To log up a fifth straight session of gains. Bern bernanke getting ready for a q a on fed policy. The economy, will we help or hurt the markets . 23 will fine out. I think this is also a feds minutes day, ladies and gentlemen, that is always an exciting one. My partner sue at nyse. Sue. Hi, ty. For the first time, hedge funds will be allowed to advertise to the general public under a rulet with them. Kate kelly is here with the details. Its been a long time since they changed any of these rules, and i noted, kate, that it was pretty much a unanimous decision with one very vigorous dissent. What do you make of it . Thats right, sue. It was a 41 ruling on that piece of the issues that they took up today, so this was a much expected but long delayed vote really. The commission agreed to lift just to remind people a longstanding ban on general advertising for hedge funds and other companies that engage in private offerings. That could theoretically be anything from s. A. C. Capital to the next facebook as well as a bevy of far less successful companies. Its the risk that has the consumer advocates most worried. It was intended to give private and Startup Companies more access to advertising. The question is how to protect investors from unsavory businesses . One way the s. E. C. Has proposed and voted on today is that by banning socalled bad actors from certain securities offerings, a measure that received unanimous approval today, they can provide some protection. Another is to consider steps to streamline the investor eligibility reviews that issuing companies are required to do, and down the road theres talk about raising the eligibility bar, tyler, from the current 1 million in networth or 200,000 or 300,000 per year per couple to something higher. These were the socalled accredited investors. This hasnt been done so far. Right now its 1 million and 200,000 a year in income. Given that bar was set 30 years ago . I believe it was 1982. Just talking to robert frank about it, 1982, and, of course, the country has gotten much wealthier. Were you in second grade. I dont even think i was born, tyler. Come on. It that accredited investor threshold designed to works on the assumption that people have enough money to withstand a loss, or is it that people with that much money they got to be smart . An intelligent test or a approximate . A couple of logical leaps. Obviously just because you have money doesnt mean youll make wise investment decisions. We all know. That was quote, unquote wealthy in this country . 1 million in net worth is unattainable tom people but there are far more millionaires now than in 1982 so theres a question of whether they need to raise the net worth bar so whether you have the investors who can lose money in that net. I like the idea they went unanimously on that vote about keeping the bad apples out. Now thats a controversial move. Thats right. If you have a felony record or otherwise meet this definition of bad actor you cant solicit. That theoretically is supposed to ward off the Bernie Madoffs of the world but he didnt have a felony record. He would be barred from soliciting funds now. Got to run. See you, kate. Thanks very much. Sue . Breaking news in the bond market. The tenyear note is up for auction and its a fed day. How did it do . Rick selly is tracking the action at the cme. Got a glance at the bidtocover ratio. Doesnt look as strong as it has in the past, ricky. What do you think . I really grapple with this one, cplus or bminus, went cplus on it and ill tell you why. The wi right at 2. 67 on the bid side. Thats where we priced 21 billion, reopened ten years. The yield 2. 67. Thats good. It priced solid this that regard. However, sues right. 2. 57 bid to cover, well below the 2. 84 ten auction average, but the auction average is deceiving. Last time we had 2. 53. But, to find a lower bid to cover id have to go all the way back to august of 09. Didnt like the bid to cover. The indirects were a little bit light excuse me, a little heavy at 38. 6. Lets call it average, but the directs like many directs havent been up to snuff. This one is down at 16. 3. Good news, too, dealers only took about 45 of the auction so its not in their hands. Not a great auction, but weve had a lot of volatility in the markets. Indeed we have. We sure have, ricky. Thank you very much. Let bring in Kenny Polcari and bob pisani. Kenny, you made the point, we were talking right before you went on air, that you dont expect a major change from bernanke, and if the market did, wed be down more than the 27 points were down. I absolutely think thats true. Theres not a lot of volume, people being cautious but the market is holding itself right here. I dont see that hes going to say much of anything but we can increase and decrease or stay the course. At the moment were data dependant and are staying the course. Thats the answer. What the market hears is what the market is going to hear. Thats the problem, what the market hears. The last time they Jeanmarie Vincent they sent out the troops. Certainly the jobs report is going to enforce that idea. Ill tell you the one thing that bernanke has caulked about, want to hear more about, is when will they stop asset purchases completely . He floated the idea they might use 7 unemployment as one before. Id like to see a little more flesh on the bones on that guidance, not when its necessarily going to start. A lot of people think september, i dont, but when is it going to end . Whats the