nicole: there is headlines about richard fisher.ve heard about the divergence between monetary policy versus those doing fiscal policy. obviously, not much agreement there. with that being said, we are up off the lows today. however, it has been a tough go of it. about half the days in the last 23 days have been big swings. this is the type of environment. get used to it. there was an announcement over the weekend that president obama will come out with a climate change tomorrow. with that, we are seeing some of these names get hit hard. back to you. lori: thank you. ashley: a self-made entrepreneur is stepping into the ring. the entire business model is in jeopardy due to a 75-year-old law. more on how and antiquated law may end up costing her, maybe even you, but her business several thousands of dollars. the department of labor is cracking down on you. you wrote that nobody was imagine eating a business like yours. what are they doing to you with this lot. >> hi, adam. thank you very much for having me today. they are telling us

i know bill was talking about that earlier, including richard fisher, the dow's fed president and hawk, reportedly saying the fed will move cautiously, doesn't want to go from wild turkey to cold turkey, the quote of the day. in the s&p, under the hood, a more defensive tone to the benchmark age. you can see the growth worries weighing on the cyclical sectors, materials, financials in particular. back to china, though. that was the word of the day on the floor. you saw china etfs, gxe in particular, in the red. down about 13% in the past four weeks. if we're talking about china, we're also talking commodities. copper is seen as a bellwether given the industrial applications. the red metal finishing near its lowest levels in about three years. ach, fcx, finishing lower. back to you. >> all right, josh, thank you so much. >>> this market finishing off the lows of the day. we want to dig deeper into the moves. with me is ed from chapwood investment, peter anderson from congress asset management company and david from loomis, ken finishing up his trading and will be with us in a moment. go

ironically, the thing that turned the market around was the biggest hawk on the fed, richard fisher, when he said, "yes, there needs to be a tapering, but not right away." he don't want to go from wild turkey to cold turkey, he said. >> right. and he's usually the one who says, this is way too much money. >> exactly. >> let's look at where we stand as we approach the final hour. the dow is down 72 points, as you can see there. that's about half of 1%. as you can see, we are just shy of the highs of the day, where bill just showed you, down just 25 points a minute ago, 15 minutes or so. the nasdaq looks like this. double-digit decline here, too. again, similar chart pattern. showing the market very close to the lows of the day, and the highs of the day. down just 20 point, after erasing much of the earlier sell-off. the s&p looks like this, down just about 10 points. how much more selling is in store? josh lipton, what are you hearing from the traders on the floor? >> reporter: hey there, maria, listen, in the red here but well off our session lows. the dow, as you mentioned, had been

the dallas fed president, richard fisher, says the fed is poised to evaluate its bond-buying program changes. speaking in toronto last night, he says the plot thickens and he likens developments in fed policy to a shakespearian play, starring ben bernanke as a daring captain steering the ship of the u.s. economy. he says act four is just beginning and it will involve the drama of introspection. fisher is, as we know, a longtime critic of qe-3, but he didn't repeat his call for the fed to cut back immediately on its asset purchases. at the same time, the deutsche bank co-ceo says the lender is prepared for an end to qe. speaking to cnbc at the global financial services conference in new york, he suggested the markets were already starting to normalize. >> what you're referring to is the normalization of bond yields, which has been going on over the course of the last month and some of the softening in credit markets and so on and so forth, which i actually think is constructive. the reality is that at some point, the bond-buying program will come to to an end, and whet does, it will h

treasuries climbed to their highest level since august twenty seventh this is richard fisher the president of the dallas fed and he's warning the feral hogs of wall street from trying to force them through the bond markets to continue with the quantitative easing program right there used to be a thing called a bond vigilante under the clinton administration which kept the economy on the straight and narrow without too much debt being accumulated now the fair oh exactly wall street is trying to force the government to do things that are not directly slumping the feral hawgs you know just throwing money at them to sort of. yeah. you know ben bernanke the memory said we're going to pull back on the quantitative easing the market sold off that's nonsense she can't pull back and quantitative easing is back tracked already they're going to go from eighty five billion on mountain mortgage backed security by another interest rate bearing security buys are going to double that triple that they're not going back ever well fisher or liken this to the one thousand nine hundred two attack on the bank o

