joining me now is lew lehrman. joining me in just a moment. first, wall street's climbing back, investors getting what they wanted from the federal reserve, or at least so it seems. the dow jones industrial is down 31 points and has been down more than 80 points until the fed released the meeting in july results. the s&p gained a fraction. the nasdaq gained a little bit. pretty good. minutes from the fed policy meeting show that many show the economy failing to demonstrate substantial improvement. economic news tonight, sales of existing homes, and this is good news on housing -- up 2.3% in july. some would say that's short of expectations. i would say it is good news. it is the first increase in three months. our next guest says the fiscal cliff projections are directly attributable to the president's lack of an economic policy. joining me now is wall street legend louis lehrman, former morgan stanley chairman, author of the book, the true gold standard. here we have a cbo forecast. it is about as unwelcome as one could be, this president and