i am pleased to have larry summers back at this table. welcome. >> glad to be with you, charlie. >> rose: let me start with the budget. tell me how you see the budget agreement that was reached between paul ryan and patti murray. >> this wasn't a grand bargain. it was a little deal. >> rose: yes. >> but it was a good little deal. it prevented some mindless cutting from taking place over the next year. it allows some reasonable choices to be made. it creates some grounds for stopping the federal budget from being a big drag on economic activity as it has been over the last several years. >> rose: because of sequestration. >> because of sequestration. and charlie it also takes the risk of another bit of foolish brinksmanship where we close the government or worry about whether we're going to pay the debt off the table there's not a lot of stuff in it to some level but relative to the budget deals in the past the stuff that's there is honest. very little accounting gimmickry it's a pretty straightforward positive but small step. i'm glad to

one person who articulates that if larry summers. he said that financial debt is only one type of debt. a deficit in education is a greater impediment to growth. with interest rates so low, there is no better time to oral and invest. -- borrow and invest. must create we growth. you do not want to take your focus off of the growth. stimulus from the government or in other ways. >> i have a huge amount of respect for larry summers, but i would agree with him that we -- you cannot get rich as a nation by writing checks to yourself. >> you cannot stimulate an economy, can you not? >> they advocate fiscal stimulus in difficult times because the country needs it. then they advocate fiscal stimulus in better times because the country can afford it. they are always for more borrow wing and more stem -- more spending. i do not think this is the problem in the west. our problem is that we need more business investment and leaned to export things that the rest of the world wants to buy. these are our challenges. we need to go or private sector.

governor, economists like larry summers, who was an adviser both to president obama and before that to president clinton have concluded that long-term unemployment compensation actually reduces participate in the work force and makes it harder for the economy to grow. what's your reaction? >> my first reaction is a lot of economists have jobs telling people why they don't have one. so i'm not particularly impressed by that. i would prefer po refer back, mr. speaker we should be about job creation. we can solve the problem with unxwloimt if we move -- not just to create jobs, but crete the opportunity for jobs. our unemployment rate was 3.8% in august. we've brought that down from the high levels that it was at before, the 6-plus, 7%. the way we did that is that we invested in infrastructure. we made investments that created top paying jobs for people in circumstances in which there was a direct public benefit from the investment. so i'm for job creation. that will get rid of the unemployment. >> let me give you one example, that's a real case study. this summer in north carolina, where

and also the way in which larry summers supporters apparently would say things like janet yell yellenounded like sexiest dog whistles. and hold on, enough is enough. she is great and knows what she is doing and protected crises in the past. how good does she have to be in order to get the job she is in fact qualified for. >> any women to watch for 2014? >> hillary clinton. >> hillary clinton? that's a safe one but a strong one. >> we have seen a lot of really great state representatives. i hope wit mer from michigan, i hope she considers using her platform. wendy davis obviously running for governor. >> right. and running off all the national attention. thank you for being here. appreciate it. >>> coming up, we have a fictional holiday that not even senator rand paul could resist. stay with us. tide pods three-in-one detergent. pop in the drum of any machine... ♪ ...to wash any size load. it dissolves in any temperature, even cold. tide pods. pop in. stand out. pop in the drum of any machine... ♪ ...to wash any size load. it dissolves in any temperature, even cold. tide pods. pop in.

take larry summers. someone who you have some respect for.e argues that all the talk about entitlement reform, you know, and down the road the fears that you are pointing to says, what we need to do is andte growth in the economy growth in the economy will take care of all of the a prop -- all of the problems that stand is worried about. it will not take care of all the problems i'm talking about. i am very sympathetic to what larry is saying, who i consider a friend. he -- to get too number numbery. 40 years ago, this is an argument very would be sympathetic to. 40 years ago we spent 42% on government investment. that would include things like infrastructure, education, r&d. we spent about 30% on transfer payments to the elderly. we now spend 68% on transfer payments but investments are down to 15%. so, i think to larry's point, what did we get out of the investment? we got the internet, gps, the human genome. >> that is where you agree? >> i totally agree. if you look at the sequester -- >> investments are worthwhile and crucial to our futu