richard fisher semz to imply there's an intensity here to challenge the fed.h the raw meat analogy. i think animal spirits in the marketplace is a good thing. i think you always have to protect the meat a bit with simple regs and that's the other issue. a lot of the dodd/frank regs still unwritten have kept many market participants from making good bid offer spreads which exaggerated so say traders a lot of the moves we've seen over the last week. carl, simon, back to you. >> thanks so much. getting some news on edward snowden if you're wonder being his whereabouts. vladimir putin is saying he's in the transit zone of the moscow airport and russia will not extradite him because he's not committed any crimes in russia. putin goes on to say he hopes this does not affect relations with russia and the united states. >> the fear has got to be what he has given up for that protection. what was on his usb that he's given to venezuela or to them in order to get this protection or did they just do it because it's just an altruistic move. >> where is he then? >> in the

. >> richard fisher made a similar declaration on with us a couple of weeks ago. also said the secular bear run is over. aagree to a confidence of 70% that both of the gentlemen are correct. we see that the nikkei was down a lot. we see our stock market is down a lot and interest rates go down. where do you think the interest rate market would be if we saw 13,000 or 12,000? with all the oddities of what propels stocks under question, a big downdraft in stocks still will bring a big updraft in buying and pushing yields. that's the first part. and the second issue is calling the bottom of rates, which i mostly agree with, still doesn't mean that the pace at which they increase is going to be anything similar to the next several weeks we saw. >> all very interesting. rick, as always, thank you very much. >> we are seeing that the rise in may has pushed mortgage rates up slightly above 4% and we have seen during that time period, four consecutive weeks of declines in mortgage applications. not only for purchases but for refinancings as well. thoiz are three quarters o

i want to bring you what richard fisher said moments ago.top to bond buying would be very disruptive to markets. we have a roaring housing market.s of things that could bring the market back. just talking about monetary policy versus fiscal policy. we know that bernanke feels that trying to taper what they have been doing would not be good for the recovery that we have been seeing. the retail winners that you discussed, walgreens. up 1.7%. we are showing you a winner on a day of losers. we are also taking a look at bed bath and beyond. it is up 1.7%. they lifted the price target. that is bed bath and beyond. they have a valuation well below its peers and market. lori: thank you. americans not feeling all that great when it comes to the government. only 31% of respondents said they were generally optimistic about the system of government and how well it works. i cannot say i am all that surprised by those results. melissa: no. it is kind of never ending. lori: lou dobbs is on his way in. melissa: the white house set to announce susan rice as

. >> reporter: so far no comments on monetary policy from richard fisher, president and the federal reserve bank of dallas. that's with the testifying about today at the house financial services committee, and they both believe that dodd-frank financial reform does not end too big to fail and that it would allow the government to do bailouts of the biggest banks. and they want tougher measures for big banks. >> these banks are treated differently from the other 99 percent. differently from other businesses. and under dodd-frank unfortunately we believe this imbalance of treatment has been unwittingly perpetuate. >> reporter: the former head of the fdic who helped to write dodd-frank was left to defend it saying the agency's ability to take over a big bank and stick shareholders and creditors with losses in this too big to fail, but she acknowledges that regulators still have to finish writing some of the import rules around this and have to make it clear to markets that it will work. cheryl: my next guest said that he is still betting on equities. values. chief research analyst. i want to g

and we did get as they did on monetary policy from one of these fed bank presidents, richard fisher,sident of the federal reserve bank of dallas after hearing here that he talked to a dow jones, his spokesperson confirms. they flashed a headline that he felt there was too early to assess the effect of recent volatility. that's it. we have not seen the rest of the story. his pr guy says he was not within, so we can't tell me the rest of the story. as soon as we get it, we will get it to you. fisher testified today with the president of the federal reserve bank of richmond. they are both hawks to have opposed a recent easing money policies. they are both hawks on banks that it's too big to fail which is what they were in town testifying on today. the house finance services committee. they both believe that dodd-frank financial reform does not end too big to fail, but it would allow regulators to do bailouts of the biggest banks in a future financial crisis. take a listen. >> i think that discretion traps policymakers in a crisis. expectations build up that they may use that discretion

