our next guest, steve bell, the senior director for the bipartisan policy center. he previously worked with new mexico senator, pete dominici. you said it was an historic day. why is that? >> i have been working on budgets and i have a friend who's been here even longer and this is the first time in half a century when the president of one party had to ask one house or the other to pass a clean debt bill and it actually happened. it never happened under reagan or under either of the bushes or even clinton. we have shown that it is possible under rare circumstances to get a clean debt bill. >> what is so rare about the current circumstances? >> there is an old saying, a cat will not jump on a hot stove twice. republicans jumped on that hot stove last year and they got earned pretty badly. and when the so-called bipartisan budget act was passed over the objections of many republicans, what happened was the far right, as the far left earlier, had been repudiated by the two caucuses. that is really good news. >> steve bell, you are the director of the senate -- you wer

[applause] >> now, it's my privilege to introduce steve bell who is going to moderate our panelists. mr. bell. thank you all very much. [applause] >> thank you, senator. we have the good fortune today have one of the best economic reporters in the country, sudeep reddy, as our moderator. he told me only two things. make it short and he will be happy. those two things are in order. so, sudeep, you of what a lot of awards. i won't go to the. you've got a lot of great stories. i will go through that but i would like to introduce sudeep reddy from "the wall street journal." [applause] >> don't be panicked. we're just changing the stage, i've been told. [inaudible conversations] [inaudible conversations] >> we have our panelists coming up here. >> it is a really great panel here so we do want to jump right in. you have the full bios of everyone here in your packet. for those of you watching outside the room, all the files are on the bpc website, bipartisanpolicy.org. we have amanda sayegh is a senior treasure representative for the austin government here at the joint embassy in washington.

like to say especially pete domenici and my good friend senator olympia snowe and kent conrad, steve bellagland all people that i've worked with and congressman and secretary clinton. i'm sure i'm missing other people and i apologize. but by policy bipartisan policy center has been at the forefront of shaping public wolesi since it was started seven years ago. at a time when our nation critically needs a place for bipartisan discussion on complex issues the bbc has become that place on a broad range of important topics. a perfect example of that role as the work that this organization has done to shed light on the significance of protecting the full faith and credit of the united states. as we meet here this morning i want to emphasize as the president did in his state of the union last week this can and should be a breakthrough year for our economy. as the gdp report for the fourth quarter of last year underscores, our economy ended 2013 strong and is poised for growth in 2014. the table is now set for us to build on the economic progress we have made over the last five years and it's in

steve: oh, good. >> jimmy: look at this thing. nobody better lay -- oh, my god. [ laughter and applause ] ♪ [ cheers and applause ] [ bell dings ] >[ in russian accent ] ♪ i'm up all night to get some you're up all night to get some ♪ ♪ i'm up all night to get lucky i'm up all night to get lucky ♪ i'm serious, though, if you see these ads -- >> steve: what are these ads? >> jimmy: the junk food people are still behind them, i think. >> steve: are you serious? >> jimmy: yeah, yeah, yeah. look at this first one. nobody better lay a finger on my celery stick. [ cheers and applause ] oh! [ cymbal crash ] >> steve: what? there's more? >> jimmy: here's another one. >> steve: oh. [ laughter ] >> jimmy: hungry? why wait? grab a cauliflower. >> steve: hey, that looks like snickers! >> jimmy: oh, i don't know. here's the last one here. kale chips, better than starving. sort of. [ laughter and applause ] sort of, in a little font. sort of. well, we got through that joke, everybody. >> steve: yeah. [ cheers and applause ] we all did it together. last one in single digits. >> jimmy: thank you very, very much. show number nine will be always re

blackstone chief steve schwarzman spoke exclusively to our maria bartiromo on "opening bell" on why it in the italian designer. >> its business itself is much smaller than its recognition and it provides the opportunity for really major expansion of the company. cheryl: blackstone says it will help the fashion brand expand in emerging markets. the versace family will still retain majority control. donna has to have control. adam: control of that with blackstone behind you? cheryl: a lot to do. adam: citrus growers are squeezed. we're in the trading pits as orange juice hits the lowest level in 15 years. cheryl: more on the special business of boomers series. jeff flock is live in ann arbor, michigan, why college towns are the hot spot pourfor retirees. [ male announcer ] this is jowoods' first d of work. and his new boss told him two ings -- cook what you love, and save your money. joe esn't know it yet, t he'll work his way up fr busser to waiter to chef before oning a restaurant specializing in fish and game om the great northwest. he'll stt inveing early, he'll find some good people

