>> i know the character of paul franks. won't put up with you talking to my driver like that. >> i ain't listening to you, buddy. you get back in that ambulance you get your [ muted ] back in that ambulance or i'll take you in. i'm talking to the driver. >> paramedic white says he wouldn't let the trooper talk to his driver because he believed his patient would suffer from any delay. he tells the trooper about the patient, but the trooper persists. >> we got a patient in this unit right now. >> you want to go ahead and pull over to the side of the road when there's an emergency vehicle behind you? >> the logical thing to do would be to take it up at the hospital or take it up with us later. but he totally ignored my statement that we have a patient on board. >> you better get back in that ambulance before you get your butt to jail now. you understand me? >> after we take the patient to the hospital, you can take me to jail. we will discuss this, okay? >> paramedic white refuses to back down. his patient has fainted in her h

frank's bill. we voted against the bill. this is ron paul's bill, and we thought it was a terrible idea then and we -- mr. issa: reclaiming my time. mr. watt: thinks it's terrible now. mr. issa: i yield 15 seconds to the gentleman from texas. mr. paul: did you vote against dodd-frank? because it was in dodd-frank. it wasn't a separate bill. maybe on a separate vote you might have but it was in dodd-frank. mr. issa: i now recognize the gentleman from montana for one minute. the speaker pro tempore: the gentleman from montana is recognized for one minute. mr. rehberg: tomorrow the house of representatives will vote to pull back the secretive curtain of the federal reserve. the american people have a right to know. it's an important step in openness in government transparency that's long overdue. just a few years ago the senate rejected an effort to add the strong audit language to the dodd-frank bill, but times are changing. our economy struggles and job creation lags. it's more important than ever to look under the hood of the federal reserve.

. >> thank you, julia, dodd-frank coming under fire once again. this time from congressman pauln. >> we have to get away from this too big to fail doctrine. that's what dodd frank does. >> reaction from the coauthor congressman barney frank, next. and sandy weill's shocking call yesterday to break up the big banks. a lot to talk with barney frank. unlimited data? i'll talk with sprint's ceo about staying ahead of the pack. . ♪ this is our pool. ♪ our fireworks. ♪ and our slip and slide. you have your idea of summer fun, and we have ours. now during the summer event get an exceptionally engineered mercedes-benz for an exceptional price. but hurry, this offer ends july 31st. >>> welcome bab small is in and big is out on wall street. we saw this with sandy weill yesterday. he shocked the world with his about-face on banks. >> i think what we should probably do is go and split up investment banking from banking. have banks be deposit takers, have banks make commercial loans and real estate loans. have banks do something that's not going to risk the taxpayer dollars. that's not going

frank's bill. we voted against the bill. this is ron paul's bill, and we thought it was a terrible idea then and we -- mr. issa: reclaiming my time. mr. watt: thinks it's terrible now. mr. issa: i yield 15 seconds to the gentleman from texas. mr. paul: did you vote against dodd-frank? because it was in dodd-frank. it wasn't a separate bill. maybe on a separate vote you might have but it was in dodd-frank. mr. issa: i now recognize the gentleman from montana for one minute. the speaker pro tempore: the gentleman from montana is recognized for one minute. mr. rehberg: tomorrow the house of representatives will vote to pull back the secretive curtain of the federal reserve. the american people have a right to know. it's an important step in openness in government transparency that's long overdue. just a few years ago the senate rejected an effort to add the strong audit language to the dodd-frank bill, but times are changing. our economy struggles and job creation lags. it's more important than ever to look under the hood of the federal reserve.

