can you ask lockhart? is there anything to that? sent me this. >> in being political here, sorry, joe, i could ask jacob frenkel, if you don't mind. the effect of qe3 on commodities, it's been a factor pushing up inflation. >> it may or may not but i really want to address another issue. i really hope that the economic story, when he looks at this period, will not be able to detect that we are pre-election, the fed policy should notten guided by the question. >> should not be. but will it be? >> knowing ben bernanke and knowing many other governors, i am with the belief that it should not be, and hopefully will not be. it really is bad. the whole idea of independent central bank, the whole idea that economics is a process that is not a function of a date, but it's a function of a process, is precisely that the elections should not play any role. that's why we have congress and that's why the fed should not go into the territory of congress and of budgets and of taxes and things of that type. >> jacob, thanks again. joe it's a good q

atlanta federal reserve dennis lockhart spoke. >> the u.s. economy has been a technical recovery since the summer of 2009. the recovery to date has been a scene of week growth and persistent high unemployment. by any number of measures, the strength of the recovery has been and remains disappointing. lori: week and disappointing. is lockhart suggesting the fed should get a jump on qe3? if so is it a good thing? let me ask you about the lockhart, it. he tends to favor tighter monetary policy. the fact that he is not shutting the door on more accommodation, is that telling and your you? >> i think the fed has taken extraordinary steps. when you look at monetary policy, it is most effective when it is being complement it by rote growth, regulatory and fiscal policies. in regulatory and fiscal policy to monetary policy with the economy appeared to stabilize, with core inflation running at the 2%, quantitative easing does not seem that compelling. lori: do you think we need to see more from the government, especially from the federal government? >

lockhart told him it's a pretty close call. what are investors to do at this particular moment, trying to work out whether we get qe or not. >> i think at the end of the day it will still be aggressive. today we'll hear what all the tools are that the fed still has at its disposal and there's a mir raid of them. i think they will talk about extending the language out in terms of keeping rates low for an extended period of time. what does that mean? rates certainly five years will stay low for a long time. we love buying yelled in today's market. debate about qe, he has to leave the options open. we'll get a tremendous amount of data over the next few weeks. he has to lay out by the way here's the costs and tools at his disposal. >> you would keep buying the short end of the curve? >> yeah. we still love spread product anywhere five years and in will continue to be attractive. the fed's mandate is obviously to price stability and full employment. you can't create full employment for a long time. the fed can't move even if they s

lockharts expire for a lot of the long-term shareholders. a lot of other people representing 271 million shares could choose to sell some of the shares at a much lower price. $38 at current trading around $20. back to you. >> one in this morning, steve, thanks so much. still ahead, fresh off the team gold medal, the fab five of u.s. women's gymnastics visits letterman and explains the internet famous silver medal podium sneer of one team nate. joe biden was riling up the crowd by declaring that the obama team would win north carolina again. exciting except he was not in north carolina. that clip and a check on weather when we come back. it's time to live wider awake. only the beautyrest recharge sleep system combines the comfort of aircool memory foam layered on top of beautyrest pocketed coils to promote proper sleeping posture all night long. the revolutionary recharge sleep system... from beautyrest. it's you, fully charged. you tell us what you want to pay, and we give you a range of coverages to choose from. who is she? that's flobot. s

and whether or not -- this is the analysis of lockhart and other fed officials, as well. whether or not the benefits outweigh the costs is key decision. lockhart was not that concerned about the cost. he said that he believes they're manageable. i'm talking to other members out there who are concerned about the cost and think, you know, we don't have an inflation problem until we do. my guess on this thing or my idea is, listen, if it's a close call, probably shouldn't do it. qe is a very, very consequential step. >> steve, i'm easily confused as we all know, right? and something you said in the first answer confused me again which is this. you were saying a tough spot on the data. almost all the data we have seen, major pieces of data haven't been great but slightly better or better than expectations. so what is it really that the fed is seeing that would even leave qe3 on the table at this point? >> reporter: so, the data is better on a subjective basis but objectively, brian, simply not good enough. think about where we are. we're doing 150,000 call it on jobs. what do

