bernanke for thank you, ben bernanke, for appearing again. i trust this will not be last visit. i believe our country has service. not just the service itself, but the way you have conducted yourself in a time of great turmoil. i am hopeful that you will be back. i would like to, for just a moment like you to visit with us about the issue of certainty and uncertainty. uncertainty, confidence, optimism, because while you may do lot of things if consumer confidence for producers don't have confidence that could have a significant impact on long-term growth. confidence is important to growth and i read through your paper, by the way and i'm excited about the things you have said but i didn't get enough on the question of confidence. would you please elaborate a bit? >> it is quite true that business confidence, home builder confidence, consumer confidence have very important, good policies promote confidence, the fed policy, and congressional policy, we create a framework, we understand what is happening and believe they have confidence that the basics of economic stability will be

we'll give bernanke the benefit of the doubt. there is a lot of risk from the exit of quantitative easing but as we see descent signs of housing, honors, higher taxes, europe stabilizing somewhat, you know, we're over weight equities and over weight u.s. equities. we're riding along, but we're staying nimble enough if we get closer to september and things don't look so pretty, we can pull back at least on a temporary basis. >> a lot of good information. thank you so much for coming on the program. >> thank you. >> chief investment office. >>> we all know that paying for college is not cheap, but student loan debt just crossed a new threshold. total outstanding federal student loan debt has now topped $1 trillion, that according to the government's consumer financial protection burro and that's more than the total outstanding debt on credit cards and car loans. when you add in private loans thanks total debt tops $1.2 trillion. >>> looking at housing news today, applications for new mortgages and refinances fell again last week do

bernanke didn't say anything new. but you know what, a lot of people seem to think there was something new here, the dow went up almost 200 points. highly accommodated? yes, it's a psychological effect but it's a big one. tapering could still occur. the fed is going to keep interest rates near zero for a long, long time. emerging markets, cyclical, intrastate move to the upside. steady all day and a nice move up late in the day. a lot of that move was through the technology stocks. take a look at the big leaders, microsoft with that organization, all of these stocks moving to the upside. big day for cyclicals. commodity stocks. they've had a terrible second quarter overall. we've seen big moves in gold, copper, and silver. housing-related stocking, interest rate groups did good as well. mr. bernanke calmed fears of raising interest rates. finally, i want to point out, emerging markets have been the biggest debacle. turkey, peru, thailand, these are exchange-traded funds down 20% in the second quarter. this is their be

guys parsing syllables out of bernanke's mouth -- we had a 6% dip because bernanke left two words out of his talk in june. quite frankly, the guys that are making money this year looked at that and said wait a minute, you're telling me i can own this stock 10% lower this one, this one 4% lower and they came in and bought. >> nobody says that he's misspeaking and it's going to lead to a 2008. they're saying what's going to happen is exactly what happened before -- >> where does the 7% target come from? is that the fomc or bernanke's in your opinion? the 7% unemployment target? i read the merrill note where they said bernanke is going rogue and speaking for himself. do you really think that his -- when dudley comes out, when yellin comes out that they are saying something very different or is it just slight differences that the press is exacerbating? >> i think definitely the press is exacerbating the situation, but i also think that when you're talking with somebody like dudley, he understands the flows in the market. he understands how the banks and the corporations and individuals tr

then ben bernanke came on. now they're getting to feel the same way about ben bernanke. these were all three terrific fed chairs, but the point is the world doesn't actually end when the fed chairmanship turns over. >> i actually think there's something to be said for term limits for fed chairmen which don't exist. but if you look at the european central bank and the bank england they have eight-year terms. >> charlie: you can't serve more than eight years. >> yes. i think one of the best things that bernanke... we'll see if he actually walks away. but if he walks away i think it will be a very positive development for the institution to put it on a path where you don't expect the whole place to rest on the shoulders of one person, that you have regular cycles of people. >> that was one of his goals coming in was to depersonalize the fed. to sort of get away from the maestro mentality that it was a singling person, chairman doing everything to build up the institution. so you thought about fed policy as opposed to the policy of the chairman. one thing i would say is that

