i think it's janet yellen, don cohen. >> why are you living? >> you've given me the perfect introduction to john harwood. he tweeted on this very issue today. let me tell them what you said. only potus and a few others really know, but well-informed person on team obama this a.m. pegs summer's chances for fed chair as 2-3. what more can you tell us? >> a few things. we can't emphasize that this is a very closely held thing. so, the people that we're talking to, me and the other people covering this are those who are reading tea leaves, talking to their friends, picking up shards of information. we don't know. we're getting near the finish line. there's a campaign by liberals in the senate, especially, to press for janet yellen. they want to have the first woman fed chair. they don't like the fact that larry summers said some things that people thought were insulting to women when he was the president of harvard. they don't like his management style, the fact that he supported bank deregulation in the clinton administration. but larry summers se

saying yellen would be a better fed chief.y, what are yellen's chances, james pethokoukos? what do you think? >> the folks i talked to thoughts that larry summers was a lock, and then pushback, negative stories, bond losses, the signal democrats about a third of the senate coming out against him. and he still seems to be the front-runner. i think this administration wants larry summers. i don't think there's much that janet yellen can do. i think that she's some sort of dangerous super-dove idea. i think that's ma larky, but i would be surprised if it's not larry summers. >> jeff, i'll ask you for your choice, but one point quickly. both of those extinguished -- there's no taylor rule, no nominal gdp rule. it's called the phillips curve trade-off, but that's what they're going to do, they're both going to target. the unemployment rate. >> i think there is a difference, but from that perspective, yes, with you say it be moved from 6.5% to 7%. we think that was a big game changer, but i think yellen is the choice, it's a smoothe

yellen. ms. yellen. and, they're both terrific people. i think the, the perception that mr. have an inside track simply had to do with a bunch of attacks that i was hearing on mr. summers preemptively which is sort after standard washington exercise, that i don't like because when somebody's worked hard for me and worked hard on behalf of the american people, and i know the quality of those people, and i see them getting slapped around in the press, for no reason, before they even been nominated for anything, then i want to make sure that somebody is standing up for them. >> the president said that he wants to make sure, as he evaluates his candidates for this job that they are focused on the dual mandate. yes, make sure that inflation doesn't get out of control but he really emphasized the other side of the mandate, low unemployment, job creation, and made it clear that that's very important to him as he goes forward in deciding who is going to take over for ben bernanke when leaves. david and lori. david: peter barnes, inside the beltway right in front of the white house.

summers is skeptical and yellen is believed to be in favor. >> yellen is seen as continuity with bernanke she's been at bernanke's side for the past two years as the vice chair. they coordinate policy together. >> reporter: yellen has deep respect inside the federal reserve. she is no stranger to politics, servesing a chairman of the white house economic council of advisers under bill clinton. while not as well-known on the international stage, she would be the first woman to lead the fed. summers on the other hand is a world renowned economics superstar. he was director of the national economic council under president obama and a former treasury secretary under president clinton and part of the team that "time" magazine called the committee to save the world in a financial crisis in the late '90s. but he does have baggage. >> summers is a controversial person. he is abrasive and brilliant. >> reporter: some say his brash style may not fit in the consensus building culture. he's falled for supporting deregulation and some feel trigger the most recent crisis. the debate is crucial to the f

janet yellen has a great record.'ve had a surprising number of discussions, karen, that follow the same pattern. yellen is great but either she looks toughness, she's short on gravitas, she's too soft spoeke or passive. >> those are some of the comments people make when we get the exact opposite about why people don't like larry summers' personality, because he's so brash, because he can be taken as offensive. but i think this will come down to, to some degree, and i would imagine the president knows this, the politics in the fall. i mean if he's going to try to get harry reid to do something that is going to use a lot of political capital knowing the mess that the republicans have created, that they're going to have to also deal with in the fall, at some point you have to decide where are you going to spend that political capital. >> the last thing he needs is a fight against his own party. >> john, i want to -- i'm going to cut you off, i'm sorry. john, i know you're not a betting man. but if you had to bet, seeing

