computers therefore are building their own parallel civilization parallel to our ours and you've got warren buffet who's cheerleading the aliens on the computers he's got jamie diamond is a cheerleader for the aliens in the computers leave us earthlings alone you frickin freaks from outer space then i want to richard branson space planes and get that gathering here we don't need your stinking kind of around no more again this was from two thousand and three in the article points out that critics argue that the bandwagon is running out of control and that the derivatives business has in effect taken control of markets it's now gone one step beyond that not only have they taken control of markets and we see that but they've taken control of sovereign nations. they've taken control of entire regions all of europe all of america it's they're occupied by derivatives we have to suspend our sovereignty in order to make whole and to appease these credit derivatives with hostile intent well you know it happened in cairo the algorithm is jacked up the price of food there was a revolution we saw it happen in

or something so it just keeps going on the vector to nowhere we don't need live earth full of warren buffet jamie diamond little solo but the ministry of defense in the u.k. is looking out there for hostile intent when we can look a little bit closer to home to the atmosphere circling our financial system. where we see it back into two thousand and three from this article derivatives have played a key role in almost all of the big scandals and disasters of the past decade from rogue trader nick leeson to enron a long term capital management the us hedge fund whose near collapse in one thousand nine hundred eight threatened to spark a global crash these often baffling financial contracts come with a string of names futures options interest rate swaps credit derivatives the most basic can be understood by the layman the more exotic or baffling even to mathematicians and financial experts so again these credit derivatives have landed they landed long ago this article from two thousand and three they knew there was hostile intent behind it they knew that it was a threat to our society at large

. >> to give me another tax break for warren buffet or mitt romney another tax break -- that would cost about one trillion dollars -- $1 trillion. >> any family earning less than $250,000 would keep their career rate. the rest would see a bump. the proposal is on a bumpy road. top democrats keep saying $1 million is a better cut off. $250,000 does not go far enough in many cities. >> if you have five or six people in a family and they go to college, you have to add that up. >> maybe half a million possibly. >> ideally i would like to see tax cuts remain across the board. >> mitt romney agrees. clucks dreams are being crushed when taxes go up and up and up on job creators and business creators. >> obama's team denies it would hurt small business owners who file as individuals. >> mitt romney's definition of a small business since it is more mitt romney and donald trump and actual small business people. >> the current tax cuts are set to expire january 1. this will be a real battle. if congress cannot agree on any plan the average family would see a high of $2,200 next year. >> thank you.

obama's friend warren buffet probably never had a run that good. and -- . >> let's take a look at one of the ads romney is running to fight back. >> where did the obama stimulus money go? friends, donors, campaign supporters? special interest groups? where did the obama money go? solyndra. $500 million taxpayer dollars, bankrupt. windmills from china electric cars from finland. 79% of the stimulus grants awarded went to overseas company. >> and i'm mitt romney, a prove this message. >> the message says obama is an outsourcer, too. is that an effective response? >> i think it is. i think romney is getting that message across in these swing states, florida, virginia, colorado polls show voters trust them more explaining why romney only wants to talk about the economy and why obama would rather talk about anything but the economy. a agree with kim. it's incredible he could have been caught on this issue. there is when he knew they're going to come from the obama campaign. he should have started what you just saw in that ad. >> and what about tax retur

benjamin graham for that matter warren buffet wouldn't dream of invest to going to mining stock it should inherently speculative it's not a predictable growth business and whining is becoming much much harder and much less profitable in recent years primarily because of regulations. and also because as with oil all of the easy to find deposits low hanging fruit all over the world has been flown so really places where you can go or politically dangerous unstable countries or exotic deposits that are deep or very low grade it's a tough tough business that's. the problem. there go and partly just technical geologically and the other thing is is we shouldn't refer to the gold as an investment it's an asset and i just months of spirit it was something that produces new wealth. in the climate of fear that we have in a world. where people don't want to take risks they want to have an answer that's not simultaneously somebody else's liability and that means go right right and along those lines though you do predict a bubble i'm curious how it would factor into your analysis if gold was made into

