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, the economy was about to bust out and washington snuffed it. we had it in hand, we had to turn housing with home builders, and we had to turn to booming order from boeing. and banks were getting their balance, and oil and gas industry started booming and opportunities for new petrochemicals hiring tens of thousands of people strongest in years. people, it was all come together. and now washington's crushing it. best of all, people are starting to get hired again. all those industries are just mentioned were growing, all of them looked like a real good year to expand. business people are in retreat, and their leaders, many of whom speak to me, are done hiring. and they want to fire, cutback, so she saw the chaos from capital coming and did the right thing for shareholders, when the right thing not that long ago was to hire, not fire. washington with its sickening inability to compromise wrecked it, wrecked it all and took what was developing into a beautiful bull market, by real profits, real hiring and turned it on its head, maybe turned it into a bear market. makes me nauseous just th
the world through the lens of compromise. today we saw what the stock market looks like if washington rises above politics! ♪ hallelujah [ applause ] any time you try to analyze winners, you have to eliminate the stocks that move because of other events. oil and gas stocks had gigantic moves because of the turmoil in the middle east. so many companies can benefit from the increase in the worldwide price of oil. second, we're seeing the china plays move up. it's become quite obvious. that's how copper stock like freeport or hefry machinery can rally. those aren't fiscal cliff stories. what are? what are fiscal cliff stories? how about the home improvement place? we can sit here and say that lowe's rallied today because of reported better than expected quarter this morning. you can argue that hurricane sandy to augment earnings for the next year as we're beginning to rebuild the coast. many of the hardest hit areas aren't even accessible to contractors let alone homeowners. however, i think that retail is the biggest winner if we hammer out a phased in group of spending cuts and tax increas
, along with my partner tyler mathisen. john harwood and eamon javers are in washington as we countdown to the president's statement in a few minutes. we're hearing that the white house has invited congressional leaders for a meeting at the white house next week on the fiscal cliff. that seems to mean, john, to me anyway, a little bit of progress. what type of tone do you expect, john, the president to take in this next address? >> sue, i expect him to be conciliatory and reaching out to republicans the way john boehner has tried to strike that mode on capitol hill. two different white house specialists just told me the president will walk out here and announce he's invited the bipartisan leadership of congress to the white house next week to begin talks on the fiscal cliff. i have to think there is a possibility that they can really make some headway, if not solve the problem before the end of the year. at least get started on a solution when you have john boehner talking about raising revenue, not just revenue from growth but revenue from actually raising more money from people at the
bartiromo is back tomorrow. bill griffeth back in a moment. high hopes washington will rise above and fix the fiscal cliff is what many say is the spark for the largest rally in over two months. we rallied all the way to the close, folks. closing at the highs of the session. dow up 207 points, 12,796. reapproaching that 13,000 level appear so the point. nasdaq up by 63 points. and the s&p 500 higher by about 27 points. all gains of at least 1.5%, sometimes more than 2%. >> certainly a sea of green today for wall street. was it today's rise above rally and was it for real? we had a couple of skeptics with me just now. we are going to be closing up more than 200 points. margie from wells fargo funds management joins us, so does michael from destination wealth management and joe greco will be with us in a few moments here. rick santelli is staying late as well with this rally here. >> ready to go, joe? >> yes. >> what do you make of the rally? >> i guess when republicans want to peek past what is involved besides a tax increase, that signals a compromise. so, the markets say, hey, maybe they
washington can avoid the fiscal cliff. some of the senators in the center of the debate will be stopping by. we may hear from some ceos this hour. we do expect to hear from some of them at a press conference later this hour. the president, by the way, weighed in on the debate this morning as well. sue, a busy day down here in washington. >> it sure is, ty. indeed it is here as well. we are going to be joined by a very special guest, noted author and investor nassem taleb. after dropping more than 100 points in the early going, the dow sittingality the highs of the day. it's been an extremely volatile trading session, we're up just about 80 points or so. bob pisani joins me from the floor of the nyse. bob, they're parsing every word coming out of capitol hill and house speaker boehner giving a boost to the markets a bit ago. >> he did. he is a little more optimistic. but we're being blown around by the headlines. look at what happened. in the last two days on headlines coming out of the congress, first yesterday senator majority leader reid said there was little progress being made on the fi
