the president did mention don kohn. so that is, someone to bring up obviously for that reason but the rest is pretty much speculation. melissa: before i let you go who do you think would be the best and who do you think is going to get it? >> i think the best person who makes it clear that they want to get back to behindkind of policy that worked so well in work the in '80s and '90s and do it in credible way. we'll see who is able to do that i've been positive what i said a few minutes ago about janet yellen but don kohn, don kohn's there too but the main thing get back to a policy that works. i'm critical of what's happened. i was a positive supporter of the fed in the '80s and '90s. i'm very concerned what they have been doing recently. the person who gets us back there in the most sensible way is the person i hope president obama appoints. melissa: do you think they're doin damage? that we left the policies too long and it is detrimental or diminishing returns? >> it has moved to the detrimental side. you think about

don kohn, 5%. ben bernanke, 5%. not sure if that's possible.s the average taper amount, 14.5 billion from our respondents. that's up from september after the jobs report. but it's down from where it was, $22 billion, back in july. i can tell you, though, $14.5 billion is misleading in the sense that over half of our respond ens picked $10 billion as the amount of the taper but others said it would be higher, that's where we get the $14.5 billion average. 14% think the taper comes in september. no surprise there. fed is seen maintaining the taper level for 3.6 months and qe seen ending in august 2014. the or thing to watch is taper mix, how they reduce the amount of purchases it makes. our respondents think 77% will be in treasuries and 28% in mortgage-backed securities. this is a number we'll watch carefully when the statement comes out. is it priced into the market? in general they think it is. about 80% of the taper is said to be priced into markets. a little less in equities. something to watch tomorrow as well, how the stock market reacts v

any way he picks kohn. >> i think it's possible.insider politics game and sure it's going to be yellen. >> the gender police, if he picked kohn -- >> what about laura tyson? >> i love yellen. i love yellen. please. >> it's not my favorite thing to do. did we get an actual reaction out of joe? >> he is the economics columnist at the "washington post" and greg epp who is economics adviser at the "post." what do you think, is yellen going to be at the person at this point? >> well, it certainly seems she ought to be the front runner. and when you consider how highly qualified the two candidates are, i mean, in my view, you would have done well with either. but now that larry has pulled his name out, i can't think of a good reason why the president wouldn't go with yellen. other than the fact that through this whole process with the last few months, the people who are backing summers seem to have doubts about her for reasons i don't fully understand. so there are those other names out there. maybe the president tries to twist geithner's

i think if it's janet yellen or don kohn, it's more of the same fed.mmers, people will be nervous. david may be right, he's a smart, experienced guy but i think they'll be more nervous because it may not be more of the same. >> a little more unconventional if he comes in. ofm, outright monetary finance. we print money to put money in the bottom 80% of this country's pockets. that's what larry summers wants to do. >> once we get past the fed announcement wednesday, then we're focused on the end of the third quarter, right? >> and the budget fight. >> budget fight, for sure. in terms of fundamentals, third quarter, how is it? any sense of how earnings and revenue have been? >> i'm more cautious than i have been in a long time because earnings and stock market have been so strong. we're up almost 20% already on pretty weak economic data. as you say, a lot of things coming up. we didn't even mention german elections, all these other things. makes me a little more cautious with bond yields. i wouldn't be surprised to see fixed income do a little better here

of course the nomination is not a sure thing there are other strong con tenders including don kohne whorved during the height of the financial crisis, and ferguson. if he were to land the job, he would be the first african american to head the federal banks. >> it sure feels like a sure thing. >> she is definitely the front runner. >> all right. thank you. >>> president obama released a report praising his administration's response to the meltdown and arguing that the economy is improving, and he had some tough words for republicans. >> are some of these folks so beholden to one extreme wing of their party that they are willing to tank the economy because they can't get their way on this issue? are they really willing to hurt people just to score political points? i cannot remember a time when one faction of one party promises economic chaos if it can't get 100% of what it wants. >> and we want to thank you for being with us for our extended coverage of the washington mass shooting. our coverage will continue with john siegenthaler in just a couple of moments. you are watching al jazeer