procedure for ending it . That would be nice to hear had a little bit more on that. I think the market he needs to make clear to the market, and i told this to you earlier, kenny, the difference between taper and tightening. Yes. Just because they are tapering doesnt mean they are tightening. And, again, if the market perceives it, the Market Forces the tightening, then they lose control of rates which is what they dont want to do, so its a very, very, very tough line hes got to walk. And then they just hold the purchases steady for a longer period of time. Most of the market doesnt expect them to tighten until the end of 2014. Or even 2015, didnt he say 2015 last time about tightening . A lot of times you hear the word tightening and tapering being used interchangebly and they really arent. Appreciate it. Thanks and back up to you. Bernanke speaking, a lot of crosscurrents here today. How are you playing it . Saw a lackluster tenyear note auction and richter depicket that had in chicago, but were seeing the message coming out of the fed. Seeing clarity but seeing a consistent message. Going to continually strengthin the u. S. Dollar and therefore the Euro Currency will continue to weaken. How do you play that, get long the eeo, and that allows you to see were a percentage away from the alltime highs. Fomc minutes coming out. We want to short s p and you can do that via the etf sh. Thats what were getting into before the announcement. Usually rising rates are anathema to stock price gains and usually they mean a slower economy. The fed is not raising rates and we just talked about that with kenny and bob, but the market is certainly raising rates. Absolutely, and the velocity, the key to the whole thing. The velocity and move in rates. Here we are hovering on 2. 6, bouncing around. What does that mean . Whats the Ripple Effect and a lot of people are trying to figure out how does that hurt you . Yet another one of the crosscurrents. We have to go and do a little bit of breaking news. Believe were going to the breaking news and eamon javers. Reporter thats right, tyler. If you know anything about who snatched 1. 2 million in cash off of that swiss air flight back in june, there could be a 100,000 reward in it for you, the fbi just within the past half hour, 40 minute or so putting out a notice that the insurers behind this company are offering 100,000 for any information related to the apparent theft of 1. 2 million in cash off of that swiss air flight. The lloyds of london group of insurers is behind this offer, and it looks like they are really scouring the earth here for leads on who it was who snatched that money right off the flight apparently as or before it landed at jfk airport. If you know anything. Ill make the phone call as soon as i get word. Josh lipton with the market tick . Check ought all scripps, forecast of growth. Analysts who rate this a buy called the news a validation. Longterm turnaround. That stuck up more than 9 right now. Tyler, back to you. Josh lipton, a decision they had a blow to apple. A federal judge ruling that apple conspired to raise the Retail Prices of ebooks, a trial for damages will follow antitrust violations at issue here. Apple currently trading up 49 cents at 422. 82. Jon fortt has the details. People largely shrugging this off. Apple saying they did not conspire to fix ebook prices. At the end weve done nothing wrong and will appeal the judges decision. The doj calling this a victory for millions of consumers who choose to read books electronically noting that prices of ebooks went up an average of 18 when apple got into the market with this. And the judge in this case sort of picked apart apples arguments when she went through this, saying that apples tactics did force prices higher, even if they say that wasnt their goal. Steve jobs own words provided compelling evidence, she said, of this conspiracy and that apple was fully complicit, even though they werent the ones who directly raised prices. The thing, is tyler, the games moved on. Its about video, not so much books, and this is really a unique case where apple was an underdog getting into a market and wanted to raise prices in a way to get in. Even amazon is not selling those books for 9. 99. It sounds for now at least as if apple intends to fight this extremely vigorously. They will do it and books, again, strategically arent where the fight is. Its not clear that this ruling is going to have a lot of repercussions Going Forward. Just bad headline for apple. Thanks. Lets go down to sue. Hi, ty, and were talking about the health of housing. Mortgage rates soaring to twoyear highs and thats really impacting those looking to buy a home. Diana olick joins us from washington with a look at how rising rates are affecting deals out there. The sharp spike in Mortgage Rates is already taking its toll. Take a look. Mortgage applications to purchase a home down 3. 