david goldman, thank you, ken heebner. the deflationary market alarm and later, welcome to america. please be successful oh, oh, wait, wait. you want to leave for a while? then you have to pay as you lot on the way out. it like a reverse monopoly game. the whole thing is outrageous. only democrats want to tax you coming and going. i'm kudlow. we'll be right back. today is gonna be an important day for us. you ready? we wanna be our brother's keeper. what's number two we wanna do? bring it up to 90 decatherms. how bout ya, joe? let's go ahead and bring it online. attention on site, attention on site. now starting unit nine. some of the world's cleanest gas turbines are now powering some of america's biggest cities. siemens. answers. >>> welcome back to "the kudlow report." i'm brian shactman with a news update. two sides of silicon valley for y you. trading in facebook begins at 11 a.m. also cnbc reporting hewlett packard planning significant layoffs, as many as 25,000 employees. tim johnson inviting jpmorgan ceo jamie dimo

david goldman who donated one of the recorders, spotted the auction and reported him to the authorities. he has worked for the archives for 40 years. >> the u.s. agriculture department has quarantined two california farms as part of a mad cow investigation. they want to make sure it is not connected to a source of mad cow. it can be fatal to humans. an infected cow was discovered at a california meat processing -- meat processing plant. >> some water problems in maryland. army inspectors found levels of phosphorus. it can stimulate the algae growth and harm aquatic life. the army does not know how much phosphorus is being discharged into the river. inspectors do not anticipate any health threat to humans but they have told commanders about the problem. >> if you are heading to the capitals game or to the national park, be prepared for big delays on metro. there are doing major track work on every line from friday night until sunday night. for greenland stations will be closed. the saturday game starts around the same time as the national scheme. give yourself an extra one hour travel ti

>> we've got two worried distinguished investors, david goldman and steven white.ou, gentlemen, we appreciate your honesty. >>> coming up on "kudlow," congress gets a dramatic plea for help in a cell phone call from the blind chinese dissident. cnbc's own john harwood. this is an amazing story. can you give me a preview? >> it is an amazing story, larry. and you've got two worried investors there onset with you. the obama administration's got a major public relations problem in the handling of this dissident. we'll talk about what has played out on capitol hill and the campaign trail today. [ donovan ] i hit a wall. and i thought "i can't do this, it's just too hard." then there was a moment. when i decided to find a way to keep going. go for olympic gold and go to college too. [ male announcer ] every day we help students earn their bachelor's or master's degree for tomorrow's careers. this is your moment. let nothing stand in your way. devry university, proud to support the education of our u.s. olympic team. this is the first car that i've been totally in love w

david goldman. he is currently president of macro strategy. a i do not want to go into the ins and outs of jpmorgan. we're going to do that to some extent in the next segment. i am interested in your view about financial service stocks, about bank stocks, and maybe jpmorgan itself. how does this story affect the broader theme of bank stocks? >> i think it affects it mostly, larry, by giving the people who are looking to give a little bit more legs. come on this, is being blown way out of proportion, right. $2 billion on a $200 billion capital bank. i think that the media is making way too much of this. >> i'm sure that's true. but do you worry that there are other trading losses from other banks? maybe the jpmorgan thing turns out a little worse, but you're right. they're highly capitalized. what about citi? not the greatest student in the classroom. what about some of these other banks? are there other shoes to fall, ron? >> you know, i don't think so, larry. i think there has been a lot of scrutiny put on this. there can be other shoes to dr

. >> so david goldman, where is the principal deflation pressures?m just reading the price indicators. where is the source of this deflation? >> there's virtually perfect 100% correlation between stock prices, gold pricears, oil prices, all these things, treasury bonds, it's all moving together because people are -- >> moving down. >> the source of risk is europe right now, and the problem with the germans is although they are right not to write a blank check for the spanish, who have a black hole in their banking system, they have to make clear where you draw the line, that the senior debt of, say, the french banks will be defended at all costs -- >> what about the overnight debt? that the fdic guaranteed during our crisis -- i mean, i'm not saying forever. i'm not a socialist. i'm just saying preventing the implosion -- >> you took -- you finished my sentence. >> maybe we have to have some guarantees of the repo market, which is the interbank overnight debt, deposits in general, and bank loans, bank debt. just for a while to stabilize things. >> ab

