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stuart: moments from now, ben bernanke speaks. it's one of those critical moments when the world hangs on every word. america's economy is clearly slowing. president obama says we will take another hit from the spending cuts that start friday. and in europe, italian voters have rejected economic misery. they brought back politicians who threaten the very existence of the euro currency. that is a chaotic backdrop to the bernanke speech. here's the key thing to look for, will he keep printing money? all right, now, look, we have got peter barnes with us. he has advanced copy of bernanke's reports. he's going to tell us all about precisely what ben bernanke pro poses to do. -- proposes to do. at the moment the dow industrial average is up 108 points. seconds from now we will find out what ben is going to do. right now, peter barnes is he going to keep on printing? peter: yes, he is stuart. he says that the fed will continue quantitative easing until it sees, quote, a substantial improvement in labor markets and right now he says that

i thought ben bernanke would set the record straight. that's laughing at the federal reserve wants to do is to make the market second-guess. are they going to keep super easy policy or keep buying bonds, what is going to happen. i think today, that was one of his main goals, was to set the record straight and make sure that the market knew that the fed is going to be very easy for a long time. ashley: as for your clients and investors, you say the focus on earnings for this year over the next 12 months, what do you see that being? >> i will tell you that earnings growth this year is going to be modest. we are not crawling out of a recession or a whole anymore. maybe 5% or something like that. nothing to write home about, but in that environment, the economy is going to continue to recover. maybe we see 2.5% gdp growth in the states. the global economy kind of rolling on. if you believe that, you need to be looking at stocks that are sensitive to that. the consumer discretionary sector. the technology sector. materials. those sectors have

investors like what they are hearing from ben bernanke today, that the easy money will keep coming from the fed. >> indeed, but reaction to that and more is coming up from our special guest ray duffy. he's executive chairman of the chicago mercantile exchange. he's here exclusively. he's going to be with us here for the whole 4:00 hour and has a lot to say about the stock market, the economy and a lot more. we'll ask him about the reports he's in talks with germany's bourse. >> a warning about the sequester cuts kicking in and a warning that the banks could be hardest hit if congress doesn't make a deal. the author of that very report is here exclusively. >> look forward to that. let's get you up to date on the markets. with the dow jones industrial average up 117 points on the trading session, the high of the day was a plus move of 127. right now the nasdaq, the last trade on the tech-heavy index has been to the plus side as well on the nasdaq and the s&p is in positive territory, as well. there's the nasdaq up half 5% and the s&p 500 is up half a percent as well, but it was about this

a max this central banking fee out or a frog ben bernanke and a real horror a banker had been captured in the wild by the bonsai institute and here this is the lloyd horror frog blankfein and this is horror frog ben bernanke. yes i saw that fact on twitter or fax that this horror frog exists and i thought it was a good analogy for the global financial markets and central banking monetary policy is there literally ripping their limbs off an order to defend themselves even if what they're defending themselves from is kind of fictional the currency war isn't there it's a race to the bottom they're all trying to deep bass simultaneously it's a suicide banker they have suicide bombers and we have to some bankers and they basically have cut from the same horror cloth so here's the headline regarding this horror frog ben bernanke bernanke you seen buying one point one four trillion in assets and twenty fourteen federal reserve chairman ben s. bernanke these latest round of bond buying will reach one point one four trillion dollars before he ends the program in the first quarter of two thousan

this essential banking fee or a frog ben bernanke he and a real horror banker have been captured in the wild by the bonsai institute and here this is the lloyd horror frog blankfein and this is horror frog ben bernanke you. are. though or. yes i saw that fact on twitter but we were facts that this horror frog exists and i thought it was a good analogy for the global financial markets and central banking monetary policy is there literally ripping their limbs off an order to defend themselves even if what they're defending themselves from is kind of fictional was the currency war isn't there it's a race to the bottom they're all trying to deep bass simultaneously it's a suicide banker you have suicide bombers and we have two sons bankers and they basically have cut from the same horror cloth so here's the headline regarding this horror frog ben bernanke bernanke you seen buying one point one four trillion in assets and twenty fourteen federal reserve chairman ben s. bernanke these latest round of bond buying will reach one point one four trillion dollars before he ends the program in the

