janet yellin and ben bernanke.or a fact that they are concerned about high unemployment. >> ben, you are a recovering political reporter and spent a lot of time on that. that's amazing to you is you are covering two senate campaigns going at each other with the yellin and summers camps. are you surprised? >> i am surprised by it. you never see a suggestion at the fed getting to this politics. a lot of folks are trying to put forward the candidate. i think that areaed laid out the case trek low. they are both going to try to bring down the unemployment rates. summers has been more critical of the extraordinary tools the fed has used. they are not going to be that much different. a lot of it gets back to rivalries. you see that play out and i think it's clear that summers has the inside track because obama is comfortable and knows him well. anybody in the white house and outside the white house, they said it's summers. i would be surprised if it's janet yellin at this point. >> i want you to interpret the sentence ab

larrysomeers is a product of harvard, janet yellin of yale. they both seem strongly at this time in our economic history, the government, particularly the fiscal side of government-- tax and spend ago should be more aggressive. both of them believe the fed has a pretty important role to play in getting the economy going again. i think there may be some differences in nuance about how they would actuallyin actually e job when they got there. their personalities are very different. i think in terms of the fed policy we'd expect, i think there's not that much difference between them. >> woodruff: i want to ask you about that. there are prominent democrats coming out and talking about larry summers' position on deregulation before the financial collapse in 2008, and they're questioning whether if larry summeres were chosen the current fed policy of bond buying, stimulating the economy, getting the government involved in the economy, would continue. >> well, i think what summers has said is that he doesn't think this quantitative easing, this bond

if he appoints him i'll have problems. >> i love how everybody talks about how great janet yellin. i don't know a damn thing about her, you don't either, but we know she's not larry summers. >> i think your general point i'll accept it, but this is a front and center issue was against range the bell on deregulation, and rang the bell early on the housing bubble. if she can survive a drill oh down, i don't know. there is just the temperature days here because we've never been in the situation where people are campaigning for the fed. this has never happened before. it's not happening now. it's only happening now because people are talking about larry summers, and if the president stops that, then it will go away. >> all right, group, we continue on. coming up, george zimmerman is stopped by the police. and guess what he has in the car--a gun. we'll give you details on that. also, it's g.o.p. on g.o.p. crime. it's verbal crime but still it's criminal. >> gimme, gimme, gimme. >> gimme, gimme, gimme. >> i love all these these esotec debates people are getting in. you must be high. >> "

you just a little bit of my conversation with treasury secretary lew, and i asked him about both janet yellin and larry summers, another name up for consideration. >> i know the people you asked me about. i know them both very well. i'll keep the conversation where it belongs. >> would either yellin or summers make a good fit? >> they're both extraordinary people. i won't comment on the fed. >> would either yellin or summers make a good fit? >> it's very hard for me to tell. larry summers had been very supportive of the era of deregulation, supporting derivatives and shorts and that kind of thing. janet yellen has been close to bernanke. i'm one that believes bernanke has done a very good job. this country is moving ahead on federal reserve actions and i think they ought to be continued for the foreseeable future. >> it's unusual to pressure the president so early in the game. >> i didn't pressure the president. >> you put out an open letter say why not yellen. >> i have met janet yellen on two occasions. she's very well thought of. she knows the fed, and she's very highly qualified. a woman

do you think it is janet yellin or summers?thnings i don't do is comment on the feds or personnel choices before they add chance to announce them. i know names in the news. i know them. they are great people. they a they are smart. they are excellent people. when the president is ready to make any personnel announcement, we let him make it. >> gene, what do you think is the most important policy that the president can lead in terms of getting growth moving in the u.s.? is it tax policy? is it deficit reduction? you talked about spend awning infrastructure. but you know we're coming up to that time of the year when everyone is expecting another fight. we can spend on infrastructure. spend on education. but where did the money come from? are we in for another fight on the debt ceiling come the end of the summer, gene? and how do you move the needle on economic growth? >> i think the reason the president is out there giving the speeches he is is he is trying to move washington away for a focus on manufactured prices, manufactured

