our own peter barnes goes one-on-one with mitt romney.k at the ten year treasury. ♪ looking for a better place to put your cash? here's one you may not have thought of -- fidelity. now you don't have to go to a bank to get the things you want from a bank, like no-fee atms, all over the world. free checkwriting and mobile deposits. now depositing a check is as easy as taking a picture. free online bill payments. a highly acclaimed credit card with 2% cash back into your fidelity account. open a fidelity cash management account today and discover another reason serious investors are choosing fidelity. ♪ >> i am adam shapiro with your fox business brief.it continuesy for the market with a blue-chip ontrack with their longest losing streak in three weeks. second quarter results for big lots fell short of wall street estimates. it also slashed its full-year forecast. 119,000 care bears themed pacifiers have been recalled. the pacifiers pose a choking hazard. the chinese made items were imported by ibm group of new york. they were sold from oct

back to you, guys. >> peter barnes, thank you very much. like a postcard behind peter barnes. david: unreal, even when you're there in person it is unreal. gop nominee mitt romney making his case to america last night. did he con strips voters that he will give the struggling economy a boost. the former president of the economic advisors weighs in. >> movies are bringing big bucks to studios but costing states millions of dollars. that is straight ahead. ♪ [ male announcer ] wouldn't it be nice if there was an easier, less expensive option than a traditional lawyer? at legalzoom you get personalized services for your family and your business that's 100% guaranteed. so go to legalzoom.com today for personalized, affordable legal protection. these are sandra's "homemade" yummy, scrumptious bars. hmm? i just wanted you to eat more fiber. chewy, oatie, gooeyness... and fraudulence. i'm in deep, babe. you certainly are. [ male announcer ] fiber one. >> i'm dennis kneale with your fox business brief. wall street liking the latest comments of fed head ben bernanke, sending all three

and peter barnes is covering it all for us. peter will join us. >>> also, merkel, the german chancellor has been on a world tour trying to solve europe's problems. she has a pledge from chinese, continually to buy euro bonds. apparently she's headed to spain and austria, we will talk about that and the important of it for markets. speaking of world markets, here's how the currencies are shaping up today. we talked about the dollar policy and whether it was mentioned last night, there's the dollar versus the euro and everybody else. we'll be back on markets now. >> at 24 minutes after the hour, i have have your fox news minute. tsunami warnings have now been lifted in parts of asia after a 7.6 magnitude earthquake struck off the philippines. the quake destroyed roads and bridges in that country as people fled to higher ground to avoid potential rising waters. the pentagon formally issuing a warning to a former navy seal who has written a book giving inside details about the raid that killed bin laden. defense officials say no eas

mitt romney speaking only to peter barnes. find out why he said he is not looking to cut taxes for wealthy people. that is coming up "after the bell". [ male announcer ] let's level the playing field. take the privileged investing tools of wall street and make them simple, intuitive, and available to all. distill all that data. make information instinctual, visual. introducing trade architect, td ameritrade's empowering web-based trading platform. take control of your portfolio today. trade commission-free for 60 days, and we'll throw in up to $600 when you open an account. trade commission-free for 60 days, you see us, at the start of the day. on the company phone list that's a few names longer. you see us bank on busier highways. on once empty fields. everyday you see all the ways all of us at us bank are helping grow our economy. lending more so companies and communities can expand, grow stronger and get back to work. everyday you see all of us serving you, around the country, around the corner. us bank. dave: s&p futures c

coming up, peter barnes exclusive interview with republican presidential candidate mitt romney. wait until you hear what he had to say about who would lead the federal reserve if he wins the election. ♪ liz: shares hitting an all-time high today. they assess pulled back. let's get to lauren for the halo effect. >> reporter: down right now, but hitting all-time highs. wholefoods as well as the fresh market. both of these really knocking historic levels. what happened was wells fargo came out and started with an outperform rating. at the same time, like the gain we are seeing. you might not have heard of the company, but it is in the organic food marketing and manufacturing business. it's surging right now. it's been a good day for some companies, even though we have down arabs. -- down arrows to. liz: the has been really smart. twenty-seven. he talked about being in the money. he's always wanted to be they will conglomerate. looking right now. celestial t, nine tenths of the stuff that you buy a whole foods. good stuff. the jump of 18% on trading volume of 4 million shares. twitt

