Obviously sensitive enough and people would be paying close attention that details count and i think prepared remarks from secretary lieu on that topic would probably be more appropriate. But as i indicated before, we plan for every contingency, so obviously, you know, worstcase scenario, there are things that we will try to do. But i will repeat, i dont think any option is good. Mr. President steven dennis. Mr. President , im wondering if you could talk a little bit about budget process. In the past youve negotiated with, for instance, blue dogs in 2009 and 2010 along with a debt ceiling increase then including a form. You name add fiscal commission. The republicans today are talking about lets have maybe another committee that would work out our differences over the next few weeks. Is that something you could talk about on the side, something that wouldnt necessarily be a concession but something that could be a format for getting a deal done . Heres the thing, steve. I know that Speaker Boehner has talked about setting up some new process or Super Committee or what have you. You know, the leaders up in congress can work through what processes they want, but the bottom line is either youre having good faith negotiations in which theres give and take, or youre not. Theres already a process in place called the budget committees that could come together right now. Democrats have been asking for 19 months to bring them together. Make a determination, how much should the government be spending next year, the appropriations committees could go through the list and heres how much were going to be spending for defense and heres how much were going to be spending for education. Thats a process thats worked really well for the last 50 years. I dont know that we need to set up a new committee for a process like that to move forward. What has changed or what seems to be motivating the idea that we have to have a new process is Speaker Boehner or at least some faction of the republicans in the house and maybe some in the senate are holding out for a negotiation in theory, but, in fact, basically democrats give a lot of recessions to republicans. Republicans dont give anything. And then thats dubbed as compromise, and the reason that democrats have to give is because theyre worried that the governments going to stay shut down or the u. S. Government is going to default. And, again, that you can dress it up any way you want. If thats the theory that the republicans are Going Forward with, then its not going to work. So let me just give you one specific example. Ive heard at least, and i cant confirm this, that one of the ideas of this new committee is you could talk about reductions and discretionary spending. You could talk about entitlement reform and reductions in mandatory spending. You could talk about how long youd extend the debt ceiling but you couldnt talk about closing corporate loopholes that arent benefiting ordinary folks economically, and potentially if you closed them would allow us to pay for things like better education for kids. Well, you know, i dont know why democrats right now would agree to a format that takes off the table all the things they care about. And is confined the things republicans care about. So, again, i dont know that thats exactly whats being proposed. My simple point is this. I think democrats in the house are prepared to talk about anything. Im prepared to talk about anything. They can design any formats they want. What is not fair and will not result in around actual deal is a hostage deal or democrats are taking ransom or providing concessions for the mere act of reopening the government or paying the bills. Those are not things you do for me and theyre not things that you do for the democrats. But is there room here where its not necessarily a concession, where it is you negotiate what the negotiations are going to look like. You dont have to agree to overturn on obama care, but you can negotiate what the talks are going to look like so everyone is comfortable. You mentioned yourself its a tough vote. Youre asking them to take a tough vote for the debt ceiling. Usually both parties want to have some cover, something they can point to to say i want some which is fine. Process forum before i approve another trillion in d debt. Which is fine. If they want to do that, reopen the government, extend the debt ceiling. If they cant do it for a long time, do it for the period of time that the negotiations are taking place. Why is it weve got hundreds of thousands of people not working right now in order for what you describe to occur. That doesnt make any sense. The Small Business association fwivs out billion dollars every month to Small Businesses across the country. Thats not happening right now. So Small Businesses in every state that are counting on a loan to get their business going and youve got the party of Small Business saying Small Business administration cant do it. Thats what they call themselves. And yet theyre suffering. Youve got farmers waiting for loans. They cannot be processed. I happen to disagreement think the farmers have done real good under my administration but having said that, why would you keep the government shut down and farmers not getting their loans while were having the discussions you just talked about . You know, the republicans say theyre very concerned about drilling. They say obama has been restricting Oil Production