say it's because of qe, good try, though. >> we will have much more from dallas fed president richard fishert first he's going to, richard is going to interview the donald. >>> an interesting story out of japan, the country's biggest utility, tokyo electric power is in advanced talk to secure liquefied natural gas supplies from north america, to help reduce high import prices as japan tries to cut its reliance on nuclear power after the fukushima disaster. >> i'm supporting it. >> that's great. japan's been scouring the globe for supplies of the gas as most of the nuclear plants have been closed since the earthquake. any agreement to buy u.s. shale gas will be subject to approval from washington reviewing whether to allow export licenses. >> it's crazy, if you're talking about fixing our problems, keep it here. >> "squawk box" will be right back. >>> still to come, trump calling. billionaire and real estate mogul donald trump joins us to talk housing, politics and the state of the global economy. tdd#: 1-800-345-2550 when i'm trading, i'm totally focused. tdd#: 1-800-345-2550 tdd#: 1-800-345

richard fisher will be on "squawk box" at 7:00 eastern. it does start earlier than that, though, it starts at 6:00. >> and no reason to stop watching after we go off the air basically. still with us is david kelly from the u.s. about. which of those events will be most important for positioning in your view or is apple's iphone going to come to our rescue here? >> i think people are assuming that the iphone will be a big success. i'm not an expert in apple, but it's kind of baked in that they will do very well. the interest being one to me is the national association of home builders index. s housing is recovering in the united states. home prices are beginning to move up. that's helping with wealth and confidence and generate more home building itself. i think it will also be interesting to hear the fed officials talking about qe-3 because we really are very far out at the extreme of what the central bank could do and it will be interesting to see their thoughts on that. >> they're buying mortgage backed securities. they might be offer to

. >>> that was richard fisher talking about whether kiwi is saying whether gold could hit $2400 an ounce in just two years. where do you stand? is mr. fisher correct? >> it is not just qe that is driving things. it is the confusion of the market. of course qe is driving gold prices higher. i'm not one to put gold prices on something. if it gets to $2395 you look like you didn't make it. the trend is from the lower left to the upper right. clearly it is moving higher. it is going to drive prices upward. don't fade it. bank of america have taken a view that gold by 2014 is going to be at $2400. that is not a huge stretch. you know you have some supply disruption elements too. if you look at what is going on in south africa. pgm's platinum and paladium have done better than gold and silver. i don't think anything changes here, i think the metals get that on the pgm. if you look at fisher, this is like looking at the mini series "lie to me". this is called the correlation risk xgt the dollar is going down because of qe. it is 0.96. like you can't sit there with a straight face. that is what

number two, dallas fed president richard fisher said to speak in texas the fed hawk is very vocal aboutthe fed money printing. number one thing to watch we think is rim. look what is happening to rim after-hours. it is up 18% as a result of figures they came out with. we reported them to you percent right here on fox business. you have to stay here. melissa is next. melissa: i'm melissa francis and here's what's "money" tonight. benjamin netanyahu lays down a new red line for iran. could it bring middle east tensions to a boiling point? plus, is fracking actually good for the environment? carbon emissions plunge and one environmentalist says, you can thank fracking. he is here to make the case. >>> are you ready for some football? the refs and nfl make a deal. who scored and who got sacked. we'll break it down. even when they say it's not it is always about money.

number three, dallas federal reserve president richard fisher set to speak in new york. president has been pretty vocal about his disapproval of more quantitative easing by the fed. david: number two, housing starts. we're all looking at housing. they eased 1.1% but following a 8.6% rebound the month before. tomorrow economists are expecting 2.5% gain. liz the number one thing to watch tomorrow, david will be existing home sales. sales rebounded 2.3% in july, reversing a 5.4% decline in june. existing home sales account for a larger share

smart people, people involved with this. >> was that richard fisher and some really smart people or richardher in addition to. >> all together in the same boat saying that to categorically say that all this qe has not at different points inflated commodity prices, they have said absolutely that they think there's a linkage. i saw something last week, erin burnett happened to mention that "the huffing post" fact checkers need fact checking. they're full of crap. they lie more than the people -- the lead story was that she makes fraudulent, false statements, and i read, i go wow, what did she do? she must have screwed up. all she did was tie some of the commodity inflation to qe3 and quoted paul krugman and this other idiot, thein baker, but basically co-communists in a lot of different economic circles but categorically -- >> saying no. >> categorically untrue there's no commodity inflation? >> one of the best discretions i've heard, bernanke cannot take credit for raising the price, stock values without having also to raise commodity prices. i was interested to see last week when the jobs n