i think janet yellen and larry summers are the same type of person. will get the same kind of printing. larry summers started during the mexican currency crisis. they started printing money. host: plenty of questions. thank you. guest: a lot of what was said has some merit in terms of yellen and janet larry summers being similar in terms of their monetary policy. most people expect they would pursue similar policies is appointed, at least in the near term. janet yellen has been more outspoken in support of quantitative easing them larry summers. as far as inflation, some things like gas and some food prices have risen. my thing was only that there have been forecasts of significant price increases which has not yet come true. the point was made you cannot just print money and have no consequences. there is some truth to that. lower interest rates have impacted savers and older americans who live on fixed incomes and often their savings. it is hard for them to earn money from that. that is one consequence some people see as a negative. host: back to th

discuss a number of recent global economic trends with gerald celente detroit fred summers versus yellen well you get the picture and hopefully we will get a handle on the future. and here is what's in your prime interest. i. channeling the dog from back to the future it's time to think fourth dimensionally that means we're going to look into the crystal ball with the help of gerald celente and he is the director of trends research institute gerald thank you for joining me thank you it's great to be with you well muni's are in the news we have detroit and we have this prediction from meredith whitney a few years ago which didn't come true in its day are we seeing the first domino right here with detroit is it all about to fall. well it's not all about the fall and she's correct i believe in her assessment of all of these unfunded pensions etc but to us at the trends journal the did the fall of detroit the bankruptcy is a metaphor for the entire united states so let me explain this is from a it's gone from motown to no tax this this was the country you know henry ford giving workers a wor

discuss a number of recent global economic trends with gerald celente detroit fred summers versus yellen well you get the picture and hopefully we will get a handle on the future. and here's what's in your prime interest. channel in the dark from back to the future it's time to think fourth dimensionally that means we're going to look into the crystal ball with the help of gerald celente and he is the director of trends research institute gerald thank you for joining me thank you it's great to be with you well uni's are in the news we have detroit and we have this prediction from meredith whitney a few years ago which didn't come true in its day are we seeing the first domino right here with detroit is it all about to fall. well it's not all about the fall and she's correct i believe in her assessment of all of these unfunded pensions etc but to us at the trends journal the did the fall of detroit the bankruptcy is a metaphor for the entire united states so let me explain this is from a it's gone from motown to no tax this this was the country you know henry ford giving workers a working

i'm also told that geithner himself is not happy with janet yellen as a possible choice. now that leaves don kohn a name used by president obama. but don kohn, i know he's a good guy, good man, a smart man but he's a 70 something guy. that's why i'm coming back to geithner who has run the search. that much i know. >> absolutely. if you run the search. if that's your reporting i have no reason to doubt it. what i would suggest, those is don's name has been mentioned. i think what you're getting as more than anything else the white house has bungled this affair from the beginning. i don't know how it quite spun out of control but they certainly didn't control the process. they let janet yellen hang out there for a while and then damaged her by putting in larry summers name. then larry summers has been out there and made him available to be whacked in the press and media and become a magnet for political controversy and criticism. so you may be right here they have to move on. one of the things about the fed is the guy who or the woman who is appointed chairman should be uni

that is why we see this, in my opinion, tawdry campaigning by yellen through proxies by yellen and larryd i've never seen anything like this before in my life. liz: okay. nor have a lot of other people. now you've got members of congress weighing in, writing the president letters saying, yeah,,yellen and others are saying, go larry summers. what is your best bet? is there a dark horse we're missing here? >> i don't think it will be a dark horse. that's always possible. people mentioned don kohn who i have the highest regard for. he is getting a little old. i think it will be yellen or summers. at the moment it looks like the president is just going to take his man which is larry summers, but, as say a month ago, the inside candidate was clearly yellen. so it's the president versus the insiders. i think that's what it is get being down to. david: by the way, there is something that is not locked at -- looked at very often, yellen was a found of glass siegel. that was depression shun era law separating banking from commercial banks. she kind of likes it and feels getting rid of it in 1999

