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affect the u.s. economy. presumably including cyprus. as well as the improving u.s. job market, and strong housing sector. and as we wait for fed officials to wrap up their meeting tomorrow, it's expected they will leave interest rates unchanged. joining us to talk more about the fed, randall krosner, former fed governor and now professor of economics at the university of chicago. i've not had the benefit of being in those meetings. you have, and i'm curious to know, do you think cyprus came up? if so, how? and how would the fed governors and members of the fomc handicap its possible effects on the u.s. economy? >> it certainly would have come up, i think, if some analogies with iceland from a number of years ago. even a smaller country, only 250,000 people, not a million people, but it was something that we focused on. we worried about and tried to think of what the implications are. here it's clear the europeans have made i think a terrible mistake in making this proposal. that potentially could undermine confidence, and that could have knock-on effects not only for the whole
the connections of a complex, global economy. it's just one reason over 75% of our mutual funds beat their 10-year lipper average. t. rowe price. invest with confidence. request a prospectus or summary prospectus with investment information, risks, fees and expenses to read and consider carefully before investing. with investment information, risks, fees and expenses ♪ (train horn) vo: wherever our trains go, the economy comes life. norfolk southern. one line, infinite possibilities. neil: government officials say they want to clean up the tax code. to make a very serious point, the government is looking at a uniform internet tax. when we were told would never happen. on top of the other taxes that we were told would never happen. this federal internet tax, i am telling you, get ready for it. it i coming soon. charles payne and melissa francis they do not expect it to stay at the levels for long. it is here, the question is whether europe starts low and high. >> you are right, it opens the gate to that. but it makes you very nervous. one of the things about buying online is that a lot of the ti
[inaudible] >> in the supermarket, there's evidence of a cash economy expanding. >> we have suppliers demanding cash. not all of them but some are in a panic situation and are demanding cash payments. >> so everyone is waiting to see whether the government can strike a deal with the e.u. by the deadline of monday and save the country from bankruptcy. the challenge for cyprus and its parliament is how to raise nearly $6 billion and so qualify for a full zureo -- eurozone bailout. the problem is there is tension between cyprus and germany. only today angela merkel was warning that patience has its limits. banking would be restructured with smaller bank accounts protected but larger accounts possibly taking steep losses and there might still be a tax on savings. it was rejected once but might be applied to big deposits. every move is controversial. these bank statue were blocking the roads today. they fear restructuring the banks will lead to layoffs. >> they fear they won't have a job. what do you think will happen? >> whatever is decided here will still have to win the approval of the
these kind of revolution that shifts fundamentals of our economy. you look at the industry evolution, the introduction of the automobile, all these changes in our society are powered by exponential technology, which changes the pace of everything from how we communicate and how fast we expect people to respond to things, to our political system and the pace of how quickly things happen and being on constant -- in a constant feedback loop. the ability to trade stocks in nanoseconds. so, millenials are at the forefront of that. we understand that as reality. so, other generations are running around saying, how do we adapt? good forward any fast-paced world. the millenials are taking it all in stride because that's the reality of how we agree up, and also brought the sense of ease and adaptability and the ability to be resilient, the economic crisis, which, wow, has led to incredible youth unemployment, and incredible debt for young people. young people are optimistic about their long-term economic future because they see in one year it could be totally different. we saw how quickly it
to give the state all of our resources which would be at least 3 billion euros to help the economy. maybe a little bit of help from heaven. back over to you. >> the archbishop, this is something people should go look up this piece of the story. this is a fascinating piece. he's seen as this spiritual leader there who has been quite vocal. he's been out there talking saying let's get out of the euro and go back to the pound. do we have carolyn? can i briefly ask what it's like on the ground there? we understand that it may be several more days, not just thursday, before people can access their money in cyprus. >> absolutely. initially we know that banks were going to be closed up until tomorrow but at this point there's a lot of speculation that banks will be closed up until tuesday because monday is another bank holiday and at this point it's very, very uncertain that we'll get a viable plan b to get the bailout deal in place at this point it doesn't look like we'll get it by tomorrow. at this point we are expecting that banks are going to be closed for a little bit longer. of course that
to share with you some views of the economy from our 54 respo respondents. firming housing prices are a game changer. there is something much more self-feeding about recovery this year. could be a turning point. the objepposite from john rober. we believe a recession/economic slowdown is a possibility in the latter half of 2014 or early in 2015. some of the excesses that could cause a recession are beginning to build in the economy. another piece of data, the biggest problems facing our economy, taxes/regulation, 29%. i would say that's a victory given that europe is not in there for fear of recession is not in there. too much deficit reduction, 16%. slow job growth, 12%. too little deficit reduction, 10%. guys, these are more normal problems, i would say, than we've had in the past. the european financial crisis, u.s. financial crisis. sue, i would take a victory, yes, there are problems out there. >> i totally agree with you. it's the first time in a long time we haven't seen europe on a list like that. >> thank you, steve. >> absolutely. thanks, steve. >> sure. >> the markets h
