economy and the answer is that obama's a picking summer summers and his career picking obama summers mentor and his guy is robert rubin at the time c.e.o. goldman sachs and later chairman cochairman of citi bank. jamie diamond and penny pritzker of superior bank jamie diamond of j.p. morgan chase who found barack obama a state senator who ever you know whoever heard of this guy they got behind him they raised three quarters of a billion dollars to name themselves a president within hours hours of his election. obama named somers. and his dog's body geitner to run the u.s. economy within hours it meant that the deal was cut as part of the election deal and there's a sense in the bankers boys this is very dangerous stuff because he works for these guys he works literally when i say he works for these guys and i mean it's not a metaphor he gets checks he's made millions of people who think or say that this is a victimless crime let's remind people that's going on here using the revenue and if interest rates artificially low and it's a way to shift the wealth of a nation from the nation

58% to 30%, summers over yellen. who should obama choose? yellen, 56%, summers, 12%.john taylor got more votes than larry summers at 16%. in general, participants thought summers would be more hawkish than yellen, but their assumptions went further than monetary policy. bernanke and former vice chairman don cohen in ten categories. the overall score, summers finished last behind bernanke, yellen and cohen. political and communication skills, monetary policy expertise, that was a slam dunk, yellen over summers. respect from other international financial officials, ability to manage a financial crisis and banking regulatory expertise. summers was graded higher in only inflation and expertise. it wasn't a knock against summers, the market graded yellen higher than summers. >> financial markets and inflation. those might be the two i'd put at the top of the list. >> to go with the flow and being all about price stability instead of this dual mandate which we see they can try and try and try. going nowhere, fast. >> your point is you would want a fed chair. >> my idol for

argument to summers, who was wrong. until this weekend, it looked like larry summers was going to ascend to the most powerful economic job in the entire world, chairman of the federal reserve, over the eminently qualified current fed vice chairwoman janet yellen. >> saying markets are in rally mode this morning following larry summers dropping out of the running for fed chair. >> but the backlash against summers' nomination grew so strong, particularly among the left, this past weekend, larry summers shocked almost everyone watching by withdrawing his name for consideration. yesterday, larry summers wrote in a letter to the president, "i have reluctantly concluded that any possible confirmation process for me would be acrimonious and would not serve in the best interests of the federal reserve, the administration, or ultimately, the interests of the nation's ongoing economic recovery." joining me now is senator sherrod brown, democrat from ohio, on the senate banking housing affairs committee. senator brown, was this yo

economy and the answer is that obama is a picking summer summers and his career picking obama summers mentor and his guy is robert rubin at the time c.e.o. goldman sachs and later chairman cochairman of citi bank. jamie diamond and penny pritzker of superior bank jamie diamond of j.p. morgan chase who found barack obama a state senator who ever you know who ever heard of this guy they got behind him they raised three quarters of a billion dollars to name themselves a president within hours hours of his election. obama named somers. and his dog's body geitner to run the u.s. economy within hours meant that the deal was cut as part of the election deal and there's a sense in the bankers boys this is very dangerous stuff because he works for these guys he works he literally want to say he works for these guys and i mean it's not a metaphor he gets checks he's made millions to people who think or say that this is a victimless crime let's remind people that's going on here using the revenue and dipping interest rates artificially low and it's a way to shift the wealth of a nation from the

we'll talk more about summers' decision and what's next for the fed in a moment. >>> for today with summers out of contention traders believe the easy money policies will continue in the post-bernanke era so the dow saw another triple-digit gain despite concerns about a horrific shooting alt a navy facility in washington, d.c. the dow closing well off the highs of the session but it's still added 118 points. the s&p was up 9. but the nasdaq ended down 4 points hurt by shares of apple which declined 3% on news that china telecom was cutting back on sub ski dis for the iphone. >>> even before lawrence summers bowed out of the running to lead the federal reserve this was sure to be a week where the fed moves front and center. tomorrow a two-day policy setting meeting begins one of the most eagerly anticipated in years as the central bank weighs whether or how much to cut back its stimulus programs. steve liesman spells out the stakes. >> reporter: for the departure of larry summers in the race to be the next fed chairman janet yellen as emerged as the front-runner. in a survey of money manager

