tax coincidentally that is the same year that the federal reserve was created passed by congress fed reserve act so we didn't need income tax before the federal reserve and with the federal reserve we do is this just a coincidence. and then this debt based monetary system where we borrow all currency into existence and promise to pay it back with interest means that we have to work in the future and pay taxes just to pay the interest on the currency that's in circulation today the prosperity we're enjoying today is this a forum and in sleighs moment and do you think this is moral and if it is a form of an slave meant and you think that it's moral then you should stay where you're at if you don't quit and close the federal reserve the very get go final word for ben bernanke yeah you got it you got to introduce a new tax if we're going to pay for all that deficit spending i really appreciate you being on the show mike maloney it's always very enlightening to talk to you mike maloney's author and founder of gold silver dot com thanks so much. thank you . all right i didn't get a chance to do yo

. >>> this trader expects the fed reserve to hold off on plans to jump-start the economy >>> this will give them a reason to wait launder before they act >>> all of the jobs created were in the private sector many were seasonal jobs the economy makes many business owners as a tend to hire full-time workers. >>> a series of up and down >>> his family has owned team displays for 75 years the company makes billboards and at 4 broadway shows his payroll fluctuates between 20 workers >>> we've let several people go hopefully go get a job somewhere else. >>> he says business is dead and he rehired one worker he had to lay off in 2009. alexis christoforus cbs news >>> co-workers could see fatter paychecks next year an average raise of 2.9% will be the norm next year the biggest increase in more than five years a consulting firm servite 1500 employers the top performers may get as much as 4 1/2% they're raising pay to keep top employees and attract the best candidates. what about a refund for a wedding that is canceled long before the big-julie watts shows us the critical clause to look for in

fed reserve chairman ben bernanke and that's the latest from the business desk we'll be back in fifteen minutes all right thanks very much indeed i'll be back very shortly with a recap our top stories don't go away. mission free accreditation free in-store charges free arrangements free. free stooge nights free. download free broadcast clothing video for your media projects and free media and on to our teeth dot com. download the official application cellphone choose your language stream quality and enjoy your favorites from alzheimer's t.v. is not required to watch on t.v. all you need is your mobile device watch on t.v. any time.

percent for the nasdaq as a matter of fact as investors are anxiously anticipating a speech by the fed reserve chairman ben bernanke you later in the day the markets to the most margin not anticipating bernanke to to announce any stimulus measures with some clarity would be very timely on the currency markets the dollar the salaries the treating to the european currency the russian ruble on that thursday lost against the currency basket ending at the lowest level to the dollar since the and the july. i will bring you all the latest. soon as the russian markets reopen in less than two hours time and here moscow the equities and of thursday's session will be lost says the stock fell to the lowest in more than a week and crude of course didn't help more than that in just the second bit gals romans bear banks were among the outsiders orders gold and elude to well managed to buck the downward trend over crude heard the russian equities on thursday dropping choo choo week low after worries about their her account isaac subsided but we're seeing a different picture of this our group is actually demon

than one percent for the nasdaq as investors anxiously anxiously anticipated the speech by the fed reserve chairman ben bernanke you later in the day. and all the crude market what we're seeing there is that oil is gaining and that really gives us some hope for the russian equity markets to withstand the downward pressure throughout the day of course we'll keep you posted on all the latest from the business desk this hour will be back in about fifteen minutes all right thank you very much natasha looking forward to seeing you next hour with hopefully more optimistic news and our back with our top stories in just a couple of minutes just. culture is that so much as i can which of course he's right on it because i'm still here and he is the u.s. still number one in the world opinions differ sharply though there can be no doubt american supremacy has been challenged by a number of. this was the plan that was responsible for causing the world's worst industrial disaster . had been abandoned in a condition where it had become a source of pollution of the most recent study that was done shows th