overwhemg ov overwhelming that we didn't want. 70% of the participants believe obama will pick janet yellin to place current chairman ben bernanke and just 25% say it will be the former treasury secretary larry summers. yellin also beat summers when we asked participants who the president should nominate with half picking yellin and 12.5% saying he should reappoint bernanke and we asked the street what the most important qualities were for a fed chairman and these are the top five categories, monetary policy expertise, ability to manage a financial crisis, good communication skills, respect for markets and concern about inflation, and what you'll see now is that yell in is seen better than summers in four of the top five categories. do you have the graphics? >> right now. >> there it is right there. monetary policy and yellin beat summers in seven of the categories with summers getting better marks on respect for markets. concern about unemployment, wall street gives yellen much higher grades than summers. >> is this also an indication that wall street or the people that we surveyed do not

economy, that may just buttress janet yellin when it comes to replacing ben bernanke. seems to have the better forecasting record according to the survey results. we'll watch the fed story with interest. zbloft fi >> what's changing in the dynamic of the measurement of the economy? >> two things that really aren't in the numbers at the moment that are r&d spend and spending on books and movies that are likely to lead to long-term revenue streams. so what they're saying is they're going to readjust these gdp figures and going to put those two components inside. if you like, it's the difference and this is the way it's been described in some of the write-ups, it's the difference between "seinfeld" and "the kardashians." kardashians is a one-off series and "seinfeld" syndicate for many years to come. the argument you put that in the gdp stats because that will generate a long-term income stream pretty much like "way too early." >> there are so many kardashians that are profitable, and they keep reproducing you know? >> they are an addition to the economic balance sheet, t

president clinton's treasury secretary and the president of harvard university but how different is janet yellin let's dig into a profile janet yellen is sixty six years old and would be the first female fed head it would also be the first time the current vice chair as soon as the top position she received her degree in economics from brown university and obtained a ph d. in economics from yale similar to summers she has spent several years in academia teaching at harvard the hospital of business at u.c. berkeley and the london school of business her career took off in public service in one thousand nine hundred four when she was appointed as a member of the federal reserve board of governors i've just been in three years they are she revolved into president bill clinton administration as the chair of the council of economic advisers back to the fad and spent six years as the president and c.e.o. of the federal reserve bank of san francisco and she has spent the last three years as the vice chairman of the federal reserve system. as someone who is more concerned with unemployment than inflation

president clinton's treasury secretary and the president of harvard university but how different is janet yellin let's dig in to a profile janet yellen is sixty six years old and would be the first female fed head it would also be the first time the current vice chair as soon as the top position she received her degree in economics from brown university and obtained a ph d. in economics from yale similar to summers and she has spent several years in academia teaching at harvard the hospital of business at u.c. berkeley and the london school of business her career took off in public service in one thousand nine hundred four when she was appointed as a member of the federal reserve board of governors i've just been in three years they are she revolved into president bill clinton administration as the chair of the council of economic advisers. and went back to the fad and spent six years as the president and c.e.o. of the federal reserve bank of san francisco and she has spent the last three years as the vice chairman of the federal reserve system. as someone who is more concerned with unemployment

awarded five-stars from smartmoney magazine. >>> janet yellin and larry summers considered to be the is not yellin or summers is on the rise. here with more is our director of floor operations at ubs financial services. good morning to you. part of the note today. you put this in quotes. what is your argument? >> i think there is a feeling among a few of us cynics and wall street that this may be a little bit of a stalking horse, may be a bit of a ruse. will you recall about three weeks ago mr. summers candidacy if you would was pretty much dead and buried and suddenly like the phoenix it sprang up from the ashes full blown and flying and the feeling here is that maybe some of the strategists with the administration looked at what happened after bernanke hinted at tapering and saw the very sharp reaction of the stock market and of the bond market, et cetera, and said, wow, the markets are very, very sensitive to change. we have to be careful of that. one way to take care of that is to insulate them to change, to kind of accommodate them, so all of a sudden if larry summers pops up, ag