. >> larry summers is here. he was harvard's president from 2001 to 2006. he served as treasury secretary under president clinton. he was director of the national economic council for president obama where he was interim role in shaping the nation's response to the financial crisis. today, the country appears to be on a rebound. unemployment rate is 7%. the wave of good news comes ahead from the federal reserve meeting ahead where they may decide rolling back on the bond buying program known as quantitative easing. i am pleased to have larry summers back at this table. >> glad to be with you, charlie. >> let's start with the budget. tell me how you see the budget agreement that was reached between paul ryan and patty mary -- patty murray dear >> this wasn't a grand bargain. it was a little deal. but it was a good little deal. invented some mindless cutting from taking place over the next year. it allows some reasonable choices to be made. grounds forome stopping the federal budget from being a big drag on economic activity as it has been over the last sever

take larry summers, somebody whose intellect you have some respect for. he argues that all the talk about entitlement reform and understands down the road the fears that you are pointing to says what we need to do is create growth in the economy and the growth in the economy will take care of all the problems that stan is worried about. >> okay, so, a, it won't take care of all the problems i'm talking about. b, i'm very sympathetic -- >> rose: i'm simplifying that a little bit. >> i'm sympathetic to what larry is saying, who i consider a friend. i hate to get too number-y here, stock? so 40 years ago -- and this is an argument larry would be very sympathetic to. 40 years ago we spent 32% of federal outlays on investment, government investment. that would include things like infrastructure, education, r&d. >> rose: science exploration. >> rose: and we spent about 30% on transfer payments to the elderly. >> we now spend 68% on transfer payments but investments are down to 15%. so i think to larry's point, what did we get out of the investment? well, we got

mentor to ben bernanke and taught larry summers. this is a man was serious good stuff on his cv. >> visit the grown-up of the central banking world. let's talk about him if he is approved. he is a decisive central banker. >> very decisive. janet yellen will be approved and she will be the top person there. he has crisis fighting experience. he is not a huge fan of forward guidance. he says they should not try to influence people's decision by giving forward guidance. they should come forward and say what is going on. tapering the that bond buying program should be done sooner that rather than later. he reduced his own power and the bank of israel by allowing it to be decided by committee instead of one person. i'm sure his experience and be very much like this. thank you very much for the very latest from tel aviv. >> we have the shares today. they have confirmed that they are in talks with liberty global. a proposal that was called inadequate stop >> investors spent $400 million on sanction violations. the violated station programs

crocodile is made like buying candy with the ordinary household detergents or invent gasoline larry summers just didn't even add so many different really dangerous toxic ingredients and get all they get in return is a very intense and very short time i did dixon has developed some. just falls out of an heroin this is a drug is poor there's a condom who doesn't get it you rushes problem with a crocodile peaked at the turn of the century sense that and the veil ability of coding has been happily restricted and pharmacist as one of the lockyer addicts who survived after quitting crocodile alexy has a stark warning. on the new deal with you don't do it this thing just turns you into a monster. the painful it's so scary you lose everything your friends your family you know everything. i do to question our moscow go all the arctic thirty environmental protesters can finally leave russia and go home moscow has dropped all charges against them for trying to board an offshore oil rig it has started issuing exit visas so get the full story on our website and. it turns out that politicians hollywood b

crocodile is made by combining comedy with ordinary household detergents or invent gasoline with larry summers just taking for people not so many different really dangerous toxic ingredients and what they get in return is a very intense and very short time the diction has developed so fast faster than heroin this is a drug of poor those who can't afford anything as one of the luckier addicts has survived after quitting crocodile alexy has a stark warning. don't do it this thing just turns you into a monster. it's so painful it's so scary you lose everything your friends your family everything. i do question our team moscow. coming up sophie shevardnadze talks to a former british intelligence officer about the changing face of espionage that's on sophie co here on our team international. although i have gone duck hunting a few times i've never seen the duck dynasty t.v. show but gosh if i heard about the scandal involving one of the stars of the show phil robertson who got suspended for making what many consider anti homo sexual comments in an interview this celebrity scandal is creating a lot

now larry summers he recently implied during an i.m.f. gathering that it's not enough to merely give big banks interest free money more should be done for the banks and some are suggested instead of being paid interest on bank deposits people should be penalized for keeping their money in banks instead of spending it now i want to this for a long time and you would know if that's possible or not why doesn't the fed somehow come up with a scheme where charges the banks to spend less and opposed to the banks charging people to spend. well but some has this really concocting is an excuse not only to continue or quantitative easing but to increase the sea air and the only way you could have you could get negative interest rates would be if the federal reserve purchased so many bombs that it was paying a premium for the bond over its face value or. in other words suppose it's one hundred dollars odd but at the fair it drives up the prices to one hundred two so it pays more for the ball and then the bond would ever be worth the maturity that's