ground in fact around one percent for the nasdaq as investors anxiously anticipate a speech by the fed reserve chairman ben bernanke here later in the day the markets for the move more than not expecting bernanke here to announce any more stimulus measures but some clarity would be very timely now on to the currency markets the dollar the souers retreating to the european currency the russian ruble on thursday lost value against the currency basket ending at below was a levels. since the end of july we'll bring you the latest figures as soon as the russian markets reopen at about one hour and here in moscow ended the equities and the thursday session with the losses they pretty much had nowhere else to go but down stocks fell to the lowest level in more than a week. gals brahmans better bank were among the outsiders what is gold and only for oil managed to win fam some of the pressure lower crude hurt the russian equities on thursday dropping to a two week low after worries about her and isaac subsided we're now seeing a different picture of crude is actually trading somewhat higher and so we'

some ground in fact more than one percent for then ask that as investors anxiously anticipate the fed reserve chairman ben bernanke a speech only later in the day and we'll keep you posted on all of that. force and that's all the latest from the business desk this hour but you can always find the latest stories that are business travelers thank you very much indeed for that and i'll be back with our top stories in just a couple of minutes. wealthy british style the stock. market. find out what's really happening to the global economy with. global financial headlines. a report on. the mission free accreditation free transport charges free coming from and free risk free studio time free. old free broadcast quality video for. free media. download the official. language stream quality and enjoy your favorites. to watch. secret laboratory was able to build a most sophisticated. fortunately. tim's.

germany the banking sector is outperforming the downs traders anxiously anticipated speech by the fed reserve chairman ben bernanke gave the markets for the most part i'm not really expecting any quantitative easing but some clarity would be nice it would be what they would be looking for one of the european union's few growth stories poulan is feeling the squeeze of the downturn the country's second quarter growth eased to two point four percent that's the lowest in three years and is significantly below forecast poland's g.d.p. kept expanding over the past few years while much of the e.u. showed negative growth but a series of gloomy economic indicators now show that the so-called economic miracle is coming to an end. and back to the equity markets let's see what's going on in of russia at noon and what we're seeing there is that it's actually recovering some ground lost on thursday when stocks fell to the lowest in about a week the move. bryza among the blue chips include off to bob's chairs let's see the movers there. bill including after a vase. they'll start the sound bling and new vers

ground in fact more than one percent for the nasdaq as investors are anxiously anticipating the fed reserve chairman ben bernanke a speech only later in the day and we'll keep you posted on all of that of course amounts all the latest from the business desk this hour but you can always find the latest stories that are business of travelers thank you very much indeed for that and i'll be back with our top stories in just a couple of minutes. wealthy british style. market. can. find out what's really happening to the global economy. for a no holds. headlines kaiser report on. the mission free accreditation free transport charges free. range humans free risk free. to tide free. download free broadcast quality video for your media projects a free media. download the official. cell phone. footage stream quality and enjoy your favorites. are quiet to watch on t.v. . any time the. secret laboratory. building most sophisticated. fortunately. tim's mission to teach me. this is why you should. only. more news today violence is once again flared up. these are the images the world has been seeing from

the banking sector is outperforming the dax this hour traders actually anticipate a speech by the fed reserve chairman ben bernanke you later in the day the markets for the most part i'm not really expecting bernanke get to announce any stimulus measures but they're looking for some clarity one of european union's a few growth stories poland is feeling the squeeze of the downturn the country's second quarter growth eased to two point four percent the lowest in about three years and significantly below the forecast poland's g.d.p. kept expanding over the past few years while much of the e.u. showed negative growth but a series of gloomy economic indicators show that the so-called economic miracle is coming to an end. and day here in moscow the markets are remaining in the positive territory read gaining some ground they lost on thursday when stocks fell to the lowest in more than a week the r.t.s. is up more than half a percent this hour the movers among the blue chips include positive was shares of pretty upbeat it will start assembling the new version of the popular we know logan next year f

investors of course are on the sidelines waiting for friday's at luchon to supply a good speech by the fed reserve chairman ben bernanke keep growing pollution crude price uncertainty and environmental awareness are all pushing electric vehicles to become the next generation of eco friendly cars on the road artie's very own katie pilbeam reports from the moscow international auto show. one of the main things up today the. ecologically friendly big phone bank is a puppet with that we send a whole. lot of people to read to play to meet the kids if you want to buy and that you thought he folded would be a way you go where the road both of these things a chance to actually reach all of your big goal of ways that with a mind i'm not joined by that. problem is the basic right is how i see you know i dislike what the challenge is how do you overcome them what you think is a positive about buying an electric car here mustn't it really willing to give it a will decide. what the seriousness of the soul. was that this cell phone. was what was going to run the slick said it was. we compare this with a regular

