and expect the recovery to be lumpy, with continued weakness in places like detroit, and further firming in hot spots like new york. suzanne pratt, nbr, new york. >> susie: still ahead, with a sour economy fueling the rise of home cooking, we get the dish on the multi-billion dollar housewares industry. it's part of our look at the "foodie craze". "nightly business report" is brought to you by: captioning sponsored by wpbt >> tom: home prices may have been pointed higher in april, but consumers soured on the economy this month, susie. the conference board's latest reading on confidence fell for the fourth month in a row as americans focused on the still shaky job market. seemed relieved to be focused on >> susie: still, tom, investors seemed relieved to be focused on the u.s. economy and not europe today. the dow rose 32 points, the nasdaq added 17, and the s&p was up six. >> tom: more mixed messages from european leaders today. german chancellor angela merkel poured cold water on any hope soon for a european-wide bond as a tool to spread government debt problems across the continent. sh

largest indian tribe east of the mississippi river, recognized by the state of north carolina, 50,000 lumpy indians are not federally recognized by the government because of bigotry, racism and all the problems that these people have had to endure, and by the way, they are still there in north carolina, over 50,000 lumby indians are not recognized because the recognition process, in my humble opinion, mr. chairman, is broken. i think we all understand historically the current system or the process of recognizing native american tribes was never done by any statutory enactment of the congress. it was done administratively by the bureaucrats. with all due respect, i've got nothing against the bureaucracy. this was done since 1978 34 years now, and i remember distinctly years ago, mr. chairman, the very person who wrote the regulations in bringing out these seven criteria that the poor tribes have had to go through in order to be so-called recognized, he came right before this committee, mr. chairman, and said the system is so bad even he would not have been able to go through the process of b

by their nature, these tend to be lumpy. we haven't done them in a continuous way. but our view of the affects of these programs on the economy is that the total stock of outstanding securities in our portfolio is what determines the level of accommodation that the economy is receiving. in that respect it wouldn't be really a start and stop, rather whenever we have stopped purchasing, the level of accommodation that was already in the system remains there until conditions warrant further action. now, underlying all this, of course, is the fact that the outlook has changed. like many other forecasters, the federal reserve was too optimistic early in the recovery about the pace of recovery and we've had to add additional accommodation going forward as we've seen, in fact, that the head winds have kept the recovery from being as strong as we would like. but again, by the nature of the -- of these unconventional tools, they are -- tend to be more discreet in their size but they continue to have acom daytive effects even after the pattern of purchases has ended. >> worri

they have been lumpy, but our view of the effects of these programs on the economy is that the total stock of outstanding securities in our portfolio is what determines of level of accommodation that the economy is receiving. >> steve, yours was not the only question along those lines. did he answer it appropriately? was he on the defensive? >> he makes one point which is the stock of what they bought remains in place. the question had more to do with what if they had done a bigger qe 1. what if they announced twist would remain in place until the end of this year. would the initial impact have been greater? i think what's important is that he did say later on, bill, that they believe this is a substantive step, and they're prepared to do smr. that was really my take away from this press conference. and also acknowledging they're looking at what the bank of england is doing with direct loans out there. they're looking at that very closely, so i think there were a lot of eyebrows raised there. >> i think the assumption they will be there is keeping the market from worsening. i want th

they are both kind of white and lumpy.e middle of summer the hills were covered in what looked like snow. and then, i zoomed in on that snow. it felt surprisingly like fresh powder until i fell down on it. saturday, i got to hang out with mitt's van ill a top vp picks with rob portman, tim pawlenty telling me about his love of skim milk and paul ryan talked about his budget for four hours. sunday we topped the weekend off with an amazing dinner, simple meat and potatoes stuff. the meat wasnated goose brianed in the tears of the poor and

these tend to be lumpy. we haven't done them in a continuous way.t of the programs on the economy is that the total stock of outstanding securities in our portfolio is what determines the level of accommodation. that the economy's receiving n. that respect it is not really a start and stop. when we stopped purchasing, the level in the system is still there until conditions warrant furtherer action. underlying all of this, of course, is the fact that the outlook changed. like many other forecasters, the federal reserve was too optimistic early in the recovery about the pace of recovery and we have had to add additional accommodation going forward as we have seen, in fact, that the he headwinds kept the recovery being as strong as we would but, again, by the nature of these unconventional tools, they are tend to be more discrete in the size and continue to have accommodative effects even after the pattern of purchases has ended. >> do you worry about -- >> well, we have taken a step today which is a substantive step which will provide additional accom

