liz: is there seen a answer to that question if there is is our own peter barnes got it. down exclusively with new york fed president bill dudley in a rare interview. you asked him exactly that, peter. >> that's right. he gave a very meaty speech today, guys. nine-pages single of spaced that proves it is meaty. he talks about all the tools the fed has at its disposal to make sure as it unwinds all of this it keeps interest rates as low as it can for as long as it can but does not stoke inflation. i told him sounds like he may have a major communications problem on his hands he will have to try to explain this to investor and consumers. here's what he said. >> i believe the economy will be strong enough so we can start to do that perhaps in 2015 but the first goal obviously is to get the economy strong enough to reduce the slack in the labor markets, to get inflation closer to our 2% objective. assuming that all goes as plan, then, yes it will be time to start to contemplate how the fed actually begins to raise interest rates. it is more complicated than it has been histor

david: peter barnes. liz: thank you so much, peter.icians on capitol hill are waging war on the koch brothers, singling out the billionaires for being anti-american but what is anti-american about creating jobs and giving money away if what is really hyped these attacks? we'll ask you, steve forbes, chairman and editor-in-chief of forbes media coming up. liz: plus millions of ebay users passwords and personal information may be up for sale by hackers. are you at risk? the story broke yesterday but ebay is finally commenting. after the bell we'll get you details next. ♪. when folks think about what they get from alaska, they think salmon and energy. but the energy bp produces up here creates something else as well: jobs all over america. engineering and innovation jobs. advanced safety systems & technology. shipping and manufacturing. across the united states, bp supports more than a quarter million jobs. when we set up operation in one part of the country, people in other parts go to work. that's not a coincidence. it's one more part o

just moments ago in this studio our very own peter barnes sat down with the fed president of new yorkxclusive fox business interview. peter, you covered a lot of ground with a man who rarely gives interviews. you got this exclusively. what jumped out at you? >> reporter: well, his speech was wide ranging, liz, and he kind of set the table for when the fed is going to, eventually, start to raise interest rates. but he made it very clear that even when the fed does start to raise these short-term rates, it's going to keep 'em pretty low compared to historical averages for quite a long time, for years to come. liz: now, that's doveish, and everybody loves that. >> reporter: exactly, exactly. he does feel that the fed has the tools to make sure that as it unwinds its $4.5 trillion balance sheet, it can do it while keeping the consumer, making sure the consumer has low rates but also without stoking inflation. he says there's a whole bunch of tools in the tool kit. here's one that he talked about. >> another factor is the fact that we're forcing banks to hold a lot more capital. that's a g

peter barnes is alive with more from reagan airport outside d.c. what about if you're flying?porter: john, as you said, the busiest travel season in six years, according to airlines for america, the trade association says that the number of passengers traveling this summer will be up one and a half percent to 210 million passengers. that's about 2.3 million passengers a day. but air travelers will likely be paying more to travel by plane, according to aaa. it says the fares are up six percent last year this memorial day holiday. international fliers will let an all-time high for -- since they've been keeping the records with 30 million people traveling to popular destinations like canada, the united kingdom, and other places. john? >> for those families driving, what about the costs? >> reporter: well, if you are hitting the road this memorial day, aaa says you can expect to pay about two percent more for a hotel room. if you have to rent a car to get where you're going or rent a car when you're get there, rates up about one percent from last memorial day. aaa says the new pos

peter barnes is with fox business network. he is live from washington with details. hi, peter. >> hey, patti anne. financial regulators are considering stretching tougher new oversight on big banks to big investment management and mutual fund companies, possibly two companies in particular. regulators have been beefing up the rules for many banks and financial first to make sure that taxpayers don't ever have to bail them out again in another financial crisis. this new group of companies in the cross-hairs managed trillions of dollars in mutual fund and other investments for many 401 k accounts, iras and personal investment accounts. top five are blackrock, van barred, state street -- a vanguard, state street, fidelity and pimco. regulators are concerned that two of them. blackrock and fidelity are so connected with the financial system they may need to be regulated more as systematically important financial institutions or sifis as part of a review by regulators in as council called the fsoc. the treasury department is holding a public conference on asset managers an