plus a lot of investors are staying on the sidelines ahead of the much anticipated speech by the fed reserve chairman ben bernanke tried growing pollution crude price uncertainties and the environmental awareness are all pushing electric vehicles to become the next hot thing when it comes to cars on the road business artie's katie told them reports from the moscow international car show. one of the main themes of today the old saying is that ecologically friendly and big bold make it a puppet with the base and a little shot up lots of people love to read it to play to me a lot of the kids if you want to buy and that you copied below it's good to be away you go all the love bob hope that nobody is cutting a chance to actually charge you'll be called of the plays that will cut it a mind i'm not joined by the next a guy from the midst of a seat mate says how like you know i decide what the challenge is how do you overcome them what you think is that positive about buying an electric car here must it really willing to give it a we'll talk to that. but seriously. with . us that stuff. one was to

that's following some pretty hefty gains a las tweak on the fed reserve chairman ben bernanke he indicating he has more tools that is needed to stimulate the u.s. economy one of the biggest winners of the day is out bullish stock is gaining roughly two percent this hour following a court ruling in its favor last week and more on that ruling samsung shares have suffered the biggest plunge in about four years after a u.s. court ruled the firm infringed a six apple patent for a mobile device the south korean giant will pay over one billion dollars in compensation and has another hearing upcoming that could lift a sales ban on some of its products in the united states and mcdonald's is expanding into say varia that's one of the last places on earth you can't yet buy a big map and plans to open its first restaurant and possibly our next year before rolling out. throughout the region twenty percent growth a year make russia one of the most profitable fast food markets but the last couple of decades for logistics have held mcdonald's back from opening its restaurants there. and of course once we h

few hours so that adds to the general optimism the traders anxiously anticipate the speech by the fed reserve chairman ben bernanke later in the day for the molds for part of the markets are not expecting any monetary easing but they are looking for some clarifications one of european union's few growth stories poland that is feeling the squeeze of the downturn the country's second growth eased to two point four percent the lowest in about three years and significantly below the forecast poland's g.d.p. kept expanding over the past two years while much of the e.u. showed negative growth but a series of gloomy economic indicators show that the so-called economic miracle is coming to an ad. now checking out the. russian acqua the markets so far so good pretty i'll be the r.t.s. is gaining more than three quarters of a percent some of the main movers on the my sex include car maker off to basel its shares are pretty albi to fact gaining around one and three quarters of for sound as of plans to issue a new version of its popular reno logan our next year flagship carrier air flight is down its pas

fed reserve chairman ben bernanke. over in the states overnight wall street saw a pretty different picture moderately of beaches of the day when traders welcome the commerce department revising the u.s. g.d.p. annual growth rate all for the so-called beach book showed a steady expansion in the u.s. economy which also benefited the equities moving on to the currency on the currency markets this hour the dollar's losing value against these euro the russians over move all of well and the wednesday's session down against the currency basket will have. the fresh ruble figures as soon as the russian markets reopen a lot them two hours karen rush evens burbank's gains on the back of better than expected first half results didn't help lift the russian equities out of the gutter they finished a little warm wednesday and falling oil prices were certainly a factor there and oil continues its slide on thursday as hurricane isaac spared us production facilities and we recently saw this u.s. inventories are on the rise also the g. s

employment data that beat expectations thanks to that and also to the hand from the fed reserve last week that more monetary easing is coming sometime in the fall and that's really easing the concerns that this is the u.s. economy might fall into a europe footsteps into a recession and for the week the dow and the nasdaq and did want to positive from the lows of early june the s. and p. actually managed to gain around nine percent which is not bad at all the u.s. dollar is trading flock to against the euro this hour and the russian ruble was stronger against the major currencies on friday we'll bring you all the latest the soon as the russian markets reopen and less than one hour's time and course that brings us to the equity markets sands of mainly to their closing figures which you're seeing right there and as you can see it was by by by three and a quarter percent for the r.t.s. the intrigue of course is whether or not the russian equity markets can assist that can sustain that positive momentum this monday will bring you the latest as soon as they reopen as i said russia oriented