. >> right this minute we have the shooter of this video, jacob lockhart, via skype from st. petersburg, florida. what made you start rolling in the first place? >> he was pushing us off into incoming traffic so we had to slam on our brakes. eventually he just cut in front of us. then he stopped his vehicle completely without any reason. i said he's drunk so i'm going to get this on video. >> was this scary for you guys? >> oh, yes, we could have been the victims just as easily as davie was. i was shocked, one, that i got the video but two that it happened in front of me. >> we spoke to david aubry, the driver of the pizza delivery vehicle who was involved in this crash and he wanted us to relay a message to you and say thank you so much for pulling over, for helping out, and for catching all of this on camera. >> yeah. i mean he doesn't deserve that. nobody deserves that. he was very blessed that he wasn't hurt more than he was and i'm really glad he wasn't. from what i hear he's going to be perfectly fine. >> talk to us a little about the feedback you're getting on youtube

we'll be hearing from lockhart who our guest told us earlier today lockhart is probably the best personentrist view. tomorrow we'll hear from dennis lockhart. we'll have all this

today, dennis lockhart, who heads the atlanta fed, said its next decision would be a close call. sylvia hall, nbr, washington. >> susie: meanwhile tonight, the spotlight will be on mitt romney and his plan to fix the nation's economic problems. he will officially accept the republican nomination for president. millions of american voters, including many small business owners, will be listening carefully to that speech. romney has been campaigning on a promise to jumpstart the economy and cut taxes. but as diane eastabrook reports, one chicago dentist wants details on how he'll do that. >> reporter: dr. marianne schaefer's been a dentist for more than 30 years. but the last few have been perhaps the most difficult. >> did we get the case back? >> reporter: she had to reduce the status of one of her three employees from full-time to part-time after patients who lost jobs either stopped coming for visits or had trouble paying. >> we're a family practice. we've seen each other, been together some of us 30 years. so, of course, we're always going to try to assist and help them, and th

dennis lockhart. the monetary policy may not be to fix we are all hoping for. with more we have jeffrey miron. it is always good to see you, jeffrey. does that make other than the president have it right? do we need more or less at this point? >> my guess is that we might need more easing, but for monetary easing isn't going to do very much. i think a lot of the fed recognizes that. ben bernanke and others have said don't rely on the fed to do everything. the fiscal situation is a big problem and we have urged congress to do something about that. gerri: it has been said that we could ease too much. what are the negative consequences? >> well, first of all, one standard concern is if you eat too much time you end up generating inflation. the response right now for most economists is there is so much slack in the economy. we are not going very fast and there is no pressure for inflation. i think that is right as far as it goes. but sooner or later, that is going to be an issue. and if you put a ton of money into the economy and try to take it back out, it might b

dennis lockhart, the president of the atlanta fed and a voting mem per of the fomc this year, told voterser speech he remains undecided on additional estimate us are. he is not happy with current economic trend and hint he could support more. >> the u.s. economy has been in technical recovery since the summer of 2009. the recovery to date has been, has seen weak growth and persistent high unemployment. by any number of measures the strength of the recovery has been and remains disappointing. >> fomc meets next on september 12th. david and liz. david: big meetings coming up. thank you very much. sandra smith, adam shapiro and peter barnes. good to see y'all. liz: thank you. david: if you think your food needs more salt you will not be able to get it at one restaurant chain. oh, no, is this the nanny state gone wild? more details coming up. liz: even "the simpsons" couldn't save the u.s. post office from its budget problems. we'll take you "off the desk" for that one next. ♪ . everyone has goals. take the steps to reach yours, with us with real advice, for real goals. the us bank wealth man