before we do anything, in my hot little hands, dallas fed president richard fisher who's a great friendf the show and a great friend of mine, he said the fed blundered in new option buying. he says he won't need qe3. did the fed blunder on qe3? >> i'm not saying we don't need it. we surely need it, the economy is struggling, we have had 2.2% growth since the turn around. the real question is this going anything, but he probably thinks it's not going to be effective. >> so you're disagreeing with fisher? fisher is saying we don't need it and it weren't work. >> if i think back to the jackson hole conference which is just a couple of weeks ago, i think everybody understands that the economy is struggling, and we need some growth. the key to growth is not monetary policy, the key to growth is actually changes the structure of taxes, changing our trade policy, changing our fiscal policy and gti t economy back in the right direction. >> what about this rise in home prices? it's really good. you have a rise in housing prices. and a rise in stock prices. my obama friends are -- i'll be fair an

you think richard fisher, head of dallas fed where you used to work if he was a voting member as he used to be that he would be another dissenter? >> i am not sure about this. typically yes but inflation dropped to such a low-level it is occurrence on the -- cause for concern among all fed members. i agree with your last speaker that one is driving the u.s. stock market, the fact that a lot of the dow 30 companies' sales are coming from abroad. 40% of revenues down 30 stocks, if you want to get ahead of this even with the united states economy week you hit foreign groups and foreign consumers whose incomes are growing 7% to 9% and the stock market can still xl and in a weak u.s. economy. dave: one of the purposes of the fed doing this is to get banks to lend more money out to make it cheaper for business to borrow money from the banks. one thing that the fed didn't do, they didn't do everything. one thing that the boston fed president suggested they do is to lower that 25% basis points banks get for keeping their money in deposit overnight. why didn't the fed do that? if they lowered tha

altman was there this weekend because his god daughter, richard fisher, the vice president's daughterried on his ranch. >> he was polluted by bulls. >> he had all those guys out there talking to him. i think he had a little bit of informed message. >> mr. altman, i have respect for him, implied it may take four years for headwinds to subside and when they do, things might get better. a little worrisome, four years. >> there are a lot of pluses going on in the economy people aren't really paying attention to. >> there's a new stanford study that finds eating organic foods are on average, mow more nutritious than conventional foods? do you buy organic? does mrs. pisani buy arganic? >> i don't. but i have respect for people to do it. it's more expensive. if it's beneficial health-wise, it's better. the problem we have a huge lo y lobbying constituency growing. it's like global warming, you have to take a political position. >> where i live in brooklyn, we're way beyond organic, we eat locally grown, seasonal food. we like to know a lot about where our food is but not government grown org

. >> tomorrow, richard fisher following last week's huge news about qe3.s is a guy we want to talk to. >> i want to know what he said to ben bernanke. [ male announcer ] when a major hospital 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 ] [ male announcer ] introducing a reason to look twice. the entirely new lexus es and the first-ever es hybrid. this is the pursuit of perfection. >>> welcome back to my method to the madness episode, the craziest, most enlightening, entertaining show. we're talking about all the methods that made me a pretty darn good money manager and one that helps me put together the show every night. i'm trying to enlighten you about what's behind the scenes. that way i can make you the most money. i want to teach you how to do what i do so can you do it yourself. i want to teach you about a way to

but on "squawk box," dallas fed president richard fisher disagreed that, sake the fed can't fix whats the economy. >> the real uncertainty stems from what my taxes going to be? what kind of spending patterns come out of the federal government? how i do deem with the explosion of regulatory morass we have coming out of washington? how do you make a decision, how do you budget, whether you're exxon or a limb, bitty 20-person company? >> the fisher view of the world, it rests on that u.s. fiscal uncertainty, he acknowledged he was in the minority, conceded there has been some decline in mortgage rates from the fed's new policy. >> steve, you will rejoin us after the break as we take a look at the 46.4% of dish >> thank you very much. it is -- >> not 47 who pay no federal income taxes. >> going to give you details that the other folks aren't giving you can the kind of stuff that we are best at here. >> see you in just a minute. >>> check out today's yahoo! finance poll. do governor romney's remarks at a recent fund-raiser regarding the 46.6% of americans, not 47, being dependent on gover