i think one distinction between janet yellen and larry summers is i think vice chair yellen would beer confirmation process. larry summers, who is a very capable individual in my judgment brings more baggage. there is no doubt about it. i can't imagine why the administration would want to go through that battle unless they believe that he's the far superior candidate. >> there has been this idea that he's worked within the administration and that, therefore, people in the white house feel more comfortable. >> it's possible that i think there may be something to that argument, that they're more comfortable with him. he, obviously, has some long-term allies, but, you know, you look at vice chair yellen, she's served in a variety of administrations in a number of posts as well as in the fed. don kohn, probably nobody can surpass don in terms of familiarity in terms of the issues in terms of his ability to express policy issues in a very articulate way. so i think there are a number of very capable candidates. it's not a bad problem to have if you are in the administration. >> i think th

well of course there are the people in the real democratic party that want yellen and they want to put a woman in peru particularly pelosi and others and then on the white house side they want larry summers let's take a look at larry summers let's you cannot mention larry summers name without adding the word brilliant either before in the middle or after every time this guy showed up when he was heading the obama economic team it was always the brilliant larry summers what has the brilliant larry summers ever done that has turned the corner of the economy absolutely nothing one failure on top of another and one other thing about the brilliant larry summers this is the same guy at the last end of of the clinton administration who pushed through the glass steagall act that deregulated the banks that allowed them become to become because c. knows they gamble that brought about the panic of oh wait that's larry summers and then you look at yellen and go back to the fed minutes that were released five years later after as they always do they hold them back and she along with the rest of the

you can deploy and so far she says i think that janet yellen is going to be the next fed chairman but larry summers is an extraordinarily capable of such. swim the washington. so unlikely i would think that he could very well wind up and spend charm and i think that if he doesn't beat us off because he's terrible but you know you never know you know you never know but let me go back to something you said before you were talking about money printing and critic and i know that you're also talking about hyperinflation on your blog critics say that we haven't seen the price inflation yet you know and we have these almost now two trillion dollars in excess reserves do they really matter. well i think that they do the thing is prices have risen so far. specifically oil and gold have risen since two thousand and eight but they've doubled since then since they're two thousand a lot less right and so i wouldn't go so far there hasn't been even i would say it's obviously the deflationary pressures have been far greater than the inflationary pressures up to this point. and so as a as an about hy

knows larry somers very well, not as close to yellen.end up the third candidate as a result of that. >> for him, i thought yellen would be politically correct. i mean, everybody wants it. it's such an easy thing, i'm amazed that he, he must be tight with summers. he may be promised something. amazing. >> the officials of theed a my opinionstration are a part of that old built-in boys club. so the boys club. >> it's causing problems with his base. they think larry is mr. deregulation and anti-woman. >> both of them are very qualified people. it's not leak we have a choice of two people, neither of whom is qualified. either choice. >> you think the market wants one? >> i don't think the market cares a huge am. i think the market is unimpressed by the political turmoil associated with it because it makes it look, makes the fed look more political, more politically controlled. so that part of it -- >> where it became clear that summers was prominently positioned where it was, that was what ripped the market because his personally isn't -- >>

i initially thought it would be yellen. everybody thought yellen.ld be easier senate confirmation. >> a dove. full i am employment that side of the fed's mandate but the markets kind of liked her. they like someone that will keep printing money. she is very liberal like obama. that was the initial point. something interesting happened. the wall street establishment kicked into gear. there were lots of people on it. v, you name it, anybody that served in government and wall street and vice versa what a nice guy larry summers was and somehow his name got pushed to top of the list. lori: except for bette midler in the famous tweet. >> and a lot of democratic senators. the appointment will be easier, remember she needs to be confirmed by senate, will be easier if yellen. will the senate back door the president on this? no way. lori: summers he was very much behind of deregulation of financial institutions. >> absolutely. >> the president back from vacation reinitiating getting dodd-frank implemented but doesn't seem like their philosophies are different