a quick programming note, peter barnes's exclusive interview with william dudley coming up at 4:00 p.mn "after the bell". that is the latest from the fox business network giving you the power to prosper. ♪ now printing is so affordable and convenient, you can print all you want. hp instant ink. save on ink and never run out again. plans start at just $2.99 a month. welcome to the future of printing. melissa: rent or buy? a million-dollar question with a different answer depending on where you live but as more people get priced out of the market is becoming a new question in and of itself, even scaring some homeowners out of the market. let's go to our panel, cheryl casone, jack howe, portfolio manager, where are they renting versus buying and how did they make that decision? >> 8% of counties across this county, better to rent, new york, san francisco, jackson hole, wyoming, who would have known? a lot of markets have become an affordable especially in san francisco. if you are a teacher in san francisco you can't afford to buy and the new york you can't afford to buy soap new york is

peter barnes was there and joins us to handicap it. what happens next? these rules. in the meantime netflix has cut those deals for the fast lane access with companies like providers like comcast and others but there won't be a four month rulemaking period for public comment, and then issue a final ruling but it has done this twice before. and right back in the courts after this third attempt and the fcc chairman, tom wheeler, and spoke as the former venture capitalist and tech entrepreneur knows these issues has the scars to prove them. >> i understand this issue in my bones. i have got skies from when my companies were denied access in the pre internet days. >> the hearing was very tense. i saw a public interest protesters jumped up and interrupt these proceedings three times and the vote was along party lines between three democratic appointees and two republicans. stuart: the bottom line to me is they are going to regula the internet like a utility and they are going to allow pricing according to speak and delivery of streaming. there's a period when

peter barnes knows about this in washington. are any democrats coming out publicly and saying repeals the employer mandate? peter: yes they are. democrats are saying to repeal it or at least to change it ahead of this year's midterm elections and there is some legislation they are supporting right now. for example five democratic senators and in independent who votes sponsored a bill to change the exemption for the employer mandate for companies with 50 full-time workers with more than a hundred, three of the senate democrats up for reelection this year and now a left-leaning think tank, the urban institute has published a paper showing the government could a eliminate the employer mandate without reducing coverage nationally. analysts say the paper could give the administration and democrats new political cover to at least again delayed the employer mandate. stuart: as opposed to repeal it. i don't see the president repealing this thing. peter barnes, good information. if you did repeal the employer mandate. you can't go on with

fox business network peter barnes looks at the numbers for us. >> good evening, bret. five years into the economic recovery, a new survey of unemployed people suggests that more of the nation's 10 million jobless may never go back to work. according to an online harris poll commissioned by the staffing company express employment professionals, nearly half of those surveyed agreed to some degree with the statement i've completely given up on looking for a job. the new survey comes as washington debates renewing unemployment benefits that expired at the end of last year. the survey gives ammo to critics who say the benefits create disinspect r spentives to work. 82% of those getting benefits responded that if their benefits ran out, they would search hard err and wider for a job. the survey also suggests that new job training programs from washington might not help very much with a majority of the survey responding saying they have no plans to go back to school to learn a new skill. >> there's jobs out there. there's jobs available. if people are willing to be retained,

jason furman, spoke to fox business's peter barnes earlier today. >> cbo report even on its own terms shows it would help the economy it, would help workers. we think cbo overstated, was outside the consensus of economists in terms of the employment estimate put forward. melissa: hmmm. what do we think about that? peter morici, i will let you start. >> if you recall janet yellen said cbo was in better position to assess this than the white house. if you recall man is being political. i think he should recognize he has life after the white house and he has to come back to play where i am and he is losing his, his credibility by saying these kind of things. it could cause upward to a million jobs. you can't get around that. it is a dumb thing to do. melissa: it says a lot about kind of jobs we're getting back as we look at unemployment numbers, that we have so many protests going on out there. we have protests going on about the minimum wage. >> right. melissa: we're focused on minimum wage, means those are type of cheap jobs that people are doing right now as opposed to plentiful ones

we have washington correspondent peter barnes with the very latest. peteer? >> gerri, that's right. the urban institute published this paper that the government could eliminate the employer mandate without reducing health care coverage that much nationally. the mandate says any company with more than 50 full-time employees who work at least 30 hours a week must provide health insurance for them or face penalties. 9 institute says that requirement has been creating labor market distortions like pushing companies to higher fewer workers or reduce their hours. it site cites plans by lands' end, regal entertainment and seaworld to name a few, to reduce hours of part-time workers to less than 30 a week because of the mandate. other obamacare provisions are more important to increasing health insurance coverage. quote, the individual mandate, together with the medicaid expansion and income related subsidies is critical to expanding coverage under the aca, the affordable care act. the employer mandate is not. one analyst says the report could give democrats and the administration, which al