here's what richard fisher had to say about the impact this is having on the economy. >> the reason wee so much uncertainty is not just uncertainty about europe and uncertainty about the slow down in china. these are important things. the real uncertainty stems from, where are my taxing going to be? what kind of spending patterns are going to come out of the federal government? how do i deal with this explosion of regulatory morass we have coming out of washington? >> we've heard it from ceos. we've heard it from business leaders and others about the uncertainty about the economy because of the fiscal cliff. we're pleased that joining us now is representative sandra levin, the long-time democrat from michigan. he's the ranking member on ways and means now. we invited one of your republican -- any of your republican colleagues to join us. none were available. i guess they were all afraid to debate you on this issue, or at least add their two cents. thank you for joining us. >> glad to be with you. >> are you convinced that there is some middle ground on this contentious issue that in so

now, richard fisher's been on this program many times with criticisms but has never been that specificese are the most specific criticisms of the last qe that i've ever seen. >> reporter: yeah, i would agree. and, listen, this was a very beefy, meaty speech by president plosser. it was 11 pages. it was full of policy, a lot of academic arguments as well on why this may or may not work. he momentum think it will -- he doesn't think it will. and, of course, he is very concerned about inflation, he is an inflation hawk, so he wanted to make sure that he laid down his marker once again in this debate as it goes forward, and he also wants to talk to the public about the possible risks of all this to help them navigate all this down the road. liz: and it is a debate because boston fed's president gave you an exclusive interview a week ago, and in the essence he said, quote: qe will help. i think it'll have a material impact, and there are a number of ways it can happen, one is the housing market. and he went on to articulate that. frankly, peter, the facts bear out, housing market's looking

richard fisher isn't one to mince words and he didn't hold back this morning on "squawk" when discussing the central bank's primary role. >> our job is not to provide to the traders. >> that's what people think. the one thing you can control the asset values in the stock market. >> but our job is to do what's in the long-term interest of the american people. now, the stock market provides what economists refer to as a wealth effect. >> right. >> but we're not interested in what happens immediately or the next day and so on. >> i'll go right to guy adami and ask him about this. >> he's right. he's 100% right. the markets, the foundation of the market, should be earnings, revenue, earnings growth and revenue growth. the foundation of this market i fear is a blind faith in this federal reserve that's been very accommodative. i think he makes a great point. my point about the market going higher is, it doesn't give you this long to sell the highs, which means to me it's going higher, which at some point it does not end well. so earnings and earnings growth has kicked in which i don't see hap

we talked about similar issues with dallas fed president richard fisher on "squawk" yesterday. >> let's give the chairman some credit here. he's doing what he wants to do, has to do, should be doing for the economy. the efficacy of this program is where we disagree. there are costs and benefits. i argue more on the cost side. others argue on the benefit side. a decision was taken. instead of hammering the federal reserve, point your fingers at the congress. >>. >>> and in other news, a tiny central american nation of belize is not going to be making a crucial deadline for making a payment on its sovereign bond. this paves the way for a formal default in $550 million. it would make a mark of about half of the government debt. here's your example. >> and then idaho sat said joe. they must want me to comment. i haven't been to belize. >> i think it's because we went out of order with the teachers union. >> i think they want some comments on the story. >> vacationing in belize. is it going to be cheaper now? >> you said this before. i think it's a sad story. remember that other one? what wa

that they will go less than that because there is a significant number of talks on the fed like richard fisherong argument for not doing this and the compromise will be they will do a little less than wall street wants. dennis: there are three big things that they can do. one is they extend this twist things. another is simply extend the language of low interest rates even less. the big thing would be new money, buying new bonds, increasing the amount. do you think that will happen, actual qe3 extra money? >> yes, i do think so. if they were to do what you talk about, extending language or cutting interest on excess reserves, wall street will be disappointed. they will be that as a missed opportunity. they are expecting more money to be shoveled in by the fed. 500 billion is kind of their expectation and we will see whether or not the fed actually meet that target. dennis: is there any chance the fed comes out and they don't use in the market says it is because there is new data and it is better than what we think. >> if that happens, it will not happen on thursday or friday. the fed is in the

we'll also hear from richard fisher, the dallas fed president later in the evening.ith the focus on the housing market lately, craig, is it your view that the fed's policy is going to be enough of a difference here? are we beginning to look ahead in six, 12 months time and go back and identify this as some kind of turn? >> i don't. i don't think so. certainly the fed can try to push mortgage rates lower. i think that they can eventually. one of the problems we have right now is if you look at morning rates versus mortgage backed security yields, which typically those would be correlated tightly, the spread is 150 basis points. the average spread is around 50 basis points. reason is you have this big backlog in the pipeline. there are too many people that want to refinance. the banks can't service them. the mortgage originators are no longer in business. so it's going to be hard to push those rates down when there's so much demand to refinance and not enough demand to create refinances. one of the reasons the banks aren't lending isn't because rates are too high or no