that crocodile is made by combining with ordinary household detergents or event gasoline larry summers just ignorant people had so many different really dangerous toxic ingredients what they get in return is a very intense and very short time the addiction has developed so fast faster than heroin this is a drug of poor those who can't afford anything as one of the lock your addict has survived after quitting crocodile alexy has a stark warning. don't do it this thing just turns you into a monster it's you insulated it's so painful it's so scary you lose everything your friends your family everything. i do to question our team moscow go out. kind of soon after the break people of a looks ahead to where the talks between the israelis and the palestinians may finally resolve the deadlock guns are in twenty four to be over but with more news in thirty three minutes from now. jamie dimon is a guy he's begging to be euthanised and i think as a country is a world we should get together and answer his wish he wants to become one with his maker he says look i broke the law please arrest me i wa

now larry summers who recently implied during an i.m.f. gathering that it's not enough to merely give big banks interest free money more should be done for the banks and summers suggested instead of being paid interest on bank deposits people should be penalized for keeping their money in banks instead of spending it now i want to this for a long time and you would know if that's possible or not why doesn't the fed somehow come up with a scheme where it charges the banks to spend less and opposed to the banks charging people to spend. well but some has this really concocting is an excuse not only to continue or quantitative easing but to increase the sierra and the only way you could have you could get negative interest rates would be if the federal reserve purchased so many bods that it was paying a premium for the ball and over its face value or. in other words suppose it's one hundred all. by the fed it drives up the prices to one hundred two so it pays more for the ball and then the bond would ever be worth that maturity that's why you

crocodile is made by combining cantin with ordinary household detergents or invent gasoline with larry summers just even for people had so many different really dangerous toxic ingredients what they get in return is a very intense and very short time the addiction has developed so fast faster than heroin this is a drug of poor those who can't afford anything as one of the lockyer addicts has survived after quitting crocodile alexy has a stark warning. don't do it this thing just turns you into a monster it eats you inside it's so painful it's so scary you lose everything your friends your family everything. i do question our team my scalp. scary stuff and just to update you get on the rather sparse information we've got at the moment but it is what we've got breaking news this hour in a blast has hit a city in southern russia we believe it's the city appear to go risk apparently early reports say a car pulled over outside a police checkpoint there an hour ago and then it exploded we're hearing that at least two people have big killed the numbers are still to be confirmed as early days these ar

i kind of like the larry summers of april a little more. that seems to be the story unfolding here.nt, you know, it's a tyranny of low expectations. if you're bullish, you're looking at real gdp next year of 3%. nomal gdp of 4.5%. if that translates to revenue growth of 4.5%, it's hard to justify what we've seen with stock valuations at this level. so, the fact the economy is turning around doesn't necessarily mean it's a safe place to be in the market right now. >> okay. hang on one second, j.j. i want to bring in larry mcdonald from new edge usa for his reaction to some of the data today. larry, i wanted to ask you specifically about gold, because i couldn't quite get my head around it this morning. we were down before the jobs report. it hit. we spiked down. then we were moving positive. is it -- you know, how do you read gold here? what do you do with it? >> well, i sense a massive underperformance of minors versus gold. that's very clear. i think overall tremendous tax law selling, tremendous capitulation. we saw this at the end of the second quarter with gold. just an absolute

from larry summers he actually said some only you don't build up bad consequences for the future now the reality is when you take a look at what draws us that process on it's rausing levels of debt and you've got to pay the debt back you pay back to banks not towards other individuals and that also means the bubble has to has to fall so yes you know other possible fall off the low interest rates we have an amazing degree of larceny embezzlement mouthpieces here in the u.k. this past few weeks has been the star turn of royal bank of scotland they've recently been caught targeting individuals and companies for debt. eugenics i mean areas here they're almost they've got almost the whole program in place but isn't that rather a negative consequence of cheap money is that it rewards criminality well because it's a cheap money i mean you would have to drive writes down because i saw the debt bubble coming and so they're going to be conned cope with that level of debt servicing you've got to reduce or for that reason but the double consequence of that is these are the people who are in the