dallas fed chief richard fisher will be talking about monitory policy at 8:00 p.m. softer right now. we are currently nearly 4 points below fair value for the s&p 500. the nasdaq at the moment is about 3 points below fair value and the dow at the moment is some 30 points below fair value. but they have come off their lows, as well. ahold has boosted a share buyback plan by four times to 2 billion euros after the dutch retail giant reported 460 million euros. that's above reuters forecast. the group, which operates u.s. grows herb giant and stop and shop said comparable sales in the u.s. rose 1.9% from a year ago. >>> ahead of dollar general reporting its first quarter results today before the opening bell, the discount retailer is forecast to earn 71 cents a share on $4.24 billion in revenue. the company has recently started to offer tobacco products as well as selling everything else from food to household products to try to entice shoppers to visit more often. patrick mckee, senior equity analyst joins us now. patrick, a very good morning to you. thanks for joinin

dallas fed president richard fisher speaks on monetary policy in toronto. fisher is a great guy. he's known as a real hawk, which means every time he opens his mouth, we expect him to say the feds will be less accommodative. this could be a nightmare speech for the bulls. be prepared for the blowback wednesday from fisher's speech tuesday night in toronto. two companies that i followed for a long time, brown tomorrow, they report on wednesday. i think the first one, should deliver a very good number, but, see in this new world, it might not be good enough as brown foreman is the kind of consumer staple stock this market has durn turned on t. old dress barn and charming shops, it's quietly moved to above 20. of that rally, i said, be careful, we see $18 real fast if it does. we got the adp, spare me on this one. the adp employment number wednesday morning. many people believe this is a good precursor, trying to fog figure out what the nonfarm payroll number. i'm going to suggest you ignore this number entirely and anybody who reports on it. it's just not worth it dwraerm. i got to

how about richard fisher, he gives a speech money. this man has been a one-man wrecking crew.aul crew and the wrecking crew. he's a total monetary hawk who has been chafing at ben bernanke to cut off the bond buying program for years now. he sees growth in inflation, even where it ain't. i wouldn't be surprised he said that the fed should take interest rates higher and then actually raising the fed funds rate. i'm not kidding. i would not put it past this guy. please be mindful of what a loose fed cannon can mean to the stock market. sell sell sell. those are all -- this fed guy, he ought to get a sound board. he doesn't have to talk. he can hit those things. oh, man. tuesday, kay shiller. remember it used to go down all the time, that's weird. the housing market got to hot to keep the mortgage rates as low as they have been. you see vegas up 28% year over year. that's too hot for me. if this goes up, the dreaded tnx will roar and then the stocks will go higher again. this is a degree of difficulty game now. like the olympics. we get new home sales in ten, okay. get this. if t

there was an interesting quote from richard fisher yesterday.eet professionals to pigs. he told the financial times, i believe the big money organizes its like hogs. if they detect a weakness, they will go after it. it was in response to a question of whether they anticipated the reaction in the markets and they will taper back the $85 million they put into the bond market. the taper. all the market turmoil, many are wondering what state the economy is in. the report card is in. i asked the best market watchers to grade the economy. here is what they say. >> i would give our economy a b to b plus. it's getting better, but not fast enough. >> the u.s. is a b plus at this point. we should be creating way more jobs. >> i give it a b minus, but i'm optimistic about the future. >> a lot of bs. for now, we are doing well. europe gets a d. china a b plus. new concerns about a credit crunch could move the grade downgoing forward. >> federal regulators going to sue jon corzine. he ran the firm until it went bankrupt in 2011. regulators plan to approve th

richard fisher has consistent. that he thinks perhaps the accommodation is too much.istent in their pushback, i guess. >> we see this a lot of fed governors and other commentators saying essentially the same thing. what i guess is concerning here is this is a major sell-off after friday's big late-day sell-off. here's one where we're down 125 points at this point. tuesdays have been pretty good days. right now that streak looks like it's very much in jeopardy. >>> thank you, everybody. >>> "street signs" is coming up right now. [ lisa ] my name's lisa, and chantix helped me quit. i honestly loved smoking, and i honestly didn't think i would ever quit. [ male announcer ] along with support, chantix (varenicline) is proven to help people quit smoking. it reduces the urge to smoke. it put me at ease that you could smoke on the first week. [ male announcer ] some people had changes in behavior, thinking or mood, hostility, agitation, depressed mood and suicidal thoughts or actions while taking or after stopping chantix. if you notice any of these stop taking chantix and c

