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ty?sue, joining us now to discuss the fiscal cliff tug-of-war is a democrat from new york state, senior house of the financial services committee, representative meeks, good to have you with us. let's turn to entitlement spending. that is of high importance in solving the fiscal cliff negotiations and in a longer term way bringing the country to a sustainable fiscal course. what specific changes to medicare or medicaid would you be willing to imbraes today right new that would slow the growth in our medical spenting? >> i'm not going to debate the specifics on television. i think that what the president is doing, is clear that he has indicated that we have to raise the tax rate. the tax rates, bush tax cuts, was temporary in nature. >> that's not what i asked. i asked what specific would you be willing to do to address what is clearly the number one thing that is going to blow the hole in not only the economy but federal spending, federal budget over the next generation. >> what we have t

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>> i mean -- >> ty and i know each other from the same gay therapy. >> when you hear from justin, do therapy just worked for you, and if he goes through more therapy, it could work for him? >> for me -- we attended a support group together, not necessarily therapy -- >> it was therapy. >> just to be clear as far as my own story, i wouldn't even say -- i don't consider myself exgay, and i would not use the word overcome, that is not a term i would use. >> do you still identify as a homo sexual. >> what it is for me is my spiritual journey, and it's been a spiritual journey with god to understanding myself, understanding life -- >> so ty, it seems -- >> i feel like i can get to a place where i can marry and have a healthy marriage. >> it seems the church is being more open to this. if your son came to you and said i'm gay what would be your reaction? >> to listen, to understand his experience, what his experience has been as far as how he felt about himself, how this as affected his -- his feelings about himself, feelings about a family, his views -- my first reaction would be to want

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sue. >> ty, let's see how major home builders are trading at this hour. they're mixed, mostly to the down side. hovnanian is up half a percent. brian moynihan spoke exclusively with diana olick. she joins us from washington with more on that big interview. high, diana. >> hey, sue. that's right. the c of bank of america says he does not believe everyone should own a home, that's what he told a panel at the brookings institute today. as the economy and housing recovery face the possibility of going over the fiscal cliff, brian moynihan told me going back to the summer of last year that businesses like his were already affected by the fiscal cliff and they have acted less aggressively as such. as for consumers, however, he does not believe that the mortgage interest deduction will fall victim to the cliff, at least not yet. >> i don't know if it's on the table or not. i think from person -- from general consumers you'd rather have that come up as a discussion of what to do long term to change the way, broaden the base, change deductions, things like that. >

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ty?> sue, general motors says it'll buy back 200 million of its shares from the treasury at a price of 5.5 billion over $27.50 a share. that's 8% premium from tuesday's close and that sent gm's shares higher today by almost $2 to 27.44. behind the wheel in chicago for us, phil, fill us in. >> people are saying, boy, the government shouldn't own any stake in general motors. well, they are finally exiting their stake in general motors. this is what will happen over the next 15 months. treasury department sold over 200 million shares to general motors at 2.50 a share. 8% premium compared to yesterday. they'll be gone by mid 2014. treasury will not be recovering. as you take a look at who owns general motors, it'll be dropped and goes from 31% down to 22% so treasury department still holds 22% after the sale to gm. again eliminated over the next 12 to 15 months. cup he other things to keep m mind, hasn't closed since july of 2011. right now just under that mark but it has been a long time sin

reporter: cole turner is a texas firefighter who was looking for a puppy for his 7-year-old little boy, ty, after their beloved dog was killed by a coyote. cole decided to go big this time. a great dane. >> so, maybe it wouldn't be such an appetizing thing to a coyote. >> reporter: turner found and online breeder, wired $600. but on the agreed-to day for delivery, no dog. and one brokenhearted boy. >> i really would like to find out who did this, who took my money? who made my son cry? >> reporter: turns out that online breeder was just a front. the turners had fallen prey to a huge international puppy-selling scam. based in nigeria, by men like these, shot by abc news. so, we went hunting for these ba-humbug brokers and found one offering french bulldog puppies. i'd like the dog as soon as possible because i have the holidays coming up. >> reporter: the breeder gave us a contact for payment and delivery. gertrude marshall, who we

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also with ty, ceo of wealth management. kenny, what do we know today that we didn't know yesterday or vice versa. yesterday the fed said they were going to keep rates low for a long time. >> and he was quite concerned, right? in his speech afterwards, he was very concerned about the fiscal cliff and concerned about what impact would be. then today with much of macro data that said, everything is great. retail sales are up and initial jobless claims and it is all roses. there is a conflict and dislocate. how could it have changed in less than 24 hours. ben bernanke just throwing a trillion dollars at this and all of a sudden today everything is coming up roses. 2 t is frustrating. didn't want it believe it. and we saw the fiscal cliff hanging over. >> do you agree with that, michael? >> bernanke doesn't come out and display one side. he is trying to talk the market into being optimistic but not too optimistic. the take away that i really thought was critical yesterday, this whole target rate gives investors a map for how to