after encouraging fiscal cliff talk from washington. listen. >> it's time for the president and democrats to get serious about the spending problem that our country has. but i'm optimistic that we can continue to work together to avert this crisis and sooner rather than later. >> i believe that both parties can agree on a framework that does that in the coming weeks. in fact, my hope is to get this done before christmas. >> wow. that's optimism. there you go. right now the dow jones industrial average is higher by 72 points. 12,950. the nasdaq is also in positive territory by about 11 points. the s&p 500, and you can see the same intraday pattern all three sessions, moving higher into the close. higher by 5.5 points. should investors believe in a rally solely based on encouraging comments? >> in today's "closing bell" exchan exchange, we discuss that. michael, i'll begin with you. the gyrations in this market are extrord their. one guy speaks in d.c., the market goes down. somebody else speaks, the market goes up. how do you play this? >> well, we're about 50% cash. i think
of the political art here, i'm in washington but i would say if you had these points of views in a business context, as close as they are, i would say a deal would be in reach. >> you see some fundamental level of optimism from lloyd blankfine but a long way to go with the combination of prief pressure and public pressure, like the president is going to exert before we actually go to the flight of fired. i asked the treasury secretary should the president return to wall street. he it must be someone who understands markets, marry. >> me have 33 days to -- head of all pi he told john harwood. marge i will hates have to go up somewhat. he said that's going to put a drag on the economy but we have to do something about the deficit. i don't really understand reasonings. i think he needs to go back to economic then i would argue the deficit gets worse because the revenues don't come in because the unemployment rate goes up. >> you're absolutely right. france instituted a 75% marginal tax great early last night grease going we've got to make sure we're getting gross right if we want to face the deficit.
's re-election. >>> and will washington finally rise above all the political bickering to fix that fiscal cliff? it's all ahead coming up on the "closing bell." stay with us. i put away money. i was 21, so i said, "hmm, i want to retire at 55." and before you know it, i'm 58 years old. time went by very fast. it goes by too, too fast. ♪ but i would do it again in a heartbeat. [ laughs ] ♪ ♪ ♪ when you take a closer look... ...at the best schools in the world... ...you see they all have something very interesting in common. they have teachers... ...with a deeper knowledge of their subjects. as a result, their students achieve at a higher level. let's develop more stars in education. let's invest in our teachers... ...so they can inspire our students. let's solve this. to a currency market for everyone. the potential of fxcm unlocked. nyse euronext. unlocking the world's potential. the potential of yelp unlocked. nyse euronext. unlocking the world's potential. >>> welcome back. a little over 45 minutes left on the trading session. time for a quick market stat check on th
in washington don't get together and actually act like grown-ups, we're in big trouble. >>> hi, everybody. time to rise above and keep the country from enduring a self-inflicted crisis. we're here today. i'm maria bartiromo coming to you live from the schwab impact conference in chicago. welcome to the "closing bell." we enter the final stretch for the markets today. everybody here is focused on the fiscal cliff. coming up, i will talk to allen simpson and erskine bowles in an interview you cannot afford to miss. hope you join us 4:00 p.m. eastern. the co-founders of the fix the debt campaign, which many corporate leaders are backing. they'll tell us how they think washington can come together and reach a deal, bill. >> sure would be great to figure that out. maria, looking forward to that. i'm bill griffeth here at the new york stock exchange. markets continue to feel the sting of the uncertainty surrounding the fiscal cliff crisis. look at the dow, for example. it can't decide whether to go higher or lower today. it's been zigging and zaging all session today. down 42 points. that's about the
bartiromo will be back tomorrow. more hopes washington can get together on the fiscal cliff. >> posting our biggest gains, sitting near the highs of the session right now with the dow up almost 180 points. 104% gain at 12,767. nasdaq doing very well today. apple leading the charge higher, at 2906 on the composite. a lot of traders are watching the s&p today as it gets back above the 200-day moving average at 1383. markets rallying out of the gate. haven't looked back since the open. is it really because there are signs that lawmakers are at least trying to rise above and make a deal on the fiscal cliff? >> maybe. in today's "closing bell exchange ", mark, gene and our own rick santelli. art, let me start with you. is this a rise above rally? does it look like we might get a deal? >> we've been rising above the levels we've been at. no question about that. traders felt reassured coming in this morning. washington is a ghost town. the president's out of country -- >> those are good things. >> congress is not coming back until next week. no one will go before the cameras and jeopardize the cli
