latest newsletter is called tipping point and he ends along this line these are his words these are bill gross his words about whether or not you should flee his fund. yele this ship's going to make it to port said pimco in pimco co-captains willing mr gross roe adding have a cocktail tell the band to stop playing dirge is because you're going to be just fine with them go at home and the band was laid on did you. grab yourself a lifeboat get get out of that sinking ship. well of course he's writing that now and june fourth he sent out a tweet and he wrote then keep smile and thirty years of bon bull markets have raised returns and spirits now there are doubts we're sticking with bonds as long as the fed does what's wrong with this guy he seems well you know he wrote six months ago in a moment of clarity he was buying gold and then i think he wishes you know inside every bond ball there's a gold bug striving to get out bill and go if he were really on top of things see what immediately liquidate everything and move into a hundred percent going well he also did back in april remember he did say

latest newsletter is called tipping point and he ends along this line these are his words these are bill gross his words about whether or not you should flee his fund. yeah well this ship's going to make it to port said pimco and pimco co-captains willing mr gross wrote adding have a cocktail tell the band to stop playing dirge is because you're going to be just fine with him go at home and the band is laid on did you. grab yourself a lifeboat get get out of that sinking ship. well of course he's writing that now and june fourth he sent out a tweet and he wrote then keep smile and thirty years of bon bull markets have raised returns and spirits now there are doubts we're sticking with bonds as long as the fed does what's wrong with this guy he seems well you know he wrote six months ago in a moment of clarity he was buying gold and then i think he wishes you know inside every bond ball there's a gold bug striving to get out bill and go if he were really on top of things see what immediately liquidate everything and move into a hundred percent well he also did back in april remember he did say

out front tonight, bill gross, he's the manager of the world's biggest mutual fund and the founder of pimco. bill, really good to see you. the white house just came out and reacted to the news from detroit. spokesperson for the president telling cnn, i'll quote him, the president and members of the president's senior team continue to closely monitor the situation in detroit. why does this bankruptcy matter? >> well, i think it matters for the country. motown, to use a frayphrase, tot is no town. it's a city in bankruptcy because of mismanagement of local fishes, but i think in part, because of circumstances beyond their control, because of globalization and technological innovation and the vulnerability of our country, of the united states. not just detroit or michigan, to adapt to those changing circumstances. you know, the u.s. is not the industrial giant it once was. detroit was the focal point of that industrialization. it's not the same giant as it once was. the inability of the country to adapt is really the problem going forward. >> when people look at detroit, they say, all ri

bill gross is ceo of >> and bill grosbill gross is cf idealab.ts and companies since he was a kid. he is now tackling immobile advertising to make ads that are more useful. >> he is a ideal man. since 1996 he started over 100 companies. >> i love starting companies. i built a company and i grew it and not potentially sold it. >> i sold it for $4 and i sold 10,000 of them that help me get my way through college. >> right now, it pays for some of the operation on the internet. >> the focus is on mobile. with a new platform. >> this will make people so much happier with advertising because it will change its. >> that means that you actually may want to interact with it. this app lets you use your phones compass to point you in on the right direction. it will even count your steps and getting there. >> there are still opportunities for a billboard's when you want a company to know about your company. to have affected advertisement this will be a way to do it. >> if you want to see my entire interview with bill gross. just go to the website. >> fifth

lou: somebody forgot to tell bill gross about that.ently was not aware of that shift that everyone knew about. inequities' itself driving part of thisdvan cerinly has been the housing market. now we are hearing talk about deductions for mortgage interest beingcaled back or eliminated altogether. we are hearing a number of possible obstacles to further continued high performance by the using sector. your thoughts? >> i would not hold my breath waiting for any scaling back of the mogage business deduction. i don't think that's going to be in the cards any time since. homebuyers can go ahead and purchase. that will be there for some time. i'm pretty bullish on the u.s. housing market. perhaps not as quite as bullish as some of the blue chip analysts i join in terms of the hoing stocks numbers this year and next year, but still a bullish outlook on the housing market. it will be a key driver of u.s. economic growth for several years to come. unexpectedly falling out from the market and all. lou: think you very much. we appreciate you being

