in the future. i would not underestimate what the last two months of craziness, the back and forth of the debt ceiling. i would not underestimate what that did to the month of july in terms of economic growth. we will see the result of that in the next months. it made everyone stop and not make long-term commitments and we were unable to move forward. andrea, let me ask you what we do next. what does washington do? does bernanke go back to the well? are we looking at qe3? what are we doing? maria would be the first to tell you, there are no bullets left. you ll hear the president make a speech. he s going to talk to veteran groups about entering the work force. he s got to speak about the
though he can t fix the problems largely createed by the feds and bubble blowing in the past and now a gun to his head and the markets are saying give us more qe3, we re going to melt down by wednesday. unfortunately, they re going to bring more of the same medicine and until the markets take away the printing press from the fed so that the politicians in washington or the new ones we send there next time when we finally get fed up with the people not doing their jobs, the markets are going to force the politicians to come to grips with these problems you eloqu t eloquently scribe every day on your show. health care is broken, we can t afford entitlement. doesn t matter how want to solve the problem, we have to admit these things and solve these things. if if i made you king, you could find a commission, get it settled up in three months time. political with we don t have the nerve to do it because our political system is out of control. just like the fed s out of control.
complicated partisan bickering. the senate went o recess without giving the agency a short-term funding extension. president obama believes the issue will be resolved by the end of the week. the transportation secretary says you have nothing to worry about when you fly. i ll be speaking to him later on american morning. president obama turns 50 today. he qualifies for a free scoop at baskin-robbins. and he got a surprise in chicago happy birthday to you happy birthday to you happy birthday jennifer hudson much better singer than rahm emanuel. 26 seconds of the president s comedic stylings. it s true, that i turn 50 tomorrow. which means by the time i wake up i ll have an e-mail from aarp. asking me to call president obama and tell him to protect medicare. funny, yet topical. some suppoers paid nearly $36,00for dinner. hoe they got a lot of free refills. if you re planning a trip to the caribbean, there s trouble in paradise, named tropical storm emily. i
reporters of the news of the world hacked into private cell phone accounts for story and rupert murdoch issued a statement running in britain s national newspapers, apologizing for serious wrongdoing and british police say they ve arrested at least seven people in the phone hacking investigation and recovered a list of 3700 names of potential victims. news the world shut its doors last week, owned by newscorp, the parent company of fox news. i m jamie colby, more developments as they happen. now back to bulls and bears only here on the fox news chann channel. brenda: consumers feeling down, with prisses on almost everything going up. general mills the late he is to warn of price spikesen it s not just food. cars, clothes, health care, you name it, all up last month. eric, how bad is it going to get? going to get a lot worse, brenda. only three ways out of it. if you print money you can do qe3 or whatever to pay some of the debt. prices go up because you
session after we saw the rally on bernanke s comments and what we did see was anything hard asset, the dollar fell on the comments of bernanke, and oil and gold shot higher and oil closed up nearly to $98 a barrel and gold was certainly used by investors as the safe haven asset today and gold finishing at a record high today, guys, so, again, everybody locking for someplace to put their money other than the u.s. dollar, and it was stocks, oil, and gold. and another thing aside from bernanke mentioning a possibility of another round of stimulus, he talked about holding benchmark interest rate near zero for what he says is an extended period of time. so it was all about the possibility of qe3 that rallied stocks but a debt downgrade for greece that weighed on storages later in the session, but, again, snapping a three-days thering streak and actually posting gains in the stock