wilbur ross chairman and ceo of wilbur ross and company. >> maybe you don't call at it perjorative butyou take offense? >> take offense. it doesn't make it a fact. the bird should be the phoenix the bird that rises again from its own ashes because we don't pick dead flesh off corpses we try to rehabilitate them. >> i was watching romney give a speech last night, his victory speech. and he said something very interesting. dodd-frank, he was talking about regulations, he said because of dodd-frank today if bill gates or steve jobs wanted to go out and get a loan for the next microsoft or apple, they couldn't. and that that is a function of the regulatory environment we live in today, you own banks, you're in the banking business. what do you make of that? >> well, i think dodd-frank and more particularly the consumer protection bureau are making it more difficult for banks to make loans because they are frightening the loan officers on the desk. they are afraid they will be picked over. it's a terrible environment from that point of view. and i'm told that at one of the big banks, consum

. >> wilbur ross has a question for you, senator. >> sure. >> yes i do. going back on this syria issue, let's assume we do go in, let's assume the rebels win. how sure are you we won't end up with an egypt type of situation where the wrong guys end up in control? >> first of all, i haven't given up on egypt. there's an election coming up and we'll have to see what happens there. and by the way in egypt, hosni mubarak was going to go. it was a matter of time. too bad we couldn't get out and help these people at the time they wanted it. in libya, tunisia, i heard the same argument from the left. by the way same argument back in bosnia and kosovo. we don't cho who they are. they might being al qaeda. what these people are doing is a direct repudiation of al qaeda. al qaeda believes in acts of terror to change things. these people at least in the beginning peacefully demonstrated. i am confident, i am confident that the people of syria that are fighting and dying and being massacred as we speak are not al qaeda. they are people who want the same things that w

wilbur ross, w.l. ross and c.e.o. now at the harvard business school. wilbur, let me start with you. this is not my invention. but i'm pushing this. in fact, it's not the price of gasoline or the price of energy that matters. more than the revolution in fraking that's going on, which is exponentially increased our natural gas in our oil. second, more permits and more leases create more revenues to solve the federal budget. and, third, the combination of all of the above creates more jobs and better growth. and that, in turn, throws off rev newts. i'm not hung up on the polls as i am this new energy model. what's your thought? does it make sense? >> well, we're investors in shale gas. so i absolutely agree with you there. and i think what's sad is that there's all of this controversy over fraking that's unwarranted. there have been hundreds of thousands of wells drilled. very, very few problems. and the few problems have generally come from little independent guy who is cut the corner. not from anybody who has made what's going to what's going to make the

a company wilbur ross has been buying a lot of.the most hated stocks in one of the most hated sectors, which is oil exploration. those generally could be long shots. by the way, i still believe walgreens could be a long shot. >> what's yours, mandy? riotinto? >> about to fall into the mines. >> free cash flow, i'm a little concerned. >> did i come out and say -- you know -- wait a minute. here i come out and say something somewhat positive about a company and what do you do? >> you should be talking about options. ways to bet options on that stock. that would have been a great way to spin it. buying options on -- >> commodities are just a fad. >> like the internet. just a fad. >> phones, just a fad. coming up, a seven-time lottery winner shares his secret for gaming tonight's megamillions jackpot. >> and if you win, you could roll down the street in a lambo just like this guy. wait until you see who's driving this car. >>> when the fed starts tightening, you'll see a week of turmoil in the markets. but history says that's not where

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. >> wilbur ross, thank you for being here. make sure you join us tomorrow. "squawk on the street" starts right now. >>> good morning. welcome to "squawk on the street." let's take a look at how u.s. futures are set to open ahead of existing home sales data due out in just an hour from now. we are looking at green arrows with the s&p looking at about half a point, the dow at about 16. as for the picture over in europe, take a look there. pretty much red arrows across the board. let's get to our road map for this wednesday morning. benb bernanke hitting the hill. he's expected to say risks remain for u.s. institutions. goldman gets bullish. the firm saying it is time to say goodbye to bonds and equities are a good buy. two big stock stories of the day. baker hughes warns and oracle beats guidance's mediocre hardware continues to disappoint. >>> who could get an ipad boost? telecom. we have to start off with fed chairman ben bernanke later this hour. he and treasury secretary tim geithner of scheduled to testify on the european debt crisis before the house over