the averages, since the beginning of the year, this is quite a remarkable time, i am listening to bill grossare talking like they ran a big bond fund. they are talking their book getting away with it on some networks like say cnbc, why isn't anybody calls nonsense? >> some are, but i think there is a huge amount of the market that likes the fed doing this they are part of the governmt being bigge and corporate sector being bigger, it is small sinesses that have trouble. i think it has been a drag on growth. the question that i hard to answer circumstance what would have happed -- ansr is, what would have happened if they had not done this, if fed did not take credit and focus on governnt we would have had more jobs, stock market would have been higher. lou: do you think that president will say something new tomorrow when he talks about jobs, and the economy? >> i hope so, and you know, almost of day a cross my fingers think he might triage late, a way to go forward, give people new ideas, think how remarkable if he said one ofhe ways to get jobs is having small businesses get more confident.

liz: bill gross's pimco total return fund suffered record outflows in june. the fund so you a net outflow of $10 billion, wiping out the 3.45 billion it saw from january through april. david: the twins known for battling mark zuckerberg for the facebook ipo for the trust. this trust is exchange traded fund solely tracking bit coins with $20 million worth of shares. stay with us after the bell starts right now. liz: is it me or anybody else out there wrapping their mind around bitcoin? david: despite the queries about it is up and up they are moving forward at least today. liz: let's move forward. paul deet strict, he says, don't change youred's anticipated mov. larry shoafer in the pits of the cme. larry, we were talking with traders in the last hour. they were saying a compilation of bunch of issues from egypt to bill dudley from the new york fed starting to make comments. what did you see and why do you think it happened? >> liz, i think what you said hit the nail on the head. some of it is weak hands right now. we have a lost things coming up especially du

bill gross thinks the fed won't tighten monetary policy million 2016 at the earliest. >>> meantime if you smoke, you may be getting paid less than your colleagues. reports on the practical reserve bank out of atlanta says smokers get paid almost 20% less than nonsmokers. there is still hope the study says there is evidence of people who quit smoking earn higher wages than those that never smoked at all. larger screened iphones and ipads pay be on the way. apple and its suppliers are in the process of testing the screens. paper says that it is not clear if the products will ever make it to market. p they do it is unlikely to be in the next version. coming out soon. >> 15:17. more rain is expected to be in western arizona. polling weekend flash floods. several inches of heavy rain flooded a wide part of the state leading to this dramatic rescue. a man got stranded on a hill after managing to escape the rushing waters near his house. he was picked up by a helicopter and flown to safety. it was only one of several emergency rescues over the weekend. severe weather is also hounding las veg

bill gross of pemco has been tweeting for a while that if you want to go long looking for yields to fall, the five-year sector is the place. maybe his location isn't where it ought to be. i don't know where he is or isn't in. but his concept of the yield curve was definitely correct. there was too much flattening. five years moved the same amount of basis points in the last quarter as the 10s. we're normalizing that a little bit. the five-year is about six basis points away. >> thanks, rick. we're going to talk about whether or not we're giving the fed too much credit in terms of its market-moving abilities. but let's get the update on what's happening. commodity got oil trading but moving high. >> very different reactions to the weaker dollar today. we did see imex crude top $107 a barrel, but it stalled out there and really sold off hard. in fact, what we have seen in the last couple days with the big move up at the front of the curve, we're really flattening today. that's where the selling was taking place. the september-october contract less so when you look out towards december. gol

