you will want to hear julian robertson's stock ideas and jim cramer's stock ideas today.l "street signs" two-fer. we'll be back in just a moment. [ engine powers down ] gentlemen, you booked your hotels on orbitz. well, the price went down, so you're all getting a check thanks. for the difference. except for you -- you didn't book with orbitz, so you're not getting a check. well, i think we've all learned a valuable lesson today. good day, gentlemen. thanks a lot. thank you. introducing hotel price assurance, where if another orbitz customer books the same hotel for less, we send you a check for the difference, automatically. >>> welcome back to "street signs." boy, this interview that you have, erin, with julian the man, the tiger himself, mesmerizinme. people on the floor having one huge response. that is his wisdom and his comments about inflation, the japanese and the chinese, it certainly isn't conventional wisdom but everything is statistical probabilitieprobabi especially people who trade options. even if his outcome is a 5% probability, then the question is is a 5

>>> and then, famed investor julian robertson on what stocks he's buying now.t's another interview you'll see only on cnbc. >>> plus, how one company says it can single-handedly cut wastes from our health care system. the ceo of e-health coming up later this hour, right here on "squawk on the street." bbbbbbbbb >>> we just got existing home sales. unexpectedly falling 2.7% in august. the other piece of data tomorrow when the census bureau releases new home sales. let's bring in our task force to talk about the challenges ahead for the housing market. senior seller with brookings and tom, economic and housing consultant. tom, let me start with you and get reaction to the existing home sales number. good, bad, indifferent? >> to be honest with you it was a little better than i thought. i track 80 local mls and it looked like in my mind sales were down a little bit more than supported. a down was not a surprise to people who track the market. it looks like in a lot of areas the the decline was because of foreclosures. >> do we expect foreclosure sales to begin to

it adds what julian robertson told us. from julian's perspective interest rates could surge from 15% to 20% if china and japan just stops buying our debt. so if rates go higher, how would that impact stocks? and what are the best ways to play these sorts of scenarios for your portfolio even if you don't think it's going to 20%. maybe you think rates are going to go to 8% or 9% like mark zahn zahndy said. i suppose we should put it on the record that neither one of you are really in the 15% to 20% camp, but tyler, do you think that a case of we might need a little bit of a shock in this country of rates going up much higher than anyone would be comfortable with to perhaps have the lesson be learned that we can't continue to borrow? >> yeah, you know, erin, thanks for having me. mr. robertson likes to also talk about global warming, and i notice he did that in your interview. how high could temperatures rise? well, we don't know that. >> right. >> it's kind of a similar question. directionally it feels like interest rates sho

i think after seeing the julian robertson interview and his concern of lack of buying from china and japan of u.s. treasuries we are concerned about interest rates going up. that could put an impact on the housing market. >> the china sovereign wealth fund potentially investing $2 billion into distressed funds. what do you think? >> they need to diversify. it is an alternative asset class in a volatile work. their market is volatile. they need to control that. they are in the business of getting resources because for example their gasoline prices are higher than ours. it is in their interest to control social unrest. that is their number one policy. >> where are they going to invest? is there a way to participate in the gains that may come from that? >> you can. there are adrs and gdrs as well as ordinaries and exchange-traded funds, exposure to megacap companies out of china. >> what about you, steve? >> we are thinking about energy as the u.s. domestic manager. that might be the play for us. we are seeing their national oil company investing in assets in offshore west africa. some

julian. in october 2007 right here on "street signs" mr. robertsoneat recession. >> i think we are going to have a doozy of a recession. i think that the credit situation is worse than anybody realizes and i think we're getting little inklings of that. >> well, the market saw 366 points that day. it was the first big plunge of a market collapse. robertson made that call ten days after the closing high of the bull market, although no one knew that at the time. well, right now i have asked julian robertson what his outlook is today. >> you're in for some real rough sledding. i don't know quite how it's going to come about. i really do think the recession is at least temporarily over, but we haven't addressed so many of our problems, and we are borrowing so much money that we

. >>> tomorrow on street soins quig and squawk on the street, one of the legendary experts julian robertson, he said two years ago that we were in for a doozy recession. we'll hear what he has to say tomorrow. it's time for the "closing bell." >>> and the rally keeps on churning higher. as we enter the final most important hour of the trading day. there are the people on the floor of the new york stock exchange. once again, the market on the upside. hi, everybody, welcome to the "closing bell." i'm maria bartiromo coming to you live from the lobby of the sheraton. we have a number of people coming op the program in the next two hours from the clinton global initiative, looking at the global economy, inflation issues, as well as market activity and money moving around the world. we just heard from ben bernanke and company and the results of the federal reserve meeting on interest rates. no surprise, in terms of economic statements. but certainly inflation not being ap issue going forward. also, one of the positives out of that report, the market, above 9900 as we enter the f stretch here. ta