. the economist is out with a report on our economy's saying that our economy is in better shape than you think. we're back with that in a moment. first, i want to give a shout out to my grandmother mabel. she convinced her nursing home to switch cable providers just to see the cycle every day. go, mabel! [ jackie ] it's just so frustrating... ♪ the middle of this special moment and i need to run off to the bathroom. ♪ i'm fed up with always having to put my bladder's needs ahead of my daughter. ♪ so today, i'm finally talking to my doctor about overactive bladder symptoms. [ female announcer ] know that gotta go feeling? ask your doctor about prescription toviaz. one toviaz pill a day significantly reduces sudden urges and accidents, for 24 hours. if you have certain stomach problems or glaucoma, or can not empty your bladder, you should not take toviaz. get emergency medical help right away if your face, lips, throat or tongue swells. toviaz can cause blurred vision, dizziness, drowsiness and decreased sweating. do not drive, operate machinery or do unsafe tasks until you know how tovia
idea. i mean, if you look at cyprus' economy, there are two major factors to that economy. tourism and financial services. you could kill the financial services immediately right there. so it's two underpinnings. almost like when greece was doing smo of the same things. >> but you say it matters because it could spread elsewhere? >> just the thought that somebody thought this was a good idea is scary enough to me, i would think. but it's going to be one of those things. we'll have to watch and see how it folds out. but i've got a feeling it will have to turn itself around fairly quickly. >> michael, what do you think? have you changed any of your behavior in terms of allocating capital, as a result of what we've seen in the last 48 hours? >> no, not really, maria. i still think that cyprus is certainly something to watch. but i think it's just part of the negotiation process, exactly what's happening in greece. we have to watch and see if it accelerates and this idea sweeps around europe, but i doubt that's going to happen. i actually think that europe is starting to present some o
by foreign media organizations. i think there are two main concerns. first, whether the chinese economy will continue to grow sustainably. and secondly, whether a stronger china will become more assertive, and even -- [inaudible] [speaking chinese] [speaking chinese] >> translator: i think these two concerns are really necessary. china is capable of achieving sustainable and a healthy economic development, in pursuing social progress. and that are more than 1.3 billion people in this country so we are on a long journey towards modernization. for that we would require an international environment of lasting peace. even if china becomes stronger, we will not seek edge me. because we have learned from our own experience in the modern period that one should not impose on others what he himself does not desire. this is an article of faith for us. [speaking chinese] [speaking chinese] [speaking chinese] >> translator: let me underscore here that china has an unwavering commitment to peaceful development. we also have an unshakable determination to safeguard our country's sovereignty and terri
economy. that is the real engine of the economic prosperity. >>> plus the supreme court this week will hear two important cases concerning same sex marriage. shouldn't the black robe masters leave the important social decisions to the states and their democratically elected legislatures or referenda? let the people decide. "the kudlow report" begins right now. >>> first up, in recent weeks, he's become a conservative super hero icon. that following his triumphant speeches at the national prayer service and the cpac political conference. dr. ben carson has a message to roll back obama care, deal with the crushing national debt, and even a bib llically based call r a flat tax. that's what i love. is he the conservative that can save the gop? here is the aforementioned dr. ben carson. director of the pediatric division at john hopkins university. and with us this hour, cnbc contributors keith boykin. as always, dr. carson, great to see you. i'm reading one of many articles that you're retiring in 100 days. i wonder if you would share future plans, especially public service. >> i have
economy, child-care benefits, and reforms to the national health service. this is just over 30 minutes. >> order. questions to the prime minister. eagues and others and in addition to my duties in this house i shall have server, furt >> the prime minister. >> this morning, i had meetings with ministerial colleagues and others, and, in addition to my duties in this house, i shall have further such meetings later today. >> we all know that the prime minister believes there is no alternative to his double-dip, his double-debt, or his loss of the triple-a credit rating, but is he aware that his back benchers and some of his cabinet believe there is an alternative to him? hear, hear. >> what this government are delivering are 1 million private-sector jobs and the fastest rate of new business noires history. we have paid down the deficit by 25% and have cut immigration by a third. we have a long, hard road to travel, but we are going in the right direction. >> hear, hear. >> mr. james morris. >> i am sure that the prime minister will wish to add his condolences to the family and friends of c
when the economy is struggling? >> i agree 100% with you. there is no creativity at all. >> i like the show even more all the time. [laughter] neil: thank you, guys. thank you very much. in the meantime, what is jimmy fallon getting that has a guy named mitch saying my goodness the husqvarna all-wheel-drive mower is here. engineered with a unique drive system and dual transmission. all-wheel traction. all-wheel power. all done. only from husqvarna. challenge the impossible. all your imptant legal matters in just minutes. protect youramily... and launch your dreams. at legalzoom.com we put the law on your side. got you ! you cannot escape the rebel forces ! ahhh. got you ! got ya ! gotcha ! got ya. that's all you got, brother ? take that. never having to surrender the things thamatter. gotcha. that's powerful. verizon. [inaudible] >> keep up the good work. >> thank you. neil: if jimmy fallon does get "the tonight show" and it does come to new york, the joke ultimately could be on businesses already in new york. because andrew cuomo's new budget would give this show a huge tax break
is not buying it. and some economists are now saying that there's a shadow economy that could explain why the retail sales are rising despite static credit spending and paychecks. an explanation at last. at it all ahead unless breaking news changes everything. >>> from fox, at 3:00 in new york city, seven u.s. marines are dead and several others hurt after a training exercise in nevada. it happened at hawthorne army depot there last night. the military uses that base to store weapons and train troops. according to military sources, large mortar, like the one you see hour, somehow exploded. officials describe frantic scene. it was 45-minute chopper flight to the nearest trauma center in reno. today the white house says the president is watching the developments. >> the president's thoughts and prayers go to the families of those who were lost and those who are injured. we're obviously in the early stages of assessing the incident. it's a tragedy, clearly, and the president was briefed immediately on -- and made aware of it immediately and briefed on it, and we're monitoring the situation.