the closing high 1848 as we mentioned. >> let's talk about it in our closing bell ex chachangexchang. kimberly foss, steve east, keith fitzgerald from money map press and our own rick santelli. steve east, your work says maybe this market is fully valued, maybe even overvalued. what do you think is happening right now? we keep pointing out that they failed to get above all-time highs on the s&p the last few days. do you feel like we're topping out here? >> i don't know if we're topping out. as you pointed out, every day we make a run for the roses and ended up with lick wilted flowers. my model says the fair value on the s&p 500 is 1812. so we're a little above that. but historically you don't go to 100% of the fair value, you go above that. so i wouldn't be surprised if the market got to 2,000 this year. i don't know that we're necessarily topping out here, and, again, historically you could go higher. but i don't think you can go a whole lot higher from here in the short term and we're not going to have a year like we had the last year. >> that must be rick santelli. what's going on there? >>. >> what's

steve: what? >> jimmy: it's hard to believe you if you wink. [ ding ] the bell makes it real. i love this story.ead about a girl in san francisco who actually sold girl scout cookies at a medical marijuana clinic this week. [ cheers and applause ] genius! genius idea. which is why today she bought a a mansion and retired. so congratulations to her. 13 years old. [ applause ] speaking of weed, colorado says it has generated almost $100 million in tax revenue from selling legalized marijuana. wow. and because of the increase in revenue, cities are thriving and opening up lots of new businesses. look at this strip mall in denver. [ laughter ] we have a great show tonight. give it up for the roots, everybody! ♪ [ cheers and applause ] >> jimmy: hey, we have a fun, fun, fun show tonight! thank you so much for watching. this is our first official show at 11:30. >> steve: yeah. >> jimmy: it's our first. the rest have been at midnight. [ cheers and applause ] it feels good! thanks for watching all week. it feels good. ♪ we have a fun show tonight. this guy is the biggest pop star in the world. [ screams

in an exclusive interview on opening bell with maria bartiromo this morning on fox business, blackstone's chairman and founder, steve deal would help versace grow the brand. >> versace has a huge brand name recognition around the world, particularly in places like china. but its business itself is much smaller than its recognition. and it provides the opportunity for really major expansion of the company. liz: you know, you can actually own versace right along there with steven schwartzman, because he is actually running that company. it's publicly traded. ticker symbol bx. be sure to watch "opening bell" with maria 9 a.m. eastern right here on fox business. the versace transaction values the business at about $1.4 billion. blackstone allows the company to fund brand new stores and have an eventual stock market listing of the actual name versace. but reuters saying that ipo could come within three to five years. versace recently hired lady gaga to promote its brand, the latest to be the face of versace. among the others? madonna. blackstone not the only private equity firm involved in the qoarkses. it beat rivals su

bell says it's trying to appeal to its fan base of younger men. >> okay. >> eat those all the time. >> is that right? >> i ♪ [ cheers and applause ] >> stevefrom studio 6b in rockefeller center, in the heart of new york city. it's the "tonight show" starring jimmy fallon. tonight join jimmy and his guests -- reese witherspoon fred armisen, musical guest rick ross, and featuring the legendary roots crew. and here's your host, jimmy fallon! [ cheers and applause ] ♪ >> jimmy: thank you very, very much! thank you very much! hey, thank you very much! thank you, welcome, hey. oh, that is a hot crowd right there. thank you very, very much! [ cheers and applause ] welcome, welcome to the "tonight show" everybody. this is going to be fun. here's what everybody's been talking about. after two weeks the winter olympics, it's over now. it's done. the winter olympics in sochi was great. wrapped up yesterday.