peter barnes talked with the governor just a few, about 20 minutes ago now, peter.ing interview and very interesting indeed. >> that's right, ashley. we wanted to clear up this question about ben bernanke and his future. not that ben bernanke is looking for a third term but governor romney hadn't indicated he would not want to reappoint chairman bernanke of the as you know there is precedent for multiple terms for fed chairman with gene gene, former fed chairman gene alan greenspan but economic advisor, glenn hubbard at columbia university urged him to reconsider. romney said, nah. take a listen. you indicated you would not reappoint him to another term when his current term expires in early 2014 but one of your top economic advisors, glenn hubbard, is suggesting to you that you do reappoint him for a third term. would you consider that? >> well, i always listen to people who have counsel and advice. my view has been i want to select someone who was a new member, a excuse me a new person to that chairman's position, someone who shared my economic views. that i thoug

peter barnes breaks down the latest. to bring down the most notorious terrorist of all time. why is the pentagon going after him? we are on the case. next. of "the willis report." gerri: happy labor day. gas prices by the highest ever going into a labor day weekend. increasing 820% per gallon in august. the reasons? hurricane isaac shutdown 94% of oil production plus refinery shutdowns and pipeline disruptions. take a look. seven states have average is above $4. now $4.32. california not far behind. illinois not doing well. and compared to connecticut. on july 1st only hawaii had a price above $4. lois states south carolina, alabama, mississip pi, new mexico, arizona mexico, arizona, wyoming and colorado. pain at the pump is felt by 33 million americans driving 50 miles or more. up from last year. expectation prices should drop as demand drops. the station was the lowest gas price? circle k gas in el paso taxes -- texas. also chicago, illinois has so many problems were $4.79. the highest in the country right now. is not keeping people home but how it can help you save money.

peter barnes is at the cbo right now. what did you hear? l, dagen, the cbo director just finishing up his briefing at which he said that if congress does not fix the fiscal cliff with the white house, that could send the economy back into a significant recession in the first half of next year. and he just also added that as a result of that, the economy could lose about 2 million jobs because of this lower -- of a recession and lower economic growth that the cbo is forecasting. now from the fiscal cliff, dagen? >> dagen: peter thank you very much. peter: they are predicting a recession in the first half of 2013, a de -- a decline of about 3% of gdp at an annual rate if the fiscal cliff takes effect. dagen: that's tough. peter thank you very much. tropical storm is posing a possible threat to the republican convention in tampa. meteorologist janice dean is joining us now. >> all eyes are on isaac. we do expect isaac to become a hurricane in the next couple of days. latest track as of 11 a.m. eastern time, new advisories in. 2:00 p.m. the hurr

peter barnes standing by in washington, d.c.se we have you covered. [ heart beating, monitor beeping ] woman: what do you mean, homeowners insurance doesn't cover floods? [ heart rate increases ] man: a few inches of water caused all this? [ heart rate increases ] woman #2: but i don't even live near the water. what you don't know about flood insurance may shock you -- including the fact that a preferred risk policy starts as low as $129 a year. for an agent, call the number that appears on your screen. it's something you're born with. and inspires the things you choose to do. you do what you do... because it matters. at hp we don't just believe in the power of technology. we believe in the power of people when technology works for you. to dream. to create. to work. if you're going to do something. make it matter. ashley: welcome back. i'm ashley webster. good afternoon for my. lori rothman. stocks under pressure we'll bring you the fed minutes and market reaction all hour. ashley: we'll see what they have to say an hint about.