really suffered greatly throughout this week, as we noted. the economy in cyprus, is going to continue to drop. 10 to 20% is likely. this is a country that was glowerrishing before -- fluorishing before it joined eurozone, but now cyprus is taking a hair cut for greece, and greece for cyprus, and the troika is coming in to help. you cannot just jump out at this time. yet there is no room for nail failure, they are not printing more money, they will severe draconian measured. severe austerity, one country at a time, in the meantime people are weeping, imagine everything you have known to be true, is not true any more. neil: if you think about it, ty. you are a big investor, and world renounce, a lot of folks in europe, their bank acount is everything, their savings are there their vestments are in glorifies pass book savings accounts, that is it. so a trust has been broken to say nothing of the trust in european club, to keep it going. i think when you let people down, when you scare them, when you break a trust of confidence it is really katie bar the door, isn't it? >> i don't think t
. connell: highest level close to five years. the economy may be improving. the problem for president obama is his approval rating is not. 47% of americans approving. doug shaw is here to answer that. a record-breaking run last week. you have home production neared the unemployment rate falling. >> first of all, we have dysfunction in washington. we do not have a budget deal. economic growth was tested in the fourth quarter. there is no sign that it is reviving. there really is no revival on main street. connell: is there something politically bad be done? is there something they are not doing right? shouldn't they be better able to take advantage of the perfect stock market and little bit better economic numbers? i think the president is trying to do that now, connell. reaching out to the public senators and paul ryan. we made a deal on the but with newt gingrich. the same thing needs to be done now. dagen: something really struck me. i do not mean to harp on it. the average american wakes up in the morning, you tell me how he feels or she feels that deficit with the daily impact. you kind
, it has taken us 40 years to build our economy to the level it is. with done one day -- within one day, we have shot it down. we are very betrayed. >> they can do it anywhere. live in europe, europe has betrayed us. >> at one stage, the crowd was urged to march towards the presidential palace. many people believed their savings had been guaranteed. what is clear is that the bailout deal negotiated in brussels cannot be implemented here except in the face of furious opposition. will have depositors to pay -- just reducing the amounts savers and depositors will have to pay probably won't be enough. teeple are still trying to get their money out of cash machines, but there are limits on how much they can withdraw. a parliamentary vote on the bailout has been postponed yet again. the government feared it might not win a majority for the bailout. without extra funding, cyprus faces bankruptcy. the british community around -- the british community, around 60,000, is also assessing its losses. cypriot friends are in shock. >> they felt as though someone had put their hand in their pocket and take
and the new fed forecast for the economy. and the stocks we're focused on this morning, blackberry getting an upgrade at morgan stanley and a note titled why it won't go down and it gets into the best buy bull camp, and calling it the best near-term idea in the sector. let's get straight to fedex. the package delivery company says it earned $1.23 a share in the fiscal third quarter and below wall street forecasts. fedex says the customers were choosing slower transit services. this does happen, of course, after a massive run in the transports. >> one of the things that amazes me about fedex is they keep missing and they get loved a few days later. missed and gets loved. it's still regarded as being a profit machine. they have this restructuring that people like very much. people feel it's only a matter of time before someone steps up to the more expensive freight. to me, my charitable trust owns ups. ups has the expectations lower. scott davis always says negative things. >> melissa hit the nail on the head. the stock had a big run and the two guys were going head to head over what was in
earnings cycle. also in this environment the u.s. economy is growing more like 2% and a lot less like 4 in that environment pricing is going to be challenged and the top line sales is not going to be universal for all firms. it will be balance sheet by balance sheet and case by case. security collection becomes far more important. >> i was going to say as you point out the profit growth picture has been pretty good but we are getting at the mature point in that cycle and the forecast is about 1% or 2% overall growth. there are always ways to make more money than the index tracking would lead you to believe. where do you think the pockets of possible better than average profits would be? >> so we do like equities. when you compare that to fixed income certainly in government space so we like equities and we like global equities. it will have to be a multi asset strategy which is kind of all of the above. looking at commodities and debt and equities and looking in companies in europe. there are good companies with strong balance sheets in europe, as well. looking into russia, indonesia, m
to the economy and see if there is someway to manipulate the rates here in san francisco so perhaps some of the subsidies that are currently going to carbon get reallocated and redirected to support renewables and maybe that way make the carbon more expensive. i know there is an artificial reduction for strong support for natural gas. we are going return to carbon base is fluctuated widely and get support of the union and labor and local businesses so we move forward as quickly as possible. thank you very much. thank you, very much, next speaker please. >> hello, my name is marina. i'm a resident of san francisco. i want to thank the commission from what i have heard that they have heard the public support for the robust build out of the program. i think it's time to move forward to the next step and prove from the conceptual idea of a robust build out in terms of a real plan on actual projection of real jobs. i find it increasingly difficult to combat at the missions -- the build out. a plan for local generation and energy efficiency at the launch of clean power this sf is vital to the