5 just last week, but down 28 in the past month. Real Estate Agents at an open house in Northern Virginia say the story of this housing recovery, well, it is changing very quickly. Whats happening is were pricing down. Over 600 but now 550 and below. The quick rate spike is unprecedented, but if you want to see what happened when government stimulus suddenly ends, check out the hangover from the home buyer tax credit in 2010, new home sales dropped 38 in a single month. You see it there. Buyer demand was pulled forward. At the same time troubled underwater borrowers were pushed into government loan modifications. The result now is very low inventory which is pushing prices too high too fast. What weve done with all the stimulus in the Mortgage Market is do some serious damage to the natural order of housing where firsttime buyers become repeat buyers and moveup buyers in the future. Reporter now hanson is predicting a 19 jump in cancellations among the Home Builders and a big drop in existing home sales and prices, but plenty more of that online, reallycheck. Cnbc. Com, and well talk more about it on street signs. Sue . Look forward to it, diana. Thank you. In washington, Immigration Reform a major focus on the hill. The u. S. And china also kicking off their strategic and economic talks today. Well speak live with the president s top economic adviser coming up next on power lunch. Plus, Smithfield Foods ceo getting ready to be grilled on capitol hill next hour over his plan to sell the pork producer to china. Will Congress Block the move . Find out when we come back. [ male announcer ] frequent heartburn . The choice is yours. Chalky. Not chalky. Temporary. 24 hour. Lots of tablets. One pill. You decide. Prevent acid with prevacid 24hr. Welcome back to power lunch. Im Bertha Coombs at the nymex where wti nymex crude today is surging after a very bullish inventory number from the government. We saw a draw down of nearly 10 Million Barrels for the second week in crowd stocks. Also saw a sizable drawdown of just over 2. 5 Million Barrels of gasoline as well. That has the entory complex moving higher and wti nymex is the trade everyone is watching, sue, because weve also noticed that differential between nymex crude and brent has narrowed to less than 3 now. Back to you. Absolutely bears watching. Thank you very much, bertha. Lets bring in jeff kilberg as to how to play oil. First of all, what do you think and what kind of position would you put on . On futures yesterday we talked being long the futures, and the folks at home can play this via the etf uso and right now in egypt they are trying to put in new leadership, economists to help mend the pleasing, but we dont see any unrest being resolved any time soon. The next resistance is at 110. More room to run though the global macro headwinds, everything continues to go higher. Touched nearly 106, a penny away. Thanks very much. The administration releasing a report today called the economic benefits of fixing our broken immigration system urging the house to pass legislation. The senate, of course, has already passed it version of the bill and did so at end of june. Joining us from the white house is gene sperling, director of the National Economic council and assistant to the president for economic policy. Gene, good to have you with us and back on cnbc. Great to have you here, and i note former president bush is giving a major speech on immigration today down at his library in dallas. How first do you answer the concern that moving ahead on Immigration Reform will take jobs away from resident americans, and how does the senate bill address that . Well, i think the economic evidence is overwhelming that this type of common sense Immigration Reform is good for economic growth. Its good for productivity, its good for jobs. Weve also seen that it will lower our deficits by 850 billion over the next 20 years, and because of the influx of younger workers and more undocumented workers paying payroll taxes, weve seen it will actually increase the solvency of Social Security by two years, and i think you have to look what else is in this bill. This bill brings in new visas for people doing startups, who are creating jobs. It conditions the visa on them being able to create jobs, that creates jobs for people here. The studies overwhelmingly show that for native existing workers, this immigration is almost always a good deal. This even shows that over 20 years wages would go up half a percent for the economy as a whole, so i i think, you know, its very interesting. You often have me on the show replying to paul ryan or Grover Norquist or Douglas Holtz eakin. This is something where those leading republican budget and Economic Experts and someone like myself are in complete agreement. We agree that common sense Immigration Reform is a win for economy, a win for growth and win for deficit reduction. A lot of compelling numbers in here but i want to come back and get very specific here. What do you say to people who say that when you ease the path to citizenship or resident status for immigrant workers, that it takes job away from american workersers, whats your direct answer to that . Heres the direct answer. Right now you have 11 million workers who are undocumented and live in the shadows. They can be taken advantage of. They can be paid lower wages. That ends up being unfair competition against existing workers. When those 11 million workers come out of the shadows, one, they are paying their fair share of taxes. That is good for other americans, but secondly, they cant be taken advantage of and they cant be used to undercut the wages of other workers, and what i also say is when you talk to some of the Great AmericanTechnology Companies they will say that having more high talented workers come in helps them keep location here, so having a certain number of additional talented engineers and scientists doesnt end up competing with u. S. Workers. It actually helps them keep their location here, and that can mean thousands of more jobs for american workers. Let me ask you