steve moore, i have to tell everybody out there. steve moore gleefully called me on the cell phone to tell me he sold his entire portfolio today. you're either going to be a genius or you know what is your logic because you are really bucking the tide, my dear brother. >> first, larry, let me say i don't have nearly as much money in my portfolio as all the rest of you do. when you talk about free market capitalism being alive and well, what country are you talking about? i don't see anything on the policy horizon that is bullish. i would challenge you and the others on this panel, larry, to point to one single thing that the obama administration is doing that is good for stocks. >> what about the gridlock over the health care program? what about the new - new -- listen -- i will come right at you. i don't think this is the biggest part of the rally. we will get to the earnings and leading indicators. since you insist, since you foolishly sold your whole portfolio today, the democratic party is bigger now than the big left liberal th

we're back with robert reich and steve moore.h, according to the "wall street journal," law blog, she once did confirm a punitive damage settlement in a tort lawsuit of $1 billion, siding in favor of a turkish family. that, by the way, was overturned by a higher court. do you really believe she is a moderate? >> you know, i do, larry. and i want to go back to what my distinguished colleague, steve moore, just said. there is no evidence at all that she favors the so-called victim. in most criminal proceedings that have come before the second circuit, she has ruled against the criminal defendants, and favored the prosecutors. and most of the anti discrimination lawsuits that have come before the second circuit, she has ruled against those plaintiffs who are alleging discrimination. she is, if anything, in my book, a little bit too conservative. >> steve moore, your response. >> well, that is encouraging. and by the way, now i know why robert reich wants us to be so much more like france. he takes these month-long french vacations.

phil orlando, and steve moore, co-author of "the end of prosperity." mario gabelli, i want to start with you. today is a day the indices come up. dow up plus 44, s & p plus 2, and nasdaq down slightly. it was consumer staples that led the way, utilities and financials, even a banker can make money in a sleepily upward sloping yield curve. energy, consumers, tech, and indid i discretionals. nonrecovery stocks led the way. the defensive stocks is that a way that we'll see for the remainder of the year? >> the markets flat to up to 5%. >> from here? >> no, here probably slightly up. buying general mills. they had terrific numbers anyway. the stock up a couple of dollars today. gis, and you had sector rotation, but the stock still down 10%. >> so it's cheap? >> pretty interesting company over the next three to five years, because it plays into our health and wellness theme. >> not tied to economic growth particularly, is that right? >> well, do you have a concern over channel shift. where do i buy my cereal? do i buy it in the big box at costco, save from

john carney, as i'm sure you heard, your two co panelists there, steve moore and rick santelli are a little more un r underwhelmed with the bernanke performance. i want to play this. this is their beef. and i want you to hear the beef from moore and santelli. this is bernanke on a driving metaphor. >> the federal reserve has been putting the pedal to the metal. we have the interest rate as low as it can go, putting everything we can into strengthening credit markets. we are buying up mortgage securities to get people into houses, so we're doing everything we can to support the economy. and we hope that's going to, you know, get us going next year sometime. >> all right. so john carney, this is not hard, this narrative, that bernanke has set up. it's very elegant and simple. basically saying i want to avoid a second great depression and just opened the spigots and poured the money in, and but the pedal to the metal, that's what's on steve moore's mind. every single day. the guy has gotten rid of his stock portfolio because he is worried about inflation and he's not alone and neither is

steve moore is here. and stepping down and now firing back. governor palin's surprising everyone, announcing she is out. -- governor palin surprising everyone. >> those you are inspired by our ideals, and they will not deride them. i will support other cc to serve in or out of office. i do not care what party they are in or any party at all inside of alaska or out of alaska, but i will not do it from the governor's desk. i've never believed that i or anyone else needs a title to do this, to make -- more freedom to progress, all the way around, so that alaska made progress. i will not seek reelection as governor be and i thought about, well, some governors have as lame ducks -- i will not seek reelection as governor. i thought about the funds some governors have as lame ducks -- the fun they have. they hit the road and drawing a paycheck, and they, of -- and drawing a paycheck, and draw a paycheck, and they kind of milk it, and i do not want that for alaska. greta: the governor is striking back to her critics online, using torture -- twitter. i

