and then, of course, there is the front runner, allegedly, janet yellen. but wait a minute, one source tells me that bernanke may just serve a third term if the president asks him. after all, folks, if it ain't broke, don't fix it. bernanke may have patched up the economy. even i have said mea culpa, done better than i thought. so let's go to ben steel, director of international economics of the council on foreign relations and author of the great new book, "the ballots of bretten woods." let's go right to it. what do you think the odds are that bernanke would be asked to stay and would, in fact, stay. >> i think bernanke has let this story run too long. i think this train has left the station. i think he's out. >> what if the president says, look, the economy is healing, you were the architect of this healing economy. there are going to be some challenges coming up. but you have the confidence -- look, even guys like me. i said two years ago, high inflation, ber narvegy, wrong, balance sheet wrong. i have to eat my words. a lot of people were wrong. maybe

journal over the weekend about major changes coming to the fed breaking news welborn a confidant janet yellen is in the lead to take over then step down next january the current vice chairwoman is not expected to deviate much from burning policy it's the second story breaks news about how the fed will scale down as record gone by the time being eventually but the fed might pause first or accelerate classic birds i know but we do have five fed bank president plus the chairman himself speaking this week so expect more if i'd speak to paulo and our for profit universities similar to those predatory subprime chop shop that the fed the housing bubble well that's what nobel prize winning economist joseph stiglitz suggested in an op ed in yesterday's new york times he said bankers are again preying on the financially unsophisticated agree or disagree student loans are in the news amid soaring tuitions costs and delinquency rates we'll talk about a potential bubble with me in a bit and some of the drama with the prime interest producer just under house and finally there's a lot of money sloshing arou

i've been assuming it would be janet yellen.ut there's obviously something flying around for these other names to be given a bit more prominence, both of them highly competent ones over the weekend. but i would guess in any case given the way that each of those two probably think about things, it wouldn't in my view make that which difference to what we just discussed a second ago. >> the other theory that's out there is that the fed this time around really was trying to reign in the markets, that they were trying to make sure the markets realized they may not be going high frer here when that was the expectation from before. there's a piece in the journal today that lays out the back and forth. i guess my question is how closely does the fed monitor the markets? is that really driving this debate right now or is this an accident and we're all reading too much into it? >> i think database as i say, i think it's the market reading too much into fomc minutes. probably. i can't imagine the fed is using an fomc minutes statement to

over the weekend about major changes coming to the fed breaking news well bernie confidant janet yellen is in the lead to take over should ben step down next january the current vice chairwoman is not expected to.

looking strong thanks to the fed's monetary gree and whether it's chairman bernanke we are chairwoman yellen who conducting the grand tightening experiment we hope the q.e. lab is well ventilated the one point six trillion dollars in accessory reserve is quite the power and serve. all we can say is we're happy to vote you class clown thanks for watching and make sure you come back to prime interest tomorrow you can follow us on facebook at facebook dot com my mentor is all of us here have a great night. dangerous experiments on prisoners they want to make money and they have these healthy guinea pigs in the regular society and now they will be used prisoners i mean they wish they could. drug tests on human guinea pigs. to call deadly pills. the subway he was killed. he didn't. let him down. is pharmacy really about helping people. in russia was bills. fuel for it's fun to read. code for it steal. more good is it more than heat for it's people. join me james brown to meet the men who spend their lives underground and work in one of the world's most dangerous professions. well let's see you. h

chairwoman yellen who conducting the grand tightening experiment we hope the q.e. lab is well ventilated the one point six trillion dollars in accessory reserves is quite the power and so richard branson all we can say is we're happy to vote you class clown thanks for watching and make sure you come back to prime interest tomorrow you can follow us on facebook at facebook dot com five time mention with all of us here have a great night. real damage and complexity of this oil spill was not something you can grasp just by looking at dirty birds we have between four to five million people in this directly affected area of the coast and it's pretty clear why it's not being reported because b.p. can't afford to have a reported all along the gulf coast are clean they are safe and they're open for business and b.p. is the single largest oil contributor to the pentagon the u.s. war machine is heavily reliant upon b.p. and their oil this is a huge step backwards for the marker sea it's a step forward. carex it is toxic as it looked like spraying and b. and it was it was not