chairman and ben bernanke, mr. chairman, i want to walk through the proposed exit strategy that i think was put forward in june of 2011 and see if you foresee taking different steps and i believe in that exit strategy, you said you would cease reinventing payments of principles, principles on securities holdings as they matured. the second part was raising fed funds while adjusting the excess reserves and levels of reserves in the banking system to kind of bring those funds towards a target rate. the third part of that was selling of the fed securities and for the first increase in the target for the federal funds rate. so according to the most recent fomc minutes released a number of participants discuss a possibility of providing monetary accommodation by holding securities for a longer period of time than was originally envisioned by the committee's exit principles either to supplement or replace for other asset purchases. this suggests a deviation from the coarse put forward in 2011 and i would suspect there ma

max this essential banking fee or a frog ben bernanke and a real horror a banker had been captured in the wild by the bonds i institute and here this is the lloyd horror frog blankfein and this is horror frog ben bernanke. are. the. yes i saw that fact on twitter by fax that this horror frog exists and i thought it was a good analogy for the global financial markets and central banking monetary policy is there literally ripping their limbs off an order to defend themselves even if what they're defending themselves from is kind of fictional the currency war isn't there it's a race to the bottom they're all trying to deep base simultaneously it's a suicide banker you have suicide bombers and we have to some bankers and they basically have cut from the same horror cloth so here's the headline regarding this horror frog ben bernanke bernanke you seen buying one point one four trillion in assets and twenty fourteen federal reserve chairman ben s. bernanke these latest round of bond buying will reach one point one four trillion dollars before he ends the program in the first quarter of two

better than expected earnings and that the housing report and the second day of testimony for ben bernanke. melissa: what should that apple shareholder meeting do with its $137 billion in cash? we will bring you the latest as ceo tim cook addresses investors. lori: in two days the sequester it. will you even notice? we are cutting through the sky is falling hype just ahead. melissa: new fears rising gas prices could spark the stock sell-off. chief market strategist jeff kleincop on the stock market peak. time for stocks as we do every 15 minutes on the floor of the stock exchange, nicole petallides standing by. the down near the high of the day. nicole: we are right now f-1437, high of the day was 1441. as you noted a couple points away from our highs of the day, we are up 137 points. it is a broad based rally. when you check the dow jones industrials, those 30 names, 29 of 30 are actually in the green with the exception of hewlett-packard, shows you we have retail stocks, drug stocks, industrials, bank stocks with up arrows on a day when the fear index is pulling back and actually down 12

a max this essential banking fee out hora frog ben bernanke and a real horror a banker have been captured in the wild by the bonzai institute and here this is the lloyd horror frog blankfein and this is horror frog ben bernanke you. are. the. yes i sold that fact on twitter but facts that this horror frog exists and i thought it was a good analogy for the global financial markets and central banking monetary policy is there literally ripping their limbs off an order to defend themselves even if what they're defending themselves from is kind of fictional the currency war isn't there it's a race to the bottom they're all trying to deep bass simultaneously it's a suicide banker you have suicide bombers and we have to some bankers and they basically have cut from the same horror cloth so here's the headline regarding this horror frog ben bernanke bernanke you seen buying one point one four trillion in assets and twenty fourteen federal reserve chairman ben s. bernanke these latest round of bond buying will reach one point one four trillion dollars before he ends the program in the first quart

gold prices, if you take a look, surging on ben bernanke's testimony. gold's up now looking at a $28 gain, $27 gain, up a couple percent on the session. this is the biggest jump seen in the price of the metal in about three months, guys. ben bernanke making it very clear, defending the asset purchases of the fed, and that is leading to traders hedging against inflation. they are buying gold right now. meantime, this is on a day when goldman sachs has a report saying the gold cycle is over, the gains of the past 12 years are coming to end as the economy improves and investments in gold begin to decline. not so much the case today, guys. we are seeing a lot of buying on the ben bernanke testimony. goldman's three month forecast? 1615 an ounce, about where we are. they are saying gold's going to do nothing over the next several months. there's six and 12 month forecast saying $1600 an ounce, not only saying gold does nothing, but they are calling for it to go down about $15 # over the next yearment back to u -- year. back to you guys. >> thank you very muc