despite the fact that Oil Production is at the highest level that its been at in years and its continuing zoom up, but they say, you know, the democrats are hold back Oil Production in this country. Well, you know, one of the things that happens when the government shuts down is new drilling permits arent processed. So why would the republicans say to the folks who are interested in drilling for oil, sorry, we cant let those things be processed until we have some negotiations and we have some cover to do what were supposed to be doing anyway. That doesnt make sense. If theres a way to solve this, it has to include reopening the government and saying americas not going to default, its going to pay our bills. They can attach some process to that that gives them some certainty that, in fact, the things that ire concerned about will be open for negotiation. I told them id talk about it. But if they want to specify all the items that they think should be the topic of conversation, happy to do it. If they want to say, you know, pa ofrt that process is were going to go through line by line all the aspects of the president S Health Care plan that we dont like and we want the president to answer for those things, im happy to sit down with them for as many hours as they want. I wont let them gut a law that is going to make sure tens of millions of people get health care, but im happy to talk about it. All right . Mr. President , one further question. Stephen. Thank you, mr. President. I im going through the list. [ inaudible ] in the campaign against terrorism and if were going see military operations all around the continent, how does that square with your contention that america cant be at war forever. Well, if you look at the speech i gave the National Defense college several months ago, i outlined how i saw the shift in terrorism around the world and what we have to do to respond to it, and part of what i said was that we had decimate ed corps ail kai that that had been operating between afghanistan and pakistan. But you now had these regional groups, some explicitly tied to al qaeda or some of which are more localized. Few of them have the ability to protect beyond their borders but they can do a lot of damage inside their borders, and africa is one of the places where because in some cases the lack of capacity on the part of the governments, in some cases because it is easier for folks to hide out in vast terrains that are smarlly populated, were going to go after them. But theres davis between going after terrorists who are plotting directly to do damage to the United States and us being involved in wars. The risks of terrorism and terrorism to come are going to be here for a long time to come. Weve god to engage in the region and engage with muslim countries and try to isolate radical elements that are doing more damage to muslims than they are doing to anybody else. Weve got to to thing about Economic Development because although theres not a direct correlation between terrorism and the economy, theres no doubt that if youve got a lot of unemployed uneducated young men in societies that theres a greater likelihood that terrorist recruits are available, but where youve got active plots and active networks, were going go after them. We prefer partnering with countries where this is taking place. We can build up capacity but were not going to farm out our defense. I have to say the operations that took place in both libya and somalia were examples of the extraordinary skill and dedication and talent of our men and women in armed forces. They do their jobs extremely well. With great precision at great risks to themselves, and think theyre pretty good examples of how those of us here in washington should operate as well. Mr. President , can we talk about did the captor of mr. Libby comply with International Law . We know that mr. Al libi plan and helped execute plots that killed hundreds of people, a whole lot of americans, and we have strong evidence of that. And he will be brought to justice. Mark. Mr. President , while youre waiting for the shutdown to end, why is it you cant go along with any of the bills the house is passing, funding the fda and fema where you were yesterday and Veterans Benefits and head start. Youve got to be tempted to sign bills and get funds to those programs that you support. Of course, im tempted because youd like to think that you could solve at least some of the problem if you couldnt solve all of it. But heres the problem. What youve seen are bills that come up where wherever republicans are feeling political pressure, they put a bill forward. And if theres no political heat, if theres no Television Story on it, then nothing happens. And if we do some sort of shotgun approach like that, then youll have some programs that are highly visible get funded and reopen ed Like National monuments but things that dont get funded like the sba loans not get funded. And we dont get to select which programs we implement or not. You know, there are a whole bunch of things that the republicans said are law that we have to do and i dont get a chance go back and say, you know what . This cockamamy idea that this republican congressman came up with i really dont like, so lets not lets not implement that. Once you have a budget and a government with a set of functions, you make sure that its all operating. We dont get to pick and choose based on which party likes what. So, you