monthry policy tools they have to keep interest rates low and boost the economy have been somewhat lumpyck of a better word. the fed chief used that word himself saying that's the way monetary policy sometimes works that they still have tools to try and boost the economy. but they don't want to pull them all out at once and that this should keep interest rates low for a very long time. >> thank you very much. and more on the breaking news out of the house committee's vote on eric holder. i'm joined now on the phone by new york democratic congresswoman carolyn maloney, a member of the house oversight and government reform committee. thank you for joining me. >> thank you. i wish i could be on set, but we're working hard here in congress. >> absolutely. how would you categorize what's happened in the last few hours as you and your colleagues on this committee have gone back and forthright along party lines here? >> well, i would just characterize it as a witch hunt and it's witch hunting season and it probably won't be over till the election. i think it has nothing to do with substance. it

by nature, these tend to be lumpy. we have not done them in a continuous way. but our view of the effects of these programs on the economy is that the total stock of outstanding securities in our portfolio is what determines the level of accommodation that the economy is receiving. in that respect, it would not be a start and stop. rather, whenever we have stopped purchasing, the level of accommodation already in the system remains there until conditions warrant further action. underlying all this, of course, is the fact that the outlook has changed. like many other forecasters, the federal reserve was too optimistic early in the recovery about the pace of recovery. we have had to add additional accommodation going forward, as we have seen in the fact that the headwinds have kept recover from being as strong as we would like. by the nature of these on conventional tools, they tend to be more discreet in their size, but they continue to have accommodated the facts, even after the pattern of purchases has ended. >> [inaudible] >> we have taken eight substantive s

by their nature they tend to be lumpy. we have not done them in a continuous away. our view of the effects of these programs on the economy is that the total stock of outstanding securities in our portfolio is what determines the level of accommodation that economy is receiving. it would not be a start and stop, rather whenever we have stopped purchasing, the level of accommodation remains there until conditions warrant further action. beneath all of this is the fact that the outlook has changed. like many other forecasters, the federal reserve was too optimistic about the pace of recovery and we have had to add additional accommodation going forward as we have seen that he had winds, kept to the recovery from being as strong as we would like. by the nature of the unconventional tools, they tend to be more discreet in their size but they continue to have accommodative affects even after the purchase has ended. we have taken a step today which will provide additional commendation for the economy and we have stated we're prepared to take further steps if necessary to

by the nature these tend to be lumpy. we haven't done them in a continuous way but our view of the effect of the programs on the economy is that the total stock of outstanding securities in the portfolio is what determines the level of accommodation the economy is receiving so in that respect it wouldn't be a start and stop. rather whatever we have stopped purchasing, the local of accommodation was already in the system remains there until the conditions warrant further action. now, underlining all of this of course is the fact that the of the cast changed. like many other forecasters the federal reserve was too optimistic early in the recovery about the pace of recovery, and we have had to add additional accommodation wing forward as we have seen the headwinds have kept their recovery from being the strongest we would like. but by the nature of these unconventional tools, they are more discreet in their size but they continue to have accommodating affect some. we've taken a step today which is a substantive step which wi

by the nature, these tend to be lumpy. we haven't done in a continuous way. what our view of the effect of these programs on the economy is that the total stock of outstanding securities in our portfolio is what determines the level of accommodation that the economy is receiving. in that respect it wouldn't be a start and stop rather whenever we have stopped purchasing bill of accommodation that was already in the system remains there until the conditions weren't for their actions. underlining this is the of the exchange like many other forecasters the federal reserve was too mad optimistic early in the recovery of the pace of recovery and we've had to add additional accommodations going forward as we have seen in fact the headwinds have kept the recovery from being as strong as we would like. but again, by the nature of these and conventional tools more discreet in their size and to the continue to have the accommodative effect even after the purchase has ended. >> we've taken this step today which is a substantive step which will provide additional accommod

and i think they've had the lumpy change.en this started out this year. and i wouldn't expect they will for some months yet. when they do, i think you could see a big move. >> hey, gillian? i want to talk a little bit about europe but maybe in the context of china, we had a conversation around this table earlier about the role that the u.s. should be playing in all of this. and i'm curious if you have a view on the role that china should be playing in all of this. >> well, i think the chinese are very wary because they can see the potential kblaimpact on the global economy if the eurozone does go into serious move. in a sense, it's grown up economically much faster than it's grown up politically. and i think that at the moment, they're trying to hunker down. they absolutely do not want to be seen as the savior of last resort in the sense of stepping in to buy up eurozone bonds. but at the same time, they don't want to be seen as somebody who's a spoiler and making the situation worse. so they have a very difficult role to pla