that is a bold call from republican senator bob corker this afternoon. senator corker, thank you for joining us. why do you believe congress should end the fed's dual mandates specifically with regards to maximizing employment? >> i think we get into situations like we are right now where we become very overly dependent on monetary policy. i actually introduced legislation probably a year and a half or two years ago. a lot of people don't realize that this didn't come into play until 1978 with the humphrey hawkins act. we're one of the few countries of our sophistication that has a fed with a dual mandate. the bank of england does not. the european central bank does not. the germany central bank does not. this is very unusual. i sit in these hearings. what you see is policymakers in washington really leaning on the fed to deal with the economic issues that our country has and what i think it does is take the heat off congress to do the things that congress should be doing. i have been a fan of bernanke during the crisis. i think i have spoken in moderate

plus, we're going to talk more about spending and taxes with senator bob corker. and it doesn't end. congressman tom price is the chairman of the republican policy committee so we're going to find out for him how the issues of the campaign trail play out on capitol hill. we have a busy morning of conversations ahead, but first let's get you caught up on the other business headlines of the morning. julius baer buying bank of america's private bank outside the u.s. the swiss private bank will be paying $882 million. the deal is set to boost assets under management by 40%. kay kelly talked about this story just last week. japan's economy is growing at a slower than expected annualized rate of 1.4% in the second quarter. among the reasons, consumer spending moderated and exports were sluggish. finally, joe mentioned facebook at the top of the hour. shares have lost 40% of their value since the company went public on may 18th. starting on thursday, more than 1.6 billion shares will become eligible to come on the market in a number of ways. so a number of shareholders a

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know he's not the only line of macs that is frustrated at one of my best other plans by senator bob corker. the big area of the universe is a country. in the area finance on the banking committee that is going to be housing finance i think and obviously not much is going to happen this year nothing will happen this year. so here we go nothing's going to happen this year americans are like something needs to have him this year a country i mean economically are not doing so well i mean you have representative charles rangle there saying you know it seems like politics is becoming more important that especially in this election season you know the well being or passing legislation that could help the economy he's making this accusation. that republicans are going to do you everything in their power to just make it seem like president obama is not accomplishing anything what do you think about that idea that's ridiculous political proposition that is putting forward there if you take a more recent history and you look at the one nine hundred ninety s. you had republicans controlling congress i

it's senator bob corker. that's him. >> there he is, bob, himself. >>> on deck, playing the price is right if your portfolio. mitt romney making the case last night. before you decide whether or not to buy what he's selling we'll run a quick fact check on the acceptance speech. >>> the only speech anyone is talking about is clibt eastwood. was it good, bad or ugly? we're back with that. f your goa. today, our financial advisors lead from a new position of strength. together with bank of america, they have access to more resources than ever before. a steadfast commitment to help you achieve your financial goals in life. that's the power of the right advisor. that's merrill lynch. between taking insulin and testing my blood sugar... is this part of your life? freestyle lite test strips? why, are they any... beep! wow, that hardly needs any blood! yeah... and the unique zipwik tab targets the blood and pulls it in. so easy. freestyle lite needs just a third the blood of onetouch ultra. really? yep, which is grea

tennessee got to pick their senate candidate who would run against republican incumbent senator bob corkerot a race to be dog catcher to head up the murfreesboro i don't of weights and measures, but the united states senate in washington, d.c. there was a democratic primary in red, red, red, red tennessee and the guy commonly described as the anti-gay conspiracy theorist won the senate race. america, meet your new democratic u.s. senate nominee, tennessee democrats picked a guy who says he is against the north american union. in case you lay awake nights worrying about the impending merger of america, can -- and mexico into americanamexico. he's against that. he warns that those who dare to disagree with america will find themselves in a russian gulag or one of fema's prison camps. as "mother earth jones" helpfully offers, there are no fema prison camps. this new democratic u.s. senate candidate is also the vice president of a super dooper anti-gay organization with this crazy website. i will save you from the indignity of that. but not only did this anti-gay conspiracy theorist win the de

