peter fisher: that's a good question. ben hunnicut: i think that some of the developing countries isinitially making great gains- bob sessions: in part because they're going through what we went through right? ben hunnicut: this idea of full time work is a brand new idea. it comes out of roosevelt's administration . the idea that working hours somehow will remain at forty hours is a new thing. before roosevelt's administration , the 20s, people such as john maynard keynes fully expected technology would give us a two and a half hour day by 1980. george bernard shaw and a whole list of those people. the idea that work is full time, full employment is efforts that we make as a government to assure everyone a full time job has been the center of politics since roosevelt's administration. that, i think is in danger. that idea that everyone will have a full time, meaningful job, i think is a utopian dream that is not going to stand the test of time. it's going to be hard to sustain. craig vansandt: i ran across a quote that a

peter fisher, thank you. a live shot of janet yellen, the fair -- chair of the federal reserve. >> earlier today my colleagues and i on the central open market overalle discussed conditions and decided to keep 1.25 21.50.ate at we judged the case for the increase has strengthened but decided to wait for further evidence of continued progress toward our objectives. our current policy should help move the economy toward the of price goals stability. about have more to say our decision shortly, but first, i will review economic development and the outlook. dueomic growth, which was during the first half of the year, appears to have picked up. household spending continues to be the key source of growth. ending supported by solid increases in household income, as well as high levels of consumer sentiment and wealth. business investment remains soft, both in the energy sector and more broadly. the energy sector has been hard hit by the drop in oil prices. investment in the sector continues to contract through the f

john taylor will join from us the hoover institution and peter fisher of blackrock who will weigh in. big guest today our news breaker "newsmaker" is jack welsh. our guest host for a couple of hours and we'll talk to him about all these issues what he's seeing in the world of business and how he sees the political world shaping up. a lot of news coming up and we'll see you guys in a little bit. >> becky, great stuff. we look forward to bo xilai. for now fed and markets, we just heard it. >> is the bank of japan meeting more important than the fed? >> i don't think bank of japan is more important than the fed but equally trying to navigate through some challenges and i think that's why markets have been a little bit jumpier of late. trying to understand whether bank of japan does shift their policy and whether the fed continues to let the market do more of the heavy-lifting, effectively tightening some rates without the fed acting itself. >> if you have a longer term view than 48 hours do you expect these two central banks to determine the way the markets u.s. stocks trade for the rest

. >>> coming up, peter fisher of blackrock is going to be joining us. and later senator bob corker.oday's big hearing on the hill. "squawk" returns in a moment. th. cme group can help you navigate risks and capture opportunities. we enable you to reach global markets and drive forward with broader possibilities. cme group: how the world advances. from the creative galaxy in my idea box. would you help me make art? ♪ each one of our journeys ♪ keeps us young hey, i have an idea! ♪ we'll never get older... arty: go be amazing! amazing! announcer: give your cardboard box another life. that's why a cutting edgeworld. university counts on centurynk to keep their global campus connected. and why a pro football team chose us to deliver fiber-enabled broadband to more than 65,000 fans. and why a leading car brand counts on us to keep their dealer network streamlined and nimble. businesses count on communication, and communication counts on centurylink. >>> wells fargo feels the heat. mr. stumpf heads to washington in the wake of the scandal. senator bob corker tells us what he wants to hear

kristin fisher has more. and peter doocey joins us live in houston. peter, how was it different than the past trump events? >> reporter: julie, it was different because the focus was not on trump as it was on the grieving families of innocent american citizens that was killed by violent illegal immigra immigrants. >> there is a lot of the numbers in the immigration debate. let me give you the most important number of all. that number is the number of american lives that is acceptable to lose in the name of illegal immigration. let me tell you what that number is. 0. >> reporter: the trump campaign got a now texas chairman. governor patrick who used to be chairman for the cruz campaign. we spoke to patrick and gave us a reason why border patrol is the top issue for texas republicans. >> from 2008 and 12 in texas we arrested 147000 people identified her has being here illegally. and they were hard eped criminaled and committed 500000 crimes. >> reporter: even though texas is not a swing state, trump is expected to win it easily. and it is it an appropri