number one thing to watch tomorrow will be a speech by atlanta federal reserve bank president dennis lockhart been hanging on every single word and preposition, you name it the fed has said and exactly as a voting member and advocate of more quantitative easing, more large-scale asset purchases his comments could very well move the markets. so you really have to watch for that. plus as sandra smith mentioned you could watch the globex trading tonight in the grain ma

release of its fomc minutes may provide a big hint but in the meantime atlanta fed president dennis lockharticy is employed too aggressively and without effect to address economic problems that can only be resolved by fiscal reforms that involve making tough choices about the allocation of public resources. tracy: so would a third round of quantitative easing finally do the trick and get the economy moving? or would it just make things worse? joining us now, steve forbes, chairman and editor of in chief of forbes media and the author of a new book, "freedom manifesto". thank you for being here. i want to talk about the book. go back to what our fed is doing. should they give more money to the markets? >> no. they're harming the patient, not helping the patient. their ultralow interest rates actually hurt small businesses. it has been a real boon for government debt financing and big companies. but the job creators still are having a dicey time getting credit. so the fed is doing more harm than good. anytime you detablize the dollar, make it go up and down like a yo-yo, like a clock. if you d

lockhart tomorrow. liz: thanks so much for joining us. ashley: "money with melissa francis" up next. have a great day. tracy: i'm tracy byrnes in for melissa francis and here's what is money tonight. the worst drought in 50 years threatening to starve our country's livestock. animal feed costs are through the roof. the price spike putting the nation's livestock at risk as well. we have a cattle rancher that will join us to break down how dire the threat has become and what it could mean for your wallet. plus the u.s. co2 emissions plunged to their 20-year low. the discovery surprising most vocal environmental activists. we're going to explain. >>> the end of an era at augusta national golf club. the home of the masters welcomes its first female members. it could loot to a flood of sponsors for the nation's most famous golf tournament. even when they say it is not it is always about money. tracy: it's always about money. first let's take a quick look at the day's market headlines. apple has officially become the most valuable public compan

he made it to lockhart this afternoon and jumped on a plane home. i don't remember much of august. friends in the city threw a party for my 40th birth day. it was september. i thought of moving to los angeles where a friend was shooting a movie and i could live in his house for free. or never return. eventually a friend asked me to meet a friend of hers. she had a friend of coming from brooklyn and we might like each other and have some things in common. i decided the next one and i dated had been the daughter of a waitress. doctors and lawyers and bankers and the idle rich and that never worked out. we met at a mexican place. for a few months this woman -- this is the first time that i met christa and i knew she would be in my life for long time. perhaps forever. she wore a short skirt and cowboy boots. at an end of summer she was dark but with her her skin would turn white. she said funny and flattering thing about yippies and honks and yoga masters and when she had a chance she smiled. she had gone to college in the 90s and one semester she worked at the mexican restaurant. when

his side so that's evans and rosengren, probably janet yellen, but where the rest of the board, lockhart if he's in favor of open-ended qe i think there's quite a debate going on behind the board an many others to hear from and we're going to hear from them at jackson hole. >> steve stick with us. >> steve, i'm curious, did he talk about the fiscal cliff at all? because i know chairman bernanke has said no matter how much money we put in nobody's going to be able to alleviate the fiscal cliff? >> so rosengren takes a more affirmative responsibility for the economy no matter what congress says. he says let's look at the reality. this is a segment we'll play for you, hasn't cared yet, in the 1:00 hour, he says we just can't realistically expect too much help from europe and we can't expect congress in this period of time, between now and the end of the year, to fix the miss cal cliff problem. it is our responsibility to step forward and take action to help employment and to help the overall economy. so he does talk about it. but he says, look, it's our job to handle this. >> sounds like a

