go ahead, adam. >> let the compliance officers invoke the volcker rule, and more computer programmerstrying to stop the hackers. >> and everything is about big government with you. you are a hater. you are just a hater. >>e will come back here and the lawmakers have a beef with burger king, and you have aerd that, but maybe it is their buns that we should be kicking. we will hear some explaining in >>> what do we do? what do we do? >> if you think that they are loud, wait until they are kicking up the rage over the minimum wage, but are they asking to kick more jobs to the curb the more they do it? >> well, the more people who earn minimum wage in the country is less than 3%, and if you are obsessed you can't see the forest for the trees. the problem is job growth, and people need jobs and we are not getting them, and why would you concentrate on the tiny sliver of people at the end, and instead of the real problem. >> well, they are loud and getting majors and other people hiking the minimum wage. >> and this is another form of the classic utopia welfare running to keep this ruse goi

go ahead, adam. >> let the compliance officers invoke the volcker rule, and more computer programmerstrying to stop the hackers. >> and everything is about big government with you. you are a hater. you are just a hater. >> we will come back here and the lawmakers have a beef with burger king, and you have aerd that, but maybe it is their buns that we should be kicking. that we should be kicking. we will hear some explaining in 3rd and 3. that we should be kicking. we will hear some explaining in 58 seconds on the clock, what am i thinking about? foreign markets. asian debt that recognizes the shift in the global economy. you know, the kind that capitalizes on diversity across the credit spectrum and gets exposure to frontier and emerging markets. if you convert 4-quarter p/e of the s&p 500, its yield is doing a lot better... if you've had to become your own investment expert, maybe it's time for bny mellon, a different kind of wealth manager ...and black swans are unpredictable. when your favorite food starts a fight fight back fast with tums. relief that neutralizes acid on contact..

go ahead, adam. >> let the compliance officers invoke the volcker rule, and more computer programmerstrying to stop the hackers. >> and everything is about big government with you. you are a hater. you are just a hater. >> we will come back here and the lawmakers have a beef with burger king, and you have aerd that, but maybe it is their buns that we should be kicking. we will hear some explaining in 90 seconds. you're here to buy a car. what would help is simply being able to recognize a fair price. that's never really been possible. but along comes a radically new way to buy a car, called truecar. now it is. truecar has pricing data on every make and model, so all you have to do is search for the car you want, there it is. now you're an expert in less than a minute. this is how car buying was always meant to be. this is truecar. ♪ >>> and good morning, i'm kelly wright. a rookie indy car driver in serious condition after a terrifying crash last night. >> and in turn two, ideally, i think that you'd like to be low and in particular in going into -- oh, a huge crash here. >> and the d

back home the effects of the volcker rule?nd, mr. carfang, there was a study done by oliver wyman that states that the impact of the volcker rule will be similar to the financial crisis which disrupted liquidity and credit availability. can you describe how the volcker rule -- what impact it will have on liquidity and credit availability. will it be a positive or negative impact? >> the volcker rule will reduce the amount of proprietary trading done byback -- actually eliminate the proprietary trading or ring fence that so the depositors are protected. what you have then is less liquid markets, so there's less trading in the securities. there will be a wider bid and ask spread. so when you go to sell, there are fewer buyers, and, therefore, you will set at a lower price. when you go to buy, there are fewer sellers and you buy at a higher price. this would be in indiana, you know, the same is true in farming. if there are not -- if there is not a big market in the product, the spreads are wider when you buy and sell. >> follow

banks are rt rodly lobbying the fed to delay the volcker rule by up to seven years. provision would require banks to sell investments in private equity and venture capital funds. it bans them from making speculative betts with their own money. "the wall street journal" says a delay of the rule would impact large banks such as goldman sachs, jpmorgan and morgan stanley. >>> still to come on this show, interest in comic books has never been higher thanks to super hero movies and the monster success of conventions such as comic conin san diego. we get a pulse check on the industry. >>> welcome back to the show. let's have a look at how u.s. futures are doing early on this morning. they're looking quite perky. the s&p 500 taking fair value into account, seen up 8 points, the dow jones seen up by 52 and the nasdaq up by 15 points. the markets did snap a two-day whipping streak yesterday. energy stocks declining the the most yesterday. moving on to european markets, the ftse 1100 is range bound. coupled earnings reports are better than expected e.on, cac 40 up by 0.6%. >>>

merchants they had this seed pods and menagerie is to keep all the animals summer to start off with this volcker display but then people saw this is interesting it's not really allow bosnian up kimmel? it does not looks like it and this comparison began to leak to collecting the above data of the animals so with this undermining of touche traditions of the greek tradition aristotle said there is no life at the equator because these animals were not on noah's ark. said this would enhance curiosity. more speculative to have these explanations. >> host: at the stories said the catholic church waged a campaign against curiosity? what was the reason for that? >> guest: is started with st. augustine at the time in the empire was collapsing and the church to a scene as the safe place with a sense the jobs of the human being was to understand what god wanted of them and not be invested in the world around them but also of the sense specifically refers to the greeks we don't need to ask these questions like what is the source of the storms and why we have tides there was a sense to get away from the worl

