David now with regard to the Federal Reserve board he did agree with the questioner, our old buddy major garrett, who asked, is this one. Important economic decisions you will make . Even in fact emphasized it harder. The president says this is probably the most important economic decision i have to make as the rest of my term as president. The big question whether it will be janet yellen, Larry Summers or somebody else didnt give a hint about that. He seemed to emphasize the need for more qe. That is how i took it. I was looking at the market by the way when he was talking about the fed, the market didnt react one way or the other to what he was saying. Did you sense one way or the other that he was supporting a position the fed was making . The one thing he wanted to do was address comments that he made last week behind closed doors to democrats who dont like Larry Summers. You know, who was his former economic advisor, the director of the National Economic council. And that defense of Larry Summers last week in those closeddoor meetings kind of left the impression that maybe Larry Summers had an edge in this race over janet yellen, the current vicechair and some other candidates but heres what he said about it. Take a listen. Well, what he wade sass is that both yellen and summers were qualified candidates. So he didnt tip his hand on that part of it but he did say that he wants to make sure as he considers who he is going to name to replace ben bernanke at the fed that he wants to make sure that the fed is not openly fighting up nation, it is also looking at jobs and job creation, addressing, seriously addressing its dual mandate. David like if you want to insult somebody, you start with a compliment. You say he has great hair but he is an idiot. He started the conversation on qe by saying, yes, im concerned about inflation, but, and then he talked a lot longer, it seemed to me about the issue of improving the jobs picture and invigorating the economy. One would assume by more qe. Well, yeah, who knows what the thought is, is that janet yellen would continue, might support additional qe if she were named the fed chair and, if she felt that the economy needed it but theres also been some reporting on Larry Summers and his support for quantitative easing as well. But listen david peter, i have to push back to you, my friend because it is quite clear in many peoples eyes at least in the market, if it is janet yellen she will be more supportive of more money printing than Larry Summers would, right . Ill let you and commentators decide that but the president said he is still deliberating this. He said he had a couple of other candidates as well. One we know is don kohn, the former chairman, former vicechair of the fed, who is a bernanke ally, and also one name that has been speculated is roger ferguson, who was vicechair offthe fed before don kohn, and he is now at tiaa cref. I thought it was interesting that it is not just a twoperson race. There might be four or who knows how many. David peter barnes plays it strayed down the middle. I couldnt give him to give an opinion if i twisted his arm right now but i tried anyway. I think january yet yellen is more supportive of money printing, i think pa lot of people do and peter has to report it as he sees it and that is opinion on my side. Thank you very much. Peter. Thank you. David im happy to report lori rothman is in studio. Great to be with you. David market continued down. It was down 72 on the dow when the president started speaking. It is fair to say the remarks didnt not affect markets. Brushing off decision on fed chairman until the fall and not mention mentioning janet yellen. The dow closed down 72 points. A lot of talk markets are overvalued, especially with Interest Rates creeping up. Joining us randy warren, and Scott Shellady in the pits of the cme. Teddy wisering also joins us from the floor of the new york stock exchange. To you first, randy, what is your take on market . Why did we see a selloff today . Looks like our first down week in a couple . The market typically does this two steps forward and one step back. This week is one step back. We hit alltime new highs last week. Trending up five weeks in a low. And we have a little bit after softening in that. That is pretty normal action. Teddy weisberg, what does the market want . It seems to me, and well ask of course our cme guy if it is true, that theres a split decision. Cme is right in the heartland of america in chicago, they seem to want the Federal Reserve to get back to normal or more sense of normalcy, not continue with money printing much longer where wall street wants it to go on forever . Am i right . Is that a split decision where wall street wants and cme wants . It seems logical but i think would think we both agree that the market is completely hostage to a large degree to the fed and to quantitative easing. David is that dangerous, teddy . Teddy, hold on a second, teddy, youve been around a long time. Is that dangerous, when a market gets addicted to the moneyprinting . Catastrophic, not dangerous. Catastrophic. So what will the outcome be if youre saying catastrophic. It was mentioned back in may beginning of tapering of bond assets, right, teddy . How do you see this unfolding once the trigger is finally pulled . I think it is what pulls the trigger. If the trigger, if the trigger is pulled by a truly improving u. S. Economy, the initial reaction is very negative. When cooler heads prevail, the economics will take over, Company Earnings will take over and a longer term, intermediate term it is probably positive. But near term it will be a big problem. I dont think, in spite of all the rhetoric, that any of that is priced in. David Scott Shellady i was speaking for you, i hope you dont mind when i was talking about the cme but i think i got it right. I was surprised teddy weisberg, we have him on because he is such a wise guy. He is like cm etrader, he said its catastrophic when markets become addicted to money printing. I assume you agree. We need growth to get away from sugar candy weve been suck on for so long. We dont have the growth. It is more of a problem than printing. We have more sequester cuts coming october. Obamacare in january. Will the fed get out in front of that start tapering to drive Interest Rates so we all have to pay more . Were in a real bind here. Will bond traders make the fed make a decision, for the 10year go to 2. 