as i mentioned after us some gloom and data beat expectations thanks to god and the head of the fed reserve last week that more monetary easing could come in the fall investors really feel that the states or certainly it's a pawn and we are not going to fall into european puts footsteps and into every recession he's saying friday's numbers for the week to the dow and the nasdaq finished want to positive from its lows in early june the s. and p. is up nine percent which is not bad at all let's now move on to the currencies the euro at the moment is losing against the dollar and failing to extend its gains of wost week the russian ruble started monday's session with a stronger to the dollar but weaker to the euro as you can see there and so far so good on the russian equity markets let's see the numbers there they start of the session less than twenty minutes ago and of course the intrigue is whether or not they would be able to sustain this positive momentum through the day rush oriented funds have managed to turn around the capital outflow they've suffered for the past . fifteen weeks of th

fed reserve chairman ben bernanke on wall street overnight we saw a pretty different picture moderately all beaches held the day went traders really welcomed the commerce department who buys in the u.s. g.d.p. annual growth rate all poured and the so-called big. book also showed the steady expansion of the u.s. economy on the currency market out the moment the euro is gaining ever so slightly to the dollar and the russian ruble ended wednesday's session down to the currency basket will have crushed the ruble figures as soon as the russian markets reopen in less than one hour so i'm here in russia's very banks gaze on the back of better than expected first results didn't help a lift the russian equities out of the gutter they were lower on wednesday and balling world prices were certainly a stock term and the oil continues its slide on thursday as hurricane isaac spared the u.s. production facilities and we also recently saw that the u.s. inventories are on the rise the w g i's this hour has slipped below ninety five dollars a barrel as you can see also the g. seven finance ministers mad

employment data expectations thanks to that and all sued to the hint from the fed reserve last week that more monetary easing could come in the fall investors really feel about the states more like its economy is not going to swallow into europe's footsteps into its recession using friday's numbers for the week the dow and nasdaq finished huachuca positive from its lows in early june the s. and p. is up around nine percent not bad at all it's a matter of fact the u.s. dollars trading fly against the euro this hour let's see the currency markets there you are and the ruble will stronger against the major currencies on friday will give you the fresh figures as soon as there are some markets leave reopen in less than two hours time and let's now see how the russian markets closed on friday and as you can see there it was a major buying three and a quarter percent for the r.t.s. and for us and the intrigue of course is whether or not the. in equities would sustain this positive momentum on monday will bring you all the latest but if you judge by the performance of the food market it doesn't

bringing some supervisory tools to bear, we have asked market participants and others, over which the fed reserve has authority, for detailed pilot -- milestones. we do not want to be told we will get this done. trust us. we want to see a clear path to getting all of this done by 2014 with many intermediate steps and risk reduction along the way. that is the way we get comfortable with 2014 in light of the environment we are operating in. >> anyone else? >> we would say from our perspective, to the extent that this flows through where investors have a clarity on what they have and we have clarity on what our bank will do during a normal and distressed market to environments and against what assets, the accountability falls back to the bank dealer. as it works through the due diligence, clarity between the clearing bank and the bank dealers in terms of what everyone can expect during times of stress and prudent liability management, we think is the best outcome. that is how we think we can get to 2014. >> i want to thank you all. i think we need to get a much more definitive, clarifying the notion

stock futures trading want to positive bounce following some pretty hefty gains last week as the fed reserve chairman ben bernanke indicated he has more tools to stimulate the economy the u.s. economy i should add should it require that extra stimuli apple is definitely the stock to watch one little street opens in less than an hour it can benefit from a poor ruling in its favor now a bit more on that court rulings of facts sound so sure is that suffered the biggest one jenna bout four years after a u.s. court ruled that the firm infringed six out patents for mobile devices the south korean giant will pay over one billion dollars in compensation and the fines could go even higher it has also another hearing upcoming that could lift a sales ban on some of its products in the states and mcdonald's is expanding into say beer it one of the last places on earth you can buy a big mouth they open their first restaurants and first they are late last year before rolling out to the region twenty percent growth a year make russia one of the most profitable fast food markets but for the last decade poor