sort of a twoheaded question in conclusion, first, sticking with immigration. Are you hopeful that you all will be able to work with the house and move a version of this bill through and that it will ultimately become law, and if so when . And second, what are the Critical Issues in the talks now the strategic and economic talks between the u. S. And china. Well, in terms of with the house of representatives, look, this is serious legislation. Its going to have its starts and stops and remember how you started by reminding us that former president bush is speaking on Immigration Reform. You have to remember that this is a largely bipartisan issue that brings together people, the former president bush, former Vice President ial candidate paul ryan, republicans, democrats, business and labor. So i think the economic and the political case for this is overwhelming, and i think that that momentum will overcome the legislative obstacles were seeing now, and i remain confident of that. We obviously are continuing our frank and honest discussions with china on trade, on investment, on cyber security. The president had frank and candid conversations recently with his chinese counterpart and thats continuing, both on the security and the economic dialogue, and i and i will be among those participating in the Macro Economic and Budget Dialogue that well have tomorrow. Gene sperling, thanks very much for being with us today. Appreciate it. Thank you for having us. You bet. Director of the Economic National Council on the north lawn. Ty, its one red hot stock up 3 300 since its ipo. The ceo is joining us next with his growth plan, plus the power pitch. Power pitch, startups give us their 60second pitch. Were the cofounders of proper suit. And we give you insight into the fastpaced world of venture capital. I really want to understand your secret sauce. Do these founders have what it takes . Are you in or out of proper suit . Dont forget to watch power pitch, people, right here on cnbc. Talk to your doctor about viagra. Ask if your heart is healthy enough for sex. Do not take viagra if you take nitrates for chest pain; it may cause an unsafe drop in blood pressure. Side effects include headache, flushing, upset stomach, and abnormal vision. To avoid longterm injury, seek immediate medical help for an erection lasting more than four hours. Stop taking viagra and call your doctor right away if you experience a sudden decrease or loss in vision or hearing. This is the age of taking action. Viagra. Talk to your doctor. [ male announcer ] you wait all year for summer. This summer was definitely worth the wait. Summers best event from cadillac. Let summer try and pass you by. Lease this allnew cadillac ats for around 299 per month or purchase for 0 apr for 60 months. Come in now for the best offers of the model year. Time now for the power pitch where innovators get of 0 seconds to make their pitch and then the panel of experts decides whether they have what it takes to become the next big thing. Welcome to power pitch. Im brian sullivan. Thanks for joining us. Today we have two men trying to tailor to a very particular need, literally. Cofounders Mcgregor Madden and richard j. Hall of proper suit team up to make the search for your next suit seamless. They say they can deliver the perfect pit but will their power pitch deliver . Im mcgregor. And im richard. And were the founders of proper suits. Shopping for suits is difficult, timeconsuming and overpriced and most importantly doesnt even fit. Proper suit was started to solve this whole suit shopping dilemma. With fit specialists, nationwide, not only can we provide you a suit that fits better than you own and were able to do it at a fraction of the cost. We make the garments ourselves so we can do an expert 300point fit check consultation, hundreds of Customization Options and full canvas construction and our Signature Fabrics which would go for 5,000 elsewhere we sell for 1,250. You get your suit back and you love it. With the measurements saved in the cloud ordering your second and third and fourth suits is easiest than the first. Any cut, our expert fit specialists will take care of you. Mcgregor and richard are on the right side of your screen. For now they can hear us but cannot react just yet so they are all ours on our panel today. Celebrity stylist, carson kressley, looking pretty dapper himself, may know him for the breakout series queer eye for the straight guy and recently launched a womens apparel line sold on the Home Shopping network shopnbc and terry jones, founder of travelocity and kayak. Com which has a priceline for 1 billion, got some coin and a special venture partner and author of the book on innovation. All right, guys. Lets huddle up, carson, first to you. The fashion mogul that you are. How do you see this pitch . You know, i think this is a great idea. I like the intent of it. I think part of it is that guys dont dress well because they havent been instructed and wearing a suit, buying a suit, all that stuff that our fathers used to teach us, we kind of lost that, you know, in the last 10 or 15 years when the whole casual workplace thing so i think theres a real need to educate guys about do they need this in. Thats the question. Are they selling to custom suit buyers who want something more expensive or rack suit guys to move them up . Market focus is a key. Lets get into it. Mcgregor, rich, you now can respond. Are you in the hot seat, in other words, it is our turn