. >>> dallas fed president richard fisher is trying to calm the markets, saying feral hogs can't deter the central bank. that's what jean-claude trichet is telling cnbc, that ben bernanke is doing the right thing, adding that there's only so much that policymakers can do. >> it was the worst since world war ii and perhaps the worst since world war i. >>> and where in the world is edward snowden? the admitted leaker of u.s. government secrets is now believed to be still in russia today as washington is pressing moscow to send him home to face prosecution. >>> and an all-star guest lineup today. the former goldman -- former chairman, excuse me, of goldman sachs asset management, jim o'neill, author of the gloom, boom and doom report and blackstone senior managing director john kosinski all are coming up in the first hour of the show. >>> hi, everybody. welcome to a packed show, and we're not lying when we tell you that we've got some phenomenal guests coming up, so you'll want to stay tuned, at least for the next two hours to catch all these phenomenal interviews, especially given what's

people like richard fisher saying that they want to cut back on mbs.l estate is big money on main street. weakness on main street will eventually become weakness on wall street. >> but the fundamentals are improving, aren't they? >> depend on how you look. if you look around and talk about things like mortgages now, that last, new mortgage applications fall off. refi market will stop. i don't think anything is rosey there, we are getting back into maybe house flipping, bubble situation looking further down the road. so it depends which frame of reference you look at, what timeframe. >> we heard this side of the story. want to get the other side of the story. he sees things much differently, john, make the case. >> we obviously have rose-colored glasses. some difference here. but just take an apple off the top, i find it very funny that bears continue on the top side. the only reason why the s&p is going up is because apple went up 7700. only reason that s&p continued to rally is the fact that the apple was the only one rallying in the s&p. now that we

meanwhile, dallas fed president richard fisher told the financial times that market participants wereike feral hogs. that is to all of you. and he also said that the central bank knew that the markets would not like what was coming. of course, no one likes when the punch bowl is diluted. they have not done anything yet, but let's get right to the floor show. our traders are doing a lot at the new york stock exchange, cme , and nymex. the big question to me, is the selling al overdone? and now has only been a few days, but what do you think this point? >> a couple of things. first of all, unfortunately did not give us a crystal ball. i think, you know, we live in momentum markets, whether up or down. the trend is your friend. and so i think the sell side is the place to be for the time being, until proven wrong, but i think more importantly if we needed a reminder teeseven dagen i think that we did, the market simply are hostage to the fed. now 100 percent, maybe 110%. that is a little disturbing, quite frankly. liz: i would definitely think so, but let's look at the 10-year and the 30

as richard fisher said, we don't follow crazy turkey by wild turkey.3 we're not going to be going offk. that's the basic message. so that might have been had something to do with that last spurt in the stock market. liz: right. you don't go from wild turkey to cold turkey. david: correct. liz: and in the ends, this is perhaps why we saw treasuries jump in price and then we saw the markets move higher, that on the jon hilsenrath piece. there's also breaking news on del monte foods, you know it probably. sold by kkr, it appears that they are going to be exploring the sale of their canned foods business. foods for humans and pets. there's a pet food company could natural balance which they bought. they're going to keep the pet food -- this is what we're hearing -- and they will possibly sell off the human canned food business. david: what does that say about consumer trends? liz: people will pay a lot for their pets. david: indeed, they will. liz: time for a quick speed read, first up, general electric's ge airuation lifting 2014 plane production to meet demand. ge aviation expects to pr