to waste by the big issues in washington? >> today the dow closing down 59 points and the nasdaq declining. isn't it logical to ask why we have not been clubbed into bearish submission considering the radical changes and spending cuts that can stop any economy in it's tracks. [ sound of train ] >> i mind why we aren't pummeled instead of being unchanged like yesterday is because there are factors that need to be flushed out on this show. ones that may explain why things aren't going the intuitive way. the market is hopeful a deal can be reached. i find this hope somewhat incredible given the terrible track record of congress and the president. and the huge goal between the parts. after all, if you are president obama, you believe the election is over and your campaign received a ringing endorsement. but if you are a republican, you have to believe that those republicans that do not want to rise above politics are banking on massive declines in spending to wreck the economy. if you are a republican, in permanent campaign mode, i'm sure one of your advisers is saying that going off
talk for a bunch of people in washington about how compromise was within reach. however, i think it's been increasingly apparent that we actually may not get a deal in time of the january deadline, something warren buffett pointed out. you don't need to change your philosophy just because we cliffed you. long term it might not matter. not all of you share his sangwin multi-year view of stocks. he can afford to take the long view. if we take the plunge over the cliff, it can cost everyone $2 million, makes everyone pay more in taxes. i don't really want to have this gear. the president said today he thought a deal could be done by christmas. the speaker of the house said he's optimistic a compromise could be reached. i wear this pin every night in in part because i genuinely believe it is not a lost cause. tonight business leaders in washington are urging a deal. people who are not really known as pals of the president. the president also bringing his pressure to bear on small regular people, regular folks. i'm old enough to remember when it meant my parents. he's turned to twitter t
this tell you compromise is possible in washington or was that just politics? >> i think compromise is always possible in washington. you know, it's standard in any kind of negotiation, including negotiations in business between management and unions for things to go down to the 11th hour, that doesn't mean things are falling apart. it's the nature of the game, way it's played. our government has managed to get through many, many crises and despite the rhetoric and despite the hostility, we do tend to get things done eventually. it would be a lot nicer if people were more civil to one another, but the reality is the government is actually pretty effective in the long run at getting things done. i'm always an optimist on this and i think we can do it. >> we know you two disagree on a wide range of policies from taxes to the role of government. where do you find common ground? what do you agree on? austan? >> eddy and i have been friends for a long time. it's funny, we were together a few days ago and thinking about that exact subject. i thnk we have pretty broad agreement on tax refo
to comment, "the washington post" columnist matt miller, cnbc contributor and former new hampshire senator judd gregg. town hall.com political director guy benson and catherine manuel ward managing editor for "reason" magazine. look, i'm all for a deal. i want a deal, i want to save the country, do all the right things. why should the republicans sign on to higher tax rates no spending in run and something that matt miller never would have done, democrats want to actually spend more in a bill that's supposed to be about fiscal restraint. why should the gop sign on to that? >> they shouldn't and they won't. this is silly, no the a serious proposal. this is a first proposal where they're going for the moon, republicans should counter saying here's our counter-proposal, let's repeal obama care, enact the ryan plan and have their wish list. >> was it geithner or liu, the chief of staff? you're shaking your head to that. jack lew, the chief of staff, did a hell of a job. i am told he is the new geithner, that's why he's key to these talks. judd gregg, a former insider, probably more about the b
. seeing a shift in tone in washington since the election. much more conciliatory tone on all sides here. i expect you'll see that on display tomorrow. the question is whether the fundamental stumbling blocks of democrats not wanting entitlement spending cuts and republicans not wants new tax revenues, whether those stumbling blocks can be finessed between now and the end of the year. >> many, many thanks. eamon javers, appreciate it. let's get first reaction from congress on the breaking news. welcome back to the show house gop chief deputy whip peter roskam from the great state of illinois. peter, great to see you as always. a lot of movement now. i want to ask you, do you think it's possible here, post-election, as the stock market literally hammers washington with the selloff? will democrats and republicans rise above partisan politics and get us something that can work? >> i think that there's a tremendous opportunity, larry, and here's why. speaker boehner, yesterday, gave a statement, a 10 or 12-minute statement and offed his sincere congratulations to president obama. and he said, l