there's some talk about some other folks who -- maybe don kohn is the likely number two. it's a bit perhaps like -- how would i describe it -- the kentucky derby back in 1973 when it was secretariat by 31 1/2 lengths and everybody else behind him. if there is a number two, i think it might be don kohn these days. >> jim, what bob is talking about is horse trading. the president needs syria. he has the left against it. so he throws larry summers over the side. he says, i won't nominate larry summers if you vote for syria. is that possible? >> listen, i think that is a possible quid pro quo. the president does not want to face two bad losses. he does not want to lose on syria, historic losses, and then lose on a fed chairman. then democrats who don't want to take two terribly tough votes. they don't want to vote for the war and a lot don't want to vote for larry summers. that's a possible quid pro quo. steve, conservatives, w republicans think. if this administration thinks larry summers is going to get a pass by republicans because he may be viewed as a little more hawkish

the president is also considering former fed vice chair don kohn, the president might also be lookinghis predecessor, roger ferguson and, of course, there is some chatter about a remote, remote possibility that the president could ask ben bernanke to stay at the fed a bit longer or maybe for another term. now, we talked to summers critic and yellen supporter democratic senate elizabeth warren this morning about all of this. she is a member of the senate banking committee which will hold the confirmation hearings for this position. >> the president knows how important this is. he's taking his time on this decision, he's consulting with a lot of people, and i think the president's doing exactly the right thing. we're just, we've got to play this one out. we've got a little time on it. >> reporter: now, warren declined to comment on whether she would oppose anyone but yellen who, warren said, is has a strong resumÉ, good judgment and works by building consensus. liz? liz: okay. well, as long as you listen to other people's opinions, that sometimes definitely helps in that job. let's get

he may want don kohn now. >> since you're one of the authors of this crisis "five years later" give mene impression whether it be something that surprised you about where we are now or reflecting back on the legacy of some of these people involved. >> you know, i think we're in a much better place than we deserved to be. i think given the 7.3% unemployment rate we live in today and feels awful and so many parts of the country where it's not so great i don't think we still appreciate what the other side of the cliff looked like. >> right. >> i think that is a 20, 30 plus kind of rate and it's just -- it's almost hard to imagine. >> all right. good to see you, andrew. have a great show. andrew ross sorkin. >>> a united nations report out today is expected to confirm president bashar al assad's resume used chemical weapons in attacks in damascus on the heels of a deal setting the terms for syria to surrender its cache of chemical weapons. they want international inspectors by november and destroy the weapons next year, but unanswered is what happens if syria does not comply. >> now, this

don kohn 6%, roger ferguson, 2%, janet yellen, 88%. now on wall street, 47 economists, money managers and strategists answering our survey this time around. 88% looking for yellen. who should it be? who do they want? guess what, 57% say it should be yellen. john taylor coming in next, the stanford economist who has monetary policy rule named after him. larry summers has support, don kohn who is thought to be one of the two guys that president obama is considering just 5%, and ben bernanke 5%. now i want to get to what becky teased for you, the taper talk and this, folks, is one of the new metrics we're going to have to watch. we ask people, what is the amount of taper that's going to happen? you can see it ticked up a little bit. we went back into the field after the september employment report and you could see it came down to 12.6 billion. ticked back up after a little bit of better economic news. the taper now seen at around $15 billion on average. back in july, it was 22 billion. what about the timing? 48% believe the taper will be

first to report that at the fox business network that tim geithner has been prodding, pushing for don kohnoday and we pushed that last week and week before that. it has to i think go to yellen. some people say possibly roger ferguson. here is the problem, janet yellen you may disagree with her policywise, in terms of experience, she is the most qualified. adam: don kohn was there for years and years. >> even on paper if you look at what she did and her policies, she looks like to be the most experienced person at the fed right now or in contention. i don't know how you don't give it to her. unless you don't like her. it is possible the president has no chemistry. here's the thing. you're not supposed to have chemistry with the fed chief if you're president. it is an independent agency. you're not supposed to be friend with that person. adam: as if everything in washington is independent. >> right. adam: charlie gasparino. >> that is the way it is supposed to happen. lori: thank you, charlie. adam: we do this every 15 minutes. we're supposed to check the markets and we'll do that on the flo

