Manager. John halfer ford income trust. Fedex blasting away that Earnings Report leading to a huge rise in the value of that stock. Very shortly well have oracle reporting as well. Dennis will report that. We also have surprise visitors coming in including ron paul by the way toward the end of the hour. Tim, i want to go to you first, if i may, talk about who bernanke, bernanke is always talking about the economy. Always talking about unemployment motivating his decisions but to what extent was the Market Reaction the basis for his decision . That is, do you get a sense bernanke was playing to wall street in his decision today . If i would guess, david, i would guess he is playing to the Housing Market, maybe not so much wall street. Were stockpickers, not fedwatchers, but i think he was really spooked what the backup in rates could be doing to housing because housing has been one of the biggest drivers in the consumer led turn around. I think he was placing to the Housing Market, not so much to wall street. Liz john, he didnt look comfortable playing to anybody. He looked very concerned. I think he is not happy that he couldnt taper. I think he would love to see better data at this point. As he articulated not worried what he sees in rear view but looking forward but another potential debt ceiling battle and a possible government shutdown. How worrisome is that to our investor audience . I think it is things that investors should be concerned about but i heard you use the word punt earlier. Liz yeah. I might rephrase that. Who knew we should take them at their word . They said they wouldnt begin this until the Economic Conditions supported it. And they clearly think they do not as you said, especially looking forward. The other box i think they found themselves in, once they start, they adamantly do not want to be in a position where they go from meeting to meeting, do we continue to taper, do we reverse it, do we start, do we stop. They dont want to be in that position where every single meeting is something where they get questioned. I think the physical conditions, the politics and budget situation clearly is something they want to stay out of the way of. That is the one set of circumstances that could put them in that onoff, onoff position. David of course it is also something that they have no control over but i understand we have earnings. Dennis, go ahead. You know oracle coming in with a upside beat, 59 cents a share, instead of 56 cents that was forecast but the revenue is a tiny miss, excuse me. Wall street wanted 8. 8 8. 48 billion. Revenue coming in 8. 37 billion. That is 110 million miss not big on an 8 billiondollar base. Wall street is punishing revenue misses. Just a quarter ago oracle fell out of bed after disappointing results. People were worried about secular. This is a good rebound from the previous quarter, david. Liz indeed. Dennis, that is interesting to see. There is no real stock reaction. Go to our panel. Interrupt us if you see anything else. Todd horowitz, youre in the pits watching the action, were you as surprised as the equities market appeared to be . Look at indices chart of every major index, dow, nasdaq, russell, some are hitting alltime highs. We were very surprised. The whole plan they would start to taper in here but the Worlds Largest hedge fund they were not going to taper. By reaction in the market they spiked higher. I want to know what happened to the transparency in the transparent fed. They threw a bomb on everybody. They trapped everybody on the short side of the market and out of the market. We had this major explosion to the upside. Where it goes from here i dont know. You reported oracles earnings. Another reason there is no topline growth. We have no growth anywhere yet we continue to support the market. David hold on a second. Im usually with you all the way, todd, in terms of what the fed is doing. I dont like all the money printing. I think it has to stop. They made an exit strategy even more difficult to accomplish by this but, john, the fact that fedex reported today, tremendous earnings. Fedexs stock was up 5 . Fedex is a bellwether for the economy n fact the market watch did a terrific thing. They looked at fedex earnings over the years, tracking it with the economy and with Economic Growth. I know ben bernanke is telling us we were wrong, Economic Growth is slower than we thought it would be but the fact is there are stirrings in this economy, stirrings that are indicated by the success of fedex. I agree 100 . David go ahead. Todd, then john go ahead, todd. I agree on fedex with great earnings but made them by cutting back and cutting back on staff. They did a lot of cost cutting to get to that earnings. We dont have true real growth. Look at u p of the s, mcdonalds, walmart, take the four, one out of performed better. David i get you, but john, fedex stock is growing and fedexs stock is proving it. Large companies, im sorry. David john, go ahead. Large companies that are managed well are doing very well, it is the breadth and depth of the economy. Chairman bernanke did address that during his press conference that is a concern to them. Liz tim david, sorry, i was going to say, liz, you know in this economy the bigger are