ben bernanke wrapped up his speech. we will get into exactly what he said in a minute. but the homebuilders seem to be kind of impervious to all things bernanke. gains across the board thanks to strong data on housing starts and permits that came out today. they looked pretty good. oil, though, taking the spill -- listen, up $2 yesterday. down more than $2 today. traders heading for the exits on word and it's only word that there may be a cease-fire in all of the tension in the gaza strip. over the past week, fighting between the israelis and hamas, rockets along the gaza strip, it's continue to escalate. it's caused oil prices to spike in fear of supply shortage. word on the cease-fire reversing those moves today. again you are hearing signs from both sides, who

that is where ben bernanke's ideas were misplaced.look back in history and see that was something that didn't work out. gerri: he is a historian. you would think he could figure it out. thanks for coming on tonight. a pleasure having you on the show. come back soon. we will be right back with my $0.02 more and the answer to the question of the day, where are you find a better deal? in store or on line? can i help you? i heard you guys can ship ground for less than the ups store. that's right. i've learned the only way to get a holiday deal is to camp out. you know we've been open all night. is this a trick to get my spot? [ male announcer ] break from the holiday stress. save on ground shipping at fedex office. of green giant vegetables it's easy to eat like a giant... ♪ and feel like a green giant. ♪ ho ho ho ♪ green giant i look up to a lot of the older heads, you know, the innovators, the heads of the art movements of the past. they kept it really edgy, and, like, a lot of the latin american muralists and the latin american artists

that is where ben bernanke's ideas were misplaced.ou will look back in history and see that was something that didn't work out. gerri: he is a historian. you would think he could figure it out. thanks for coming on tonight. a pleasure having you on the show. come back soon. we will be right back with my $0.02 more and the answer to the question of e day, where are you find a better deal? in store or on line? ♪ remember when ♪ ♪ the sound of little feet was music ♪ ♪ we danced to week to week ♪ brought back the love ♪ we found trust ♪ vowed we'd never give it up ♪ ♪ remember when ♪ ♪ remember when ♪ we said when we turned gray ♪ ♪ when the children ♪ grow up and move away ♪ we won't be sad ♪ we'll be glad ♪ for all the life we've had ♪ remember when gerri: is officially the holiday shopping season, so where are you finding a better deal? in store or on line? this is what you are posting on my facebook page. fighting the croats traffic and crowds takes its toll. i prefer the comfort of my home to have a huge variety of goods at my finge

ben bernanke has strong words for lawmakers and the president fixing the fiscal cliff now or else. details next. i always wait until the last minute. can i still ship a gift in time r christmas? yeah, sure you can. great. where's your gift? uh... whew. [ male announcer ] break from the holiday stress. ship fedex express by december 22nd for christmas delivery. we don't let frequent heartburn come between us and what we love. so if you're one of them people who gets heartburn and then treats day afr day... block the acid with prilosec otc and don't get heartburn in the first place! [ male announcer ] e pill eachmorning. 24 hours. zerheartbur gerri: fed chief ben bernanke gettingiving a big speech in new york city, but it is what he said after the speech getting all the attention. next. gerri: federal reserve chairman ben bernanke speaking today at the new york economic club in new york city, and his message to lawwakers in washington, fix the fiscal cliff and don't kick the can down the road. the commons the fed chief has everybody talking. john, always great to see you. i want you

sparrow you're getting really good at this bed speak to me you can tell ben bernanke is all right here to tell us what you think it's ironic so you know because ben bernanke you said that he wanted to have a more open federal reserve when he came in after greenspan and in many ways he's actually more closed off i mean greenspan was like human there was a human element or greenspan there was a narcissism there was a humanity but bernanke is like an empty suit yeah the guy is completely monotone spiritually not just you know. his verbiage it was a little bit you know i don't want to beat up on but he's you know i'm sure as a nice guy i don't know i don't think you know yeah well i don't know if he's a nice guy i don't think i'll end up in a poker talks is going on my christmas list for sure so you'll know when you see it i mean i think. that for now let's move on because president obama could have a secret weapon to help the u.s. avoid feeling the effects of a connery at which is what we're calling the fiscal cliff it was renamed by one of the oh and it is us treasury secretary timothy g

that is where ben bernanke's ideas were misplaced. back in history and see that was something that dn't work out. gerri: he is a historian. you would think he could figure it out. thanks for coming on tonight. a pleasure having you on the show. come back soon. we will be right back with my $0.02 more andhe answer to the question of the day, where are you find a better deal? in store or on line? ♪ ♪ [ engi revs ] ♪ [ male announcer ] oh what fun it is to ride. get the mercedes-benz on your wish list at the winter event going onow -- but hurry, the offer ends soon. means the world to me. and one of the most important things any parent can do is make sure their kids get active at least 60 minutes each day. studies show that physical activity not only helps kids stay healthy, it can enhance important skills, like concenttion and problem solving, which can improve academic performance. this means physical activity can help your kids in the most important game of all -- life. gerri: is officially the holiday shopping season, so where are yo