to grill you. Carson, your questions. Yeah. I just think, you know, the fitting process and how that works, youre reaching out to customers and explaining that they need this product but how do you make sure that its the perfect product because thats what they are expecting . When someone books a fitting with proper suit, first and foremost were making a suit for them, not selling a suit so what we do is put someone in a template suit, we start to pull and start to pin and then we put those numbers into an autocad laser cutting device thus ensuring were getting a real awesome fit on the first suit. Mcgregor or richard, whoever wants to sound. It sounds expensive though for you to send tailors out to my house, to maybe to carsons point and have them come back one or two times. What kind of margins do you have in your business . We actually do popup shops and with our word of mouth actually people come to us in the various city locations and prebook so we do it like clockwork. In our last San Francisco fitting, we had 30 guys and two fitting specialists booked each other every hour for two days. What else allows to deliver Higher Quality at low price because thats the key to success . Our guys, investment bankers, analysts, lobbyists in d. C. , their time is valuable, so when they get us and have their autocad pattern saved in the cloud, its more so that convenience factor. These are guys that wear 10, 20 suits a year so getting them that first suit, you know, sort of a break even. Okay. Lets get now to the key part, the in or the out, terry beginning with you. In or out of proper suit. I think its a really interesting idea. Im a little concerned, can they really compete and marketing only by word of mouth in the internet era, im not so sure. On the other hand, if they can deliver me a quality suit that really fits at a lower price, im going to chicago in a couple of weeks, maybe ill get fitted. Im in. There you go. Carson, how about you. I do think that this is a good idea for this particular time in history because i think that guys are more interested in wearing tailored clothing. I think theres still a lot of people who are really embracing getting dressed up and looking great and theres a whole generation of people that you can educate and inspire and serve with a great product so im in. Not sure how big the market is but i do know this. Buying clothes off the rack stinks. Finding a good tailor is hard. Once you find a nice suit and im so glad that this whole baggy jean, skinny jean, jean trend is going away and people are styling up again that. Is going to grow one can only hope so ill call it an in, a reluctant in. Im concerned. Three ins, you know, you tout yourself for about 20 years. As long as we get you a suit were happy. Come on to chicago and well take care of you guys. Thank you, guys, for joining us and thanks to carson. Thank you. And thank you, terry. Thank you very much. And that is the power pitch. So three ins on the power suit. Are you in or out . Cast your vote today on powerpitch. Cnbc. Com and follow the conversation on twitter with the powerpitch. Sue . Ty, gold prices are closing right now, and everybody is kind of holding their breath waiting for the fed announcement and mr. Bernankes comments after the announcement. Right now the gold market is pretty much flat on the day. Up two bucs on gold. The focus more on copper which dipped after china data this morning and then came back on the hopes that there might be perhaps some monetary easing to juice the economy over in china. Lets head uptown to the nasdaq. Seema mody is following the big movers there, including blackberry today. Hi, seema. Hi, sue. Never a boring story when it comes to blackberry. Yesterday the company outlined its threepart transformation plan. The stock traded up. Today, Pacific Crest writes that initial shipments in the uk are below consensus. Another stock on the move. Zynga, reports circulating that zynga will unveil a gambling app. Thats something that the street is watching very closely. Sue, back to you. Thank you very much, seema. To the bond market now. Rick santelli tracking the action at the cme, post the tenyear note auction. How are we doing, rick . A little bit of volatility. Looking at an intraday five or ten, yields moderated a little bit and up three basis points on the session. Many traders i talked to regarding the auction said ben at 2 00 eastern. Im not getting involved. That seemed to be the common denominator. Dollar index, not a huge amount of volatility after the auction but definitely didnt help the fact that were losing a little ground today in the dollar index. Thank you very much. Its a red hot stock up 300 since its ipo. Why does wall street love this company so much . Well talk to its very happy ceo next. If youre serious about taking your trading to a higher level, tdd 18003452550 then schwab is the place to trade. Tdd 18003452550 call 18882849410 or visit schwab. 