fed head richard fisher if qe-3 is inevitable. "the kudlow report" is moments away. >>> look, i hate the market as much as everybody else. i hate coming in every day and seeing our determining by what happened to spain, italy. i hate it. that doesn't mean i want you to sell it. i don't like some of the stocks, but get out now? i can't get you back in. that doesn't make sense to me. high yielders, little less tech, little less oil, little less finance. more defense. utilities, real estate investment trusts, food stocks like i feature. that will get us through it. there's always a bull market somewhere. i promise to find it for you. i'm jim cramer. see you tomorrow. hey, larry, good to see you back. hope you're feeling well. what are you looking at tonight? >> jimmy, i am feeling better. if only the economy would do likewise. good evening. i'm larry kudlow. this is "the kudlow report." our top story tonight, two stinging defeats for the president by the supreme court. in a 5-3 ruling the court backed a section of arizona law that al

richard fisher joins me right now to talk about that and more.od to have you on the program. >> thank you. >> thank you for joining us. i want to start with the health care legislation. it was a surprise for many people. what's your take on the implications of this decision? >> i have been making the foling point, monetary policy is known by the rest of america and by the decision makers that do great jobs. we have really poured on the gas. what is not known is all of the cost factors going into how you hire, when you hire, and who you hire. so this is a cost factor. i don't think it's eliminating the uncertainty, it will depend on what happens with the election, but there's a little more certainty put out there, and it is a decision made by the highest court in the land, and it can be changed under other leadership. so it's not the amount of fuel in the gas tank, as i say, it's who will step on the accelerator, and how to do it. >> i want to get to that, because i know your opinions about all of the stimulus coming out of the fed, and you come a

there's philadelphia's charles plosser; from dallas, richard fisher; and minneapolis' narayana kocherlakota. but voting on the fed's key interest rate setting committee rotates, and the only hawk with a vote right now is richmond's jeffrey lacker. the hawks think the fed's unconventional efforts to boost the economy have had little impact, and they worry that the last time the central bank pumped money into the economy, it stoked inflation. >> we saw a big surge in commodity prices, a strong rise in inflation, and that hurt the u.s. consumer. and i believe that hurt the u.s. economy. it may not be a mainstream position, but it doesn't necessarily mean its a wrong position. >> reporter: the doves focus on slack in the economy-- high unemployment and the looming risks from europe. at the fed meeting that began today, the doves will argue the facts do not favor the hawks. >> i think the numbers are moving against them. the job market is growing, but at a much slower rate. the rest of the economy looks to be on the soft side. obviously, the risks to the economy have risen, given what is going o

richard fisher is in scotland. st. james bullard will talk about the after math of the housing bubble. and charles evans speaking to the nyu at 7:15 p.m. ben bernanke speaking on thursday. and again looking down about a couple of points across the board for u.s. futures. paul, good morning. fwifb all the headlines these where are you telling america's political elite to put their money? >> good morning. so this is a record time of uncertainty. you have to go back to the great depression, you have to go back to 1932 to see will this level uncertainty. so we're telling our clients to be cautious, not a time to be looking for higher income, higher yield or have expectations of high returns in the equity markets. >> are you recommending cash under the mattress strategy or do you like to the mining sto s stocks? >> a combination of things. we do follow technical disciplines. currently they indicate to us pot to be long only in equities and to be in cash. we like private investments and hard assets specifically in the united

for bank break ups which includes you know people like the conservative dallas fed president richard fisher just you know sort of spans both sides of the aisle these are the kinds of things that really bolster their argument ok and then since we haven't had you on the show in a while you know i have to i have to ask you about this facebook i.p.o. for a minute at least to get your take and specifically because what we've seen you know mark zuckerberg how much worth has been lost you know just in the last couple of days and then at the same time you see this other effect where kayak for example decided to scrub their i.p.o. because facebook was such a fiasco and so you know a lot of people are asking if facebook really cast a complete dark shadow over this for a lot of tech firms out there is that the end of i.p.o.'s for tech companies what do you say. i think. probably overstating the case like with all these things that people take of events and they extrapolate something the end of the i.p.o. window has been shut off a strong growing profitable company will be able to go public in a market

this is a conversation i had yesterday with richard fisher from the dallas federal reserve. he said he questioned why this is no discussion in congress about the fiscal cliff. some of these very important issues that are pabt to change the dynamic. listen to what we told us yesterday. >> there's no way in a monetary policy can substitute for what happens on the fiscal side. decisions have to be made that don't push us into recession and solve the long-term problems. >> i agree with that. >> do you agree? >> of course. nobody has argued that we don't have the fiscal problems that we have today that's served by monetary policy. it's europe at the moment. fortunately we are able to balance the central banks, and that is solving the problem temporarily, but it's like the leaky boat problem. unless you fill the holes on the boat, and the water keeps coming in, ultimately the boat will sink. >> let me get back to the united states. how do you think it will play out that the bush tax cuts and the spending programs expiring simultaneously at the end of the year, and even though a lo