what i wanted to say about george will is he went to talk to esther george of kansas city, richard fisher we'll talk to next week from dallas. he talked to jim buller, basically said the central bank out there centrally planning, basically saying that the -- venturing into fiscal policy. i don't think what george will says is so important by itself. i think it's emblem mattic, if the fed acts today, i think the fed is going to become a major political issue in this campaign. >> it's not just that. congressman scott garrett is expected to speak later today and say the same thing, he's going to say they've gotten into this area of fiscal planning and that they shouldn't be doing that. of course, you can point back to congress and say they're doing it. >> my expectation, becky, it will move from our little world where we talk about should they or shouldn't they into the bigger world. if guys like george will are writing about it, and it's become a whole different conversation from what it is now. >> don't you tend to discount just about anything a person that just insists on wear ag bow tie

and tomorrow on "squawk," dallas fed president richard fisher. he's going to be our special guest.us on the set to talk about the latest round of qe, the economy, the election, too-big-to-fail banks, all sorts of things. tdd#: 1-800-345-2550 gives me tools that help me find opportunities more easily. tdd#: 1-800-345-2550 i can even access it from the cloud and trade on any computer. tdd#: 1-800-345-2550 and with schwab mobile, tdd#: 1-800-345-2550 i can focus on trading anyplace, anytime... tdd#: 1-800-345-2550 until i choose to focus on something else. tdd#: 1-800-345-2550 trade at charles schwab for $8.95 a trade. tdd#: 1-800-345-2550 open an account and trade up to tdd#: 1-800-345-2550 6 months commission-free online equity trading tdd#: 1-800-345-2550 with a $50,000 deposit. tdd#: 1-800-345-2550 call 1-800-836-8799. ♪ [ male announcer ] introducing a stunning work of technology. introducing the entirely new lexus es. and the first-ever es hybrid. this is the pursuit of perfection. for the spender who needs a little help saving. for adding "& sons." for the dreamer, planning an

launch a new round of bond buy willing add stimulus to the economy but on the squat this morning richard fisher said he would have voted against it because he believes it won't do much to create jobs. here's what he said. >> let's be fair to the chairman. he has to pull the group together and the group as a whole feels the economy is barely steaming along. it is in positive tear moan, yet it's at risk. we've got a lot of guests on. he says they're running flat out and has even more tools to work with down the road. >> does anyone -- dick fisher, tremendous guest, thoughtful guy. i always enjoyed listening to him. does it matter that he's wrong or does it not matter like sports where you can be 0-7 but be a great team? i mean is there any rigger to this business, say the nfl versus the refs. does it matter or maybe it doesn't matter. >> i don't know. i feel like from a trader perspective, there's nothing wrong with it. there could be debate if it actually happens but there's a debate. whether or not it plays out, we don't know. i don't know of another one at this point. >> otherwise known as don

fisher. lucy fishman. brian fitzgerald. thomas fitzpatrick. richard fitzsimmons. darlene flag. christine of flannery.deric cox we will always remember and you will live in our hearts. and my brother john christopher dodd bless alex and claudia and protect us or from all further acts of evil and teach us to truly love one another. eileen fletcher. lingerie fletcher. karl flick injured. matthew flacco joseph wonders. carol flizek michael full bore stephen photo. thomas foley. james bolger. david quantum and of could win ford. donald four men. christopher foresight. claudia foster. know well foster. sandra foster. robert fulte. colleen francis. virgil francis. martin frank. peter frank. and christopher epps we love you and we miss you. spending your 40th birthday and have been. you are watching over us. your infectious smile and laugh will be ingrained into our hearts forever. mommy has joined you and have been this year and we know you are taking care of her. she is taking care of you. we love you and my brother we miss every day. >> khalid frazier. derek frazier. kevin folly. andrew frederick. tabitha

richard, what do you look forward to with the supreme court back in session. >> fisher and one of myuniversity of texas. go horns. but, also, we'll be looking at law concerning same-sex marriages and the supreme court will address that. and they're also going to address warrants, fred. whether you need a warrant to take a blood test on a dui, a potential dui case. you need that warrant or can the police just take your blood? interesting case. some of the other warrant cases will be decided by the supreme court. we're looking forward to it. >> so much at stake. >> red hot. >> thanks so much, avery, richard. thank you so much. again, we'll talk to you, again, next week. maybe we'll be getting a little bit more specific on some of the other cases that they might start to tackle this week coming up. we'll see. >> if you call us, fred, we'll absolutely return your call. >> a call back. >> you want a reply, give her a reply. what the heck, why not? thanks so much, guys. appreciate it. >>> the legal guys are here every saturday at this time. if you give us their take on the most intriguing