a writer for "the wall street journal," steve moore joins us. steve, a second round? yikes.. the first stimulus did not work well. we have 9.5% unemployment. now, it is true that we have only spent part of the stimulus package, but it is almost like a python that has swallowed a pig, and the pig is halfway through, and now you are going to put another one in its mouth. if i think our fiscal situation today, greta, is a fiscal catastrophe. we're going to end of all we $2 trillion this year because the economy is worse than we thought, by far the biggest record in history, and you have to ask the question, greta, when do you stop all of this spending and start a new strategy? the one thing that is an illustration will not do is cut taxes, which has worked before. it worked for ronald reagan in 1991, and it worked for george bush. greta: vice-president biden and laura tyson have gone laurarogue. -- and laura tyson have gone rogoue. there are 2.5 million more job losses than expected -- have gone rogue. they are going rogue and telling everybody that they got it wrong. >> they r

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steve moore says congress has no idea how to pay for this. steve moore, brian sullivan.at to have you back on the program. i am trying to figure this out. you can only tax people so much, and that will not cover the gap, will it? >> this has been, something like a sherlock holmes murder mystery. where is the money going to, from -- where is the money going to come from? they keep saying, "no, no, no." a few weeks ago, it was the soda pop tax, and people said,çó "no" and then they talked about the payroll tax, and people said, "no." they were talking about taxing health care benefits, and that has been no. for the last month of the presidential campaign, barack obama ran advertisements against john mccain simians he is going to attack your health care benefits, and then a few months later, barack obama came up with the same proposal. brian: having gone to virginia tech, my family from virginia, virginia is a conservative state -- we will see. let's say it is coming. i was doing some research, and according to the kaiser foundation, -- i-team's people believe that people s

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steve moore, given these lousy polling numbers, we have distinguished gallup and rasmussen and fox news is saying the same thing. "new york times," cnbc, same thing, pugh poll is even worse, i just saw that before we came on the air. steve, your newspaper is saying, wait a minute, blue dogs folded, public health option, government health option is still there. >> larry, this is an incredibly unpopular plan but democrats seem to want to walk the plank. i do believe they will pass something, make that predictions in october pass a health care bill. but the question is will they get rid of all the lousy stuff, on business i wrote about today and public option i think is out of the plan. >> you think the public option is out of the plan? >> i do. >> it's still in the program i saw. the blue dogs didn't say no. on the senate side, let's get this straight, the senate side is saying no government option, no government insurance option takeover. this business about cooperatives will be government funded. it's a health care fannie mae, the same difference. >> it will not cut it, larry, the reaso

steve moore, you gave the wrong answer, you strike out. big winner is the taxpayer. >> yes. >> the governor ator was going to spend his rear end and tax his rear end until the taxpayers voted no in those budget initiatives a couple months ago. now, look what's happening. it shows you what a taxpayer revolt can do! >> i wrote that in the editorial that will be in the paper tomorrow or thursday. that's exactly right. the taxpayers revolted back in may. in this budget, jane, i think is a as a result of that result by those people who went to the polls. >> absolutely. i agreement the problem, larry, i may be back up here in six months with another crisis because some of this solution is based on certain assumptions about the economy and improving and every assumption they have made so far has missed the mark. >> hang on. we'll come back with both of you. another surprise, we're all going out with jane to watch off short drilling off the coast of santa barbara, which could be a great hidden revenue source, called drill drill drill, no new taxes

here is deputy editor dan hairringter and steve moore. you paid a lot of attention to all these states. what policies do they have in common? >> the wheels have come off in california, new jersey an new york. none of them can pay their bills. california is sending out ious. first time in that history that has happened. you look at policies of those states, those are obama economics. they have the highest tax rates on small businesses and on individuals in the country. yet they can't pay their bills. they have the highest rates of unionization and forced union policies. highest unemployment. the other factor that these are supposed to be worker pair dies with liberal policies but people and businesses are moving in droves out of those states. >> that's true. what is a good citizen who wants to do something about this to do? is there a way you can rein this in? >> first question is whether you are going to have the national government do this. this is what people are focused on. these are exactly what president barack obama says that they w

