pickens join us on fox business. turning you are our attention to something else, some positive news. the second quarter gdp was revised up slightly, 1.7%. this was up from 1.5% reported last month the fed's beige book showed signs the economy is improving slowly but improving. employment are holding steady. housing and retail sectors are picking up. we'll hear a lot more from federal reserve chairman ben bernanke when he speaks friday at the jackson hole conference. for more on this i want to bring in lindsey piegza. what do you think the fed chairman will say we're getting stimulus or we're done? >> this report i don't think it is a game-changer. it is much in line with the fed's assessment the economy cooled over the first of the year. it will be hard fed to ignore additional stimulus come the september meeting. in reference to the jackson hole, the chairman doesn't want to make this annual symposium a polly changing medium. he did in the past. 2010 it was said this was first signs of additional round of quantitat

you took the pickens plan to capitol hill. were frustrated time and again. what's the argument against your plan? why aren't they even listening to it? >> well, nobody argues. i will say, i'll say, look, we've got resources in america that we can go to. we don't have to use opec oil, and we don't have to have people in the mideast. we don't have to get people killed over there, protecting oil. do you know how many barrels -- i'm going to answer the question. but do you know how many barrels a day come through the straits of hormuz? 17 million. you know how much of that comes to us? make a wild guess. >> 17 million? >> 2.2 million. and we're sitting over here with all of our navy equipment, people, and we get 2.2 million. we could wipe that out in nothing flat. we don't even have to take anything out. >> so what is it? they don't believe you? they think you're crazy? >> probably both of those. both of those. >> and what's the third reason? they're addicted to oil! >> what? >> are they addicted to oil here? well, on capitol hill

boone pickens. some of the heaviest fighting this month in syria broke out in the capital of damascus. as charlie d'agata reports from amman, jordan, government forces fired on the same day the last u.n. monitors left the country. >> the outskirts of damascus, the western suburbs, they say that helicopter gunships, tanks and mortars are being used. they say the government forces are advancing into those neighborhoods going house to house in order to clear rebel fighters. despite the violence over the last couple of days reported to be the heaviest damascus has seen this month comes as u.n. monitors are pulling out. their mission had ended, it was decided that it wouldn't be extended because the situation is far too dangerous and frankly, they weren't doing much to stop the bloodshed in the first place. there's also fighting reported in aleppo, the second city in syria. syrian state television showed what they called a pro-government rally in aleppo and the capture of weapons from rebel fighters. as

boone pickens. >> absolutely. she had been mixing it up for two decades now. knowing h augusta runs things whenhey cided to let women into the club, they took two from the cream of the crop, i would say, did it on their own teterms. >> based on what i read, those men better be ready. she does py, b it is not her burning paion. >> if i i and ese guys, i am thinkiking, if you are not upping your g game,arla moore is gog to c come by anand kick your butt. >> i have tohrow in my favorite thing from t article. she origiginally came from washington and worked for strom ththurmond and then the rnc. thenen she rlized that washington was just borrowed power. she wanted to go to the business levevel, wre they have reaeal power. >> the question is, wh is burning tree gng tstartt admitting women? burng te, call us. let us know. >> jonathan allen, b ben fcher thanks for jning us. the number of the weakest two and it involves our areas national ranking. we will tell y about that after the break. [ male announcer ] we've made verizon fios even easier to switch to -- and hard

boone pickens is the pounder of bp oil.you on set here. >> thank you. >> i'm trying to go back through and figure out has it been four years now that you've been talking about the pickens plan? >> it was july the 8th last month, four years ago last month. so i'm four years, starting on five. >> i hear it gets a lot of play at times and then i don't know why there's never any policy action that -- >> i'm not a very good salesman. no, it's a tough problem. it's a tough problem and it's one that presidents going back for at least four, five presidents have been trying to tackle. >> i think what you see, the leadership doesn't understand because when you look around the united states, the states that are doing well are those that are in the oil and gas -- they have oil and gas reserves. north dakota, texas, oklahoma, go through the list. pennsylvania. they're all doing very well. and, i don't know, i think politicians are afraid of talking about energy. they just don't want to do it. and but then you look around the world and t

