we'll have more with richard fisher and andrew, are you ready?m ready. >> checking the futures right now. and we should check them, whenever the dallas fed president talks. later we'll get to kevin madden. ghost host, former romney campaign adviser will react to ambassador wise withdrawing her bed to be secretary of state. we have a lot to talk about. >> comments? questions? send them to @squawkcnbc on twitter. follow the show and look for updates from andrew, becky, joe, and the "squawk" staff. "squawk box" on cnbc. and on twitter. tdd#: 1-800-345-2550 let's talk about low-cost investing. tdd#: 1-800-345-2550 at schwab, we're committed to offering you tdd#: 1-800-345-2550 low-cost investment options-- tdd#: 1-800-345-2550 like our exchange traded funds, or etfs tdd#: 1-800-345-2550 which now have the lowest tdd#: 1-800-345-2550 operating expenses tdd#: 1-800-345-2550 in their respective tdd#: 1-800-345-2550 lipper categories. tdd#: 1-800-345-2550 lower than spdr tdd#: 1-800-345-2550 tdd#: 1-800-345-2550 and even lower than vanguard. tdd#: 1-800-

. >>> meanwhile, dallas federal reserve president richard fisher saying congress should borrow a bookits playbook to strike a deal on the fiscal cliff. >> we get things done. we make a decision, and we proceed. >> we'll discuss whether washington gridlock will unravel all the fed's work to keep the economic recovery on track. and next up, is your 401(k) among the best or worst rated plans in the country? don't miss that one. back in a moment. any way you want. fully customize it for your trading process -- from thought to trade, on every screen. and all in real time. which makes it just like having your own trading floor, right at your fingertips. [ rodger ] at scottrade, seven dollar trades are just the start. try our easy-to-use scottrader streaming quotes. it's another reason more investors are saying... [ all ] i'm with scottrade. military families face, we understand. at usaa, we know military life is different. we've been there. that's why every bit of financial advice we offer is geared specifically to current and former military members and their families. [ laughs ] dad! dad!

kind of one sort of thought not a lot of dissension or differing views i mean we hear about the richard fisher they seem to be few and far between is not that culture at the fed you've worked on anything yeah i think there is a little bit of that i certainly think you know whenever you've got. hundreds of ph d. economists there will be a natural tendency to behave in an academic manner that's not a it's not a criticism but what it does end up doing i think is is. leading towards a certain group think. i do think it is varies from bank to bank from reserve bank to reserve bank but there can be a certain conformity of opinion you're not likely to get as many austrian economists who are opposed to the idea of central banking if you are working for the central bloc clearly it was clearly well everybody but there they are out there but few and by as you say few and far between right so then the one question if you want to end on that is if there is kind of this groupthink within the federal reserve what kind of relevant conversations about central banking or federal reserve policies or disagreement

dallas fed pretty richard fisher will speak at about 1:15. as for earnings, sampson farms and oracle. and we'll be right back. [ male announcer ] this december, remember -- you can stay in and like something... or you can get out there and actually like something. the lexus december to remember sales event is on. this is the pursuit of perfection. >>> you are watching "worldwide exchange." president obama gives some ground on taxes after another round of fiscal cliff talks. but he stands firm on the debt ceiling. >>> hopes for a deal in washington are pushing european shares near their highest of the year. and sweeten's bank cuts its key interest rate warning of eurozone woes. >>> a federal judge has denied samsung's injunction for a permanent injunction. it's not a total victory for samsung. the judge rejected the company's motion for a new trial based on the thought that the jury foreman was bias on apple. however, ceo jeff immelt says the fiscal cliff in washington has hurt demand in recent months. >>> and meredith whitney says it's time t

liz: richard fisher, the dallas fed president was making comments a day at the florida luncheon.time to break up that too big to fail banks. it stunned me that he was using that because we all thought that dodd-frank was supposed to sort of jettison that too big to fail concept. clearly he believes that it is time to break up banks because he feels that there are some that are too big to fail. he did not say specifically citigroup, but we have the benedictine nuns who own a lot of citigroup stock down on their investment. abbey protect shareholders from problems if there is some systemic risk that suddenly brings other banks down that has nothing to do -- >> first of all, i don't think that splitting up banks is, you know, the way to go because every side that you split up and have its own risk. if you look at what happens, you're probably talking about a set of 20 people who are really in the heart of things. it's not like the whole bank was guilty of breaching confidence. but the capitol requirements will help, but it will also hurt. liz: before we go, your passson right now. i

a special extended interview with dallas fed president richard fisher.itative easing, the economy and the fiscal cliff. don't miss "squawk box" starting tomorrow at 6:00 a.m. ♪ [ engine revs ] ♪ ♪ [ male announcer ] the mercedes-benz winter event is back, with the perfect vehicle that's just right for you, no matter which list you're on. [ santa ] ho, ho, ho, ho! [ male announcer ] lease a 2013 c250 for $349 a month at your local mercedes-benz dealer. you won't just find us online, you'll also find us in person, with dedicated support teams at over 500 branches nationwide. so when you call or visit, you can ask for a name you know. because personal service starts with a real person. [ rodger ] at scottrade, seven dollar trades are just the start. our support teams are nearby, ready to help. it's no wonder so many investors are saying... [ all ] i'm with scottrade. >>> welcome back to "squawk box." this morning in the headlines, we're about an hour away from a flood of economic data. november retail sales, producer price index and weekly jobless claims se