obama's friend warren buffet probably never had a run that good. and -- . >> let's take a look at one of the ads romney is running to fight back. >> where did the obama stimulus money go? friends, donors, campaign supporters? special interest groups? where did the obama money go? solyndra. $500 million taxpayer dollars, bankrupt. windmills from china electric cars from finland. 79% of the stimulus grants awarded went to overseas company. >> and i'm mitt romney, a prove this message. >> the message says obama is an outsourcer, too. is that an effective response? >> i think it is. i think romney is getting that message across in these swing states, florida, virginia, colorado polls show voters trust them more explaining why romney only wants to talk about the economy and why obama would rather talk about anything but the economy. a agree with kim. it's incredible he could have been caught on this issue. there is when he knew they're going to come from the obama campaign. he should have started what you just saw in that ad. >> and what about tax retur

which, by the way when you talked about warren buffet in the video and misspelled his name.f the people he was featuring was a homeless man with street smarts. let's watch this. >> god said i'm the almighty god who created all things seen and unseen. i'm that god--i don't have an opinion on folks who live a certain lifestyle because i'm not a perfect human being. >> cenk: sounds pretty interesting. here's the problem. he's dead. when they launched cain tv they said this is going to be one of your big starts. he died september of 2011. their slogan is, we're not stupid. well, you got a funny way of showing it, herman. god, these people are embarrassing. it's fun to see where they are now. when we come back. well this is a real newsroom. then there is a show called "newsroom." what did they get right? what did they get wrong? we'll show you when we get back. >> we had 17 seconds. >> wait, wait, everybody watch this. sir... excuse me, excuse me... can i get you to sign off on the johnson case... ♪ we built this city! ♪ don't let food hang around. ♪ on rock & roll! ♪ [ orbit tru

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. >> when you see bill gates and warren buffet planning to leave vast sums of their fortunes, charitiesken their lead from what you did. many would say what do you think of that? >> i'm -- i'm part of the giving pledge. i'm going out to california to a meeting with warren and bill. they're good friends. and i'm -- i'm proud to be associated with them. >> is there too much greed in the world, still? certainly in america, do you think? >> the second place is there's too much greed. but what is -- there's a lot of generosity, too. i think there's more generosity than there is greed. >> has money made you happy? happier than you would have been without money? >> you've got to have enough to eat, you know. you need enough to make -- you know, to live at least minimally. you have to have that. but it's nice to live well. it is nice to live well. i don't think there's anything wrong with being rich. i've been poor and rich. and i didn't give that billion dollars away until i made it. so, you know, they both work. >> i wanted to know what you were like. we had lunch a few months ago in new york

or as warren buffet said, he's winning. we articulate a new social contract that begins to redefine our policy? >> one of the things is we got to tell people we're faced with a long-range problem and we've got the solution to do that. at the corner are some obvious things. healthcare costs which is really in the middle class. education is really the ticket out traditionally they are getting slaughtered there. >> you have a whole chapter dedicated to higher education. give us a sense. >> let me tell you what i really think we need. this is a crisis. this is the biggest crisis the country faces. where is the presidential commission on the restoration of the great american middle class? where is the state of center of study for the middle class. where is a study that can be done to help this? put a lobby right in the middle of k street that will represent the interest of the great middle class, and we'll raise--whatever we do, if it's deficit terrorism, they're all huge problems, but the biggest problem we have right now and w

that is something if you talk to business leaders like greg schmidt or warren buffet, they would agree. >> if you look at the vision these men are trying to cast for the next four years in terms of leadership, i know they are both out battling the words. who is casting the bigger leadership vision right now? >> it is interesting. mitt romney's message is if you love facebook, it is the ceo of facebook you should be opposed to. not facebook itself. americans don't think of business that way. i think a simpler argument for the president is rather than revering the job creators, the real creators are customers. if you don't have customers, you don't have wal-mart. if nobody is using facebook, facebook won't succeed. the consumer is the job creator. we need a healthy respect for them. i think romney has the tougher argument. as you said, he is the guy representing the boss that fired you. >> joy-ann, alice, thank you. >>> deadly violence in syria striking down bashar al-assad's brother-in-law, the defense minister and a top minister there. >>> and stop bain from taking our jobs. that is wh