this has been such a fun summer so many memories.ditionally this can be a slow time for news but this particular summer has been just one story after another. we had the voting rights act. gay marriage. paula deen. we did immigration. there was a royal baby with jason jones punching a horse in the face. we had a mid show blackout forcing me to interview eric in the dark. then there was, of course, that night the dark punk played live in our studio instead of going on colbert. that was fun. then of course there was that amazing moment where helen mirin was a guest and she decided to slip and slide over to the desk. if you missed that i'm truly sorry. some stories have also developed since we covered them. and i just wanted to quickly update you on them. tiddy everything up before jon gets back here. first you might remember accused sexual harasser and assaulter bob fillner best known for his work as the san diego mayor, as well ass had his role opposite michael keaton in 1989's batman. now that might seen like a cruel joke about someo

this market is summer lovin' all right. loving that summers is out of the equation. sorry for your loss, bears. >> coming up, boxing bucks. we're not talking mayweather, but cold hard cardboard. a major packaging player snatched up a rival. its stock is surging on the deal, but where should you put your paper? cramer is in your corner. later, ask for the best. cramer is looking back to get you ahead of the game. all week he's tracking down the market's top performers to find out which stocks could close out the rest of 2013 strong. from video games to vacation, don't miss this list. >>> plus, roi from r&r? upstart vacation company all the way offers travelers more breathing space for fewer bucks. but after surging 25% this year, is it time to give its stock a rest or could it have you living the sweet life? all coming up on "mad money." >> this morning we learned that packaging corporation of america, the fourth largest paper company in america is buying boise, the sixth largest for nearly $2 billion. that's a premium. what grabbed my attention is the stock of the ac

summers stepping down.boosted risk appetite around the globe because it sees janet yellen in pole position as a much more dovish fed chairperson. 2r5iding 194 points up by half a percent. the nasdaq is some 36% above fair value and the s&p is trending 21 above fair value. fairly strong start indicated. going up half a percent for the ftse. on friday the ftse was down 5 points. been up 8%. not quite, .8%. the zet at that dax is at an all-time high. 8806. cat ka ran is up. shanghai was down .2. the nikkei, fairly flat. mainly because what we did see today was the dollar index falling back on the yen appreciating in value. the sensex is up marginally because we saw a big jump in food inflation. the wpi was stronger than what we thought. the dollar index is down to a low. shy of 1.60. aussie dollar, down 1.27. we couldn't maintain that above 100. stronger yen, one of the reasons why the nikkei didn't do so well. it's up near a 2 1/2 week high for the dollar. bull markets, yields are lower. treasury yields, 2.81

it won't move anywhere until next spring or summer. that's when they'll try to refloat it just enough to tow it out of the waters, taking it to an italian port - they haven't decided which one, it has to be a port big enough to take a cruise ship this big - 300 metres long. once they decide that, it will be out of here hopefully by next summer. charlie angela on giving -- giglio island, thank you for joining us. >> hundreds on a luxury cruise ship had vacations short. the court ordered the ocean liner to be detained. 2,000 passengers and crew members were held in port. many flew back to beijing, supplied by the operator of the cruise line. >> the new front runner to head the federal reserve could be historic. who is barack obama leaning towards now that lawrence summers is bowing out. >> here she is miss america 2014, the woman who won the crown with a bollywood fusion dance. >> welcome back to al jazeera. i'm morgan radford. here is a recap of our top stories. in colorado five are dead, hundreds are missing in the massive flooding. mo

larry summers. summers is reported to be the president's top choice to replace ben bernanke as fed chief but summers isn't exactly everyone's favorite. so as the situation inhe middle east costs the president more time and more political capital, will summers get pushed aside as the next chairman of the fed? the answer could have big implications for your money. here to discuss it, steve moore of "the wall street journal", and jonathan hoenig of capitalist pig dot-com. welcome to -- capitalistpig.com. >> hello, melissa. >> welcome to both of you. i heard this from someone very up flew wednesday with a lot of skin in the game. what do you think about this theory, steve? >> i think the theory is, is there may be something to it. it is pretty clear that barack obama need to repair his relationship with liberals capitol hill. they're not very excited about potential military action in syria. you know, they're not happy with the, with the sequester spending cuts. and so barack obama is losing a little bi

