and monday, we'll talk to dallas fed president richard fish ir. er

hands of the top five wall street giants he's startling numbers have prompted the president the dallas fed richard fisher to call for breaking up the big banks warning that they become so large they not only threaten the federal reserve's ability to conduct monetary policy but also . his words erode faith in american capitalism fisher also called for tough new financial reforms to strengthen the dodd frank wall street reform law so what are the economic consequences of this concentration of wealth on wall street and how do we take the dallas fed presidents fischer's advice and break up the big banks here to offer his take on this as well as turbo turbo bill former investment banker goldman sachs and currently a senior fellow at demos walls welcome did i mangle your last name who did great elbowing thanks for having me it's great to be going through joining us how exactly is the too big to fail became even bigger well the concentration. one of things that happened was during the financial crisis the concentration got even more severe as certain banks just evaporated the other thing that's g

can you imagine the dallas fed actually saying that. wall street doesn't want to be broken up. those same executives you say to them should you be broken up support a strong vocal rule? should you resurrect the glass spiegel act? they are going to say no. >> there was a spectacular story about that report. and just last week you allewded to this a bit earlier, something called the jobs bill was passed by both houses that permits them to go back to some of the very practices that created this in the first place. so what is your take away to all of this. >> they see this as a public relations problem, and they are lobbying like mad and in court, trying to eviscerate dodd-frank. they have not got it and they will not get it. there's huge amounts of money in it for them keeping things the way they were. fighting every step of the way, trying to make this into a public relations problem, and i don't think we're going to see real change on wall street until wall street is forced to change its ways. >> why did so many democrats and why did the white house support this so-called jobs b

recently the dallas fed president, richard fisher, made me aware of a harvard business study showing the greatest impediments to job creation to be taxation, red tape and uncertainty. a recent gallup poll of small businesses show that ruffly half believe that health care and government regulations is what is causing them not to hire more workers. you have job creator after job creator like bernie marcus and home depot saying i can tell you today that the impediments the government imposes are impossible to deal with. home depot would have never succeeded if we tried to start today. i had add the voices of every small business person i talked to the fifth congressional district of texas that i represent. so, again, it begs two questions. number one, the limits of the efficacy of monetary policy and frankly the risk as well. it was brought up early that we have retirees being squeezed, pension funds, savers. you certainly know that community banks feel squeezed. many of them are lending out on the risk curve. i'm very grateful you've shown your concern and anxiety over the structural d

countable so the consequences of their actions are all fairly obvious point so what is the dallas fed antidotes or answer to this crisis you might oh you know just a little bit of creative destruction which they advocate for why poetically by quoting economists on meltzer think capitalism without failure is like religion without sin now a lot of deflect almost all the blame for the slow recovery from the fed and put the directly on the banks and life think that the fed also deserves their fair share of blame in fact abraxas openly calling for a breakup of the banks because of a breath of fresh air and something that i can guarantee we will not be hearing and one of ben bernanke these lectures any time. now he's spoken a lot about for profit prisons on his show from lobbying states of how strict immigration legislation to recent offer to forty eight states to sell their public presence on exchange for twenty year contracts and a ninety percent capacity guarantee hearing seat so it's a money making industry is on the right and this month we've got a new glance into the mind of correctio

and monday, we'll talk to dallas fed president richard fish ir. er >>> do you have coming dow coming back after two days of losses. up 54 points above fair value. in the headlines, fda says heart safety studies should be required to obesity drugs even if clinical trials to not initially show evidence of increased heart risk. that decision could add a new hurdle to the drug's approval. right now, let's get you your weekend forecast. scott williams is standing by and he joins us from the weather channel. scott, what are we expecting for today and this weekend? >> good morning, everyone. we are expecting some rain and snow to eventually move into workers, the firm themselves pay themselves a dividend. so doesn't come out of a company's earnings, it actually comes out of putting extra liability on the company. and to me, it's improper and kind of immoral. >> and i'll take that. my question then becomes this new obama tax proposal does what to those dividends? >> what the new tax proposal does in prood strokes, it's favoring equity over debt and one of

where as the great inflakes hawk, richard fisher, of the dallas fed, says enough liquidity.nomy stand on its own. >> you will always have differences of opinion at the central bank. it is very difficult to have unanimous view. but the truth of the matter is there are two mandates, inflation and employment. employmenting with depending on what you pick is above the unemployment rate. until the mandate is satisfied, there are a lot of voices in the central bank arguing there may be more done. >> when do you expect the feds to move on rates? already receiving the market, do it its job. yields on ten yields now. money moving out of bonds, moving into stocks. pushing yields higher. when would you expect to move interest rates higher? >> if you tell me when the unemployment rate will go down to 6, 6 1/2%, i will tell you when the federal reserve will raise rates. >> you think that's what it is, 6 1/2%. >> well if you don't tell me, i will tell you we have to take the fed at its word that somehow at the end of 2014, i think they will be visiting that issue with a more unanimous. vi

we had dallas fed president richard fisher was on the wires with some interesting comments. we have a few quotes that we're going to throw up there. as you read these, he's pretty much posing the scenario that anybody looking for more quantitative easing, it's akin to being hooked like a drug addict. using some pretty flowering language talking about accommodation. and keep in mind he used to be the decenting hawk. he's a non-voting member now. and now we have one disdent. the one quote i was so e namerred with because it was so colorful is he thinks the equivalent of misfees sans based on the notion what the government is doing regulatory, physically and malfeasance meaning it isn't legal, it's applying something legal in a wrong headed sort of way sdpl thank you very much. the markets as we've established are off today. take a listen to lazlo earlier today on his bullish call of 1700 for the s&p. >> i think the market's giving us some very good suggestions that perhaps we're underestim e underestimating the economy. i'm not insisting on that number, but i am suggesting you