you know, look at comments by richard fisher called farrell hog, some of the market players. maybe they were farrell whogz they were buying things on the way up, kind of playing the game. normally we say 10-4, but i'm saying 10-3. look at intraday of ten-year. ten down from the high yields and three up from friday's close. if you look at the hyg and the dollar index, you can see both are pretty much stable for the session, but here's where it gets interesting. open the chart up to may 1st, obviously we see the breadth of this humongous re-pricing on interest rates and risk, but as you look at the dollar index, you know, it's basically unchanged from where it was may 1st, and the hyg as one would suspect is getting the extra volatility of the etf paired with credit discrimination. back to you. >> all right. rick santelli, thank you. >>> rates on the rise as rick just ably illustrated. americans being hit from both sides. banks are hiking mortgage rates, but they are not really passing along higher yields to savers, at least not yet. plus, fears about china. one of the big reas

we also had a lot of fed speak, including richard fisher, the dallas fed president, reportedly saying the fed would move cautiously saying he doesn't want to go from wild turkey to cold turkey when it comes to stimulus. the defensive tone, growth worries weighing on the cyclical sectors, the economically sensitive sectors, energy, industrials and financials. but back to china, you could see the selling in certain china etfs like the gxe finishing in the red. that down 13% in the past month. also it's china, so we talked about commodities. copper finishing near a three-year low. and finally the commodity stocks, names like clshgf and others trading all sharply lower. >> all these cyclical growth stocks, people say it's time to buy industrials, time to buy materials the because the dividend stocks are all too high. maybe the dividend stocks were too high. all i know is transports got killed. the semiconductor index got killed. homeowners and retailers got killed. all the cyclical stocks, even banks got killed. this is not a good omen. >> yeah. we came in today with the concerns about fe

fisher from the -- richard fisher from the dallas fed just because he seems to have some common sensehat i can agree with. and i think he was one of the first on the fed, even though he's not a voting member, to say the mortgage side has to end. we're disruptive to the mortgage markets via our buybacks. but, no, i don't think there -- we have an exit strategy. it's untested. we're now on the moon. somebody's going to have to navigate all of us back to earth. it's untested. i don't know who's doing it is going to make all that much difference, to be quite frank. >> so if it is so untested, why not have the guy who test drove the spaceship in the first place try and get us back to earth? >> well, if it is not that guy, janet yellen will be that guy. larry summers will be that guy. so most of the names flying around are going to keep the same stencil. i disagree. i think he sounds like a great guy. i think he gave a great speech. he has a wonderful sense of humor. and i'm sure his heart's in the right place. but i think it's a bad plan. at this point i'm not so sure anybody can unwrap th

governor doesn't like all the money printing going on yesterday, na was dallas fed president richard fishercan't be afraid of how the market reacts when he stops giving them what is called monetary cocaine. and one said the fed's next step should be, you guessed it, cutting down on money printing. the best we can do is economic growth is around 2%. maybe the hint from we're going to tap on the brakes is putting the market down 55 points in the very early going this morning. let's move on. and here is ed butowsky joining us, and ed mappings money for relatively wealthy people and seems to he me, ed, your people, i should say, the elites, you're doing just fine. it's middle america that's getting pressured here, right? >> i mean, look, we're doing fine. i mean, our clients are doing fine. it's funny because if you manage money properly not everything is tied to the stock market. so with the stock market doing very well and up about, 14 1/2, 15% this year. our clients are not doing both those numbers because we have other investments in the patriot which most people do have. the clients are do

peter: maybe from richard fisher. he testified at this morning, he talked to dow jones which flashed the headlines that he felt it was "too early to assess the effect of recent volatility. that is it. we are chasing back down with his pr people to get more detail. they are hawks on things that are too big to fail. that is what they were in town testified about today. they both believe that dodd-frank financial reform does not and too big to fail. >> any of these bigger pain could threaten to bring the economy down. the too big to fail megabanks are treated differently than the other 99.8% and differently from other businesses. under dodd-frank, unfortunately, we believe that this has been unwittingly perpetuated. peter: sheila bair was left to defend it. if we get any clarification on fisher's remarks after the hearing on monetary policy, we will be right back on the air with those. tracy: peter barnes. thank you, sir. ashley: more on the fed, the markets and where exactly you may want to consider putting your money r