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bernanke calmed the fears of rising rates. lock at 7, 8% movers up across the board and hope builders. emerging markets. just a disaster for the second quarter. that's the only way to put it. many down like turkey and philippines. today all of them making a come back. less fears out of companies as the low interest rates scenario is going to continue. sell into earnings season. banks report tomorrow. j.p. morgan and little less flatter yield. i think is lz causing people to lighten up. >> more flat -- >> yes, sorry about that. i mangled that one. >> your english taeeacher is on line two for you. >>> in today's action, jany montgomery scott, damon barglow, danny hughs, rick san telltelli course. and we will hold your feet to the fire, my friend. back in march, you made a shocking market call at that time. listen. >> actually under a scenario analysis, as we painted 30% probability over t-1680 on the s&p 500. >> where do you see 1680? >> by the end of the year. >> and you could hear crickets chirp when you made that forecast at

what do you expect to hear from bernanke? >> you know, i have no idea what ben bernanke's going to say, and i'm not sure he'll get into the granular issues that traders are most interested in. but i think it's very fascinating that as you look at the intraday chart of 10s, wire now at 2.68. we got down closer to 2.60. this will be the second-highest yield close in close to two years, and next to the 2.74 level. if you look at the s&p, boy, it had its brief moment, but it made sense. stock players wanted to find something to buy on. treasury traders that have been long and getting hurt, wanted to find some reason to bring rates down. but in the end, you're right. the 10-year is still calling the shots. but there's one more chart here. and this is the one i find most interesting. it's just after tax profits, okay, by companies, for about 10 years. you see how it's basically at record levels? okay. one hand, we have the fed, and basically what the minutes said is, listen, we have to wait for bigger confirmation that the economy

i think the -- bernanke's dovish. he's on the side of the committee that wants to maybe just wait and see, perhaps want to see a little bit more labor market momentum, particularly before he wants to press the button on tapering, but i think ultimately the majority is going to rule and i think that whilst in his individual speeches he'll be more dovish than the fed statement, for example, i think generally you got to go with that fed statement more. the other issue to point out, and which perhaps doesn't get discussed much is what was the reason for qe 3 in the first place. a big part of the reason why they went ahead with qe 3 is perhaps because of the political deadlock in washington. the fiscal cliff risk, right? and so that's been dramatically reduced with sequestration and so on. that fiscal risk, you know, long-term fiscal risk for the u.s., still needs to be resolved, but nowhere as big a risk anymore. i think that's a big factor here that needs to be considered, and that's why i still think tapering in septemb

bernanke, and maybe more fireworks than usual. this is likely to be the last testimony in front of the house, and maybe he is more blunt than the criticism of the government, that branch of the government than in the past saying that we need more action on the fiscal front. so that the traders believe maybe more room for the fireworks than some people were anticipating here, and obviously, he wants the 10-year yield below 2.6%. >>> moving on, the june housing starts were, my heavens 100,000 below estimates and that is a miss. look tat the screen lighting up. and higher rates are hurting things, kaup down. this is the reason i'm not worried about it. look at the numbers, most of the decline in the multifamily area, and we know it is a volatile space. calm down. number point one. and point two, single-family permits and look at them rising to the highest level since 2008, and that what i care about, the single-family numbers and not showing declines at all. and the sentiment numbers, did you see them from the nahb? the highest in se

the price action was what ben bernanke wanted, a big nothing. he wants to take volatility out of the market and take action away from the market. think is the action he was looking for. i didn't know when the fed decided trade to market but they put the market on both sides of nowhere. there is no action and no volatility. they are up against upper levels. near the top, we're five points from the s&p on print high we made on may 22nd. david: let me go to lee now. very briefly because we're getting reports of some earnings coming out. a lot of investors think we topped out at this level. they're ready to hit the cell button. why would you say stop, don't do it yet? >> when you look at the trim of interest rate environment the reason interest rates -- david: lee, i'm sorry. we're getting word the numbers are out. let's go to the intel numbers first of all. we have actually right on the money in terms of earnings per share, 39 cents. a little low on the revenue. 12.8 billion. the estimates were for 12.9 billion. we see the stock getting hit a littl

