. >> jack bouroudjian, did you hear stan druckenmiller's remarks about the fed today? >> yes, and with all due respect to mr. druckenmiller, it's one of the reasons why he was one of the underperforming fund managers last year. he has missed this entire story. he's misreading this market, and quite frankly, i don't see anything that this fed is doing that's any different than what any other fed has done. >> that's his point. >> when you go back and look at what voelker did, voelker kept them artificially high to fight off inflation. guess what? we are now see the juxtaposition of that. you've go a fed doing whatever it can because prosperity is killing legislation out of d.c. so, they're keeping it propped up. i think they deserve kudos. >> whoa. >> stan has long been a critic of fed policy in this period, saying that there will eventually be some unintended consequences down the road. he's reading from your playbook, rick santelli. >> yeah, no, jack's consistent. i'm glad to see that he kind of slammed mr. druckenmiller, because yes, i think a lot of the points were si

doing in the environment on wednesday. >> we should also -- joe's talking to the one and only stan druckenmillero give a last name, it's like madonna. >> you picked icahn. >> i thought it was druck. >> stan. the greatest investor alive today. >> he's got a fantastic track record. he basically opted out, exhausted by the draw down, but never had a losing year, not running public money at duquesne. >> he was soros, really, when soros was great. join us tomorrow, "squawk on the street" is next. ♪ i'm on top of the world eye i'm on top of the world♪ >> on top of the world, right. congratulations to germany on its world cup victory. angela merkel in rio. welcome to "squawk on the street." i'm carl quintanilla with jim cramer, david faber at the new york stock exchange. what a week, first full week of earning, 55 s&p companies on the deck, yellen on the hill. boatload of news. ten-year yields around 2.53. housing starts, industrial production, and more this week. and as for your mostly in the green and, yes, that includes

>> he does, on the friday morning, and he's of the view -- look, stan druckenmiller said it -- >> they do this, if they wanted to say here's where i stand relative to what the fed said, they don't have to do that by dissenting with the language. they still have that available. >> excellent point. i want to point out, though, that stan druckenmiller and jim would have a similar view, and it's as follows -- policy is very far from normal and the economy is less so. and at the very least, they're looking for the janet yellen fed to square that circle. how can we be so far from normal on policy and yet so much closer when it comes to, say, a 3% economy? and i know yellen's answers here, but those are the questions that the critics of the fed are asking. >> just one thing to add here. i think yellen is going to win all of these internal battles as far as the fed goes. she is going to enforce her will, but i don't know if she's going to win the economic war down the road. >> that remains to be seen, as we like to say in television news. >> can i just say to you guys that we'll have an answer

yellen comment about pockets of social media and biotech that are overstretched and then you had stan druckenmillerthe stage questioning whether the fed was dangerously way behind the curve? >> i think split yesterday into two sections. first, the ish rational exuberance comment, her comment, a little out of left field. i think markets learned after -- greenspan's irrational exuberance comment that fed chairs and predicting stock markets are not necessarily a great match. >> well, the market did go up three straight years after greenspan said that. >> my guess is, that's the less important part of the testimony. i think what you get with yellen, and what comes crystal clear is, she believes in this secular stagnation of our economy. that we are going to be slow growth for a long time, and that eastern when growth comes back, and she alluded to maybe having to raise rates as early as, you know, q2 of next year, they have a plan and their plan is, raise rates. very slowly, and probably not have to take them very high. tyson who a great line. everyone has plan until you hit them in the face. i think w

stan druckenmiller echoed that, saying the shareholders of these corporations that are paying more inaxes in some way, shape or form as this all moves forward? >> what i see is that american companies are struggling to create jobs here in america. they're finding they can't compete around the world with this broken tax code. they're doing what they need to do to try to grow themselves as a company. i think the best tax relief is not only fixing this broken code but doing it in a way where companies who suck seceed can it here in the united states. they can't do it today. the root cause is what we ought to tackle. >> see if we get there. more news out of the eu levying sanctions potentially against russia. on technology, could include technology bus potentially exclude their oil sector. what are the further plans of the u.s. with regards to sanctions against russia? >> right now the president is making minor steps in the sanctions area. doesn't seem to be serious about taking the step and frankly europe hasn't been serious about taking the real steps that would cause a change in behavi

