what we need to have is some pushback, people who will represent the general interest. >> erskine bowlesn? he gave up i guess, huh? >> no, he's out to denver. he'll be back with me tomorrow. >> erskine -- >> is that your -- is that really your twitter? @erskinebowles. it's got 500 followers. is that really you? >> i don't know what you're talking -- >> it's a fake account. thank you. >> thank you, erskine. >>> coming up, more reaction to the adp payroll data. plus a market's expectation for the fed announcement today. and a 99-year-old ballpark due for an upgrade, the owner of the chicago cubs will tell us what's in store for wrigley field. nespresso. where there is an espresso to match my every mood. ♪ where just one touch creates the perfect coffee. where every cappuccino and latte is made at home. and where i can have exactly what i desire. ♪ nespresso. what else? oh, boy. [ groans ] ♪ ♪ [ engine revs ] ♪ >>> welcome back. reported quarterly profit of $6.23 a share for the first quarter. that was 5 cents better than the street was expecting. revenue was very slightly short of consensu

erskine bowles is a career politician. he's hardly the guy i would be quoting. >> why are you differeumping on? >> why not? buy citi. buy goldman. >> he wouldn't suggest otherwise. you flat out would not buy it? >> you know, hey, you can own every stock in the sector. i prefer goldman sachs. >> they're a perennial underperformer. they set out these targets, miss the targets. there's a reason why it's trading at a loss to goldman sachs. >> what has gordon done? he's changed the culture massively, which i would say is a culture better than what we have now. you have a lot of dissatisfaction among the ranks. why are you giving him credit when he's missed the targets? >> everybody on the desk says mike mayo doesn't know what he's talking about, don't buy the stocks? >> if the whole space goes up, then morgan stanley is fine. if you're looking what can move 50% in the shortest amount of time, you look at bank of america. >> yeah, the beta trade to what murph just said, the beta is not we're in the space. the beta is goldman. if

management's feet to the fire more and make sure the directors doing that. >> you also asked erskine bowlesetting paid enough and management says they're not getting paid enough. what's the right balance? what did you find compelling? >> you know, it's a tough balance between paying your employees enough so they can stay, and not paying them so much that the stock price doesn't perform well. morgan stanley's chair price has been horrendous. it's been an awful share price performer and it was reassuring simply to see the directors' faces and hear them speak and make sure someone else was on the scene besides management. how do we on the outside know that the directors, the independent directors are not simply rubber stafrms for management proposals so i was reassuring that they had a chance to answer that question. >> gorman was also asked questions in a bit of a huddle that we had with the press afterwards about the fixed income business which has been a tough one for morgan stanly and it's been undergoing, as he mentioned a long-term turnaround. he said the key to this is reducing rwa or r

democrat erskine bowles along with his republican part tear alan simpson.mmission recommends were summarily ignored in washington. a big spies is going to be among others former campaign adviser david axelrod. he will be giving a speech to what is likely to be majority republican. it's supposed to be about bipartisan ideas. he will be there. along with the governor of colorado, john hickenlooper not a big commute nor him to go to utah and he's known mitt romney for a longtime. there is going to be fun too, people who want to go golfing can do so with paul ryan, if you're into horseback riding ann and mitt will be taking people out on the trail as well. martha: sound like a good time. carl, thank you very much. bill: still waiting for the invite. some protestors in turkey learning a tough lesson don't taunt the person running the water cannon. the cannon wins, istanbul hundreds of protestors trying to -- woe that will take off some skin. trying to block the removal of trees. it was the fourth day of a sit in there when police made a move. the water cannon wi

well, one of the -- two of the people they invited was to sort of emphasize the bipartisanship, erskine bowlesn. -- simpson. the commission the president put together and summarily ignored the recommendations from. the big name, of course, former obama campaign adviser david axlerod giving a speech. not political, more about sort of personal refelixes, family life in 2013, '14 and '16, and then the governor of colorado, john hickenlooper, friend of romney's, he'll be addressing the group too. it's supposed to be about exploring new ideas, but suffice it to say when the 2012 nominee starts bringing people together, they all start looking forward to 2016. and for those looking for fun, they can go horseback riding and play golf or go skeet shooting with paul ryan. jenna: what happens if you just plan a little vacation, carl, and kind of ran into them on the horse trail somewhere just to hear what they're talking about? >> reporter: you can hide behind the cactus, but having gone and tried to crash some of these closed retreats in the past, they see you coming a long wayaway -- jenna: you're goin