know they serve and protect how come they don't have to join cause how come they don't go with david goldman sachs gang oh no hands off down the boys got the weight not to go away after the syndicate leave them alone just keep us in the little people the cops in america have become nothing more than i.r. s. agents that are on because you go five miles over the limit you don't have a seatbelt on you are that far over the drinking limit boy today beat you up rough you up i just got a ticket for rolling through a stop sign of driving for over fifty years i know how to drive in a little nowhere place up in redbook new york. and i go through the sign i stop just hundred sixty bucks outrageous the trends journal is the must read gerald celente thanks so much for being on the kaiser report page great be new you backs all right that's going to do it for this edition of the kaiser report with me max kaiser and stacey erb or are they my guest gerald so let's say going to send an e-mail please do so a kaiser report. are you until next time x. guys are saying bio. the crowds grow wider in egypt's troubl

the first exclusive dinner at $35,800 a plate at the atherton home of lisa and david goldman, the levi straus heir. the prices range from $250 up to $7,500 if you take a photo with the president. and then tomorrow morning the president will attend a roundtable to support the asian american pacific islander community in palo al it to. that also is a big ticket money item. >> and there it is. president obama coming in and the initial plan for tomorrow morning was to have that fund-raiser in palo alto. the president's team from the white house said they're changing the location from palo alto to the fairmont hotel in san jose and that's where the president will be staying tonight at the san jose fairmont. this will be his first event as president in san jose. he was in san jose in 2008 campaigning but this will be the first time he has an event as president in san jose. so an exciting time for people attending that event. a lot of big ticket items. so we're going to take a short break right now and come back to the president as he gets off air force one. ♪ [ male announcer ] for our famil

. >> reporter: jay david goldman was the first to report the internet sales.n gave waffen a 1937 audio interview for the archives with baseball great babe ruth. golden saw the material he donated for sale on ebay. >> i guess you could call it ironic. i just call it sad. >> reporter: waffen even sold an audio interview with major league legend jackie robinson appraised for $100 for less than $16 online. only about 20 of the ebay buyers have been found so far. waffen apologized for the thefts in court. he said, i violated god's fourth commandment. in doing so i have scarred my soul. the archives now struggles to mend a tarnished reputation. >> this is a time when federal workers are under the gun. many are criticized and somehow we take on the characteristics of a few limited poor bad guys. >> i hope he gets past this human failing and goes on to greater success. >> reporter: the aarchival recovery team says it may never recover all the items stolen but the team will not quit trying. in college park, richard jordan, news 4. >> the retired archivist will be on pr

. >> jay david goldman was the first to report the internet sales. him a 1937 audio interview for the archives with baseball great babe ruth. golden saw the material he donated for sale on ebay. >> i just knew i owned that record at one time and that there was only one of those records. >> reporter: wafton worked at the national archives more than 40 years but will spend the next year and a half in jail for taking thousands of media clips estimated at over $80,000. an eyewitness account of the crash found in the loop, and even sold an audio interview with major league legend jaqui robinson appraised for $100 for less than $16 online. only about 20 of the ebay buyers have been found so far. w waffen said in court i violated god's fourth commandment and have scarred my soul. the archives now struggles to mend a tarnished reputation. >> this is a time when federal workers are under the gun. many federal workers are criticized and somehow we take on the characteristics of a few limited poor bad guys. >> i hope he gets past this human failing and goes on

david costin, chief u.s. equity strategist at goldman joins us here with gary kominski, our capital markets editor. was on. >> david, when you last joined us, i think the s&p was up 8%, year-to-date. a lot of enthusiasm as there was a year ago, call in the first quarter. you put out a call for the s&p to basically be flat in 2012. you reiterated that call, and here we are back to basically being flat year-to-date. so remind us, why you made that call? is it still your call on the markets, and if so, why is that the case? >> okay. so the framework to think about the market for 2012 has three parts. the first is a stagnating u.s. economy. the second is a stagnating multiple. and the third is minimal earnings growth. so if you look at each of those three items, the first is you've got a stagnating economy. the economy is growing, but below trend. roughly 2%. and the multiple is important, because the history of equity markets, when the economy is growing at a below-trend rate, is it is a flat multiple. there is a wide range around that, but on average, the multiple is flat. and given the multiple flat,