summer is out. commitment to the gulf, bp had two big goals: help the gulf recover and learn from what happened so we could be a better, safer energy company. i can tell you - safety is at the heart of everything we do. we've added cutting-edge technology, like a new deepwater well cap and a state-of-the-art monitoring center, whe experts watch over all drilling activity twenty-four-seven. and we're sharing what we've learned, so we can all produce energy more safely. our commitment has never been stronger. they're the days to take care of business.. when possibilities become reality. with centurylink as your trusted partner, our visionary cloud infrastructure and global broadband network free you to focus on what matters. with custom communications solutions and responsive, dedicated support, we constantly evolve to meet your needs. every day of the week. centurylink® your link to what's next. dennis: the news conference just wrapping up in washington, d.c. officials were given a briefing. then thi

summers was considered the front-runner to succeed ben bernanke as fed chairman. he's known for being downbeat on the effects of the credit easing measures currently in place. >>> well, to see how this news may be affecting the japanese market, we cross over to the tokyo stock exchange. ramin, how are stocks looking following a long weekend in japan? >> thank you very much. yes, monday was a public holiday in japan. this is the first trading day of the week, this tuesday. let's look at the opening levels, for the nikkei and topix. mainly in the positive. slight gains there. we'll see if that continues. the nikkei is may actually meet a little bit of hesitation as markets are really looking forward to the u.s. policy reserve board meeting. we're also seeing the dollar fall a touch, which may weigh on exporters. last week the nikkei ended in the positive, largely on the back of the gains following tokyo winning its bid for the 2020 olympics. which boosted infrastructure shares here. however, we did come for a little bit of profit-taking in those shares, and the stro

>> you like larry summers. he thought larry summers did a good job.t just happens that most democrats, republicans, democrats don't agree. dagen: most of those wanting to be the federal reserve chairman because we talk about him. i can't wait to. if that man is head of the fed i can't wait for the first press conference. he is going to suffer. connell: won't be boring. will they are won't they? united airlines has to decide whether to honor some ticket sold for next to nothing in an online ticketing mistake that was made. we will talk about that. they make and we were just talking about, larry summers makes fed chief. more smoke around this fire. connell: remember this guy? former imf chief domenique strauss-kahn? he is looking at aggravated charges in france but he has a new job. that is the news. then coming up on markets now. stocks are. how about oil? 774. we will be right back. connell: we are back on markets now. we love this story giving away the airlines. dagen: a horrible experience. connell: the flight delays covers the airline sector. let's

is this all about summers or something else? >> summers is a patriot. he knew this was going to tear the country up. i know he wanted the jobs. it is kind of a big thing for him to do. he did not press it. i don't know why the president would pick yellen, because she is everything he doesn't seem to want. total dark horse, probably doesn't get it. stanley fisher, the professor that taught summers. summers comes in and says, listen, you want to give me. give us fisher. turn it around. israel. turn it around, east asia. imf in the 90s. would be a radical shift away from who we would expect. certainly, it would be within keeping with summers. >> bank of england, we can bring in that type. >> exactly right. >> canada takes over uk. he is from mozambique. he is in zimbabwe, rhodesia. it will be a while. what can i say? >> i look at this and wonder and continue to question the ability of the administration to execute on the president's agenda and what that means for their tooblt do that and the debt ceiling fight that may be coming. it was clear all along tha

call it a summer's rally -- at the end of summer.tever your view, surely you've got an opinion on the market rally that was sparked after announcing his exit from the fed chief race. any of you in stocks are pretty happy with the numbers. major u.s. markets to the upside right at get go, the nasdaq joined the party but lost steam around 1:45 p.m. eastern time, right now down just about four points on nasdaq. this five-year anniversary of lehman brothers' bankruptcy sparking the worst of the financial crisis, today a party. let's talk about what is up today, allegheny technologies higher today after it agreed to sell tungsten materials unit. it is a very rare substance, it really only exists in a couple of areas, and so it is quite valuable. allegheny jumping nearly 9% today. it's a great day to be in the restaurant business. five be names reaching all-time highs including let's look at bob evans farms. starbucks hitting all-time highs along with domino's and buffalo wild wings, but look at starbucks. around the height of the financia