ironically, the last time we had a balanced budget, 1999, 2000, 2001 in the clinton administration, erskine bowles, then the president's chief of staff, a woman named sylvia matthews, now sylvia matthews burwell, they worked with the senate to come up with a deficit reduction plan in 1997. four balanced budgets in a row. their deal, work it out with republicans was a 50-50 deal. 50% was on the spending side, 50% was on the revenue side. this year the senate-passed budget resolution, it was passed with all democrats votes, no republicans, but it's a 50-50 deal. half of the deficit reduction is spending, half on the -- the revenue side. over in the house, they have a different approach. and the republicans in the house argue with some justification that they get more deficit reduction accomplished. and you might quibble with some of their assumptions. they assume the repeal of obamacare and they also assume that even though they're going to repeal it, that the trillion dollars in deficit reduction that c.b.o., congressional budget office says flows from obamacare over the next ten years, the afforda

erskine bowles and the former governor of pennsylvania was the chairman, a very active of this group -- a very active member of this group. we were putting forward ideas or how you can do that accomplish these changes in fiscal policy. let me name three. i think it is important to talk of the solutions now that kent has outlined the problem so effectively. the three areas of concern are entitlements, and in the entitlements accounts, the pension accounts social security and medicare, and revenue. in the social security area, this is a totally solvable issue. kent and i, if we were to have a magic wand could sit down i do not think it would take more than a half an hour. we could put in place an effective solution for social security. the committee that we sat on did exactly that. it only has a few moving parts. you have to change what you know as the bend point, which is a means testing event. you have to change the cpi which i give the president credit for proposing. that gets social security solvent. very doable. why is it not being done? politics basically. the second issue is med

that it added for the next 10 years something like $15 trillion as i recall what her friends erskine bowles and alan simpson did was to propose and breakdown the tax rate from 35 to 25% to 20%. they propose reducing significantly the tax expenditures america to forget that we be more in line with the world and called for moving to a territorial tax system. let me just ask either of your both of you to share your views made out, which the recommendations say i was dead on arrival. my hope is it gives us a roadmap that will follow. >> you are referring to simpson/bowles? >> your. >> is an important start to the discussion. there's been a variety said in the realism about tax expenditures is somewhat overstated. i don't think it's going to happen. >> i don't think anyone suggest will get rid of all of them. a nice to get to 25% to 20% is what they recommended. a number of the recommendations -- the reason this hearing an issue is in porton is because part of those recommendations included with into a fairly unspecified extension system. i think that's a source of great concern for the reasons

, if we are accepting $800 billion in revenue, we would be willing if you took this deal that erskine bowlesad suggested to the supercommittee basically calling for three things. it called for raising medicare retirement age, cpi, and means testing medicare. i do think the president -- then minority leader mcconnell called for those same three things twice in november and in his first appearance on "meet the press" in january. the president has put forward two of the explicit requests, means testing the premiums on medicare for couples over $170,000 and, also, accepting the request that we have chained cpi in the budget. obviously, that has been very tough and some of our own supporters have expressed opposition to that. the president has shown a willingness to go at least half way, but one thing people do not recognize is when the president puts out $400 billion in medicare savings and you look at how that compares to paul ryan's budget, i don't know how answer it because they do not have any details of how they get any savings in the first 10 years -- none. we hear a lot about, are you for

accept a hundred billion dollars of revenue we would be willing to do that if you took this deal erskine bowlesuggested to the supercommittee and that deal called for three things, it called for raising the medicare retirement age, it called for see the eye and it called for means testing medicare. i do think the president -- and then the minority leader mitch mcconnell called for the same three things twice, november and his first appearance on meet the press in january. if you look at what the president has done he has put forward in his budget two explicit requests, means testing, the premiums on medicare for couples over $170,000, and also accepting their request that we have the cpi change in the budget. that has been very tough and our own supporters have expressed opposition to that. i do think that the president has shown a willingness to go at least half way but one thing people don't recognize is when the president puts out in his budget $400 billion in specific savings in medicare and you say how does that compare to paul ryan's but i don't know how to answer that because they don't