know, thats where the budget discusses take place. Now, if theres some things that the republicans dont like, they should argue for eliminating the bunt, maybe the democrats wont agree and they wont be funded but you dont deal with that by issuing a Government Shutdown. Im going to take one more question. Right here. Mr. President your hand persistence has worked. Mr. President , you talked about the political dynamics that leave the House Republicans feeling that they dont want to negotiate with you, they dont want to come together. I wanted to ask you two things about that. Looking back at the 2011 dae fault discussions and the budget drama, is there anything that you wish you had done differently in 2011 and after this what you called nonsense has ended, what do you believe the political dynamics might how will they have changed to move forward . I think its an interesting question. In 2011 i entered into goodfaith negotiations with john boehner. He had just won the speakership. It was at a time when we were still responding to the recession, deficits were high, people were concerned about it, and i thought it was my obligation to meet him halfway. And so we had a whole series of talks. And that point at least, nobody had any belief that theyd have come close to potential default. We came fairly close and whenever i see john boehner to this day, i still say, you should have taken the deal i offered you back then, which would have dealt with our longterm deficit problems, would not have impeded growth as much, would have boosted confidence buchl at that time i think the House Republicans had just taken over, they were feeling their oats, and they were thinking, you know, with dont have to compromise, and we came pretty close to default. And we saw the impact of that. I would have thought they would have learned from that, that we cant put the American People through the wringer again. Thats why ive been very clear. Were not going to negotiate around the debt ceiling that. Has to be dealt with in a reasonable fashion. By the way, i often hear people say, well, in the past its been dealt with all the time. The truth is if you look at the history, people posture about the debt ceiling frequently but the way the debt ceiling got passed was youd stick it onto a budget negotiation once it was completed because people would say i dont want to take a bunch of tough votes to cut raises or pay taxes. Let me do it all at once. But it wasnt a situation in which, you know, what if i dont get what i want, then im going let us default. Thats whats changed and thats what we learned in 2011. And so as a consequence, i said, with another going do that again, not just for me, but because future president s, republican or democrat should not be in a position to choose whether the economy stays afloat and we avoid worldwide catastrophe or we provide concessions to one faction of one party in one house. But let me tell you a lesson i learned. I think we should. Tlink are all kinds of issues we should be talking about and i dont expect to get 100 of my way and im still very open to having conversations with not just the speaker but any republican over there. So go ahead. If you enter into a series of shortterm funding bills or a debt ceiling funding bill, you will be back in the same place presumably with the same members of congress rngs so what has changed in the political dynamic if you do the shortterm i think what has changed is theyre aware of the fact that im not budging when it comes to the full faith and credit of the United States, that that has to be dealt with. You dont pay a ransom. You dont pay concessions for congress doing its job and america paying its bills. And i think most people understand that you know, i was at Small Business the other day and talking to a bunch of workers, and i said, you know, when youre at the plant and youre in the middle of a job, do you ever say to your boss, you know what . Unless i get a raise right now and more vacation pay, im going to just shut down the plant. Im not going to just walk off the job, im going to break the equipment. I said, how do you think that would go . They all thought theyd be fired and i think most of us thank. You know, theres nothing wrong with asking for a raise or asking for more time off, but you cant burn down the plant or bun down your office if you dont get your way. Most everybody understands that. Thanks very much. Good afternoon. Welcome to the close bell, everybody. Weve been listening to the president taking his fight with the republicans to the American People. Le in l not negotiate the Affordable Care act. Blaming the republicans 100 for the Government Shutdown. Bill, what did you hear . Didnt reiterate his cause to bring to the familiar a bill that would reopen the government and would raise the debts ceiling and then he said he would sit down with anybody from any party to begin the negotiations on the spending. We really havent moved the needle forward or the ball forward but the markets are taking it in stride as well. The dow down 113 points. At the low of the day we were down at 134. So a sideways move for the markets as we listened to the president in the half hour. Of course, the conversation shifting to the debt ceiling debate, the deadline of october 17th next week when the treasury will have 30 billion in its coffers, the president saying not to downplay the importance of the debt ceiling. I want