Senate confirmation, Jacob Jack Lew will take over a treasury that is rapidly running out of cash. The federal government has already hit the debt ceiling. And the only way the government can pay its bills is by using accounting gimmicks to move money around. Those tricks will only get the government through midfebruary. At that point lew might have to take the unprecedented step of deciding he has the Legal Authority to pick and choose which bills the feds will pay. Even if it were clear that the treasury secretary could do that, pick and choose, the ability, the real ability to reprogram all of the software in treasurys computers which connect to all of the Computer Software in the various agencies is not something that can be done in ten minutes or ten days or ten weeks. So you have the right to do it but you dont have the ability to do it. Reporter the treasury uses a separate Computer System to make Interest Payments on the federal debt so it is possible investors would get what t
Our roadmap begins with the look at the gdp, and better than expected and what does this mean for the feds next move as we countdown the to the decision this afternoon. And facebook has friends and trading above the ipo and priced at 38 in the premarket and the First Time Since that ipo in may of 2012. And the story that faber flagged last year, bill ackman said he did own a stake. And fords nat gas guzzler and cramer is wait ing ting the it. And the new jobs numbers from adp showing that private employers added 2,000 job tho 2 july which is ahead of expectations. The fed will wrap up a twoday meeting today and issue a policy today and investors will look for any new indication ofgs when the fed will scale back the bondbuying program. Even though 1. 7 is not fireworks some say we might be in taper territory with this number. Well, they dont need to taper, because inflation is low. They dont need to taper, because the employment is not there yet, but the employment nu numbers have been
Melissa and i am melissa francis. The extension of the debt ceiling. Will it make the markets feel any more confident . Lori in the meantime, lou dobbs is here. Secretary of state Hillary Clinton testifying on the benghazi attack. Melissa is the economy and low beer . We have an exclusive interview with the American Trucking corporation bill graves. Lori the big apple shrinking . The new trend of micro apartments in manhattan. 250 square feet. Melissa time for stocks now as we do every 15 minutes. Lets head to the floor of the New York Stock Exchange where Nicole Petallides is standing by. Nicole i saw pictures of those apartments, i would love to buy one. They actually look very cute. Lets take a look at some of the earnings related names. Lets start at mcdonalds. It is up about a half here. They expect the management that is not great news there. You can see the up arrow. When you talk about airlines they are up about three and a 3 . Good news there despite the fact that superstar di
There are a few names squeezing out some names. There is a lot going on, of course. Apply existing home sales rose 6. 5 . You can see it remains a mixed bag. We should also note that Toll Brothers came out with their fiscal order profit. It fell 24 . There are a lot of buyers that rushed in. You can see it is up about a half right now. Our next guest says we are in for some turbulence. Do not worry just yet, we see some great buying opportunity. Joining us to talk about all of that is scott wren. We are in a dip now. You would expect that we would reverse that. I think so, adam. Pullbacks are opportunities. It is the same thing we are telling them now. So far, not big on a percentage basis. It is an opportunity. I would like to see a little bit more. We want them prepared for the next year and a half. I think it will overall be good for the market. Adam do you think that the worst is over for them . The backtoschool season has not been very good. These retailers have been putting out a
1. 6 million vehicles and a dozen deaths, General Motors is now offering 500 towards the purchase of a new car for owners affected by the controversial ignition switch recall. Joining me now a former senior enforcement attorney for the national highway Traffic Safety administration, the regulator of gm. Great to have you here, alan. Thanks for coming on. I want first your reaction to what gm is offering to consumers . Well, the 500 credit toward the purchase of a new vehicle does nothing to remedy or fix the old vehicle which is defective. And theyre not offering to repurchase the old vehicle. So, you know, i dont, view it as constructive from a safety standpoint. And they have had some strategic reason for doing it, kind of a, you know, a nonbuyback preemptive strike on class actions or try to create some goodwill for their customers who have been driving around with defective vehicles. Frankly if i was a customer, had a defective vehicle i would be less inclined to buy another vehicl