. >> today bill dudley is speaking, we'll hear from dallas fed derek fisher.bernanke isn't trying to do is to get ahead of what a lot of investors see is this pullback coming. what we've seen is after the latest round of stimulus, that's when the economy starts to weaken and the fed has to come back in and try to get everything going again. maybe this time they're saying why wait. it's like the snickers approach. >> i think bernanke realizes that $4 oil is upon us, we're so close. $4 has been a red flag -- >> i'd love $4 oil. >> $4 oil. >> $4 oil? >> $4 per gallon of kbgas. >> i knew what he meant. >> it's been a red flag for the economy and the market. we need to be cognizant of that. >> yesterday we had guys raising the bar on that. one of the guys who is the convenience store spokesperson. he said now $5 is the tipping point. >> it's true the u.s. can handle higher levels of gas prices in the pass but it's still a problem. you don't really see what it does to the distribution of how people are doing within a country. it falls disproportionately on low incom

. >> you say similar things that the dallas fed has said, in texas it's not just an oil-based economyerms of less regulation, tort reform, things that could be done on a national level that haven't been done. >> it's an environment that's friendly to business. and so money, capital is attracted to those environments. and frankly, you know, there's this anti-business sentiment now on the part of the federal government as if they don't understand where the revenue comes from that supports their existence. >> do you know what we hear, bob, we hear that in texas, though, your schools are lagging. that's the -- what i hear held up by the other side when you hear about low tax rates in texas and business is good, and then i hear the lag. is that true? is it a red herring? >> well, number one, you have a tremendous influx of immigrants into houston, and many of those are uneducated and it takes time to educate those folks. but the other thing is, you know, i would argue that all evidence suggests that paying more money does not produce better education. accountability produces better educati

dallas fed president richard fisher says the markets are hooked on, quote, monetary morphing and he sees no reason for further easing. they said they would consider another round of quantitative easing if the economy needs it. and a headline that's just crossing the wires this morning, chesapeake energy and kkr announcing a new partnership. the two have been in discussions. they will invest in gas fields, initially $250 million in the joint venture and it is another play on shale. we talked about shale and natural gas and what that means. they are buying the royalties from the minerals. >> let's check on the markets. 14, 15 points yesterday. this morning down about 85 points on the session even though from lebeau gasoline prices are back. >> after rising for 27 straight days. the price of natural gasoline is down but only dropped by 0.3%. down to $3.76. >> where are we? >> on gasoline? oh, the jobs number. the estimate is for 210,000. >> the whole gallup thing is the rate supposed to go up? >> i don't know about the rate. it depends on so many variables. the rates of participation. >> yo

. >> susie: meanwhile, another top fed official said today that the nation's largest banks are still a threat to the u.s. economic stability. the head of the dallas federal reserve bank, richard fisher, said in his annual letter that the largest banks are still too big to fail. he called for them to be broken up over time. his comments weighed on financial stocks, pushing the dow lower. the blue chip average fell 45 points; the nasdaq held on to positive territory, rising one point; and the s&p fell two. >> tom: homebuyers may have been shopping for homes last month, but fewer of them were buying. sales of previously owned homes slowed in february after posting an increase in january. the national association of realtors says existing home sales fell close to 1% to an annual rate of 4.5 million units. >> tom: looking at that trend, sales are up 9% from february of last year. and the number of homes for sale is also down significantly from a year ago. despite fewer homes, prices haven't moved much. the median price in february was $156,600, up just 0.3% from a year earlier. even with a mixed picture on home prices, real estate web site trulia.com

and twelve the federal reserve bank of dallas says dog frank did not end too big to fail and says we must downsize develop he-man and the president's view the fed president's view this as some u.s. lawmakers are working to push back the timeline for it keep part of dog break the bulls will rule the regulators and banks already appear to be hollowing out will look at what cost that comes meanwhile the poor design rule is reportedly gaining momentum this would restrict getting late what brokerage firms can do with customer money now before looking forward what if all the unanswered questions and the accountability questions in the end of global bankruptcy and what we consider best of customer money we'll talk to william hague's block he's a former regulator who oversaw the prosecution of bankers for fraud during the s. and l. crisis to find out what it would take to see justice in this case meanwhile do you think we have enough lawyers in the us already we don't need any more well you may be happy to hear this the organization behind the law school admissions tests in the u.s. the else that has seen the largest decline in people taking the task i

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