weekend about major changes coming to the fed the breaking news well over ninety confidant janet yellen is in the lead to take over then step down next january the current vice chairwoman is not expected to deviate much from burning policy the second story breaks news about how the fed will scale down as record bond by the timing eventually but the fed might pause first or accelerate classic fed's big i know but we do have five fed bank president plus the chairman himself speaking this week so expect more if i'd speak to follow and our for profit universities similar to those predatory subprime chop shop that the fed the housing bubble well that's what nobel prize winning economist joseph stiglitz suggested in an op ed in yesterday's new york times he said bankers are again preying on the financially unsophisticated agree or disagree student loans are in the news amid soaring tuitions cause and delinquency rates will talk about a potential bubble with me shabaka in a bit and chart some of the drama with the prime interest producer just seen it under house and finally there's a war. a lo

journal over the weekend about major changes coming to the fed breaking news welborn a confidant janet yellen is in the lead to take over then step down next january the current vice chairwoman is not expected to deviate much from burning policy it's the second story breaks news about how the fed will scale down as records gone by the timing eventually but the fed might pause first or accelerate classic birds i know but we do have five fed bank president plus the chairman himself.

i mean, people are attempting that yellen will end up coming in later on. so what i'm really surprised is that you're not seeing any kind of action like the gold market, the silver market. those have been really dead assets x those are when you have uncertainty surrounding quantitative easing and monetary policy, seems like traders start to go back into that. it's just been really a dead asset. so i think you stick with the long s&p, you trail the stops on it. you know, you look at some psychological levels, 1600. last week's low consolidation was right around 1616, and i think you enjoy this ride for now. maybe get defensive by buying some vixx, but that hasn't worked out well. david: it's jackson hole, i've got wood's hole on the mind. liz: there's a great coast guard station. been to it many times. david: but no fed meeting there. liz david's hosting everybody at his house this summer -- david: not true! [laughter] liz: traders tend to look day-to-day, but let's bring in thad hill, freedom financial chief investment strategist s and michael, i'd love you

or jeremy stein, so, i think janet yellen has good odds of getting the job but it's not a good thing.at you need in this era? >> you mentioned mario draghi who you were fairly impressed with. what he certainly has done is marginaliz marginalized to some extend the bank. we have a report out they were telling the constitutional court they were against the omt program, which has done so much to bring yields down. where do you think the relationship between the bund y es bank and the ecb is going and does that have the potential to blow things up a bit? >> it's amazing how successful draghi has been working around the bunds bank. he's gotten the rest of the council on board with the omt and other easing measures. so, you know, some of these central banks, the finnish central bank, the dutch who were opponents of earlier phases of bond buys in europe, they've now come around, so it's now just the bundes bank that's isolated, it's isolated within germany as well. you have support for merkel, so as long as draghi's successful at this kind of subtle diplomatic game, keeping the rest of the g

but first i want to go to chief white house correspondent jessica yellen.s about the speech? >> hi, jake. the president is going to hit on broad array of topics laying out some of the standards which he has never previously gone into such great detail on before for his own drone attacks on suspected terrorists and he'll go into, we're told -- he'll make the case again for closing guantanamo bay. maybe even explaining how he will use his own executive authority to take steps to pate rate some of the prisoners there and talk about the tensions between national security leaks and press freedom. and also how the u.s. plans to go after homegrown terrorists, an issue that's a new concern after the boston marathon attacks. some questions we're not sure about. that should be interesting. the u.s. has been going on what they call al qaeda associates, terrorists that are affiliated with al qaeda but not directly connected to the 9/11 attacks. will he define who that enemy is? will he say how long this war will go on? we don't know. a member of the pentagon said earli

no mention of fed vice chairman and berkeley resident, janet yellen.will probably take over for ben bernanke next year. the number of women heads of state, merkel, argentina, korea, brazil, all run by women. they are all on the list. hewlett-packard as that company's turn around seems to be working a bit. huge pressure on the market as the feds worry the fed is wrapping up its easy money policy. out of twitter, adopting two factor authentications to try to cut down on the number of high visibility attacks. twitter feeds belonging to the "associated press." burger king, the onion have been hacked. if you have done online banking, you know two factor identityfy kags. you have to use a regular pass ward and input a number that's been texted. hopefully, he doesn't have your phone. the one big problem with big organizations is that texts can only be sent to one phone. so only one person can tweet at a time. >> thank you very much. 5:56. let's check back in with christina loren. >> good morning to you. pull out that coat. it is going to be a chilly start to