to get reaction. Were joined by larry kudlow and ahman. What did you think . I think he will not negotiate until the continuing resolution and debt are signed. He was rare conciliatory after that. He said im happy to talk about anything the republicans want to talk about but he kept clearly drawing a line in the sand. I thought he was very effective. I dont know what the republicans are going do. One thing where there might have been a tiny opening, issue of a shortterm extension both for the budget resolution and the debt ceiling. Maybe theres some wiggle room there but im not sure of that at all. By the way, in case youre wondering, we did have a democrat standing by, howard dean, the former governor of vermont was here but he had an appointment and he had to go. Eamon, are we making any progress . I know the president spoke with the speaker on the phone this morning. They repeated each of their stances but they dont appear to be any closer that point. I think thats essentially right but i agree with larry that there might be a deal potential. Also the president didnt really shut down the idea that House Republicans have been floating of putting together sort of a negotiating committee. This would be a committee to sheet it down. He didnt do that. So thatwise one as well and i thought the president showed a little more daylight on the issue of pryorization than hes shown before. He was adamant, there are no options after october 17th. Today what the president said was, of course, we prepare for every contingency, although there are no good options if that comes to pass but he said were prepared for every contingency and were looking at everything and he indicated we might hear more from jack lew later on this week. Not a Major Movement in the debate right now, guys. Kill just add to that . I agree with amon. Its not clear to me and i think i disagree with the president on this. No one on the republicans side is using the word default. He keeps using that and saying the world is going to come to an end. Boehner keeps saying theres not going to be any guy fault. Can i just give you a quick number . Any number more or less on average the income tax throws off more than 200 billion per month and the interest on the expense is about 35 billion. So this idea of defaults on our sovereign debt is just its a nonstarter. Its a red herring for heavens sake and i dont know why well, i do know why. It sounds great. No republican wants a defauchlt. Come on, larry. Lets not be disingenuous about this. We understand the spirit in this regard. If you dont raise the debt ceiling at some point youre going to face default on paying your bills even though you have the income coming in. Come on. No, no. Ly come on. First of all he interchanges and he did several times, treasury bills with the overall budget. The second point is john boehner would say he wants the limit the obligati obligations. Thats why he wants less spending and entitlement reform. Guys, thank you very much. We want to get to our next guess. Theyre making little progress with each date today. Even as every economist agrees that reaching the dead limit will plunge the country into a recession. Joining us now, a couple of congressmen. Represent representative lynn jenki jenkins, republican from kansas. Shes vice chair of the gop conference and republicanive john myarmouth whos a democrat from kentucky. Thank you. Did you hear anything discussion that would move this discuss forward . Are we any closer to an agreement at this point . All weve been asking for is to sit down and have a conversation about the parts of the funding bill that we disagree on. And so it mice hope the president is softening about that and will agree to meet with us. The president said if you do that, hell sit down with anybody and talk about the negotiations for the budget. Youd you be willing to raise the debt creeling to do that . Well, if we had some parameters in place. But, look. I dont think racing the debt ceiling without fixing the underlying problem which is this runaway deficit spending here at the federal level is a responsible thing to do either. This let me continue. Well, this administration came into office with 10 trillion in nalgs debt. We are approaching 17 trillion dollars. So thats almost a 7 trillion increase in our National Debt in 4 1 2 years. When i ran for congress back in 08 i did so because i was unhappy that the Bush Administration had added 4 trillion to the National Debt in over an eightyear period. Representative yarmouth, let me ask you. The idea that the president continued to reiterately not negotiate, isnt it the responsibility of the president to negotiate . At what point does it look like the obstacle to progress is the president ran thaer congress to keep digging in . I mean how is this helpful . First of all, the president has had about 20 conversations with republicans in the house about the budget. Republicans and senators have consistently blocked the conference there. Theres been ever opportunity to have negotiations on the budget levels if f the last six months. What has been the excuse for the last five years and the failure to actually pass a budget . Isnt the result of the issues withre dealing with today the result of having no budget for five years. Of course. Thats prima facie. Thats why we shut down because woe dont have a budget after agreement. For five years. The house passed one, the senate before that in june and now were still here. We havent had a conference. We can do that, we should have done it. The fact remains we cut 3. 