pickens made it clear the nat gas act pays for itself but announced to the government choosing an industryort. something rom uh any said he won't let happen. in order to avoid the solar fiasco going on under the obama administration. nor does either candidate embrace the idea of refinancing debt by taking advantage of the low bond rates to issue long term treasuries for which there is private sector demand. that way we would see short-term breathing room to focus on the longer term fiscal concerns ryan has uh tried hard to address. both are ignoring solutions for now like bigger tax revenues from growth initiatives like the natural gas act or a treasury plan to capitalize on low interest rates. as controversial as paul ryan might be politically, i will call it a nonevent for the portfolio. it changes nothing about the outlook and earnings of stock which control how much money you will make by investing in terrific american companies. stick with cramer. [ obama ] i'm barack obama and i approve this message. [ male announcer ] you work hard. stretch every penny. but chances are you pay a hig

boon pickens had a change of heart over governor mitt romney's energy plan.ight now, tropical storm isaac is turning toward the keys and threatening most of the gulf coast with hurricane-force winds. rnc organizers are moving forward. but how? and is it a smart idea? >> the show's going to go on. we are going to get the business done and nominate mitt romney and paul ryan. okay, team! after age 40, we can start losing muscle -- 8% every 10 years. wow. wow. but you can help fight muscle loss with exercise and ensure muscle health. i've got revigor. what's revigor? it's the amino acid metabolite, hmb to help rebuild muscle and strength naturally lost over time. [ female announcer ] ensure muscle health has revigor and protein to help protect, preserve, and promote muscle health. keeps you from getting soft. [ major nutrition ] ensure. nutrition in charge! [ engine revs, tires squeal ] [ male announcer ] more power. more style. more technology. less doors. the 2012 c-coupe. join mercedes-benz usa on facebook for the best summer sweepstakes. join mercedes-benz us

. >> boon pickens has been very vocal, on the show a number of times suggesting if washington would getind his natural gas act which would help subsidize companies to be able to use engines, long haul trucks, 25% of our imported oil goes to those, if we could speed up our energy independence and make the nation energy secure would the governor be in favor of boone pickens' natural gas act? >> i think the governor wants to see the market place work. it's working. it doesn't have to be sped up considerably. it's going to get there on its own. and as long as natural gas is cheap and abundant like it is, the energy supply out there, we'll get there pretty quickly. so i think instead of the government being there picking fuels of choice, the market place needs to do it and it certainly is capable of doing it and is doing it. >> okay. if we do not get a national pipe line system that right now seems to be a little bit bottled up and not supported that much by washington, isn't it likely that both our natural gas and oil will be exported if we do not have it to be able to go to where the refin

he says it would make america energy independent by 2020. 20 years ago, t boone pickens presented his plan to reduce america's deputies on oil. he is joining us this morning. >> thank you, charlie. >> you have read a brief outline of what mitt romney will say. what do you think of his plan? >> i was disappointed that he didn't mention natural gas. the united states has more natural gas than any other country in the world. we have the cheapest energy of any other country in the world. natural gas, oil, and gasoline. they never mention that. i cannot believe an energy plan that i saw, and i know i saw the outline, but there was no mention of natural gas. you use natural gas to replace diesel in the 8 million 18-wheelers in the united states, there are 250 million vehicles in the united states. take 8 million of them, and go to natural gas, and you'll cut opec by 75%. >> and america will become a net producer of energy rather than user of energy? >> we'll still be a user because we want to use and work with the canadians and with mexico. so north american energy alliance would make a lot

sandra: we have an outline of the plan but tycoon boone pickens said he supports the plan, but was concerned about the lack of mention of natural gas. >> given the way he has been touting his plan -- sandra: always talking. >> we all talked our bucks but the general outline first and foremost is romney according to the plan latest on day 1 fast-track the keystone pipeline and this is a decision that made absolutely no sense. was a no-brainer to approve it. tremendous amount of oil in north dakota, montana threw alberta. get the oil to the market. the fact the we missed the plan based purely on political lines absolutely makes no market sense. that is first and foremost. the second key point coming out was to hand more power, take it from the federal system and land it back to the states. the states are in the best possible position to make the decisions with regard to accessing the resources given the specific theology in each individual state. we have to look at north dakota to see how successful this can be at a time when we cannot federal get unemployment below 8% north dakota has it just