creature is this ben horror for burning a max this essential banking fee or a frog ben bernanke and a real horror a banker had been captured in the wild by the bonsai institute and here this is the lloyd horror frog blankfein and this is horror frog ben bernanke. yes i saw that fact on twitter fax that this horror frog exists and i thought it was a good analogy for the global financial markets and central banking monetary policy is they're literally ripping their limbs off an order to defend themselves even if what they're defending themselves from is kind of fictional the currency war isn't there it's a race to the bottom they're all trying to base simultaneously it's a suicide banker you have suicide bombers and we have to some bankers and they basically have cut from the same horror cloth so here's the headline regarding this horror frog ben bernanke bernanke you seen buying one point one four trillion in assets and twenty fourteen federal reserve chairman ben s. bernanke these latest round of bond buying will reach one point one four trillion dollars before he ends the program in

we reported yesterday massachusetts senator elizabeth warren she was grilling ben bernanke too big to fail pointing out that the big banks get eighty three billion dollars a year in taxpayer subsidies could the big banks even survive without the taxpayers propping them up. well many of them would have already failed so the answer is no but you know ben bernanke wasn't even being honest with sen warren of course he's not honest with anybody but on that particular issue he was disingenuous at best because when she is talking about that subsidy and it's hard to quantify exactly what it is but ben bernanke he acted as if the subsidy was there for the stockholders of the banks it's not the subsidy makes it easier for the banks to borrow money it makes it easier for the banks to attract depositors who want to put their money in an institution that's too big to fail and if you've got more money than the f.d.i.c maximums you want to make sure you're in a bank that's going to get bailed out you don't want to take your chances on a smaller bank and so that does give the big banks an unfair adva

that was the capitol hill testimony today from the central bank's chairman, ben bernanke. in recent weeks, fed officials have raised worries about the strategy, but bernanke offered a strong defense for the program that's aimed at keeping interest rates low. the risks, he said, were manageable. hope the fed would continue its easy efforts to stimulate the economy had u.s. markets seeing green. the dow gained 116, the nasdaq is up 13, and the s&p rose nine. washington bureau chief darren gersh has details on the fed chairman's strong defense of his aggressive policy to support the economy. >> reporter: sure, there are risks when the federal reserve is buying almost $3 billion worth of bonds every day. but chairman ben bernanke told congress basically, "we got this." >> although a long period of low rates could encourage excessive risk taking, and continued close attention to such developments is certainly warranted, to this point, we do not see potential costs to the increased risk- taking in some financial markets is outweighing the benefits of promoting a stronger economi

>> ben bernanke is defending his policies. there was a bit of a negation as bob pointed out on the upside as to what the minutes opened up. maybe early cancellation for some buyback programs. nobody on the floor i talked to really is jumping into that mode. the big news today is really new home sales. if you look at the chart, it was the best level since july '08. i wish ben bernanke would have addressed that. some markets are hailing rather well. ten-year no yields paying attention to many other things. just consider this, spanish ten-year up 20 basis points today. italian ten-year up 40 basis points today. it may be a while before we sort the politics out. i think the nagging issues of europe are going to continue to give a little extra buying into the treasury market. back to you. >> more on what's happening there in a second with michelle caruso-cabrera. thank you, rick, bob. by now you should know ben bernanke testified before the banking committee today. steve, you said the rally was thanks to bernanke's defense of qe wh

adjusted for ben bernanke you ripping off his prosthetic limbs of fake mortgage backed securities and beating us up on the head with it is negative around the world we're living in a. frickin snow global fraud perpetrated by bernanke so hard up there in the heart of darkness. nothing but. in the amazing thing is that house prices the total stock of housing has fallen by four trillion dollars in value in the united states since the crisis began so he's bought one point four trillion in the first round and now he's buying six hundred billion of mortgage backed securities so he's bailing out somebody is clearly not the homeowner now the bad thing about all of these fed asset purchases these mortgage backed securities he's buying forty billion dollars a month of mortgage backed bonds and forty five billion dollars a month to treasuries. according to the economists surveyed by bloomberg said asset purchases will probably do little to help reduce seven point eight percent unemployment economist said with fifty seven percent of them predicting the program won't help boost the number of jobs