that the controllers office had done, it wasn't measuring the job loss in the p g and e but the overall economy. >> that's correct. i was looking at the overall san francisco economy assuming that dollars spent on increase in electric bill would not increase other products. it did not focus on electrical work, but to that point, remember that the clean power sf program enabled by state statute remains for all p g and e customers for all services. it's only the supply of electricity that san francisco power program would then partner with p g and e to provide. if you are a resident of san francisco and member of the clean power sf group, your lights go out and you still go out and call a p g and e they roll out and respond to that outage and then refers the crews out for work. there is a very much heavy reliance, a partnership for implement thg program. >> for clarity, what you are saying to me is that we are not looking necessarily for any job loss for employees of p g and e based on how this is being rolled out? >> that is correct. the city's chief economist did not look at particular job sect
's face it. cyprus is a small economy. the smallest thread can unravel the entire tapestry of the euro zone. the size of cyprus is not the point here. the point is the principle, precedent and risk of contagion spiralling out of control. >> that's how we see it here. thank you, charles dallara. now it's time to ask the money question. will cyprus and the eu woes kill our economic optimism? we'll debate that next up. the real loser could be crooked russian billionaires whose money-laundering operations in cyprus run the country. that's why vladimir putin is so angry about this bank tax. feel like capitalism may be the best bet to prosperity, but there is not one ounce of free market capitalism in this cyprus story. i'm larry kudlow. we'll be right back. [ female announcer ] what if the next big thing, isn't a thing at all? it's lots of things. all waking up. connecting to the global phenomenon we call the internet of everything. ♪ it's going to be amazing. and exciting. and maybe, most remarkably, not that far away. we're going to wake the world up. and watch, with eyes wide, as it ge
times the size of its economy without having some kind of bail structure in a solution, it becomes very difficult. and i think that understanding is quite clear among investors. so from a longer term perspective, i think there's a positive element here which is a more substantial bailin in this solution. >> valentin, what kind of exposure do you have in europe at this point and what changes have you made in regard to how the cypriot levy is handled? >> it is creating a bit of uncertainty. clearly, it comes from lingering uncertainty over the political situation in italy. so all in all, it makes the bit more cautious on europe. not so much on our overall willingness to take risks. we're still overweight global real estate, but we have still put down our exposure in europe, so we are now under weight european equities. we are cautious on peripheral bull markets and european fixed income space. so that is the main changes. still on the regional allocation that we have, but not so much altering our overall willingness to look for risk. i think in general, the broadening of the global cycle
. this will trigger profound changes in our economy and society. it needs to be supported by integrated reforms in many different areas. we need to overcome the problems that might crop up in the course of urbanization. i know that according to the statistics currently available, there are about 500 suggestions and proposals, about urbanization made during the npc and cbbc seat session. we were you all of them very carefully and pursue urbanization in a steady, acted and a prudent way. [speaking chineseway. >> nowadays, food safety has become very, very serious issue. we can see the sky in beijing this weekend. is it possible for the chinese development, to solve this problem while maintaining the speed of economic development? and will it give more space for chinese people to monitor this issue? thank you. [speaking chinese] [speaking chinese] [speaking chinese] [speaking chinese] [speaking chinese] >> translator: i said earlier that we want to fully upgrade the chinese economy. that's also includes that in the course of development we will do our best to make sure that our people can breathe
tax will be cut to 20%, the lowest tax rate than any other economy in the world. in his one-hour speech, chancellor osborne announced measures aimed at assisting small business owners, first- time homebuyers, and british veterans. this is about an hour and 15 minutes. mr. deputy speaker, this is a budget for people who aspire to work hard and get on. it's a budget for people who realise there are no easy answers to problems built up over many years. just the painstaking work of putting right what went so badly wrong. and together with the british people we are, slowly but surely, fixing our country's economic problems. we've now cut the deficit not by a quarter, but by a third. we've helped business create not a million new jobs, but one and a quarter million new jobs. we've kept interest rates at record lows. but mr. deputy speaker, despite the progress we've made, there's much more to do. today, i'm going to level with people about the difficult economic circumstances we still face and the hard decisions required to deal with them. it is taking longer than anyone
and that will lead to a decline in the money that is slowing around the economy and that means lower output essentially. so what we're looking at here in cyprus is that the retracted recession is not depression. let's continue with the discussion with professor pisteritus. thank you so much for joining us this morning. just how do you read the deal? did the germans win in the end? >> well, i would have to agree with you that what the germans wanted has happened in the end. it's an incredibly bad deal for the eurozone. cyprus is table because you are taking away from the island more than half its gdp. you're destroying small enterprises and the sector which accounted for 45% of gdp. expect unemployment to shoot up. we are not sure what the next step in this model is going to to be, but what has even wider implications is that the for the first time within the eurozone, depositors had to bail out ailing banks. and that happened in the 1930s. there were bank runs. we introduced deposit insurance. we introduced polling schemes for risk. in europe, we are headed for a banking union next year so
