richard fisher from the fed will join us in a moment as well as we get under way with the second hour of the "closing bell." i'll see you tomorrow. >>> and it is 4:00 on wall street. do you know where your money is? hi, everybody. welcome back to the "closing bell." i'm maria bartiromo on the floor of the new york stock exchange. no all-time high today. in fact, sellers coming in the final minutes of trading taking the market further youaway frome record. we had a severe selloff at end of the day with the market giving up all of a 70-plus point rally and then some, ending in negative territory to the tune of 21 points. we did have a rebalancing today that. created a lot of volatility and certainly volume surged. nonetheless, the dow jones industrial average tonight down 21 points to 14,054 on the blue chip average. nasdaq also reversing course, as did the s&p 500. take a look. both averages reversing what had been a pretty good day, ending negative. nasdaq down two points and the s&p 500 down 1.5 points. joining me right now to talk more about investing and what's ahead for the next m

what about dallas federal reserve president richard fisher, the noted inflation hawk. be here with us and is singing a very different tune. he'll join us exclusively in the next hour on the "closing bell." stay with us for that. ♪ [ cows moo ] [ sizzling ] more rain... [ thunder rumbles ] ♪ [ male announcer ] when the world moves... futures move first. learn futures from experienced pros with dedicated chats and daily live webinars. and trade with papermoney to test-drive the market. ♪ all on thinkorswim. from td ameritrade. >>> all right. heading towards the close, and, boy, it locks like we may finish

if a headline comes across, richard fisher, thighs qe 3 should early, no one carry the. the only reason listened to the the headlines with minute is because you don't know who is saying what. >> jim with, do you agree? >> yeah, absolutely. >> a hell after question i just asked. >> that is true. those three dominate the course. you're right, dan is right, that fed is very divided. might be the most divided fed in the hundred year history. there is an lot of agreement in that room. but the fact is, those three will drive it and decide when the policy will stop. if bernanke leaves, probably yellin will move into his chair and continue with the policy unevaded. i think this will be normal and the market will good higher. some day we will stop this and then there will be a big decision that has to be made. but that some day is not in the immediate future. >> how about this, jim. not when the fed raises rates but can the fed. about what do we spend, $150 billion a year in interest. a every little. >> the fed will hate you for saying this. they insit, pushing economic growth. n

. >>> also, richard fisher, one of the great hawks on the fed, explains why he is warning the fed thel if it doesn't cut back on its bond buying program and soon. and tv bank group ceo ed clark tells us how banks can could be effected if massive spending cuts kick in. "street signs" will be back after this quick break. don't forget, we will see you on "closing bell" at the top of the hour. it's delicious. so now we've turned her toffee into a business. my goal was to take an idea and make it happen. i'm janet long and i formed my toffee company through legalzoom. i never really thought i would make money doing what i love. [ robert ] we created legalzoom to help people start their business and launch their dreams. go to legalzoom.com today and make your business dream a reality. at legalzoom.com we put the law on your side. i know what you're thinking... transit fares! as in the 37 billion transit fares we help collect each year. no? oh, right. you're thinking of the 1.6 million daily customer care interactions xerox handles. or the 900 million health insurance claims we process. so,

closer to home, richard fisher, president of the dallas fed, quote, i will be asking myself what goodmortgage-backed securities or more treasuries when we have so much money sitting on the side lines, and yet have no sense of direction for the future of the federal government's tax and spending policy. how could additional monetary policy be stimulative, unquote. i clearly believe you disagree with these fed presidents. is that correct? >> yes, sir. >> let's examine the benefits of your current policy. again, we know we are in a slow and weak recovery. here's the question i have, mr. chairman, according to fed data, banks are sitting on 1.6 trillion in excess reseeves. and in the latest quarter, that i have data, third quarter of 2012, nonfinancial corporations are sitting on 1.7 billion in liquid assets. so arguably that's over 3 trillion dollars of capital sitting on the side lines. i believe i have this right, at least for the last data i have on i believe qe 2, 80% of that qe ended up as excess reserve. so given as much capital as sitting on the side lines and since we are essenti

