>> we don't know they haven't investigated moody's and fitch. we know they sued s>> the only thing i would say is this, the evidence of an s&p is pretty bad. >> fine. >> it's there. >> it's there. i did not see the evidence. >> okay. what do you make. in the end, how far does it go? >> i think it ends. >> really? >> daigen, time word. charlie, final word. great seeing you. up next, get ready for a september to remember in dc. not just a decision on syria. we've got the budgets that is nowhere near done. debt limit nowhere near resolved. investigators nowhere near happy. but our gap picking stocks that can have yoyoyoyo >> neil: all right stocks to help you survive a rockion september. what do you got? >> telecommunication equipment is back. cena had a huge number and it will continue for many quarters to come. >> neil: adam, what do you got? >> sdy. s&p dividend stocks, neil. times at like, you invest in a basket to pay you some income. >> neil: ben? >> i think it's a miracle that warren buffett offers to invest our money for us. berkshire hathaway. >> neil: ben, w

>> we don't know they haven't investigated moody's and fitch. we know they sued s>> the only thing i would say is this, the evidence of an s&p is pretty bad. >> fine. >> it's there. >> it's there. i did not see the evidence. >> okay. what do you make. in the end, how far does it go? >> i think it ends. >> really? >> daigen, time word. charlie, final word. great seeing you. up next, get ready for a september to remember in dc. not just a decision on syria. we've got the budgets that is nowhere near done. debt limit nowhere near resolved. investigators nowhere near happy. but our gap picking stocks but our gap picking stocks that can have yoyoyoyo for our children is something the purwe all share.ter life but who can help prepare them for the opportunities ahead? who can show them how to build on your success, but not rely on it. who can focus on making your legacy last for generations to come? that someone is a morgan stanley financial advisor. and we're ready to work for you. spending the day with my niece. i don't use super poligrip for hold because my dentures fi

neil: they keep that out of this. >> only for why government went after s&p, not after fitch and moody'sho essentially made the same generallation about credit default waps before 2008. >> thank you. neil: connection other big brother dots here, you have nsa, irs all watching, too much for the next guest. with me now is mark. you have seen all this, latest sort of -- you know retribution against a tomorrow that dared to lower u.s. credit rating. when president obama said it was unnecessary, what is going on? >> it is tried ending frightenis is an attempt to shut down whoever would question the federal government. you have a pat everyone here you speak out, you say the emperor has no clothes, you get abuse for it, but if you coop quiet, and go along with the game no one comes to harass you. neil: i would extent it to big firm, remember jamie dimon practically had a disney fastpass to the white house then he started speaking nast to the white house then there were big finds, and paying on a trade, and a fine for it, i wonder why it happened? >> this is one of the real problem in my opinion

commonwealth rated one step above junk by moody's, fitch and s&p.est we could be look at another detroit. check out barron's cover story which singled out oppenheimer's aggressive $6.5 billion bet nearly 25% of their portfolio sunk into puerto rico's bonds. manager troy willis not backing down from that, in it to win it and joins us now. why do you find these bonds as attractive as apparently you do given some of the risks that are outstanding? >> the most important things you think about what the government has done, you think they've had two successive administrations on each side of the aisle who are doing the hard work unlike places like detroit. they've done what i call the holy trinity in long-term bond world in the municipal bond world. they've raised taxes, they've reduced spending, and the biggest, most important thing the recent administration has done is attack the pension issues. they are now on a defined contribution plan going forward january moving forward. so they have sort of stopped the bleeding on the pension side which is many st

i'm talking about about the interim between july and august when s&p downgraded the u.s. moody'sut a note saying it does not foresee a downgrade on its side of the debt rating but certainly the threat of a default always rattles bond investigators and the equity markets. they don't like to see the idea that the united states would not pay on its debt. >> neil: we're showing awe chart that gets involved. let me cut to the chase. when it looks like we're going to sort of break the bank here and the debt ceiling will be a problem, stocks turn down. when it looks short-lived, they move up. we solve the problem they really move up. now some people are saying been there, done that, getting sick of that. what happens? >> well, it goes back to the cliche, the markets don't like uncertainty. this is not the first time. the markets get used to kind of thing. that's what we're seeing. i was looking at the volatility index, the fear gauge for the market that takes the temperature of investigators. it's down two straight days despite the stock market selloff. it's like the market's saying bee

moody's and u.s. treasuries are one happy family. he says maybe too happy. trust s&p, fitch and eagan jones. ody's has a stable aaa rating on the u.s. earlier this week, it said it expects the debt ceiling to be raised and the government to avoid a shutdown. >>> coming up, we'll have breaking economic data. we are just minutes away from second quarter gdp numbers and the closely watched weekly jobless claims number. we're back in just a moment. looking at covered call strategies to generate income? with fidelity's options platform, we've completely integrated every step of the process, making it easier to try filters and strategies... to get a list of equity options... evaluate them with our p&l calculator... and execute faster with our more intuitive trade ticket. i'm greg stevens, and i helped create fidelity's options platform. it's one more innovative reason serious investors are choosing fidelity. now get 200 free trades when you open an account. >>> welcome back to "squawk box," everybody. we're just a few seconds away from the weekly jobless claims and the second quarter gdp revisions.

moody's chief economist puts it all together for us next. ♪ ♪ lou: on wall street stocks finished flat. a volatile session, wild session. the dow falling. the sa fraction. the nasdaq gaining a point. it disappointing jobs report that showed 169,000 jobs were created last month, while the unemployment rate doubled. now, that is, on its face, very good news. the other department, however, revised jobs numbers for june and july, revised them sharply lower. a combined 74,000 fewer jobs than previously reported. additionally the number who have a job or are looking for work fell to 63 percent. the labor force participation rate is now the lowest in 35 years. joining us with his outlook on jobs and the economy, chief economist for moody's capital markets. john, this market is something to watch. i mean, you have people who are all just a tether over the federal reserve and tapering. then they get the jobs report like this and act like it is the end of the world. this is more than a wall of worry we're looking at. >> exactly. the credit market, they have to wake up and realize that quantitative easing was not meant to last forever. it is high time t