a little bit. >> that's a good point. for a long time the bears have been insisting that the global economy is not as healthy as this teflon stock market in the united states would indicate, and now they've got some ammunition. two companies from fed ex and from caterpillar. now, caterpillar had dismal three-month sales numbers. really shocked a lot of people. fed ex, of course, had disappointing earnings situation, lower than expected international volume. now people are saying, see, we told you. here are who big companies who are saying it's not as big as everybody said. deere got a downgrade from wells fargo. i'll talk more about that in the 2:00. a little bit of good news on housing. keeps rolling along. lenore, 34% increase in building. >> we'll see you back in a few minutes. ty, we'll send it back up to you. >> thank you very much. bob just gave you a very clear shot at the market picture, so what's driving it? well, obviously three developing stories and we're going to cue you in on all of them right now. the fed, steve liesman is in washington. russia's financial overtures toward cy
in macau's economy. 2013 will look good. melco crown and boyd gaming also a standout. "after the bell" starts right now. david: so here's question, when is it tir moyle actually good for the markets and the economy? well, when it is overseas. renowned professor jeremy siegel telling us why the european crisis could be a win for the u.s. and send the markets soaring to 16,000. liz: protesters are a win for us. we'll fund out more from dr. siegel. we know the feeling standing on the corner waiting for the taxis and being surprised how much that meter ran up while you sat there in the car with traffic. a new company hopes to make that aggravation go away by making taxis obsolete. ceo of sidecar is joining us. david: want to hear about that story coming up. we'll tell you what drove today's markets with today's data download. it is a down day on wall street as investors worry what is next for the eurozone. stocks gave up gains on all three major indices, ending the trading day low. industrials and materials led the decline. well the euro extending its losses against the dollar falling mor
a campaign on jobs and the economy, jobbing and the economy, jobs and the economy and beat that drum until i beat people into sleep. that's part of it, all right, but all of the rest of this has to be added together, or we can never reconstruct this country. we will not get the pillars of american exceptionalism back together. [applause] unless we have the full spectrum. if we can restore our families and strengthen our faith and protect innocent, unborn human life instead of assaulting it with a half a billion dollars appropriated to planned parenthood in a single year. that's gotta go. obamacare has got to go. [cheers and applause] we can't let up on obamacare and believe that somehow we're going to capitulate to that side because the roads are vitality, and it is an unconstitutional taking of god-given american liberty, and it's got to go. [cheers and applause] ronald reagan omelet me down a couple -- only let me down a couple of times in eight years. one of those was 1986, and i still had the dent after i heard on the news he had signed the amnesty act of 1986. but it was on the promise
questions on the british economy. i head of the budget address by the chancellor of the exchequer. he also talked about the eurozone bailout of cyprus. opposition leader@milligram said the situation in cyprus was undermining the basic trust across the eurozone. this is just over 30 minutes. time access to capital to fund those projects. >> order. questions to the prime minister. mr. philip david. >> mr. prime minister. >> thank you, mr. speaker. mr. speaker, this morning i had meetings with minister colleagues and others and in addition to my duties in this house i shall o have further suh meetings later today. >> does the transfer every with me that today we need a blue-collar conservative project which has taxes are people who work hard, do the right thing and want to get on? stop spending billions of pounds we don't have on overseas aid where we saw -- helping with their cost of living -- [inaudible] >> first of all, can i thank the honorable frien thing for givine the opportunity to remind people that even before this budget in two weeks time there will be a tax cut for 24 million peop
when the economy is struggling? >> i agree 100% with you. there is no creativity at all. >> like the show even more all the time. [laughter] neil: thank you, guys. thank you very much. in the meantime, what is jimmy fallon getting that has a guy named mitch saying my goodness [inaudible] >> keep up the good work. >> thank you. neil: if jim fallon does get "the tonight show" and it does come to new york, the joke ultimately could be on businesses already in new york. because andrew cuomo's new budget would give this show a huge tax break for moving into the big apple. other companies are saying, hello, what about us, we have been struggling in the big apple and have not left the big apple. we have been supporting the big apple. why not give us a break for sustaining the big apple? sporting-goods ceo mitch mundell is one of them would he think. >> i applaud the governor. it's going to create jobs. it is all about job creation. you know better than everyone. >> it will bring people to new york, hire more people for the hotels and restaurants. >> i think he will be tremendous. at th
coming up. in the next hour we're going to be talking the economy and the dow with jennifer ericsson from the center for american progress, and then we'll talk about cpac and james homan was at cpac and he'll be here in studio with us. the president is kind of kicking back this morning. he has private meetings in the morning, getting the daily briefing and then at 4:40 this afternoon we'll be delivering marks at a women's history gathering. another hour of the "full court press" coming up. [♪ theme music ♪] >> bill: good morning, everybody. itit i is s mondayayararchch 1 18th. welcome to the "full court press" here on current tv. we're bringing you up to date on all of the latest developments here in our nation's capitol, around the country and the globe, whatever is happening we'll tell you about it. and you get to tell us what it means to you by giving us a call at 866-55-press, joining us on twitter @bpshow, and there is a civil war among republicans. sarah palin said karl rove if he's so smart he ought to go back to texas and run for office, and karl ro