get evidence of what could happen if washington would just get off our backs! sell, sell, sell. >> the house of pain! >> sure that evidence is often obscured by the averages like today where they meandered all session. dow closing flat. nasdaq down slightly. but that doesn't stop us from looking for ideas on "mad money." yes, we have an entirely man made crisis. one that could not only cause a huge firings and curtail retail spending dramatically, but it's also driving people out of a stock market where individual companies are giving you positives that would normally provide a tremendous backdrop to a higher market. you know there was a time when some good news over multiple sectors would produce a bountiful bull. yes, good enough things occurred with individual companies that the sum total would produce overall gains in many stocks. we used to call this pin action. now we get nothing. no spillover. the 1 pin gets knocked down. and nothing else falls with it. let me just go over some of the good news, some of the nabbing down 1 pins just today that are being obscured by this d
is that time's not on the side of the compromisers anymore. there's just too much going on in washington to presume that even like-minded people can wrest the debate from the partisan extremists of either party, those who sink below and not rise above. even if you're confident that a deal can be reached someday, you had to have your breath taken away by the first question from the press after the president gave an impassioned statement about the need to avert the cliff that's going to raise everybody's taxes and just cause such havoc. that's because the question was about general petraeus. not the financial time bomb facing us. oh, no. petraeus -- petraeus? don't you know this is bigger than petraeus? we're sunk if you don't. between the distraction of the petraeus affair and the slew of hollies ahead you've got to start wondering if we might plunge from the cliff because of the sheer lack of days before what everyone's beginning to recognize as the potential for a financial armageddon. before i get to what could work eventually, eventually, the emphasis is on eventually in this ticktock
the late-day selloff? most on the street blaming these words out of washington about fiscal cliff. >> there's been little progress with the republicans, which is a disappointment to me. they've talked some happy talk about doing revenues, but we only have a couple weeks to get something done. so we have to get away from the happy talk and start talking about specific things. >> as we head into the fiscal cliff negotiations, my advice to the president would be seems like our friends on the other side are having some difficulty turning off the campaign. we need to sit down and work this matter out. >> behind closed doors. even with the fiscal cliff looming over the markets, our own jeff cox with cnbc.com says there's a growing bit of optimism about the outlook for next year. take a look at some of the predictions from some of the street's biggest names regarding the s&p 500 for next year. it's quite a chapg for morgan stanley, by the way, whose 2012 forecast was for the s&p to close at 1167 on december 31 of this year. >> wow. they're expecting a mega rally next year. >> he hates having to co
has this kind of a selloff when we get words out of washington today. what do you make of this? who's right on the fiscal cliff right now? >> well, i think that -- >> steven gilfoil. >> the consumer isn't paying that much attention to this. the regular american doesn't watch the financial news. he isn't reading the kinds of papers we read. and he's less concerned with this. >> should they be? >> they probably should be, but investors are more concerned with corporate news, with macroeconomic news. the senator made a statement today. you would expect some kind of posturing this week. we're still 30 days out or so. they don't really have to cut a deal yet. they have to look like they're fighting for what they want to fight for, yet please the constituents. they're probably going to put that off for a couple weeks. >> it's the other way around. washington should be paying attention to the consumer and realize how much is the stake here. when you look at the consumer confidence levels able to hold up. when you look at the retail sales numbers pensimentioned by and the idea we've stabili
begins now. >>> good afternoon, everybody. at a time when washington is wringing its hands and trying to wring every last dollar out of the budget to avoid the fiscal cliff, a new report within the last few hours on the millions the government is wasting. and this one will leave you shaking your head. >>> this hour, the president tours the disaster area from hurricane sandy. first from the air, then on foot. the first numbers are out now on how sandy is already taking a bite out of the economy. >>> and, we move to real estate. how real is the recovery? ben bernanke set to speak about housing and mortgages in just a few minutes and what he says could move the markets. >>> but first, let's head out to chicago where sue can be found at a major investor summit in the windy city. sue? >> indeed, i am in the beautiful windy city, ty. this is the schwab impact conference. welcome to the biggest convention center in the united states and it is chock-full with some of the top investment advisors out there. we're going to be talking to a number of them. we have a terrific hour planned here from
bernanke and interest rates and what's going on in washington beyond the fiscal cliff. he's got lots of views. >> does he pull punches about bernanke? >> there's a couple comments i think we'll run in the 7:00 or 8:00 hour, he's diplomatic about it, but if you listen very carefully, i think you know where he stands on a lot of the stuff. he talks about the punch bowl and having to take around the punch bowl before -- >> the lead story in the journal -- >> the fed stimulus. we're back again. >> operation twist is supposed to be up january 1st. >> he's also got interesting theories on the volcker rule and banks still. so we'll be running some of that throughout the broadcast. >>> in corporate news, rio tinto plans to cut cost and sell more assets. and two audit firms are now being sued regarding the acquisition of hp. shareholder law side has named deloitte and kpm claiming they missed numerous red flags. board of directors also named. >> a magnetic lawsuit. you see the press release go out and someone has to boiler plate to say, okay, we're the accountants, we're the bankers, here we