putting summers' history aside there is this other candidate janet yellin who would be a great choicem a historical precedent point of view. she would bust a glass ceiling. she would be the first female to chair the fed. yellin was 1-3 so let's hope that news bettors know something that you and i don't. >> michael: that's why michael tomasky is so great. with the "newsweek" and daily beast, glad to have you. coming up, headlines containing the words nsa edward snowden and bradley manning, but are we missing the forest for the trees? and in florida it looks like the larger debate is just beginning. >>> and later john mccain said his idea of turning the u.s. dollar into a coin would be a boon to strippers which gives me a chance to say, those damn flyboys, they're all alike. "the war room" on a thursday. we'll be right back. if you believe in state's rights but still support the drug war you must be high. >> "viewpoint" digs deep into the issues of the day. >> do you think there is any chance we'll ever hear the president even say the word "carbon tax"? >> with an opened mind... >> has

larry summers, one of the top economic advisers to barack obama, and janet yellin, number two at thech or as widely as summers, but is known inside the fed in the economics community. >> already just with this word circulating out there there's some push back about summers. >> there's a storm that erupted in the last weeks. a lot of people assumed janet was the front runner, that was going to mean couldnntinuity at fed. within the last week, it is clear from talking to people inside and outside of the white house that summers is a serious contender, and he does not have a lot of support on capitol hill. >> why? >> so there's a few reasons. one is he lost his job as president of harvard some years ago for comments about women which some saw as denigrating. he's also got a history of deregulation from the late 1990s, which liberals in the senate very much oppose. we broke a story today that he's gone back since he left the white house to work, to do consulting for citigroup and other financial firms, so his connections to wall street and this idea of a revolving door between washington

there's been rumors about janet yellin who's currently on the board and larry somers who served with you in the white house. my question to you is, what is the president looking for. what's the most important thing for that candidate to have to make sure that we do not slip back into recession? >> those are excellent questions, and i don't blame you for asking them. but i hope you will understand that we don't talk or speculate on important personnel decisions that the president makes until he makes them. so i will let you talk with others about them. but i let the president speak first on the important appointments and decisions he has to make on the economy or otherwise. >> fair enough, gene spurling. pleasure to have you here tonight. >> when we return. steve king doesn't speak for them. that's not what millions of latinos are hearing. jose diaz will be with me in a moment. announcer: announcer: sunday's your last chance to save big during sleep train's triple choice sale. for a limited time, you can choose to save hundreds on beautyrest and posturepedic mattress sets. or choose $

some democrats warned it would be a mistake not to choose fed vice chairman janet yellin instead. >>hat is the republican reaction to this presidential visit? >> reporter: well republicans don't like the legislation the president came to talk about and they don't like the fact he didn't come to talk with them. senate minority leader mitch mcconnell criticized the visit even before it happened. >> it really would be nice to see the president work with congress for a change to get some important things done for the american people. republicans have been eager to do this all along. but really it's almost like there's a "gone campaigning" sign outside the oval office, a "gone campaigning" sign outside the oval office, and on the rarest of occasions when he does come to the hill like he will today, you find out it's basically just another internal campaign rally with democrats. >> reporter: house speaker john boehner blasted the president's wanting to reform corporate tax code. boehner doesn't like it because the president wants to spend the windfall on job recruiting. >> when do they go

lead editorial blaming the boys' club, if you will, of economic policymakers for ganging up on janet yellinhair of the fed. the editorial is really scathing in its criticism of you, bob ruben, all on behalf of larry summers, the other chief rival. is there sexism afoot in these fed decisions? >> you know, andrea, the only person that i have given my opinion to is the president of the united states. and we honor his privacy and confidentiality in making that decision so anybody who writes about the positions of myself or somebody is purely speculating and the person who will make that announcement about the fed will be the president of the united states. i think that most of the people being mentioned are people i've worked with. i have the greatest respect for them in terms of their intellect, what type of people they are. and i have only positive things to say about really all of the peak candidates that you've heard mentioned in the press recently. >> gene sperling, thank you very much from the north lawn. we await the president's speech in the next hour. thanks. >>> and we'll be right ba