kohn in honolulu about how -- is killingt ing tons of fish. tampa keeping an eye on the season's first hurricane forming in the atlantic. humberto is forecast to strengthen slightly. and this is a live look at boston. officials who run logan airport are apologizing for conducting a massive disaster drill on the 9/11 anniversary. two of the planes involved in the attacks 12 years ago took off from logan. that's tonight's live look outside the beltway from "special report." we'll be right back. ♪ ♪ you make me, make me, make me go crazy ♪ ♪ you make me, make me, make me go crazy. ♪ mom? come in here. come in where? welcome to my mom cave. wow. sit down. you need some campbell's chunky soup before today's big game, new chunky cheeseburger. mmm. i love cheeseburgers. i know you do. when did you get this place? when i negotiated your new contract, it was part of the deal. cool. [ male announcer ] campbell's chunky soup. it fills you up right. and now, there's a plan that lets you experience that "new" phone thrill again and again. and again. can yo

one other way to slice this data is do yellen versus kohn.but compared to yellen, she had a higher overall score and beat him on political commune skills. he had his supporters out there. he spent a lot of years as the vice chair to allen greenspan. he run with respect to financial markets, inflation concern and regulatory expertise. from the market's point of view, ko ha kohn versus yellen, a much closer call. maybe best to say the market is yelling on yellen today. >> steve liesman with an advanced look to the full survey tomorrow obviously. >>> in the meantime, as u.s. stocks continue to rally, we have managed to put a floor on gold. it had a really lousy week last week and has lost a quarter of its value so far this year. is summers not going to the fed good for gold. >> let's bring in brian bellsky. a multi-asset strategy research with merrill lynch, global research. good morning. welcome. >> thank you. >> let me kick off with you, francisco. where do you think gold is going to go from here? does this appointment at the fed make any diff

don kohn foregone, although reporting indicates he might be a leading choice. thank you so much. >> thanks for having me. >> let's go to dominic chu. >> pva, phillip van heusen. they are off their session lows. we should say earnings come in better than analyst estimates. also sales coming in better than analyst estimates. however, it's the guidance that has some invest worries worried. current quarter profits are forecast to come in below where analysts thought they would on average. they're also holding their full year forecast for profits just at around $7 per share, around where it was before. pvh coming out and saying they think the consumer environment will remain soft and sales volatility will continue especially in southern europe. those pvh shares taking a little bit on the chin do the downside on this earnings. remember, earnings beat sales beat but it's the forecast that has some investors concerned. we'll keep it on those shares as beprogress in the after-hours session. >> thank you so much. most with -- i'm sorry. >> go ahead. >> thanks. most descr

scott kohn is in senator ted cruz's state of texas with results for us. >> hi.entleman from texas has clearly raised his national profile as a result of his fight against the affordable care act, obama care. but as for here in texas, the -- it's a little early yet but this is the opinion page of the "dallas morning news" today and the letters to the editor today shows sort of mixed. tony foster of amarillo says as a texas citizen it's disconcerting to see my senator say no to something he or his constituents haven't tried. but one calls him a modern day big john. at least he made a try while the rest have criticized him for his efforts while john of garland said i hope texans will remember how hard ted cruz worked to make it more difficult for them to get insurance. the latest approval rating 39% but that was back in march according to a university of texas tribune poll before his marathon senate speech. there are indications some here like him even if they will be hurt by a government shutdown. as you heard jane wells report earlier, lockheed martin is a huge e

. >> could be don kohn. david: that is all my opinion, folks. i have no inside information. has got to be yellen with all the baggage larry summers has. smart guy -- lori: boring. david: wouldn't be boring. it will be yellen, trust me. peter barnes, we'll see who wins on this before. thanks very much. >>> it is called time machine investing. this has helped our next guest become "barron's", get this, folks, some of these act he coladies are kind of throw away, this one is not. he is "barron's" number one independent financial advisor in the whole nation. he will be here sharing his investment strategy with us in a moment. you do not want to miss it. lori: the real deal. stay with us. floyd mayweather is not only a fighting machine but battling to become a billionaire? we speak with the "wall street journal's" lee hawkins who sat down with may weather ahead of tomorrow's big fight. ♪ thank you orville and wilbur... ...amelia... neil and buzz: for teaching us that you can't create the future... by clinging to the past. and with that: you're history. instead of looking behind..

