joining us to discuss, maria ramirez, mfr president and ceo and michelle girard, rbs senior economist. michelle girard, i want to just put up on the full screen the case-shiller, sequentially prices rose for the month of may. some people are saying it's the first time in three years. others are saying it's the first time since the u.s.-american revolutionary war -- there it is. look at that little guy. what do you make of it? it's got to be some good news, doesn't it? >> it is good news. i certainly think it confirms that we've suspended that prices are beginning to stabilize. i'm not sure we would go so far as to say we're on a rebound. but the housing has gotten better. we have seen it in terms of home sales and the balance of the new home sales department between supply and demand equalizing, which has even allowed construction activity in that sector to begin. and now we're getting confirmation even that the price declines are waiting. so it's really one of civilization, but, you know, for a sector that's been falling hard, and dragging down the economy just not to have the drag f

let's ask michelle girard, and jeff crumpleman from hill yard lines. and steve liesman is with us, as well. steve, it seems like the administration is making a big deal out of this data. they're at least trying to drive home the point right now that the disparity between gdp growth and how many jobless claims we've seen seems to be saying we're goingtive a jobless recovery or more productive recovery, depending on how you look at it. why do you think they're driving home that point right now, and do you buy it? >> well, you know, beyond the politics, melissa, i would like to concentrate on the economics a little bit. >> okay. do you buy the data? >> the data show very clearly that the average recession since 1990 has been a little bit deeper when it's come to job loss and much slower to come back. if if you look at the comparison here, what that shows is the blue line there is the average recession. the job loss from 1969 to 1982, and then three recessions in there. look at the orange line in there, the average recession, 90 to 2008. and then broke out

michelle girard of rbs and tim ko ori a n join us to put earnings season and they are health care thing appears to have more challenges. what was your take? >> i have to say, the op-ed piece lays it out there. this seems like it's pretty much the testimony. nothing new. it's discussing in detail all the options the fed has. reassuringel everybody that the fed has the ability to reverse policy when it's time. he is trying to say, we're ready, we node what to do when it comes time to unwind all these programs and he doesn't want the market to think that's illustrate. and they're would about going to quickly. so it's trying to find the balance na we have the plan, but he doesn't pull the trigger yet. >> he tells you the plan, but doesn't say when. >> it's a signal to the market that they're not ready to be raising interest rates so the markets don't begin raising interest rates ahead of the fed and snuffing out any sign of recovery that is sort of perhaps beginning to take hold. i think, too, there's a lot of disagreement on the committee. when he talks to date, he's representing the entir