chris wolfe is chief investment officer at merrill lynch wealth management private banking. with us tonight from the new york-- welcome to the program, nice to see you. >> thank you, tom. >> tom: so is there anything wrong with the government help that is in the market and has helped push this rally to post session highs? >> you know, i think most economist was say no there's nothing wrong. in fact, that was the government's job to step in where the private sector had stepped out. but i think where we are today is after a lot of stimulus, a broad expansion of central bank balance sheet, in the just in the u.s. but globally, we're starting to wonder how long can that stimulus last and how will the government take itself out. >> tom: so with that ahead of us are you recommending selling stocks, peeling back some of the profits that we've seen in the market? >> well, our concerns stem from kind of two things right now. one is as i indicated earlier longer term how does the government take itself out. right now it's a large measure of consumer spending and we're looking at somew

chris wolf thank you.obias, we will see you. >> new details in merging delta to buy con 0 co phillips. what is going on with this, kate? >> thank so much, bill. i hear this deal is moving towards completion as early as this week. with a deal like this it could always fall apart but apparently delta air lines board signed off on it. price range we're talking about is $100 million to $125 million. to buy a refinery in trainer, pennsylvania near philadelphia. that's on the block by conoco phillips. couple interesting things. delta is looking to save money on jet fuel which cost it $12 billion last year and is poised to go higher. they have been studying this deal for months. couple things going on, one that j.p. morgan will partner with them, purchase crude oil, ship it from across the atlantic and finance the refining process. it'll sell jet fuel back it delta at cost. and here is another interesting twist, bill. is that some of the gasoline that's generated from this refinery, because it makes a variety of

wolf? >> very, very sensitive issue right now. let's see what happens, chris.pert murdoch answering questions over his influence over government officials and stand by about his revealing testimony about his class with one prime minister. also a volcano puts on an amazing, fiery display. you'll see it right here in "the situation room." [ male announcer ] away... [ children laughing ] ♪ ...is the smell of salt in the air. ♪ it's the sound a seashell makes. [ seagulls calling ] away...is a place that's beyond your imagination, yet well within your means. find your away. for a dealer and the rv that's right for you, visit gorving.com. >> pakistan announces the successful test launch of a ballistic missile capable of carrying a nuclear warhead. lisa sylvester is monitoring that top story and other top stories in "the situation room." it comes days after india tested its own long range missile and on the same day a u.s. delegation arrived in pakistan for in-depth talks to repair tensions between the two countries. u.s.-pakistan ties have been scarred by nato air st

wolf? >> is it the suspicion, chris, that these military personnel had sex with these prostitutes at that hotel reporter: all of that is part of the investigation, wolf. in fact, senator susan collins of maine recently talked to the head of the secret service. she says that there were at least 20 women, foreign nationals, who were brought back to this hotel. part of the investigation is to fiend out exactly who these women were and what occurred at the hotel. one thing to keep in mind that the number, the total number under investigation, these 11 agents and ten or 11, perhaps military personnel, that number may change because as they question some of the military personnel, some are cleared of wrongdoing and taken off the list. perhaps others are brought on to that list. so it could be a fluid number at this point as the investigators work through what happened. >> chris lawrence at the pentagon for us. thank you. >>> huge, huge crowds in awe up and down the east coast on this day as the shuttle discovery makes an amazing final journey on the back of a 747. and we'll tell you what caused a fir

chris, where are you? what are you seeing? >> hi, wolf.st east and that is north on the storm that you guys were talking about. we are trying to reposition ourselves to get in front of it safely, of course, but we should be in front of it the next 20 to 25 minutes and we followed quite a few storms out of arlington, texas, earlier today which brought us into mckinney. it seems the storms crossed the boundary and kind of died out. we are in the process of repositioning ourselves and getting ready to intercept the next storm. >> what exactly are you bracing for? more tornadoes in the area or just severe weather? >> you know, wolf, we really feel like the conditions are still favorable for tornadoes whether they be strong or not, it's still up in the air, but conditions are still extremely right for some kind of storm to throw out some kind of tornado. >> and so you will get as close as you possibly can, and show us the pictures subsequently of what you're seeing. it's a pretty dangerous profession you have. how worried are you about this? >>

. >> chris: one year after the raid how big of a threat are al-qaida central and the apac region and al-qaida and lone wolf terrorist in this country. >> we have degrade the organization significant low and we have taken off of the battle field of the founding leader. we are determined to destroy that organization . that will continue to require us to maintain the pressure. al-qaida whether in afghanistan or pakisstan. we are working close with the yemeni partners. because there is a demonstrated attempt to try to carry out attacks against our nation and home land with the printer cart rage -- cartridge efforts. we'll degrade that organization in yemen. lone wolf and actor phenomenon is something that we are mindful of and vigilant about. working daily basis, the fbi is coordinating the efforts with the local law enforcements here and working with the partners over seas. the internet shows terrorist organization to recruit and incite individuals to carry out those atax. >> the president gave the cia and military greater leeway to carry out strikes against the operators in yemen which is the greatest source

. >> chris: one year after the raid where are we in the war on terror and how big a threat are at this point al-qaeda central al-qaeda in yemen and the lone wolf terrorists in this country. >> we degraded the organization as we have taken off the battlefield the founding leader. we are determined to destroy that organization. that continues to require to us maintain the pressure on al-qaeda whether in pakistan, afghanistan as well as in yes then. we are clocking closely with the yemen partners on a daily basis. kale aid as an intertent as well as ability to try to carry out attacks against our nation with the underwear bomber and the printer cartridge effort. we will continue to focus on degrading that organization inside of yemen until it is destroyed as well. the lone wolf or lone actor phenomenon is something that we continue to be mindful of and also vigilant about. working on a daily basis the fbi is coordinating their efforts with local law enforcement here. we are working with our partners overseas. so the internet provides a ready opportunity for terrorist organizations to be able to try to recruit and incite individuals to care arery

wolf has the story in the start small, think big. >> they say colorado home to the rocky mountains and amazing skiing and one unique brew master. chrisfresh new taste. it is first all organic brewery. >> i always wanted to own a brewery since college. i saw this soft spot in the market and decided to make an organic ipa. >> all the ingredients are organically grown and processed, allowing chris to tap into a new section of the beer market. >> you are all pioneers when it comes to this type of organic brewery, aren't you? >> well, we seem to be the only people in colorado who have done the all organic brewery and it is surprising that in the boulder market where there is other organic food companies that that no one else has tried what we're doing. >> word is spreading quickly. >> restaurants started calling and saying you have organic beer? we'll put it on. they hadn't even tried it. >> what matters most, because you have an organic beer or a great product? >> we have some of each. some people come in just because we're organic, but other people come in and just want to try a new beer and don't care it is organic. they just care it i