some surprising news as well from mario draghi in just a moment. our road map starts off on off the gulf coast where tropical storm isaac has almost reached hurricane status and is expected to make landfall today or tomorrow. the question is where exactly. what's next for gas prices with nearly all oil production in the gulf halted? >>> mario draghi canceling on jackson hole citing a heavy workload over the next couple daus. what that means for the fed conference and whether something important could be brewing at the ecb. >>> tough times for old tech. lexmark laying off 13% of its work force. says it will stop making ink jet printers as the journal says do not trust the turnaround at another pc giant, hewlett-packard. we'll begin with crude oil prices rising back above $96 a barrel as tropical storm isaac has led to refinery shutdowns in the gulf. gas prices also rising due to isaac. the latest survey from aaa shows the national price for a gallon of regular gas edging higher to more than $3.75. the president expected to issue a statement on tropi

it was initiated by comments by mario draghi last week. there's a lot of hope for some sort of big solution to the crisis. what is the view in berlin? >> the general view is things have to go there course as agreed, but there is also -- there are grave misgivings about giving more power to the ecb and to the supervisory structures -- until supervisory structures are in place at the very least. those misgivings have been strengthened by recent reports in the last few days that mario draghi himself is under investigation by the eu ombudsman by -- for a possible conflict of interest that he has retained his interest in a powerful banking lobby after taking control of the ecb. >> mario draghi himself seeing some heat their possibly. thanks for that. >> amid all the jockeying over rescue funds and banking licenses, today, another reminder of the human cost of this crisis. >> unemployment in the eurozone has hit another record high at 11.2%. in many countries, it is even worse. in spain, the figure is almost 25%. >> the disparities are huge. the

i'm steve liesman monitoring mario draghi's press conference. got clarity on what it would take for the ecb to come in with high interest rates relative to unknown bench marks. he seems to be clearing that a country must first ask for assistance from the european financial stability fund, and at that point the ecb could come in with a bond-buying program. so this is not a separate policy operation by the ecb. they seem to be tying it to the larger rescue fund operation, which is why they're going to have to design programs. so, guys, this is not something that may happen relatively quickly as in next week the ecb comes in. that's why he's saying it's substantially different from other bond purchases that they have done in the past. the new different program, i think maybe enhancing the fire wall but perhaps not as fast as the market may expect, guys. ? thank you so much, steve liesman. >> a lot to look at in terms of this market. not only do we have what's going on with the ecb and europe but a lot of individual stock stories. gm earnings, for i

back to you. >> we have comments from mario draghi. the ecb will do what's necessary and act within mandate. it says the ecb is not a political institution and he says fulfilling our mandate sometimes requires us to go beyond the standard monetary policy and this may at times require exceptional measures. exceptional measures he says would still be within the mandate. those comments from mr. draghi, the first comments since it was announced he won't be going to jackson hole for symposium there. this comes as well as we've seen italy, results ofthy auction coming in. they have sold 9 billion february 2013 t-bills. average yield, 1.58 on the six-month and 2.45 previously. yields continue to come down for italian short-term borrowing costs as well. bid to cover, 1.69. healthied by to cover, 1.61 previously. >>> at the same time we turn our attention back to the louisiana coast. hurricane isaac is raking in at the moment on slow march toward a fortified new orleans. category 1 storm made initial landfall before 8 p.m. eastern at the mouth

last week mario draghi promised to do what it takes to save the euro. draghi overplayed or overpromised with that pledge could result in the markets punishing the euro zone. it would help the dollar. we did see a little bit of a rebound in the euro. among the options is reactivating the bond buying program for spain and italy in tandem with the euro zone's rescue funds. we bring the decision at 7:45 eastern, and then the highlights of the news conference which could be more important at 8:30. we are waiting to hear from knight capital today, a technology breakdown although the trading firm roiling the prices of stocks yesterday. the problem could further undermine the already fragile investor confidence in the stability and really i guess even the level playing field that individuals have with computers. we have a rush of orders for dozens of stock. the nyse canceled trades in six volatile issues. knight had to tell clients to send orders elsewhere at one point yesterday. you can see again with that chart that most of the damage was done yet. it's rebou