find all of her addiction to and dodd bob english we've got you we've got ben bernanke and janet yellen as dr evil and many me behind me and that. is where we're going to end on thank you so much for being on the show today bob thank you. all right we have a reality check tonight because today we saw the headlines touting the news of u.s. g.d.p. growth revised upward to two point seven percent that's up from the initial estimate of two percent which we saw last month ok great news right well there were some calls yacht's in the revisions that were widely reported but we ask what does this mean at all this idea of g.d.p. as a gauge of the economy's growth and health well maybe not much if you consider what bill bomber told us a few weeks ago. the g.d.p. numbers are to be the biggest fraud in economics you know what it pretends to tell you people think it says are you getting better or not is a g.d.p. growing or is it not but you know if i pay you to cut my law and you pay me to cut your losses you know the g.d.p. will go up but is anything different anything at all. no if you mo mylan im

it was nothing more than a tradition or a trinket to hold gold member bernanke you thought gold was something that indians accumulate on wedding day as a as a you know a trinket but he doesn't give it any monetary or value whatsoever here in germany. clearly ringing the alarm bell what about this recall that held in new york some would argue including james records who's a respected author and guest on the show that the u.s. will will not allow germany to take back their gold as the paper money apocalypse occurs you have a debasement around the world and gold is king once again your thoughts if you look at history gold has been used not only as a medium of exchange and money it's also been used as an instrument of national economic policy and indeed that borders on national security at certain times it is entirely conceivable that not just the united states but any country in a crisis severe enough in a confrontation severe enough would seek to nationalize gold that it held on a custodial basis i think that is a potential if somewhat extreme risk let's keep in mind why was that gold

the fly by night operations as he said in the opening it's now fly by day openly do you know ben bernanke he flies this helicopter in broad daylight that's what quantitative easing is it's a fly by day operation they're letting everybody know that they're engaged in a brazen con but on the other hand fly by night is also you know indicative of a shaky operation that might just fall apart at any moment and that's suddenly you know underneath it all is what is really happening is these currencies the us dollar the euro zone these are fly by night operations they could fall apart and united they could just disappear overnight you wake up in the morning you say hey you know i'm owed ten thousand bucks bernanke actions are to defer to another day the tragedy of having a worthless currency again the cliff metaphor whether it's a fiscal cliff or a gold club the people in athens who are protesting who are taking an action against the government their only concern in grace hello grace your only concern should be to hold onto your gold because that's the only thing left when the global economy impl

gerri: fed chief ben bernanke gettingiving a big speech in ne gerri: federal reserve chairman ben bernanke speaking today at the new york economic club in new york city, and his message to lawwakers in washington, fix the fiscal cliff and don't kick the can down the road. the commons the fed chief has everybody talking. john, always great to see you. i want you to respond to something the fed chairman had to say this afternoon. listen to this. >>n a worst-case scenario where the economy goes off the broad fiscal cliff, the largest fiscal cliff, don't think the fed has the tools to offset that. gerri: don't look at me, can do anything if you can't avoid the fiscal cliff. what did you make of that? speak of the war is quite complicit dumb explicit. if the u.s. goes over the fiscal cliff, the jump in taxes woul likely quickly push the u.s. economy into a recession and there is nothing the fed cado to prevent that from happening. gei: it seems to have unloaded everytng they have, the economy has to come back on its own now. >> they can do with the bank of japan is now supposedly considering, r

federal reserve chairman ben bernanke. he warned the imminent fiscal cliff poses a stashlg threat to the nation's economy and does say cooperation to resolve budget worries could boost u.s. growth. >> the realization of all of the automatic tax increases and spending cuts that make up the fiscal cliff ab isn't offsetting changes would pose a substantial threat to the recovery. >> the central bank chief urged the government and congressional leaders to take prompt action. president obama is negotiating for a resolution with republicans but bernanke says delays in reaching an agreement would raise uncertainty over the u.s. economic outlook. he added avoiding a fiscal cliff is essential for the american economy. bernanke says a plan for resolving the nation's longer term budgetary issues without harming recovery could make 2013 a very good year for americans. japan's trade balance for october sank into the red for a fourth straight month. exports plunged due to a slowdown in the global economy and tensions over disputed islan

which has been so important to this housing bounce that the government and ben bernanke you're trying to create and they're now in trouble or may need assistance you know you know what's who's going to come in sweep up and take over their role if they can't do it any longer so so that worries me and i think what people really don't understand is the fact that we are absolutely what we've been doing since the bust is we're doing the same thing it's basically zero down payment subprime housing market and then the other side of it is just a lot of investors that have been coming in and buying to rent but if which was one of the first players to come into this is actually trying to sell their properties because their returns from buy to rent. i've actually been very disappointing so i think we're sort of at the tail end of this balance and i also think that generationally speaking i think you're going to have parents parents and their children and their grandchildren live under one roof would be more common here and that will hurt the market we've seen some reports of boomerang parents to