he tried to dismiss that yesterday in congressional testimony by suggesting that richard fisher and thegainst this easy money were in the small minority, but that, it is a minority, but one that's growing. you see in the popular press now, time magazine r, saying the fed appointments its into a corner. former liberal supporters are backing off now. there's pushback against ben bernanke. >> but, charles, it's political push back; right? to see traders could give a damn where the money comes from. >> he spoke in washington, and dow was up 300 points in that period. it is something of a backstop, but what i fear is that people watching this show have so -- they have -- they are always so skeptical, so afraid of what they hear talk about so much that they missed the dow go up 100 mc. they don't own chicago bridge and iron. >> don't trade on your ideology. that's important. >> i do agree. what about the notion that the market likes sequester? yes, maybe the market likes the idea of fiscal sanity. >> and stopping spending. sandy smith, companies have to decide stock prices are cheap. there's

the dallas fed president, richard fisher, speaking about the economy after the closing bell.ings front, we've got numbers from retailers target, dollar tree, and tjx before the open. we'll hear from groupon, jcpenney, liberty media, and limited brands after the close. let's get more insight on the retail earnings and the overall sector. dana telsy, kanada and chief research officers at the telsy advisory group. dana, good to see you. thank you very much indeed for joining us. what are we learning at the moment from this earnings season about demand? >> i think overall what we're learning is the month of february is cautious. we're seeing guidance come in below consensus numbers. first half of the year, it doesn't feel as if there's going to be sales beats. if anything, the beat could come on more margins. we'll be cautious throughout the year. >> what do we think about the likes of macy's and tjx? what color are we going to get from them? >> i think overall, macy's reported yesterday in their guidance was one of the only ones that came in better than expected. the focus is sh

richard fisher president of the dallas fed caught mackerel be asking myself what good would it do tothe -- future of the tax-and-spend policy and how could additional policy based derivative" end quote. i clearly believe you disagree with these fed presidents. is that correct? >> to examine the benefits of your courage policy here is the question that i have mr. chairman. according to fed data commenting sir sitting on one point* 6 trillion in excess reserves and third quarter 2012 nonfinancial corporations sitting on one point* 7 million of liquid assets arguably over

south africa's richard stern and trevor fisher share the top positions. and start the second half of the open with 128 strokes apiece. george cots earks another south african is currently in second three strokes off the lead. well, berlin is getting a little taste of hollywood glamour as the city hosts its annual film festival. this time it's a politically charged u.s. film about the controversial practice of fracking that's drilling a lot of interest and probably didn't hurt that the film's star matt damon was on hand to discuss the matter. >> on day two of the berlin film festival hollywood descended on the festival. matt damon was the biggest name. >> if you sign this lease it gives us the right to work on your land. >> in order to get at the natural gas reserves underneath. >> you could be a millionaire. >> grapple with the dilemma whether to take the money or stick with their traditional ways. >> the town is going to put it to a vote in three weeks. >> what we really wanted to do was make a movie about american identity and the actual issue itself wa

closer to home, richard fisher, president of the dallas fed quote, i'll be asking myself what good woulds or more treasuries when we have so much money sitting on the sidelines, and yet have no sense of direction for the future of the federal government's tax and spending policy. how can additional monetary policy be stimulative, unquote. i clearly believe you disagree with these fed presidents. is that correct? >> yes, sir. >> let's examine the benefits of your current policy. again, we know we are in a slow and weak recovery. here's the question i have, mr. chairman. according to fed data, banks are sitting on $1.6 trillion in excess reserves, and in the latest quarter that i have data, third quarter of 2012, nonfinancial corporations are sitting on $1.7 billion in liquid assets. so arguably, that's over $3 trillion of capital sitting on the sidelines. i believe i have this right. at least for the last data i have on i believe qe2. 80% of that qe ended up as excess reserve. so given as much capital is sitting on the sidelines, since we are essentially in a zero to negative real interes

it will incorporate ideas put forward by tom honnig, richard fisher and sheila bair. the american public doesn't want us to wait. they want to ensure megabanks will never again gamble away the american dream. to those who say our work is done, i say that we passed seven financial reform laws in the eight years following the depression, so it's clear there is precedent for not just one time, one fix, but a continued addressing of this problem until we know we have the strength of the american financial system in the way it once had. thank you, mr. president. mr. vitter: mr. president? the presiding officer: the senator from louisiana. mr. vitter: thank you, mr. president. i'm proud to join senator brown on the floor to echo those comments. i agree that too big to fail unfortunately is alive and well, and that poses a real threat, a real threat to all of us, to consumers, to citizens everywhere, fundamentally to the american economy. coming out of the financial crisis, it seemed to me that the biggest threat and the biggest problem was continuing too big to fail. and i