>> well, i mean the third contender was donald kohn, now at the brookings institution.hat he interviewed him. time geitner is also a possibility, the former treasure secretary. he has been sending strong signals that he doesn't want the job which i interpret as a message to the president of please, please don't call me and ask me to take it. the latest information that we have and i'm talking about information today is that janet ye limit n looks like the favorite barring some glitch or health problem or con film of interest that has not come to foreyet. >> even this week the fed is meeting meeting with very big decisions in front of it. >> that's right. the fed will meet tuesday and wednesday this weak and there are two things to watch. one; will this be the meeting in which they begin to take their foot off the accelerator, to scale back the $85 billion in funds they buy every month. and second, how will they reinforce of the message if they do that or not that they intend to keep short-term interest rates very low, near zero for long time until unemployment comes do

but we begin with our scott kohn in seaside heights, new jersey where a devastating fire wiped out businesses and the boardwalk just trying to recover from hurricane sandy. scott, it really, it doesn't seem like it can get any worse for new jersey and for the shore residents at this point. >> it's hard to imagine that, sue. this is really, really awful. the fire is now contained, but the work is going to go on for days. take a look at what they're still doing here. they're going to be pouring water on this fire to -- or what's left of it, to extinguish hot spots, make sure it doesn't flare up again, and it's literally going to take days before they can be done with that and get in there and try to figure out exactly what happened. but what we do know is that the boardwalk here in seaside park is completely gone according to governor chris christie. a fire that behaved more like a forest fire, whipped by 30-mile-an-hour winds, hopping from building to building. igniting the tar roofs on fire. some 30 structures. and just as they were trying to get back up and running here, business was down bu

>> let's say it's don kohn or janet yellen, whoever it is, we'll continue down the road with the fedh are pretty pragmatic people and see where the committee laid out the forecast and i think they'll continue down that road. do i think it takes the committee a bit more dovish with janet yellen? i don't think so. >> thank you so much. >> we're heading to the close here. we're waiting to see if the dow can remain in record territory. we're losing steam as we go. the bias is to the downside by a little bit. in fact, we're just below that record high. we'll come down with the countdown. plus, yes, there's more. oracle earnings are due out at the top of the hour. we'll have full team coverage of that coming up in a bit. >> also take a look at china's credit bubble, jim chanos has been warning us about, telling us how he's allocating capital. i put in the hours and built a strong reputation in the industry. i set goals and worked hard to meet them. i've made my success happen. so when it comes to my investments, i'm supposed to just hand it over to a broker and back away? that's not gonna

know, i have like a family and i have two kids and my wife is a writer/director, and we're continuen kohnh, it's time to go. >> there's maggie. >> close it off. you have to do stefan. wrapping up this edition -- >> if you're going to -- i'll say my favorite quote. new york's hottest club is -- your mother and i are separating. >> say we'll be right back in stefan. >> we'll be right back with charlie rose, my dad. it's out. once upon a time, an insurance clerk stumbled upon a cottage. [knock] no one was at home, but on the kitchen table sat three insurance policies. the first had lots of coverage. the second, only a little. but the third was... just right! bear: hi! yeah, we love visitors. that's why we moved to a secluded house in the middle of the wilderness. just the right coverage at just the right price. coverage checker from progressive. and struggle to sleep comfortably together, now there's a solution. the company that individualized your comfort with the sleep number bed brings you sleep number dual temp, the revolutionary temperature-balancing layer with active air technology tha

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know i have like a family and i have two kids and my wife is a writer/director, and we're continuen kohne it off. you have to do stefan. wrapping up this edition -- >> if you're going to -- i'll say my favorite quote. new york's hottest club is -- your mother and i are separating. >> say we'll be right back in stefan. >> we'll be right back with charlie rose, my dad. headlines... america might still win th >>> your realtime captioner is mrs. linda m. macdonald. >>> good morning. i'm frank mallicoat. get you updated on kpix 5 headlines here around the bay area now. >>> america might still win the america's cup. defending champ team oracle overcame a wild start two collisions tuesday to win both races yesterday. today's winner-take-all race will happen this afternoon weather permitting. dwight a comeback for the u.s. as to. >>> a safeway manager is attacked. everyone at the san leandro safeway knows the manager as mo. he is in intensive care after a man in the store sucker punched him on monday morning. san leandro police hope someone recognizes the suspect from the surveillance video. >>>