mario draghi drops out of the conference, what does the euro do? not a whole lot.125.67. the dow, as you know, it's like a rounding error with the gains and losses we have had today. instead of just looking at today's trading. here we are down a fraction today, up 16% this year. a pretty good year. ten year yield, i'm going to get over there in a moment, the ten year yield down a fraction but down sharply this year at 163.5 and change. gold seems to have stalled a bit here down $85. the sectors we want to see if we're defensive or putting risk on today. the s&p 500 sectors, the top five performers for this day so far -- apparently we don't have that. >> gold was up 6% of the month. as that looks like it's going to be delayed, then they base it off of today as you just points out. >> so you were expecting volatility? >> i think it can be to the up side. that led to that pop -- >> that got the markets attention briefly this morning. >> yes, it was right after i finished my bagle, right after i got done, the market moved. >> sometimes on a week like this, you forget s

. >> ecb present -- the speech by ecb president mario draghi disappoints markets. >> the song of followsladimir putin everywhere he goes in london. >> "it was impossible to do my job" -- the words of kofi annan today as he resigned as special envoy to syria. >> the peace plan looks more irrelevant than ever as fighting in syria shows no sign of ending. >> kofi annan appeared frustrated man today enplaned name-calling and finger-pointing at the security council for his decision -- and blamed name- calling and finger-pointing. >> after six months of disappointment and frustration, kofi annan is giving up on his mission impossible in syria. >> i have therefore informed the secretary general of deep un and the set -- of the un and the secretary-general today that i will not continue my mission. >> he blames divisions in the united nations security council and lack of international unity. >> without serious purposeful united and international pressure, it is impossible for me or anyone to compel the syrian government in the first place and also the opposition to take the steps necessary to be

because there are some expectations there and you recall last thursday mario draghi said the e.c.b. stands ready to support the euro and it's going to work so what is really at stake with the meeting this week and the press conference when mario draghi will face answer face with reporters and have to answer questions on thursday we are going to bring in peter chair founder of t.f. market advisors to talk about this and all things a europe really get into it because he is a recognized source on all things europe so first of all peter to your welcome to the show it is a real pleasure to welcome you to capital account great thanks for having me on absolutely so now let's just get this out of the way because the fed's interest rate decision came out and there's nothing really new same statement pretty much as last time except for some language noting slower growth so was there anything to see here or is it or in central banking land is it really all about the e.c.b. now this week. i think it's really all about the e.c.b. we've seen enough data in the us that you can see why they put it

president mario draghi said he's ready to do more, but offered no immediate steps to solve europe's financial crisis. >> susie: tom, it was a huge letdown for investors around the world. draghi had raised expectations when he promised last week to do whatever it takes to protect the euro. when he failed to deliver on that, markets sold off in europe, and here on wall street. the dow lost 100 points, the nasdaq and s&p both down 11. >> susie: e.c.b. president mario draghi has become an expert in kicking the can down the road. and, he showed that skill at a press conference today following a meeting of the eurozone's central bank. >> the euro is irreversible. in order to create the fundamental conditions for such risk premiums to disappear, policymakers in the euro area need to push ahead with fiscal consolidation, structural reform, and european institution building with great determination. >> susie: at today's meeting, the e.c.b. opted to keep benchmark interest rates unchanged at three-quarters of percent. that's after cutting rates in july. draghi indicated that e.c.b. bond buying could st

president mario draghi said at press conrencat t interest rate announcement that the bank is ready to make tright open market purchases but did not give details. >>> this field speculation that the ecb will take strong measures like the immediate purchase of government bonds. after the news conference, the yields on spanish ten-year government bonds rose again to 7%. this is a level which is considered unsustainable. stock prices plunged around 5% both in madrid and milan. the euro fell to the 94-yen level at one stage for the first time in a week. well, u.s. markets fell after european stocks tumbled as the ecb failed to come up with