enough, he meant toward to current central- bank chiefs, ben bernanke, and mariano draghi and larry summerse esteemed institute of higher education. called m.i.t. he's got the credentials. hilton and aramark go public on a down day for stocks. can botcoin be regulated? an art heist in london, thief atconded with artwork valued $54,000. hirst is one of the wealthy is living artists living in england. a sub of these auction of his work netted almost $200 million which is a record for living artists. ♪ went publicorldwide and shares are searching. we spoke with the hilton ceo. >> we love where we are in the cycle overall in lodging and we like where we are in the cycle for lodging ownership. while we are not growing that business from a new unit wind of view or buying new assets, we think there is a huge opportunity to continue to grow the cash flow of those assets and optimize value enhancement opportunities in some of the biggest assets many potential for our tentative uses, tentative-- utilizing uses, residential opportunities, retail and other things. >> where would we be two years from no

mean during the holidays sees the benefits but the academic evidence is pretty clear like from larry summersaul krug men if you extend benefits you extend unemployment because you pay people on the condition they don't have a job maybe we talk about jay went down on their luck hard cases where we have sympathy that is why the focus should change what could be reduced the burden of spending and regulation mike obamacare. people to want to hire new workers because they are now liabilities with obamacare. liz: the first priority should have been jobs. i feel we have fallen into the looking glass we have the same conversation the president again talks about it, and in the quality. why? because ofhe lack of job growth? >> that is a key factor if you have a permanently stagnant economy what happens? poisonous political fights how to we slice the pie i am better off because she were worse off that is why we have to focus on growth and you don't get that with what obama has been doing with higher tax rates and i am not making a partisan point because bush did a lot of the same mistakes. liz: your be

institutions that come to run the fed that's actually not always the case sometimes it's economists like larry summers who is up for the job janet yellen now while it's going to hold in january as head of the fed you know chairman of the fed he was an economist by trade when they also like mostly response of the deregulation during the clinton you were i was right he was secretary of the treasury as i mean to people that should be getting to know your point is that it's a little. it's not just guys who ran banks and it's guys who read big pension funds and down in funds or girls or women or other who ran these things but you have to understand large scale financial institutions and how they work in relation with the federal reserve and i'm sorry if these are really rudimentary questions but i think it's really shocking even how little i know about the theories about how little i am understand about economics so thank you for. mentioning it all. because the betting that are his most people don't understand this and it's the minutes if you've ever read the minutes of the fed it's just trying fun yeah th

even larry summers. very well known in economic circles, very well respected.e has the experience and track record to back up this kind of position. >> we have interviewed him many times. senate, approved by the what kind of policies will he favor? u.s. suggested that the ought to taper its bond buying program sooner rather than later. he has also suggested perhaps forward guidance isn't something he is a huge fan of either. >> there is a slight problem with forward guidance. you have to decide whether you give dates which is what they gave in the beginning or whether you give conditions. moved to giving conditions. that is more appropriate. that should be the forward guidance. that means you have to understand that there are lots of unexpected things that could happen. >> despite his misgivings, he has said forward guidance does seem to have worked so far. in that sense, he has come out -- not totally against this. >> he was just in the studio a couple of months ago. he seems very young in his thinking. he is ready for a challenge and also quite upbeat about t

let me read to you something larry summers said on british television. he said britain's economic policies, meaning yours, are powerful test of the efficacy of determined resolute austerity. and the results so far certainly have not been encouraging to advocates of that strategy. what is your response? >> if you look at the situation the u.k. found itself in, we had one of the deepest recessions of any of the major economies in the world. gdp has shrunk. by over 7% of gdp. we had largest banking crisis of any financial center. biggest bank bailout. and we exited with a high budget deficit. 11% budget deficit. really only the united states had a similar size deficit and of course the u.s. has a reserve currency. that was a situation we were confronting. we set out a deliberate plan to bring that deficit down and reduce structural deficit to sort out some of the structural problems in our financial system and to rebalance the british economy. i think 3.5 years on, the british economy is currently growing faster than pretty much any other western economy. j

emphasis should be on growth, more importantly than that, one person who articulates that i know is larry summers who recently on the program said, deficits are a greater impediment to growth. we've talked about that. secondly, with interest rates so low there's no better time to borrow, and it will close the fiscal assets of its own, you don't want to take your focus off the growth wherever it may come whether it's stimulus from the government or otherwise. >> i've got a huge amount ofresi don't agree with him that we can go on borrowing. you can't get rich by writing checks to yourself. >>rose: but you can stimulate a- >> these advocates, theyadvocatn better times because the country can afford it. it's always for more borrowing and more spending and i don't think again the problem in the west is that we haven't spent enough as governments. our problem is, we need more business investment, we need to export things that the rest of the world wants to buy. these are our challenges. we need to grow our private sector. so look: of course i want government to provide great education. that means taki