biggest criticism i have heard of what mitt romney's energy policies have in place is from boone pickensnks natural gas is the way to go down the road. he says that there is a total silence for all practical purposes in the romney plan as far as developing natural gas, especially for big trucks and cars. he thinks that say deficiency. this is a good, important debate. there are serious differences with romney and obama on the issue. i'm thrilled they will debate something important like this. >> we should also note the congressional budget office said 70% of the oil and gas reserves are already open. maybe the claim of $1 trillion boost in revenues is a little bit over the edge. let's wait for the governor to talk about it and we can look into it tomorrow, perhaps. i want to say there is a new commercial out. at least one news cycle which is an eternity since we heard from bill clinton. he is back in the democratic ad today. let's have a look at it. >> this election, to me, is about which candidate is more likely to return us to full employment. this is a clear choice. the republican pla

boone pickens simply doesn't agree with. >> they miss the mark 'they talk about is oil.aby drill. >> yeah. >> they don't mention natural gas, it's all about oil. >> i know he has talked about this in the past on the stimp. >> you make a good point. he's hammered away, but rarely does he do it with a lot of detail. it is, of course, a big aplains line. one effort he says is critical, but less's brack it down. the romney plan would give states more power, more control to the states over developing energy resources on the federal lands within their borders. he would open more offshore drilling, which could be popular in swing states, a sort of jobs, perhaps not as much as florida. that's a place where it's often you viewer, some of the other components especially it's emphasis on drilling, saying i think the quote is, we will never reed energy dependants. and better auto mileage, to be fair it does pay very little attention to renewable feels. thomas? >> peter alexander, great to see you, thank you. >>> so is the republican party in the middle of an identity crisis? with le

boone pickens. people who knows energy know this is not only possible, but probable if we do it. offshore with robust five-year plans of production, beginning with the states that really want to do it, which is virginia and the carolinas. they want to do it on a bipartisan basis, been suppressed by the president. we need jobs in this country and lower prices for energy and higher gdp, and we can get it. this is really the future. the biggest thing a presidential candidate's proposed for the economy since i think the reagan tax cuts in 1980. >> i also need to ask you about your old seat. there's a september 25thth deadline. are you getting any pressure to run? >> oh, a couple people brought it up with me, but i said no, i'm not running for the senate, and, you know -- it's -- >> there's nothing that would convince you to do it if you thought you could help the republicans win control of your senate? >> no, one of your colleagues subpoena a shermanesque denial? yeah, it's the first time i've been compared to sherman, but no, i'm not going to do it. i did say a couple days ago that

not going to be much coomer today but the air behind this will become drier and drier as the wind picken out of the north and west. ing with be in for a agreat- looking afternoon. morning clouds, a few showers. -- we'll be in for a great- looking afternoon. a nice such days here in the forecast. there it is. you can see the thin band of shower activity. again, not going to amount to a whole lot and it should be south and east of us shortly. southern maryland, lower eastern shore, you will get a chance for a few showers here. we should quickly break out into clear skies and nice conditions around here. quickly want to get down to the gulf here. right there, see what is happening. that is an eye trying to develop. if we get an eye going with this storm, it will likely intense identify into a strong category one. lots of warm water. still plenty of time before it makes landfall in about 12 to 18 hours. we'll likely see a hurricane here today. we've been talking about the issues in the gulf. up to 20 inches of rain. the storm will be a very slow mover unlike katrina. they will be dealing wit

boone pickens was on with with us yesterday. he expects the price of gasoline to go back where it was before the hurricane by next week. do you think he is right? >> i say it may take a couple weeks. adam: a couple weeks? you're saying not even until the end of the september perhaps? >> i don't think it will be just one week. i think it may take two weeks. everybody knows prices come down slower than they go up. adam: patrick, thanks very much. i know stuart varney is big fan of yours. appreciate you coming on this show but also "varney & company". patrick, have a great day. >> you bet. adam: 11 minutes after 5:00. hours to go until mitt romney's prime time convention address. his vision to revive the u.s. economy is set to take center stage. one of mr. romney's top advisors will be here with a preview. that's next. >>> plus is google running scared after apple's knockout patent blow against samsung? developing details how google and apple may be working towards a piece peace agreement. more "money" coming up. ♪ tdd#: 1-800-345-

