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our steve leisman is set to moderate that panel. he joins us now with a preview.ank paulson and bob rubin. >> you're right to be excited, maria, because in the 45 minutes we have i will solve most if not all of the problems out there. probably the issues of china between these two brain that's we have and their experience, i really have little doubt that we cannot make substantial progress. >> do you think they agree on most things? >> this is what interested me in putting this panel together. i think a lot of the political debate right now is driven from the extremes. we don't get to hear from the guys in the middle that may be very close. if you're that close how can we get you together to make substantial progress? there are major issues facing this country, and the question that i have is there a way we can find agreement in the middle across party lines and across the aisle. >> in terms of the fiscal cliff, you would think that we have a little more agreement in washington head washington ahead of the election. >> the question is can they provide a way out fo

i think given the expectations now built into the market, steve leisman said they cannot afford to disappoint, neither can the eu or the ecb, i think every comes with blazing guns. >> and the people looking at 1.5% gdp report today. it's not as bad as people thought, 1.5% is pretty weak. >> yeah, and i think ben ber nak key will have a very, very hard time other than what the one guest said, but actually framing it out. 1.5% is dismal, but we could be relegated to that given all of the activity of central bankers. i think he ben sills it in but with a very fuzzy pencil, and the equity markets will be full many times over. we have 1.5% gdp, how many generations of quantitative easing have we gone through to arrive here already? >> the markets have been fooled into a 100% rally. >> that's great, stocks go up, free money they go up, the economy is 1.5%. i'm not arguing about stocking, i would never short stocks. >> they have rallied, but euro stocks, in particular, on a relative basis have not performed as badly as the s&p in 40 years. i think stocks overseas, particularly some of them domicile

they join us now it steve leisman and rick santelli. why do you think the fed might surprise? a lot of people are pushing out to september. why do you think they will not wait? >> i think it's logical for september, but i think if they wait until that close shot election, it might be cast as being too political. there is a decent chance you will get a policy statement tomorrow. >> i know you and rain/snow mix santelli are of the same mind, what do you think they will talk about tomorrow? >> i'm sure they will do something, but i think mario last week made bernanke relevant this week. the fed is now in the background. anything the fed does is tinkering, it does nothing to help the economy. >> is there any wiggle room for the ecb at this point? >> they gave us verbal intervention last week. on thursday they will have to add some meat to those comments and tell us what they're doing. it's all on that and they think less so. >> they say the fed is irrelevant, what do you think? >> to me, the whole week is back wards. i want to know what u.s. jobs is, what ecb will do and what fed

steve leisman, bob rubin, and hank paulson, they're discussing the problems around the world and they're lofty view of how things will go as we head towards the end of the year. we're getting audio now so we can hear the thunder and lightning as it makes it's way through the area. are we going to take a break now? let's do that, we have much more to come on this special edition of "closing bell." [ female announcer ] want to spend less and retire with more? then don't get nickle and dimed by high cost investments and annoying account fees. at e-trade, our free easy-to-use online tools and experienced retirement specialists can help you build a personalized plan. and with our no annual fee iras and a wide range of low cost investments, you can execute the plan you want at a low cost. so meet with us, or go to etrade.com for a great retirement plan with low cost investments. ♪ [ male announcer ] olympic tennis players bob and mike bryan are always on the move. so they can't get to the bank to deposit a check. instead, they use citibank mobile check deposit. it's easy. they just snap a pic.

. >> let's get to steve leisman, he has more details on what fed is saying here, saying if brout doesn't pick up, they're going to be there. >> there's not a whole lot of new information in it when i think about what's been said on air for the last several weeks and when i read this report. but what the story says, and let's be careful, it says the fed might act on august 1st, and it might act in september. that is what's been baked into the market depending on what economic data says and what we have been saying is keying any action to, especially, the july employment report in the fist week of august. the jobless claims will be following. and i have been picking up that the fed would like to see more data so that september is more of an odds on bet for the federal reserve rather than this next meeting coming up. >> we'll be watching that. steve stay here, let's bring in david kudlah, let me ask you this, let's say the federal reserve acts, provides more stimulus, continues the bond buying program, do i change my exposure to the market. do i want to make any adjustments for how to be in

>> that gdp usual will a market mover, let's go to steve leisman, rick santelli, dan greenhouse. we're talking apple and netflix earnings after the bell. how important are the apple numbers to the overall health of tech and the market here as we don't e continue to see so much uncertainty and risk adversity. >> lit kal, and they will blow the doors off of earnings this afternoon with about $10.35 and revenues going through the rough. >> you thinks in going to blow the doors off. >> can i push back for a second? haven't we learned that apple doesn't lead the way for anything. i understand it's good for aing, but are they telling us about how the consumer is doing? didn't they have a unique market, and they take a bite at their own risk right there. >> doesn't it tell us about the consumer, steve? is it only about apple and not about the consumer given the iphone and ipad have been hugely popular. >> just go into a store and see the impact they have on the consumer. >> this is not accurate at all. apple is not representative on the consumer at large. >> why not? >> god bless the kb

that the idea of everything goes right, has not really panned out and i say that, because of steve leisman'somments. he's saying -- they still want price stability over there. they had an inflation number that was pretty good in our country, we think. but the germans don't think. i think steve's comments really can't be overlooked. very important call that he just made. >> let's go through the various events this week. the investor perspective. not many people are expecting much from the fed tomorrow. they're expecting from mario on wednesday. it will be big enough, the markets have rallied to the point, where it's expecti ining quite a bit. friday, there's a jobs report. this is a difficult set of hoops to jump through. >> look, it can happen. people can be surprised. we had a rally on thursday friday. >> this has been a resilient market. i don't know what that means. we seem to grind higher in the face of a lot of potentially negative things. >> look, everything we just said, may be that coca-cola goes to 80 and our market is made up of pfizer, at&t. we're not an industrial country, per se

steve leisman we'll have more in a moment. also, we get fresh numbers from the u.s.ter this morning. economists think that june housing starts register an increase. there's a decline in may, and that number is ut 8:30 eastern time. >> as becky said, fed chairman ben bernankac interview, steve. walk us through mr. bernanke's thoughts. >> there was a lot of mixed reaction to the chairman's comments. he's more downbeat on the economy and his failure to specify when the fed would act. the chairman sees q2 below 2% and projected growth that won't put people back to work. i thought it was significant he didn't say outright he believes the economy will continue on a moderate pace of growth. he quoted the question as saying it back in june. >> we are looking very carefully at the economy trying to judge whether or not the loss of momentum we've seen recently is enduring and whether or not the economy is likely to continue to make progress towards lower unemployment and more satisfactory labor market conditions. if those conditions -- if that does not occur, obviously, we hav