by way of example janet yellin federal reserve larry summers.o nuclear and eliminate filibusters on presidential appointments. and last week when the white house announced john poddes, a would begin serving as a counselor to president obama, a hire many see as a harbinger on increased action on economic inequality and on environmental concerns. but in a political arena where the goalposts have already been moved so far to the right sustaining progressive priorities will be challenging. then again with three years left in his presidency and pressing issues like the minimum wage, food stamps and extending unemployment benefits, president obama and democrats in congress will have plenty of opportunities to make good. katrina, that script is an example on one hand, on the other hand. on the one hand but on the other hand. >> i like the basic drift, moving in the right direction. >> on the press -- precipice of 2013, into 2014 are you optimistic the progressive left will have more of a place at the table? >> i'm hopeful it will have more of a place.

has a utility for somebody else and in a world of trade we should be doing that and of course larry summers, the former president of harvard and white house economic adviser got himself in a little bit of trouble as he wanted to do by pointing this out. what was all but about? >> this was in the early 90's we were about to engage in the first senate. i'm not sure that he wrote and he signed this memo that suggested that it made sense for the countries to export their garbage to what countries. one of the arguments he said is that in the poor countries, exporting something that decreases your odds of getting profit by some tiny amount isn't going to matter that much when you were under the mortality rate of like one in 100 or tannin 100. and this caused an enormous uproar but it just sounded bad. and i would also add that if we could discount corruption this would be a better argument but in some countries this kind of attitude towards this willingness it doesn't really have to deal with a social chollet and it's not like the people of the poor countries are deciding democratically that they

universities if she made the statement, but there was a great cartoon consistent with steve's book when larry summers lost his job at harvard there was a cartoon of him saying to the people who fired him you misunderstood what i said i didn't say that women are not qualified to be brilliant in math, that isn't what i said i said it's the worst human rights record in the world now can i have my job back klaxon that would have been an acceptable thing to say. so i think that it is harder to be a jew that openly supports israel on college campuses but in general particularly at harvard if you have a little bit of a fix preparing to stand up to your views you will never be censored or shut down to it i tell the story in the book when yasir arafat by a group of students came to me and asked me to represent them in their efforts to fly the flag in the yard and i said i will represent you by your right you should be able to fly the flag but i'm going to hand out leaflets calling his death and untimely death if he'd only by four years earlier maybe there would have been peace at camp david and yasser arafat

has a utility for somebody else and in the world of trade we should be doing that and of course larry summers the former president of harvard and economic adviser got himself in a little bit of trouble as he is wanted to by pointing this out. what was that all about? >> guest: we were about to engage in the first summit and mr. summers basically said that he signed his name to a man of and i'm not sure that he actually wrote it physically to the chief economist at the world bank and signed this memo that suggested it made sense to export their garbage to poor countries and then one of the arguments he said is that in the poor countries exporting something that increases your odds of getting cancer by some tiny amount isn't going to matter that much when you are under the mortality rate like one and 100 this caused an enormous uproar but not because it was long it was just it sounded bad and i would also add that if we cut the discount corruption this would be a better argument but in some countries, some poor countries this kind of attitude towards this easy attitude, this willingness to take

and brought a lot of protÉges, larry summers being the biggest example, to town.im geithner being another one. and yeah, and then, you know, the economy crashes, the banks crash. i mean, robert rubin gets a great deal of blame. i mean, bill clinton himself did a mea culpa on robert rubin. >> on abc news. >> on abc news, on george stephanopoulos. >> rubin had been a force in killing glass-steagall, which was the firewall between commercial banks and investment banks. >> investment banks. >> and he was a big supporter of derivatives, deregulation. >> absolutely. >> and all that contributed to the fiscal crisis. after he left the treasury department, he went to citi. >> went back to citi -- >> you say he made $126 million in nine years. >> no, he did. no, he did very, very, very well. and -- >> and you called rubin "the primmest of movers in the modern marriage of politics and wealth creation." >> he was the ambassador to the clinton wealth machine. i mean, even -- i mean, you had people like rahm emmanuel, who was a mid-level white house, you know, operative in the

now larry summers he recently implied during an i.m.f. gathering that it's not enough to merely give big banks interest free money more should be done for the banks and some are suggested instead of being paid interest on bank deposits people should be penalized for keeping their money in banks instead of spending it now i want to this for a long time and you would know if that's possible or not why doesn't the fed somehow come up with a scheme where it charges the banks to spend less and opposed to the banks charging people to spend. well but some has this really concocting is an excuse not only to continue or quantitative easing but to increase the sierra and the only way you could have you could get negative interest rates would be if the federal reserve purchased so many bombs that it was paying a premium for the ball over its face value or. in other words suppose it's one hundred dollars odd but at the fair it drives up the prices to one hundred two so it pays more for the ball and then the bond would ever be worth the maturity that'