bernanke. if you speak to mr chairman you did not wipe out the shareholders of the largest financial institutions to the big bank because we didn't have the tools now we could well now have the tools eighty three billion dollars. whatever you're saying mr chairman eighty three billion dollars says there really will be a bailout for the largest financial institutions if they fail that's that's the expectation of markets but that doesn't mean this we have to do it. well warren also asked if the banks are going to pay taxpayers back the big chunk of money it gets every year she's citing a study a bloomberg study that says a handful of the nation's biggest banks get eighty three billion dollars in subsidies annually so why are the banks getting a break to discuss anthony ran down as a director of economic research at the reason foundation joins me from new york welcome anthony so when are we going to get rid of too big to fail that's the question she's asking why is it so hard to answer. well the d

and as political charges and counter-charges flew, federal reserve chief ben bernanke raised new fears about the potential economic fallout. the fed chairman told a senate committee that forcing across-the-board spending cuts could slice half a percentage point off economic growth. >> i think an appropriate balance would be to introduce these cuts more gradually and to compensate with larger and more sustained cuts in the longer run to address our long-run fiscal issues. >> ifill: bernanke said the sequester was supposed to be a doomsday weapon designed to spur compromise. >> it was done to be sort of like dr. strangelove, you know, the bomb that goes off. so obviously if you can find a way to, you know, in a bipartisan way to make it more effective and better prioritized, that would be a good thing. >> ifill: instead the spending cuts could begin to take effect at week's end. president obama, speaking at a shipyard in new port news, virginia, delivered fresh warnings today that the spending cuts would result in painful, self-inflicted wounds. >> because of these automatic cuts, about

ben bernanke, i ask you to consider rule 55 as it relates to foreign banks organizations who don't have a u.s. bank, but only have a u.s. only operate a broker dealer. let me give you four reasons. i don't want to engage you in a debate at this time, but number one, to have that approach is different from any other regulatory -- regulatory regime that would apply to u.s. broker dealers of our american companies so you're using a different approach. they don't have to, you know,

ben bernanke works his hinie off. some say the hardestworking federal reserve chairman this nation has ever had. i don't know. this much i do, if not for ben we'd probably be in a bigger mess. monetary policy carried the fragile recovery. not fiscal policy. president carrying the nation. congress appears to be turning off the nation. they're all then trying to save the nation. iraq in a storm. buffeted by secondguessing congressman who would sooner blast him than thank him. for at least trying to do their job. now leaving aside they are a lot better at spreading the sheet than reading a spreadsheet, i practiced that, they feel comfortable ripping a guy who patiently listens to their moronic diatribe. i still don't know how all of this artificially holding down interest rates by buying every treasury note and bond and mortgage security the fed can get its hands on is going to work out. i do know that at least the fed has been doing work. like him or not. ben is the reason investors are taking the capital here. they pre

ben bernanke and elizabeth warren. ms. warren does not like the banks and asked the chairman if the big banks were still too big to fail of the here is some of the exchange. >> the benefits of being large are going to be small -- are going to decline over time and some banks are going to voluntarily begin to reduce their size because they're not getting the benefits they used to get. >> i read you on this, i read your predictions on this in your earlier testimony. so far it looks like 83 billion dollars for staying big. >> that's one study, senator, you don't know whether that's an accurate number. >> well, okay, well go back and look at it again. if you think there's a problem with it, but does it worry you? >> of course, i think this is very important. and i think we need to-- we're putting a lot of effort into this. stuart: guess who is here to talk about the big banks? judge andrew napolitano. elizabeth warren says they're still too big, too big to fail. i say, we should have broken them up, it would have been much