the president is considering former vice-chair don kohn and might look at his predecessor at the fed,ppears, perhaps, however remotely that the president might, could, ask ben bernanke to stay on at the fed for a little bit longer or maybe for another term, who knows. warren declined to comment whether she would oppose anyone but yellen who warren says has a strong resume' and good judgment as she said in that sound bite. ashley, back to you. ashley: peter barnes, thank you so much. >> you bet. tracy: talk more about this. our first guest was one of the first to suggest chairman bernanke could stay on the fed. ubs deputy chief economist drew matus joins us. drew and i did point that out last week and i promoted you to chief economist at ubs. now i will publicly demote you back to deputy just to clear the air. look, you said it, that ben bernanke should stay to make the transition simple. now that summers is out of the picture, does that really look like more of a possibility to you. >> i think the odds of everything went up, right? yellen we thought would get it at ubs the odds of her

kohn could be a dark horse. i'm not privy to the inside discussions. yellin is a ms.rilliant economist. i think larry summers is a brilliant economist. neither of them are my cup of tea. i am saying they are both very smart economists, much smarter than i am, much greater academics. here is my problem. once the federal reserve can get -- it is all very complicated, but it is unconventional. as the fed moves back towards normalcy, i would like some rules. i would like some clear monetary rules that will maintain the , that wille dollar take a market oriented position regarding interest rates. and, keep the inflation rate low. something like the taylor rule, named after john taylor, former treasury official and distinguished professor at stanford university. hadugh the years, we have rules regarding the stability of our money. there are some very smart economists that want something rule, which is a combination of inflation and real gdp. i would like to have some pretty stability and rules in monetary policy. i think we have completely lost that, and it is all ad hoc ti

donald kohn, timothy geithner, is reportedly not interested. and roger ferguson. the names on the faces president obama is considering to replace ben bernanke at the home of the federal reserve. "the wall street journal" reports this. janet yellen who garnered substantial report from democrats in congress and among economists but the public lobbying on her behalf appears to have annoyed the president, say insiders, and may lead him to look elsewhere. it also says dark horse candidates and include stanley fischer, an american citizen who recently stepped down as governor of the bank of israel, and roger ferguson, another former fed vice chairman and now chief executive of the aggressor ff, a nonprofit pension company. financial times" has the story about larry summers on the front page. the lead story -- "summers out of fed race." what do you think question mark national one, new hampshire. bill, what is it like up there? -- what do you think? nashua, new hampshire? caller: it will be nice appear, for a change. the economy is stagnant. which is not real surprising,

mentioned as donald kohn, who is he? guest: he with the federal vice president under alan greenspan. he has a 40 year history of the federal reserve. that areese qualities fundamental for the future of the fed chairman which is an understanding of expectations and the balance and trade of. host: we are also saying mentioned in the financial times today, roger ferguson, tim geithner and ben bernanke. guest: ben bernanke would be a good choice, but all of these people have in common some affinity towards the federal reserve and experience with the federal reserve. understanding of the economy and how it works. let me just mention that the federal reserve operation is not merely to help banks. it is also for job creation. the idea is that you keep interest late throw, firms income these will start investing in the economy and that will create jobs. that is the idea. the execution and actual success of the idea, is debatable. the fed only has a couple of tools and its toolbox and what it has tried to do is keep a very low in

from are other names, stan fisher, dan kohn, roger ferguson.hey think of janet yellin you have consistency at the fed and that's what wall street wants to see and that would be good for your money. >> rana, the five-year anniversary of the financial collapse today, there are a lot of opinions, are we better off today than five years ago, it's the subject of the "time" magazine cover how wall street won five years after the crash it could happen all over again. >> absolutely. it's safe to say person banks are in better shape than they were before the crisis, making record profits, increased the amount of capital that they're holding. >> that's not better for us, the consumer? >> that's right because the system as a whole has not fbeen reregulated to make it safe next time around. there are important loopholes banks being able to trade derivatives which were the complex securities that caused the last crash. >> there is one big casino question that mattered in fixing the banks, how much leverage would they be allowed to have. has that changed and