the debate over yellen crucial financial markets, but it could last a while.dent obama is not expected to announce his choice for the fed until the fall. maggie lake, cnn, new york. >> and the president has made it clear to democratic lawmakers that he hasn't decided who will replace ben bernanke just yet. he had several closed door meetings with republicans and the senate. he also mentioned a third name, donald cohn. cohn is now a senior fellow with the brookings institute. he spent 40 years at the fed and was adviser to ben bernanke during the financial crisis of 2008. john, this is not a political position, the chairman of the federal reserve. this is not a political job, but the politics, white hot politics in washington right now about who is going to get that job. >> we've never seen anything like that. the federal reserve chair is usually filled by the most boring person in washington, d.c. this is more like a shouting campaign. you have senators writing letters, you have editorial boards writing in months before a decision will be made, and now, most r

i am behind yellen on this one.t larry summers' track record albeit a good one in terms of business may be in terms of checkered in relation to academiacademia. he's had controversial ties he's made that he'll need a clean exit from before he enters a job like this. >> if the president doesn't go with yellen, most experts have concluded it's essentially between these two. if he does not go with yellen, is that going to be another decision that causes his base to throw up their arms? >> there's going to be frustration among the base. don't forget, summers has been a loyal democrat. we know he started while working for the reagan white house as a young academic. there will be frustration from the left. larry summers is someone who's well accomplished, he knows what he's talking about. yes, right now he's out there in the money-making circuit, there's no question about it, beyond what he's doing at harvard. he's also on a couple of boards, working with citibank, et cetera, et cetera, et cetera. there will be frustratio

melissa: compare him to janet yellen? that is the persoa lot of people were assuming for a long time would be the nominee. it is thought she would be more dovish than he would. she would leave the punchbowl out there longer as we call it in terms of looser monetary policy and quantitative easing. do you think that's a correct assumption? >> i would think that would be her predisposition. she might not be able to act on it if markets pushed interest rates higher but yes, i don't think janet yellen ever seen an unemployment rate low enough to suit her. her intention would be to be more dovish. if tapering begins under bernanke, i couldn't see her reversing that. if it begins under bernanke. summers might continue it. she might have slowed it down. melissa: given your experience who do you think the better choice of the two of them? >> oh, neither one of these excited me. i think it would be much more interesting if we talked about what the fed should be doing instead of the personalities of all the names out there the one i

janet yellen and the economic advisors. both have plus and minuses, the lead candidate thought to be larry summers. the fed chairman won't be attending. other top fed officials will be here like bill dudly, the president of the new york fed, jim from st. louis and john williams from san francisco along with christine la garza head of the imf and central bankers from around the world. big top picks will be whether quantitative easing will be working and if not, what the federal reserve should do instead. is the strategy adequate? the conference beginning tomorrow night with a dinner and academic papers and discussion over the next two days and i think one of the things i'll

heth it's yellen or summers, maybe they'll leave it alone. with less than 2% economic growth, maybe they'll leave things alone. there ain't no inflation. >> look, i agree with that. that's what i think. i don't know why people are talking about the tapering. that has been based on the fed's forecast, which actually has been more optimistic than any of the cbo, omb. the fed has been saying we're going to get 3% growth for 2013 and 3 1/2% in 2014. i think that's an overstatement. so i think whoever comes in might leave it alone. they might do a little tapering first in the fall. bernanke would. but then you know, next year they may leave it alone. >> governor walker, in wisconsin now, i'm just going to do this in round numbers, interest rates are up, i don't know, almost 150 basis points. that's just in very round numbers. mortgage rates followed suit. is this having any effect from the economy? what are you hearing? >> the biggest thing we hear from employers is just access to capital. particularly from small businesses. it's one of the things