we had an interview with atlanta fed president dennis lockhart.imply are you in favor of additional quantitative easing. here's his answer. >> i think it's a close call, really. if we were to see deterioration from this point, let's say a persistence of job growth numbers that were well below 100,000 a month. if we were to see that. or if we were to see signs of just inflation that could signal the onset of deflation, then there wouldn't be much of a question about policy. but now i think the policy question is how much will you gain and, of course, what are the costs short and longer term? >> he said he was not particularly concerned about the costs. so lockhart is is a key centrist. watched carefully on the board. doesn't sound like he's quite there yet. but he doesn't sound like he's too far from it either. let's look at some of the major issues that are out there as we wait for fed chairman bernanke's speech tomorrow. as you know mario draghi is not going to be here. the question becomes what does that signal for ecb policy? does it mean it's

break than a police officer or a nurse or a small business owner in san marcos or new braunsfels or lockhart, more than they make in a well year, these people would get in a tax break. the speaker pro tempore: the gentleman's time has expired. mr. levin: i yield two minutes to the gentleman. mr. doggett: but the marine corporal, the single mom who is trying to get her daughter or son through college, they would actually see their taxes go up under this simplified fast track republican approach. so those who are trying to get their toe hold, their foothold on the first or second rung of that economic ladder, they end up having to pay for more tax breaks for those at the top. and now today through this resolution, we see that what mitt romney was part of in exporting jobs abroad, he was really just getting started because what they propose is a territorial tax system. what is that? a territorial tax system is when you create jobs in somebody else's territory. here's how it works. here's the plan they're talking about. you're a manufacturer, trying to decide where will i create my new plant? an

the federal reserve president lockhart yesterday basically saying, a, he believes the central bank islling now to ease monetary supply. also he questions whether it has been that effective, and you know releasing more cheap money will not do that much. would you agree? >> well, i do think that qe one did have a meaningful impact. look where interest rates are today. they are lower than even where they were during the height of the crisis. so i think there has been an impact. i think it has been on the margin positive. i do think that is each additional quantitative easing initiated has less impact than the one before. so i think there is a strong case to be made that additional quantitative easing, you know, potentially, shows that the fed doesn't have a lot of cards left to play. i think they have to be careful about that. lori: brian railing, wells fargo, thank you so much for your insights. >> great. thanks for having me. lori: when it comes to jobs for gen y tech is king. ashley: no big surprise, right? lori: a study by pay scale and little len y'all branding, -- millenial brandin

dennis lockhart was on this morning talking and said, you know, the fed really doesn't take that intoount. and i think they try to remain fairly out of thahaha secondly, even if romney were to replace bernanke, he said he would do it at the end of his term, so he would still have through 2014 to implement policy. connell: good point. let me ask you about what you think you will hear, at jackson hole, we're all asking these questions, as some sort of launching pad or hinting pad for monetary policy, will that happen this time around, wl we get a hint of what's to come or no? >> right, you know, i think this's a great debate -- there's a great debate out there right now if we will or not. first of all, i would say that bernanke is -- there are two thing has are driving this. number one bernanke is certainly looking at doing more. if you look at the speech he gave to congress in july, if you outline what he said, he said the growth has slowed. that may have been the understatement of the year. he said unemployment was stuck above 8%. payroll growth is slow. consumer confidence is down. m

a submersible has located the final resting place of amelia lockhart's electra near the islands.em here on earth, all over the place. the greatest generation encountered many problems with that during the war. the labor department has no policy regarding illegal aliens. >> prince phillip left the scottish hospital after being treated for a bladder infection. buckingham palace asked phillip after leaving the hospital would return to the estate where the royal family is on holiday. >> there's a new report out that -- has been returned to the hospital. >> in other news -- >> an al-qaeda official has been arrested in algeria. according to a member of al-qaeda, they were arrested. they were traveling toward the border in a four by four vehicle according to all sources who also claim they have close links to chief abdel drudal. >> turning to local news from los angeles -- i'm joined by -- >> stephanie: this could go on for three hours. >> you guys crank it up to such a level that you're up against each other that it sounds like you're both drowning. >> hurl things up to -- >> stephanie

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