ginsburg, the fisher brothers, their political supporters, clean up your act, we get it, you're a bully, stop the harassment before it causes another tragedy. thank you. >> thank you. >> richard fong. >> good morning, commissioners, i want to try to take a little second look at the trans bay area of the park and everything else. i listened to it the last time, it's pretty good, it goes through everything thoroughly, the part i had problems with had to do with the water and the sewer treatment, it's going to -- when it overflows, it's going to dump into an estuary, currently, we're having those problems of seagulls dinging from respiratory, that's what california brought into the acw commission for us to listen to, there was a veteran there and doctor, they don't know what had happened to these seagulls around there, so on this where you're going to have the trans bay and there's going to be a whole lot more people and more problems that are going to come up from excessive sewer, so rather than having them dump out the raw sewer into the estuary, i would like to recommend that possibly while they're still makes the plans, it's not yet 2017, that there be the additional sewer t

fisher case for any of the panelists. what impact you think would be played by the shelling that has been made, i know -- i believe one of the party breeks about the work of richard sanders, ucla, showing the impact of allowing students who are affirmative action, whether because they are legacy affirmative actions, racial or sex-based, with j.p. day or test scores lower than others in the class, the odds are that many will drop out. there's no empirical showing that affirmative action admittiees may be paying a huge price because of the statute that lets them come and about the qualifications -- it seems is counterproductive and they do less well than if they go to a second-tier school. >> anyone want to comment on me mis-match theory? >> in a set of studies -- it would make some people who are a little bit skeptical of affirmative action think, this is not even helping the kids it is supposed to help. but the reason i do not think -- i think there are five skeptics of affirmative action already on the supreme court, several defenders. i think it is an interesting research. i do not necessarily think it will change much of the supreme court. >> i read the book c

fisher case for any of the panelists. what impact you think would be played by the shelling that has been made, i know -- i believe one of the party breeks about the work of richard sanders, ucla, showing the impact of allowing students who are affirmative action, whether because they are legacy affirmative actions, racial or , with j.p. day ore test scores lower than others in the class, the odds are that many will drop out. empirical showing that affirmative action admittiees may be paying a huge price because of the statute that lets them come and about the qualifications -- it seems is counterproductive and they do less well than if they go to a second-tier school. >> anyone want to comment on me mis-match theory? >> in a set of studies -- it would make some people who are a little bit skeptical of affirmative action think, this is not even helping the kids it is supposed to help. but the reason i do not think -- i think there are five skeptics of affirmative action already on the supreme court, several defenders. i think it is an interesting research. i do not necessarily think it will change much of the supreme court. >> i read the book called a mismatch on

fisher case. what impact do you think would be placed by the shelling that has been made, one of the party brief about the work of richard sanders showing the impact of allowing students who are affirmative-action -- legacy and affirmative-action and sex based that the s.a.t. scores are significantly lower than their colleagues, drop out and do badly. really showing that affirmative-action may be paying a huge price because the statutes that lets them come in without a complication appears is counterproductive and they do less well than in a second-tier schools so not as good. >> anyone want to comment on that? >> it is a brief and a set of studies that would make some people who are a little bit skeptical of affirmative action think this is not even helping the kids it is supposed to help. the reason i don't -- there are five skeptics of affirmative-action already on the supreme court. several defenders. an interesting research. i don't necessarily think it will change much. >> tremendous job, mismatch by stuart taylor and richard sander. i agree with that. you can see the opinion goes against texas and doesn't help peo

richard sander, but i would tend to agree with that. you can see an opinion already knows against texas and this doesn't help people in something like that. >> the other thing i would say about fisher in more general germane to your question the bible say it any way i do think that it's interesting in looking at the merits just how clearly they are targeted at justice kennedy given the fact as david noted certainly not in the recent terms and voted to sustain the produce someone told me that there is something like 59 checks to justice kennedy and the party briefs alone. so clearly people are picking up on the language from his opinion on the sort of race neutral alternatives and attempting to kind of turn that to their net advantage. but for what it's worth -- and unusually hesitant to make predictions about outcomes in the supreme court cases i do think this is one area in which the changes, the recent changes in the court's membership really do have the potential to make an outcome this positive for different. there is a sense in which the recent replacement have in a very broad sense been like for race i don't think that is true with the effectiveness of justice o'connor and ju