peter barnes joins us from dc with the details. i guess they are not pulling any punches at the cbo, are they? >> no, they are not, gerri. the deficit falling to $640 billion for more than a trillion dollars this year. that is mainly because the fiscal cliff will kick in. all the bush tax cuts will expire for everybody. on schedule at the end of the year. the top spending cuts from the debt ceiling last year will kick in at the same time. that will cut the deficit by about $500 billion for the year. but the cbo says it will cause a significant recession and asked her what the economy contracting by about a half percentage point. sending unemployment back to 9% and costing 2 million jobs. >> with this very sharp fiscal policy, we are looking to start at a production in gdp -- at an annual rate of about 3% in the first half of next year. that would represent a significant recession. >> of the $500 billion in deficit reduction, about 80% would come from higher tax revenues. about 20% from spending cuts. gerri: moving on to another sto

sandra smith and adam shapiro and peter barnes from d.c.dra, key to watch. >> hewlett-packard out after the bell. right now the average estimate analysts, 98 cents a share on revenue of $31 billion. this stock has lost a quarter of its value this year. facing largest loss in history. although that is expected because it is absorbing massive charges, tied to one of the ill-fated acquisitions. that was back in 2008. electronic data systems that is all going to be in this release tomorrow. this is closely watched earnings report from hewlett-packard. david: adam, if you want want a clear read on economy you have to get a read on housing. we have one of those key indicators coming out tomorrow. >> that's right. zillow said we had hit bomb. suite we'll get the national association of realtors getting home sales for august. we expect to 3.3 increase to annual rate of 4.5 million. keep in mind last month we were dispointed by the figure. it missed expectations. but people seem to be finally bullish on housing. look at the s&p 500's homebuilder etf

tracy: peter barnes is in washington, d.c. with the story. peter we were talking about this. thought there was like a gentleman's agreement that you just sit home by the campfire and let your opponent do his thing? >> i think we should talk about david being a dead head. that is the real headline. i had no idea. david: i've been to one or two. >> well, on the issue of laying back during conventions, ain't happening. hasn't happened, has not happened the last couple of cycles. the president is in fact hitting the campaign trail to get airtime during the republican convention and some face time with younger voters. needs them to turn out again for him in this november. the president speaking to students at iowa state university earlier today. now he is on his way to a college in colorado. tomorrow he will travel to virginia for another college event. all three visits are to key battleground states of course. now in 2008 candidate obama won 66% of the youth vote. voters age 18 to 29. but in 2012, his support among them has been shakier. >> recent graduates having a hard time fin

we have peter barnes at the top of the hours. the futures, a gain of 80, 90 points, forecast expected for 9:30 when the markets open up. we're just now getting several published reports that mitt romney will visit new orleans later today and he'll tour the storm damages from isaac. after that, romney and paul ryan campaign in virginia, obviously, a key swing state. according to rasmussen, remains a dead heat and president obama and mitt romney tied as of now at 47. this is in virginia. and back in 2008, 52.7% of the vote is in that state went for prime minister, 46.4 for mccain. in this year's election the state is clearly in play. and pete snyder, the chairman of virginia victory 2012 joins us from tampa. all right, pete, in virginia you've got a lot of federal workers, you've got a lot of high paid elite types who always go left. tell me why you think virginia-- stp laughing. you tell me why you think virginia swings to romney this time around? >> in virginia, it's all about the economy and governor bob mcdonnell has done a gre

with us is fbn's peter barnes from jackson hole, wyoming. urprises what the federal reserve chairman had to say? i know some investors are reading into the speech that they will do something in september. peter? >> clearly he laid out the options and set the table for additional policy easing at some point because, listen, the economy is just not growing fast enough, just not creating enough jobs, and so, the postmortem on this it has been, it was kind of a dovish speech here. he did say that the fed stand, well provide additional policy accommodation as needed to promote stronger economic activity and sustained improvement in labor market conditions. they talked about all the options from quantitative easing to extending what is called forward guidance. they will keep interest rates, short-term rates low, exceptionally low through 2014. now they may extend that. that is on the agenda for the september 12th meeting. between now and then, adam, critically we have the august jobs report next friday. adam: for instance, politicians like senator