david. former goldman sachs execs robert hormats will join us with a preview. [ wind howling ] [ technician ] are you busy? management just sent over these new technical manuals. they need you to translate them into portuguese. by tomorrow. [ male announcer ] ducati knows it's better for xerox to manage their global publications. so they can focus on building amazing bikes. with xerox, you're ready for real business. so they can focus on building amazing bikes. in the latino communityr retirement. the word that we use is jubilation. as you're getting older, you should be able to do the things that you love. what happens when classroom teachers get the training... ...and support they need? schools flourish and students blossom. that's why programs like... ...the mickelson exxonmobil teachers academy... ...and astronaut sally ride's science academy are helping our educators improve student success in math and science. let's shoot for the stars. let's invest in our teachers and inspire our students. let's solve this. >>> welcome back to "squawk box." it's past 6:30 on the east coast. becky wil

goldman. the guest list includes don cheadle and music legend, david crosby and gram nash. tickets are $36,000 a person. the maximum campaign donation allowed by law. the president will finish with a reception at the fox theater in redwood city. and another fund-raiser in palo alto on thursday morning before leaving town. you can stay with us for continuing coverage of the president's visit. it starts tomorrow morning. >>> when we come back, our coverage of sierra lamar continues. why the family of the suspect in custody say police have it all wrong. >> it's not me. it's someone pretending to be me. >>> you don't think of children being victims of identity theft. the investigative unit looks into a silent crime that can happen before your kids are born. >>> and san francisco may not be stopping with the warriors. more professional teams coming to the bay area. >>> in the weather center. a blustery bay area here for us. with temperatures in the 70s. also, winds near 50 miles per hour. we'll have details on how we'll go for our wednesday. and how bad that poll listen stay. [

david gregory just spoke to jamie dimon just this afternoon. essentially he said the regulators are looking into this. so that gets to the point, dan, when goldman went through, when you take a look at the chart, they just stuck there. because there were shoes that dropped and dropped and dropped. >> the thing about the regulatory look, they're trying to see if they disclosed this at the promote time and if this is something that should have come up sooner than later. that's still undetermined. what's interesting to me in particular is actually what's going on at jpmorgan can have very big implications for goldman sachs actually. they get 32% of their revenue from fixed income and earnings and savings. you think this can't be good from a regulatory agency. >> there's a problem. there's a difference. it's that goldman sachs was seen as taking advantage of outside customers, people who didn't know better, people who were relying on goldman's guidants, and from all appearances, jpmorgan simply shot themselves in the foot. they were the cher customer. they were the ones that lost the money. so i think there's a huge difference. also as far as p.r.,

david gregory who just spoke this afternoon, take a listen to what he had to say. >> they're trying to see whether it should come up sooner or hater. what's going on could have big implications for goldman sachs. if you have to think about what their forecast is, you have to say this can't be good from a regulatory perspective. if anybody will get impacted in addition to jpmorgan, it has to be goldman. >> goldman sachs was seen as taking advantage. and jpmorgan simply shot themselves in the foot. they're the ones that lost the money. so i think there's a huge difference also as far as pr, i think jamie dimon is about as teflon as warren buffett, so he can get away with what other people couldn't. >> that remains to be seen. i think you'll see him in front of congress. to lay out the playbook right now 24 hours after this revelation is way too soon. again, we've been talking about it, this is a dicey time for he's business models because they've been staring down the face of will sort h this sort o. >> lloyd blankfein was never able to go in front of congress to say yes, we were stupid. he had to say maybe some people should have known better. very different. >> the fact of the matter is