. >> yesterday i had the good fortune to be able to follow julian robertson, mr. robertson, recommended visa on the erin burnett show "street signs." sure enough, i own it for actionalertsplus.com my charitable trust. the house is preparing one more bill not to create jobs but there are credit card companies. the stock got hurt. i think it will be much adove about nothing and what do i want to do i? want to pull the trigger on monday and buy buy buy visa. buy buy buy. >>> yep. att is the chicken way to play the mobile internet tsunami. this company made a brilliant decision to be the sole distributor of the iphone before it had even seen the iphone. at&t has the -- i say all aboard, att. next stop, $30 a share. and of course we pause in our land of the 10,000 bull dances. ♪ i'm dancing here. i got these new rock boards. they're really good. but i'm fine. trying to cue the 10,000 bull dances but i hadn't told the staff. we'll edit that out in the prophet production. it's the land of 10,000 bull dances. and that's why we're going to go cut out that part earlier that

as julian robertson pointed out in the great interview with erin, it's probably a little wrong to assume that the demand will be there forever. something to pay attention to, to be sure. the send issue is today, of course, the technical breakouts, the key reversals in the equity, nasdaq, s&p and dow yesterday really had traders fired up, not only because of the impact of weaker equities on treasury buying, but, of course, the dollar, is it the dollar or s&p equity complex, who's leading who. maybe tomorrow's close will give technicals a better clue. why? because outside data is important and outside week is much more important. the s&p 500 would have to dabble under its lows of the previous week, which were 1035. maybe that won't happen. but that would make the setup much more dynamic for further equity weakness. let's go back to maria. >> rick, thanks very much. meanwhile, rick, get this, barclays capital saying the market is underestimating the strength of the global recovery. in the quarterly report, i'm joined by larry on the program. we've been speaking with a number of world leader

you could have negative effects of pumping all this money, like julian robertson was talking about yesterday. we're between a rock and a hard place here. >> what do you do, rick? you've got to work your money, right? what do you do with your money in the meantime with all that uncertainty? >> we're fairly short-term traders around here. i think people should be getting themselves into a defensive posture. i don't really believe that we're going to see this economy get up and start walking on its own when this is all said and done. i'm afraid of what the market's going to look like on the other side of this. i don't expect that to happen until we get into next year. i think we're going to keep pumping for the rest of this year. i think we can correct a little bit in here and rally into the end of the year. my one concern is we're getting up near federally imposed debt ceiling. the if the government starts to high both indicate over that issue, and try to make a big stand, that could panic the market. that's something on the radar for me. >> some people want the ceiling, some people don't. it'

and then, also, this will be on the show here tomorrow, mark, and "street signs," julian robertson will be our guest. remember in october 2007 he called for a doozy of a recession? you got your doozy, julian. >> that is a double doozy. we are awaiting now for president obama to address the world from the united nations. when he speaks, we will have it live. it is scheduled for 10:00 a.m. but you know how these things sometimes run late. >>> also ahead, the ceo of wellpoint, angela braly, what might be the next super virus, swine flu or not? and the treasury secretary testifying on regulatory reformat this moment. that's him speaking live. we are monitoring it. anything he says is going to q and a that you need to know about, you will know. >>> research from gardner improved forecast for global pc sales this year. it now expects a 2% decline over last year compared to the prior forecast of the 6% decline. >>> financial services chairman barney frank expects a house floor vote on regular reform in november. >>> mortgage applications rose to the high nest almost four months as interest rat

you heard that from julian robertson in erin's interview yesterday, out into the future. you can put on an interest rate swap that begins in five years, which by the way, you can, you might want to do that. >> he was still in a bad mood yesterday. julian still very pessimistic. >> was he really talking about eruptions? >> yeah, it was -- little disconcerting. the dow has come back from that -- what was that knee-jerk to the durable goods numbers. what did we open, 30 or 40 points. >> yeah. >> yeah, mark, the e-mail is, you shouldn't take us seriously. you don't read yours at all anymore do, you? >> he doesn't read e-mail. >> very little. >> you can't please all the people all the time. >> that one guy who, aileen with helene e-mailed you almost every day for years. and there was a guy who e-mailed me almost every day for years. >> yeah. >> and they're both gone. oh, well, i'm sure someone else will come along. >> no doubt. >> thank you, joe and david. have a great weekend, guys. >>> because you clicked, alcoa. >> yeah. the stock up about 150% since my bottom. but at that

. >> should recall he and julian robertson were the two who called the recession in the fall. >> that's. i remember. >> on that difficult, remember? >> yes. >> we had jim on today and julian will be on tomorrow. >>> reports out of washington, house financial services committee, chairman barney frank, mark, wants to scale back the new consumer protection agency. that's what he wants to do. >> barney issic backing away fra that. >> they say treasury secretary tim geithner will be testifying on capitol hill