testimony so this was in the day before bernanke you testified or the day of actually bet ben bernanke you testifying to congress and and then to the sun up west texas intermediate drought for a second day. as the dollar gained before federal reserve chairman ben s. bernanke testified to congress undermining the appeal of commodities as a protection against inflation so people are investors in this oil market we're thinking that he's going to reduce inflation stop printing paper and therefore oil was not the place to be it's not taped her it's a tape worm this guy bernanke is a parasite and when he lets the quantitative easing into the system it's like drinking a nine gallon drum of pepto bismo or something it's meant to enough the thais the pain of being involved in an economy that's run by charlatans and parasites if you drink enough pepto biz ball which is quantitative easing like a little pink slime member pink slime they outlawed pink slime they should outlaw quantitative reading for the same reason it's a simulation it's a simulation for an economic policy but it's not actually s

bernanke said listen.the stock, not the flows that count so the stock will still be there, but the tapering will begin and longer term, still very dovish bernanke speak and interest is going to stay low and near term, you're right, he'll get his way and we'll start tapering. >> i want to ask you about this because the economy is coming in very poorly and, i don't know, people talk about this great second half comeback, i frankly don't see it. i would like to see it and i acknowledge jobs have gotten better and consumer spending hasn't gotten better, in fact, maybe got ebb worse so how do you see this? >> i actually agree with you and jimmy on the near-term risks and the federal is continually has had to mark down their forecast for precisely the reasons jimmy mentioned. that said i very much didn't hear ben bernanke, like you and i heard different speeches, larry. i very much heard ben bernanke saying we're going to be driven by the data. the quote you played to open the segment was exactly that. i really

. >>> bernanke speaks and investors listening. the economy could use his help and the comments could make a difference. >> mega deals get done, we'll take you there and tell you what is being discussed by media and technology. >> back to school, yes, it's july and yes, retailers are starting their sales on notebooks and pens and with good reason. we have that and more tonight on "nightly business report" for wednesday, july 10th. >>> good evening everyone. a very busy news day, especially late in the day. if you thought the market's fascination with the federal reserve and chairman ben bernanke was over, you thought wrong. tonight speaking to economists in massachusetts he says the economy still needs help and the data show the feds current accommodative policy is needed for the foreseeable feature. on that news, bonds and sock futures rose and the dollar fell and the market twitched slightlierlier in the day when the fed released minutes from the june meeting. those records show a much more sharply divided fed than previously tho

index is declining declining declining and a lot of it has to do by the way with whether or not ben bernanke he is going to continue to print money and reduce volatility in their minds or not investors appear to be fearless as witnessed by the new equity market records in the s. and p. five hundred and dow jones industrial average investors likely are in continued risk on mode due to unchanged fed policy as outlined by chairman bernanke so as long as the fed continues to waffle over q e and went to taper off of q.e. the vix index the vix e.t.s. will likely continue to crash as any fed easing is better than fear well this is all very interesting because as you know our friend misfires time he he's written extensively about the vix because the vix index is manipulated down it's not a free floating index and the along with every other market whether it's the forex market or the. library market or the energy markets the vix trading is purely manipulated so in a way it's the government through their open market committee monetary committee buying vix contracts to manipulate the price is in a sens