getting a bit bigger. Having that scale, no matter where you are in the caps speck, small, mid or large, seems to be a big benefit because there is growth out there but its tepid. I think scale really does mater. Listen, i think that your comment at the beginning was, i dont know why were surprised or maybe it was john. I dont know why were surprised that the fed actually kept its word. Ben bernanke is very clear. He doesnt want to start cutting until we see unemployment, not cutting, rather, tapering. Theyre not cutting for a long time i think. Forget that. Thats not happening until unemployment comes down to certain levels which it is not at the moment. Here are the treasury yields. Anybody surprised about this . Tim, what did you think when you saw treasury yields coming down just a bit . No, i wasnt that surprised, liz. If you go back to may when the taper talk started, that is when they started to back up. Now thats off the table, it was pretty swift. But, so was the backup in rates. So im not surprisessed at all. My guess is, if this continues, again in terms of fed Monetary Policy i expect them to continue to liz john, how stark do you think that move was compared when it comes to gold, jumping now 57 in the aftermarket session or at least last look compared to a sort of a slight move down on yields . What message does that send as we spin it forward to investors who say what is the trade, what is the next trade . Again, i trade, we manage and trade bond. I dont manage and trade gold but the behavior of that, particularly as you said, it popped 7 in the last 19 seconds before the close, that smells like a short squeeze. That really sounds like a lot of people were short and they got squeezed post the announcement. David well, todd, we are kind of reluctant to take the fed at their word right now because they gave wrong signals as to whether they were going to taper. A lot of people think they did but they did give us some indication from bernankes question and answer period, he said our intention is to maintain a highly accommodative policy. Now it has become sort of conventional wisdom today since the announcement this might have been a hat tip to janet yellen if she is the person to succeed ben bernanke, that is perhaps the kind of accommodation she would be more likely to do which is much more than ben bernanke as accommodative as he is would be likely to do. So is this just, sort of a presage of what will happen . Are we in line for this kind of accommodative policy for years to come . It looks like it will be for a while. I think the fed is actually panicking here a little bit with what theyre doing keeping this accommodating going. If you look at the real picture, look at jobs, Unemployment Rate is coming down but because the lack of participation in the last 180 days. 77 of the people are underemployed or working part time. So what were really seeing is a number coming down but it is coming down as artificially as money printing is going up. It is really not a good position. So the fed is really trapped into this position where they have to keep printing money to hold wall street up here, where the separation of wall street, is really becomeing a scary fact. A remind me of Lehman Brothers and bear stearns. David one thing definitely has made exit policy a little hardtory find than it was yesterday. We thought we would be a little beyond this today. Tim holland, john donaldson, thanks for coming on. We appreciate your expert commentary. John well check in a few minutes when the s p futures close. Liz just a taper. Global markets are about to give their verdict on it, whatever you want to call it, starting with traders in the asiapacific region. They are hours ahead. Just a moment were taking you live to hong kong and london to find out what it looks like for them and their international playbook. David that should be fascinating. Former congressman and president ial candidate, yep, ron paul the nations most outspoken critic of the fed. He is here live to give us his reaction to todays fed decision. Whether he thinks janet yellen should be the next fed chairman. You dont want to miss this coming up. Liz all that takes us to todays facebook question. We love to have you in on the question of the tapering decision. Do you think the fed took an easy way out or is it so hard for them to make that move. Log on to facebook. Com afterthebell. Well let you know what we think. Dont go away. Lots of breaking news. [ indistinct shouting ] [ indistinct shouting ] [ male announcer ] time and sales data. Splitsecond stats. [ indistinct shouting ] its so close to the options floor. [ indistinct shouting, bell dinging ]. Youll bust your brain box. All onhinkorswim from td ameritrade. But it doesnt usually work that way with health care. With unitedhealthcare, i get information on quality rated doctors, Treatment Options and cost estimates, so we can ke Better Health decisions. Thats health in numbers. Unitedhealthcare. David shares of adobe are spiking following yesterdays earnings showing steady growth in subscriber base. Nicole from the new york stock exchange. Nicole, theyre doing great. That is exactly what we are talking about right after the bell, you knew adobe would be a real winner. Not only a winner, but up 9 and a quarter percent. But analysts jumped on board. Current quarter was a little below estimates as we discussed yesterday. It was about the number of subscriptions for the cloud and Going Forward for numbers they were providing. Thats why you saw adobe as a real winner hitting new highs today. The obviously a big deal for everybody watching tech. Certainly looking like alltime high. Looking to chart it here. Looking great. I believe it was alltime high. Great move for adobe. 