reserve meeting. they were released in the last hour. was it fed officials discussing another round of quantitative easing. that immediately help stocks off their lows. can fed chief bernanke find another tool in his golf that should work. to tough economist for your to battle it out whether no action could be the best action to make. stay tuned. the dow is still in the red. hewlett-packard is the biggest loser on the dow. we will have those numbers. same time yesterday after the bell, dell came after their numbers. the stock is falling. it was nothing too exciting. a little upsetting for investors of dell. we are going to tell you exactly what to watch for from hewlett-packard coming up. we have some big winners also. luxury homebuilders hitting a five year high today. that is helping the rest of the entire sector get a boost. they are not just getting a nice boost, they are stock leaders. let's get to the market. we have the dow and nasdaq and s&p looking a little bit better. why? >> i think it is they were going to do something. traders were alr

fed's warehouse is the bond. and it's out there floating around. and what the federal reserveis worried about anything probably rightly so is they basically just become subsidiaries to the plan of the government in what they don't see is a credible fiscal plan, at least listening to bernanke's word. no, thank you. >> yes, a question here. you think tom is addison's proximity new jersey with manufacturing and home ice to new york city, which was the financial world, wall street, et cetera and the fact that he didn't always get financed for his production. do you think this is a possible reason of his interest in another financial system or to the gulf necessarily? >> i don't know the location, that is experiences with the financier and all the big banks, the big names, vanderbilt, jpmorgan, jade cooled. he felt that it got burned a few times. now he also knew they were the only ones they are and you have to give something up to get something. what he did mike and a lot of people don't like going back to aristotle and that then get transferred through st. thomas aquinas in march

allen, they have a couple of minutes to observe the news from the fed reserve notes, what is that doingo trading of four hours to mark? >> well, we came in and essentially unchanged. finishing essentially unchanged on the day which i view as very much a positive after the reversal yesterday. what i want to point out is still have not made any is in the dow or the nasdaq. eight points off of this spring peak, and the nasdaq was 35, so we have to take that out before you see another heavy round of profit-taking hit. the big issue was bonds. appointed have today. and we are up at 148 on a 30-year bond would just make deals down after they jumped to 3 percent. that is a tough level, that 3 percent level, the 30-year the you want to keep an eye on. david: good to see you. thanks a million. liz: it was not a sleepy august day because the fed used as sola, releasing its fomc meeting minutes for a couple of hours ago. what they talked about at the july 301st and august 1st meeting showing members actively discussing the possibility of yet another round of so-called quantitative easing, so now e

. >>> well, investors are anxious to hear what the fed reserve chair ben bernanke is going to say about the economy. he's going to give his annual speech on monetary policy today at a conference in wyoming. investors will be looking for signs that the fed could take action with possible -- with -- [indiscernible] >>> days after a major win in california, apple has lost a lawsuit it was filing against samsung in japan. a tokyo court ruled that samsung did not infringe on an apple patent. the court said the technology used in the south korean company's smartphones and the tablets to synchronize with computers did not infringe on an apple patent. last week, however, a jury in california ruled that some of samsung's smartphones did violate apple patent. that jury awarded apple a billion dollars in damages. >>> it is just about 5:0 #. still ahead -- 5:08. still ahead this morning, another voter irchlts d. law found -- i.d. law found unconstitutional and warren buffett is planning to give hundreds of millions of dollars to his children but it's not what you might think. we'll be back with tho

fed stimulus what stock investors really want? suzanne pratt reports. >> reporter: a battle has been brewing lately inside the federal reserve among the very people who set monetary policy for the u.s. economy. some, including boston fed president eric rosengren, want the fed to do more to boost the flagging recovery-- a lot more. rosengren is calling for an open-ended approach to bond- buying and says "you continue to do it until it's clear that you're no longer treading water." for example, future asset purchases might continue until the unemployment falls to 7.5%. >> instead of having to guess each meeting whether or not the fed will be doing more asset purchasing, the market could just form an expectation about what the unemployment rate is and then know what fed policy would be given that unemployment rate. >> reporter: at the other end of the policy spectrum is dallas fed president richard fisher. just yesterday, fisher said more help from the u.s. central bank would be a mistake, especially so close to a presidential election. fisher and rosengren currently don't get to vote on monetary policy, but you can be sure fed chair