larry summers is a very controversial figure. yes, he was a clinton appointee and was very successful under president clinton, but this is a new time and day. under president clinton he was very central in deregulation. in rolling back parts of glass steegle that led to the mess in 2008. a very controversial figure, and i think what the president needs to do so is start over. i hope he's glad that summers is off the table. >> were you surprised that his name was mentioned considering his past at harvard where some considered him possibly to be a little bit of a male chauvinist? >> i was surprised to a certain extent and he has a positive relationship with the president. i agree with baz basil. i think it's a good thing for the president. his potential nomination was becoming increasingly controversial as the days went on. he was losing support among senators. as you mentioned, there's women's groups who rightly so given hiss past comments about women in the sciences and math stood up and said this is not the kind of person we wan

summer ends sunday afternoon. summer unficially ends friday night.aturday it -- unofficially ends friday night. saturday it will be cloudy, cooler. the harvest moon is the full moon closest to the equinox. say hello to the harvest moon. fremont 55. night are getting longer, cooler. 50s, including napa 54 degrees. tomorrow, looking at warm weather. summer like inland. antioch upper 80s tomorrow. like today. with sunny skies. look at friday, clouds increasing. maybe a few showers friday night and not as warm. low 80s. strong area of low pressure off shore. not getting here tomorrow. today high pressure, warm, sunny. coast sunshine. that is for one more day tomorrow. after tomorrow low pressure moves in. slams into oregon. inch or two of rainfall and the front will make it here. and we will see some showers. nothing too heavy. showers in the north bay first as soon as friday afternoon. future cast for you. thursday, bone dry. look at the clouds friday morning. friday afternoon cloudy. scattered showers around by friday night. most of the rainfall fallin

we didn't think that larry summers was a slam dunk.l along thought that janet yellen was the choice going forward. so what does that mean the terms of what we did and doing. what we did is sell longer term treasuries. look at the long-term treasury market today. going down in price, not up in price. we bought five year, four year, three year treasuries. look at the price of those securities today, going up not down. so it's a front end, curve yield, friendly type of environment. if janet yellen is the choice. and importantly if on wednesday we see forward guidance firming up in terms of those choices going forward. so pimco has been benefiting. pimco is on the right track. we're beating the market for the year. we're -- we've got smiles on our faces. >> ten seconds. a yes or no answer. five years on from the collapse of lehman, are we any safer? >> we're safer because banks are recapitalized and have more capital but there are a number of technical difficulties that still lie ahead. >> always a pleasure to have you on the show. bill wi

some have dubbed 2013 as the summer of the flop with a lot of seemingly sure fire summer block busters failing at the box office. but it ended up being the most profitable movie summer ever. what does it mean? here to discuss this topic is ben mankowitz and al jazeera culture critic bill wyman. written extensively on media and the arts. great to have you with us tonight. we heard so much about the flops. but then we looked at the numbers and it seems like the summer was a success. ticket revenue was 4.71 billion, attendance rose 6.6% to about 573 million. so bill why would people have called this a bad summer for movies? >> well, because they're making a lot of money on a lot of movies that they weren't making a lot of money on a lot of other movies. they released a lot more movies this summer than they have last year. and they released a lot more of what you called the tent poles and the block busters this summer so there's a lot of cost that go into that so that underniens profitability. the second thing we got to remember is that while attendance was up this summer it's down pretty

in the summer of 1927? >> they just happened. that's what's interesting about it is that, you know, sometimes these things just happen, you know, and all of these things happen then. it was not by and large any particular reason. there was not there because they had to happen in the summer of 1927. it's mostly they just happened then. there were connections. i mean, the reason that lindbergh was able to fly first to europe was because of the same storm system that was -- that caused the flooding in the midwest, that caused the great mississippi flood. the same weather system had all of the other aveuaters pinned down -- aviators pinned down in new york, but this enabled him to get ahead of the others. if not for the weather system causing havoc in the middle part of the country, certainly richardson would have been off first, the first to cross the ocean, and that changed popular history a great deal. >> there was a contest going on at that point. >> there was a contest. i didn't know that before i did the

democrats ere senate who blocked larry summers. when the democrat of out.h came i would think that somebody at the white house could have made a call and at least told him to keep a lid on it for a while but it was democrats, too. what is so interesting about this the white house is having problems with democrats. maybe in is just something lse but when does it become a political issue? is it about whether the weak?ent is strong or >> i think this is when we saw with become a lame duck look of influence even with his own party because it was an of liberal democrats who don't feel like the white house, owe the white house anything and were willing to say we are not going to let this turn it into a political football when the white house would have preferred to not let that happen. part of it has to do with the crisis and they architect being the of the bailout. but the president opened the on to the speculation charlie rose prematurely and larry summers became a symbol of deregulation of the 1990's, f the problems women have had in