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

bernanke said. >> probably a dovish bent to bernanke in that he's saying fed policy is not on a pre-set course. most of the economists who commented on this say they think the fed is on track to tapener september but a big issue is how much fiscal policy drags on the economy. bernanke came back to that several times. here's what he said in his prepared testimony. >> the risk remains that tight fiscal policy will restrain economic growth over the next few quarters by more than we currently expect or that the debate concerning other fiscal policy issues such as the status of the debt ceiling will evolve in a way that could hamper the recovery. >> a lot of talk about that and what would happen or could happen to the economy if the congress does not raise the debt ceiling in september or later this -- or later in the fall. a lot of questions about fannie mae and freddie mac. there are some bills in congress. also questions about banking and banking reform. he was also asked about interest rates and higher interest rates and what the potential sources of those whether were and whether or not

the fed chief ben bernanke is on capitol hill today speaking in about ten minutes, and he released ant earlier. >> the pre-- his remarks have already been released and what they do show is the fed will continue to keep the stimulus flowing for now before starting to scale it back. that is keeping stocks a little bit in the green. bernanke also expected to say risks to the economy have gone down since the fall and both the housing and the labor market are improving but that the jobs market is still far from satisfactory. have got to mention his term, by the way, is up at the end of the year, carol,o this will be bernanke's final grill on the hill. >> it rhymes. >> okay. i'm a poet and i know it. >> i didn't know it. thank you, alison. we'll be right back.

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

what did bernanke say yesterday? nothing.hat translated into the gold market language of economic language that said the dollar is too strong to sustain this recovery. if it continues exports will dry up and the only sector we have going for us is automobiles and housing. no manufacturing's jobs were created with the last report the imf or the estimate of u.s. growth. this is what ben bernanke is paying attention to just like your previous guest. liz: but keep focused on gold and tell me if you believe that it will march higher? >> absolutely by would have said the same thing at 15 or 1800 it is much more than the story of $500. i think gold will be the interco part of the reserve currency system for r5 down the road and the west is desperate to keep that from happening. go back to j ray. the central bank of central banks has to say we need liquidity buffers in case 2008 repeats itself. triple b bonds is fine but equity but no gold. white? it acts better than any other asset. said it was to give anybody the idea it could beco

i think bernanke really said nothing new this week. investor are choosing to interpret it in a different light. when we look at this week's move, it was parabolic in nature suggesting high emotion. maybe irrational behavior. what it really means is a reversal back down. i think as quickly as we went up over the last two weeks, coming right back down into a range that range is volatile, speaking about everything that you spoke about, courtney. i think it's likely to resolve at some point this year to the down side. we have so much uncertainty out there. a eurozone crisis that's starting to fester. potential credit crunch in china. here in the u.s. we have rising gas prices. we also have, u.p.s. this morning, shocked investors did not take that preannouncement and guide them more slayers. we've seen the same out of oracle, caterpillar, other big multi-national companies. >> building a wall of worry, abigail. >> amazing. investors are looking past it. only so long the smoke screen of federal bank support can last and hold up markets. at s

many are calling it the bernanke rally. maybe it is, but we're going to show you how it could be simpler than that. gold is on the way up, oil back down. the dollar back up again. >>> and a country that is addicted to debt, we've got a guest with three points on why higher interest rates might actually be good for us. a little counter intuitive study there. by the way, speaking of points, that's what this is called. interactive digital street sign, the signs can move. we'll show you how it works and talk to the people who invented it. i've got breaking news. not to be a debbie downer, radio shack shares, they are getting hammered today. there is a report out right now that radio shack may have hired advisers in preparation for potential bankruptcy filing. again, this is coming from debt wire. so again, one source on the story. take it with a grain of salt, but you can see in the last few moments a big move in radio shack. again, one report they may be hiring advisers to explore a possible bankruptcy. we'll have more as the

bernanke last night talked about tightening. no one said the fed is going to tighten any time for years. we're talking about reducing tapering. did you get anything new out of it? >> not something new but i think he said what he said and i heard almost a month ago now and that was that he is going to be tapering at some point. now, point is not now. everybody tried to get ahead of this thing, brian. i said i bought the xlu on that big dip. i bought home builders again today. lennar, dhi. >> what is the best performing stock in the s&p 500 this week? dr horton. a home builder was the best performing stock. >> i bought them all. >> you're still buying it? >> they are still going higher. people that want to get ahead of bernanke and the fed here are dead wrong as far as at this moment. will they be wrong forever? no. at some point they'll be right, just not right now. >> if the economy is so weak that the fed cannot step away and they're using the market to infuse confidence in the economy, that is a scary proposition and we are no