and that would just scare him to death and he would overreact well it might be summers or janet yellen it really doesn't matter these people are all cut from the same cloth. that was my interview with michael maloney founder of gold silver dot com and the creator of the hidden secrets of money coming up herion profiles our favorite vulture capitalist that would be carl icahn and he's been described as that anyway but the at the business buster has turned his attention to apple and the investing world awaits his next move with bated breath when i talk to r g correspondent megan lopez about a recent drone conference where no one was actually allowed to say the word drone. most of these voices the couple of the law for violence or theft. of the window climbed in a new truck started. we pushed it a little way here we were drunk. and soon who you're an alcoholic or nearly all of them are homeless orphans with no money or relatives. while you go without me. for a moment but verify like i was back when those street hooligans are going to beat me up at any moment of. yours i turned my back i c

yellen would aside with full employment. be nice if somebody else got onboard. >> that is congress but not with a political statement the president had both houses of congress to pass the stimulus package some jobs were created but that is not this congress's fault >> for years ago paul o'neill said tim geithner is pretty good a.m. so is summers. >> i would ask him is having geithner in your corner important? i do think it is. i think president obama respects tim geithner. if he looked at it with of course, raise one dash horse race it is like the endorsement and obama got the endorsement of colin powell that helped is this a big deal? >> he is coming in and. >> you have some great guest [laughter] >> did you. it is the redhead. [laughter] spee bette. >> carl icahn sounded so relaxed with you. >> the sound i'd like he was having a good time with you and asking the right questions. liz: we made news nationwide by the way charlie was it tweet seeing a the interview live that is teamwork. >> it was interesting. >> very much tha

yellen -- ms. yellen. and they're both terrific people. i think the perception that mr. summers might have an inside track simply had to do with a bunch of attacks that i was hearing on mr. summers pre-emptively, which is sort of a standard washington exercise that i don't like. because when somebody's worked hard for me and worked hard on behalf of the american people, and i know the quality of those people, and i see them getting slapped around in the press for no reason -- before they've even been nominated for anything -- then i want to make sure that somebody's standing up for them. i felt the same way when people were attacking susan rice, before she was nominated before anything. you know, i tend to defend folks who i think have done a good job and don't deserve attacks. but i consider them both outstanding candidates. my main criteria -- i've stated this before, but i want to repeat it. my main criteria for the fed reserve chairman is somebody who understands they've got to do a mandate. a critical part of the job is making sure that we keep inflation in check, o

>> yellen. >> i agree. i think the market wants yellen.yellen because the market prefers the devil they know to the devil they don't. >> they love their addicts. near term addicts. >> true. i listen to your show and i watch the blogs and all of that stuff. i'm not convinced that people in the markets love qe as much as you're saying. >> no, the short-term guys do. the long-term guys don't. >> i will tell you, i have clients who a year ago we were having these big philosophical or economic debates about whether qe forever was warranted and then a year later it was i can't believe they're going to take this away. so he's got a point around all of this. people don't want change. they don't want the uncertainty. i agree, most people think it's been ineffective in terms of macro economic growth and it hasn't boosted cyclical stocks yet. they don't want to take it away. >> i think people think it worked. you described less of the markets. a lot of people think a lot of the markets zblofd describe working. >> no depression. >> it worked. >> no, n

and that would just scare him to death and he would overreact well it might be summers or janet yellen it really doesn't matter these people are all cut from the same cloth. that was my interview with michael maloney founder of gold silver dot com and the creator of the hidden secrets of money coming up very in profiles our favorite vulture capitalist that would be carl icahn and he's been described as that anyway but the best or has turned his attention to apple and the investing world awaits his next move with bated breath when i talk to our chief correspondent megan lopez about a recent drone conference where no one was actually allowed to say the word drone. good. grief. free. free. zone and free volunteers in video for your media projects and free media oh darn hard to eat on time the. most of these voices the couple's a lot for violence or theft. but we drove the window climbed in and tried started. we pushed it a little way and here we were drunk. and concerned when you're an alcoholic nearly all of them are homeless orphans no money or rather to. go to without me. for a moment