and paul ryan vowed to repeal the dodd-frank reform. >> it will put smaller institutions out of business. >> coming up, barney frank reacts live from capitol hill. it's all ahead on the "closing bell". >>> welcome back, we want to update you on the market. the dow jones is at the highs of the day, 214 points. banks firmly higher on the session, retail doing well and consumer products doing well in parts of this rally. knb, colgate, and it is up more than 4%. technology also doing well, 36 points up for the nasdaq. brian shactman has a update on groupon. >> yes, i want to look at groupon, we talk a lot about zynga and facebook, groupon hitting a new low today. they downgraded the stock raising new questions about the revenue reporting and the revenue model, not good. down 9.33%. >> facebook shares are now down more than 25% from it's ipo price. can the first earnings as a public company save the stock? we have been all over the facebook story from the beginning, and tayla tausche joins us now. >> they need to put up a big number to wipe away the concerns. it fell below the $38 price on th

republican members of congress including representatives eric cantor paul ryan and kevin mccarthy senators jon kyl jim de mint and tom coburn and frank luntz republican pollster and fox news employee was there as well they all sat around a square table perhaps that very one. and at the end of the at this was at the end of the and planning the end of the obama presidency on january twentieth two thousand and nine obama's first day in office was the day he was sworn in as the country's forty fourth president draper noted that representative paul ryan wore in that everyone quote had to stick together representative kevin mccarthy chimed in saying quote we've got to challenge them on every single bill and challenge them on every single campaign and quote frank luntz being there meant the fox news was almost certainly on board for this treason or sedition or whatever it is and their cover since then seems to back that up as new gingrich said after the dinner you will remember this day you will remember this is the day the seeds of two thousand and twelve were so. they drew up a national suicide pact destroy the republican the middle class

paul ryan. by the way, the aforementioned barney frank on "closing bell" tomorrow but don't obsess about it. know what that refers to. >>> all right. but still ahead right here, for the first time since the great depression, middle class families losing ground for more than a decade. in comes stagnant job growth. anything to turn it around? "the new york times" reporter is here and heading to the farm to find out the real costs of the worst draught in 50 years, jane wells with another angle. she is there. >> hey, brian. contrary to popular belief. there is corn growing in america. this is pretty good. just not enough for it for everybody. you have cows, pigs and chickens with ethanol and foreign markets. what the drought is doing to farmland values when "street signs" returns. tdd# 1-800-345-2550 i'm constantly working my screens. tdd# 1-800-345-2550 checking the charts. tdd# 1-800-345-2550 looking for support, tdd# 1-800-345-2550 resistance, breakouts, tdd# 1-800-345-2550 a few other tricks that i'll keep to myself. tdd# 1-800-345-2550 that's how i trade. tdd# 1-800-345-2550 and i do it all

frank sinatra and james cagney. the film depicts 36 hours in the life of marty paul let me a shy and sensitive bronx butcher a shy sonwho still lives with his mother. >>> he has to face facts one fact i got a face whenever it is a woman like ipad data >>> the burly board mind was married five times including a 38 day marriage to ethel merman survived by his fifth wife. and three adult children. man well met a girl cbs news >>> bay area history is turning out the lights when the oldest the used car lots will be shutting down. when you thought it was safe to go in the water it appears the number of shark sightings on the rise. what is behind the numbers. many people hate to feed them meter but what about a meter hating people >>> after a mile sunday takes changes by mid-week. >>> a look its stores from across the nation the man accused of shooting and unarm florida teenager now holed up in the florida safe house. george zimmerman released after posting on friday. the defendant is protected by a security came at an undisclosed location. he has gotten death threats in the high-profile case he faces a second-degree murder

paul. >> all right. we're going to take you away from capitol hill. seems like most of the important q and a, at least, barney frankhappened. of course, if headlines continue we'll go right back. meantime, welcome back to "squawk on the street." you've been listening to the fed chairman testify in front of the house financial services committee. the dow is up some 69 points. interestingly up 78 points yesterday on bernanke. a few moments ago we were up 78 points again. the s&p on track for the second highest close in about ten weeks. led in this case by technology. the dow up 68 right now. s&p is up almost seven. nasdaq up almost 27. want to get to rick santelli for some reaction on how the chairman has spoken today. rick, any headlines popping for you? >> no. but, you know, i think a lot of people around me enjoy the exchange. not only between ron paul, of course, and the chairman. that's always interesting. but i think especially barney frank. that was very interesting. you know, let me tell you something. don't ever underestimate barney frank. very, very, very astute official. remembers things very well. i thoug