over the weekend about major changes coming to the fed breaking news well bernanke confidant janet yellen is in the lead to take over then step down next january the current vice chairwoman is not expected to deviate much from burning policy the second story breaks news about how the fed will scale down as record gone by the time being eventually but the fed might pause first or accelerate plastic bugs i know but we do have five fed bank president plus the chairman himself speaking this week so expect.

>> ben keeps on printing, he's got janet yellen, bill dudley and half of them voting with them.president obama is in office, that's where we are. recovery of rising interest rates, fast rising interest rates, not yet, not for a while. stuart: now, you're going to europe later this week, i think? >> milan tonight. and we've got a global independence center conference. >> you're speaking with fed people? >> prosser and rosen grant are keynoting. stuart: do you know what they're going to say. are they going to say, whether we like it or not, of ben keeps printing? >> and charles plosser is on the hawk side and he gave a speech in stockholm saying we've got to unline, stop it and slow down. he's in the minority. the majority doesn't want to stop. >> that's what you've got to watch. as long as he's got a majority, we keep printing. >> go, ben, go. >> travel safely. we'd like to see that. >> thanks, nice to see you. >> now, i've got coming up at 10:00 eastern, i've got two developments from california, the unions are trying to block the koch brothers from buying the l.a. times, to the

i don't think yellen, even though today's "wall street journa journal"'s front page says yellen is theoing to be larry summers. >> i just want to hear you say it one more time. >> larry summers. lawrence summers. >> i'll tell you what, to me, you know, when we look at presidential candidates it's about you not only have positive readings, negative readings. i think there's people out there that are screaming right now. andrew, thanks for being our guest. carl, back to you. >> thank you very much, rick santelli. you were looking at the door in the east room where the president and the british prime minister are expected to come out any moment here. again, the discussion expected to likely center on the relationship of course between the u.s. and the uk, but it is essentially been taken over. the mind share, at least, today, the targeting by the irs, clearly the investigation into the benghazi. two topics we covered in jon harwood in the last few minutes. with the limited questioning, one from the u.s. side, one from the uk side, there's really not room for any other issues to crowd out

had this view for quite some period of time, but the core of the fomc, which is ben bernanke, janet yellenl dudley, they're doves, they don't have the same view. i think we'll probably see tapering of the qe in early 2014 conceivably -- >> not this year? >> it could be in december 2014 meeting if the evidence is called at the holiday season is strong. but i don't think they'll be dealing with this every summer. >> we just got the spanish auction, a t-bill auction. 1.1 billion t-bill auctions. have we got the yields on that? we haven't. 3.30 billion of 12-month bills, a little less than the previous auction of the six-month yield. 0.5%. lower in april 2016 and haven't got yields yet for the 12-month. i think it is also lower, as well. yields 1 is.05% versus 1.274%, as well, on the t-bill yields. come back to the fed. how is that, i want to bring in don smith who is with us, as well, government bond strategist at icap. don, it's heading higher in the last two sessions for the spain and italy. but auction yields, t-bill yields continue to go lower. how much lower can they keep falling? >> yea

reporter: all things the president says he wrestles with in an interview last summer with cnn's jessica yellenother flash point the president will address, the guantanamo bay detention facility. his first pledge in 2009 was to close the facility. after insurmountable legal hurdles it is remains open. >> it is the president's view that we should be determined, as he is, to see the guantanamo bay detention facility closed, keeping it open is not efficient, it's not affective, and it's not in the interest of our national security. >> and the president is expected to announce specific steps that he will take to close guantan o guantanamo. in addition, he will talk about how the u.s. can better secure its diplomatic facilities, especially in some of these very dangerous regions of the world. christine? >> dan lothian in washington, thanks. >>> ahead on "starting point," in oklahoma one of the worst scenes of destruction is an elementary school obliterated during that tornado. next, we'll hear from one of the rescuers who rushed to the scene to try to rescue students and came upon unmanageable horro