dallas fed president richard fisher is in london speaking at 1:00 p.m.mark sebastian is a chief operating officer from option pit mentoring and consulting. he's with us out of chicago. welcome. what are you looking at this week? what's going to be a make it or break it scenario for you? >> well, you know, i think the ten-year note is the dog that's wagging everybody's tail. it's really thrown all the financial markets into a little bit of turmoil here. we've got a weird situation where bonds and equities are correlating. that is not a normal market. i'm looking at economic data. i'm not sure whether good is good or good is bad. we have the vicks break 20 last week. when the vix breaks 20 coming up from below 15, it's going to break 20 again and when it does, it's not going to be a pretty picture. i really don't like everything i'm looking at right now and i think what's going on in china could be the straw that breaks the market's back. >> how do you trade? >> well, you know, i think cash is a position and if you are a typical long investor, long-term i

i will start with the first one for the president richard fisher i want you all to know that he is my fellow texan from london by know very well and would like to ask him a question or two because i read an article in bloomberg and i quoted he urges the bank break up and then too big to fail in justice and one sentence i will read says fisher reiterated his view the government should break up the biggest institutions to safeguard the financial system. he is one of the central bank's most vocal critics of the too big to fail advantage and he says they have over smaller rivals. so my question then is you make those statements and respectfully i disagree with you about the tools within dodd-frank to end to big to fail but i am interested to hear your thoughts about the danger of the ever growing mega banks. what danger do they pose and how would you go about splitting them up? >> thank you, congressman hinojosa. i've explained that in my full statement i've submitted. i want to make clear that i would prefer to have the market driven solution here. and our first aspect of the proposal, w

george, at the kansas city fed and we'll be speaking in the afternoon and we'll be hearing from richard fisher. we've all become fed watchers and all of us down here in the middle of the day and it moves the markets almost every single day. back to you. >> fisher speaks at 8:00 in toronto and he's been someone who has killed the stock market and every time he speaks you have to sell and same thing with placer thursday. these guys are just sell, sell, sell. whatever. let's shift to bonds in the dollar and rick santelli at the cme group in chicago. thanks, jim. interest rates are starting to become a bit proactive today. you look at the intraday chart. we're starting to move toward the higher teens right about where the high yield closes around 216, 217 and you want to watch this and remember, it all had the beginnings and the breakout that shot through the 205 yield and we've come somewhere close around 209, 210 and that may be considered enough of the test-free technicians and the retest and we're seeing selling pressure and look at the ten-year chart of the ten-year jgb. the issue is volatili

of may, the thing you would say is you have to do more bond buying and precisely that is when richard fisher this is how i learned to have -- plosser, fisher, they've been dead wrong, but you know what? it doesn't matter if you're wrong. david, does being wrong matter? >> not really. not in economics certainly. only in the super bowl. belichick doesn't like to be wrong. he doesn't play for real. he's just in sports. >> let's get to bob pisani who is seeing what's moving on the floor. >> i'm waiting for stuart to come in to talk from lennar here. eager to see what he has to say. hovnanian is looking out for earnings. it just came out, revenues were higher than expected. it's up right now. in fact, this one of the only homebuilders trading to the up upside. by the way, homebuilders were a market leader and they've fallen back in the last couple of weeks and we were just checking this morning, kristen and i, the home building index and the construction etf, the homebuilders is now down 10% from its highs and it's essentially fallen to correction territory at this point. so keep an eye on that a

if you have the head of pimco suggesting the 30-year rally in bonds is over, if you have even richard fisher, is it also true that the rally in those defensive paying dividend stocks that behave like bonds is over? >> we think that's really possible. >> so should you sell? >> i don't know about selling. ultimately dividend paying stocks outperform the market overall, whether dividend yielders or dividend payers. >> but to the point i'm making, you've had a 30-year rally in these sorts of instruments. that now over? >> i think the rally in the high-yield defensive stocks hasn't quite been 30 years. it hasn't been as long as it has been for the bond market. we still think equity markets overall are an attractive place to be. people are overinvested in equities, whethif you look at w happening to flows, $600 million out of equity funds, hard to argue any part of the equity market is crowded. if any part is, it is that really high-yielding space, maybe utilities or telecom space. there are still some individual names in those areas we find attractive but we really want to focus our fund on the p