richard fisher will be joining us with his take on the fiscal cliff and what policy makers need to dopport the economic recovery. that's coming up on thursday. >>> inside the three minute market. we had a little bias here as we head toward the close with the dow coming off of the highs in the session. look at this trading pattern now for the dow. here was the low just before noon and the market headed higher. watch this, we'll show you what crude oil did in new york today, and you will see a very similar trading pattern. a chicken and an egg, who is leading who? i suspect it's oil calling the shots right here. the price of oil moved higher today. the gasoline just eked out a gain. week over week and year over year and demand has been coming down for 66 consecutive weeks for gasoline. and prices are sharply lower, and we're just going to finish together. the ten year yield bumping up just a bit today. we have the auction that when about as suspected we have notes auctioned off on thursday, and the price of gold getting slammed again today, down almost $15. the sectors today a risk on d

richard fisher of the dallas fed. they're saying if it's too big to fail it's too big. if it's too big to fail and too big it's too big to manage. therefore i ask you is it time for us to break up the big banks that are too big to fail and go back to glass stegel where the taxpayers were behind deposits and loans and whatever investments you wanted to make. hedge funds, private equity, venture funds, whatever. you can make them but no taxpayer support. is it time for the old mod snl. >> it set up a series of fire walls so you had banking as a boring enterprise. you take deposits and make loans. essentially that's what the volcker firewall does as well. it says you stay in the world of making loans rather than be in the hedge fund world oh. the larger you are, if you blow up, the bigger the shock wove v waves through the economy. you either have to have very bright clear rules about staying out of the hedge fund world or you have to have a lot smaller institutions so when they melt down they don't take down the economy with them. >> we'll leave it there. many thanks, sen

man right there house minority whip steny hoyer join us live and we have dallas fed president richard fishers telling us why the latest moves may be doing more harm than good. mandy, wait until you see who's ringing the closing bell at the new york stock exchange today. all that coming up at the top of the hour. >> you're teasing me. wait. it is a tease. perfect tease, bill, because now i'm going to tune in to see. >> ironman guy. >> close. >> close? >> is it ironman? >> you're getting warm, brian. that's all i'm going to tell you. >> okay. aquaman. >> we have to tune in 4:00 p.m. i think spider-man. >>> down beat markets today for a variety of reasons. but which ones could pose a threat to long-term profits with qe3 to think about? joining sus john brady of rj. i don't want to belabor the point and find out the negatives most negative today. i'm more interested in putting the quarter behind us. what do we do setting ourselves up for next quarter and make some money here? >> mandy, unfortunately, i think politics continues to sort of cloud the whorizon, it is challenging. the opportunities s

richard fisher is a well-known hawk at the fed. his comments not perhaps too surprising.ut do you agree with his sentiment that more quantitative easing would not necessarily do much good? >> 100% i agree with it. actually what this economy worldwide is missing is the concept of creative disruption. weak bodies have to go out of business or reorganize for growth to occur and we're basically thwarting that with all of these artificial mechanisms to keep everything buoyed. we're afraid of failure. it's unbelievable to me. you have to let a few people go. >> michael, we seem to have plenty of destruction and the creation part seems to be a bit of a problem in the u.s. if you look at business formation, if you think about companies worried about who they're going to sell to given the economy is so weak. what do you do to support growth or 0 to get more confidence in the creation part of that formula? >> fantastic question. the real problem here is regulation. the problem is that we're not sure what kind of government we're going to have at the end of this election cycle and w

fisher's hill. sheridan, on the advice of his west point ram mate, richard crooks -- of course, share done is going to take credit for everything and ignore crook -- they are going to do a frank attack and roll him off of a little north mountain and crush early's lines and it's on the route. that night as the confederates are ree treating south of the valley, there's a federal soldier sitting with some of the comrades commenting that they heard him say old jim bowen is going up the spout and old jim burly is about played out. and indeed, he was. the victory opened up the valley, upper valley. the federals came. very interestingly, when they are at harrisonburg in stanton -- i know, yankee mistake. i'm sorry. i regret that many years ago and still fall into that. no. grant sees something right away. here he is, all he has to do is cross the mountain and take charlottesville, the railroad and move into the back door of richmond. and he wires sheridan and he tells him, look at this. here is where you should go. and share doon dan writes back a line of excuses and why he can't do it. one of them, inter