>> great, ty. indeed they are talking about that and we are going to talk bhort exact numbers on that study in just a few minutes. stocks are steady. talks continuing in washington. we are just down about 12 points on the dow jones industrial average, 27 days until america goes over that fiscal cliff. the president just finished answering questions on the issue after meeting with governors at the white house and our political correspondent, john harwood is live at the white house and eamon javers is talking with key congressional players on those talks. john, first to you. >> reporter: the president talked to our colleagues at bloomberg and talked about the republican offer from speaker boehner on the fiscal cliff resolution. he said it was out of balance because the speaker has not agreed to rate increases but the president identified a two-step process by which he is hoping still to reach an agreement before the end of the year, if he can get republicans to give on the top rate. he said that firs

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we have to turn the tears into action. >> ty?> we are a nation of 311 million people and 200 million guns. if the country were to pass a law or even a constitutional amendment tomorrow, because the second amendment is pretty absolute, it says the right to keep and bear arms shall not be abridged. what would it really do to gun violence in this country? >> i think tyler, if you look back at the 1994 assault weapons ban that was passed, if you look at very specific provisions, you can't have a gun with a pistol mount, can't have splg with a grenade launcher. there is an ability for people to bear arms but also very military and very specific weapons weren't designed for hunting. and i think that's where we should have a discussion. i'm very much in favor of the second amendment. but we look at this country as a society and we need to make sure that our culture is keeping up with where we are and i think we have a cultural problem as well. >> when the assault weapon ban expiring in 2004, seven killers have wielded, seven mass killer

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tying them into the unemployment rates and low inflation.ies are a good place to be because we're in a situation of financial repression where interest rates are going to be held low for at least another three years. >> kevin, let's talk a little bit about that fomc meeting. what's the market response to this idea of tieing the fed's response to the unemployment rate and inflation? >> well, a couple of quick moves because that the curve steepened. and, in fact, bond investors exited the market rather aggressively after a long holding period. so i think that overall, ta kind of structure will work well in 2013. but in the near term, the initial reaction on that change basis looks like they don't like it, which was just about everything was sold. i would say that that is probably a short-term response just more like an event-driven thing than any real rejection of the policy that the fed is trying to enact. >> and, kevin, one of the big questions for this round of qe going into next year is going to be what response to do we see? 1.68% is the

ty, you showed the footage of the congressman and women leaving town.was very discouraging for the market. they were hopeful that those rumors that there was some give and take from both sides of the aisle was real, and that's why were up 130 points at one point. but now they're convinced that there probably might be more problems

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>> look, marijuana this past year in colorado ty thought this was a great idea, not so funny.: here's another one. running in the city might ma you dumbethan running in the burbs because of

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but apparently, we're actually tying them. >> tying them, yeah. >> that's a movie i have seen and it're a clip-on fan, tells so much about you, josh. >>> on the plus side, we got to see robin yesterday. >> that was fantastic. >> so, that's a win. we have a win. take a look. we rolled -- actually, it was the most polite drive through manhattan ever. it turns out, george stephanopoulos is a kind driver. >> a nice guy behind the wheel. i have to say -- >> there were six cameras on me. >> the situations that we -- >> look. there it is. look, everybody. that's where -- >> you're really going to kill this song now. >> jesse, i want you to see. mark your calendars. this is when "gangnam style" -- this is where -- >> i could hear ali -- >> young and sophisticated in that shot. >> you are a gentleman, sir. >> sam, i can hear ali yelling at the screen when you said i was a good driver. >> you were amazing. with the hand signals and the -- >> it was great. let me tell you the most -- the best part of the morning was. when the door opened and there's robin in a little red santa hat. and this rea

