stephanie: we'll be talking phrma, as investors look for the next big cancer drug. erik: what happens when the activist investor wins and actually takes control? an exclusive conversation with "star wars" c.e.o. jeff smith and olive garden president david george, coming up this hour. stephanie: what happens, erik, no more unlimited bread sticks and salad and without those, what will you do friday night? erik: beginning with our top stories, five programs aimed at stopping terrorists have expired. the senate failed to extend them before a midnight deadline yesterday and means for now the national security agency can no longer collect americans' phone records in bulk and search for links to terrorists. republican senator rand paul used senate rules to slow down action on a bill that would keep the spy programs in place. >> are we going to so blindly give up our freedom and so blindly going to go along and just say take it? well, i'm not going to take it anymore. i don't think the american people are going to take it anymore. erik: senator paul acknowledges he'll proba

that's how you want to remember it. >> you finally said enough with the gmu phrma.eo. >> jim cramer of csi and queens. cocreator and chief economist, willem buiter. the watch is on to see if the supreme court hands down rulings on obama care or same-sex marriage. we are on top of that. don't go away. ♪ those who have served our nation have earned the very best service in return. ♪ usaa. we know what it means to serve. get an auto insurance quote and see why 92% of our members plan to stay for life. ♪ mamas, don't let your babies grow up to be cowboys ♪ ♪ don't let'em pick guitars and drive them old trucks ♪ boys? ♪ mamas, don't let your babies...♪ stop less. go more. the passat tdi clean diesel with up to 814 hwy miles per tank. hurry in and you can get 0% apr plus a one-thousand dollar volkswagen credit bonus on 2015 passat tdi clean diesel models. >>> good thursday morning. welcome back to "squawk on the street." i'm carl quintanilla along with sara eisen, david faber and post 9 of the new york stock exchange. market still on edge as we do not have a dealous of ou

of phrma, the drug industry's trade and lobbying group in washington.e taking a drug that's no better than another drug already on the market and charging twice as much, and everybody thought the original drug was too much... >> castellani: we don't set the prices on what the patient pays. what a patient pays is determined by his or her insurance. >> stahl: are you saying that the pharmaceutical company's not to blame for how much the patient is paying? you're saying it's the insurance company? >> castellani: i'm saying the insurance model makes the medicine seem artificially expensive for the patient. >> stahl: he's talking about the high co-pay for cancer drugs. if you're on medicare, you pay 20%. 20% of $11,000 a month is a heck of a lot more than 20% of $5,000 a month. >> castellani: but why should it be 20% instead of 5%? >> stahl: why should it be $11,000 a month? >> castellani: because the cost of developing these therapies is so expensive. >> stahl: then why did sanofi cut it in half when they got some bad publicity? >> castellani: i can't respo

stephanie: we'll be talking phrma, as investors look for the next big cancer drug.when the activist investor wins and actually takes control? an exclusive conversation with "star wars" c.e.o. jeff smith and olive garden president david george, coming up this hour. stephanie: what happens, erik, no more unlimited bread sticks and salad and without those, what will you do friday night? erik: beginning with our top stories, five programs aimed at stopping terrorists have expired. the senate failed to extend them before a midnight deadline yesterday and means for now the national security agency can no longer collect americans' phone records in bulk and search for links to terrorists. republican senator rand paul used senate rules to slow down action on a bill that would keep the spy programs in place.

the earnings per share up you are going to see in energy, you will see more of it in housing more in phrmahe reasons sky bridge has 45% of our portfolio in this sort of shareholder activism. >> i think we need to watch housing sector scale of in a vine economy looks like getting back on feet fed might rays interest rates not very much we could be talking about another asset boom showing up in some asset class like rae. >> evaluation of u . dagen: where wage growth we are -- basically drunk on the reboom in new york city but it has not been driven, by wage growth because -- there has not been in other parts of the country you look at some areas, housing, has not gotten back to the peak levels wages have not -- >> the market is worsening. >> there was interest piece in the -- last week pounds out that pointsdz out if you look at real estate to income levels or rent above long term norms started to move into levels -- geosam ze geo. maria: sam zell was on. >> sfront and center jeb issue about trying to excite droerts with a logo in advance of announcement the logo drops bush, but it is still

and what they have found leaked out what phrma is doing here to extend all their patents for 12 years so that they cannot only raise those prices here in this country, but for all those countries involved in the trade agreement. and when the university of law at auckland described what's happened here the pharmaceutical part, because the u.s. pharmaceutical industry used a trade agreement to target new zealand's pharmaceutical management agent which is their health system. this transparency access will erode the process and decisions of the agency that decide which medicines and medical devices to subsidize public money and by how much. the test shows that t.p.p. will severely erode the accessibility to continue to deliver affordable medicines and medical devices as it has for two decades. the -- in australiaa, they are under the same restriction we are, only theirs is worse. a member of that parliament who goes to read the trade agreement has to sign a paper that they will not discuss it for four years. i make this point because two of the great democracies on this planet, the united