bernanke said today? pretty much the same thing but my goodness, he said if we raised rates the economy is going to tank. seems like the flexibility is there and the markets should like that, right? >> it doesn't necessarily jive with the beige book comments but that's another story. i don't think he really said anything new here and i think we're getting sort of tired of the going around in circles commentary that we're getting from the federal reserve and their spokesmen. i think the reality when you look at the forest through the trees they have opened up the dialogue about a potential tapering or a change in the mix of their policy tools or whatever you want to call it, prepping the market, tilling the ground, getting us ready for that eventuality but i still think they're going to be around for quite a while. with when you look at dual mandate, inflation is low. unemployment remains stubbornly high. the job numbers are not significant enough of an improvement to knock the rate down anytime soon. i do

>> ramin, we did see the dollar inch higher after bernanke's speech. where do we stand now during tokyo hours? >> some activity in the dollar/yen and the euro/dollar as well. let's look at some of the pairs. the dollar actually rose a touch following the fed chief's words, currently 99.51-56 and the euro/yen right now at 130.58-68, having fallen a touch against the dollar, but holding relatively steady there against the yen. now, more earnings are going to be coming out from the u.s. with tech giants google and microsoft among some of the bigger names and also from the financial side, we got morgan stanley and that's going to be a big focus of course after bank of america came out and showed strong earnings highlighting a little bit of a turnaround in the banking sector in the u.s.. so it's going to be interesting how related sectors here perform today as well. but both the topix and the nikkei trading in the positive. back to you, ai. >> ramin thanks for that update, ramin mellegard from the tokyo stock exchange. >>> tokyo's not the only market open t

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

and the newly installed mark carney at the bank of england they're distancing themselves from bernanke eight because when ben sneezes the entire world convulses not only has a cost of borrowing in the us exploded over the last month but european rates have actually screamed higher at a faster rate and china one of the most important commodity markets in the world and they're in quite the pickle just today the state council announced a major shift in policy after over a decade of building not only potemkin villages but entire potemkin industries they recognize their goose is cooked so that ten percent magical g.d.p. at any cost it's unsustainable think general motors deal. channel stuffing written large oh and by the way i'll be talking tesla with justin underhill on today's daily duel so we're going to walk you through it all today so stay tuned for what's in your prime interest. i . we just celebrated us independent state so let's talk about central bank independence the fed just celebrated its one hundredth birthday it was set up to be a lender of last resort during financial panics

it will be keeping us busy this morning. >> beyond bernanke. >>> in earnings news -- >> beyond bernankee're beyond the birthday. >> yes, we are. >> i would have gone with 21, by the way. >> i want to get back to -- because i read bernanke, i want to get to how my mind works, not that you're interested, but in a second. y united health beating expectations. i read it how he -- he said, you know, we're not locked into an unemployment rate of -- and i thought he was saying, look, if things start going better and we can tell, you know that the economy is going better and at 7% it looks like we need to start pulling back, that's not what he meant. he meant we can get down below 6.5 and it doesn't mean we're going to stop. >> my understanding was i thought -- >> no, no, no. >> trying to raise rates. >> no, he's saying even if we get down to those targets, it still doesn't mean we're stopping. >> he said about 7. about 7 was the phrase. about 7. >> that he starts stopping or wouldn't mean he would stop? i'll read it again. i'll read it again. >> little bit more news and we'll come back in a se