>> i think this is the saying that larry summers likes to repeat which is the paradox of the financial crisis is one of the things that causes them is too much lending into much blacks lending and then you want to get out of them by having more lending and having more blacks lending. certainly chairman bernanke has talked about how credit standards on home mortgages for example are too tight now. they are much tighter than they were in 2003 before the run-up in credit at a time when most of the loans we were making were perfectly good loans that were repaid terry at so you know a credit to small businesses. still remains relatively tight so there are a lot of ways in which we like to see the flow of credit expanded and more certainly trying to work on the parts that we can do. a lot of that is decisions by and dependent regulators and by the banks are its speediest oracle folk note i wrote about constitutions than 100 some years ago when we were much more agrarian society banks were the most aided institution in america. banks and railroads. there was a huge crusade against banks. the

the president was handed in by the hold janet young and larry summers back and forth very he did not really get a chance to get in there. he was not american by birth. he was born in zambia. a dual american and israelis is in. to know about his views toward the notion of stimulus area the economy is interesting. five this is an interesting question. it is like 1980. a co-presidency. along?ld these two get fisher has criticized to ee and has also raised questions about forward guidance. it will be interesting to see how they meld those two things. >> thank you. in washington, an all nighter thanks to partisan gridlock over nominations. peter cook has more. >> what you have is paid back over the nuclear option. the rules ofanging the senate last month. republicans have basically tied up the senate floor and forcing harry reid to use all the for nominees. they cannot block nominees but they're forcing them to use every single minute of debate as required. they have been going for 16 hours straight year they voted on one judge at 1:00 in the morning. more most to do this morning. they ar

[applause] larry summers told me this the other day. he is so smart. he said look, 80% chance secretary clinton runs for president, 80% chance if she runs she wins the nomination. i might put it higher and 60% likely she will win the nomination and that gives her a 38% chance which is really high but that sounds really smart. you don't know what's going to happen. you don't know what the republicans are going to end up doing. there is a natural rotation between the parties. it's really emphasize. it's emphatic that rotation. we really do follow it with very few exceptions we generally switch parties after eight years. no matter what happens we turn over to the cold side of the pillow. try something new. we have had enough of this crowd. hillary clinton will run. she will nuance herself away from obama to some extent. she won't be running as his guy but she will be running as a democrat in that mean something to a lot of voters. you can't bet on her is a short thing in general. i also think -- look she has to give back in training. politics is a profess

larry summer pretty much needs a for sale sign on his chest, anybody's dog will hunt.sked how much wealth he created for the super rich. he said, no, no, we're favoring the middle class. that's wrong and why it's hated. the policies favored the rich and super rich and say the average mom and pop are not sharing with them. mom and pop are going to get in now and that's a worrisome sign. charles: it breaks my heart when the average person is not in the market when it's down and wait to get in until the top. >> great talking to you, charles. charles: delta computer systems giving travelers discount from boston to hawaii. >> this is a good deal if you're obviously to be part of delta's mistake. so it's down 3/4 of 1% now, although the dow transport is at a new record high, charles. here is the thing, on delta, you could have gone from los angeles and someone left off a zero. first class from l.a. to hawaii, $200. right now that's about $3500. this is a government wear mistake and a lot of customers got a pretty sweet deal. charles: before i let you go, i'm starting to thin

you saw it with larry summers.he democratic party are starting to move away from the president, which is consistent with all six year incumbent presidents. it is setting the stage for the two thousand 14 election. the president's approval rating matters for the number of seats they lose in that election. that is the risk. to an inflection point where maybe the republicans could take over the senate in the midterm election. >> if the economy turns around, i think it is a whole different game for the democrats. i think they will be trying to align themselves more and more with the president, because they can try to take credit for that turnaround. at the end of the day, people do vote their pocketbooks. great to see you as always. thanks for sticking with us. coming up next, is it a new era for facebook? we are going to find out what is behind this move and how you play it. ♪ >> facebook is having a pretty epic week. on wednesday, the stock was at an all-time high. the company announcing it is selling 70 million addi