joining us for the next two hours, larry lindsey, former director of the national economic council. rmer federal reserve governor, currently ceo of the lindsey group. is that -- it's named after you, right? not after -- >> i don't know, s-a-y is john lindsay. so probably after me. >> he has a new book, as well, "the growth experiment revisited: why lower, simpler taxes are america's best hope for recovery." that's one of the things that occurred to me, larry, was that there's a debate about whether qe-3 is actually -- whether it's effective or not. that, you know, when bernanke said we can't end it now because we still haven't reached our goals, it's like -- that's saying something, isn't it? after five years, after qe-1, 2, 3. you still haven't reached your goals? are you still you're on the right track? but i would argue maybe the counterfactual to some extent that the fed has helped because of all of the structural problems we're up against with taxes and regulation. >> well, the best that monetary policy can do is move demand around. can't create new growth, but it can take tomor

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. >> you weren't watching larry lindsey on the other day.e a vote. he wasn't elected dogcatcher of anything. what do the elected republicans have as a plan to put forward right now? that's what's so frustrating to me. to so many other republicans. >> all right. >> that have watched this. joe, seriously, they don't have a plan. >> they want to go a year on the individual mandate. to get a yearlong delay. >> in other words, we're going to shut down the government in order to get to what? to get to nothing. >> with the end result being in the next negotiation, there's one that comes after this too, right? >> so what do we do in the meantime? what does the economy do in the meantime? what do people who have no health care in the meantime? what do people who have no job? people waiting for a tax code reform supposed to do in the meantime? they're waiting for the republicans or they're waiting for somebody to lead. and right now, saying nothing or saying stop or saying shut down the government to me is not leadership. in the past, when this tactic

. >> that was former fed governor larry lindsey this morning on cnbc. is he right? will the fed keep its foot on the gas pedal until 2014 or longer? let's ask our ace panel. peter costa, president of empire executions, dan greenhaus and dominic chu. if you get no tapering this year, easy money for the whole year, what's that do to the stock market? >> i think what we've seen today after one of the fed governors came out and said he felt that there might be some tapering done in october, the way i look at it -- as far as stocks are concerned, i think that the market has reacted very well from this. a lot of money's flooded into the system. a lot of banks are flush with cash now. i think it's time. i personally think it is time for a tapering. i think they should take the foot off the pedal and let the economy go where it's going to go. i think it's more about having corporations spend the cash hoard that they have as opposed to having the government do it. it's time for corporate america to start spending some money. >> i think after the non-tapering statement on wed

couple that with what larry lindsey told you this morning, talking about the unwinding that has to gorange is wishful thinking in his words. >> it was pretty telling. we asked buffett who he would put in charge of the fed if he had a choice. he is he bernanke. i asked him who his number two choice was and he said nobody. he knows this is unprecedented territory. it's been a massive buildup and i think he'd like to see someone he trusts in terms of winding it down. >> that was fascinating this morning. do we know that bernanke is leaving the fed? steve liesman asked him in the news conference and he said he's not prepared to comment on it. >> it goes back to the president's comments saying bernanke's time is up period. >> if he can't get summers in, does he revert to bernanke? >> bernanke has indicated this was it. let me put it this way. i don't know if the answer is no. >> whatever happens, they'll float it over the weekend in some form. >> one of the foeatures of the iphone 5 is the new fingerprint scanner. one company is offering cash and alcohol for the first hacker to break that

we had larry lindsey. people aren't sure what the republicans are sort of trying to set up here.n eventual one-year delay they put into the budget on obama care. just getting for the personal stuff not the corporate stuff. this is like the first step towards trying to do that in future negotiations. does that make sense to you? and will the public -- will the pr backlash be too big for them to do that after this? >> i just don't think, joe, it's good tactics to think about shutting down the government. i don't think it's good tactics to talk about any kind of debt default. you know, we conservatives can offer positive programs. the obama care is a significant problem. it's unworkable. and most importantly when it's implemented, it tamps down growth and prevents growth which is the only way out of this financial challenge that the united states is facing. but i think we conservatives can offer some positive programs will not be held hostage by anybody. and i don't think it's a political winner to talk about shutting down the government or talk about any kind of default. >> because

larry fitzgerald calls, stars come from all over the sports world. jay: you know, it's a great opportunity to come out and raise funds for a great event, a great charity. lindseyu see that type of heart in someone, whether it's off the field, on the field, you can't help but want to help him help others. shane: you want to do anything that he's involved in because of not just the player he is, but the type of man he is. allie: he is simply one of the best to ever put on an nfl uniform. from the moment he entered the league, larry fitzgerald has amazed football fans with his talent. a four-time all pro, the cardinals wide receiver entered this season with 77 career touchdowns, each season working tirelessly to stay among the elite. away from the game, fitzgerald's desire is equally as impressive. he possesses an endless desire to help those who need it most. it's a virtue he learned early in life from his mother. larry: the things i really take from her is just always make sure you try to put a smile on people's faces. you never know what they're going through; and if you can lend somebody a helping hand, do it. allie: carol fitzgerald lost her battle with brea

larry summers pulling out from the race for fed chair. the fed starting a two-day meeting today. joining us now chief market analyst at the lindseyvery week, peter, when you give me the week. the good things and bad things. how long does it take you to do that? not everyone gets to see that. >> well, i have to go through the whole week. and since i've written most of all of the positives and negatives as we got to friday, it's a little easier to compile. but you have to differentiate what's value and what's not. >> do you keep totals in -- where are we, do you think? are things positive or negative right now? are they positive enough to taper? >> well, i think and i've been saying this for a while that central banks want everyone to think that things are positive. that it puts beer goggles on investors' eyes. if you look at 2013, we've had pretty sluggish, mediocre growth, low single digit earnings growth, but another massive gain in the stock market and that's because of central bank -- not just with the fed, but bank of japan. bank of england kept full speed ahead. >> is it that simple that money being created flows downhill in