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. >> fomc member narayana kocherlakota adding to the conversation. i'm carl quintanilla along with david faber and jim cramer. gold is the big story near a three-year low falling by as much as $47 and now down 10% for the month. as for europe, seeing the gains there, and we will see if it lasts into the close a few hours from there. jim, start there and leading with the markets. you talk about getting through the mine field with the emerging markets, and looks like we have done it again. >> well, the main story out here is china. i don't know fit is the main story, but it is. china reversed the course and said, we will bail out all of the banks, but it has not helped the chinese markets, but it has put the systemic growth on the table, and the gdp is backward looking and people say, why was i selling things? what was i doing? general mills report out, and buy that stock, because it looks down, and we get back into the -- wait a second, did we do the wrong thing selling last week, given that things are not so crazed? well, i have to tell you that we h

steve liesman sitting down with narayana kocherlakota on "squawk box". >>> usa's labor party voting onrime minister julia gillard calling for the leadership ballot after supporters of rival of kevin rudd forced a vote. with more matt taylor joins us live out of sidney. matt. >> reporter: thanks very much. this vote which was called for 7:00 p.m. australian eastern time about 11 minutes ago so the vote ongoing as we speak right now. reports, early reports coming out in some australian media that i'm just track being for you over twitter suggesting that julia gillard has lost the vote and that kevin rudd has won the leadership ballot and will, again, become the prime minister of australia. we're bringing you a live shot from just outside of that party room right now. you can see it right there with that security guard sanding in that corridor. earlier on about 15 minutes or so before this vote took place one of the prime minister's strongest supporters, the workplace minister revealed he decided to back kevin rudd in this ballot. this came as a bit of a shock to many observers because he

also a rare first on cnbc interview with minneapolis fed president narayana as many as kocherlakota.squawk" will be right back. . >>> welcome back, the immigration reform bill that could lead to passage later this week. joining us to talk more about immigration is arizona senator union mccain. senator, it's nice to see you on "squawk." . >> it's nice to be back. >> can you characterize how big this hurdle was? >> i think it was an important hurdle. i think the final vote will be important. of course, we move to the house of representatives and that's going to be, obviously, a tough slot as well. but i remain guardedly optimistic that eventually we will have this done, the status quo is at least one thing everybody agrees on. i think is the status quo is unacceptable. we have 11 million people living in the shadows. they're not going to self deport. >> tough slog impossible in the house? >> i think it's tough. we got to call on our friends in the business community to help us out here t. total in its entirety i know of high-tech to agricultural conglomerates and people in my state, al