. and that is there's been indecision and uncertainty in washington on our middle east policy, whether it's being tougher on benjamin netanyahu for defending israel than they've been on iran for not having nuclear weapons. whether it is the conflicting approaches to the middle east peace process, et cetera. so there's a vacuum that has to be filled. the u.s. has to step up and provide leadership. president morsi in cairo called mr. jabari, the terrorist who was killed, a martyr. the muslim brotherhood does have a close relationship with hamas. iran has given hundreds of millions of dollars to hamas in recent months. so the region is in turmoil. the u.s. should step up firm for our ally, make clear where we are, try to get turkey and egypt -- both of whom have been sympathetic to hamas -- to stand down. >> that's not happening. john, u.s. foreign policy in the middle east, maybe elsewhere, but in the middle east right now in the wake of libya and benghazi, we are at low ebb, john, in the eyes i dare say of middle eastern countries and in the eyes of european countries and maybe in the eyes of asia
on a sour note. then we did get that little bit of hope that maybe our leaders in washington can be reasonable with each other. the major averages have had a rough week. it's even worse since the election, down about 5%. >> john, i would like to kick this off with you. what is, first of all, the latest in washington? >> mandy, bill used the word hope a moment ago. everybody since the election has been hoping that washington, both parties, white house and congress, can find some way to work together. that was the tone the president struck when he gathered the bipartisan leadership of congress at the white house this morning. >> my hope is that this is going to be the beginning of a fruitful process where we're able to come to an agreement that will reduce our deficit in a balanced way, that we will deal with some of these long-term impediments to growth, and we're also going to be focusing on making sure that middle class families are able to get ahead. >> and nobody, including the president, could fail to have been encouraged by the tone that was struck by all four members of the
, they weren't alone. finally there's washington. we headed into the weekend with lots of talk. lots of talk about good feelings. good feelings over possible deal to avert the fiscal cliff. republicans seem to be breaking ranks with the hardliners. talk about maybe raising revenues if the democrats will be willing to do meaningful entitlement reform. that positive tone, the rising above, helped move up the futures right into the bell. who wanted to be short ahead of a weekend deal? what a difference a day makes. this morning we come in, what are they chattering about? greece. greece. can you believe greece? it's standing in the way of a european deal again. this small country with no grip on its finances has europe hostage all over again. without a deal, everything in europe came down last night. we didn't get a sunday night easing from china. worried that the recent positive data can't be maintained without more interest rate cuts. you know what, we've been conditioned to believe weaker economic data means more stimulus, which leads to higher stock prices here. what happens if the news isn'
that as fractious as things can be, that the leaders in washington have learned their lesson. that the wrong word can move markets and they will be somewhat careful, that nobody will produce anything like the 500-point selloff in the t.a.r.p. vote. they think there's a minor protection there. nevertheless, we're in an age of auditory lottery tickets. whoever gets to the microphone swings things. >> yet, they believe that, number one, it's coming soon, that something is going to happen in december, and it's going to be a credible plan, something that's a real down payment that won't trigger some kind of ratings downgrade by the agencies. >> well, i think, again, they believe that these guys are chastened enough not to go off the deep end, and for all the talk, it might be go to go over the cliff for a little bit that people really think nobody wants to take that gamble. you don't want your political party becoming a footnote. >> materials, financials, health care all advanced today. a fairly broad advance, even if it was only fractional. back to you. >> all right, bob. thank you so much. we'll see
. it is still confusing a little bit in washington, what are they going to talk about, what are they going to do. the newspapers reporting five different things. so the markets trying to assess. i think what you'll see is that it is going to test the 1,380 level, the 200-day moving average on the s&p. it tried to do that yesterday. it wants to do that again today. it wants to see if the natural buyers are going to be standing there at least supporting at that level. if it doesn't find that at the moment and we break through that, then you're going to get another reaction. momentum plays jumping on. you'll see that market, make that sharp spike down. i don't think we'll get tho that though. i think you'll find plenty of buyers at that 1,380 level. >> draghi sounded better this morning in terms of his overall outlook. it seemed to buoy stocks but it didn't hold. >> it didn't hold. the problem is still not fixed. the concern is still there. structurally it is not fixed yet, everyone knows that. they are waiting for it to be fish fixed. same way over here. europe will continue to bubble at the surfa