would you agree as a member of the senate banking committee with your colleague bob corker that as farned, he should approach with humility and the federal mandate of the reserve should be abandoned. >> well, i think yes considering that not only president obama but mr. bernanke have been the stewards of our economy, yes there should be quite a bit of humility. because what we've tried over the last three and a half years to me has been an utter failure. i think that will be one of the major issues of the campaign. i did not hear senator corker's specific comment, but i'm sure it was well reasoned. >> senator, good to have you with us. thanks for taking time. >> good to be with you. >> senator wicker from mississippi. >>> stick around. up next we'll sit down with new york jets owner woody johnson. he'll talk about the message investors can hear from the romney ticket. don't go anywhere. i bought the r because of its efficiency. i bought the car because i could eliminate gas from my budget. i don't spend money on gasoline. it's been 4,000 miles since my last trip to the gas station. it'

bob corker has as on the air that we did. he is running for senate in tennessee. he is talking 4 -- about earned success. he made this dramatic amount of money quickly in the construction business, but it was not enough. he could not figure out what was missing. these are interesting as. these are not like any political as you have seen. he is talking directly to the camera about why he turned to politics. it was not politics that he turned to. it was the ability to help others. he made his money and he thought, that is the answer. it was not the answer. he went to haiti on a church trip and came back to chattanooga, where he lives, started to help thousands of families there. he came back and was shocked to find that some people in tennessee live as poorly as those in haiti. what did they do? they elected him mayor. then he was a well-to-do more for these people. he gets happier in his life as this goes on. he gets to the senate and he is frustrated because it is hard to get anything accomplished. you have to go back and remember why he got into this first. if he

have in the senate is a group of problem solvers and people like lamar alexander of tennessee and bob corker of six and the democrats in the middle, and you can find a center in the senate, and in the last couple of months we had 74 or 75 votes for transportation bill and the farm bill and then it just dies in the house. you can't get anything done. the idea that we have a terrible drought now that is devastating livestock, no action to deal with it for months is pretty depressing. >> all right. norm ornstein, appreciate your time. thank you. >>> okay. coming up, it is getting closer by the minute and we are on the edge of the seat, and the preview of the july jobs report coming up at the top of the hour, and first a round-up of the olympic action and a closer look at speedo, and i don't know who is into speedo. michelle, what is coming up? >> you must have seen the spee dlooes night, because boy, it was exciting, andrew. did you see the men's swimming? the two americans facing off and ryan lochte and michael phelps and who won? well, speedo won. and is it proper to sponsor olympic athletes?

. >> reminds me of a conversation i had with bob corker. >> i read that in the notes. >> he said you500 pages, two pages. the first page the date of the bill is passed it should be illegal in the united states for anyone to give or receive a home mortgage without a 20% equity downpayment, stable to the instrument so it can't be diluted with financial engineering and the second page should say all financial institutions should have a 20% equity requirement which means you can't leverage more than 5:1. if we had done that fundamental reform our financial future and our system would be intact and unassailable. you know what he said to me, well, that's right, paul, but we can't do that. so when people tell me the things we can't do, then i say we're doomed. if we can't do the things intelligent people know we should do. >> we couldn't do that but we could do dodd-frank, the regulations aren't really going to come to after november, you saw that. >> and what does it all mean? does it secure the financial base of financial institutions, no. >> if normal lending practices had been this effe

. >> hank, we saw bob corker criticizing the fed and bernanke and some suggesting bernanke should turnand point the finger back at congress and say the fiscal cliff and these other concerns are the reason for some of the under performance we have seen lately. do you agree? >> absolutely. the fed and ben bernanke have been the heroes here. all the critics have to ask themselves, if the fed did not do the extraordinary job and utilize all of the various techniques, where would we be? the great recession probably would have been a depression. >> and yet it would appear, allen, that he believes that coming to the market maybe in september and saying i will keep these rates lower for longer is a gift. what does it actually achieve? >> i think it basically gives us the chance to continue to -- our anemic recovery as far as that goes. i mean, need some positive force. the unintended consequences of qe3 is too much. >> i find that statement, we're going to keep rates low extremely low, beyond 2014, if that's what they do say in september as a result of that, i find that deeply depressing. if i

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