i think don kohn would also be excellent.ed in this still troubled time. >> randy, on your time at the fed you chaired the committee on supervision and regulation of banking institutions. i'd like to you weigh in on the fines today that jpmorgan -- that are being levied against jpmorgan that it's paying, the bulk of it to the federal reserve. can you explain why it makes sense for a bank that suffered a $6 billion loss to follow it up with huge payments, even though taxpayers did not have to step in here? >> i don't know the specifics. it was a while ago i was on the supervision and regulation committee. i don't know the inside information that the central bank has and the other regulators have about what they did. obviously if they had done something wrong and were inconsistent with proper compliance and inconsistent with the rules of safe and sound banking, then they need to be subject to sanctions. i don't know the specifics here, though, so i can't comment whether it was the right number or not. >> randy, i got one more q

scott kohn has the latest. >> attorney general eric holder is about to announce a $740 million plea agreementturers. the names that we know thus far, hitachi and mitsubishi. this is reportedly a part of a long-term investigation in the auto parts industry and there have been a number of cases here and there over time in terms of collusion, price fixing and so on in the auto parts industry. he will be appearing with scott hammond the long-term leader of the anti-trust division, who is actually leaving next week. this is maybe a sort of a kroung achievement for him. in a news conference with eric holder, with so much going on in white collar crime, krnl issues, j.p. morgan, all of that talk, he is likely to get other questions as well. we are monitoring that closely. the headline and the think bringing the attorney general out this morning is this reported $740 million plea agreement involving a criminal case in the anti-trust division involving auto parts. we are monitoring it. we will keep you posted. back to you. >> scott, thanks very much. at the same time, attorney general eric holder meet

. >> all these names out there, kohn, ferguson, geithner, summers, who would you take?hink it makes any difference. they all endorse the principle of manipulating interest rate and believing that they can decide how much money supply there should be and when to raise rates and when to lower it. you can't expect anything new or different than that. one individual might manage things slightly differently but overall it will be the same thing. it's still the monetary system we have to deal with, not the particular manager that's going to be involved. >> right. obviously you wrote end the fed a few years ago, the answer not too terribly surprising coming from you. but working in political contexts like we have, congressman, who do you think is the most likely nominee right now? >> well, it looks like it's yellen. i mean, but it's still early. they do a lot of manipulating, pushing back and forth. last week it looked like it was summers and all of a sudden it shifts. who know what is will happen the next month or two. right now i think the consensus is she would be nominated

don kohn outstanding. there are, the key thing is, you know, we've got some good candidates. this is a very important decision. president obama's got to make. i have always argued that one of the, president bush made some very important decisions. i think picking ben bernanke was a very good one and -- >> absolutely. >> very important one. i think this one is important. and one of the things that really bothers me about washington is sometimes when people disagree with policy they go after you then on all kind of other issues and personal eyes it and so on. anyway i'm saddened by it. >> one of the most saddening things about -- i'm critical of the committee. apparently we hurt their feelings. what you've seen -- >> financial community. >> bankers and investment people, the fed has been under very unfair assault, irresponsible assault. people complaining when the fed stepped in with a swap to help europe from avoiding disasters. and the role of the, what's happened is, most idealogical people, some on the left, you but even more on the right, have now turned on the fed. i thin

another name mentioned is kohn. guest: he has a 40-year history with the federal reserve.has seen the ups and downs and has these qualities that the two have said are fundamental for the future fed chairman which is an understanding of inflation expectation and the balance and tradeoffs to meet full employment. host: and who else is being mentioned? i think "the financial times" list four other folks, alan blinder, roger ferguson and ben bernanke. guest: i think ben bernanke would be a good choice. some have an affinity toward the federal reserve, experience with the federal reserve, an understanding of the economy and how it works. and let me just mention, the federal reserve operations is not merely to help banks. i think that's a misconception that i'm hearing. it's also for job creation. the idea is that if you keep interest rates low, firms and companies will start investing in the economy and that will create jobs. that is the idea. now, the execution of the idea and the actual success of the idea i think is debatable. but the fed only has a couple of tools in its to