seems to be almost a false dichotomy between summers and yellen but i wanted to get sure your opinion on goldman if you lation gold in gold leasing or actually a single line item what is this about. well first i want to address bernanke summers and yellen all of this is just a bunch of noise that takes your eye off the ball i try to ignore all of the short term noise there is a lot of. news media. keeps people from looking further into things now this gold manipulation is one of the examples of looking further into things central banks are accounting for the gold that they supposedly as a single line item sometimes called something like gold and gold loans or swaps where applicable well gold loans and swaps means that they have loaned it out and they're owed gold gold back so that's a receive a bill that's kept. as a single line item that is supposed to be an asset and you can't this is illegal accounting it's morally corrupt but what it does is it provides an opportunity whether they're doing this or not i i hope that they have done this and they've done it on a massive massive scale

overreact well it might be summers or janet yellen it really doesn't matter these people are all cut from the same cloth. that was my interview with michael maloney founder of gold silver dot com and the creator of the hidden secrets of money coming up herion profiles our favorite vulture capitalist that would be carl icahn and he's been described as that anyway but the best or has turned his attention to apple and the investing world awaits his next move with bated breath when i talk to r.t. correspondent megan lopez about a recent drone conference where no one was actually allowed to say the word. wealthy british style. market. find out what's really happening to the global economy might stronger the no holds barred look at the global financial headlines kaiser report. plus two finds of countries success. faceless figures of economic growth. for a factual standard of living. couldn't take three scorcher. you know for your immediate. on tuesday investor icon car icon today one of the have a billion dollar bite out of apple inquiring about a one percent of the tech giant shares they

and that would just scare him to death and he would overreact well it might be summers or janet yellen it really doesn't matter these people are all cut from the same cloth. that was my interview with michael maloney founder of gold silver dot com and the creator of the hidden secrets of money coming up herion profiles our favorite vulture capitalist that would be carl icahn and he's been described as that anyway but the at the business investment has turned his attention to apple and the investing world awaits its next move with bated breath when i talk to our chief correspondent megan lopez about a recent drone conference where no one was actually allowed to say the word drone. technology innovation all the developments around. the future. that was a new alert animation scripts scare me a little bit. there is breaking news tonight and they are continuing to follow the breaking news in. the alexander family cry tears of joy at a great thing that had theatrical red dark and a court of law found alive there's a story made for a movie is playing out in real life. wealthy british soil the

and that would just scare him to death and he would overreact well it might be summers or janet yellen it really doesn't matter these people are all cut from the same cloth. that was my interview with michael maloney founder of gold silver dot com and the creator of the hidden secrets of money coming up very in profiles our favorite vulture capitalist i would be carl icahn and he's been described as that anyway but the at the business investment has turned his attention to apple and the investing world awaits his next move with bated breath when i talk to our correspondent megan lopez about a recent drone conference where no one was actually allowed to say the word drone. i would rather i asked questions for people in positions of power instead of speak on their behalf and that's why you can find my fill larry king now right here on our t.v. question more. wealthy british style not. the time to write a little cartoon on the. market why not. find out what's really happening to the global economy with mike stronger for a no holds barred look at the global financial headlines tune into th

i think it is yellen's to lose. that's me.i -- >> i cover washington and you cover -- david: we'll see. we'll see. i will put $5 on it. >> i bet you some probiotic yogurt. david: you have got a deal. he thinks it willlbe larry. i think it will be yellen. liz: alan blinder? come on. david: pop star kelly clarkson, is that who you were thinking of? tackling with the british government over a very valuable piece of jewelry. liz, take note. details coming next. this man is about to be the millionth customer. would you mind if i go ahead of you? instead we had someone go ahead of him and win fiy thousand dollars. congratulations you are our one millionth customer. nobody likes to miss out. that's why ally treats all their customers the same. whether you're the first or the millionth. if your bank doesn't think you're special anymore, you need an ally. ally bank. your money needs an ally. that's a good thing, but it doesn't cover everything. only about 80% of your part bedical expenses. the rest is up to you. so consider an aarp med