including hillary clinton, respond if he does not choose the first woman, the vice chair of the fed, janet yellin, to replace ben bernanke after his two terms are up since all the signals are that he is not going to ask for another term or seek another term or wouldn't accept it if offered. so there's a lot of sort of female politics involved in that. i've never seen a campaign like this where you've got "usa today's" front page and the "wall street journal's" front page and "the new york times" and all of the papers weighing in as to yellin versus larry summers. >> fascinating. i'll just say, for someone that follows this from the outside, i think it is fascinating in that for the most part, you don't cover these things typically like an election. it is sort of, well, it is going to be this person, it is sort of decided behind the scenes. that it is playing out as publicly as it is, i think to your point raises the stakes if he does go with larry summers. there is going to be a lot more people aware of it than might have been otherwise and with the critique, that still kind of lingers in the oba

it seems for the two main candidates, governor janet yellin, and larry summers, the former economic adviser, speaker pelosi and about a third of the senate dmrkemocrats have weighen on a woman candidate. which side are you on, you're part of the discussions, and what is the president looking for in a fed chair? >> i have to start by saying that chairman bernanke is and remains an extraordinary fed chairman. i'm going to keep private any conversations we're having with the president on the question of when and what kind of succession there should be. i think that those conversations are best left in the privacy of the oval office. >> but it suggests that she will be easier to confirm than larry summers. is that a factor? >> i'm not going get into commenting on different candidates potential paths. the conversations should stay where they are. >> let me ask about the situation facing detroit, filing for federal bankruptcy last week. the governing board of the flco has weighed in strongly saying that the federal government must step up and provide assistance to detroit. is that going to be com

janet yellin, a potential placement for ben bernanke if he leaves, she called it.said what is housing -- what is happening with the housing market, with the subprime loans? it is really concerning to me and we should take a closer look at. but unfortunately the fed as a whole did not decide to act on some of those issues, and we got into the mess we got into. in indiana, is independent line. caller: yes, i have a question for ms. mui. if she could tell me about the money created by the federal reserve, am i correct in assuming that is a full faith in credit in the united states government, which equates to the american taxpayer? so all of these things -- free- trade agreements, everything -- would come into question as far as the obligations that the american taxpayer owes. i would take my answer off the air. thank you. it is upwould say that americanss certainly that fund the government, taxpayers that fund the government. but i don't think there is a concern that either the fed or the government at this point is going to be defaulting on any debts or anything lik

i think janet yellin is still the front-runner. summers would probably be second to janet yellin. t know that these kinds of stories are really helpful to his cause. >> but do we have any reason to think -- yellin is always mentioned as the front-runner. i could see if reports are true, that he thinks the president promised him the job, why do we think -- >> i read the story differently. i read the story as larry summers told somebody back two years ago that he had had this conversation and that this person then sort of -- i was looking who the bylines were and how this story was written. it occurred to me this was -- i thought about five people could be. >> i doubt it comes from larry summers, too. you're right. it doesn't help. >> call the people up saying please be quiet. >> then obama says, you know, bernanke's already served longer than i thought. as if maybe he was going to give it to him before the second term. then he gave it to bernanke and sort of surprised him. >> presumption in the story was he came into the white house to be national economic council chairman with the