6 trillion worth of spending over the last three years. The deficit is half what it was during the peak. We are spending less money this year than we spent in 2008. So theres been a lot of progress made and the idea that this is getting worse and wore worse and worse is borne out by the facts. Speaker boehner said there will be no default. Theres got to with middle ground somewhere. Theres gog to be something done where either they have the continuing resolution passed, the debt ceiling raised or somethingless has to happen. What is that Something Else that ee going to happen that will keep us from defaulgt on our National Debt . A simple conversation between the two sides that sees things differently. Right now thats the only thing thats missing. We invite harry reid. Our appointees have been sitting at the table now for over a week waiting for Senate Negotiators to show up and they have not yet shown up. And they have said they will not do that until theres a continuing resolution and a debt ceiling bill passed in the house but youre saying thats not going happen until they sit down so weve got the classic catch22 here. Let me ask you because were running out of time here. Can you guarantee us there will not be a debt default . Representative jenkins, you first. Absolutely. We dont whiens the president would want to do that. Congressman yarmuth . They would love do that but you cant negotiate the kinds of things republicans want to negotiate in 80s or nine days. We couldnt do it in months and months and months after 2011. All this stuff, well be back at it again in six weeks or two months and thats why this kind of hostage taking negotiation we cant do. All right. Thanks very much. We appreciate it. The markets are off of the lows, down about nine points on the Dow Jones Industrial average. Were just about 30 minutes before the closing bell. You know where we see the reaction is in the short toechbld yield curve. Its come up quite a bit. On the selling, not so much on the long end. We teal talk about it. Terry duffy says he has a solution. Hell be here to explain it coming up next. Especially when it comes to my investments. You want a broker you can trust. A lot of guys at the other firms seemed more focused on selling than their clients. 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Get 200 free trades when you open an account. Stocks are getting lower. We have the fears about the looming debt ceiling crisis. Where does this market go from here . Joining us in a late closing bell skparj we appreciate your patience. Kimberly, shes the author of wealth by zone and our own Rick Santelli joins us. Thank you for your patience. We are down 5. 6 on the dow since the market hit its alltime highs in september. Is that a market thats fearful of whats going on in washington or just a correction going on . Theres no question the markets been fearful. Its been steadily rising. There is nervousness, but at the same time the market is getting used to this stuff. One of the things we look at is what is the average climb in the s p 500. The average was 1. 8 decline the first time during the shutdown. 2. 0 the last five times. The market is getting used to, but nonetheless there is hope. You get used to it till it happens to you. Yes, the markets have been complaisant but do you worry as we approach that october 17th deadline we go from the panic increases and suddenly we find ourselves in a massive skyrocketing rate environment . Were more worried about a lid quitty issue. Whats been interesting to us over the last few days is to see the tbills on the short end have gone up by libor and swath havent at all. Why do you think that is. What is the market telling us . The market is expecting the fed to provide liquidity very consistently through this. Come bkimberly foss. Do we even Pay Attention to that . Does it matter when weve got to wrangling in washington . Prioritize for us. What matters to you most as an investor right now . I think for the investors its really whats going on with washington. Politically theres no advantage to all this politics. Its hurting consumer confidence, its hurting Business Confidence and its hurting investor confidence. Of course, with dont want anybody to default on the debt but the longer it takes, the more untrusted and instability the markets are showing. I think in the long run we will get through this. Im cautiously optimistic but the question is how, at what cost, and when are we going to get a resolution. Yeah. Rick santilli, what did you see in chicago . Yes. 35 basis points in chicago at 11 30 eastern. Highest auction rate on a onemonth bill since october 28th of 2008 because the period in question where maybe payments wouldnt have be paid which i think is highly unlikely, anything thats in that time slot is a bit under duress and how that may address the repo market under a bit of duress, but as you move on the curve, theyre up four basis points. The fives are up two basis points. 