. >> as we mentioned, mario draghi urging the germans to back his plan to save the euro. will it work? >>> plus, why is the navy paying $27 a gallon for experiment aal bio fuels. >> i bet you have a thought on that, don't you? at merrill lynch, we understand the importance of your goals. today, our financial advisors lead from a new position of strength. together with bank of america, they have access to more resources than ever before. a steadfast commitment to help you achieve your financial goals in life. that's the power of the right advisor. that's merrill lynch. you walk into a conventional mattress store, it's really not about you.

and mario draghi bringing down the spanish and italian bond rates, once again did nothing.is this a case of all talk, no action? >> you know, i sometimes think about the '60s musical, promises, promises, and this seemed a little bit more of that. there is a structure that says if they take action, they will then provide support. but i think we kind of knew that already. the key is, will the politicians take the action? and so far we have not seen a lot of action. >> you know, i guess one of the big issues for europe is that the ten-year bond in spain rises above 7%, making it that much more difficult forpain to pay its bills and secure the debt. the markets push yield up. >> that is why they have to do it in connection with the fiscal authorities and the politicians. because they have to say okay, fine, we're going to get at the fundamentals. we're going to re-capitalize the banks, much like we did in the u.s. with the tarp program. so recapalize them, much with the support that brought down the risk spread. it has to be the combination of the work in europe. mario draghi h

direction, with mario draghi's piece, they are in intense negotiations.ou might think the euro would go higher hoping that he can convince the german's to go along with a bond buying program. but no, it didn't happen. anyway, we're down on that. that initially pushed our stock market lower. we'll show you the response of the dow today where initially we were lower on the open. then you get this little pop here, the gdp number that came out better than kpted and we were up until the beige book came out. then they sold. yield on the ten year, don't real much into that. the five year auction went about as expected and tomorrow they off some more. the price of oil, what's the impact isaac may have on supplies in the gulf region. right now the anticipation is it won't have much impact, but there is inventory data out expecting a higher build. anyway, oil today down to $95.05. same thing here for the price of gold, gdp better than expected. so the price of gold goes lower tide, down $11.50 rat 1658. a defensive feel to the sectors and they're gains today. the b

>> hi, everybody, welcome to "closing bell," i'm maria bartiromo, the market selling off after mario draghi failed to back up talks of saving the european economy. >> that announcement spooking investors here in the u.s. draghi falling short of last year's pledge when he said he would do whatever it talks to save the euro, i guess he just meant night right now. in the markets right now, ugliness off the lows though, down 138 points. the s&p -- the nasdaq rather down 17 points now, half a percent decline there. the s&p 500 index is down to 1360. stocks are taking a hit after the european centralback did not deliver on the pledge to do whatever it takes to save the euro. as we await the jobs numbers tomorrow, is a bad number what we need for a federal reserve intervention. >>> we have michael day with us, eric lashelous with us, rick santelli and steve least man with us. >> maria, i disagree right off the bat. i believe the market would like a good job's number and some conviction that jobs were turning around that markets would rally. one job's number is not going to make it. >> it's been ho

i would hate to think that somebody way at the top of the administration thinks that mario draghi has a special pill that he has not administered yet because it's that kind of thinking that will prolong -- >> he does, he has that pill. there is very little doubt the action by the european central bank could go a long way to resolving the near term instability in markets. >> i agree, instability, no solutions, and the white house doesn't understand a solution is not a stabilization. >> we don't agree as much as the producers would like us to at this moment, i'm saying in solving the stability is critical to any medium and long-term solutions. >> actually, to call out the ecb, welcoming new action tomorrow when the meeting has not happened yet, is extraordinary. let's talk about what we might learn tomorrow from the ecb, what kind of action might we see from draghi, and we want to bring in our guest as well, cynthia, what do you think? >> the economy is are mired at this time. it will be important they signal continued action and willingness to act. >> you have to invest other people's