52. 5. Yeartodate up 40 . Liz taking on oracle. David they are indeed. Put it right, nicole, watching after the bell right here, yesterday you knew it beforehand. This would happen. Thanks a lot. Liz got to look at commodities. They saw, pretty massive moves following the feds statement. Gold, oil, surging. David Todd Horowitz is still with us as is sandra smith. Joining us. Sandy, does this mean all commodities get a bump like gold did today. This is highest jump in gold price since 2009. Gold, silver, led the gains as far as commodities today. Oil prices up, 2. 05. Gains across the board. Remember a lot of this is bus the dollar plunged after the fed announcement. There is no other discussion down here on the floor other than were going to have to pay for this eventually. Liz yeah. Bottom line, guys, when we talk about the stock market, yes, everybody in new york and the wall street, they love the stock market rally. Traders here love volatility. They got that today. We had wild swings in commodities, equity futures. Quite a day. Liz what sandra is talking about todd, was pretty much, esther george, lone dissenter, lone hawk, not lonesome dove. Lone dissenter when it came to decision not to taper. Her specific word were she was concerned about the risks of future imbalances. Isnt that, todd, fanssy for saying a bubble . A future imbalance is a bubble, is it not . I agree 100 . I think were in the another big bubble, were being driven now by greed which is always the start of the bubble. It may not pop tomorrow or next week but eventually it has got to pop. Markets have to run true eventually. It has been shown out through every panic in years. 87, 99, 2007, and again here. The green is driving this market right now. When we get the last of the greed in and this cheap money has to top, this bubble has to pop. That is what she is saying. She is right. I think we need to see rates climb a little bit to free up money for the average joe and everybody other than wall street. David greed alone is not bad. Greed and speculation when youre in trouble. That is the question whether were in a speculative era or not. People will be debating between chicago and new york. Liz todd, thank you very much. Sandra, to you too. We appreciate it. David coming up we go around the world to find out how asian and european markets are likely to react to the feds very unexpected decision on the taper today. Liz later our allstar coverage of the fed decision continues with rbss head treasury. You saw bond yields plummet and former chief economist of dallas fed. She is joining us to break down what the fed decision will mean for you and your money in long term. [ woman ] if you have the audacity to believe your Financial Advisor should focus on your longterm goals, not their shortterm agenda. [ male announcer ] join the nearly 7 million investors who think like you do. Face time and think time make a difference. At edward jones, its how we make sense of investing. Amelia. Neil and buzz for teaching us that you cant create the future. By clinging to the past. And with that youre history. Instead of looking behind. 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Liz garrett ryan, rui founder and ceo with us live from london. Youre watching futures over there. How do things look like opening of european markets which are several hours away of course . Exactly. So were expecting thursday to be a very positive day for european markets broadly. In fact for asia which opens before then. First thing i would like to say that throughout the summer period, going back as far as may, chairman Ben Bernankes comments has basically led us down a path over the past few months we were expecting going into this fed meeting, we were expecting some kind of a tapering to take place. Liz sure. Regardless how small it would actually be. We didnt get that. Now here we are, kind of wondering where do we go next, because there is no guaranty, especially the language, during todays fed policy statement, there is no guaranty that we actually will get some kind of a tapering before the yearend. December obviously is the next big meeting for the fed. Really this is now looking like 2014 event. Assets should now be focused on, rallying especially equities, during the next three to four months. David garrett, stay with us. Well go even further east than where you are to steve bernstein. Sino pac asia managing director. He joins us on the phone from hong kong. The of course the asian markets are very much likely to open to the upside as we heard from garrett. The question, steve, how will the fed decision affect other Central Banks, particularly ones in asia . I think it will be a bit surprising to the markets. I think theres