insolvent. the banks in cyprus are huge, eight times the size of the economy. consider that here in the united states. our banking system is roughly one-time the size of our economy. what we're waiting to see next are they going to get this through parliament and get it done? it is so controversial they're trying to find out different ways to make it less controversial. impose the tax on larger shareholders to a much greater degree. it was originally 9.9% and you go to 12%. if you didn't want to tax the small guys at all you'd have to go to 15% or 16%. this is the scene when the president walked into the palace headquarters. there were people there with no written on their hand and this says merkel stole our money. keep in mind, european union will still give them 10 billion euros and they were trying to come up to reduce the original size from 17 billion euros. the other thing to keep in mind, by taxing depositors they're taxing a lot of foreigners and a lot of russians who had kept their money. the thing is will the rest of europe, will small depositors across the rest of europ
and howard ward. >> economy is getting better, capital chase returns and stocks continue to trend higher although there's profit taking here and there. >> okay. we'll take that to the bank. the key question about europe. it's all about credit quality. >> who do we have to worry about? >> spanish, italian and greece. >> you're very worried. >> people have to start doing their work. europe never did the work of fixing bank solvency in the first place. >> gentlemen, thank you for being here. >> happy monday. >> that does it for us today. make sure you join us tomorrow. right now it's time for "squawk on the street." ♪ ♪ ♪ ♪ >>> welcome to the last week of the first quarter. good morning. welcome to "squawk on the street." i'm carl quintanilla with melissa lee and jim kraker. futures reflecting the relief of the cyprus deal. a similar picture in europe where the italian tenure is now below where it was before those italian elections and a mixed picture in asia this morning. the nikkei up about 1.5%. the road map begin with the eurozone that did not collapse over the weekend so natura
than three hours from the federal reserve notes and whether or not it continues stimulating the economy at the current levels, keeps propping things up. why don't you just pick up from where we left off because talking about washington related to the bigger picture scenario not assist early today but the role the federal reserve plays in all of this as long as interest rates stay as low as they are, what do you think? >> the fed plays a big role keeping interest rates low. i heard on the fiscal side, you're right, maybe outside of the beltway the washington fatigue, but returned to the fed, everyday to indicate the fed keeps the pedal to the metal, 85 billion per month, there'll be some talk about scaling it back later this year. the thing to watch is the fed forecast. all the members put in the economic forecast for the next three years. my guess is it'll be a little bit more promising for social and employment rate above 6.5% until 2015 and that is the threshold, they will not move interest rates up before your employment rate gets to that level, that is still at least two years from
in washington. is something going to get done this year, and would a balanced budget hurt the economy? joining me for debate, the republican wlip in the house, kevin mccarthy, and the top democrat on the budget committee, congressman chris van hollen. >> we'll talk about the future of the republican party, and >> we'll talk about the future of the republican party, and republican governor scott walker for those nights when it's more than a bad dream, be ready. for the times you need to double-check the temperature on the thermometer, be ready. for high fever, nothing works faster or lasts longer. be ready with children's motrin. like a squirrel stashes nuts, you may be muddling through allergies. try zyrtec® liquid gels. nothing starts working faster than zyrtec® at relieving your allergy symptoms for 24 hours. zyrtec®. love the air. >>> on tuesday, the day a new pope was installed in rome, president obama makes a sensitive trip to the holy land for his first presidential trip to israel. the trip isn't ambitious. mostly the president seems to be responding to critics who question why he's n
agenda. he got health care passed and fixed the economy. he has the economy on the right track. the gun issue was not a big deal with him in the beginning. gale marriage was not a big issue, but they have become centerpieces, that's the period he's in at this point. republicans are cooperating to the degree that they appeared to be disorganized enough that he appears to be right on track. >> you know, on that point, in terms of the economy, victoria, the president talking about the budget last week, he said something that the gop just jumped all over. the president said, and i'm quoting him, we don't have an immediate crisis in terms of debt, and the republicans and the right wing went bananas. but then mr. boehner and ryan, of course, agree with him. watch this. >> we do not have an immediate debt crisis, but we all know that we have one looming. >> we do not have a debt crisis right now, but we see it coming. we know it's irrefeetably happeningivities they say the president shouldn't have said it, now you have boehner and ryan saying it, about you if both say we don't have an immediat
home building numbers today too. >> that too. we're in a niche market. the u.s. has had their economy outperform other economies and i think it's a flight to safety relative to the u.s. markets on one hand and it's an unwind from the bond market and risk exposure going forward to rate changes on the other hand. so it's both a flight to safety as well as, you know, what's really going on domestically and people are looking at a twist now with the fed and what their posture will be heading forward. >> i'll be back, adobe earnings at the top of the hour. >> take care, maria. >> what do you think? we're finishing positive here. this market doesn't want to go up? you think some of that's short covering? >> i think that's what we're see right now. finishing up the day. right now people will have to play it cautiously. we haven't seen the end of the cyprus thing. we have some negotiating going on from russia. the impact of that, as you mentioned, is a little minor relative to the size and scope of them, but it's whether or not that moves into italy, spain, as we've all been talking about. >>