steve, thank you for the ballad as well. and thanks for watching "street signs," everybody. >> "the closing bell" kicks off right now, everybodyo "the closing bell." i'm kelly evans here at the new york stock exchange. >> and i'm bill griffeth here at cnbc global headquarters. here we go again. the s&p 500 flirting with all-time highs. for a time we were two or three points above the old closing high and we have a late day sell-off that seems to be spoiling the party.

bell. cisco earnings will be key. >> finally, the government could that brings us back to steve miller on aig chairman. turnaround. where do they start? >> despite the fact that janet is going to keep the rates low ol'sa while, it is a fo paradise. you cannot sustain that forever. we are printing money to keep everyone happy in the short term. you cannot keep going forever. we need to get real on government spending and -- >> ok, leave it there. steve miller, thank you so much could i suggest the next round as the new york yankees. [laughter] >> and then the jets and the giants. >> "in the loop" is next. ♪ >> live from bloomberg world headquarters, this is "in the loop." have oneday here -- we of the most successful women on wall street -- the most successful -- she is the former cfo of citigroup. no holdsving an barred conversation about women on wall street. not changed this morning. in the middle of our biggest four-day game, --gain in a year, jenna yellen delivered her first public remarks that the economy is strong enough to weather further stimulus. >> more bad weather is making its way to the so

bell ringing in 37 minutes. jury is spending a second day deliberating its verdict in a case that could have major impact on the future of embattled billionaire and hedge fund manager steve cohen and his business as a see capital. his future hangs in the balance. charlie gasparino, not hanging out, working the phones and has a special guest coming out with all kinds of news on this story and will twitter make the grade when it comes out with its earnings report "after the bell"? call it results because they may lose money. we will break down key numbers to watch and tell you if there's any chance twitter would make a profit. probably not going to happen but we could be surprised. doubles vs. bears debate. sometimes they just drop in. always obvious. we enable you to reach navigate global marketsure opportunities. and drive forward with broader possibilities. cme group: how the world advances. it's a challenge to balance work and family. ♪ that's why i love adt. i can see what's happening at my business from anywhere. ♪ [ male announcer ] now manage and help protect your small business remotely with adt. arm and disarm your alarm, watch secure video in real time, and even

steve, go ahead. >> sharon knows this better than anybody. i spoke about it yesterday on closing bell.verage price of nat gas was $2, now it's four spot 88. that's a huge increase. people start catching up on their bills, that's costing them to heat their homes. >> what should people who are getting that refund check do with the refund check this year? i know it's going to change a little bit but let's boil it down. >> you log on to mt. gox.com, put the bar mitzvah money in it with the refund check. >> i'm laughing but it's a serious issue. there are a lot of people who are trying to get money out of mt. gox and can't and others who are saying it's just growing pains. >> i'm going to agree with kevin. if we can get a little growth in the gdp, i don't think 3.5% to 4% is real stick but if we can be north of 2.5% touching 3%, we'll be in good shape. the credit market for consumers is still pretty good. if you get the refund checks, depends how liberal the credit market is going to be in lending to -- >> you are talking very positive. we need a good corporate tax restructuring. we need go

took the gold, steve took the silver, but both slid into the history books and it happened 30 years ago today. >>> when the news breaks out, we'll break in. the dow, kiev and the final bellhe session. we'll have perspective. >>> thank you, shep. who says this guy isn't running for president. republicans say he's handing out goodies as if he already is. what biden is selling that will have you worrying. he's spending your money. >>> welcome, everybody. sheriff joe is back. remember him, the guy who was supposed to be our cash cop. >> we have taken to calling him the sheriff because nobody messes with joe. >> he called me sheriff joe. i still have my badge on. >> to ensure tax dollars are going toward the intended purposes of creating jobs and aren't being