summers is out, but could alan blinder be a contender?sk the former fed vice chairman what he thinks about his name being floated out there as a possible replacement. adam: america's richest. we will tell you who is an. the surprising name that did not make the cut. lori: breaking news. the latest on the deadly navy are shooting. for the latest on that next. nascar is about excitement. but tracking all the action and hearing everything from our marketing partners, the media and millions of fans on social media can be a challenge. that's why we partnered with hp to build the new nascar fan and media engagement center. hp's technology helps us turn millions of tweets, posts and stories into real-time business insights that help nascar win with our fans. >> it's 22 minutes past the hour, i'm laurin remit your fox news minute. police are reporting several fatalities after at least one gunman opened fire at the washington navy yard this morning. one shooter is dead, and to additional suitors may be enlarged. four people were injured. the d.c.

summers preemptively that i don't like. tend to defend folks who i think have done a good job and don't deserve attacks. >> welcome back to "hardball." there's no such thing as a shoe-in in washington. larry summers came in as close as it could get. summers was clearly president obama's top choice to run the federal reserve. as you saw in that clip, however, the president's been a vocal defender of summers. overseas newspapers were even reporting he would be named to the fed as early as today. but a growing opposition of liberal democrats led first by women had other ideas. majority of female democrats in the house came out against summers favoring janet yellin who holds the number two spot at the federal reserve. influential senators like elizabeth warren also moved a block over the nomination. and grassroots groups lobbied against him calling him a sexist for comments he made in 2005 when he said biological differences explained why women were underrepresented in certain feels. in the special kags of science and engineeri

europe, china, syria, summers, everything has worked out. i know it sounds like complacency but they believe the taper will work out. most believe there will be a modest tape tomorrow. debt ceiling is the next problem. they don't worry about that. they think a deal will be made. where do we go from here? a lot of people think muddling along is the best solution. gdp 6.5% to 7.5%. the stock market can advance on those kind of numbers. just got off the phone with charles biedermann at trim tab, he says it's shaping up to be a bad month for bond withdrawals. he says $20 billion so far. that's the worst record on may. here's what's interesting, guys. no big dramatic inflows into stock funds. there have been inflows but they've been modest so far. we're waiting for that big tidal wave to come to the stock market. so far it's not happening. first thing that has to happen is you get outflows from bonds. we're starting to see enough to make my eyebrows raise up and say, uh-huh, this is starting to get a little more interesting. >> do that again, rai

this summer. but, you know, it was an opportunity to learn.ot about myself and i've certainly learned a lot about my business and i just want to thank you y'all from the bottom of my heart. for your love and support. [ cheers and applause ] >> i don't want to make light of anyone's adversity but she cries more than john boehner. deen received the standing ovation at a cooking show in texas. she has tried to keeping a low profile after she was sued for racial and sexual discrimination. a judges dismissed the suit last month. >>> mika, good morning. >> good morning, thank you, brian. coming up on "morning joe" president obama's top pick for fed chairman larry summers takes his name out of the running. could this open the door for the first female fed chair? we'll discuss that with "the new york times" annie lawrie. >>> joe biden takes iowa by storm in what looked more like a 2016 campaign stop than a local fund-raiser. we'll show you what he said about his favorite secretary of state and a hint, he actually wasn't talking about hillary clinton.

it's the last week of summer. >> it is.have major changes to take you through as we head through this week. a little bit of everything including summer heat and then showers. we're going to sort that out. 63 in livermore. 64 to start off the day. 63 in san francisco. we all get award winning weather again today. that means temperatures aren't going to be too hot. mid 80s inland, upper 70s around the coast. i want to point out we don't have flight delays, we'll likely see those in san francisco throughout the morning hours you're looking good for your back to business monday. the drive, see how getting to the airport might treat you. >> across from oakland to san francisco there is one lane to avoid, the cash lane is the only red light. it doesn't sound like there are delays along the peninsula. we show a smooth drive for 880 northbound as well as westbound, 580 a nice drive. along the peninsula that look for palo alto. >> mike, thanks so much. it's 5:27. preparing for disaster. the special training some first responders wil