peter barnes is in washington. >> hey, melissa. most fed members felt the bad weather back in this winter was just a temporary setback for the economy but some other fed members were not convinced according to the minutes of the last fed meeting at the end of april. quote, meeting participants generally indicated that their assessment of the economic outlook had not changed materially after the big chill, quote, recent indicators pointed to a rebound moved rat growth, however, some participants remarked that it was way too early to confirm that the bounce-back in economic activity would put the economy on a path of sustained, above-trend economic growth. now at this meeting as you recall fed members voted to taper by another $10 billion a month and recommit to keeping short-term interest rates lower for longer but minutes show they also discussed how to eventually raise rates and shrink the fed's unprecedented $4.5 trillion balance sheet but said, quote, the committees discussion of this topic was undertaken as part of prudent plan

that incredible interview peter barnes had with bill dud the head of the new york fed yesterday, saying rates would be low as long as we're alive practically. one of the most accommodative interviews i've seen with a fed official. clearly the market liked that news. also big jump in the energy sector. that leading to all the energy sectors going higher. all of the oil companies based on what is happening with oil inventories which are much lows than expected. we have a very busy hour on a very busy market day. "after the bell" starts right now.

liz: peter barnes is outside of the fcc in washington. o clarify this, what happened today, 3-2, and as well what the actual proposal is. >> well, liz, among other things the fcc proposal asks the public for comment on whether it should ban deals for fast lanes on internet but the fcc also is asking for comment on whether content providers like netflix, amazon and google should be allowed to pay internet service providers like at&t, comcast and verizon for, for this priority, faster routing service as long as they, as long as these deals are quote, commercially-reasonable. and some content providers already have these kind of deals. now the proposal is highly controversial. protesters disrupted today's meeting three times and had to be escorted from the meeting. critics say this proposal would jeopardize network neutrality. would jeopardize the open internet, open to all users and content providers, rich and poor, jeopardizing internet that doesn't discriminate against anyone because if there is a fast lane, there must be a slow lane. well

that incredible interview peter barnes had with bill dud the head of the new york fed yesterday, saying essentially interest rates would be low as long as we're alive practically. one of the most accommodative interviews i've seen with a fed official. clearly the market liked that news. also big jump in the energy sector. that leading to all the energy sectors going higher. all of the oil companies based on what is happening with oil inventories which are much lows than expected. we have a very busy hour on a very busy market day. "after the bell" starts right now. liz: get right to a very good day for the bulls. what a different day from yesterday. we have brent wilsey, wilsey asset management. why he is buying retail even though some names are swooning. we have the chief investment officer telling us why overseas is better buy and todd horowitz in the pits of the cme. todd, a fascinating move in the markets where the stock piers simply piled in as soon as those minutes came out. >> hi, liz, hi, david. certainly they were buying. basically they were buying all day and they didn't stop.

peter barnes had with mr. dudley. tomorrow is release of fed minutes. the plans to continue with its tapering and along with hints how the housing market is doing. liz: it could move the markets. "the willis report" is next. david: good night. gerri: hello, everybody, i'm gerri willis. right now on "the willis report," gm recall scandal grows. millions more cars and some of gm's newest models. >>> consumers win a major privacy battle. sprint hit with the largest ever do not call fine. >>> "willis report cash challenge, a familiar face takes up the challenge. we're watching out for you on "the willis report." gerri: our top story tonight, the housing recovery that wasn't. buyers and sellers are both struggling tonight. so is real estate a real investment? we're looking at state of your housing market with rick sharga, senior vice president, auction.com, steve moore, heritage foundation and vera gibbons who blogs for zillow. i want to start with you, vera. we have 10 million americans underwater. , they owe more than their house is worth. this is six year

peter benchly novel callcalled "gills" about a vengeful bass. and then there was bass holes and it was an attack on fish to the tourist. you go to the guy that barne's and noble behind the counter and the book they wanted was bass holes. and so he would go no we don't carry bass holes. i read about this in the new yorker. i said to random house. i have done the market research. there is a hunger in the land for a book called bass holes. and they said no. you know the prissy new yorkers. so i still needed a title. i said i got it. let's call it. look out president park. and their reaction was pretty much yours. what the hell is he talking about? well, the story behind that was that i went to work at the whitehouse in 1981. this was shortly after john hankly shot president reagan and members of his staff. john wilkes booth to avenge the south and reagan was shot to impress jody foster and you have the reason for the political assassin. but it was an attention getting to that. if you remember the traveling staff of mr. bush's. the french call it entriage. and you were given a briefing by the suspected service to see what to be looking for in an audienc