bell. wi can this stock continue to fly? murky is already shaking his head no. that's why we're going to meet it later. let's meet our starting lineup, joe terranova, steve weiss and jon najarian. he says the correction may be over but the volatility is not. that's where we do begin with how to navigate what could be a very wild market for the remainder of the year. joe tear morranovterranova, how? >> it's going to be a frustrating year. you take the holdings that you have. you know you have convictions and these holdings to begin with and you trade around the edges. what have i been doing over the last couple of days? energy, energy, energy. can't talk about it enough. pioneer, pxd, performing well. increasing by exposure there. eog resources, another name i own. increasing the exposure there as well. pick a particular theme. focus on it. now some things are going to be at the expense of, i'll give you that that is later in the show. >> why do you like energy, middle of the pack, worst performance. >> it's coming on strong lately in terms of performance. >> wti is 102. >> how about natural gas as well. you're beginning to see the activism commentary sur

bell" -- plug, plug, plug. >> you're entitled. >>> time for the power rundown. sue and dominic with me. and already big changes at microsoft by moving a real desk into the corner office unlike his predecessor steverolling up his sleeves? >> got a lot to do. a lot to accomplish and i think, when we saw that rally when steve ballmer said he was stepping down, when you see rally in a stock, it's an indication the market wants change and maybe one of the way, i don't know how you feel, dom, one of the ways you institute change, doing something dramatically different than your predecessor. >> he wants to make a mark on microsoft and tweeted after he got the job that he was going to tweet more often. so something i'm following on twitter right now. can't wait to see wa he tweets in terms of his job as ceo of microsoft, satya nadella. >> i suspect satya -- she mohe e of a tech guy from those ranks. i suspect he'll learn sales technique quicker. >> he has to. >> number two, soda wars. coca-cola buys a state in green mountain in hopes of moving in soda streams at-home beverages. who wins and loses in the latest soda -- >> only reason he had a job, people were who lazy to get up and change the record them

. >> right now is the key the steve liesman, thank you for the briefing on the latest economic data tnchtsz bellst a few minutes left in europe's trading day. we have the close, the details, and the impact here on u.s. stocks right after the break. welcome back. how is everything? there's nothing like being your own boss! and my customers are really liking your flat rate shipping. fedex one rate. really makes my life easier. maybe a promotion is in order. good news. i got a new title. and a raise? management couldn't make that happen. [ male announcer ] introducing fedex one rate. simple, flat rate shipping with the reliability of fedex. [ male announcer ] introducing fedex one rate. some brokerage firms are but way too many aren't. why? because selling their funds makes them more money. which makes you wonder. isn't that a conflict? search "proprietary mutual funds". yikes!! then go to e*trade. we've got over 8,000 mutual funds and not one of them has our name on it. we're in the business of finding the right investments for you. e*trade. less for us, more for you. the fund's prospectus contains

let's get to our closing bell exchange to talk about this rally day with abigail doolittle from peek theories, bruce khan from sustainable inside capital management, steve sachs, rob stein, and kenny pocari. rob stein -- >> yes. >> is this pullback over? what's going on? what did you make of what we were going through the first month and a half and now it's off to the races again? >> yeah. well, we had a little minor correction and the economic fundamentals didn't fall off the cliff. it's a different time than it was last year and the years before. we've entered a period of visible risk and left a period of uncertainty. a pert of uncertainty, when markets sell off, you don't step back in. with visible risk, you're able to comprehend and evaluate the risk you want to take and find a level that's appropriate to investing. the same thing happens on the upside, too, when it gets too rich. you will see a little more trading but people were looking at good opportunities. >> is it too rich right now? >> no, i think there's some more room to go. i think the expected return for equities is higher from here. >> steve, what did we learn today? the combination of j

bell." we continue our special coverage of this pretty severe market sell-off today. we got our market pros all staying with us at the new york stock exchange. we're joining now by steve liesman. you have got a nugget here on what might get investors' attention. let's remember, this is a day that janet yellen becomes chair of the federal reserve. you think she's paying close attention to this market? >> i think she's paying close attention to the market. i would suggest she's paying closer attention to the economic news. i think the disappointing iism number creates three economic reports that have disappointed. the employment number for december, the durable goods number and the ism in january. i would suggest that if the employment report disappoints again on friday that yellen at testimony next week remember she goes before congress to give the old humphrey hawkins testimony february 11th and 13th i think she might suggest a pause to the taper, and that would be for the following reason, that it might be in order to kind of see how much the weather may be affecting the data. i don't remember when we last talked about a polar vortex in this country. the weather coul