on the show tomorrow, "the new york times" jim abramson, boone pickens, and richard belzer, old frontrold ford jr. and "newsweek" and daily beast editor tina brown and sam stein. keep it on "morning joe." it's time to live wider awake. only the beautyrest recharge sleep system combines the comfort of aircool memory foam layered on top of beautyrest pocketed coils to promote proper sleeping posture all night long. the revolutionary recharge sleep system... from beautyrest. it's you, fully charged. capella university understands back from rough economic times. employees are being forced to do more with less. and the need for capable leaders is greater than ever. when you see these problems do you take a step back, or do you want to dive right in? with a degree in business from capella university, you'll have the knowledge to go further in your career than you ever thought possible. let's get started at capella.edu you expect something $40in return. billionaire oil tycoons charles and david koch and their special- interest friends are spending $400 million to buy this year's elections an

boone pickens, the oil tie -- tycoon, and he expects gas prices to fall back next week, but gasbuddyweeks if not longer. it's not just isaac, we have about a billion barrels of oil that were pulled out of refinery production, and they still haven't gotten those going, but there are problems with some refineries in the midwest, and that's one of the reasons prices have gone up and are going to stay up. jon: we've also heard, i guess, in recent days the white house has been talking about possibly tapping the u.s. strategic oil reserve, what's happening there? >> reporter: well, the white house says that still remains a possibility, but they haven't commented on whether they're actually going to do it. right now the oil production in the gulf is ramping back up. in fact, as you were coming to me, bp announced that they are going to start restaffing their platforms. but those platforms still are offline over the next 2-3 days. they'll be coming on line, and that's really the key period in which to determine whether or not there would actually be a need for more oil on the market. jon: aa

memmably in my own experience my very first business story in 1982 was about boone pickens's first takeover attempt of citi service and bruce and joe were on the other side of that deal working for citi service. it was a memorable way to be introduced to the world of business i must say. cyrus, let's start with you. just because this is such a, this is the second anniversary, this weekend of the passage of dodd-frank, the financial regulation bill. and we'll talk a little bit about you know, how wall street feels about these regulations. whether they make sense or not. whether there's overreach but as a member of the administration that helped push them and pass them and is now in the very, very complicated process of trying to get them up and running just give us a sense, please, of where we stand with dodd-frank at this moment in time. >> sure, joe. i, the bottom line in my view is that very, well first of all, dodd-frank includes some essential reforms for the financial system that were put in place. you all remember where we were in the fall of 2008 with the financial system at the ink

. >> we also had boone pickens last week.as prices could get up around $4 by the end of the year. do you agree with that? >> that's not what we would be expecting right now. the price reese flekt there's a very big surplus of natural gas and those prices will come up. we use around $4 as our median price. >> all right, thank you. >> coming up tom stemberg is scheduled to speak republican national convention tomorrow, shortly before mitt romney. you are looking at a live shot from new orleans as hurricane isaac makes its way inland. "squawk box" will be back in two minutes. control. [ engine revs ] during the golden opportunity sales event, get great values on some of our newest models. this is the pursuit of . with the fidelity stock screener, you can try strategies from independent experts and see what criteria they use. such as a 5% yield on dividend-paying stocks. then you can customize the strategies and narrow down to exactly those stocks you want to follow. i'm mark allen of fidelity investments. the expert strategies f

gun-shy talking about it, and remember romney did not back the natural gas act so far that boone pickensd. you have some head winds to the story. >> facebook, by the way, is down by about 4.5% here at the open. again, we don't know how many insiders are going to use this lockin expiration. on the likelihood of selling is pretty low, but still some pressure on the stock, down 4.5%. >> it remains a show-me situation, if only because -- i was listening to an analyst talking about the idea they simply seem to have been caught unawares by the march to june move to mobile, which has shocked a lot of people. the apple iphone and galaxy, to give it credit -- not the tablet, but that was -- in "new york times," the apple iphone changed the world in a lot of ways to this -- no one really saw it coming. how people contacted each other with facebook. you're on your desktop, it's your home page. when you look at it on mobile, i'm in, i'm out, i'm in, i'm out. that's no the what the advertisers want. >> at least not knoll. if we consider yesterday again there's been a disappearance of about $45 billio

boone pickens has been preaching that the longest.75% of our oil in the united states being used and what ever oil we drill goes into the world market, not the united states. drilling on private lands -- could you imagine a leak going into yellowstone not like it did into the gulf and what kind of problems we would have if they couldn't stop that leak on that beautiful land? people have to understand it's ok to say we're going to drill in those areas and am ok with drilling in some parts, but if we get oil leaks like we did in the gulf and no one can stop it, then we will be -- how are you going to stop it? he's not going to go down there and stop himself. he needs to get more precise with what he's talking about. put nothing on the president. i think congress has to act to pass bills to help the economy. >> let's move on to houston, texas, on the republicans line as we continue watching mitt romney at watson's a truck stop in hobbs, a mexico. >> i just finished watching the speech and it's a very telling of his intentions. i fully su