he holds the richard b. fisher chair at the urban institute. involved in the income tax in the treasury and irs, a fellow and co-director of the urban brookings tax policy centerment finally, nina olson, tirelessly represents those of us who pay taxes. those of us who must battle against the growing complexity of the code. just a week or so ago, her office released the latest report on the state of the tax code, a doesn't that describes with great can dore the flaws in the current system and describes some things we can do about it. let's starts with joe who is going to give us a brief history of the income tax, and before he starts, let me let you know that after we do our presentations, there's the opportunity to ask questions, and for those of you watching on c-span or the web, send in questions at publicaffairs@urban.org. joe, want to get us started? >> sure. there's a reasonable number of people here. i tell people i have the worst possible job for a cocktail party. i walk in, and they ask what i do, and i say i'm a tax historian. combinat

he holds the richard b. fisher chair at the urban institute. eric toder has been intimately involved in the income tax come about that treasury and the irs. currently an urban institute fellow and co-director of the urban brookings tax policy center. finally, nina olson is taxpayer advocate that the irs for she tirelessly represents those of a supertaxes and those of us who must battle against the growing complexity of the modern revenue code. just a week or so ago there release the report on the state of the tax code, a document that describes with great candor the flaws and current system and some things we can do about it . joe will give us a brief history of the income tax. before he starts, let me let you know that after we do our presentation and speak for a little bit among ourselves we will give everybody an opportunity to ask questions. for those of you watching on c-span or on the web, you can send in questions. public affairs at urban -- publicaffairs@urban.org. >> i'm glad to see there are reasonable a lot of people year. ides of pe

gene pools of richard b. fisher chair at the urban institute.ric toder has been intimately involved in the income tax both treasury and the irs. is currently at urban institute fellow and codirector of the urban brookings tax policy center. and, finally, nina olson is taxpayer advocate at the irs, represents those of us who pay taxes, and those of us who must battle against the growing complexity of the modern revenue code. is a week or so ago than once office released its latest report on the status of the tax code, describes in great candor the flaws in the current system and describes some things we can do about it. let's start with joe who gives a brief history of the income tax. and before he starts let me let you know that after we do our presentation, speak among ourselves, will give everybody an opportunity to ask questions. for those of you watching on c-span or watching on the web, you can send in questions at publicaffairs@urban.org. publicaffairs@urban.org. >> i'm glad to see the available number of people there. i tell people that i

fisher. $5.9348 for richard murdoch and $3.3 million in missouri.ntimccaskell ads when blew himself up. this is not about e&s deology. i am a huge marco rubio fan. i gave marco rubio my personal contribution because i knew he was an incredible communicator. he was the conservative who would wen and that is what we are looking for, the conservative who can win. >> so karl, in terms of all of those names that you mentioned one sticks out and that is pat toomey and the club for growth which thinks you are try fog go against grass roots conservatives points to 2004 and says why did karl rove urge arlenent bush to support are specter over pat toomey. he would not have switched and been what many people decided to be the deciding vote for obama care. >> my job in 2004 as senior are advisor to president bush was to give him advice on the west way to manage the republican senate caucus. if bush came out against a chairman of the senate judiciary committee helping move forward all of the nominees for the judiciaries. we is would have had different problems.

fisher and you. and it's such an honor for us to have you -- >> i'll see if i can move ahead of richard. >> i want tout, because i have been accused of being cynical about things. and i hope it's not rubbing off on my young co-anchor sorkin who you've already heard what our line of questioning is going to be. and that is, that because there's a microphone, and you know there's a microphone, at the minutes, and you know it's going to come out, he's characterizing it as some type of reality show, where all the people on the show know it's going to be on tv so they don't act like they'd normally -- that's basically what you're saying, isn't it? >> and there's this loop. there's a feedback -- >> you know it's going to come out. so you could be using us, knowing the microphone is there, to start -- >> no, no. >> to start saying look, eventually the punch bowl will be taken away so start thinking about it, and we all -- we see the minutes and go oh, my god, look, and weability on it and you're sort of, you know, misogynist to get the story the way that you want us to get it. >> no, i don't really think so.