a lost pressure on the fed from japan and china and other governments basically, saying look, what did you do affects us. David right. So i think its a positive move and i think that will help the market. David are other Central Banks, particular Central Banks of japan and perhaps china do a competitive style move in terms of easing their own policies . The higher their currencies go in relation to the dollar the tougher it is to export what they have. Yeah. I think there is this, there is certainly movement. I think japanese government has been doing a lot. I think they will continue the fact that the fed didnt stop any of the, didnt taper off at all will put pressure on them to be a bit more aggressive. Thats right. Liz garrett, the u. K. Certainly had its own form of quantitative easing and stimulus. But do you get the sense that they will be ahead of us in scaling back . Not particularly. We obviously had a couple of key statements come out of the bank of england over the last few days with regards to policy Going Forward but the bank of englands policy is set aside from the what the Federal Reserve program looks like. The Federal Reserve policy and Quantitative Easing Program weve had remember is the largest weve had in a century. So, yes, the bank of englands policy Going Forward for monetary stimulus matters but more importantly, the Federal Reserve, with the dollar being the key reserve currency of the world, that so us matters a lot more. David it sound like you felt a little misled. We talk a lot about the faith and currency of the United States government. Im wondering whether your faith in the fed, visavis what they are planning to do, what theyre telegraphing they are going to do has been harmed by what happened today . Sure. Obviously were a money manager. So we have to look at whats best for our client portfolios. As i mentioned, we were positioning ourselves throughout most of the summer period for some kind of action to take place today. The start of this tapering program that has been the obsession of the market for quite a while now. As you know, august was a very ugly month for equity markets particularly in the u. S. In fact the worst month for equities more than a year. That for us was the market preparing itself for tapering to begin. We havent had that. So yes, weve had this nice surprise rally in the last couple hours today in equities. But it makes things a little bit less clear for us Going Forward, especially going into 2014. Liz well, steve, putting aside the fact that ben bernanke has been very clear that he didnt want to start tapering until he saw unemployment 6. 5 . Were far from that. At least any kind of rate tightening. It is a head fake, no matter what you want to call it. People really did expect, i mean one or two people, but people expected we would see this. In the meantime there have been criticisms that the feds behavior negatively affect ad lot of emerging markets, many in asia. Do you think that is a fair criticism. I think it is fair in the sense that a lot of money came off the table. People you know, expected this. As you said, and it put pressure on other countries to, you know potentially follow suit or take action against it. The fact that it is a big head fake and was not expected now people are going to wonder why, is it going to happen at all this year . And you know, i think fed had a chance to do a little bit, just to send a message to the market. The fact they didnt do anything is going to put some pressure on other countries as well. David steve bernstein, from hong kong, gareth ryan from london. Good talking to you both. Liz big ben chimed in and pretty much surprised just about everybody. What is next for the fed. And your portfolio, your money . Next we have two terrific analysts to game it all out for dallas fed chief economist is among them. Rbss head strategist. David good group. Former congressman ron paul who consistently argued that the fed should be abolished. He will tell us what he thinks about the todays fed decision and about the fuss over who the next fed chairman should be. You really love, what would you do . [ woman ] id be a writer. [ man ] id be a baker. [ woman ] i wanna be a pie maker. [ man ] i wanna be a pilot. [ woman ] id be an architect. What if i told you someone could pay you and what if that person were you . When you think about it, isnt that what retirement should be, paying ourselves to do what we love . Liz time for a look at todays market drivers. As you see stocks rallied to new highs as Federal Reserve surprised markets by announcing plans to continue 85 billion per month in bond buying. Yields on 10year treasury sank as the u. S. Dollar fell to a sevenmonth low against. A lot of sectors did very well including homebuilders. Oil rallying 2. 5 hitting intraday high following Federal Reserve announcement. Crude closing up 2. 56 at 10. 57 a barrel. Before the announcement it was up 1. 65 108. 