we actually had a very good conference here i think much of ed, peoples rick allud had worked on this for years. my counterpart was ed markey. eddie and i are philosophically different, but we came together thinking it was in the best interests of the american people to come up with a new policy framework. policy framework predicated on competition. --h this little government as little government intervention as possible. i think that is what is needed again today. fcc: some former commissioners have said in testimony to congress that the act does not need to be rewritten. perhaps some piecemeal legislation. that includes reed hunt. guest: i think fundamental things have to be done, and they have to be done legislatively. what defines a rewrite is in the eye of the observer, but there are fundamental things that have to be addressed. for example, the current regulatory structure at the fcc is a blowback to an earlier time when cable companies offer cable service, phone companies offered service, you had a wireless internet but it was fairly new. there is nothing that speaks specifical

opposition on the floor and we actually had a very good conference grade-a think much of that was as rick alluded people had worked on this for years. my counterpart was ed markey. ed and i are philosophically different but we came together thinking it was in the best interest of the american people to come up with the new policy framework which we did and policy framework predicated on competition with this little government intervention and regulation as possible and i think that is what is needed again today. >> host: some former fcc commissioners and other people have said in testimony in congress that the act does not need to be rewritten. perhaps piecemeal legislation. >> guest: i think some fundamental things have to be done and they have to be done legislatively. the rewrite is in the eye of the observer but there are fundamental pieces that have to be addressed. for example the current regulatory structure at the fcc is a throwback to the earlier time when cable companies offer cable service, phone services offered phone service. you have a wireless entrant but it's fairly new. there's n

rick alluded to this in his report. the range is down from 0.4 to positive .1. before the next official revision of gdp. there are some in the report that came out, but right now the tracking is negative. note the rebound in the forecast. it is not tracking yet because we have no data, but the forecast is for a nearly 3.5% growth in the second quarter with a range of 3% to 4.2%. that's what happens when you have a 0.1% growth, have a little negative, little miss right there and go negative. that's where we are right now on our q-1 gdp rapid update. >> very snazzy. we appreciate it. >>> down in d.c., some of the biggest names in government and finance are gathering today for the global women in finance symposium. interview is about to start between commerce secretary penny pritzker and sarah eisen. we want to send you there live to get in on that panel as it is kicking off. >> to the panel here at the treasury global women in finance, the 38th secretary of commerce, penny pritzker. great to see you. some of the headlines in the news lately, m&a, deal activity. th

rick santelli with the santelli exchange. >> thanks sully. on wednesday, hearing by the joint economic committee, there was an op-ed that same day by professor alan melt zer and the congressman really liked to alluden now see. >> in this morning's "wall street journal" alan meltzer, mr. meltzer said. >> the meltzer article. >> mr. meltzer. >> meltzer. >> meltzer. >> meltzer. >> as you can tell the congressmen were fascinated as we all were because there's a lot of issue going on with the economy and professor alan meltzer, welcome, i know you don't do much tv seems as if your op-ed went in a different direction than janet yellen did in many cases. the congressmen were all republicans. do you think there's inflation or this inflation is the bigger boogieman in the closet at this point in history? >> there isn't much now but there will be more. janet yellen responded to what the congressman said by saying we learned a lot in the 1970s. then she proceeded to tell them she hadn't learned a thing. >> well, in the '70s as you pointed to we basically sewed the seeds. now am i correct to say that these excess reserves trillions of excess reserves are like inflation in waiting? to use a computer analogy. l