weather channel meteorologist eric fisher is here with the forecast. >> well, richard, it has been anincredible run over the last couple of days, triple digits as far as the eye can see. look at some of the high temperatures from yesterday, 109 in nashville, 104 in atlanta, a new june all-time record, 106 in st. louis, 106 in little rock, in norfolk virginia up to 104 and eventually that heat starting to fuel big storms in the ohio valley stretching to d.c. high pressure is in control through the weekend. that means we are going to sizzle. highs today 105 in nashville, 105 in atlanta. that would be the hottest temperature ever recorded, tie anyway in the peach city, 105 in charlotte, 100 in d.c. d.c. and jackson, mississippi, 99. sunday, it's more of the same. a prolonged bout of heat, we have 25 states we're forecasting 100 degrees or higher. heat advisories are you for over 47 million people. here are some of the numbers about nashville, 109 is a june record, it was set record. that was also the all-time warmest temperature ever recorded. saturday, sunday, monday, more triple digit

respect and i feel grateful to have worked for this and joan fisher, a very graceful writer who got the project off the ground. don richardsows him. >> he put in a good word for will win he was applying to get that place. i church wanted it as well. he said rehabing of churches in our community. [laughter] and said it is religion. also jennifer to have some beautiful pictures in the book and is a great photographer. there are other people i am forgetting. thank you. >> we have other folks other instrumental in the work that we do. we have our facilities manager you may run into her. where are you? she is somewhere. also we have a couple other people and we want to thank them because they are a part of our routine. at growing power we are a team. this team perspective is not just me. i get to a lot of credit that we have 110 employees today and we will hire another 150 over the next year or so. [applause] they do the heavy lifting. and we embark on a strategic plan and frank mark to note -- frank is leading us through our second strategic plan. first brought us to where we are today. that is what we will develop to take us

weather channel meteorologist eric fisher is here with the forecast. >> well, richard, it has been ane can see. look at some of the high temperatures from yesterday, 109 in nashville, 104 in atlanta, a new june all-time record, 106 in st. louis, 106 in little rock,

. >> weather channel meteorologist ericç fisher is here now with e forecast. hey, eric. >> well, richardas the eye can see. look at some of the highs from yesterday, 109 in nashville, 1094 atlanta, a new june all-time record, 106 in st. louis, 106 in little rock. in norfolk, virginia, up to 104. eventually that heat fueling some big storms in the ohio valley stretching to the d.c. area. high pressure is in control through the weekend. that means we are going to sizzle. highs today 105 in nashville, 105 in atlanta, that would be the hottest temperature ever recorded, tie anyway in the peach city, 105 in charlotte, 100 in d.c. and jackson, mississippi, up to 99. we head into sunday, it's more of the same here. it's going to be a prolonged bout of heat. 25 states we're forecasting hitting 100 or higher. heat advisories are up for over 47 million people. here are some of the numbers from nashville, use it as a poster child. 109 a june record, was set yesterday, also the all-time warmest temperature ever rod recorded. saturday, sunday, monday, more heat in atlanta. should be the hottest game

fisher who is here tonight. >> will you stand up? >> the ping shares. ae >> very grateful writer who get this project off the ground. don richardsr. >> were is john? >> where is down? >> areas. >> said think everybody knows done. and all the men here in the city of milwaukee.evody >> and don is putting in a good word. well as applying to get thatnws place on silver spring drive there's a church to want to the place as well. and don said, i think we have enough churches in ourinoo community.ted itwe he said to me said, what you're doing is religion and self. and i want to thank jennifer, some beautiful pictures.auti and really helped quite a bit. great photographer. lots of other people that i'm sure and forgetting. thank you. >> we also have some other folke that were very instrumental in the work that we do. one of them, sarah was nasty, our facilities manager of glen power. a lot of you have been to tours. you have probably run into her. where are you? [applause] somewhere in here.e li and also we have a couple other people here. really wanted to thank them.to part of a key. the way we operate. , i keypad and kaj and organizat

fisher and who is here tonight speak shown, would you stand up and that? >> she's in the back with a picture. very graceful writer who got this project off the ground. don richardse book, a board member. where is don? right here. spent i think everybody knows dawn, a former alderman here in the city of milwaukee. >> don put in a good word for will win will was applying to get that on silver spring drive. there's a church the one of that space as well, and don said i think we have enough churches in our community. [laughter] he said well, what you're doing is religion in itself. and i want to thank jennifer, who has some beautiful pictures in the book. helped quite a bit. [applause] >> great photographer. just need to make sure, there's lots of other people i'm sure i am forgetting, but, and we'll, thank you. [applause] we also have some of the folks that are very instrumental in the work that we do. one of them is sarah, our facilities manager at growing power. a lot of you who have been onto it, you're probably run into her. center, where are you at? [applause] okay, she is somewhere here. and also we have a couple other people here from growing power. and real