Era. Today would have been dr. Friedmans 102nd birthday. I have no doubt it will be marks best presentation yet. Why am i willing to go out on a limb . As an economist might put it, on the one hand, according to the website, superscholar. Org, mark is one of the top 20 living economist in the world. I guess that designation is a gentle way of reminding us that, as a no longer living economist famously said, in the long run, were all dead. [laughter] but i digress. Marks topranked status was echoed by a columnist for scientific american, who recently wrote that he has emerged as one of the clearest writers on all matters economic today. On the other hand, mark comes by his knowledge of Milton Friedman on a firsthand basis. As he will reveal, they had a dear, but occasionally prickly relationship. The two of them constantly argued over a variety of issues, but always remained cordial. Mark was probably the last person to go out to lunch with Milton Friedman he for he died before he died
Birthday. Have i no doubt it will be marks best presentation yet. You might ask, why am i willing to go out on a limb this way . Well, as an economyism might put it, on the one hand, according to the website superscholar. Org, mark is one of the top 20 living economists in the world. I guess that designation is a gentle way of reminding us that as the no longer living economist john keens famously said, in the long run, were all dead. But i digress. Marks topranked status was echos by a can columnist who recently and given tonights subject matter fittingly wrote that mark has emerged as one of the clearest writers on our all matters economic today. The next Milton Friedman. Back to what economists would say. On the other hand, mark comes by his knowledge of Milton Friedman on a firsthand basis. As he will reveal in his talk, miltons paradise, my friendly fights with Milton Friedman. They had a dear but occasionally prickly relationship. They argued over issues but always remained cordi
J j. New management could be on the cusp. A multiyear trade. Mr. J . J. P. Morgan. Options action money in motion tonight at 5 00. Follow me on twiter. Send me some stock names. We will see you next week. Scott, thank you very much. Welcome to power lunch. Simon is in for sue. Major developments on the terrorist attack involving westerners in algeria. First we go to onhto john harwo. We have a stance from House Republicans they will put on the house floor next week and presumably pass it if they have done chir whip counts accurately. That is that the debt limit would be extended. It is now due to run out between february 15th and march 1st. Now extended to april 15th with the condition that the house and senate both pass a budget. This is an effort to tweak the senate which has not passed a budget for the budget resolution the last couple of years. Members pay would be withheld if the budget does not pass. This does not include the debt limit extension. That is a boone to both parties
Susie entirely without legal merit, thats what standard and poors is calling a potential lawsuit by the department of justice, for s ps mortgage bond ratings ahead of the financial crisis. These charges come five years after the financial crisis and would be the first alleging illegal behavior by a major Ratings Agency. As darrensh ger reports g, s p is fighting back. Reporter what took so long . Thats the reaction from critics who have long argued standard and poors gave a stamp of approval to flawed Mortgage Securities that helped bring on the financial crisis. It has to do with the unique role that ratings agencies play in the entire system of selling and distributing securities and the claims that they made about their role for which they were paid handsomely. Reporter in a statement, standard and poors said the Justice Departments lawsuit had no legal or factual merit. Saying it would disregard the central facts that s p reviewed the same subprime mortgage data as the rest of the
What s p claimed at the time it stamped securities triple a. The ratings agencies claim that they have unique analytic abilities and very sophisticated models that enable them to determine the credit worthiness of a bond, a derivative, a security. Reporter s p points out Court Rulings have dismissed what it called challenges to a Credit Rating made with 20 20 hindsight. If the Justice Department does sue, standard and poors says it will vigorously defend itself. Darren gersh, n. B. R. , washington. Tom still ahead, tonights word on the street consumers, the street. Coms David Peltier joins us with some Consumer Product stocks, worth shopping for now. One trading session after topping 14,000 the Dow Jones Industrial average turned back, thanks to analyst downgrades of dow stocks walmart and chevron. The blue chips fell 129 points, the nasdaq lost 48 points, the s p off 17. 5 points. Susie Big Stock Market selloffs like todays, are rough for Retail Investors. Thats especially true becaus