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Tdd 18003452550 and learn how you can earn up to 300 commissionfree tdd 18003452550 online trades for six months with qualifying net deposits. Tdd 18003452550 our trading specialists are waiting to help you get started. Tdd 18003452550 so call now. Tdd 18003452550 time for some headlines, a new application is being filed for a new leukemia drug, one of the first tests of whether the new fdas breakthrough designation for promising drugs will actually translate into shortened reviews. The inventor of antiskin care aging products raising its revenue as it logs big games in the americas and immediate johnson will cut the price of its formula in china following an investigation in beijing about possible price fixing. How about a plane that can land without a pilot . An historic moment ahead with the first landing of an unmanned argument on an aircraft carrier. It comes as the u. S. Sends more f16s to egypt. Jane wells in los angeles. Reporter hi, the f16s made by lockheed. Were looking at what some are calling a game changer. Had will take off and land and land on the carrier sometimes in the next hour and be trapped, the first to iman unmanned carrier will land on an aircraft carrier. Budget cuts led to its demise but based on its ability it will also carry weapons. Northrup is expected to compete along with privately held aeronautical systems. Its precapped and run by a computer throw a computer ultimate mehmet ali controls it cutting down on the immediate for the navy to have extra drone pilots on look at the guy holding what looks like an arm brace. Moves the x47 around on deck and see how the flight deck crew, the crew signals the x47 as if theres a pilot inside, same as it would in the aircraft but the guy with the arm brace, keep you posted on whether its successful. More on what this means to the navys future right now on cnbc. Com. Guys . My next guest is sitting here saying thats so totally cool the way they do that. New york citys emergingtech seen doesnt grab the headlines. Sill can alley is marking a number of startups. Since the ipo last october shutter stocks revenues are up 40 and the stock has nearly tripled. Good news for the founder who became their First Official billionaire. Welcome to power lunch. Thank you. Youre one of the real growth stories that i here buzzed about down here on the floor of the new york stock exchange. Were seeing growth in image grecian. If they can monetize some of them they are willing to do that. Pirs, websites, blogs, marking agencies need more and more images. News outlets, the audiences are acquiring that because they are visiting the websites more and more, and the speed. One thing that riff den shats you, i lump you with new media. Old media is slower. We call youre devils a Technology Company that sells media. Im a programmer and was the first programmer at shutter stock and we continue to build a Technology Product to sell images. We sell images at two per second so its very important that we get users to the image they want as fast as possible. How do you ultimately make money . We dont own any of our images and dont require exclusivity from any of our contributors and when a contributor uploads a photo and review. Is a buyer comes in and every time they download an image one of the sellers gets paid on namage. And that would give you a deep bench as well because for a photographer owning the rights to your image is very important. Important for them. They didnt have a way to monetize their images. They became professional when we gave them the opportunity. Certainly did. Thanks for joining us. Really appreciate t. Congratulations on your success. Smithfield soods ceo getting ready to be grilled by lawmakers and facing a lot of heat on his plan to sell the pork producer to china. Senator Charles Grassley of one of the big agricultural states joins us ahead of that hearing. Well talk to him in just a minute. 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Helping this big country move ahead as one Norfolk Southern hows that function . Fso youre worried about housef fires . Stop smoking. Manage your wires. Watch out for space heaters. Clean the chimney. Get one of these. Cool the romance. And of course, talk to farmers. Hi. We are farmers bum pa dum, bum bum bum bum welcome back to power lunch. Were watching oil here, back above 1. 60. Up 10 so far this month. Up about 13 so far this year. For more whats coming up next on street signs, lets head on over to mandy. Thanks so much. Top of that hour and that time of the month. The latest fed minutes will be released top of the show. We all know of piloulty buildin houses and i went cronut hunting this morning. I spoke to the peel in the lines, some waiting to get their hand on the beautiful flaky pastry. Lots of footage of what we saw. Like a krois between a croissant and doughnut. A lot of imposters out there. These are the real keel. Sounds very good to me. Larry pope testing before the Senate Agricultural committee. Senator Chuck Grassley is one of the makes were gilling. Welcome back, sir. Are you troubled about their Safety Record . The answer to that is not just their record, chinese pork production generally because they just had an additive taken out of their feed for bigs because it was thought to make people sick and that raises issues. On the other hand. Know chinas got responsibilities under the wto to abide by the sanitary standards of the wto. When it comes to production in the United States i dont have any concerns. It would involve the extent to which this might be an opening for chinese pork to come to the United States. Which leads me to my second question. Are you worried that this deal does open up the possibility that pork exports will come into the u. S. From china . Obviously if this happens under the free trade agreements, we accept them as long as they are safe and heres what concerns me when this could be a possibility. Whats the connection of this to the Chinese Government . Because some some