banking desk memorably in my own experience, my very first business story in 1982 was about boone pickens' first takeover attempt on citiservice and bruce and joe were on the other side of that dale, working for citiservice, and it was a memorable way to be introduced to the world of business, i must say. cyrus, let's start with you, just because this is such a -- this is the second anniversary, this weekend, of the passage of dodd-frank. the financial regulation bill. and we're going to talk a little bit about how wall street feels about the regulation, whether they make sense or whether there's overreach. as a member of the administration that helped push them and pass them and is now in the very, very complicated process of trying to get them up and running, just give us a sense, please, of where we stand with dodd-frank at this moment in time. >> sure, joe. the bottom line, in my view, is that very -- well, first of all, dodd-frank includes some essential reforms for the financial system that were put in place. y'all remember where we were in the fall of 2008 with the fall of the fina

we had boone pickens on last week. heard politicians say they would help the nation become energy independent. he's frustrated with his own attempts over the last four years. what would you specifically like to see in terms of an energy policy and what do you think of the two candidates, their plans to put forth? >> the most important thing for manufacturers is we have an all of the above approach. we take advantage of every type of energy production we can. so things like the keystone excel pipeline that was denied by the obama administration earlier this year, those are things that are extraordinarily important for a sustained and reliable energy supply in this country. the shale gas revolution is vital to manufacturing's future. the romney campaign put out a very comprehensive and i think a very positive plan for energy production in the future. but we got to make sure that we, we're focused on not only fossils and also shale natural gas but nuclear alternatives and others, coal certainly is a very important part of

boone pickens, founder of bp capital and neil barovsky, don't miss "squawk box" tomorrow at 6:00 a.m.na.d during the golden opportunity sales event, get great values on some of our newest models. this is the pursuit of perfection. in communities across the country. whether it's supporting a delaware nonprofit that's providing training and employment opportunities, investing in the revitalization of a neighborhood in the bronx, or providing the financing to help a beloved san diego bakery expand, what's important to communities across the country is important to us. and we're proud to work with all of those who are creating a stronger future for everyone. wanted to provide better employee benefits while balancing the company's bottom line, their very first word was... [ to the tune of "lullaby and good night" ] ♪ af-lac ♪ aflac [ male announcer ] find out more at... [ duck ] aflac! [ male announcer ] ...forbusiness.com. [ yawning sound ] >>> we're pack. we tush it mark zandi and john fund, columnist at "the national review." john a question that becky had talked about during a commerci

memmably in my own experience my very first business story in 1982 was about boone pickens's first takeover attempt of citi service and bruce and joe were on the other side of that deal working for citi service. it was a memorable way to be introduced to the world of business i must say. cyrus, let's start with you. just because this is such a this is the second anniversary, this weekend of the passage of dodd-frank the financial regulation bill. and we'll talk a little bit about you know how wall street feels about these regulations. whether they make sense or not. whether there's overreach but as a member of the administration that helped push them and pass them and is now in the very very complicated process of trying to get them up and running just give us a sense please of where we stand with dodd-frank at this moment in time. >> sure joe. i the bottom line in my view is that very well first of all dodd-frank includes some essential reforms for the financial system that were t in place. you all remember where we were in the fall of 2008 with the financial system at the ink about. neede

memmably in my own experience my very first business story in 1982 was about boone pickens's first takeover attempt of citi service and bruce and joe were on the other side of that deal working for citi service. it was a memorable way to be introduced to the world of business i must say. cyrus, let's start with you. just because this is such a, this is the second anniversary, this weekend of the passage of dodd-frank, the financial regulation bill. and we'll talk a little bit about you know, how wall street feels about these regulations. whether they make sense or not. whether there's overreach but as a member of the administration that helped push them and pass them and is now in the very, very complicated process of trying to get them up and running just give us a sense, please, of where we stand with dodd-frank at this moment in time. >> sure, joe. i, the bottom line in my view is that very, well first of all, dodd-frank includes some essential reforms for the financial system that were put in place. you all remember where we were in the fall of 2008 with the financial system at the ink