greta: joining us is steve moore, an op-ed writer for "the wall street journal."ven a motivational dance because they are stressed. oh, my -- i mean, who came up with this idea? is really bad. >> i am under a lot of stress, greta -- it is really bad. i could use a nice trip to the biltmore in phoenix. it is so outrageous. it is such a misusing and misappropriation of taxpayer dollars. -- is such a misuse. the report just told us that this is an agency that is bankrupt. this is an agency that is $10 trillion in debt. remember, greta, we talked a few weeks ago about the store you uncovered about the fact that there were thousands of people -- the store you uncovered that there were thousands of dead people who got checks from the social security administration -- the story you uncovered. greta: in a recession, government employees, at a ritzy place, being flown in, and my favorite, the motivational dance to relieve distress. i would find out who made that decision, and i would fire that person at 8:00 tomorrow morning. it is so bad. >> i could not agree with you mor

greta: joining us is steve moore, an op-ed writer for "the wall street journal."en a motivational dance because they are stressed. oh, my -- i mean, who came up with this idea? is really bad. >> i am under a lot of stress, greta -- it is really bad. i could use a nice trip to the biltmore in phoenix. it is so outrageous. it is such a misusing and misappropriation of taxpayer dollars. -- is such a misuse. the report just told us that this is an agency that is bankrupt. this is an agency that is $10 trillion in debt. remember, greta, we talked a few weeks ago about the store you uncovered about the fact that there were thousands of people -- the store you uncovered that there were thousands of dead people who got checks from the social security administration -- the story you uncovered. greta: in a recession, government employees, at a ritzy place, being flown in, and my favorite, the motivational dance to relieve distress. i would find out who made that decision, and i would fire that person at 8:00 tomorrow morning. it is so bad. >> i could not agree with you more

joining us is steve moore with "the wall street journal" editorial page. >> he actually has made a lot of money for citi, but this is a company that lost tens of billions of dollars last year. of course, we own it. it is a company that was bailed out by the federal government, and now, he wants this $100 million paid out. even though he was making money for the company, when you are talking about that they were bankrupt, i do not see where you get the nerve to ask for $100 million. greta: this guy is not starving if he does not get a full $100 million. a percentage of how much money he makes when he traits? >> yes, and he has been a spectacularly successful trader -- how much money he makes when he trades. he called the oil marker. he made hundreds of millions of dollars for the company. i do not have a problem with that. i do not have a problem with this past bonuses, but i do have a problem asking for bonuses when the company went down the drain, and the company would not even exist today if it were not for a taxpayer bailout. greta: a successful trader, making all of this money. in

joining us is steve moore, a senior economics writer for "the wall street journal." the whole purpose was to pay down debts. we have spent about 10%, a little less than 10%. >> you have been asking me this question for the last couple of weeks, and now i have the report from the general accounting office, and you are not going to be too happy, and most taxpayers are not going to be too happy. it turns out that a lot of the money has gone for medicaid and to stabilize their budgets. you might say that giving money for medicaid and restabilizing budgets is a good thing, but it does not create jobs -- and for stabilizing budgets. infrastructure projects, investments we were told we're going to create jobs, only $1 out of every $13 is going to fix in potholes, building new roads, bridges, things like that -- going to fix in potholes -- fixing potholes. greta: what you're basically doing is making payroll. the problem is, two weeks from now, you have more payroll, and you have not generated more jobs if so you can create your own peril. >> -- to create your own payroll. g