and from bernanke to dell and there is a lot to digest today. stay on top of the winners and the losers. the opening bell is in about four minutes. [ female announcer ] research suggests cell health plays a key role throughout our lives. one a day women's 50+ is a complete multivitamin designed for women's health concerns as we age. it has 7 antioxidants to support cell health. one a day 50+. [ cows moo ] [ sizzling ] more rain... [ thunder rumbles ] ♪ [ male announcer ] when the world moves... futures move first. learn futures from experienced pros with dedicated chats and daily live webinars. and trade with papermoney to test-drive the market. ♪ all on thinkorswim. from td ameritrade. >>> you are watching cnbc "squawk on the street" live from the financial capital of the world and the opening bell is set to ring in less than a minute and a lot of the earnings that we have not gotten to, the verizons and the ebays and the morgan stanleys of the world, but a big story of to day is dell. david, you just got off of the phone, anything new? >> no,

bernanke said that he will no longer be fed chair come fed next year. next time there's one of these testifies to congress. the important question for markets is to what extent can you rely on what mr. bernanke says about what the fed is going to do in 2014 and 2015 when you are no longer certain that he's going to be the man in the hot seat. >> we're going to leave it there. thank you for joining us. >> thank you. >> bernanke has been out reiterating what he has said in the past and the market has rallied based on that. >> done everything right. if getting the market higher is his goal he's succeeded in that. we pushed up towards that 1687 level. we obviously didn't get there today. i'm not going to make a big deal out of today's selloff. you have these moments in time. it ain't staying here. this is one of those things that happens a few times a year. 1680 is not where we're going to grounder for the next week or two. we're going significantly higher or lower. you know where i stand on it. >> gun to the head, bernanke or earnings? >> earnings, absolut

bernanke calming fears of rising interest rates. and emerging markets, we have talked about how thailand, philippines, turkey, down 20% in the second quarter. this is the best day they've had in many, many months. finally, the banks earnings tomorrow. wells fargo and jpmorgan down today. yields curve flattening. and sell into bank earnings is one of the old traits and old play books. it works, happens virtually every quarter. i wasn't surprised to see the modest declines today. guys, record highs. back to you. >> all right, bob. thank you so much. good to see everybody, ben pace, let me kick this off with you. would you put money to work on this record day? >> i think you might want to be cautious here at higher levels, maria, but we are thinking, if this is a price earnings expansion, only matter if they are positive and we have a 12-month target of 1750. not as great of a return when markets were lower. maybe caution now but definitely put money to work in equities. we are seeing a rotation out of bond market now. >> maybe it was

bernanke is on the way out. do they want to take this plate and drop it on whoever the new fed chief is? you taper. >> right. >> that's -- welcome to the job. >> right. >> that will be ugly too. >> this is funny, because on gma, today, they're all talking about this. they're yelling. charlie rose talking about the -- we're the only place you can find this, aren't we? are we nerds? we just got really interested in all that stuff. >> nothing could be more relevant. i wish all of the -- >> i know. what about a chicken kiev, what about a recipe that you can do in eight minutes? >> a little chick en kiev as a metaphor. >> do you producers have to do this? >> no, very structured on "squawk on the street." >> when do markets open? >> 8:30. >> there was a guy out there giving a tour. on wednesdays and fridays, they open at 10:00. on -- >> really? >> on mondays -- yeah, they open at 9:15. >> are we interviewing him? >> yeah. >> yeah. >> let's get to the central bank news. the bank of japan is keeping monetary policy stea

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

the economy has been a victim of misunderstanding of what bernanke said. i think if he had to do again, he would have walked it back. if he had a stock ticker he would have said, let me back up a second and revice my remarks. >> live in real time. with the stock checker. >> i hope that the fed and usually the fed does not, i hope they are not just looking at the stock market and saying, how is the stock market reacting, we have to change our statement. i do think they freaked out a bit as the rates started to go up, as people concluded. people were concluding more than what he thought he was saying. so i think he might have said it different. >> that is the story, the ten-year t-note, it's up in 60 days. >> and the gdp revised downward. gdp was revised down and a lot of questions of unemployment. >> and inflation is still bubkus. >> how is the economy doing? is it justified to see the big move in the ten year? >> not as well as everybody wants, but the economy is growing in real terms. we are addsing 175,000 jobs on average as you well know. it's not what