peter barnes with the very latest. peter. >> the gulf accounts for 20% of u.s. total oil production and 7% of natural gas output. the government says isaac has disrupted about 93% of oil and 67% of gas production. refining is down more than 900,000 barrels a day. that is 12% of total capacity down there. so all of this did send oil and gasoline prices up a bit but sent calls for possibly tapping the strategic petroleum reserve up a lot. the g7 saying quote, we sand ready to call upon the international energy agency to take appropriate action to insure that the market is fully and timely supplied. the white house says that the option of tapping the spr remains on the table but fortunately isaac is largely missing the production platforms. so there is little damage to them. and oil prices have actually come down on that news alongwith reports that crude inventories were much higher than expected. so the pressure to tap reserves appears to be easing. >> just look at the market. the market, the price of crude oil and gasoline has not moved much as a result of the st

fbn's peter barnes has an invitation to this exclusive event. he joins us with insight for investors as well as an upcoming interview with john taylor, stanford professor and economic advisor to gop nominee mitt romney. peter, i want to set this up to you. reading a quote from the "cleveland plain-dealer." this is where the elite meet. 140 people every year, some of the biggest names in economics and finance, come to enjoy the breathtaking views of the grand teton mountain range, hike, fish and engage in the intellectual combat in the halls of the jackson lake lodge. that combat impacts our wallets. tell us about it. >> they're absolutely right. this is a very academic conference. however the big keynote speech by the fed chairman every year is the big news and we get that tomorrow morning from federal reserve chairman ben bernanke 10:00 eastern, 8:00 here after he does his traditional walk shot. we have heard a lot from the fed about what it may do to try to help the economy with potentially more stimulus, more monetary easing. we do expect the

peter barnes in washington.ight now as douglas holtz-eakin, former congressional budget office director who works in the white house and joins us from washington d.c.. good to see you. federal reserve -- a new chief. what he really be -- maybe it would be a woman. would it be any different than what ben bernanke has done? >> the big calls have been qe2, operation twist and the promise of further quantitative easing. those are judgment calls where the profession has been divided. no one questions ben bernanke's expertise or motives. many people disagree with the policies that have been done so you could expect under a new federal reserve chairman to see those calls go another direction and less of the very aggressive fed action we have seen in recent years. dagen: because the federal reserve -- whether you're admitted or not is highly politicized in a way that because if unemployment is north of 8% or we are in the middle of a financial crisis the fed even if not told directly is expected to do something. with an

peter barnes is in washington. he has all the details. peter barnes, what do you think?at's right. the new "washington post/abc news poll" finds that the economy, surprise, surprise, continues to be the dominant factor in the presidential race even as the media focus on a lot of other issues, such as abortion, tax returns, the vp pick for governor romney and other issues that register much lower with the voters. the poll also finds the race in a dead-heat, with governor romney at 47% and the president at 46%. little changed from early july and within the statistical range of plus or minus 4%. 50% of people approve of the way the president is handling his job, up from 47% in july. but here is where the romney camp thinks that he has an opening. only 44% of people approve of the way that the+++. of airtime to make his case to the american voters but as you know, the governor's going to have a little less time now than some of his previous republican candidates? nicole: we were looking at the debt clock. the national debt clock, neil cavuto was showing us on the inside. we

peter barnes joins us with more on this, peter.hought there was a gentleman's agreement that you don't campaign during conventions? >> i'll tell you, that's the way it used to be but now, you know, you sit at home and sit by the fire, if you're, let your opponent have time during their convention and give them the limelight. that was kind of the tradition here but that is all out the window. the president is hitting the campaign trail to get some airtime during the republican convention and some face time with younger voters who he needs to turn out for him again this november. the president is speaking right now, to students at iowa state university. then he moves onto a college in colorado for an event this evening. tomorrow he will be traveling to virginia for another event with college students. all three visits are to key battleground states. >> the president obama is worried. he is looking at poll numbers. he sees a very close race. he is worried about mitt romney getting a big bounce out of tampa. what he is doing to counter