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story this morning in the journal about how four of the biggest bond monday managers plug pimco's bill gross had really bad quarters as the rates rose. nod good for them or the share holders in those fun. let's go up town to nasdaq where seema mody is following that. >> a lot of individual movers catching wall street. take a look at india's second largest i.t. firms. after two years of disappointing results, the company beating street expectations and the company does derive a significant amount of revenue from north america so the pickup in the u.s. economy has been a big plus for outsourcing firms. web m.d., its turnaround strategy seems to be looking, consensus shares at an 128-month high and speaking of highs, three tech stocks that are at new highs. netflix, prideline, amazon, amazon shares at a record high, up about 15 misover the last six months, and that's one of the reasons we've seen the nasdaq outperform. if you take a look at the year-to-date performance, nasdaq is outperforming the dow and the s&p 500. tyler. >> seema, thank you. >> gold on pace for its largest weekly gain since

you even have bill gross, pim coy, the world's largest bond fund manager saying one to two month performance0-year history. you've seen this tweet, right? pimco marchs on a long-term path. where are we and where do we go from here? >> i agree with that philosophy in general. most bond investors and institutions are judged on a long time horse son. they're saving for retirement. they're trying to resieve positive returns. the long aol time warner horizon is very important thing to keep in mind. one other thing -- lori: sorry to interrupt you guy, hi, on consumer level if you're taking out a mortgage, this is tricky time to time it out properly. if you're seeing huge swings in interest rate moves, where will it stablize? can you answer that question using the 10-year benchmark? >> we're looking the 10-year treasury to end 2013 between 2.50, 2. off which is not that much different than where it is today -- 2.60. 2014 in the mid 2.70s area. inflation remains quite depressed. eventually the fundamentals will take over what is technically driven back up. lori: are you on board with goldman saks fo

bill gross snapped up more u.s.nity, the biggest bond fund increases its holdings of treasuries and mortgages many june. the month also marked the fund's worst performance since the financial crisis was down 2.5%. a record $9.6 billion from the fund in june, reducing its assets to around 268 billion according to morning star. dan greenhouse is with us. i had a guest on earlier, michael gallagher, the upper range for treasury yields, we don't have weak data which means the fed postpones tapering. if we're in -- going up towards the 3% range, in ten-year treasury yields in the autumn, what implications for stock investors? >> listen, two things. one, everybody on the treat is good at extrapolating recent trends. and ten-year treasuries might end the year 3%, i don't think so. increasingly more and more people see that as the case. now, that said, this idea that somehow higher yields are a threat to stock prices, current levels, is something that not only do i disagree with, but earth disagrees with you, reality disagr

if you listen to bill gross and a lot of the fed presidents, they basically said if you look at the economicave been misinterpreted, and certainly they have got stronger economic growth, but you got fairly weak economic growth out of housing and auto, so he's going to continue with -- he's going to continue with qe. but my point is the second part of that is that qe has provided a self-sustaining legacy, if you like, it is the gift that keeps on giving. because the banks' balance sheets have been expanded by $2 trillion. and even when qe disappears, you got this self-sustaining lending that from the banks is on their balance sheets now. as long as you get housing, autos, the engine of growth, continuing, you're going to see -- >> you agree with that, john? >> i do. i think the market has totally overreacted to what bernanke said and, you know, over the last week to ten days you've seen many, many top fed officials out there saying no, guys, wait a minute here, we're not in any hurry to raise rates certainly and tapering might be, you know, it is still -- i agree that markets definitely overr

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gross billings were up only 4% in the first quarter year over year. growth was up less than 8%. you know, that's not -- that's not a good number for a company like groupon. if this were a mature company paying a nice dividend yield, maybe the numbers would cut it. but for a young, technology, growth company, those numbers are not acceptable. especially when you look at the valuation. it trades at 30 times 2014 projected earnings, 30 times cash flow. so i would not be paying that kind of valuation for the kind of performance groupon has been putting in. >> so are you a seller? >> i'm not sure if i'm a seller right here. i'm kind of ambivalent. i just wouldn't touch it right here. >> carter, what does the chart look like to you? >> the chart looks like it has the bear's traps. look at it. here's the thing that comes out, ipo at 30. the first day is your best day, plunges, and not good. what's been happening is we've been basically steadily moving higher. the stock at 8.65 now and has the hall mashes of a bearish-to-bullish reversal. it was abandoned and