we hear that from richard fisher. we've primed the pump, done this, so much money, now we need people to take it up and start using it. what's the problem? >> well, think what the economy's gone through. my parents are still living, thank goodness, and they're children of the great depression. we went through a tough five years. think of the psyche of consumers. n >> now that you're here i'm going to cut you off and say we have to go to break. >> hold that. >> hold that. >> stick around. >> you charge interest and fees, we do commercials. it's what we've got to do. i'm sorry. the silicon valley, investors are making big data. is that you? >>> and he's a golfing great, a legend, nick faldo. so calm. huge. he's like a beast. he's making his mark off the green. would err' going to talk business, the british open and stuff with sir nick. [ male announcer ] when gloria and her financial advisor made a retirement plan, they considered all her assets, even those held elsewhere, giving her the confidence to pursue all her goa

dubbish and even if janet yellen comes in, and she is replaced, i think that the only hawks are richard fisherf the politics is an issue, it is still dubbish. and speaking of the fed, the cpi numbers were very good numbers for the federal reserve. that is well below the 2% numbers that the fed uses as a target number. that is going to give them lot more room to continue the qe3 if they need to. but on the other side of the equation, they don't have to end it because of the inflation number. and mario draghi was saying that he will do whatever he has to do to save the euro, and there is another comment from bernanke-like thing, we will use all of the tools at our disposal. and over in spain, he should listen to draghi, and that is the problems they are having in japan. >> and the housing start numbers, the multi-family was a problem with the volatile series, but single-families up 25% year over year, and we have had two weak months now, and home building sentiment six-year high highs that we are seeing, and the home builder are hoping for a lot of orders to come n and disappointing in the last

we've never been in this place before, just as -- >> richard fisher?ou how to get back from here because we've never been here before. the markets are trying to price things they've never priced before. what is the value -- what should the yield on the ten-year be -- >> you might not have gone ivy league, but that could be the best way to summarize the conundrums in the market. in the hilsenrath article, he talked about how short-term interest rates, and that's your venue, usual dollar futures, converging the libor, they have forced people with their programs based on price, they can affect price, to make those things basically rally where fed funds and everything are bumping up basically against 100, okay? so when the price program models may change or taper, whatever you want to call it, may change, it affects the price. but the article of hilsenrath really confused the two and talked about value saying this is pricing and a tightening but we don't know that, do you we? >> that is a constant thing in the markets. the market can stay irrational longer

. >> reporter: once taylor met richard burton on the set of "cleopatra" she promptly dismissed eddie fisherould you have taken him back? >> no! no, but i did laugh. the. >> reporter: you laughed when that relationship broke up. >> i laughed when elizabeth threw him out because i told him you know, it's just ridiculous, you can't break up a marriage for this affair you're having with elizabeth because she's never going to keep you because you're not enough for her. you're just not enough. he laughed and, of course, he thought it was not true but he found out when she threw him out that it was true. >> reporter: reynolds didn't have as many marriages as taylor but hers were no less dramatic as the 81-year-old writes in her latest book, her second and third husbands left her broke. >> marriage and movie stars don't seem to work out. but the only ones that made it married a doctor and they seemed to stay with them. claudette colbert, irene dunn, they married doctors. >> reporter: there could be a doctor in your future? >> (laughs) there can be any man in my future-- or woman-- there will be non

he leaves to cherish his memory, andwife, sister and husband loretta fisher and husband richard of fort worth, brother-in-law and cysters-in-law and brothers-in-law. and numerous nephews, nieces and extended family and friends. mr. speaker, today we remember captain enegget lucky harris junior of west. he was born november 21, 1960 to kenneth and scottey. he graduated from crawford high school and went on to attend a community college until he was accepted into the dallas fire academy. he graduated from the dallas fire academy in 1982 and served as a firefighter with the dallas fire department for over 31 years and attained the rank of captain. he owned harris home inspections and construction with his family. lucky loved fishing with his enjoyed hunting and traveling with friends. he was a member of the high point church in waco. he leaves to cherish his memory his wife of 48 years, three sons , mother and husband, father ken harris and wife, sisters ann, .armen and three nieces >> he attended st. mary's school and graduate of west high school and attended local community college. jimm