warren buffet telling cnbc the fed is the out of bullets. jim grant weighs in on that. plus, cleaning house, a new wave of foreclosures is on the way. could this be just the thing the downtrodden housing sector needs to get back on track? that's all ahead. ld be like -- >>> welcome back, jpmorgan kicks off bank earnings in the morning, and the focus will be on what jamie dimon does to restore confidence. a size mlarge shift could happe executive pay. could the clawbacks have unintended consequences? one of our guests, and the other says it's better to play it safe. gentleman, good to have you on the program, thank you for joining us. antoine, you think there is a risk in these clawbacks, why? >> it's all about risk taking. it's always about risk verses return, and the same compensation restructure rings true for lenders and traders. making the bank money verses not doing business at all. i think the real way to deal with bank risk, and they have done a good job of it, is putting more capital on bank sheets. they should notbe stopped from taking a risk. you will deal wit

warren buffet says yes. we have two guests with us now. doug, i will start with you, is america doomed? >> well, i'll defer to our u.s. strategist jeff stot that says they're not going to drive the car over the cliff. there's a lot of flexibility to move out both the spending cuts and the taxation a year or more potentially. so it's -- it's not really a fiscal cliff. more like a fiscal slope, i guess. >> how do you play it then, how do you recommend your clients up north to play us? >> unfortunately, medium to longer term, we have a fairly bearish view of the oil price which is one of the reasons why the u.s. market has been the place to be and not the canadian market. we were looking for $65 a barrel for oil, so we were bearish. but near-term we think there is a real opportunity for the oil price here. you have gasoline prices that are lower, you have great weather, there should be a pretty good driving season in the u.s., so we would not be surprised to see a short-term rally. >> since we were talking about the oil price, 65 for wti, 85

. >> no, or what do you call it warren buffet -- >> he hates the president. >> okay. >> he throws thatolutely no basis for fact. >> that's because he is a journalist. that's what they do. >> sure. maria and bill griffith on the closing bell. >> yes. >> when they do get around to hiring people, it's likely to be an explosion of hiring because they are probably dying to hire people if you give them clarity. >> will that do it if president obama getting recollected? >> big question. >> so they are just holding it right now. they are dieing to have -- like the hulk busting out of his clothes dying to go on hiring spreeing -- >> right. but only if romney gets elected. >> yeah, not when the black guy is there. >> so it will be like a big colon blow. [ explosion ] >> yeah rush limbaugh. >> i think it is now be said without equivocation, without equivocation, man hates this country -- he is trying -- barack obama is trying to dismantle, brick by brick the american people. there is no other way to put this. ruthless politician who despises the country. [ laughter ] >> based on what? >> even if

warren buffet says that he sees consumer slowing.oliticians just tapped the with the that ceiling. every one of our viewers can learn something from watching and studying bucket. but it is. buffett >> >>rob: greece just need to go bankrupt him they will fail in a matter of time. it is a matter of when. >>mark: group pot was one of the-- groupon was one of the best. i look >>darya: i did love going down the river for half loss of i love getting my teeth white and for half off. >>rob: he teaches us a lesson here. never buy and is still public offerings. to many insiders. they're too many owners that are selling. >>mark: i think facebook is a valuable lesson in that for everybody in the bay area. >>mark: the nba is forcing them to save for retirement pit. so >>rob: sell many of the players to make all this money in suspended all and file for bankruptcy. there also forcing them to say 5-10% in 2841 k which is off some pin this is awesome here in--forced retirement savings is a great thing. they are helping their players. >>mark: a lot of

warren buffet is completely right about this. expect more of it. i don't think it's a bad thing. think it's a good thing. it's not the worst thing possible. >> arthel: if you are living in one of those cities that is about to run out of dough or perhaps already have, what do you do? >> if you love where you are, stay where you are. all these cities will get their act together. you saw orange county many years ago because they mishandled the money. they had to file bankruptcy and came back and no problems after that. almost no problems. these are things that happen. i think the cities will be good going forward. >> arthel: and there are possible criminal charges that some of the officials in san bernardino perhaps cooking the books, ignoring the numbers. >> for decades. clear loss of accountability. we saw some places in california where i think commissioners have $750,000 salary, that is obscene and hopefully there is not too much of that out there. >> arthel: i feel you have optimism in your back pocket. i am going to hold on to myself and hope the cities can get their affairs i