we hope we do not go down the road of bigger government and more debt, as steve moore was just talkingbout. let's leave the money in the economy, and let's let the people who create jobs create more jobs for us. greta: there is a profound difference between making payroll and making jobs, and i think that is probably a concern, simply money now to make a world, and, eventually, we will run into problems where we cannot make payroll anymore. are we creating jobs? we're going to throw in this whole job-creation figure saving jobs. i do not know how you can determine that you are saving jobs. >> we have learned to do not believe what they're talking about, but i was a small businessman for many years before i ran for congress when it 10 or 20 employees, and just the taxes themselves, greta, if i was able to keep a little more money, that makes it easier to hire or keep a person, but if you keep my taxes at a high rate, or even plan to increase them, as the obama administration is talking about, it is hard to plan to expand your business to buy new equipment, so most of the small businesse

steve moore, i do not know. what do you think >> hi, neil. -- what do you think? >> hi, neil. i think this reflects some embarrassment on the part of the democrats. as you showed, they said they would get this done before the august recess, and they wanted to do that, because they knew if they had the numbers before the august recess and had to face the voters, and they would not come back so enthusiastically. this is what nancy pelosi and harry reid have been talking about since late spring, and they are now saying that it is the media who are the ones that have been obsessing about this deadline. they will not jammed this thing through and the next three or four days. they will take some time to go over this bill that is some 16% of our economy -- they will not jam this thing through. neil: one of the things that came up, and i want you to comment on this, steve, even republicans might be wise to go slow on looking like they are not going to come up with anything, because then there will be the wrath of voters if they do not, and the democrats will blame the republicans for

steve moore with "the wall street journal" joins us. go ahead. tell me what you think about this.peechless. >> i am, too, and this is the fiscal responsibility that we heard about from the obama administration. you mentioned some of these. let me just mention a couple of others. departments are going to save thousands of dollars, greta, by turning off the lights and on the weekend. you may have thought they would have thought of that before. greta: and this goes back. this is not just the obama administration. the unused telephone lines, they did not come into office on january 20 to an order $300,000 of unused telephone lines. this has been going on -- they did not come into office on january 20 and order $300,000 of unused telephone lines. >> one of my favorites is $130,000 in savings with the department, risked by not redecorating their offices. -- with the department of finance not redecorating their offices. think about this. we have a huge trillion dollar deficit, and the only savings these departments could find was $100 million. this would be the equivalent if i owe you $1

the only thing i really like from washington, let them rent, steve moore. if you can make a deal for -- let them rent for a while. that might work. >> well, let them rent. and, you know, i still am a believer, larry, that you don't necessarily need to have the government intervention. >> the crisis is over. come on. every -- >> lenders are not set up to be landlords. statistics show a bottoming. every statistic -- >> every statistic except the foreclosure number. >> wait a second, the distressed sales have been coming down markedly. when you look at the worst-hit states, california, arizona, nevada, florida. you're seeing prices down, sales up. and the quantitity of sales from foreclosures is getting smaller and smaller. this is a massive turn-around. >> but larry, there are other factors playing into that. some of those may be lagging indicators from foreclosure moratoriums, and some could be them holding before they put them on the market. really, we don't have enough extended statistical nal 'tis. >> my analysis is markets work. >> can i say one other th

you, too, steve moore. let me put this question to you. china has low tax rates on capital, low tax rates on business. their tax rates are lower than ours. i don't know if i like the sound of all this pump priming going on but i do like the way they treat capital. >> if they put in a flat tax like hong kong has, they wouldn't need much system thousand get 8 to 10% growth rates. >> they got rid of a chunk of retail taxes for consumers and got rid of capital gains tax. >> that's the stuff i think fundamentally will create a stronger economy. mike, your advice is not worry about the china story, it won't crack up or interfere with our summer rally. >> the shanghai exchange was up 83% going into last night. they're in for a correction and won't screw us up, we weren't up 83%. >> real quick, you're coming back, maybe we will find andy bush or not. >> we just had this hillary clinton state department meeting, didn't see much coming out of it. what about the currency battle between the u.s. and china? >> i hope the fact nothing came out of these