57 a barrel. The volatile apartment market weighed on results. Excluding apartments, starts for Single Family homes surged 7 from july. Great move in homebuilders. David we did indeed directly as we saw what happened with Interest Rates. The fed decision not to begin tapering spark ad huge equities rally with s p 500 and dow hitting new intraday highs. Liz will it just make it harder for the fed to really begin tapering down the road . Joining us michael cox, former senior economist and senior vp of dallas Federal Reserve bank and william odonnell, rbs head treasury strategist. We had a guest earlier saying it felt like the fed had panicked and theyre too worried about swirling around instead of what wayne angell in last hour said, he is a former federal insider, things are looking good enough to at least start tapering. Mr. Odonnell, do you agree with that or will the fed take just forever to do this . Ill tell you what, we were just having that conversation before i walked in here and it does open up that question, when is tapering going to end . Because if you presume as we do that the first tapering is likely to be at one of the quarterly meetings where the fed chairman has a press conference the next window is december and it is december is 11th. That is around the time where the fixed income markets are essentially shut for the holidays 18th. How will you make that mid 14 target date they proposed earlier they will unwind the qe three program . They will have to come with some significantly large, you know, withdrawals of stimulus in order to meet that mid14 date. I think reality is what economists are likely to do today and in the near future move out the date for the end of qe3 and perhaps the date for the first tightening from the middle of 15 to the end of 15. David michael, doesnt the fed, and i didnt hear them ask this question during the press conference today, but dont they have to answer for getting it wrong, consistently getting it wrong on their growth predictions . They have consistently said it will be 3 , above. They have time after time been wrong on this. The question becomes, sort of like president obama complain about income disparity under his watch. They are complaining about growth problems under their watch. Why continue with the policy which is not helping our overall growth situation . Good question. I would describe this policy one of cowardice and cronyism. It is cowardice because the fed is afraid to let the market do its natural selfhealing process. The economy goes through that. It is one of Creative Destruction the fed is keeping Interest Rates at artificial lows, 237year low, propping up the stock market, createing a bubble and afraid to back off on it are you saying by the way, that the stock market is a bubble itself . Absolutely. Ive done work on that to see the relationship between Interest Rates and the stock market. What i found is that over 117 years of history of the dow and Interest Rates, each 1 age point, that is 100 Basis Point Movement upward in the Interest Rates causes 9. 5 decline in the market. We have a 20 bubble. Also liz let me jump in. So you would have stood side by side wees sister george and said i dissent on this decision not to taper . I would go far beyond that i would say look, we need to stop sucking up all the attention and pretending economy cant do anything good without government officials. There is too much attention to us. When we know that the real growth in the economy doesnt come from us anyway. Doesnt come from government. It comes from the people out there who start businesses and create jobs. Lets trust that they have, that they are strong and resilient, william, talk about the average people. Get away from wall street for a second. The average income in america is stagnant. So is the poverty rate by the way. It has not improved at all, in fact there are indications getting worse. That means even with very low inflation of 1 , between 1 and 2 , it still means that the income of americans is going down. If you have stagnant income and a little bit of inflation that hurts the average american. How much longer can they stand that . Ill tell you what. Seems like the fed cant stand it at all. If you look at personal income and spending data that we got, what, week 1 2 ago, it was very, very weak. The consumption data is really one of the reasons why they have been, the fed hats been unable to achieve orbital velocity for growth. The fed has blamed it on fiscal headwind and while that may be true, the fact is even if those fiscal headwind lift this is a consumptionbased economy, consumption is roughly 70 of gdp. They have to get real incomes and wages an salaries up and right now theyre lower than they were in 1989. Liz well, youre both not wrong, definitely. Many right points but, so are the markets as we see down. You dont fight the tape. You dont fight the fed, david. David not today. The question what happens tomorrow. Well deal with that coming next. Michael cox, william odonnell. Thank you very much. Liz next, microsoft face as moment of truth as it gets ready for its very first major analyst meet being in two years. They used to have these things all of the time in the 90s. Ceo steve balmer is on the way out. The tech giant is struggling in the mobile devices market. Can microsoft convince wall street it has a window into the future. David when it comes to the fed no harsher critic in the world than former congressman ron paul. He is is here live to give his reaction to the no taper surprise and