chairman, it was mentioned to me that you had suggested exempting smaller banks from volcker.and as memory serves, you are not of the opinion that asset managers should be designated as siffys. >> correct. >> i was going to ask you, give you the floor here on other issues that regulators are pursuing. do you find some there that were not intended in your view by dodd-frank? >> with regard to asset managers, i don't think as a general rule they should be -- aig clearly should have been. i don't think insurance companies should have been. but aig has no right to complain. so it is not 100%. but the assumption would be no, my biggest problem with the regulators, frankly, is that they're equating two kinds of mortgages, i think there should be risk retention. i agree with mr. wilson, to keep 90 the portfolio, fine. but the flip side of that has to be strong risk retention. and am not happy with what the regulators are doing there. >> thank you, mr. chairman, and thank the members of the panel, especially mr. frank. good to see you again. welcome back. i did see a good article yest

there's so much compliance stuff in terms of dodd-frank, the volcker rule, that they are obsessed.at this all day. i just wonder how much other business gets cone when you're spend -- gets done when you're worrying about whether your firm complies, are you paying enough attention at a senior management level -- adam: so when you say volcker, you're talking dodd-frank. >> yeah. adam: russian mob, italian mob, i'm going to quote my favorite movie, let's talk italian here. i'm going to use jpmorgan chase. they made $10 billion in net income, $16 billion the year after that, $18 billion the year after that, and $20 billion -- >> after they paid all those fines. adam: right. jay my dimon's told us he's spending 250 million. sounds to me although they've got to comply with dodd-frank, they could spend a little more money to up their security, couldn't they? >> i don't know. i'm a reporter, i'm not inside these banks. when you're spending from a management perspective that much time on, like, minutiae, on, you know, are we dotting the is and crossing the ts of dodd-frank and the 4,000 reg

there are people who like paul volcker who really squashed inflation by his actions.ive a damn what the market felt needed to be done to maintain the integrity of the dollar. >> right. david: is it true that the fed is paying too much attention to what the market is doing? >> i think there are some differences of opinion on. that i don't agree with that i, by the way was trained by the same man that trained paul volcker. i'm very much a strollerrite. i think we should -- volckerite. i think these zero interest rates and massive monetary accommodation distorted markets. these valuations are very, very high because hurdle rates are so much lower because interest rates are so much lower. eventually there will have to be an adjustment. the real thing is, whether the real economy, putting people back to work, keeping inflation under control and propelling the economy forward towards greater prosperity, that's what i worry about, and i am less worried about the money-changers and whether or not we'll disappoint some of them, as long as it doesn't lead to crippling the econo

and management spend about 80 to 90% of their day dealing with regulatory stuff like dodd-frank and volcker rule and how to comply with this rule and that ruleof they just don't have time to do a lot of different things. does that mean jpmorgan jpmorgan is computer programmer, on part of cybersecurity? no. when you're management, top level management up there dealing with all this other stuff, maybe they're letting this stuff fall through the cracks. cheryl: government has to know what they were doing. i want to say, actually this kind of ties to the cyberattack story, this is coming out of russia. we think russian hackers coming in against the banks. ukraine's president, this is what started alarm, accusing them invading the country on eastern side. these are satellite images of nato, show build up of troops inside of ukraine. this is last couple month. 2000 troops fighting now. all according to u.s. officials. markets go up and up and record after record. yet you have russia invading ukraine. >> markets are on their own path. you have to separate what the market is doing with the global a

everyone thought we were running out of oil and going to go to $100 to then reagan came in with paul volcker. they kille killed the terrible inflation of the '70s. oil went crashing down to $10 a barrel an average 20-$25 per barrel. it's like putting a virus in the computer. you don't trust about of money. what it means is you get less investment, investment is less productive if you buy existing things rather than things in the future. investing is risky enough but if he don't know what it is you get a 100 cents a dollar for a fact it may not pay off for five years, seven years, whether you get back 80 cents, 20 cents combat at the more uncertainty which is why we have been stagnant, dead in the water by our historic standards. so that's why we wrote the book "money." educate about money. money represents value. and gold is the best way to fix that valley. if we understand that then we can move ahead and get back to the kind of growth rates we had before 1971. obviously, there a lot of other things we have to do, but experience shows us if you don't get the money right in terms of a fixed a