frank sinatra james dean and james cagney. the film depicts 36 hours in the life of marty paul letting a shy and sensitive bronx butcher in middleage son who still lived with his mother. >>> amassed a face facts whenever it is women like i can >>> in real life he was married five times including a 38 day marriage to ethel merman. if he is survived by his fifth wife to live aboard nine and three adult children. manuel gallegos cbs news >>> shark sightings and attacks on the rise was behind the numbers. it lies right in the middle of the bay and can be yours if the asking price for red rock island. >>> after a fairly mild sunday and a mild monday and then big change is by mid-week. will talk about it in the bed. >>> a used car dealership in east oakland for seven years: that of business. the german immigrant sodas first used car in 1942, his son jerry runs the business. he does not advertise, he has done well, but says he's not getting as many cars and the reason the federal cash for clunkers program. the business will close this year. how would you like that have a bay area property and with a secluded beach and great fishing and

frank our floor director quits coffee and my mom. i'm back in action and i will continue to be on the paul craig roberts interview which was on monday which had to do with his article he wrote with nomi prins on live war and what their analysis of the real scandal was t.f. market advisors tweeted me this is peter cheer and he disagreed with an aspect of the argument he tweeted that floating rate bonds wouldn't have been helped by live or much as they are floating rate now that ties into an argument that nomi prins and paul craig roberts made in their paper in the article now peter chair was nice enough to send me a whole bunch of information which i'll go through this weekend and try to present you with this alternative analysis he laid out on live board next week so you can look forward to that i'll try to get him on the show too and after new york which was last week and some other days where we had multiple guests and we didn't really have the opportunity to do loose change in the studio while we did this week we did yesterday and someone actually wrote us a poem which was very touching and it actually may have been inspired by a

frank volcker rule was supposed to prevent. it is in here. named for former fed chairman paul volcker.ly insured banks shouldn't invest their own money to make a profit. but the rule isn't finished yet -- an early draft was 298 pages long and it has a big loophole in it. banks can make bets if they hedge their entirely portfolio. remember that $5.8 billion that jpmorgan chase lost on bad trades? the banks says those weren't investment they made for profit, they were hedges intending to protect themselves and their clients. well, that might be true. or it might be like me saying i'm not bald, i'm simply hairless. the bottom line, the almost 300-page volcker rule contained in dodd-frank may not have prevented those losses at jpmorgan chase. meantime, any teeth that dodd-frank does have are in danger of being pulled. bills have been introduced in congress chipping away at these new protections. lawsuits have been filed against some of its provisions and rule making has buried this thing in stall tactics. the simple fact -- people with deep pockets are trying to gut this bill and they have

tomorrow, barney frank will be with me weighing in on the potentially hot news of breaking up the big banks. we have paulyan on deck today, is a short break and then more market coverage. up 56 points right now with 30 minutes until the closing bell sounds. >> new regulations mean nothing and regulators are not enforcing existing rules on the book. we need regulators doing their job. >> that's the chairman of the house agricultural committee for not cating the -- pergrime scandal. if you are one of the millions of men who have used androgel 1%, there's big news. presenting androgel 1.62%. both are used to treat men with low testosterone. androgel 1.62% is from the makers of the number one prescribed testosterone replacement therapy. it raises your testosterone levels, and... is concentrated, so you could use less gel. and with androgel 1.62%, you can save on your monthly prescription. [ male announcer ] dosing and application sites between these products differ. women and children should avoid contact with application sites. discontinue androgel and call your doctor if you see unexpected signs of early p