's economy is still being held hostage. the fact that washington is on vacation -- not helping. eamon javers is live on capitol hill where congress isn't. eamon. >> that's right. look behind me. see if you see any members of congress. they're not here, they're on recess for thanksgiving week. the president of the united states is in cambodia on an overseas trip of multi-days but there is still some work going on here in washington. let me walk you through thanksgiving week in washington, d.c. starting with the president who over the weekend called some major ceos including jpmorgan's jamie dimon who pick their brains about where they think we should go in terms of this fiscal cliff. he also called warren buffett and tim cook of apple. hill staffers are here today, casual monday on capitol hill, they're putting numbers on paper. democratic senate aides say they are working on language that would allow the top bush tax cuts rates to expire. they're going to hold the line on that provision. then the outside groups are mobilizing. just got an e-mail today from a group of unions including afsme a
commission member elise walter as her replacement. eamon javers is in washington with the details. >> reporter: this is a bit of a surprise announcement. a lot of other names had been speculated over the past couple of days here on who might succeed mary shapiro over at s.e.c. but the tap goes to elise walter today. she is a sitting s.e.c. commissioner now. that means that the president will not have to face a bruising confirmation battle up on capitol hill for her to take over as the chair of the s.e.c. what we're told is the president is likely to appoint somebody to fill out that term after elisse walter finishes up mary shapiro's term in 2014. we expect that the president will name somebody else to follow on after elisse walter. a little bit of complicated moving and shaking here but already the consideration in washington turning to mary shapiro's legacy. she took over at one of the darkest points in american financial history in january of 2009. the s.e.c. pointing out today that just in 2011 and 2012, they've had 1,469 enforcement actions. they say that's evidence of a real
hostage by washington's inability to make a deal. labor leaders invited to the white house, meeting with the president since late this morning. we are keeping track of that for us here the list. several leaders from the american labor movement getting first-person attention from the president today, including richard trumka from the afl-cio, amidst many others. tomorrow, you should know that the president will meet with 12 ceos. that list includes frequent cnbc guest david poe day and president and ceo of honey w he has been on power lunch a number of times. on the list, jeff immelt of ge and ford's alan mulally. it is quite a list, ty, and we are the show leading up to that very important meeting tomorrow. so you don't want to miss it. >> sue, indeed we are. we are having our own very important meeting right now with representative gregory meeks, a democrat from new york city. mr. meeks, welcome and congratulations on your re-election. >> thank you, tyler. good being with you. >> let's talk about the fiscal cliff a little bit. what specifically would you be willing to yield on of t
moments ago in washington, or the president on the road in pennsylvania at a toy factory. both sides spinning, and that is leaving traders' heads spinning. eamon javers in d.c. with the latest volleys in this match. >> i'm going to try not to do anyany spinning here for you, tyler. but another day of kind of dueling press conferences here in washington. difference today is we have a little bit of a campaign style theme as the president took his act on the road to pennsylvania where he tore this toy factory up there. basically making the case for his tax cuts but he had a chance to make a toy factory joke as presidents are want to do. he said he's got a naughty and nice list back in washington. he's got certain congressmen in mind to be on that naughty and nice list. but take a listen to what the president said making the case that this is all about tax cuts for the rich and republicans wanting to preserve those. >> what's riding on this debate. this is too important to our economy. it is too important for our families to not get it done. it's not acceptable to me and i don't think it
? >> let's get back to the topic dominating the conversation from wall street to washington right now. of course it is the looming fiscal cliff. we have made it a bit of a drinking game for those playing at home. i sat down with one of the democratic congressman barney frank and we talked about it. >> sequestration is a terrible idea and that can be very disruptive and if we go into sequestration, yeah, i think that's awful. if the taxes went up on everybody for a month or two, it would be a temporary bump, it would mean slowing down expansion which i think is coming, but you could undo it. >> so the most interesting thing barney frank said yesterday was he believes that it is a bungee cord, if you will, meaning he expects and almost is pushing for everybody to go over the cliff at least for a couple weeks and believes that the 39.6 number is still on the table and that the can democrats and the obama administration still have the mandate. >> you're talking higher marginal rate ps p. >> yes. he doesn't believe there are not enough deductions. so many of the ceos that came out of that
