jack bogle, father of index funds. u for joining us. >> pleasure to be with you always. >> tweets coming in saying jack bog bogle's a great american. we like that. let's get to dominic chu at hq. >> carl, we're watching shares right now of u.s. traded shares of fiat chrysler, fcau, down 9% in heavy volume trading. this is on the heels of the epa saying it's going to make an announcement. we don't know what the announcement is, however reuters is reporting citing sources that it will be to accuse fiat chrysler of developing software that allowed excess diesel emissions in about 100,000 u.s. vehicles, that again a reuters report citing sources. that's why those shares are now down about 10.5% on heavier than average volume trading. we'll keep an eye on this for you bring you more details. we're expecting some kind of announcement from the epa latered to. we'll bring those details as well. carl, it's interesting this was upgraded by goldman sachs to a conviction buy just about maybe a week or so ago. so we'll keep an eye o

that's rarely good for jack bogle and his team. and index funds. now, i think there's a lot of room for those. no question about that. but if you put everybody in that bucket and we get another stock market crash and another kol lambity, people will be up at the senate having hearings about what happened. my recommendation is that let's leave the buffet i believe a open for the 401(k) investor. there's enough fiduciary standards already inside the wall street system and i don't think we need an extra layer of regulation. last point i want to make. if people want to put money in a hedge fund, what i know about hedge funds and the reason why this business was very attractive to so many people is that in down markets hedge funds provide a buffer against that volatility and they help people get to their long-term act chew rarial goals. no 401(k) holders will own hedge funds anymore and that's a shame for them and they will be missing out on some of the best and brightest investors in the world. i said last point last time but i'm italian, one more last

vanguard's founder jack bogle, we'll keep our eye on the armed services committee on the hill, checkn with ces in las vegas later this morning. more "squawk on the street" from post nine after a break. ve edodtewheru . cor ns wehecllt wan ec it wl to ss createxenatu. aztrdgn'jukoat u tegiesdsothe ♪ >>> couple of stories about apple today. the company has pulled the "new york times" app from its stores in china saying it is complying with a request from chinese authorities. meanwhile, apple's confirming it's joining softbank's vision fund with a $1 billion investment. late this morning josh lipton with a story from the company that app developers earned $20 billion last year. 40% jump. we know apple takes a third of that incremental revenue. >> i'm glad you pointed that out. remember tim cook said this would be the year that the service revenue stream would be equal to a fortune 100 company, the smallest fortune 100 company is $27 billion. so it's obvious they're saying this is going to be really terrific. but my issue here again is if you don't do an acquisition to boost that service

later on "squawk on the street" don't miss vanguard founder jack bogle.ou're watching "squawk box" on cnbc. s rei i >>> welcome back everybody. our guest host this morning has been st. louis fed president jim bullard. jim, we've talked a lot this morning about the potential policy changes in washington. you've said yourself you think a lot of potentially strong changes, good things, but you also think there are some risks. >> yeah. i think there are things that are going on that are very positive. i think the deregulation can do a lot. i think the tax changes can do a lot, especially i think this corporate tax change is a big deal. but you've got some risks as well. you've got -- what are you going to do about health care? you know, what about this border tax? you know, so you got trade issues. you got a lot going on. so there's some risks as well. >> jim, it's been great having you here. >> thank you guys. >> welcome back, becky. >> thank you. make sure you join us tomorrow. right now it's time for "squawk on the street." ♪ >>> welcome back, becky. good