according to reports, senate democrats are pushing president obama to nominate janet yellin, not larryserve. we'll tell what you this means and walk through the implications for markets. >>> want to take a quick look at the s&p 500 heat map. obviously a lot of red, very narrow breadth in terms of gainers. one stock that's bucking the trend, amazon in the green despite posting the surprising loss, of course, as we looked at operating margins around 0.5%. amazon managing to hang on. again, discussion, kelly, about the long term. it's a cash flow story for now. if they eventually do trim back on spending, their margins will literally explode. >> this is what people have been saying about this company for 10, 15 years, and what's so interesting is amazon has done so well despite the fact they keep spending, they keep investing, and they never actually pull back. >> no, it's true. you're talking about investing in refrigerated warehouses all around the country, in video now, in original content and who knows what other kind of hardware projects they have on their radar. >> you like to see p

i think janet yellin will be picked. l necessarily like that. >> i think that janet yellen will come out on top. she has been a little more dovish. she has voted with the majority. i think she has been a great number two. she is well thought of by her peers. again, i think this is a moment where the president can really make a mark on the fed. cheryl: that has to be addressed. the first time we would have a woman running the federal reserve. we still have not had a woman as president. there are a lot of issues when it comes to women. let's talk about his time at harvard, for example. >> deregulation, the removal of glass-steagall, a lot of people blame it on those moves. it was a major contributing factor. that would be a contentious point moving forward. they want to see janet yellen. we still think that it sounds like today she is the odds on favorite. is there a dark horse that could overtake her? >> certainly, probably the biggest surprise would be if chairman bernanke is reappointed and if he actually wanted the job.

janet yellin's been very good on this. i actually think larry summers would be good on this as well. so it's very important that the federal reserve continues to target that unemployment rate as they've been. >> i feel like there must be folks watching who go, wait a minute, what? set the unemployment rate, right? >> roughly speaking. >> granted. and so i want you to give me a little bit more on that because i do think there is a sense -- again, i'm a layman -- that what you always want is for everybody to have full employment, and then you say yeah, but then that has these other pressures. talk to me a little about that. >> what the federal reserve tries to do is manipulate the unemployment rate. they try to manipulate the interest rate. they try to do it very indirectly by trying to make credit available. i see it as the ultimate trickle down. we're going to lend to people because they're going to hire in & invest and that's going to create unemployment. it's very indirect. and in some cases i don't think it's clear that

people have been assuming that the front-runner is janet ye yellin. i have started picking up the idea, as ezra has, that larry is gaining in this process. i have could caution, nobody knows outside of a very small circle of people. if you don't hear it from obama directly, nobody can say for sure. >> john, if there were one thing that puts summers into the front-runnership, what might that one thing be in your opinion? >> well, it might be two things. one is, larry, is somebody who is by all accounts a brilliant economist. he's somebody who served president obama and president obama appreciated his service. but he's also somebody who has got the respect having been treasury secretary in the clinton administration of financial markets and of central bankers around the world. and so if the president decides he needs somebody who can command -- who can lead both institutions in a real crisis, larry summers is somebody who would fit that bill. >> thanks very much, john harwood. we appreciate that. let's bring in our market analyst, peter costas president

and yet, this is sort of a public debate between larry summers and janet yellin', right?> it looks like there's not much substantive policy between the two of them. >> bill: it is style, isn't it? >> style and appearance. apparently one of the things the obama administration is considering as they have in a few other appointments is just who the president actually appoints and is he going to appoint another white male or could he be the first president to appoint a female chair? >> bill: also, larry has a reputation for being -- >> testy. >> bill: testy, let's say the least. and you know, affecting people the wrong way. not a pleasant person to be around, right? >> one of the very early feuds within the obama administration, even before they got into office was the feud between the members of the economic team. peter arizona aquas a very strong personality, christine romer was a pretty strong personality then you had larry summers who would effectively start all of the fights. they played a big role in crafting the stimulus bill and crafting the administration's response