very upset that people don't like larry summers but you know my bed if i had to take a bet i think yellen is the most likely pick well let me let me go back to summers for a second because he's kind of being floated as the hawk in other words he's the guy who is anti q.e. and he's more prone to fiscal policy which i believe that you believe in as well would you accept summers as the next fed chairman oh no no it's going to give me my choice you know he would not be my choice i mean you know i i think point to bees and you do because that's what you could do if we could get congress to pass a nice big stimulus program you know boost the economy that would be better but given that they're not doing that you know it's great the fed will do whatever it can to boost the economy do you what do you see as the future in terms of congressional we have the these deficit ceiling talks coming up in the in the near future and we have about thirty seconds left what do you see as happening with the u.s. fiscal situation i think probably very little change you know you'll see a little theatrically around

he is followed by yellen, ferguson and former treasury secretary tim geithner who said he doesn't want singer bette midler is getting in on this whole thing. she is tweeting against summers saying, huh, the architect of bank deregulation which turned straight-laced banks into casones and bankers into pimps may be the next fed head, summers. ashley and he liz. liz: i love this. too funny. >> don't you love twitter? ashley: oh, yeah. liz: too much. thank you, peter. we love you. appreciate you on. thank you so much. ashley: reports say apple has set a launch date for the next generation iphone. the question will the device help apple claw back some of its declining smartphone market share? liz: plus as we said, minutes away from tesla ceo elon musk revealing plans for his jet speed hyper loop. i love the name. in just a few minutes we're bringing you all the details and we are the only business network live at the company that is going to be very much front and center here. when we made our commitment to the gulf, bp had two big goals: help the gulf recover and learn from what happened s

he defended janet yellen but maybe i'm not going to go with her. there are other outstanding people. are there other outstanding people or is it a two horse race? >> think he's leading from behind again. i think he doesn't know what he's going to do right here. wall street, a lot of folks in the business community they would love to see larry summer. but, i think, again he has real problems with his base. one of the little dirty secrets -- >> gender politics. janet yellen, not monetary politic, not about the there are, not about the inflation rate, not anything about gender politics. >> he wants to deep war on women going. >> i'm not so sure about that. i think he wants summers. he mentioned susan ricin that press conference. of course he eventually dropped susan rice. he fiercely defended her because he wanted her. he wants larry summers. >> let's go back to susan rice. he didn't push hard for susan rice. he put her in the nsc. >> the senate said we'll not confirm her. we'll filibuster and that's when she or he relented. i don't think the republic

. >> not that i think janet yellen would be a bad choice.would be a better choice. i think he's had more real world experience around the world, not just in the u.s. >> would you agree with that? you clearly disagree but what experience would you cite for janet yellen for being the next fed chair? >> i don't know why real world experience matters for this particular job. i spent the last numbers of years -- i've hired dozens of people and when i look at a resume i look at a bunch of things, not just whether or not you have an iq of 1,000 or whether you traveled around the world or who your best friends are in politics but it comes down to experience. in fact, i would say the three major factors behind this choice should be experience experience, and experience okay. mark carney didn't get the top job at the bank of england because he's got friends over in london or because he was a big shot at goldman sachs. the reality is that he built up a dossier at the bank in canada as being a pre'em ent central banker so it comes down to experience in

>> i thought it was going to be yellen all along.ct that i thought they would have a good sense to recognize that picking summers would cause a huge political blowback. the summers fan club is more powerful and more intense than i had realized. but this came out and i think it's not a coincidence that we got this preview in the press that the president is leaning heavily towards summers and it's a trial balloon or trying to sink him and test the water and what they see. what they're seeing a lot of critics of summers out there. he has fans, but not a ton of them out here in the world and there's not a big larry summers movement outside of the white house. they're going to have to ask themselves. how much do they feel they owe it to him. he wanted the job the last time around, but the decision was made to stick with bernanke. so, there's a sense among summers' core allies that he sort of deserves this. nobody deserves a job. >> when you, if it's a trial balloon and the first response is that more than half of members of your own party

