larry ferguson is here, the director of the hud 202 programs that gets the senior housing funds and an important thing to know about the hud 202 programs not only do they provide capital, but a rental subsidy. so seniors on social security, or even less income don't have to worry about whether they can make a $1,000 rent payment. they pay 30% of whatever they can pay and the federal government helps us make up the difference, so we can keep people housed. there are folks out there who understand why this is not such a great investment. so i want to take one second to tell you about this. we know there that we can save money to medicare and medicaid by housing seniors in this setting. so it's an unbelievable investment and one that i hope we'll keep on doing. [ applause ] i don't have time to thank you everybody at hud, but without your commitment to make these things real we couldn't get them done. we thanked the mayor, but the mayor's staff at the mayor's office of housing, one of the humblest public servants you will ever meet -- olson has been doing this i think since 1906. [ laught

names tossed around include former treasury sect larry summers, roger ferguson, allen kruger and the man, christina roamer. one of our favorite games around here, larry meyer is here to play. >> you know all of these people. who do you think is going to succeed ben bernanke? >> i think the first thing i want to say is this is really remarkable. i almost fell off my chair when i heard the president's remarks last night. he essentially fired ben bernanke on the spot and gave a testimony afterwards. it's time to focus on who the next chairman might be. i do think that gellen is the most likely. that reflects two things in particular. she has extraordinary credentials. she was a governor on the board, chairman of the counsel, president of the san francisco said and now vice chair. the second is that while a vice chair has never been elevated to be chairman it's never been more important to have continuity, someone who was here during this period of noncon investigational policy, been there during this period when exit strategy is put in place. the next chairman will have a very challengin

larry summers' name comes up. roger ferguson vice chairman under allen greenspan of the federal reserve is another person who comes up. but right now i think yellen and probably christina roamer. and it's interesting, andrea. i think in today's world, this was not true maybe when paul volcker was appointed. today's world, you're going to have a monetary policy expert in that job. it's become much more of a technocratic position, if you will. and, i don't it's interesting to think about. would paul volcker even get the job today, given what the credentials out there, and roamer and yellen, among others, would be others to be considered to be academic monetary policy experts. >> of course, steve, you know better than anyone, we would not be having any conversation with the thriving american economy, thrived for years, and at least now poised for a better revival without the legacy of paul volcker. >> that's definitely true, yeah. >> thank you, steve. we'll be right back. ican success story. i'm a teacher. i'm a firefighter. i'm a

ferguson. former. cheryl: i have seen larry summers mentioned. >> yes.he reason is she is the least independent, the most like obama in terms of policy. dagen does not want it. and they may need it because i am telling you, i don't care what anyone says, if you look uncertain economic indicators, we're getting better, but a lot a lot of people leaving theejob market. housing is getting better, but long-term interest rates are down. suppose the fed stops printing money suppose the fed stops printing money? you don't have a buyer's market anymore. then that part of tte economy dries up or slows down. if you throw all those factors into higher taxes, obamacare mandates, you know, higher regulations and just 2% growth, 2-3% growth, you're not talking much. >> and you wrote about it today, we should tell everybody -- >> in "the new york post." cheryl: i read it. there it was, charlie gasparino. closing bell going to ring, we have got 29 minutes to go. the fed expecting the unemployment rate to drop to 6.5% in 2014. exactly what jobs are going to come from sma

possible candidates may include fed vice chair janice yellen, timothy geithner and larry summers and alan blinder and roger ferguson house has spoken with the senate about identifying a nominee to begin the vetting process you about the president may wait until the full to make a selection. >>> meanwhile, reminder what's on the agenda today stateside. final reading on june consumer sentiment due out at 9:55 eastern. 10:00, the june chicago pmi and four fed officials are speaking point economy and monetary official, fed governor jeremy stein, jeffrey lacker, cleveland's sandra pianalto and john williams. that will all be very important, plus, blackberry reports results before the opening bell as does the shaw group and retailer finish line. we're going into break. before we do so here's another edition of our sectornomices. >>> here's what to watch for. the fundamentals for oil are bearish. the u.s. has a record level of supply and that supply may only grow as global demand for oil and refined products slows down. with oil prices under pressure, gasoline price fears may fall by the wayside only to perhaps reappear a

larry summer, charlie evans and don cone okohn, ferguson, peopl shouldn't under estimate his chances.much in the greenspan way about there is only one person that can do the job. there may not be more than a dozen, but we luckily have that dozen. and ben bernanke himself said i don't personally have to be here for the exit. so i think it would be great if it was janet yellen, but if there were any of those six names, i think we'd be fine. >> there would be something wrong if we can't find more than one person. >> exactly. >> and that was larry meyer we were listening to. okay. adam, stick around. plenty more to come from you. and stay tuned, as well, cnbc has full coverage of the fed's decision and bernanke's briefing from 20:00 cet, 2:00 p.m. eastern. when we come back, we'll recap today's headlines. we went out and asked people a simple question: how old is the oldest person you've known? we gave people a sticker and had them show us. we learned a lot of us have known someone who's lived well into their 90s. and that's a great thing. but even though we're living longer, one thing th

larry summers is another name we keep hearing. he was a former treasury secretary for clinton. he was the head of the international economic council for obama. a lot of other names out there. roger ferguson at the fed. donald palin, stanley fischer. the list is, at this point -- you know, we are talking quite a number of people. the big wild card is bernanke. you know, we think that he wants to go. obama seems to acknowledge that he wants to go, but there is always a chance, especially if the markets could really unsettled over the next few months that obama could try to convince and to stick around. david: let me ask about that because the presiient either misspoke or spoke in kind of a surprisingly harsh manner about bernanke when he said that -- what was his exact words? he stayed longer than he thought he would and, perhaps, longer than he should, or something like that. make it seem as though he was dissing bernanke. was that the ms. b? >> i think the president put his foot in his mouth. the white house and our story is very quick to put out a statement saying that they are very happy with the job that bernanke has done. he has tried to push easing money policies to get the economy