staying with the economy, do you think the better choice to succeed ben bernanke is larry summers or janet yellin choice, probably not be advised on that choice, but it's going to be important who does that job and how they do it and how eventually we wean the economy away from the false impact every month of $85 billion new dollars coming the fed just creates and that has all kinds of ramifications, and every time they suggest they might back away from it, that has ramifications, too. so who can figure out how to get to a better place than we are with the fed i think. >> wert of those two candidates receive a yes vote as far as your concerned through the nomination process? >> well, i'd like to hear what they have to say, but i know larry summers very well, and i know yellin less well. let's see what they have to say and how they go through this process. >> senator, we'll see what the president has to say in just a little bit. thank you so much for your time. >> good to be with you. >> senator roy blunt of missouri. >> and it's another delay for dell today as shareholder meeting pushed back afte

there's been a flury of activity when it comes to talking about, first it was janelle yellin and then larry -- janethen larry summers. republicans are saying no way we would ever consider larry summers. one name not on there, for example, alan, who is over at princeton. >> alan blinder. liz: alan blinder there are other names as possibilities. who is your best guess? >> i think there is at least two criteria. you want somebody capable, qualified and well-prepared and secondly you want somebody who can get confirmed which is not necessarily easy. ashley: good point. >> i think several people that would pass both of those that would pass those tests those hurdles. liz: such as? >> janet yellen is one. alan blinder, don kohn, alan ferguson. all of those people have been confirmed in the past, sometimes multiple times. i think not only are they capable but there is reason to believe they would pass that second hurdle. the question is, who is the president comfortable with? what do his advisors think, et cetera. liz: will you come back? >> sure. liz: love your ear perspective. thank you so much, gary ste

jessica yellin, no relation to jan janet. >> not that i know of. >> coming up, horsing around and theness needs more cases. [ male announcer ] where do you want to take your business? i need help selling art. [ male announcer ] from broadband to web hosting to mobile apps, small business solutions from at&t have the security you need to get you there. call us. we can show you how at&t solutions can help you do what you do... even better. ♪ ♪ [ male announcer ] the parking lot helps by letting us know who's coming. the carts keep everyone on the right track. the power tools introduce themselves. all the bits and bulbs keep themselves stocked. and the doors even handle the checkout so we can work on that thing that's stuck in the thing. [ female announcer ] today, cisco is connecting the internet of everything. so everyone goes home happy. [ female announcer ] today, cisco is connecting the internet of everything. geico's defensive driver,ke 13. good student and multi-policy discounts could save you hundreds of dollus. engineer: uh geico's discounts could save you hundreds of "doll-ars.

yellin and summers i think we have to keep an eye on. david: isn't the summers pick kind after feint, jon? seems janet so much more obamaesque in her extreme dovishness. larry summers kind of queasy about the whole idea of continuing qe much longer. he is known as sort of a centrist democrat. she of course is far to the left on monetary policy plus her husband and she, her husband is nobel prize-winning economist who spoke out of against global warming and we have to do warm in that regard. she seems to be more obamaesque, no? >> she is very liberal, no question about that. this is one of the things so fascinating about this story is the constituency for summers is inside the white house. some of obama's closest advisors jack lew, gene sperling, these are people who have long relationships with obama, i'm sorry with summers and obama does too. summers worked for obama in the early part of his administration. the constituencies for yellin are outside of the white house. they're up on capitol hill, for instance. when we talk to people in the markets, most of them would say they rather have yellin than a

janet yellen to be the next chairman of the federal reserve. these are the preliminary results of our cnbc july fed survey. it was so overwhelming. yellin 70%, the pick of president obama and summers just 25% the pick to replace current fed chairman ben bernanke. now on the question of who should obama nominate, yellen 50%, bernanke 12% and write-in candidate john taylor comes in ahead of larry summers. these are the top five categories. we asked about ten. these are the top five categories here for what qualities a fed chairman should have, monetary policy, crisis management. you can see if you do the totals there, yellen beats summers in four of the five categories. >> wow. >> inflation concern, 3.2 is the only one where summers beats yellen by just a little bit. in fact, yellen beat summers in seven of the total ten categories we asked about. summers gets better marks on respect for international leaders and concern about inflation and financial market expertise and yellen won hands down on monetary policy exper deese and also has concern about unemployment. >> probably the primary school that a fed chairman need these days. >> brian