paul is arriving in london claim to win the big title for the very first time. but first one of the big names at the tour de france has failed to doping test frank schleck has pulled out of this year's race after testing positive for a ban directing the thirty two year old from luxembourg quarter is drawn from the race by his radio shack team she was in twelfth place and finished third overall last year is the second day from scandal to hit this year's tour call for the tried to good record deal france was arrested on july the tenth as part of a mass a drugs prize well we're just five days to go until the finish the race heads into the pyrenees today and bradley wiggins will be looking to protect his two minute lead at the top of the standings his sky teammate chris froome is second while italy's been chan's in the barley a further twenty three seconds behind wiggins though as cool as ever during yesterday's arrest age even though he's likely to be attacked by his rivals today. i think we proved that every race we've gone through this year across the board even when there's been other line ups and things like that this team prides itself on racing as a team going

frank somerville. >> and i'm julie haener. good samaritans acted promptly to try to pull a woman out of a burning home but they could not save a toddler. paulhambers is live. >> reporter: you can't really tell a fire took part but it's probably because in part to a construction crew that was working right here. they also pulled a young man to safety. investigators spent the morning trying to figure out what caused the fire that killed akash prasad. >> i was sleeping and i heard fire trucks and ambulance and i thought it was from afar. >> reporter: when she came outside she snapped these

frank. >> narrator: they've pulled together a group of financial heavyweights, among them former citigroup ceo john reed, wall street super-lawyer rodgin cohen, former sec chairman william donaldson and former fed chief paulvolcker. across the table are officials from the fdic's office of complex financial institutions. it is their job to plan for a big bank failure. >> ...mitigate systemic risk. >> so the scenario is sort of everything but title ii. >> narrator: there are many questions. >> non-bank operations... >> narrator: how to unwind derivative contracts? >> billions of dollars notional value of derivative trades... >> narrator: how to protect customers' money? >> the funding is provided by a line of credit provided... >> narrator: how to deal with foreign subsidiaries? >> the subsidiaries went into the solvency processes... >> narrator: how to prevent catastrophe? >> this is a problem for the entire strategy. you continue to have mega-banks. because from a market point of view, surely what you're looking through to how disruptive would that be, what kind of systemic knock-on effects could it create? >> i don't know how this ends. we like to think that we live in unique times, but during the 1920s,

paul volcker. it is not the approach we took, but we should continue to have that debate. it is still clear while dodd- frank did some very smart offerithings, derivatives contrn protecting consumers, that we have more to do and thinking about these institutions that they failed to risk bringing down the economy. i am not at a point personally where i am aware stand while is. i am not sure how we would do that. it worries me if we did that unilaterally, and now we of smaller banks competing with german and british and chinese banks that of scale that our guys do not. it is a debate we should continue to have. host: finally, a house panel questions the treasury secretary on the handling of the barclays rate gain. questions on the scandal that have consumed the big industry. guest: well, now the libor has become a focus. i think then for 97 best -- ben bernanke said it best. a bunch of banks were putting forward estimates of what they thought they may be able to borrow at. come on. the incentive there to game the system is so clear. should the fed have done more? probably. i do not know. did the guide the rais

paul. i would not say those words exactly. barclays has consistently been at the high-end. i was worried, if i can be frankn the fall of what i said to john. did you explain to the minister's the real story? which is that other banks are posting lower rates than ours? it's not that our rates are long, but i was worried that other banks -- this is why i have gone to pay is to say this. we had banks with a secret loans. we had been set to begin nationalized. we have banks in germany that were struggling. by the way, i am not talking bank.but the bandeutsche other banks, to us, did not seem to be right. if this will have an impact on our ability to is equities in the market, this is at the very core of banking, of a funding. this was a huge issue. >> sure. you discussed earlier in other notes. >> not that we know of. >> ok. could i turn now to the lack of an instruction to jamming? you say -- jerry? he had to be asked not to keep the libor so high? given that you see him every day, how did he misconstrue the purpose of this call? how did that happen? >> you read the note. i think the chairman misconstrued it.