something to solve this problem of global warming, but in a way that does not destroy jobs, there is a steve moore/larry kudlow promo -- solution to this. you tax carbon, but you use the money that you save from capping carbon to reduce taxes on capital. we haven't done this in this bill. it turns out to be a big trillion-dollar tax increase. why not use that revenue to reduce taxes on things that could create jobs in america? >> an even bettered why. i agree with you. it's easier than a cap and trade, but we ought to use the money to pay for health care. >> howard, i cannot find an opinion poll that supports your political view on this. and you're smiling, because you know i'm right. she -- this is so interesting to me. sarah palin after the left wing media trashs her for leaving the governorship, she is on the war path on an issue which the american public are so much opposed to mr. obama. what are you democrats going to do about this issue? there is almost nothing out there more unpopular than cap and trade, according to every single poll i see. >> larry, if you want to run this company by poll

steve moore, i'm glad you survived las vegas. me too. anyway, dennis kneale, what have you got cooking? do you think sotomayor -- this is your dennis kneale opinion, is a moderate or a big liberal lefty on businesses and market type decisions? is. >> i think if she weren't a big lib rap lefty, she would not have oh gotten the nomination. but that doesn't matter, because she is going to get approved. so my as well brace for it. a lot of times we put a liberal on the court and they end up surprising us. >> could she be a free market capitalist? do you think you'll hear that from her on court? >> no, i don't think she can. just all consumers, all victims. >> thanks. >> and cnbc reports starts right now. >>> tonight on "cnbc reports," the markets jump, are traders and investors starting to come around, starting to warm up to dennis's big call? >> this horrible, frightening recession is ending now. >> despite the upturn, there are plans in washington that could roll it all back. dennis is a one-man fighting machine tonight against higher taxe

. >> to sum up, i would simply say my colleague, steve moore, at the "wall street journal" reports theource of the treasury department says they're printing money 24/7 literally 24 hours a day they're printing money so somewhere we're going to see that show up in the economy. that will give you an opportunity to have a great debate about the fed's role and its mistakes. you should have two plans when that debate happens. plan a is what you may really want and plan b is what you can get. and it's prudent to have a plan a and a plan b in your pocket and we tried to provide both of you today. >> well, the timer has been flashing indicating that our time is up. so i'd like to thank our panel very much for participating and i think it's been a very informative and lively debate. thank you very much. warren coats served with the international monetary fund for 26 years before retiring in 2003. he's currently director of the cayman islands monetary authority and an advisor to the central bank of iraq. john fund was a member of the "wall street journal"'s editorial board from 1995 to 2001. and

reich, steve moore, thanks very much. >> you gave steve the last word. >> got to get rid of employer-basedit's just ridiculous. i hate it! >> we're going to talk more about regulation nations. and that includes health care, and much more.. what's on tap for wall street? sure, the system failed during the crisis, but was it the result of not enough regulation or simply market watchers not enforcing the regulations? asleep at the switch, if you will. we'll ask two top bankers in approximate washington about to kill the rally in stocks. >> and the "fast money" halftime report minutes away, a big day of earnings on top tomorrow. jpmorgan, chase, ibm, google. melissa, what is on the "trader radar?" >> technology is certainly one of the shotsest sectors, we go to the charts. and two dig events in tech land. earnings reports from ibm and google, how the stocks react in response to e. you don't need a crystal ball.. we have the implied volatility and implied price move on the stocks. and we will tell you what they are, straight ahead.. on that power report, but first, mo more. but first more "powe

glenn: back with "wall street journal" senior economic writer stephen moore. steve. you're a reasonable guy. you're a smart guy. you're a cautious guy. if i hear one more person say, oh, this talk about one world currency is crazy, it's not going to happen and our dollar is fine, if i hear one more person say that to me, i think i'm going to go nuts. we're hearing it from everybody. talk to me a little bit about china and japan and brazil. what are they doing right now? >> well, here's what's going on, glenn. it is actually a very simple economic picture to describe. we're not producing much in america, because we have such high tax and regulation, made worse by the way by cap and trade, so we're importing all these goods and services from abroad, from china and japan and so on, so we're running a massive trade deficit. we provide them with dollars. what do those countries do with those dollars? they are basically buying all of our bonds, and so it is this vicious circle of we are basically becoming indebted to every nation in the world, and as i said, it's going to