revenues. it would cut waste, add jobs and spur economic growth of the economy. it would reduce the deficit by an additional $1.8 trillion without jeopardizing the recovery or harming the middle class. it includes $1.2 trillion in new revenue obtained not by tax increases but by closing loopholes and eliminating wasteful spending that benefits the wealthiest americans and the largest corporations. it eliminates $4 billion in annual tax breaks to the oil and gas industry, an industry that is making profits. they don't need a tax break. in fact, they're making enormous profits. so, why does the ryan budget give them a government subsidy? the democratic plan invests in infrastructure, education, job training and innovation. it is designed first and foremost to help create jobs and strengthen the economy. the house democratic budget also makes critical investments in our future. $200 billion is invested in infrastructure, education, job training and innovation. helping to create jobs and strengthen the economy. these investments include $80 billion for an education jobs initiative, $50 billion
the day. from the economy to earnings now. we get a number of interesting quarterly reports due today as well. before the bell, we'll hear from fedex, general mills and lennar and this afternoon we have oracle. a lot to chew on for the markets. s&p by the way coming off its first three-day decline of 2013. take a look at u.s. equity futures at this hour. green arrows across the board. and then of course there's cyprus. the country's leaders are holding crisis talks today trying it avert a financial meltdown. the parliament rejected an unprecedented tax on bank deposits. that was a key part of the eu bailout terms. the finance minister is in moscow today with mounting speculation that russia could step in with a safety plan to safeguard russian deposits in cyprus. steve sedgwick is in moscow where he caught up with the finance minister there an hour or so ago. steve? >> they turned to russians once again. there's a loan on the table from russians dating back from 2011 so it's not the exception to it the rule for the cypriots to turn to the russians. the russians themselves are indignan
their economy. based on ant was institutions,ree the commission, the ec be, and the imf. the commission has been working hard for many months to facilitate a sustainable i recallto help cyprus i raised the issue of financial results -- assistance program novemberirst time in 2011 with the finance minister of cyprus because of concerns about the sustainability and financial stability. been a particularly complex process in the most challenging of circumstances. already last week, we found ourselves in a situation where there were no optimal solutions ,vailable, only hard choices and that has been even more true in recent days. lagarde said the deal would restore trust in cyprus and banking system. >> it has been a laborious and could result. i would also like to salute the courage of the separate authorities -- the cypriot authorities who are taking on the challenge of putting into place and implementing in the days to, something that will number one protect the injured depositors, number two, treat the two -- the two troubled banks, and limit the treatment to those two banks, and therefore, rest
and the republicans in congress balanced the budget, but that's because the economy was growing in 1990s. i was there, i know it. it was balance -way before anybody expected it to be balanced. there is nothing that is particularly important about balancing the budget. it sounds good, but you don't really want the budget to be balanced if you have a lot of people who are unemployed or under utilize examines city. there's no reason to balance the budgets on the backs of the poor and if it means sacrificing investments in education job training, research and development, infrastructure. those are investments in future growth, the future of our country. we don't want to reduce those investments for the sake of some totem which is called balanced budgets. >> you pointed out to the gop leadership is held hostage by the tea party. when john boehner said we don't have a long term debt problem in this country it seemed he and president obama agreed to tone down the rhetoric to calm people a a bit. were you encouraged by that statement? >> i am encouraged in the sense that there is not a long term debt problem
, ceo and president joins me from new york in a fox bids exclusive. you are bullish on the economy. i want to be there, and there's a mixed bag here, unemployment, 7% to 8% range, forecasted for the year. housing, a little bit of a concern here from economists that the housing market is ahead of itself, but, still, bullish on the u.s. economy, so explain that. >> yes, thanks, cheryl. we are bullish on the u.s. economy, housing continues to come back. you saw the numbers today, but, you know, it's still 15, 20, 25%, spending where you are, in the u.s. 30% where it was at its peak. you know, household formation in the last few years has been delayed because of americans deciding to live with their parents, essentially, but population growth continues. bullish on the housing market driving quite of other consumer demand. cheryl: are you changing your asset allocation mix now? is that something you're in the midst of doing, especially on a day like today and yesterday when there seems to be a lot of money moving around, not a lot of new money, but money moving nonetheless. >> we're not ch
anything you hear you like you want people to hear about, it's pound just economy. so on your cell phones, on your iphones, on your computers, something you hear, something you think that's important, a speech, something from a speech, hash tag just economy. and, c-span, thank you for being here. america, hash tag just economy. [laughter] all right. so it gives me great pleasure -- i'm sorry, my name is john taylor, i'm the president and ceo of the national community reinvestment can coalition. i probably didn't want to say after i did all that tweeter/twitter stuff -- [laughter] but that's who i am. and a great honor to introduce our incoming chair, bob dickerson, from the birmingham business center. and i want to welcome him to introduce our keynote speaker, a good friend of the national community reinvestment coalition, richard cordray. so, please, join me in welcoming bob dickerson. [applause] >> thank you, john. good morning. >> morning. >> so, you know, it used to be rude to have your cell phones out during a meeting, but now since we're all tweeting -- [laughter] using that hash ta