you talk about should it be summers, yellen? to throw gender or race or religion into this i think is shameful, a, b, maybe we need a non-canesian approach, within i think stimulus, why does have it to go from farmer to b? that is a huge prize indeed. that is a free parking of monumental levels. so why do we get into the psyche of investors and do it the old fashioned way and entice them to do what they want to do and have the government and the investors notions and strategies on the same road. >> you are right, though, that is what the fed has been trying to do is push that confidence and push them no those types of things, what itself the way to do it? >> i don't think the way to do it is say, okay, let me thinks, i'm down in the pools, let's do corporate reform, that's a buzz word, it ends up being re-arranging the deck cares on the horrible corporate tax titanic. then making it really an issue of spending. oi'll do it, but i want the money, i'd like to see real tax reform without 18 e any strings and in terms of the spendin

janet yellen is the vice chair of the federal reserve. there are many who believe that breaking the glass ceiling would be historic. are you annoyed by this debate? do you believe this will be one of the most important, if not the most important economic decisions you'll make in the remainder of your presidency? >> it's definitely one of the most important economic decisions i'll make in the remainder of my presidency. the federal reserve chairman is not just one of the most important economic policymakers in america, it's -- he or she is one of the most important policymakers in the world. and that person presumably will stay on after i'm president. so this, along with supreme court appointments, is probably as important of a decision as i make as president. i have a range of outstanding candidates. you've mentioned two of them. mr. summers and ms. yellen. and they're both terrific people. i think the perception that mr. summers might have an inside track simply had to do with a bunch of attacks that i was hearing on mr. summers pre-empt

the other, federal reserve vice chairman janet yellen. here's how the washington post put it. has the appointment of a new fed chairman been accompanied by so much commotion penetrating even the political dead zone of mid august. the opposing camps have waged high-profile media campaigns featuring dueling op-eds. to talk about we have jared bernste bernstein, and cnbc contributor ron ensana. good to see both of you. >> good morning. >> all of this politicking, the fed's supposed to be apolitical, the white house doesn't like the vetting process to be public. why, jared, has this gotten so wild? >> well, i'm sure from the white house perspective, that's a great question. this is not at all the fight they want to have right now. i think it's gotten wild because the president himself came out fairly strongly suggesting even though it's not been completely -- we know it's going to happen, that bernanke will be leaving his post at the end of this year. so, of course, that opens things up and the next thing you know you've got the two front runners and we do have a frenzy that's not

category that will include the chair of the fed, yes he could do better, i would like to see janet yellen the vice chair of the feds to be appointed. i think it would in in be intrigue can to have a female to say that obama has not performed in terms of female appointments -- >> wait a second. ruth had really good point on -- when you look at his second term, his first term because he ran the first time wanted to win a sec time he did much better job and basically said the heck with you, the women in his batch of second appointments. and he broke no new ground and you may say that there are people who -- americans aren't -- don't care abut quotas, great, but you know, the women who elected him do want to see a pay back. he got -- didn't get the white married women's vote that always goes republican. but he got everybody else. older, white widows, single white women, single women of color, married women of color. they are looking at these things and they do care. >> but this is an inside the beltway kind of debate. most americans are concerned with the kinds ever decision that cabinet hold

we tried to get jay carney to say good things about janet yellen.ent on any potential appointee but the president just finished praising larry summers. >> that may be like a baseball owner saying i have 1,000% confidence in my manager the day before he gets fired. >> bill: talking all things economic about the job numbers in july here with our good friend, stan collender. you're welcome to join the conversation at 1-866-55-press. always save a seat at the table for you. we'll be right back. >> announcer: go mobile with bill press. download pod costs at billpressshow.com. listen any time, anywhere. this is the "bill press show." we have a big big hour and the iq will go way up. (vo) current tv gets the converstion started weekdays at >> i'm a slutty bob hope. >> you are. >> the troops love me. (vo) tv and radio talk show host stephanie miller rounds out current's morning news block. >> you're welcome current tv audience for the visual candy. just be grateful current tv does not come in smellivision. the sweatshirt is nice and all, but i could use a g