. >> with mario draghi having said that european central bank will do whatever it takes, whatever it takes is some definitive solution. >> at 12:45 we have a statement from the ecb saying that interest rates were unchanged. it was time for the man himself. >> the governing council might undertake out right operations of a size adequate to reach its objective. >> is willing to help push down the cost of borrowing for countries like spain but spain must ask for support from the european rescue firm first. >> several times >> ecb cannot replace governments. >> when the text was digested, the hero comes down on the pressure and the yields on italy and spain start to rise. it does appear that the markets are still quite concerned about what this will mean. there is a little bit of disappointment. >> the financial markets heard what they needed to hear from the european central bank. they're willing to take action to bring stability to the financial markets but they might spend a lot of money doing it. investors did not like the lack of details and they did not like the assistance that the

president mario draghi said at a press conference at the interest rate announcement that the bank is ready to make tright open market purchases but did not give details. >>> this field speculation that the ecb will take strong measures like the immediate purchase of government bonds. after the news conference, the yields on spanish ten-year government bonds rose again to 7%. this is a level which is considered unsustainable. stock prices plunged around 5% both in madrid and milan. the euro fell to the 94-yen level at one stage for the first time in a week. well, u.s. markets fell after european stocks tumbled as the ecb failed to come up with concrete steps to solve the debt crisis in europe. dow jones was down by 0.07% closing the day at 12,878. let's see how stocks are trading this friday, here in japan. we are going to go to ramin mellegard. >> well yesterday was no different following words from ecb president, last week he did come out and say he would do everything to help the euro. but the statements yesterday gave no concrete measures as it that effect and left markets flat as

i was shouting too loudly at gb winning gold. >> thought you were shouting at mario draghi. might have done a little bit. >> might have done that earlier. other things to show in the olympics. michael phelps facing off against ryan lochte in the men's immediately. phelps started strongly in well record pace. faltered in late push from lochte. took his first individual gold medal. his 20th overall medal in the last three olympics. >> remarkable. also remarkable the final of the women's all around gymnastics in which 16-year-old american gabby douglas known as the flying squirrel took home gold ahead of tough competition by the russian. >> i want to know where that nickname came from. >> if you watched her performance she does -- you can tell maybe where that came from. >> attention turns last night, gb squaring up to france men's team sprint. and with one lap remaining, chris hoyt brought home the gold medal for great britain and that's when i lost my voice. >> good night for the u.s. meant that despite trailing china overall americans are equal to their olympic rivals in the

. >>> if you had mario draghi and the points, you lose! europe moving lower as draghi doesn't give the markets the juice they were looking for. and those declines over in europe, 2% in paris, 2% in germany, 4% in italy and 6% in spain leading the markets lower, too. >>> knight trading hammered again after yesterday's glitch. shares below $3 at one point. what's next for this wall street firm? one week almost 70% off. >>> and the four corners of housing. almost four. we're going to get four unique perspectives from the ground in four very different real estate markets. that's coming up. but first to sue at the nyse. >> thank you very much, ty. we'll follow knight trading throughout the show here on "power lunch" but let's get you up to date on the markets right now. the dow jones industrial average down 149 points. however, we are off the worst levels of the trading session. s&p 500 is off 16 points. the nasdaq is down just about three quarters of a percent. gold down 18 bucks and our senior economics reporter steve liesman is following the