10s and 30s are on change. Its more of a calendar function, shoreterm financing possibilities, but i will still say the chance of default in boehners own words is zero and theres a lot of chicken littles in very high offices these days. All right. Thanks, everybody. We appreciate it. While the two sides in washington are still unable to reach a compromise. Our next guest thinks he ooh is got the best solution for the debt creel deeg bait. Our next guest is terry duffy. Welcome back. Great to see you. Youve been watching while weve been watching. Whats the solution . I dont know if theres a solution, maria but a couple of things i find interesting. The republicans keep putting out bill bus the democrats keep rejecting them in the senate so what theyre saying is they dont want to have a piecemeal legislation. What the president has done is hes given an exemption for 80 of businesses in america. So if you have 50 employees or more that work 30 hours or more a week, you do not have to abide by the Affordable Care act. If you dont, you do. So that 20 represents roughly 60 Million People that are not exempt from this. So i think what the republicans are saying, give evan exemption and well reopen the government. Thank is the first and foremost important thing we need to do. Its a simple solution. If he doesnt go about it, hes doing nothing but loading up the republicans a year from now because the cost of this program will be met with less participants in it than there is if everybodys in the participant. I give the president a lot of credit. Its first time hes got a bill pass bud at the same time if hes going give an skpejs to the others, give it to the other 20 also and see how it goes out. That to me only makes common sense. The president also said im sorry. What about you know, lets talk about the democratic side for just a moment, terry. What about those who say its just irresponsible to even use the debt ceiling as a a leverage tool in these nesh gauche united nations. We should not be messing with the full. The president has said hes willing to sit down and even talk about the efficacy of the obama care bill but theyve got to reopen the government and raise the debt ceiling first. Is that unreasonable . No, its not unreasonable but think you said something very interesting and the president said something very interesting today many times. Hes ll to sit down and talk. Is he also willing to listen . I think thats whats critically important here. It cannot be just his way or the highway. I tlinks two bodies of congress that have a vested interest. Terry what youre saying is this is what the republicans are pushing for and the president continues to reiterate we just heard from him for an hour and five or ten minutes. I know. And he said he will not negotiate on the Affordable Care act. He will but theyve got to pass the continuing resolution first and raise the debt ceiling. Then hell talk. But thats not right. He already did negotiate. Thats disingenuous. He negotiating but telling businesses they did not have to comply with the a fordable care act for the next year and the other 20 he did not do so. Thats where the republicans have a problem with it. He started it so he should finish it. Why are the markets reacting . Lets talk about the debt ceiling. You look at where Interest Rates are today and Rick Santelli knows them better than anybody, but were at historical lows. Just the pure rhetoric of this could have Interest Rates on the rise and then i think this is where i will agree with the president. They wont go back down because people are going to eventually get tired of listening to these arguments about the u. S. Every two years on the debt ceiling and theyre eventually going to charge more for us to borrow money. Thats a big, big problem. Trust me, were all sick about hearing it. Thank you so much. Weve got to 15 minutes before the closing bell sounds for the day. Still definitely affecting the markets in a bad way and it could only get worse if the tone doesnt change. Up next two market watchers tell us how theyre playing the market right after this. [ male announcer ] eeny, meeny, miny, go. More adventures await in the new sevenpassenger lexus gx. Lease the 2014 gx 460 for 499 a month for 27 months. See your lexus dealer. For 499 a month for 27 months. Evebut only three in tenents of them are women. Th and science. To have enough graduates to fill 21st century jobs. Well have to solve this gender divide. Lets inspire more young women to pursue math and science. Lets light the way for a new generation. Join exxonmobil in advancing math and science education. Lets solve this. Welcome back. This market having another tough day. Courtney ragging break down the rough days. Thats exactly right. It started out as an okay day and then things really deteriorated after both sides spoke in washington. If we take a look at where we are. The market is down 4 on the s p. If you look at the sectors, thinks are shaking out as you might expect them too. The sensitive names selling off. Tech is selling off. Consumer discretionary is selling off. Then the consumer staples, utilities leading the market high fehr a second day. Biotecks. The nyc biotech index down at its lowe esest level in two yee. The trends that we saw in the Third Quarter are not likely to continue and then the Home Building stocks are also falling as a result of that down grade. Back to, you bill and maria. Thank you so much, courtney. Weve got about ten minutes before the closing bell sounds for the day. Were down 5 , billsome. 5. 7 . 5. 