requirement to have a -- growth perspective of employers. mr. deputy speaker, a vital sector for our economy and the cost of doing business is energy. creating a low carbon economy is done by create jobs rather than -- was a major step forward for new nuclear. today with help of we are also announcing our intelligence to take two projects to the next stage of development will support the manufacture of mission vessels in britain with new takes incentive and the honorable members has urged do you passionately and in a nonpartisan way about the damage of doing the famous ceramic industry and persuaded me we will exempt from next year the industrial processes for the industry and others from the climate change. [cheering and applause] [laughter] >> for the we will this year sign contracts for the commissioning relief, the expectations of which is already increasing investment. i want britain to tap to new sources of local energy like shale gas. i'm introducing a tax -- including a shale gas field allowance to promote early investment. shale gas is part of the future and we'll make it happen. we
ready for the next hour. bill, good to see you. have a great weekend. by the way, does a bad economy bring euphoria to the walking dead? >> i think it does. >> we'll talk to the creator later. >> that would be her zombie walk there, as she moves on to the next hour of the "closing bell". >> do earnings matter or is it still about the fed? >> it seems like earnings mattered yesterday a little bit. i don't think cyprus was the reason we sold out. are they going to matter going forward? i don't think so. not for the next three months. the fed is still the major factor in this. cyprus isn't a factor yet. earnings aren't a factor. the fed has definitely cleared the -- >> it's about liquidity in this market. >> absolutely. i would like to see more liquidity as far as volume goes. you get an 85-point rally off yesterday's sell-off, small volume, not much of a factor. but cyprus will lead the day monday morning in a short week. >> all right. thank you, matt, very much. all right, we've got a market coming back a little bit. needed to be up 92 to be positive for the week. we're ten points awa
to see to tame these large banks and give us a stable financial system that supports the real economy, not just trading profits of a large financial institution. >> were you surprised by anything you heard at those hearings? >> i was. i viewed i, like a lot of peopl jpmorgan chase as a free will managed bank. i was surprised at them to build these huge positions and even when he started calling foul, the next level of management above him really didn't get on top of it. i was not surprised by appalled by the way they were manipulating their models that are supposed to be able to determine how much risk is involved in various trading positions. >> what advantage did they gain from manipulating those positions? >> well, there were a couple things going on. one was it was clear they were trying to boost their regulatory capital ratios in anticipation of new capital rules coming into effect. this is a key defect with the way regulators bank. regulators view capital adequacy at these large banks. they left those capital ratios to be determined in part by the risk models of the banks. the b
to the size of its economy. their banks are almost all entirely deposits. at least the two ones that were failing. most of the other banks in europe have a lot more junior and senior debt. big fat cushions that sit between potential losses and uninsured depositors. so the likelihood of this particular situation happening again? highly unlikely. but you're going to have to be more careful. that's the bottom line. bill? >> michelle, the question we're all wondering about here in the states and i guess around the world is will the cypriot banks will able to open tomorrow as had been expected? >> no. no. they've finally put out a statement and acknowledged what we were all beginning to realize would be true. they cannot. they're going to open up the two troubled banks on thursday, they hope. they claim they're going to open up nontroubled banks as well. that's going to be difficult. remember, banks talk to each other, right? there's all kinds of intrabank business that happens. it's going to be slightly problematic. we'll have to see how that plays out. plus we're going to see if there are ru
stuart: the highlight reel. all about cyprus. cyprus, they'll out approved. >> the economy is likely to get worse. >> continuation of stealing what has already been stolen. they will not be happy. >> they are devastated. that is not what cyprus is or ever was. >> europe does not have the mechanisms in place that the united states has to manage a currency or a banking system. >> watch the euro. that affects all of us. stuart: italian banks have been halted in trading. charles: yes. stuart: why? charles: they are worried. these stocks are plummeting. stuart: the dutch finance minister said the cyprus situation is a good template for other european countries. they have reached into private bank accounts, taken the money out and used it to finance the bailout. that is what everybody wanted to avoid and now the dow is down 43 points. >> that italian banks are frozen because now the fear is they will have their money taken out. stuart: the dutch minister is now staying this could prompt a euro zone bank restructuring. that is why the dow is now down 46 points. you have a 80-point
and home inspector and is then that has a booying fantastic on the overall economy having said that i'm not living with my head in the sand here i recognize that a lot of markets are still suffering a little bit and this graph show you's you the change of value in home price from their local market peak to where they are at present the case sowler composite and san francisco is halfway through the pack there down to about 33% and so whole values are still off from where they were before but if you look at where we are from the low point until where we are today, san francisco is looking a little bit better and oakland is not a member city and they randomly take 20 cities that are plead broadly representative of the housing market and san francisco is the second line on here and posted as one of the naysest paces of recovery and so we get some help from residential construction and we also get help from securelier spending this is what i'm showing here and this is the debt service ratio and it's an interesting concept if says if you add up my mortgage payment and car payment and any ot