. >>> meanwhile, i sat down with stan druckenmiller. he warned the audience that said policy should have us worried. >> to face fed policy since not only unnecessary, but fraught with unappreciated risk, when ben bernanke and his colleagues instituted qe1 in 20309, financial conditions and the real economy were in a dysfunctional meltdown. the policy was brilliantly perceived and a no-brainer from rafk/reward perspective. but the current policy make no sense from a risk/reward perspective. five years into an economic and balance sheet recovery, extraordinary money measures are likely running into sharply diminishing returns. >> now let's get to kate kelly with some of the other big highlights from delivering alpha. and the first thing stan said when he took the stage was how great the conference has become. >> i know. i was amazed at his stature. >> he made some similar comments before the financial crisis, a couple of years before. >> about the fed, not about cnbc. >> we have a clip, for sure. >> big time. there are clips everywhere. s

. >> that was stan druckenmiller making his presentation at delivering alpha. the full speech is online at deliveringalpha.com. today's fed meeting is part of today's economic show. the adp employment report for july will be released at 8:15 eastern time. that will be quickly followed by the first read on second quarter gdp at 8:30 a.m. joining us right now for a preview, mark vitner is senior economist at wells fargo. dickcoy is a chief economy. the number is probably the most important number we'll be reading for the economy today. dick, does it matter if we look at 2.9%? that's what people are expecting to come in. can we read anything into this or is this a rebound from lousy numbers in the first quarter? >> it doesn't matter a great deal. the monthly and weekly numbers are fresh and matter more. keep in mind, this is the average of the level of the economy in april, may and june compared to the average of the economy in january, february and march. >> when it was lousy. >> january was a long time ago. so these gdp numbers have so many components, they woul

but now we hear from stan druckenmiller who is short.ks this is a stock you should be going short. who do you think is right? >> well, we have a hold on the stock. and i think there's a lot of headwinds for the company going forward. if you think about their traditional i.t. hardware business, the services and the software business, those are really under pressure from the cloud at this point. but there's a lot of secular headwinds for ibm right now, revenue line is not growing for them. they've been declining for the past couple of years. so there's a number of headwinds. it's hard to get really excited about the name, even though it really is an inexpensive stock at this point training at about ten times forward earnings. >> who is a big problem when it comes to the cloud? is amazon with its aws? is it a huge threat because it's offering cloud services? >> it's not really any one company that's a threat, obviously amazon does come up as a name that people talk about. but generally, the move to the cloud means that you need less hardwar

the last time stan druckenmiller was on our air he was talking about the opportunity janet yellen had start tapering last fall. >> i don't see that happening for a long time for a couple of reasons. number one, if you look at where they were in their head with the economy, and last june, i think everybody's economic forecast are lower now than they were then. the other problem is, they've seen the trailer of the movie of what happens when you do start the tapering. so i think what happened in june, and the pullback, has made it much, much more difficult for chairman yellen to pull the trigger. >> well, it's almost ten months later, the tapering is well under way and the markets are rallying in spite of some expectations to the contrary. and gdp, while lousy in the first quarter, would seem to be on track for some improvement. so it will be interesting to see if druckenmiller, whose recent investments have run the gamut from a heavy presence in the pharmaceutical industry to his favorite stock, google, considers it to be nervous time. it would also be interesting to hear his take on th

where you are going to be interviewing -- >> stan druckenmiller. and nelson peltz, john paulson, governor christie. i'm actually going to be listening to -- i'm going to stay this year. going to stay. i'm staying. i'm not going to leave. see we do the show there at 6:00 in the morning until 9:00, and then -- >> last year you left? a little earlier than maybe you would otherwise this year? >> i guess i did. although it's a phenomenal conference, i had something to do. really. that's -- let's get back to europe and the sell-off. there it is! full day. it's awesome. it's going to be great. and don't -- i think there's going to be some programming. that day that we're going to be able to show viewers. but it would really be better -- >> if you were there in person and signed up. >> cue the crickets because it's the second day of janet yellen's testimony, i believe, in front of congress next week. >> it will be a good day to be talking about what happened on -- >> what do you do when rob -- do you just ignore him? >> watch this. >> the producer is yelli