who do you think is the right man for the job to be the chairman of the fed federal reserve?that is really a question for president obama or for a president romney. i think what we need at the federal reserve is a team that is committed to low inflation, to financial market stability, and to the fed's independence. sandra: by the way, you have a little bit of a history with ben bernanke. you guys have known each other since you were kids i read? >> since we were much younger, yes. >> obviously you have somewhat of a favorable impression of him? >> i do, yes. sandra: okay. well thank you, so much, glenn hubbard. thank you for joining us today. >> my pleasure. sandra: well the congressional budget office warning today that a recession is likely in 2013 if congress doesn't take action over the fiscal cliff. take a listen to the dire projections from cbo director doug elmendorf. >> i think what we see coming for next year under current law, is a very large amount of fiscal tightening, larger reduction in the deficit relative to gdp than we've seen any year since 1969, and that is

we back to where we were a year or two ago despite the massive efforts the fed federal reserve has put into driving mortgage rates down i think rates are now one hundred fifty basis points below where they were two years ago that's roughly the equivalent of seventeen percent more buying power rates down that low. so here that he picks foreclosures to ramp up that bad work to get start getting cleared out this fall and impacting prices this fall taking another three to four years to get all worked out still ahead very reynolds and does not meant his words as he reacts knew that and that global executives may not face criminal charges at all but first the closing market numbers. are going to be on. the soul did those stores is here before going global that's not. the only fire. you. choose your place to take your stuff. to. make your statement. spread the word. if you plug in student loans. stop and look at the current of the unemployment the national debt. bailing government. ask yourself does. it really matter who wins with billions created daily you can gamble with your money or turn

the fed reserves' beige book will provide economic conditions across 12 reserve banks across the united states. as jackson hole summit gets under way, one key player will not be attending, mario draghi says the heavy workload will not allow him to travel to the event. cnbc will have full coverage throughout today and tomorrow with federal reserve chairman ben bernanke's much anticipated speech to take place on friday. >>> joining us for more, chief global economist for capital economists. thank you for joining us. we're waiting for policymakers. will ben bernanke, as de a couple years ago, announce another policy of more qe with rather less shock and awe? >> what he did a couple years ago was hint at more quantitative easing but i think that hint has been made by hints of fmoc meeting. markets expect additional qe3. i don't think he'll reinforce expectations any further than are in place. >> a lot of dependent on the data, some of it. we had anticipationally strong data. we saw strong housing numbers. the numbers have ticked up. is any of that daylight that strong enough to cause a paus

the federal reserve, you were just talking about the fed. ey have a very good website called federal reserve education. also, the jumpstart coalition has great clearinghouse with noncommercial, unbiased information you can use to start the discussion with your kids. basic messages, talk to your children about money. gerri: talk to your children about everything. ted, thank you for coming on a we appreciate your time. we will be right back with more we will be right back with more coming [ male announcer ] how do you trade? with scottrader streaming quotes, any way you want. fully customize it for your trading process -- from thought to trade, on every screen. and all in real time. which makes it just like having your own trading floor, right at your fingertips. [ rodger ] at scottrade, seven dollar trades are just the start. try our easy-to-use scottrader streaming quotes. it's another reason more investors are saying... [ all ] i'm with scottrade. it's another reason more investors are saying... seems they haven't been moving much lately. bu

the federal reserve, you were just talking about the fed. they have a very good website called federal reserve education. also, the jumpstart coalition has great clearinghouse with noncommercial, unbiased information you can use to start the discussion with your kids. basic messages, talk to your children about money. gerri: talk to your children about everything. ted, thank you for coming on and we appreciate your time. we will be right back with more coming up. [ male announcer ] at scottrade, we believe the more you know, the better you trade. so we have ongoing webinars and interactive learning, plus, in-branch seminars at over 500 locations, where our dedicated support teams help you know more so your money can do more. [ rodger ] at scottrade, seven dollar trades are just the start. our teams have the information you want when you need it. it's anothereason more investors are saying... [ all ] i'm with scottrade. it's anothereason more investors are saying... you see us, at the start of the day. on the company phone list that's a few na