7 from the highs. Yes, its sort of a slow and steady decliechblt in fact, its a slow and steady decline so were seeing a pretty good reaction here, negative reaction. Were giving back septembers gains. Another day, another selloff. If you think cooler head willing prevail in washington, do you think its time to jump into the market and buy this dip . Well talk about it coming up. T. So we talked about her options. Her valuable assets were staying. And selling her car wouldnt fly. We helped sydney manage her debt and prioritize her goals, so she could really turn up the volume on her dreams today. And tomorrow. So lets see what we can do about that. Remodel. Motorcycle. [ female announcer ] some questions take more than a bank. They take a banker. Make a my financial priorities appointment today. Because when people talk, great things happen. All right. Ten minutes left here. Were out from the closing bell. What hes trying to say is the market is down 120 pointses on the Dow Jones Industrial average. You want to talk about investing in the uncertainty, chad moore began laernld along with chess lof. God to see you. Weve got this slow decline for stocks dhouchl you think clients are reacting to this dysfunction and approach the october 17th deadline . Its funny. I thought the market would be down a lot more than it is today just looking at the carrage goi carnage across the tape. Some people are buying defensive names. I expect that to go forward until we get a change in the language in washington. Two other times this year, chads weve had a 5 decline in the market. Subpoena it time to get that going . Ill get you a Shopping List. You can find quality opportunities. At this point, though, investors are moving up the quality spectrum. Theyre buying some of the consumer staple stocks. The momentum players have taken a back seat. Whats your take on biotech, one of the worst performers for the day . Theyve had a run but you can find other opportunities, okay . Biotech should be selling off because perhaps its overvau yooled but you can find on the oil service side and the come super side. I think when the deal comes the markets going to gap higher. Are you going to do that . Not yet. I didnt think so. Did that surprise you at all . Were in a waitandsee attitude right noud. I think id rather play it from the short side. I want to see a big flush selloff. We havent had that. No, we havent had it. This 120 down point is not a big event. Were not seeing it from down here. Thats not to say theyre not doing it right now but i think people are locking in some profits and thats going to gone on until at least friday. Thats a long time in our environmental. Approaching that october 17th deadline if this Government Shutdown continues and we dont have the resolution, do you think things turn ugly going into this deadline . . We could see a bounce but its not like this date appeared out of nowhere. Theyre kicking the can down the road again and its really becoming a crisis of confidence as far as from a trading side. And these words are used all the time but thats what its become. You have to look three weeks out. You think it will be done by then. Were going to get done three weeks out and the market is going to be higher. Matts going to be right about that bchlt u you have to start looking right now and have your Shopping List real tight because there are going to be themes of opportunity. Okay. You can tell he wants to buy. Thank you, gentlemen. Good to talk with you. Well come back with the closing cauge ing countdown. Afterward dont miss out on the interview with john thain. Well talk about mid market lending with the head of c. I. T. Stay with us. She loves a lot of the same things you do. Its what you love about her. But your erectile dysfunction that could be a question of blood flow. Cialis tadalafil for daily use helps you be Ready Anytime the moments right. You can be more confident in your ability to be ready. And the same cialis is the only daily ed tablet approved to treat ed and symptoms of bph, like needing to go frequently or urgently. 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The yield skyrocketing today. Were at 3. 2 . We were at 3. 5 at one time. Theres not a whole lot of daylight between one month and two years. Short end is whats showing a little bit of panic so far. Alcoa reports earnings after the bell. They looking for a profit of 5 cents on 5. 6 billion in revenue. Terry dolan, what in the world do you do with this market right now . Earnings, washington, how do you play this . Putting washington aside, i know thats hard to do, we actually like the market here. Do you . We do. We thought some of the shortterm movers have cleared themselves up. I think that, you know, the market is at least ready for a bounce of some sort here if not sustaining a little bit of rally. What would you buy . You know, i think across the board youd see value. Id be in tech and some other maybe doubles and higher yielding stocks as well. What would the catalyst be, the fact that they get together in washington . I think two things. I think that the market has reach aed a zone thats technically desirable and we dont think they can shut it down without raising the debt creeling. Thanks, terry. The dow down 160 points. Earnings from alcoa. John boehner coming up in the second half hour. Ill see you tomorrow. It is 4 00 on wall street do. You know where your money is . Hi, everybody. Welcome back to closing bell. Im maria bartiromo. Close at 157 points. We saw selling intense fife just about 10 minutes before the close. Nasdaq composite down 75 points. That has to do with technology and biotell. Biotechde