congressional budget office saying all this could put the brakes on a fragile recovery, bringing you peter barnespeter, them are some strong words. >> reporter: that's right. the cbo sees the deficit falling to about $640 billion next year from more than a trillion dollars this year in this new report released yesterday, but that's mainly because it assumes that we will fall off the fiscal cliff, that the bush tax cuts will expire for everyone on schedule at the end of the year and that the tough spending cuts you talked about will kick in at the same time. that will cut deficits by with about $500 billion for the year, and the cbo says that will cause a significant recession next year with the economy contracting by about 3% in the first half sending unemployment back up to 9% and costing two million jobs. >> i think what we see coming for next year under current law, um, is very large amount of fiscal tightening, a larger reduction in the deficit relative to gep than any year since 1969, and that is a sufficiently large shock, negative shock to demand for goods and services next year to push th

peter barnes with the fox business network and watching all of us live from washington. t can you tell us? >> the gulf accounts for 20% of total u.s. oil production and about 7% of natural gas. the government says that isaac has disrupted about 93% of oil and 67% of natural gas production. as for that critical refining capacity, the government estimates the storm has cut production by more than 900,000 barrels per day. about 12% of total capacity. all of this did send the prices a bit. but fortunately, isaak largely missed the production platforms so there has been little damage to them. and oil prices have actually come down on that news. news yesterday that crude inventories are actually much higher than expected. for now, analysts say that will lessen any need to tap the strategic petroleum reserve. >> just look at the market. it indicates that the market is adequately supplied. there will not be a release at this time. jon: the government has released plenty of oil from the strategic petroleum reserve because of hurricanes. 11 million barrels in 2005 when katrina slam

peter barnes standing by in washington. to start with you, peter, talk about the white house at this point and the fact they're still somewhat hedging their bets if you will, kind of being cagey, that is the best word. >> the reason this is on the table because of the gulf coast 20% of total u.s. oil production and 7% of natural gas output, the governin governor says isaac disrupted 70% of oil reduction of 72% of gas production. refineries down $900,00 900,000s per day. talking about tapping the strategic petroleum reserve and putting out a statement saying we stand ready to call upon the international energy agency to take appropriate action to ensure the market has fully and timely supplied the white house only sang at this point the option of tapping it remains on the table. cheryl: i want to bring in coral in the studio with me. and oil outlooks and ceo founder, what do you make of all this? do you think there is justification, or is this purely political discussion we're having? >> i think if we see something happening

peter barnes is there ahead of bernanke's big speech tomorrow. r, i think this is the most important thing in the universe and partly because you're there. >> thank you, david. you know this is the toughest assignment that i have all year to come out here to jackson hole where it is absolutely spectacular. we have a wonderful breeze coming off the lake here and the teton mountains behind me. of course all eyes will be on the fed chairman's speech tomorrow at 10:00 a.m. wall street is looking for some guidance from the fed chairman on what may be coming next. frankly i got to tell you i don't know what else the fed chairman can say or any other members of the fed or the fomc that hasn't been said already. we got those notes from the july 31st, august 1st, the minutes from the last meeting and they laid it out pretty clearly. they're lacking at potential -- looking at potential additional stimulus, monetary easing. extending guidance how long they will keep interest rates low. another round of quantitative easing and potentially some other steps. i

peter barnes that dispute. and all sorts of ramifications for the industry. ben android operating system is tremendously popular. apple, it no longer pre letting bugles youtube on their devices. they have their own maps. watching both of these stocks as the ceos reportedly speak in senate committee settle some of those disputes. both stocks down today overall. back to you. cheryl: thank you very much. we will sinews -- see you soon. if you are looking for a way to diversify your portfolio, my next guest has ideas of what could be the next frontier in investing. joining me now, a fox business exclusive. emerging small country fund manager. it's good to talk to you. i want to ask you about this. you were looking at some countries, but overall your theme know is that frontier markets are better than the emerging markets because you're doing the opposite of the united states. when did your thinking and the start to go in that direction? >> you know, we have been looking at these markets for several years now. visiting countries that have investments in the fronti