we are talking about warren buffet and shares of berkshire hathaway.ists in buffet's grow your own business challenge and received ten class b shares. at thursday's close those shares were worth close to $836 each. good for them. serious allegations against the mayor of washington, d.c. why some city council members are now calling for vincent gray to step down. >>> another d.c. mayor under investigation in a scandal. the latest involves the current mayor vincent gray. prosecutors are looking into allegations that his 2010 campaign benefited for more than $600,000 in illicit money. >> mr. mayor, did you know in january that money for your 2010 campaign had -- >> we're allowed to ask. >> reporter: embattled washington mayor vincent gray wants to talk about a new 911 service but evades questions about a campaign finance scandal that suddenly engulfed his office. >> mayor gray. >> federal prosecutors are investigating what they call the mayor's shaw campaign in 2010 when secret money they say was not reported to campaign finance officials. an ally of the

we' already learned that barack obama is related however distantly to people as diverse as warren buffethers at ancestry.com have discovered startling new evidence, a connection in his mother's family tree. president obama's diverse roots from kenya to kansas are widely known, but now researchers have found a new link. >> president obama is the 11th great grandson of john punch who was the first documented african to be enslaved for life in the american colonies. >> joseph shumway from ancest ancestry.com says his mother is the first descendent of the american slaves through a family called bunch. >> we found that through dna testing by members of the bunch family that their direct ancestors are are subsaharan african origin. we made the connection with the earliest bunch family members and a gentleman by the name of john punch. >> reporter: in 1640, john punch, an african was a servant in virginia who escaped, was caught, and sentenced to remain in bondage to his master for life. as for the difference in the names, punch with a p versus bunch with a b, researchers say that's not unusual

during the transition he assembled so-called wise minds bike paul vocker and warren buffet, blew offf their recommendations. this is meant to look like to the american people that he cares about all these things, when in fact he cares about dependency on government. jamie: the president was very forthright when he said that the stimulus did not create the amount of jobs he had hoped. he does seem to be touching on jobs in the re-election campaign, and it's importance, but he hasn't personally met with this jobs council in quite some time. jay carney admits to that. what realistically should this jobs council be do, it is bi-partisan. why aren't they getting more done and why isn't he meeting with them more often. >> the council includes corporations, it is intended to be bi-partisan. the president has implemented some of the recommendations that would come to the council. i would point viewers to look at entire amount of jay carney's remarks where he goes through some of the things that the president has implemented, an executive order that would improve efficiencies, as well as four

listen, no rich person, even warren buffet is not talking about giving his fortune to the u.s. he's going to give all his money to bill gates. no rich person is saying i want to give the government more. they do a lot. this is to dismiss -- megyn: president obama spoke and actually suggests that there are some, he said, he talked about how there are a lot of wealthy, successful americans who agree with me because they want to give something back. >> right but they don't want to give it to the government. they do want to give something back. i give something back. i'm sure everybody in this room gives things back but we don't want to give the money to the government to spend on things that are ridiculous. we know there are better ways to create opportunity. i'm telling you who the real victims here are. those small kids out there, young adults that might have a bug that says, i want to be extraordinary. if they are going to snatch it from you and brow beat you, why do that. >> mom and pop stores will be put out of business because they can't pay the taxes, and the health insuran

stuck in our talking points i'm like really do you really think -- one of his good friends is warren buffet, hill turned him. >> all right. bill o'reilly >> mr. obama opened up a new front by going back to the tax the rich mantra. president trying to force romney in to defending wealthy americans by imposing tax increases on them. so say hello once again to our little friend, class war fair. >> what? >> okay. >> the class warfare talking point went out yesterday. >> because the president agrees that the top 1% should pay a tinsy scorch more. >> if we hated rich people would we have rob on the show -- >> and lily tomlin quite successful -- >> i know i ask her for money every time i see her -- >> elvira. >> hello. and she's moving back to l.a. so i'm going to hit her up for a bag of cash as big as her gazongas. >> yeah. she should put dollar signs on her gazongas. >> our male listeners have officially gone around the ben. somebody had a fantasy of a three-way between me and orly taitz and elvira. >> oh, my god! >> wow, that would be a volleyball match for me. i would just be in the middle. >>