adviser larry summers reacts to the standoff in washington over the looming fiscal cliff. >> it could be the year we begin to solve our debt through tax reform and entitlement reform. >> we're serious about reducing the deficit. we have to combine spending cuts with revenue. that means asking the wealthiest americans to pay a little more in taxes. >> can a deal get done before the january 1st dead line? hear what he thinks straight ahead. >>> then, jpmorgan chief jamie dimon talks about the market's post-election volatility and how he thinks they'll react if the government doesn't get the nation's fiscal house in order. >>> plus, we get the state of business at jpmorgan since the london whale trading debacle. >>> and remember the business own who are threatened to fire workers if the president was re-elected? >> he's going prevent us from expa expanding, prevent us from growing. it's going to make my life miss able. >> well, now he's given his workers raises instead. why the change of heart? he's here in another first on cnbc interview. that's all ahead on this very special edition of
he's fleeing to belgium. tomorrow, i will be live in washington, d.c. "closing bell" is next. >>> hi, everybody. we enter the final stretch. welcome to the "closing bell." i'm maria bartiromo at the new york stock exchange. >> minor gains once again. i'm bill griffeth. other stories we're following, the white house and big labor have been meeting on the fiscal cliff today. taxing the rich, certainly a big topic of discussion. then tomorrow business leaders will have their say. the president will have the latest on that coming up. >> two big and exclusive interviews coming up. cisco ceo coming with me on the show as soon as earnings come out. that will be at the top of the next hour. and nyse ceo with us giving us an update two weeks after sandy historically closed sandy for two days. >> still a miracle they got things open when they did. we're oall following the latest in the general petraeus scandal. unbelievable twists, even today. we have a roreport from washington. then, more on how this story is shedding light on how anything you write can be accessed. pretty scary stuff
chapter. >>> well, leaders in washington today calling talks on the fiscal cliff constructive, but not everyone is buying that anything is getting accomplished. >> yeah, not just -- last week td ameritrade's ceo warned the cliff hanger would keep the markets muted into the new year. it's no wonder the major average is down about 5% since the close of trade on november 6th. fred joins us now exclusively. are you hopeful, at least, that we get a deal before the end of the year? >> i don't know if we'll get a deal by the end of the year. i'm hopeful we'll get a deal, and i'm hopeful our political leaders will work through this. i think the hard part is getting it done before the lame duck session. >> can we afford in the to get a deal before the end of the year? >> you know, i don't know. you never know. i think you can always gets through it. there's many ways to get through it. i think the market is really looking for incredible plan here. it's probably a combination of spending cuts and tax increases, but it has to be one that helps in the short term but has over the long term
100 ceos that form that organization marching down to washington. probab >> what's more important to this market? europe or the fiscal cliff? >> i actually think -- i think it would be the fiscal cliff but i have to tell you, if europe starts to implode and look what they're doing in greece today, if that movement starts to move to spain and the other countries that's going to steal the headlines. >> i think those pictures as well. even if we don't get headlines out of greece. when you see those kinds of pictures, it brings it all back home. >> it brings it all back home. then people are concerned that it gets out of control. then it starts to go to spain. starts to go to the other countries. then does it in fact come to our shores? if we go over the fiscal cliff. >> i'll see you a little later in the show. >>> phil lebeau joins us now. he's got more on the late breaking news on boeing for us. what do you got, phil? >> sue, boeing is just announcing that it is doing what essentially is -- what they're saying is not a major restructuring but is nonetheless a further restriction and
. >>> can washington rise above the partisan rancor to keep the u.s. from falling off the fiscal cliff come the first of january? eamon javers live in the nation's capital reporting on the plans that could actually save the day. >> there's a lot going on in washington this week. we're going to have a press conference from the newly re-elected president of the united states. we're going to have business groups visiting the because to talk about the fiscal cliff and we'll have high-level negotiations between members of congress and the president and his team on the fiscal cliff, all trying to avert a showdown here before the end of the year. but i want to drill down on one issue of this that might be really important to our audience which is the question of capital gains and dividends taxes, where are those headed under all of these various fiscal cliff scenarios. you talk about the different plans out there. a lot involve cap gains. simpson-bowles under that plan released last year, capital gains are taxed as ordinary income. domenchi-rivlin, cap gains. we assume what paul ryan wants to do i