the volcker rule prevents banks from taking too many risky bets. hedge funds are now required to report to the fcc. the derivatives regulations are still in the works. requiring companies to disclose more about how they compensate their top executives. lawsuitsthe threat of and regulators with different turf battles. that ordination of bureaucratic -- is there consensus over how effective the regulations have been in making our financial system stronger? regulators just recently of 11ed the living wills of the nation's biggest banks. is this a sign that even these rules that are in place might not be strong enough to solve problems? caller: you have to look at it in a more independent basis. already carry a lot more capital than they used to. ast means banks can't lend much or take as many risks without having insurance funds. in terms of living wills, you can look at it to waste. they have not been aggressive enough to plan for how they will resolve themselves. on the other hand, you have to show the mortgage upfront. it is not accepting the first

going back to paul volcker, he goes -- he had a monumental problem in the 70's and 80's and dealt withpolicy. an bernanke dealt with problem with an overdose of accommodative policy. >> let me do a quick data check here. >> good news for housing. home depot's and those top earnings estimates. ♪ >> good morning, everyone. merck surveillance. i'm tom keene and with me is scarlet fu and adam johnson. , fisherve the battle versus fisher. stanley fischer is defending low rates for longer. dallas fed president says take away the punch bowl. mccarthy, he lives for debates like this. we have all become a bunch of fed geeks, i admit. who is right? which fisher? >> i think stanley fischer is right and the fed will keep rates lower for longer. i think they will start raising rates at the beginning of next year. some of the hawkish presidents want to pull that forward. tohink it's probably going happen later, because it's going to take that long for the fed to a comp was what they want to accomplish before they are raising rates. -- to accomplish what they want to accomplish before they are raisin

paul that after the volcker years. >> even though the month-to-month job numbers jump around a huge amountng at a lower level than they were before the great recession. >> what does this mean for policy in washington? you have to sit on a house in the oval office. >> i play tennis with them. advise a president in a complacent time, that is different. there is no sweat. >> there is tremendous amount of sweat. you are trying to work with congress. >> how can he blame congress? >> let's get a final topic from chris. what will you look at as a leading indicator? >> i want to see a spike. i want to see more fear come into this market. i feel better buying stocks when we see more people selling them. let's look for a reversal day. higher close. >> thank you for joining us. >> are you buying after yesterday's selloff? ♪ >> good morning everyone. it is job state could we have news from israel. >> the fighting has erupted again in gaza. the cease-fire was announced last night. it is over now. hours after it began. minutes, we have headlines that an israeli soldier has been abducted. the army of isr

we got paul volcker, lots of other changes in the u.s. last two years. obama facing a republican senate and republican house would be, would be hard-pressed not to give in on a lot of these issues. i think he is a weakened president already and i think he would be much, much weaker next two years and we get a lot of changes you and i both really desperately want to see. stuart: real fast, did you once say on this program a republican sweep would give us 20,000 on the dow? was that you? >> i don't know if it was i but i think it will be a very high number. stuart: okay. >> i think at 20,000 on the dow is clearly within range in the next four or five years. and i'm very excited about the prospects of this country and this economy and especially as it pertains, stuart, to the global economy. everyone thinks this stuff internationally is all just military and political. it's not. the u.s. is weak. that is why we have all the problems abroad. stuart: you know, you are the best guest to open up the show on a monday morning. th cool. >> thank you. stuart: pleas

talking about how to comply with dodd-frank regulations, how much capital, we complying with the volckerule, much of this meeting was -- we need some regulation. stuart: are they spelling it out and saying quite clearly that dodd-frank distracts them because of all the regulations they have to comply with, is a distraction from this huge threat of packing? >> they are saying when i had this conversation before the latest attack isn't in the context of the hack attack but what the gentleman was saying to me and and won't say his name, they are distracted from business, being with this, this is a cute story. jpmorgan, it is ironic a couple months ago i was speaking with someone at jpmorgan, they are like prime suspect number one for the hackers because of the biggest banks of their attacked every day, they're working with the state department on this. i am not saying they don't take seriously. jamie dimon is the ceo of jpmorgan chase, board of directors is a very good board. so many hours in the day that i am telling you this is more important. and these guys, they're pretty smart. stuart:

news today and how it may affect your appetite for some of these names about banks lobbying to push volckerears and years in terms of full implementation. a lot of what you've said is kind of like macroeconomic. how much is the regulatory environment a factor here as well in your case for staying away from the banks? in other words, if they can push some of the legislation off, does that make it more attractive? >> i'm pretty sure a couple months ago, every time you had some kind of regulatory announcement, some kind of massive penalty in terms of how much a bank would pay, those banks would gaap up. you're starting to see some opposite reactions. look, regulation's always going to be a cost to banks, but going back to the point that was mentioned by the guest as far as picking winners. the one constant in all markets in all sectors is mean reversion. you don't want to pick past winners. you want to pick past losers because they may become new winners. and i think if you'll have any regulatory change on the voelker rule side, that may benefit certain banks, but the overall sector still has