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and this christmas, ty turner has his coyote-proof pal, lou. a holiday happy ending. >> nice.l. >> reporter: it is. coyote-proof. wanted a bigger dog. but you know, that was also a really big gesture. in these scams, these middlemen are victims but they're the only ones that can be prosecuted because they are on american soil. so, for the family to say, in the spirit of holiday, forgiveness, and forgive, is a big deal. >> again, this is something new to us and i know chris will have a lot more reporting tonight on "20/20." it's called "holidays unplugged," and really startling new things we should all be watching out for over the holidays. thanks, chris. >>> and coming up, the last man on the moon, he left something behind. tonight, we're going to show you what. it's in our "instant index." the millions of men if f who have used androgel 1%, there's big news. presenting androgel 1.62%. both are used to treat men with low testosterone. androgel 1.62% is from the makers of the number one prescribed testosterone replacement therapy. it raises your testosterone levels, and... is c

he was 2-2 for 26 yards, a touchdown and the game tying two-point conversion.m fedex field lindsay murphy, fox 5 news. >>> coming up the giants with the skins on their heels strive to maintain their one-game lead in the nfc east with a home game against the saints. stay with us. if the politicians in washington negotiate a bad deal on the budget and deficit, what do you think will happen to medicare and medicaid benefits? and to our coverage? cutting hundreds of billions of dollars from medicare and medicaid will short change the people who need it the most. so if you don't want seniors to come up empty. call sen. warner and tell him don't make a bad deal that cuts our care. >>> welcome back to sawn samples it's nissan sports xtra. >>> a new orleans -- welcome back to nissan sports xtra. a new orleans tie would mean giants rookie david wilson on the kickoff return, lots of room up the middle for the virginia tech rookie, best move he makes. wilson goes the distance, 97 yards for the touchdown, giants would not trail again. game tied 7-7. 3rd quarter now 28-13,

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. >> you're sweet, ty. thanks. >>> we're a little bit on the downside. we really kind of retraced a little bit on the dow jones industrial average. previous to this we were solidly in the green in all three of the major market indices. the dow now down 14 1/2 points. nasdaq up eight. the s&p is down just a fraction. of course we are also watching apple on the back of yesterday's drop. the stock today is traded up $4.82. that's just under a percentage move to the plus side. it's rebounding, still at bear market territory, however. it has lost over $50 billion in market cap over the past few days alone. our bob pisani joins me here on the floor of the nyse. what are you hearing from traders? the market is drifting a little bit. the focus is on apple. there seems to be a little bit of enthusiasm that it can come back to the up side. >> we were up a little while ago, now we're down. i think what happened, the senate majority leader harry reid came out with a couple of comments. he said any program, any deal that's out there must include a stimulus component

do know it's a significant improvement from where we're at. >> exactly. >> that's an historic move, tying fed policy to a very specific number and making it public. i think today you're seeing the markets digest that. they are not quite sure what to do with that, it's unprecedented. >> does it dictate how you allocate capital? >> i think it's going to dictate how traders trade their portfolios as they watch the inemployed rate. it's going to make that unemployment rate number announcement, you know, every time it comes out a huge announcement. >> even though fed chairman bernanke was very careful to say it's only a guidepost and that doesn't mean it's a trigger to raising rates. >> once you say it, you come out with a specific number? >> they waved the red flag there. >> yeah. so you're going to see, you know, confidence in bonds until maybe 7.5%, 7.25%, when you start nearing that but exteamly bullish for the stock market. where's the money going to go? >> what do you think, jeff cox? >> the fed told you everything they want to know as far as their thinking towards the fiscal cliff negot

perhaps a little more earth shattering in fed world is that the fed's change from the fed change from tying interest rate guidance to a date to saying this the fed currently anticipates that the exceptionally low range for the federal funds rate will be appropriate at least as long as the unemployment rate remains above six percent and inflation between one and two years ahead is projected to be no more than a half percentage point above the committee's two percent longer run goal a fancy way for saying to two and a half or cent and longer term inflation expectations continue to be well anchored so they're tying the guidance now to economic data so that's a big shift a big change to talk about what all of this means especially in the context of remember global currency wars which he has been talking about for so much longer way before it became in fashion to do so jim rickards is here author of tangent capital partners or excuse me capital partners author of currency wars the book you see there and really the man to talk about the fed with on a day like today so jim rickards thanks so much

two to africa cent and longer term inflation expectations continue to be well anchored so they're tying the guidance now to economic data so that's a big shift a big change to talk about what all of this means especially in the context of remember global currency wars which he has been talking about for so much longer way before it became in fashion to do so jim rickards is here author of tangent capital partners or excuse me capital partners author of currency wars the book you see there and really the man to talk about the fed with on a day like today so jim rickards thanks so much for being here thank you are great to be here yet so let's just talk about this fed decision today because the fed now operation twist is ending operation twist didn't change the balance sheet in terms of the size it just changed the composition right now they're saying they're just going out right by forty five billion dollars in treasuries and continue that forty billion dollars in mortgage backed security buying so continuing bond purchases but at this point is this just the fed now trying to fight the a