the important thing, guys, i want to get in what i have to say about mario draghi here. important thing is the german constitutional court is going to rule in the following week on the constitutionality of the bailout fund. mr. draghi can't say anything about what they're going to do. he's not going to make any comments. instead we're down to very nerdy little things. all sorts of notes flying around this morning about revamped collateral frameworks. like basically the ecb is going to say we'll take anything collateral from the banks from now on as a way to pave the grounds for a new ltro. third ltro out there. basically make it easier to put in collateral and get cash for it. never mind that's not been the problem with europe. lack of demand is the problem. not actual access to cash. the important thing here is they're probably going to get the third ltro within the next couple months. meantime big story spanish ltro is deepening -- excuse me. spanish recession is deepening. did you see new gdp numbers out in spain? 1.3% for the second quarter year over year, much worse

why did mario draghi cancel his jackson hole appear yns?, he was working on that big bond buying program next week? b, he had nothing to say. auto, what, malloy? this was supposed to be a secret. c, he has a date with me. come on. please log to fast money.cnbc.com. >> i don't know if mario draghi is married or not. would you go on a date with him? >> i do like italians. >> he is very smart. >> hey, joe. >> let's look at twitter for what's trendsing. what are you seeing? >> michelle, last week of august people are saying good-bye to their summer houses and getting ready to come back to the city full-time. we asked the twitter dot si who right back positioning your portfolio? lewis says i'm raising cash, locking in profits ahead of labor day. jackson hole and any potential ecb announcement, and, lee tweeteded i'm sticking to blue chips like ibm as they bring enterprise products back to the markets, focus in on data, great leadership, by the way, and lastly, jack says buy puts while the volume is low, buy insurance if you can. not when have yo

president mario draghi has become an expert in kicking the can down the road., he showed that skill at a press conference today following a meeting of the eurozone's central bank. >> the euro is irreversible. in order to create the fundamental conditions for such risk premiums to disappear, policymakers in the euro area need to push ahead with fiscal consolidation, structural reform, and european institution building with great determination.

she's voiced support for the ecb mario draghi to contain the debt crisis. >> what the president of the european central bank mario draghi said is something that was repeated time and again since the beginning of the greek difficulties more than two years ago. we feel committed to do everything we can to maintain the common currency. the european central bank, although independent, is completely in line what we said all along. >> here we are, one hour into the trade day. we have the green. pretty flat for the ftse 100 and xetra dax up over 3% for the month of august. slim gains this morning. not a huge reaction. the ftse xetra dax up marginally. this market has done very well since mid-july. as far as bond markets are concerned we're seeing gilt yields steady. ten year treasuries i way from that 1.85. yield ten year spanish yields this move back down to 6.5%. still very elevated. we've moved away a lot more from that 7% mark on those comments out of angela merkel. ten year bund yields up. as far as currency markets, euro/dollar 1.2349. pretty steady. we did get a rally in the euro overn

mario draghi will not. still to come more update on tropical storm isaac. > this is "worldwide exchange". if you just joined us i'm ross westgate. these are your headlines from around the world. . residents along the u.s. gulf coast are bracing for tropical storm isaac. expected to make landfall possibly near new orleans later today. some relief for spain and italy as yields fall in the latest debt auction. pharma roche ceo has the top job at astrazeneca focusing on innovation and deal making. >>> the national hurricane center says tropical storm isaac is on the verge of becoming a category 1 hurricane as it nears lawful and heading towards new orleans on the seventh anniversary of hurricane katrina. joining us now from new orleans is nbc's danielle lee. danielle, what's it like on the ground. how are preparations going? >> reporter: hi there, ross. we're feeling drops of rain from isaac. earlier winds have been slightly picked up. it feels relatively calm. thing are about to change and businesses here have