so when people say, you know, bill gates self-made man, warren buffet, self-made man., thanks to the tunnel, the teachers, the bridges. >> it's no wonder he says the private sector is doing fine and we just need to send more money to the states so they can hire more public employees. that's his answer to the economy. again, i think it shows that he doesn't get it. he doesn't understand how our economy works. with all due respect to steve jobs and all those other folks who made huge successes, there are millions of americans every day who work very hard in very small businesses just to kind of keep it afloat, to be able to meet payroll. and those folks feel like they've built it, believe me. that's my concern is that what this president is doing in terms of policies and has done for 3 1/2 years, which is more regulations, higher taxes, more borrowing, more spending, policies that make it hard tore create a job through his health care policy, energy policies, this is the reason we're falling behind and the reason we have unemployment at levels we haven't seen since the g

> i like the way you equate someone who makes $250,000 a year family of four on long island to warren buffetu think about it, that's what he's doing here. i just never met a family of five making $250 that is living like a billionaire but i think what's interesting about this is the deceptive of it. he says 98% of small businesses will get a tax cut. if you look at the small businesses that create jobs, they're getting hammered here. 90% of that income gets taxed in this plan. heritage foundation crunched the numbers. it is a deceptive sleight of hand masquerading a massive tax increase on small businesses. >> let's take a look at the bullet parts of this plan. extends cuts for those making under 250, a family. hikes upper rates to 36% and 36.9%. i thought it was interesting that he evoked clinton in that. clinton was a popular president. raised capital gains rates to 20% and reduced corporate taxes -- >> he didn't invoke clinton in that one. >> are you kidding? >> cut the capital gains. >> reduced corporate tax rate and reinstate top estate tax rate to 45%. >> you know, the clinton analogy

you agree with warren buffet, your good friend, are you pessimistic about the state of the economy?od things going on. european uncertainty, federal budget uncertainty weigh on people, it would be great to get those resolved. otherwise, you see good signs. >> are you supporting president obama in re-election? >> because of my role, i am not out doing political campaigning, you know, i am a regular voter. there's a lot of key issues i think are important, education, foreign aid. but i am not choosing to spend my time, except to speak out about those issues. in the last campaign, both candidates talked about raising foreign aid. i hope this time both candidates are good on that. we're not sure yet. >> i asked the question. you did attend an obama fund-raiser back in february which says to me you're supporting him, unless you change your mind. >> well, he has done a good job on foreign aid, on education, and it will be interesting to see what the republican platform has in those areas. >> quick question on microsoft. steve palmer, in charge, man you know obviously. all of this criticis

. >> how about the fact that warren buffett one of the president's advisors, talks about the millionaire taxes and buffet taxes because he gets all of these-- >> all of these are good examples, but ben stein i want to get back to the point we started here, why vilify wealth, and by and large, that's not the case with the well-to-do in this country and i don't know why we rip it and why we're surprised when a poll comes out three out of four people have no issue with it. >> because envy is a huge part of human nature and the democrats are trying to whip up envy, as fast as they can. they're trying to whip up facial fear as fast as they can, with the nonsense about the voter registration. >> do you think it's working, ben? >> is the approach working? >> i think-- and it's working and i think that charlie was exactly right. a private equity is the only real target. >> there's a strong, there's a strong sense in in country that wall street got out of control and doesn't make anything, neil and i partly agree with that and the american people partly agree with that. >> neil: you're lumping wall street in with

buffet? >> i'm leaving before warren. >> you're leaving at 7:30? >> i think so. >> we have you come in here at 6:00 and kick him out at 7:30. you can sit and watch. we're going to go into a time machine when we get back. i don't know if you remember this. when netflix hiked prices for rentals by 60% and faced that huge backlash. that was about a year ago today and our next guest is calling it is lost year for netflix. we'll talk about it. plus we're counting down to our first "squawk" news maker of the morning, w.b., he'll welcome back us. he'll join becky live from beautiful sun valley, idaho this morning at 7:30 a.m. eastern. he's getting up early because it's much earlier there. first let's check out this video this morning. the pre-historic site of stone hedge success illuminated with tompbs and flames as part of the olympic art project. visitors can get closer to the stones than usual. even enter the circle of stones which usually not possible, light performance is going to be continuing for the next two days. so hop a flight while you can. [