to draw attention to the domestic spying operations which mattie say are in gross violation of the fourth amendment of the bill of rights that's the one that protest american citizens against protects rather american citizens against illegal searches and seizures the organizer of the new york rally it's oncle alice has government surveillance is undermining the country's legal values it is necessary for surveillance to occur however the problem with the way that it's being done now is that it is fully unconstitutional and i would say that many feel that way the fourth amendment says the government can search and seize any information without a warrant and all those warrants can be issued through the eyes and that's act they're usually done after the fact after the search has been done and they've had a almost one hundred percent for over three of these farms after the fact we hope to be able to make those programs constitutional by explicitly prohibiting surveillance of americans without warrants backed by probably probable cause. up next we'll look at whether the battle to tackle intolerance against muslims n

. >> bill: you don't think bringing in hip bows and lions permissive i know you are a libertarian. >> that's grossess that's not the same as legal sex work. >> bill: it's permissiveness. anything sex and violence goes in public and we don't care. the reason did i this research anyway is for killing jesus. what was happening in rome directly affected the nazarene, directly. you will see that in the book that comes out in september nice plug for me. the devaluation of the currency came because the roman emperors had to get more and more money and tax the peasants more and more to expand their government and to live lavishly and to waste the money they did, correct? >> at first they just stole money from the countries they con are dod. when they ran out of that they couldn't go into debt like we are. they didn't have a fed printing money. they said okay, next year there is less silver in the currency and went to 95% silver to less than 1% silver. >> bill: do you think we are going to collapse as a nation if we continue on this libertarian bent that you love and embrace. >> the libertarian bent. your

bill: we just received a snapshot of the economy. is this a good number or bad number when it comes to gross domestic product, stuart. >> frankly bill, it is a rotten number. you see on your screens the rate of growth in the american economy in march through june period, 1.7%. that is not good. the big news they revised downward for the rate of growth from the january through march period, only 1.1%. that is a very, very weak rate of growth. four years after the end of the recession we should be growing, 4, 5, 6%. we're not. bill: it is brussels, brother. see you at 9:20, fbn. stuart varney. >> very good. bill: talk to you soon. heather. >> bill, meanwhile a look of united front from the republican party on defunding obamacare baffling conservative radio show host rush limbaugh. rush went "on the record" with greta last night. >> i always thought as republicans we oppose democrats. we wanted to beat them. i don't see that. i don't see any pushback against anything obama wants to do. the pushback is against the tea party. the push back is against conservatives. it's, it's a stunning thing. the republican party has decided that capitul

. >> if this bill were to pass, wages would be -- go down, unemployment would go up, and the gross domesticer capita would be down for 25 years. it's a hammer blow to american families. >> most estimates say the senate bill will add 30 million immigrants to the workforce the next decade or so. that assertion that more latinos working bad got slammed by odd couple today. rahm immanuel and well known conservative activist grover norquist of the no new taxes fame both backed comprehensive reform. >> immigration is what makes us the future, europe. not china, and -- do it better, smarter and get back on track to where we have historically been in the city of chicago, true 50% business by immigrants. that's why i have always said you cannot be pro-small business and be an it at this immigrant. >> well, if the house can pass an immigration bill, it's even start until after lash day. then it will have to be matched up with the senate bill and compromise that the president. if that doesn't happen this year. prots speculation in worse shape in 2014. with the election next year lawmakers are not like

. >> if this bill were to pass, wages would go down. unemployment would go up. and the gross domestic product per capita would be down for 25 years. it's a hammer blow to american families. >> the charge that more hispanics in the workplace might actually be bad for the economy overall drew a bipartisan reduke from rahm emanuel and grover norquist best known for the no new taxes pledge. >> immigration is what makes us the future, not europe, not japan, not china. and we do it better, smarter and get back on track to where we've historically been. >> in the city of chicago, about 50% of all new business applications are by immigrants. and that's why i've always said you cannot be pro small business and be anti-immigrant. >> the clock is ticking and the odds are getting longer that the house will have a real difficult time passing immigration bill. first they have to work out the differences if they get it passed in the house, they have to work out the differences with the senate and then get something to the flad can actually be signed. the crunch is because get an agreement w