lori: peter barnes replayed his interview with mitt romney last week and the follow-up question, would you put glenn hubbard into the job as fed chief and he did not say no. would you accept? >> that is premature speculati speculation, entirely up to governor romney if he were president romney. the important thing is fixing the economy. lori: of course, had to ask. bernanke said the labor market is a great concern that perhaps what the market is reacting to today's positive comments as well it is not beyond structural disrepair, labor market can be fixed unless tight romney said he could create 12 million jobs in this country. give me some more detail on how he would go about doing that if elected. >> absolutely. the structural problems are not withholding the u.s. economy back. what is holding the economy back hiis poor public policy to suppt growth. what governor romney has talked about repeatedly is getting rid of the policy uncertainty in washington costing us millions of jobs and moved with fundamental tax reform and budget reform that gives people confidence to invest in this cou

peter barnes will handle the whole thing. >> you have to be one of us nerds to get off on that sort of stuff. it is fun stuff. the key it moves the market and what happens on "after the bell.". liz: have a great weekend. "money with melissa francis" is ex-. next. >> i'm sandra smith in for melissa francis. here is what is "money" tonight. stepping off the gold standard? momentum grows to make that part of the republican party platform as next week's convention. could resurrecting the monetary relic be answer to stronger economy? one of the top advocates joins us. the drought of 2012 is torch crops across the u.s. but may be putting huge potential profits for wine vineyards. a wine vineyard president is here to explain. >>> anti-doing organization strips lance armstrong of his seven tour de france titles and hits him with a lifetime ban. we have the breaking details. even when they say it's not it is all about "money" sandra: first, here's a quick look at today's market headlines. stocks charging back after posting the worst loss in a month yesterday. in a series of newly-released lette

peter barnes? >> la carte told reporters he is undecided on stimulus. voting member of the fomc. so we do listen. he remains worried of job creation calls it disappointing hinting he could support the stimulus or quantitative easing. he raised concerns of the fiscal cliff in washington. >> there is a risk monetary policy applied to aggressively to problems only resolve by fiscal reform by making tough choices of public resources. >> failing to address the fiscal cliff has a horrible implications maybe they say they will hold off that would make an argument for not doing anything when they meet again. >> others note and the jobs report september 7th will give lockhart more data they look for on whether to stimulate more. ashley: we have to wait and see. and said devastating drought slowing traffic on the mighty mississippi with jeff flock. >> walking the banks today. see how that is sitting high? it is not loaded. then they cannot get through. a man on the frontlines of the problem. next. >> i am adam shapiro. the train derailment west a baltimore causin

we kind of teed it up a little while ago craig saying we know if mitt romney wins, and he told peter barness when he interviewed him, ben bernanke is not going to be the fed chairman, so you start to say to yourself i wonder if that factors into his thinking at all, he's only human, that maybe acting now before the election makes it more likely that he remains as chairman? >> good morning, connell, and thanks for having us on. i don't think that's going to have much of an impact on his decision. number one i think the fed is fairly insulated from political pressure. we hear a lot of campaigning from the fed. dennis lockhart was on this morning talking and said, you know, the fed really doesn't take that into account. and i think they try to remain fairly out of thahaha secondly, even if romney were to replace bernanke, he said he would do it at the end of his term, so he would still have through 2014 to implement policy. connell: good point. let me ask you about what you think you will hear, at jackson hole, we're all asking these questions, as some sort of launching pad or hinting pad for

bringing in peter barnes for the fox business network in washington to analyze all of us.? >> that's right. we heard from the federal reserve this week that it is considering another round of economic stimulus, monetary easing. possibly including something called quantitative easing, which involves billions and billions of dollars in bonds being purchased to keep interest rates low. governor romney said do not do this. >> you know, i don't think qe-2 was terribly effective. qe-3 and another that stimulus is not to help this economy. that is the wrong way to go. i think that it also sees the kind of potential for inflation down the road that would be harmful to the value of the dollar, nothing harmful to this development and stability that our nation needs. reporter: governor romney also stands on supporting ben bernanke. not that ben bernanke is looking for that, romney said regardless committee does not want to keep ben bernanke in that position. earlier this week, one of his top economic advisers, glenn hubbard at columbia university, said that mitt romney should reconsi