that according to dallas federal reserve member richard fisher who was very clear on "squawk box" thisng. >> we need to get things done, cannot substitute for a proper solution to the fiscal cliff, and i hope there's not a single person in congress that believes monetary policy will bail us out. there's a limit to our effectiveness. >> joining from us capitol hill, congresswoman katherine mcmorris rogers, congresswoman from washington and chairs the house leadership conference. we welcome you. for the first time in a while we're not all obsessed with the fiscal cliff. we've had our attention diverted to connecticut, and i know we all send our best to the people of newtown, connecticut, today, and i can imagine you're adding to that, yes? >> it's just devastating, it's awful. i'm a mom and have two kids, a 5-year-old and 2-year-old and like any parent we can't understand what has happened or the grief that they are going to be enduring and our hearts go out to them, our prayers go out to them, and -- and anything we can do at this point we're ready to do it. >> when we last left the neg

the dow's fed richard fisher comparing it to the eagle's "hotel california" saying you can check out any time you want but you can never leave. jeffrey lacker also making comments today. our senior economics reporter steve leaseman joins us with more. what exactly did the fed president mean, mr. fisher, when he said that, steve? >> once you start going with qe, that you cannot stop because of the effect on the market. and fisher was just one of two hawks that took to the airways to voice his opposition with the change in fed policy which, as you remember, boosted quantitative easing by a trillion dollars this year. fisher and president jeffrey lacker are among call them two serial dissenters. lacker has dissented at every meeting. fisher on "squawk box" this morning, i want to show you the quote that tyler is talking about and what surely is a first comparing fed policy to a rock and roll song. >> i've argued that basically we were at risk of what i call a hotel california monetary policy going back to the eagles song which is you can check out any time you want but you can never lea

but as richard fisher will share with you, it's because we have put into place some relatively simpleces of keeping the taxes low, the regulatory climate fair and predictable, a legal system that doesn't allow for oversuing. >> tort reform. >> we passed one of the most sweeping tort reforms in the nation and passed looser pay to add to the next layer of that in the 2011 legislative session that continues to send the message of, listen, if you want to come and risk your capital, there is no place in america that you have a better chance to have a return on the investment than in the state of texas. we got a skilled workforce. continuing to develop that skilled workforce, and then try to get out of the way. i mean, government to get out of the way as best you can and let the private sector do what the private sector does best which is create the jobs, which in turn create the wealth. >> and, you know, when you hold it up as an example of what low regulation, low taxes, tort reform, you hold it up as an example, it's easy to see in individual states what happens when the opposite goes on

david: even my friend richard fisher who is in dallas texas by the way not even washington but i think wrong. i see inflation saul over the place. -- i see inflation all over the place. keith, good to see you. >> happy holidays. david: the hits keep on coming for research in motion. it is betting big on its new blackberry software, if it flops, so does the company. and that story is next. >> it's all about the content apps and mobile. that's what the big play is. if you're not into content apps and mobile space, you are not going to make it. why i say that, it's about e-commerce and it's about advertising. david: in our last hour, on the heavy competition between apple google facebook and amazon. remember to tune in every weekday morning at 9:20 sharp. that's when varney & company begins. let's take a look at the markets. we are off, way off where we were. it looked like we had a -- kind of a strong positive start to this market. the futures were up double digits 30, 40 points. it went up to 35. now it's pulled back to 12. a lot of depressing news about retail sector clearly having an

. >> then, you listen, we listen to richard fisher. you listened, too, right?hotel california analogy. >> mm-hmm. >> i called it a roach motel. you can check in but you can never check out. he seems to be, and a lot of people, the true -- there's a whole group of people that think the fed has gone way too far and they're going to come home to roost. the chickens are out there waiting or the roosters or whatever. you don't feel that way? i mean you are more near-term. you're worried about 2013. you're not worried about your investments in 2015 or '16? >> i'm worried about when we talk about things going on in d.c. >> you're not worried about this huge balance sheet? >> i think the balance sheet can hold and slowly whittle down, okay, over time. so stop buying, and it whittles down. >> we won't need paul volcker in the future? >> listen, if they need to do it, all they have to do is start taking that balance sheet down and start detracting. >> that sounds easy, david. >> it's not easy but it will happen. his hotel, california, who wrote that song? >> eagles. >> i

fishers, indiana, weather channel's dave malcolf. where's the storm headed now? how bad is it? >> reporter: richard, imagine a line between southern illinois, up through here, through central and northern ohio, all the way up to western p.a. that's the 800-mile stretch we're talking about this for this winter storm and how bad is it? let's measure it in flights canceled. we're talking hundreds of flighflight s canceled for just this airport alone and then the entire airport not having almost any flights because they're all either canceled or delayed for indianapolis. we're also seeing the same cancelations in chicago, columbus, cleveland, and those airports down to dallas. seeing lots of airports closed down. the roadways are kind of slowed down right now because of visibility. a few hours ago, it was really, really hard to see because when this wind gets blowing and we are talking about 20-mile-a-hour wind gusts, it is blowing around and just see the white going down the street. that affects commerce going throughout the next few days and then bad news on the back end of this nthrough new year's,

. >> richard sander and stewart to the talk about affirmative action in preludes to the supreme court or la arguments in fisher versus university of texas. they agreed with the initial goals of affirmative action but now believe the system hurts more than helps minorities. this is about an hour and half. [applause] >> thank you for that introduction. thank you to roger and kato for sponsoring this event. i am grateful to have such a great kick off to the book which is being officially published today. as roger mentioned i am going to start and talk a little bit about the idea of self and what we found in the book. stuart will relate this more to fischer and what will be happening tomorrow. i am particularly glad to be doing this at cato because it stood for a lot of the values in the book. i first became aware of kato in the year 1980s when i was doing community organizing the in the evenings thinking about policy issues and going back to graduate school. and a big issue was social security reform and start trying to analyze what was happening and came up with this idea that social security has been structured