companies are tools of the Chinese Government and others are loosely associated with them but we know in china the government plays a very major role and the extent to which that might be the case, how does that distort the marketplace for pork worldwide and even within the United States . Nothing gets done that the government doesnt tacitly approve of. What are pork producers in your state and food safety people telling you . We have concerns about both competition and safety, but smithfield is a big owner and processor of hogs in my state so its a big issue there from the stant point of those involved in smithfield. For other people, the independent pork producers. They are concerned about an independent producers having a place to market their hogs and get a fair price and spot marketing of hogs is quite a problem for independent producers. Let me change this topic a little bit to the question of Student Loans. Im told that the senate has failed to take action and not addressed the rise in rates on the stafford loans, a doubling of those rates. Why has this become such a difficult issue for congress and the senate to get its hands around . Im in a quandary the same way your question implies that you are and this is why im concerned. We had a oneyear extension of the Interest Rates. The alternative is the president of the United States in his budget has a proposal to sty Student Loans to treasury bills and make it permanent law so its predictable and have a law thats future and not be dependant onioning making a yearly decision. The house of representatives has already agreed to do that, so when you can have permanent law that will end up the Interest Rate around 4 and no go to 6. 8 as would be the case today and theres a bipartisan agreement, something that the president proposes and it would also reduce loans for existing Student Loans or some exist iin Student Loans, why would that not pass the United States senate. Theres going to be something bigger here thats pretty political to a majority of the Majority Party because theres a bipartisan agreement. Senator, thank you very much. Appreciate it. Counting on you to solve it. Obviously had a your heart in the right place on it. Thanks, ty. What are americas top states for business. Which have the strongest and the weakest economies as we break it all down for you coming up next on power lunch. Its a brand new start. Your chance to rise and shine. With centurylink as your trusted technology partner, you can do just that. 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South dakota was americas top state for business and may be one for amazing views. Atop the crazy horse memorial. Its been 65 years in the making and a 1 in 600 scale model if i said that right. Were about here and to give you another perspective of where we are in the process, pretty spectacular memorial which is already spectacular. South dakota came in tops for business, a little disspent. Some believe theres low unemployment because some have to work two or three jobs and suggesting that its a good place to abuse your employees and pay little taxes so good for business, not necessarily workers. Lets take a quick look at the economy. South dakota came in six. The top five, texas, north dakota, massachusetts, nebraska and iowa. Coming at the bottom, maine, mississippi, number 48 new jersey, rhode island and nevada still mired in the housing crisis. See where your state stacks up at topstates. Cnbc. Com. Sue . Appreciate t. Beautiful place to be. 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Thats why i stopped working at my old brokerage and became a Financial Consultant with charles schwab. Avo what kind of Financial Consultant are you looking for . Talk to us today. Im jane wells, just gotten word that the x47 has successfully landed off the coast of virginia. These are file pictures. Do not have fresh pictures yet but have learned for the first time an Unmanned Aircraft has successfully landed on an aircraft carrier. It will now be retired but its demonstrated abilities will allow the navy to come up with requirements for what expects to be a next generation version of this which will carry weapons, an aircraft that hopes to haverations by 2020. Thank you. The latest on the markets, treading water a little bit. They want to parse the minutes. S p down slightly and nasdaq positive. Crude is up better than 3. 25 . That does it for this edition of power lunch. Street signs begins now with breaking news on the fed. Thats right. Get ready because well find more about what the fed is thinking. Why would we care so much about praits if we werent so addicted to debt . If it hurts housing, what does that say about how much were borrowing . Oil inventories doing something they havent done since Ronald Reagan was president , a very feisty, fiery street signs straight ahead and all kicks off with the fed and Hampton Pearson right now. Reporter brian, the absolute mustread portions of this minutes is all about the discussion on how to communicate and what fed chairman ben bernanke should say about the strategy and guidelines for easing the fed stimulus program. Here are the highlights. Participants discussed what bernanke should say at the News Conference, that the fed chairman should describe the asset purchase bath during that News Conference and should emphasize all that Going Forward would be dependent on the economic outlook. Also discussed, how to communicate decisions on asset purchases Going Forward