what he thinks of manueverring over who the next fed chairman will be. My mantra . Trust your instincts to make the call. To treat my low testosterone, my doctor and i went with axiron, the only underarm low t treatment. Axiron can restore t levels to normal in about 2 weeks in most men. Axiron is not for use in women or anyone younger than 18 or men with prostate or breast cancer. Women, especially those who are or who may become pregnant and children should avoid contact where axiron is applied as unexpected signs of puberty in children or changes in body hair or increased acne in women may occur. Report these symptoms to your doctor. Tell your doctor about all medical conditions and medications. Serious side effects could include increased risk of prostate cancer; worsening prostate symptoms; decreased sperm count; ankle, feet or body swelling; enlarged or painful breasts; problems breathing while sleeping; and blood clots in the legs. Common side effects include skin redness or irritation where applied, increased d blood cell count, headache, diarrhea, vomiting, and increase in psa. Ask your doctor about the only underarm low t treatment, axiron. [ male announcer ] 1. 21 gigawatts. Today, thats easy. Ge is revolutioning power. Supercharging turbines with advanced hardware and innovative software. Using data predictively to help power entire cities. So the turbines of today. Will power us all. Into the future. Liz i remember Microsoft Holding these Analyst Meetings back in the late 90s. They give out all kinds of treats, swag bag chockfull of microsoft stuff. They stopped doing it two years ago. Tomorrow is the first major Analyst Meeting in two years at microsoft. With recent news of the Company Buying nokias phone business and ceos position up for grabs, there is so much to talk about, no question. The company will be in the hot seat. For more, we bring in brent bell. Ubs senior analyst. He will be at the meeting tomorrow. Brent, what is number one thing you as an analyst, lives and breathes as a stock you cover, need to hear . We need to hear a clear, concise pathway to the cloud, how they will move into mobile, and i think the Enterprise Business is very strong but an update how their Enterprise Business continues to thrive which is still the cornerstone what microsoft is built on. As you said, we havent had a day for two years and i think for microsofts perspective, we got the news on ballmer. We got news on buyback and dividend. The next catalyst for microsoft, who will they put in as ceo and calculate the shift theyre going through, a pretty dramatic shift they have knot caught on to the wave like others like salesforce. Com and a handful of other companies we cover have gotten on the wave. So can they catch the wave . I think well have more details tomorrow. Liz do you think they will announce a ceo tomorrow . I dont believe they will. I think theyre still going to, theyre still vetting candidates both internally and externally. I think there is a handful of great candidates that can run the company. Liz they bought skype and possibly him . Who do you think . The nokia people . Well theres a handful of candidates. Tony bates is considered a really good candidate. Who runs their server business and cloud infrastructure. Every time i met him im super impressed with him. I think he is a great candidate. Obviously stephen elop who was at microsoft before he went to nokia. Liz exactly. Institutional investors i believe would rather have someone from outside. Alan mulally from ford or another ceo that run a company that can bring fresh perspective to microsoft. Its a great story. It need as freshenup if you will, yes. Liz i get it. As you say a fresh per speck tougher. Okay, they would have thought the market would love the perspective the purchasing nokia to say we are definitely doing this. So that we can create a phone that will be the superhot thing as we watch other companies try and do that, google with Motorola Mobility and motox. I wonder if microsoft was fighting last war which was a smartphone . As we came from Silicon Valley and 3 days in the valley coverage it is about wearables. Is that a concern . I think theyre playing catchup in mobile. Steve ballmer said there is no plan b. They have gone through mobile plans, they havent worked. Less than 5 of the global units are microsoft devices. From a mobile, washable perspective youre right i think others beat them to the market. I think they have to get this right. Remember they got the entertainment business right. They came up from nowhere against sony and nintendo. 