grossing revenue here. home depot is located in the nation's capital and also doing very well. >> reporter: it's not law yet. the d.c. mayor has to sign the bill, and it has to go through a review period. the supports of walmart's presence have time left to lobby the mayor to veto the bill. >> i'll lobby to definitely veto this bill. >> you never should hit one part of the business community against the other. >> reporter: other cities including san francisco and santa fe have approved across the bored bin mapproved minimum hikes. >>> on a record day in the markets, stellar gains by individual stocks to tell you about in tonight's market focus. we begin with disney. it was a dow leader as a jp morgan note called investor's attention to the outlook to the tv and parks divisions calling them atrakttive. shares gained more than 2.5% closing at $66.58 and the stock is up more than 34%. amazon broke through the $300 barrier for the first time ever after an e commerce data forum reported sales jumped in june. amazon shares closed just below 300 gaining 2.5%. >>> micro devices led the s&p gainers. chips going to be use in gaming consoles for microsof

bill: not compared to football. >> no, not compared to football. when you see them, a lot of them are really gross. s happen a lot in baseball. when they do -- never mind. >> bill: enough, enough. okay. here we go. it is 13 minutes now after the hour. big political season with liz cheney taking on mike enzi out in wyoming. we talked about a couple of big governor's races. one of them, of course, maybe the ones getting most attention right now at any rate in virginia and joining us from richmond virginia, on the road and the virginia governor's race, alexander burns is senior reporter for politico. hey, alexander good to talk to you this morning. >> hi, bill. thanks for having me. >> bill: how are things down there in the capital? >> i'm on my way. not on the ground yet. >> bill: were you at the debate last week by the way? >> i wasn't. my colleague -- another colleague of mine got to go to that junket. >> bill: that was at the homestead resort, i guess. you had to have a special -- >> pretty fishy as these things go. >> bill: before we get to virginia, out in wyoming it doesn't look like liz cheney'

. >> if this bill were to pass, wages would go down, unemployment would go up and the gross domestic product per capita would be down for 25 years. it's a hammer blow to american families. this is a hammer blow to working families. >> tough opposition to what passed in the senate. now all the focus are on the house of representatives where things are moving very slowly. it's two weeks until the august recess. there's virtually no way that the house of representatives is going to pass legislation before congress goes on vacation for the entire month of august. following that it's on to budget and fiscal matters with looming deadlines that will have to be dealt with while they try to craft legislation. if it's going to get done this year, it's likely at the very last minute and that has members of both parties and the public very concerned. jon: and everyone i heard suggests it's not going to get passioned in an election year. >> and everybody recognizes that. if it doesn't get done at the last hour of the holidays in this calendar year, next year will be virtually impossible to get at

bill or any similar version. the question is are we going to unshackle the opportunity to positively affect the economy of the country grow the country's grossestic product create jobs increase prosperity, and take those dreamers to help fuel our competitiveness globally. greater security in our country and at the same time preserve our history the greatest experiment in the history of mankind which is the diversity of the country that exists today. that's what the republicans have to decide on. >> michael: and it's an experiment that clearly thus far worked. senator, i want to switch gears with you. i want to talk about egypt. the situation is still volatile. egypt receives $1.5 billion in aid. you recommended that the government pull those funds. why? >> what i said is pause to use our funds in are a way that ultimately have us see the result that we want. what do we want to see? we want to see a quick transition to a civilian government. we want to see an inclusive civilian government in egypt because egypt's challenges cannot be overcome by simply one element of egyptian society ruling in an absolute. there are deep-seeded economic issue

bill is in trouble. i regret it. because i think the true conservative position on immigration reform, here's legislation that improves the grossoduct. it reduces the deficit. it creates jobs. more social security rolls. it's a path to legalization that takes 13 years. there's a lot of steps that need to be taken. employer sanctions. i was a border governor, illegal immigration has gone down. it's gone down. the border fence that has been created, it's not going to do much. but if it gets some republican votes, it makes sense. my view is the congress is totally dysfunctional. it's not just immigration. it's the farm bill. it's nominations. it's the national labor relation board. consumer bills. the farm bill, an example. no food stamps for poor people. and what we have is subsidies for the big farmers. i hope there's a filibuster change. i think the nuclear option needs to be exercised. even though i served 15 years in the house for this, i don't go for this. i i think the american people want change. and a real change could happen, if there's filibuster reform. there could be a stop ablg to some of these huge blockages of majo