" i defended ben bernanke for printing money. wow. the federal reserve prints money? who knew? laugh this is why -- [laughter] this is why we have the federal reserve. this is what it's been doing since 1914 when it first came. but to a number of americans this was a revelation, and you had bernanke and his colleagues doing all sorts of things they didn't know that they could do. you had, as i mentioned earlier, the explosion of the deficit. americans have always at the lip service level -- so when i say "always," i mean as long as we have polling data. this goes back at least to the '30s, and i'm sure it was true earlier than that, thought deficits evil. it's a bad thing. franklin roosevelt railed against the budget deficits of herr butter hoover, for example -- herbert hoover, for example. but if i don't you look at the e polling data, you always see the exception of spending on international affairs, foreign aid. single exception. americans oppose every single thing that might reduce the deficit. any tax you name, any piece of

ben bernanke kicking off his two-day testimony. if he shows any inclinations or if there's any perception on the street that he will scale back on monetary support, we could potentially see investors continue this risk offer approach. that could potentially go further. >> ron kruszewski, i don't know where you're coming from on this, my friend. i'm going to say bernanke goes up there to defend his ultraeasy money policy. he's going to put an end to this speculation about an earlier tightening. that's done. not only that, he's going to say since we're cutting, oh, heaven forbid, $45 billion from the federal budget, heaven forbid, it's not even a cut, it's just a slower growth rate, that he, bernanke, is going to have to stay loose. do you expect bernanke to say i'm about to tighten policy? >> i don't expect him to do that. look, bernanke has been worried about deflation since the beginning of this crisis. and he's been doing a good job at taking deflation risks basically off the table. larry, all we're adding is a couple of stories

nobody knows what that is, including ben bernanke, who is a very smart man. the fed will have to try to find that rate by trial and error. it's not selling fast enough, it will see the market reacts. now, will they get it? no. the inflation target is a part of this. .. but i just don't see any evidence for. >> is that right? i appeal to the church year to answer. >> my name is justin galt and i'm also an ordinary citizen. i had a question about something you touched on earlier and i suspect is also in your book about the lack of prosecution towards potential offenders. it's kind of a two-part question. the first question is, why do you think the government did not prosecute where people above that the price is then are we now past the point where we would see prosecution for potential offenders? speed the second question looks to be easier to answer, which is i don't exude. it's been a frustration of nine and millions. to get to this job, because put off and put off and you can see the administration gearing up to do more about it now quietly. so i think ther

ben bernanke could be wrong about something very important. that would be inflation. now, i happen to think right now inflation is rather quiet. several of us around here have kids in college. we get high tuition bills so some sectors obviously inflation is galloping along, but overall inflation is pretty quiet, but if the inflation numbers start turning around, then bernanke is not going to be able to keep those interest rates at zero and then the bond market sells off viciously and brings the equity market down with it. i don't think that's likely to happen, but that is the single most important risk to his forecast and for this rally we're seeing. >> what about washington? what about if the markets figure out that we have a credit problem, that, you know, we have $16.5 million in debt and if rates start to normalize, we're talking about enormous interest payments and will that do something? >> i don't think that's a nine-month or a 12-month problem, but let's face it, the u.s. government is not facing up to the fact that we're bankrupting our children and our grand

watching ben bernanke getting grilled on capitol hill. he's really the last adult standing in the capitol today. it doesn't mean i'm a fan of the policies or the binge that i think will leave us with an economic hangover after it. but my point, say what you will, there is no one who comes close to him for trying to do something, anything constructive. trying to do something more

ben bernanke will begin two days testimony before the senate banking economy. on thursday, the second quarter of domestic product is out and friday is march 1st. we look at data on american's personal income and spending. thank you so much for being with me and next week, my guest, cliv davis. have a gre

wall street and investors everywhere are parsing the testimony from the fed chief ben bernanke. as you see dow industrials up .75, 13886 and change. sue and bob at the stock exchange. we start with senior economics reporter steve liesman. steve. >> reporter: thanks very much, tyler. fed chairman offering an expected defense of easing. market committee concerned about the cost of more qe and rates as he was to the senators. the fed chairman essentially saying although there's a long period of low rates, could incur excessive risks, he's concerned the cost is outweighed by the benefits from a stronger economic recovery. bernanke also had a sparp exchange with republican senator from tennessee bob corker on the issue of whether the fed is too close to the banks it regulates and whether paying interest on reserve is a massive bank subsidy. >> getting ready in the last few years, as you've alluded to, when interest rates rise, to basically have to print money to sell securities at losses and then pay interest on reserves which people pointed out, and i think you've talked about, is g