0 market share and got half the console market and considered leader in entertainment in home. You never rule them out. Going back to the frequenter perspective. No one wants to buy a windows phone. If it is x phone or another branded name i think there are lot of things they can do. I have a lost ideas. I know other investors have ideas. I think they can put this to work. I dont think theyre totally out of the game yet. Liz do you think the next ceo will see the pressures and feel pressured to break off pieces of company. No. Liz you say no. No. Microsoft could potentially break off the entertainment business. The xbox business, its a great brand however it doesnt really do anything for investors in terms of the overall business. You know, youre talking at best a 15 operating margin business. The core flagship Enterprise Business, you know, generates anywhere between 30 to 60 operating margin. Double, triple that of the xbox business. So i think the entertainment business could potentially but, when you talk about search, we think search is becoming deeply ingrained in everything we do from looking at our phone, i need to look here come to the studio. Look up a contact. Across the board, search will not be broken up. Broken out. Liz brent, i want to know two things after the meeting. If they make the ceo announcement and if they give you some swag like a goodie bag. Im not expecting any swag. I dont think well get either. Liz i dont think so either. Times have changed. Brent, thank you very much. Let us know how it goes. Thank you. Liz david, over to you. David former congressman and president ial candidate ron paul he is no stranger to controversy especially with his blistering criticism of the Federal Reserve. Next he will join us live in studio to tell us what he thinks about the feds decision not to begin scaling back asset purchases and begin printing money. My customers can shop around see who does good work and compare costs. It doesnt usually work that way with health care. But with unitedhealthcare, i get information on quality rated doctors, Treatment Options and estimates for how much ill pay. That helps me, and my guys, make better decisions. I dont like guesses with my business, and definitely not with our health. Innovations that work for you. Thats health in numbers. Unitedhealthcare. [ engine revs, tires squeal ] [ male announcer ] since we began, mercedesbenz has pioneered many breakthroughs. Breakthroughs in design. Breakthroughs in safety. In engineering. And technology. And now our latest creation breaks one more barrier. Introducing the cla. Starting at 29,900. David i think fair to say never in the history of the Federal Reserve has it had nor severe or consistent critic than our next guest, former congressman ron paul who is here to discuss todays feds decision. Dr. Paul, happy to have you here. Great to see you. David what do you think about what happened today . Everybody was expecting some kind of a pull back on the money printing but not even that. It wy bad sign. Must mean the fed is worried. Everybody thought they could now. David worried about what . The economy. Theyre bragging the economy is doing well and employment is up. Deception they put out there everything is doing pretty good. Now he says no, it isnt good. Well keep inflating. It is 85. We have to do it. Markets liked it. David markets are doing well. But average american, clearly as we pointed out average income is flat. Which when you add in a little bit of inflation the fed is willing to admit to because frankly i think it is morethon that because they dont count food and gas the average american loses income as a result of their income stackingnant. If you look at 2 , think of a moral sense what right does he have to take away of 2 purchasing power deliberately . What right does he have to punish elderly who save money . Old days frugality were good idea. I asked bernanke and greenspan, they threw their hands up, some people wont benefit by this they recognize that was the case but thats wrong. Why punish savers. David what happens knew . It is clear that it if it is janet yellen, if she succeeds ben bernanke she will be like bernanke on steroid. If today is any indication, what does that mean for our economy . Just prepare for the destruction of the dollar and crash in the bond market one day. You know, i think the bond, the bond bubble is weakening. Interest rates have doubled on the 10year bond in the last year. What if david came down tremendously, 16 basis points in one day. Yeah, but you wait and see. The trend will be up and it is going to be zigzaging up. But i think deliberately, definitely up. I think the Interest Rates will go up and dollar is going to weaken. Of the prices have, have to admit prices are going up and standard of living is going down. The worst political problem we have is discrepancy between the poor and middle class and wealthy. David i feel in a weird position where i have to defend the fed for a second. The Housing Market benefited from low Interest Rates, no question about that, right . Someplaces but, i dont know whether it is all good investment because they dont, they get their signal from the fed. They didnt get the signal from savings. So you could still have people doing things they shouldnt do. I hear advertisements on the tv, that, well renew your mortgages and you dont have to have anything down and all this stuff. David harkening back to the financial crisis. Oh, yeah. Some are good investment but as long as Interest Rates are artificial, i think youre going to get malinvestment, misdirected investment and people are going to make mistakes and you dont know what they are until the correction has to come. David is there anything could congress or even the president can do . President clearly seems to be veering towards janet yellen, particularly since Larry Summers pulled out over the weekend. Perhaps