i am bill o'reilly, please remember, the spin stops here, we are definitely looking out for you. >> good morning. it is july 31st. an explosive new report exposes grossisconduct by ta agents sleeping and stealing while on the job and they are putting your safety at risk. the president announces his latest plan to jump start the economy. >> how about a grand bargain for middle class. >> republicans are saying no deal at all. >> it is d-day for mlb. several players about to be suspended the biggest bombshell reports that a rod could be banned for life. fox and friends first starts right now. ♪ >> you are watching fox and friends first wednesday morning i am ainsley earhardt. >> i am heather nauert. thank you for starting your day with us. there's a brand new report that shows a drastic surge in the number of tsa agents who are not doing their jobs. listen to this. they are even breaking the law. a gao report shows there's a 26 percent increase in the number of agents who are accused of wrong doing between 2010 and 2012. that number rising between 2700 to more than 3400. 20 percent of the cases involve, listen to this. workers falling asleep or failing

the sequestration to proceed with a bill that and build therica infrastructure and create jobs and to do so in a way that builds community. the middle-class and gross american jobs. oftinguished leaderships this republican party says they want regular order and they have respect for their committees. the agriculture committee and a -- in a bipartisan way passed a bill out of the committee. i do not like the bill. butuld not have written it, republicans had the leadership. democrats are cooperated -- democrats cooperated. a bill came in a committee -- a bill came out of committee. bill ifld respect the it was taken up on the floor. the bill would have here bears bill thatance to the came out of committee. actions of the republican leadership have been disrespectful to the committee presses. do not hand us the regular order or -- argument. off thecity to split nutrition parts of this bill is so stunning, it would be theking except it is one of worst things. stiff copper a dish or for honor, i cannot say that. if you prevent a bill from going for that addresses our food banks and nutrition needs for our country, what are you thinking? are you thinking

bill, we can, too. follow the money. bringing 11 million people out of the shadows would increase our gross domestic product by $832 billion over 10 years. follow the money, the c.b.o. calculates that the senate bill will cut the deficit by $197 billion over 10 years. what is not to like about that? the plan that passed the senate would strengthen our borders, crack down on employers who knowingly hire undocumented workers, and let those who want to earn their citizenship do just that. mr. speaker, if the senate can do it, we can do it, too. i yield back. the speaker pro tempore: for what purpose does the gentlelady from hawaii seek recognition? ms. hanabusa: unanimous consent to address the house for one minute. the speaker pro tempore: without objection, the gentlelady from hawaii is recognized. ms. hanabusa: thank you, mr. speaker. mr. speaker, i'm certain doing this past district workweek you were asked as i was, about what the student loans? what people were asking is what are you doing in congress about the rates that are going to double on july 1? let's review what we know, mr. speaker. we know there are 7.4 million

gross domestic product. it is prompted this will increase g.d.p. by $1.4 trillion by 20 3. while not perfect the senate immigration bill is an important bipartisan compromise to address what is currently a broken system. i came to washington to work across the aisle and find commonsense solutions just like this furthermore the fact that this bill would reduce the federal deficit and grow the economy should be something we can all agrow on. i urge my colleagues to support passing the senate's bipartisan comprehensive immigration reform bill and yield the balance of my time. mr. cardenas: thank you very much, congressman murphy. i think it's important for us to understand every state has its unique difference but we are one nation and will benefit from comp rehinsive immigration reform. i'd like to invite to peek and yield time congressman veasey -- veasey of texas. mr. veasey: i would like to thank the gentleman from california for hosting this special hour on a very important topic, immigration reform. recently i previewed the dream is now in fort worth, and representative castor came to fort worth to join me on that.