press conference with mario draghi.dissects everything he says very closely. >> and client. >> not much to had, obviously it's all about the ecb. a couple trades to keep an eye on if they do disappoint, i like shorting gold on a break below 1570, and the russell 2,000 both already weak ahead of tomorrow. >> thanks, everybody, we appreciate your time tonight, and tomorrow we will be following all of the ups and downs tomorrow. my observation on fed policy, presidential politics, and the bad economy, stay with us. ttd#: 1-800-345-2550 ttd#: 1-800-345-2550 let's talk about market volatility. ttd#: 1-800-345-2550 in times like these, it can be tough to know which ttd#: 1-800-345-2550 way the wind is blowing. ttd#: 1-800-345-2550 at charles schwab, we're ready with objective insights about ttd#: 1-800-345-2550 the present market and economic conditions. ttd#: 1-800-345-2550 and can help turn those insights into ttd#: 1-800-345-2550 a plan of action that's right for you. ttd#: 1-800-345-2550 so don't let the current situation

starting to have it actually after the you'll be a monthly correct myself speech from easy chief mario draghi he has failed to impress and best so called super mario promised to do everything possible to salvage the euro just a few days ago has now not unveil any concrete measures to do so now to discuss this issue i'm joined by angus campbell head of market analysis at london capital group. good to see as a markets are indeed falling everywhere the u.s. in europe even in russia what exactly did mario draghi fail to say. well he failed to say exactly what he what the markets were expecting him to say if we remember only or we could go outside of any formal policy meeting or anything like that he said in a speech that he would do anything in his power whatever it took in order to protect the year or so course that led to a rally in stock markets and strengthening of the euro because it was only a week before today this as you mention is his month the interest rate policy setting meeting expectations were really really built on the hope that he would mention something along the lines of further

investors across the globe sided with disappointment and start selling as the super mario draghi the head of the e.c.b. fails to impress with any kind of new measures to say the euro by the more and ten minutes. joined us on his mother his magic word or as leader as her son pleads for asylum there president korea's sad to the decision won't be influenced by pressure from any country christina sounds talk to r t jury her visit telling us that u.s. politicians are still gunning for revenge over weekly leaks some even calling for her son's execution the full interview next hour but here's some of what to expect . from the beginning. from the us from politicians and from. the news coming. that he was screaming out his mood in the most brutal way this is to be. built up all of it would feel like. calling out for a little. insight. and still in the last few weeks this beautiful music is intended to get folks these pages the fallon who was screaming at julian's execution this is somebody who is number one and has done nothing more than any good in this egregious was to get through this one

seen the dax drop more than two percent lack of confidence in the markets still remains fairly mario draghi is not doing much to change that over on the currencies markets if i'm not mistaken yet that's right the euro is continuing to drop versus the greenback although we did see a pretty strong gains ahead of that announcement of that monthly address from mario draghi but the russian ruble was in line it was dropping against the euro gauging against the dollar the other way around actually the r.t.s. . dropped more than one percent today despite high oil prices but those also declined after drug use speech now going to what's moving to my sex and we've got three companies hydrostatic up and bras never. hydro was up and one of the strongest stocks of saying that it's the wind thirty seven percent and that apparently was better than expected was telecom is up one percent as a smiling some kind of deal with sweden's tell it to and was never was down to a half a cent it's a late wednesday's posting of losses in the second quarter very sort of big surprise to investors now traders dubbed the su

disappoints today as mario draghi fails to deliver a whatever it takes plan so is this back to a crisis as usual and how is the private sector dealing well one company seems to be hoping sex not only sells but also. james people back into stains ailing real estate market will show you let's get to today's capital account. knight capital is a broker dealer it is a provider of liquidity in global markets specializing in high frequency trading and it is just the latest firm to have major trouble according to the firm a computer glitch resulted in the company's sending numerous erroneous orders yesterday and after all was said and done it causes stock price to lose sixty six percent in two days causing four hundred forty million dollars in losses according to the company it threatens the stability of the firm reportedly now the co-founders of the commodity customer coalition who have been fighting for m.f. global customers to get their money back and are now involved in clean up after p.s. g.'s bankruptcy two there in washington here's what they told me their eyes are on for knight capital