so help there. What about congress . Anybody following in your david anybody following in your footsteps holding the feet to the fire . Couple in the house. My son will talk about the fed now and then. There will be a few there but i think it will grow in numbers but the most important thing, what happened to me last night. I was at a booksigning event a young kid came up to me to talk about the fed. How old are you . He says fourth teen. Theyre reading about the fed. There is whole generation that never talked about the fed until four or five years ago. Its a big issue. Money is a big issue. It is one half of every single transaction and we dont even know how to define a dollar. David could it become a big issue in the next president ial election perhaps we should have a fed. I think it will continue to be a subject because people now know, growing number, growing by leapses and bounds the fed doesnt give us nirvana, doesnt give us perfect economies. And they cant do much now to get us out of them. David youre young and spry. You may not be running again but will you lead the charge . Probably not. Maybe philosophically i will be involved and try to influence young people who are energized and they energize me. Campuses are alive and well. They want to talk about free markets and liberty, across the board how it affects Foreign Policy and nsa. Theyre interested in how our privacy is intruded upon. I think, i think theres a lot to be optimistic about on the long run but on the short run, i think, were going to have to go through some tough times. David think what you may of dr. Ron paul but he is absolutely consistent and sincere as anybody i ever met inside the beltway. Dr. Paul, great to see you. Thank you very much the for being here. Thank you. David liz . Liz david, one of the most romantic cities in the world but the Mass Transit System is takeing a hardline says people show too much affection in public. No kissing . Details when we go off the desk. At od, whatever business youre in, thats the business were in with Premium Service like one of the best ontime delivery records and a low claims ratio, we do whatever it takes to make your business our business. Od. Helping the world keep promises. [ male announcer ] now, taking care of things at home is just a tap away. Introducing at t digital life. Personalized Home Security and automation. [ lock clicks ]. That lets you loser to home. Thats so cool. [ male announcer ] get 100 in instant savings when you order digital life smart security. Limited availability in select markets. Amelia. Neil and buzz for teaching us that you cant create the future. By clinging to the past. And with that youre history. Instead of looking behind. Delta is looking beyond. 80 thousand of us investing billions. In everything from the best experiences below. To the finest comforts above. Were not simply saluting history. Were making it. David it is time to go off the desk. How much are you paying to see your Favorite Football Team this season . Tickets to see the new york giants are the most expensive, i can tell you by experience. I was there on sunday. Selling for just over 290 a piece. Chicago gays tickets are the second most expensive at 208. Followed by new England Patriots tickets, 278. Cleveland brown tickets are a buck 99. Liz thats not nice. Thats not nice david i couldnt resist. Liz also off the desk, lovers beware, officials in the austrian capital of vienna have a 70 fine for anyone caught kissing on public trains due to passenger complaints. You will also be fined 70 for talking loudly on mobile phones and eating smelly food. You will not kiss. The Transit Company has hired extra steps to make sure passenger follow to new rules. Im not talking to him. David ron paul was very interested in that story. He thought that was intrusion of the state. We asked you on twitter and facebook, if you, i love the cleveland browns. It was an easy shot. Liz thank you. David whether they took the easy way out by not tapering. Gary wrote on facebook said we should have known with that new person coming onboard that bernanke would not rock the boat. Liz sinjin said getting to the point theyre taking too long to start tapering. The longer you wait to take the medicine the worse it gets. David number one thing tomorrow existing home sales 10 00 p. M. Eastern. 9 economists are expecting sales to decline. I think number one thing to watch will be the market. Will it sustain the federally. Clearly fed boosted it today. Liz foxbusiness. Com will have european and asia markets. Now it is money. Melissa im melissa francis. Heres whats money tonight. Have you been funding terrorism without even knowing it . If you have shopped or done business in this building, then yes. Feds make the biggest terrorrelated seizure in history. A skyscraper in midtown manhattan. Well follow the money where else this could be going on right under the governments nose. Plus starbucks ceo ceos customers to stop bringing guns into its store. Is it a brilliant move for business or will it put a hole in starbucks bottom line . Your allstar panel is ready to fire away. They have been having a rough few months. They should buy ben b
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