ben bernanke will begin two days of testimony before the senate banking economy. on thursday, the second quarter of domestic product is out and friday is march 1st. we look at data on american's personal income and spending. thank you so much for being with me and next week, my guest, clive davis. . >> joe julianne first kiss only we found and dr. drew under fire. following mindy death. mistake or murder? the blade runner mystery takes another bizarre turn. hi everybody. welcome to "access hollywood". weekend edition i'm shaun robin son. we start with the oscar piingt story. each passing day brings more twist and turn and now billy takes you inside oscar's house where the alleged crime took place. >> covering his face as he arrived for the second day of the bail hearing for the value tains day shooting of girlfriend reeva. oscar spent much of the day in tears as he listened to dramatic and detailed testimony. countering the claim that he had the prosthetic leg off when he shot what he believed to be a burglar behind a bath room doo door, the chief police investiga

that was the capitol hill testimony today from the central bank's chairman, ben bernanke. in recent weeks, fed officials have raised worries about the strategy, but bernanke offered a strong defense for the program that's aimed at keeping interest rates low. the risks, he said, were manageable. hope the fed would continue its easy efforts to stimulate the economy had u.s. markets seeing green. the dow gained 116, the nasdaq is up 13, and the s&p rose nine. washington bureau chief darren gersh has details on the fed chairman's strong defense of his aggressive policy to support the economy. >> reporter: sure, there are risks when the federal reserve is buying almost $3 billion worth of bonds every day. but chairman ben bernanke told congress basically, "we got this." >> although a long period of low rates could encourage excessive risk taking, and continued close attention to such developments is certainly warranted, to this point, we do not see potential

also today, ben bernanke might be shedding some light on the fed's qe program. he goes to the hill today to give day one of his latest testimony. >> of the other stories we're following, as well, atlanta fed president dennis lockhart says the fed should stick with qe3 at least into the second half of next year. he doesn't think monetary policy has crossed the line, whether benefits are outweighed by concerns over problems it may be creating. lockhart says if some potholes are avoided such as a financial crisis or fiscal cries, u.s. growth would pop his current range of 2%, 2.5% this year. at the same time, the senate finance committee is expected to vote today on jack lew's nomination for treasury secretary. if that goes without a hitch, the full senate would be likely to confirm lew on wednesday. they have raised issues with bonuses he received at citigroup during the financial crisis and an investment in the fund in the cayman islands, but they're not threatening to derail his appointment. >>> jpmorgan holds an investor day today, the first since the bank firs

ben bernanke will begin two days of testimony before the senate banking economy. on thursday, the second quarter of domestic product is out and friday is march 1st. we look at data on american's personal income and spending. thank you so much for being with me and next week, my guest, clive >> this is "the chris matthews show." >> ask not what your country can do for you. >> tear down this wall. >> i can hear you. >> the time for change has come. chris: crawling into manholes. why does our government dig holes to fall into? humpty dumpty again with big falls for the military, air travel, head start, medical research, you name it. whose fault is it and skip that for a second, who and what are going to get hurt? don't let that romney candidacy fool you. the far right hasn't mellowed. the tea party is still boiling hot. just watch john boehner. and john mccain. keep trying to reason with the right. and keep getting burned. and finally, southern cross. this wednesday, the southwest, the supreme court to declare the voting rights act dead. the argument goes, when you h

there will be capitol questions for fed chair ben bernanke today. the federal reserve chairman takes a seat before the senate banking committee for two days to field questions about the economy. and storm watch 2013: a nasty blizzard with powerful wind pounded the great plains. wild tornadoes could next spawn across southern states. fed ex is among the companies reporting delays in stormy states. larry levin of trading advantage is here to help us navigate the trading day. it could be a critical day here. good to have you on the show larry. what caused that big move yesterday in the market in the late trading session? > > to me it was about the sequester, everybody knew the politicians were going to come on financial tv and kind of start sparring back and forth, and it certainly doesn't look like we are getting closer to a deal, and we are getting closer and closer, and the market finally had enough and started selling off. > how concerned should we be about that massive move in the vix? it jumped about 28% yesterday. > > i think you should be quite