the sovereigns the conditions under which they can't raise the money i think i point ok dictator mario draghi well one clarification i had for you with the s.n.p. if the e.c.b. does go forward with that this is a program where they buy sovereign debt our a right they buy bonds i understand how that buys time how does that encourage structural reforms though or does it just buy them their time in theory to put forward reforms but it. the you will do the way you drive you very cautiously phrase that is that he will be focusing on the shorter and the maturity of the bonds that he will be by and if that is the case for example he buys the short of my tour to say two or three year bonds and leaves the five. bonds as they are what that will do it will stiffen the curve of the yield curve in other words the difference between the shorter term finance and the longer term financing will become larger that will mean that the governments which are going into this program will be incentivized to borrow more short term in the returns and also means a faster turnover of those bonds and more of those govern

mario draghi expected to detail the plan after a september 6th policy meeting. we hit a high of $1.2563 but you can see we're fallen back. the german chancellor is raising expectations that action is on its way. angela merckel tells a news conference with the italian prime minister that the euro zone has an ambitious agenda for a few weeks but the necessary means she said to stabilize and strengthen the euro. but with us now, mark zandy, chief economist of moody's analytics. mark, welcome to the program. it is nice to see you again. >> thank you, simon. thank you. >> where are we positioned then for what will come out of europe? do you think it's likely to disappoint the markets or we could rally substantially here on the new york stock exchange depending on what they do? >> well, i think it's going to be determined over the month of september. there are a number of big events. you mentioned next week the ecb meets but the german supreme court has to rule on the bailout from the ecm. this's the week after so there's number of events to occur before the markets g

how do you hedge against us volatility how you had against fraud how do you had to guess what mario draghi is or isn't going to say well to answer this i want to bring in our guest today jim it is rick rule he is a natural resource industry guru he is also the chairman of sprott us so we're really pleased to have you mr roy you're joining us from vancouver where you are theodore a financial symposium so thanks for being on the show. it's my pleasure and i'm really curious to know because making a big splash across headlines and markets as mario draghi coming out today and saying we support the euro at the e.c.b. one hundred percent and my point isn't whether or not that happens my question is how do you factor into your analysis or your forecasts what a policy maker might come out and say that everybody gets really excited about. well i think that's a wonderful question i think it's a wonderful question of two points in the first instance given the veracity of the information forward in the past who would really care what they said in the second instance what is it that we that we did they

agrees with me that that is not correct but talking to mario draghi he is firing back at the criticstand you don't like what the pcb may have to do because it is not in the mandate but extraordinary time standard policy does not always save the day and may be forced to look outside the box. it is all about what germany is prepared to law with regard to bond purchasing and changing the rules and giving making license to the permanent bailout fund. this does not bode well because we have seen this go on for three years because they can't agree on how to fight the debt crisis. week from tomorrow the ec will talk about what to do with regard to bringing down borrowing costs. it could be key but last month they let the market down because they did nothing. cheryl: we will see what next week brings. thank you very much. see you at 2:00 eastern time. dennis: ben bernanke's jackson hole speech set for friday. more stimulus is coming but when? the chief u.s. economist of rbc capital market joins us now. gdp in the second quarter 1.7%, two better. a guest earlier this hour it reduces the chanc

could be mario draghi. anybody you like. so there we go. great to have you on the show today empty chair. thank you so much for joining us. plenty more to come from empty chair. other stories we're following today, the apple ceo tim cook and google check larry page are in talks over several issues related to its property rights. the companies are having a dispute or patent. page and cook spoke on the phone last week. lower officials in apple and google are in discussion as far as the stocks are concerned today in apple and google. we got the board? right. that's what the shares are doing. right. meanwhile samsung scored the latest win on it's on going patent battles. the court rejected the claims that samsung in fringd on its claims. ordered apple to pick up the legal proegds. samsung welcomed the decision. its shares were up in south korea. staying in the tech sector. he's the gadgets that could be hitting the shops this christmas. >> reporter: i'm here at the show stopper's event where you get hands on experience and contact. with all tho