after their very fun summer, but everyone throughout the whole team was mentors. and a few of them stood out and they have one guy zach who has been helping us with claims and been doing good claims analysis and we had our own vif an allow that and helping myself with a lot of the equipment and identification and we got out to the field a lot and so vivian was appreciative of that. in the end they had to give the presentations weekly which i think was a fantastic at and you know kind of exposure that you can't have enough exposure to public speaking but this one, particularly stood out, and jessica lee i believe she is from george washington high and she gave an analysis on our shoring system and how it relates to the train box which went so far beyond a lot of the other ones and so it shared a level of who we had this summer and so it was exciting to see how the kids really engaged in that and so now i will move on to veterans and the progress with that and we do track veteran hours, and we absolutely keep track of it, but, the challenge that we have with the vet

kennedy at his summer home in hyannisport. >> mr.sident this, after all, is labor day and there are almost 5 million americans who don't have very much to celebrate this labor day. it's another day of unemployment for them. do you see any real hope in a booming economy where we still have to have this many unemployed? >> we have to move very fast. we have 2.5 million more people working than when i came to office and yet 1 million more people have come into the labor market. >> the cbs evening news is the longest running evening news program. >> this has been the cbs evening news. >> from all of us at cbs this morning, we'd like to congratulaticongra congratulate our colleagues. tonight, you can see a history of the program. that's on the cbs evening news with scott pelley. >> robert redford, tom hanks, sandra bullock and george clooney are all starring in new dramas coming to the big screen. michael hogan is in the green room. he's got your film preview. that's ahead on cbs this morning. " >> announcer: this portion of "cbs this mor

summer's last gasp. we have a lot of warm temperatures coming our way starting out cool and clear this morning. more on your weather coming up. >> and we are just getting word of a new accident southbound 680 coming into pleasanton approaching sunol boulevard. it's involving a big rig. several other cars, lanes are blocked. so you will want to stay tuned for the latest travel times in that area in just a few minutes. >> all right, elizabeth. thank you. >>> some developing news in western oklahoma. explosions from a chemical plant fire lit up the night sky an hour and a half west of oklahoma city. flames leaping 80 feet high prompted crews to evacuate nearby homes. plant workers went home before the fire. nobody was injured. plant employees are waiting for the smoldering to cool off before they can go in and assess the damage. >>> an eviction notice sparked a shooting and four-hour standoff in contra costa county yesterday. it began at about 4:00 at a home on ashbourne circle in san ramon. brian webb expl

. >> former treasury secretary larry summers withdraws his name from consideration. bill plante at the white house has late details. >> no relief for colorado as more rain hits the flood zone and more commissions trying to complications trying to rescue those stranded, adriana diaz is there. >> the effort to right the capsized costa concordia begins tomorrow, mark phillips explains the monumental task ahead. >> glor: and game changer, the school that goes against the grain by putting sports at the center of its program. >> you feel better about yourself? >> of course. >> i feel perfect about myself. >> perfect about yourself? >> yes. >> captioning sponsored by cbs this is the "cbs evening news" >> glor: good evening, everyone, i am jeff glor with a west coast ed kiss of the broadcast, the next leader of the federal reserve will help answer some big questions, chief among them, when will the government stop pumping billions into the u.s. economy? we now know the person with the answers will not be the man many expected, larry summers has withdrawn his name from consid

stocks soared after fed chair contender larry summers pulled his name from the race. the nasdaq meanwhile was held down by apple which fell 3%. gold was unchanged. oil sold off more than 2 dollars. regulators are set to fine j.p. morgan $700 million dollars over the london whale trading loss last year. triple aaa reports.. the nation has gone 1,000 days of gas prices above $3.00 per gallon. and at our last check 13 people are dead following yestrday's shooting spree in dc. >glen schultz of performance trust joins us on the show now and glenn has the bond market priced in fed tapering? > > absolutely, the bond market is priced in fed tapering. i think in the might of the bond market, tapering is all but certain. so the question really becomes how much or what degree does tapering will occur? right now people are probably pricing in something between a 15 to $20 billion reduction in the fed's purchase program. right now, the federal reserve is purchasing about $80 billion a month in assets. so we're really looking at something like a 25% reduction in the tapering progra