you ran open market operations for the new york fed and you were the undersecretary of the treasury. you have 1.6 trillion dollars in excess bank reserve on the fed's balance sheet. they can create another 500 million or trillion. it sits on the fed's balance sheet. meanwhile they are enabling and financing unprecedented budget deficits. how does it sit with you? this is a different federal reserve role. they are enabling and financing unprecedented budget deficits in the trillions every year. >> it makes me very nervous. i'm not nervous about inflation in the short run. much more nervous about the deflation when i see the chinese currency turn the other way. that's a big sign for me. i do worry about the fed crushing the incentive to lend. they say we'll make borrowing cheaper. but who will lend if you don't get a reward? >> out's too narrow. it's a mistake. >> twist is a mistake. if they think we need to balloon the balance sheets more, they are welcome to do it. i don't know why they need to given the idle reserves. >> do you think the fed -- i know they control short rates. i i get it. i worked in open market operations as a little

the federal reserve board is meeting today and tomorrow to talk about what if anything the fed should do to try to jolt the asnomy. to geed rebecca jarvis to get a sense what was the prospects are, and we found out last week tat the economy grew at 1.5% in the spring. what could the fed do to help? >> reporter: the fed has three orter:y options, scott. it could keep interest rates at or near zero percent for longer, say as many as three more years. it could buy more treasuries, to ldimulate the economy. at it could give banks less interest for the reserves that fed keep at the fed. >> pelley: i'm curious, interest rates have been near zero for 3.5 years, hard to imagine, still happy made much of a dent in unemployment. woy doesn't that work? >> reporter: the underlying thought here is that doing this will get the banks lending at lendper rates. but the banks have to want to ennd the money to get the money net into the hands of consumers, and consumers and businesses have to want to borrow the money. so it relies both on the fed's policy but also the psychology of the marketplace and t

we are watching that federal reserve. the fedsaid today even though the economy is losing strength, it's not going to take action right now. it did repeat a pledge to take further steps to try to stimulate the growth if the job market doesn't show improvement. microsoft hot mail overall attracted 1 million new users in a surprise roll out. the largest software company announced the outlook free service yesterday. replaces the hot mail with more modern features. accounting syncing. if you railroad have a hot mail account you are going to be migrated over to outlook. >>> google bought wildfire. and the deal also brought in an unexpected employee. ariel zuckerburg. junior product manager. another sister blast off a tweet saying congrats wildfire. there are more family members working for google than facebook. awkward. >>> not clear who the other family member working at google might be. >>> turning boring utility boxes into works of art. check it out. artists participating in the art box project have painted 23 utility boxes througho

expectations are high that the federal reserve will announce a new round of monetary stimulus at the fed's next meeting in september. this week 30 regional federal reserve presidents expressed skepticism on the strength of any more quantitative easing. jeffrey lacquer and charles placer told print reporters the fed can only do so much to have a sustained impact on unemployment. this week i spoke to dallas federal reserve president richard fischer. >> i don't believe any amount of monetary stimulus is going to deal with this uncertainty and inability of companies to budget and plan. the real issue is asking congress, republicans and democrats, to get their act together. the business community can't plan for the future. you know they're on a three-year-plus budget cycle. even quick fixes to the fiscal cliff have a macroeconomic effect. >> how does the market respond to this uncertainty? david sauerbj with loomis sales and company. david, good to have you on the program. thanks for joining us. >> my pleasure, maria. >> you heard richard fischer. he says the key issue is the debate over the fi

the fed are suggesting increased option from the federal reserve. do you think they will create more stimulus? >> think there's a potential if we go into the vacuum of activity. in an environment of uncertainty, you could find people pulling in and not spending and that the fed might have to come in and stimulate more or people hit the fiscal cliff. i think the underlying trend is better than we think. >> all of the stimulus we have seen already, it's a real debate on howuch re effecective they can be. do you think they will move the needle in terms of growth? >> i don't think so, i've heard people calling for more. corporations need to start hiring or for washington to come together. put policies and gives people a sense of what's going to happen in the future and focusussing o trying to restore economic growth. >> i think the fed ran out of things that could be effective. >> i feel like they keep bailing out the white house. we need to see policy on taxes, on the spending programs. >> i agree, i wouldn't say it's the white house, i think they're e