goldman. they are heir to the levi strauss fortune. we have more details and a number of a hissers were there including the senior vp of google and the founder of pandora. legendary musicians david crosby and graham nash. mr. obama singled them out. tickets were $36,000 per person and they were hawaiian themed and included a q&a with the president. we mentioned where the president will attend a breakfast fund-raiser and that is where he is staying tonight at the downtown san jose fairmont. the stop in san jose was a last minute change for the president nally scheduled for palo alto and moved earlier today for logistical reasons women invite you to stay with us at nbc bay area and n nbcbayarea.com for continuing coverage of the president's visit on air and online. >> she has been missing for two months and seven days amount of morgan hill man is in custody for her murder, but no sign of the missing 15-year-old. sierra lamar's family are hopeful they will find her alive despite another day of searching. tonight is also the eve of the suspect's first court appearance. he will face a judge for the first time tomorrow. the 21-year-old husband and father will face kidnapping and murde

and goldman sachs, 13 million shares, and a russian group mail.ru, 11 million shares worth $400 million. how will zuckerberg fare as the head of the company? david louie is live with that story. >> there is starting friday, mark zuckerberg will be facing a host of challenges and one will be dealing with shareholders. at age 28 mark zuckerberg demonstrated laser-sharp focus on what he believes facebook is and what it can be. fellow ceos says he has makings to abe strong leader. >> i think strong ceos we know like from amazon and larry ellison talked to their long term visions of the company ask have not always been immediate responsive to what the street wanted them to do. >> and there is andy gutman runs zen technologies which runs a code use bid facebook. another ceo urges zuckerberg not to shy away from critic autos if wise, he'll look for trusted friends and they can point out weaknesses. some that i've valued are people who aren't afraid of what fancy title i've had or to tell me when i'm being stupid. and you need that. >> and. >> older he gets, you'll likely see the dress code that will probably change, over time. >> however, others say li

goldman sachs. here at jpmorgan the architect is jimmy lee, a legendary deal maker what the industry has deemed the trillion dollar man. we were able to catch up with him and ceo david eebersman as they were leaving the building. take a listen to what they had to say. >> the meeting went great. fabulous. >> i am told that hoodies were provided for the facebook team, that they opted for suits even though they were presenting today. and even though the jpmorgan team was headed out, there were just shy of 1,000 people across new york city today in the meetings and there may be just that many people here on the road show. that's where the financials are going to be very important. remember, facebook offering 337.4 million shares and they have an option to sell another 50 million shares. at the midpoint of the range it would raise $10.6 billion total. and a little more than half of that would actually flow through down to facebook because there are a lot of existing shareholders selling. now, investors on monday will have a lot of questions for the company about not only slowing earnings that we saw in the first quarter -- slowing earnings growth, i should say, but also

. >> david faber, i know you're down in new orleans listening to this entire conversation. and some of the spreads between goldman starting to widen here. we're seeing the two firms going -- there's different ways to some degree. >> yeah, you know, carl, of course, morgan stanley stock has been under pressure ever since earnings. >> that still seems to bun likely according to many people who follow the company closely. at least that was according to him. it does seem like in the 10 q perhaps moved up their consideration of just how much clotted rail would have to be take body care of, so to speak, if there were in fact a three notch downgrade. a lot of that has been based on this concern about a potential downgrade. as you would point out, david, ifs not a liquidity issue. when we talk about additional collateral needing to be posted, they have $179 billion in liquid assets. it's slimplly collateral. and we should know that more began stanley reached a record high for the year. these three, the u.s. and different kind have been hit the hardest whenever the european bankss have fallen. that is what we're going to

goldman sachs will tell us how big the problem will be. but tomorrow is the first day you can short facebook shares. a strategy on how to trade it tomorrow. >> thanks, guys. david crew as the week goes on as well. >>> in the meantime, here is what you might have missed earlier this morning. >>> welcome to hour three of "squawk on the street. "here is what's happening so far. >> the senate hasn't passed a budget in three years. it doesn't take 60 votes. it only takes 51. three years without a budget. i would think maybe they should do their own job first and then start talking about how other people are doing theirs. >> the way the ipo system works in its traditional accepts, it's an insider's game. the underwriter has the right to allocate it to his clients. it's not open to the broad public. they call it an initial public offering but it's not at all. >> germany is ben fitting from the chaos. why should they change? everything that could be wrong beginning with the moment the gm said we don't want to be in has happened here and if you liked it, even if you liked it, you can't like it anymore. and if you didn't like it, then you really have to start thinking, w