57, 3 . If will be yellen and more of the same and steady hand. Larry summers it will be volatile an good trade down here i think it would be dangerous for the short term rather than a steady hand in the long term. Liz scott, you make some fantastic points about our lack of economic growth, with a rising rate environment pressing companies how much free cash they have to spend and expand to create new jobs, fiscal situation, Government Spending all these other regulations out there, where do you see the best Growth Potential for our gdp . I think it is going to have to be energy and health care but it is not going to happen tomorrow, thats the problem. What is qe 4 . Qe is for bridging that between, not haves and haves when we finally get some gdp. Remember, 85 billion a month and only get 1. 5 gdp . That is disgustings. David that is awful. We have 7. 5 unemployment should be 6. 5. Where does the taper come from . I dont know. David this is not growth. Were coasting. When somebody said when youre coasting youre going downhill. Randy, i have to ask you, wall street journal said a report in stocks were overvalued if you look at historical standards. Do you agree or disagree . No. I think the fed is doing responsible job pointing us back to the economy, and you will not need a somebody put it sugar high and all money printing as which did in the past. If the economy is growing you should look for better earnings and a real Business Cycle town fold. We havent had the Business Cycle in this country since the financial crisis for five years. It is about time this economy takes off. There is plenty of stimulus afforded to the economy. There is plenty of money out there. David sure nice there will be opportunity now in the next 12 months for the economy to do better than 2 . Start accelerating to 3 . David teddy, real quick. I think were overvalued. Stocks look tired to me. The flipside of it is, david, and we all know this, that never sell a dull market short but when one considers where we are, how fast weve gotten here and what the reasons that weve gotten here, corporate earnings are kind of flattening out, i mean secondquarter earnings they were you know well ming at best. I mean the fact is, nothings really happening. Yeah were moving in the right direction but it is basically agonizingly slow and i think the market, perhaps not in for major correction but i think were well ahead of ourselves. Liz that forward pe, article youre referring to on s p 500 is fouryear high. Overvalued seems to be phrase or theme of the session as we wrap up this week. Thanks gentlemen, so much. Randy warren, Scott Shellady, and teddy weisberg. David thank you. War of words between hedge fund heavyweight bill jcpenney got enuglier. Both side firing salvos at each other. Well find out what is at stake for you, the investor. Liz disney ceo bob iger sound off exclusively to stock business. He broke major news about the entertainment giant. Well tell what you iger had to say. David ceo of Jpmorgan Jamie dimon is feeling new heat on multiple fronts. Why is jamie dimon, this man, why target him for so much scrutiny . Former sec chairman harvey pitt will weigh in on the highstakes drama with the sec and Jpmorgan Chase. [ male announcer] surprise youre having triplets. [ babies crying ] rprise your house was built on an ancienburial ground. [ ghosts moaning ] surprise your car needs a new transmission. [ coyote howls ] how about no more surprises . Now you can get all the online Trading Tools yoneed without any surprise fees. Its not rocket science. Its just common sense. From td ameritrade. Its just common sense. Trust your instincts to make the call. To treat my low testosterone, my dthe only underarm low t treatment. , axiron can restore t levels to normal in about 2 weeks in most men. Axirons 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 contt where axirons applied as unexpected signs of puberty in children or changes in body hr 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; problemsreathing 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. David well it wasnt only jcpenney. Shares of gap also fell today following a weak projection for secondquarter earnings. Lets head back to nicole petallides. She son the floor as she usually is at new york stock exchange. I hope you had a chance to say hi to teddy. I sure did. Im always a arms length with teddy weisberg. One the smartest guys on wall street. We adore him. The gap was down 3 at the close, of a close of 44. 10 a share. There were a couple of things that occurred. They projected fiscal secondquarter earnings that would be ahead of wall street analyst estimates. What was below was the samestore Sales Numbers for july that were slightly weaker than expected. That was a mixed bag. The other thing was a downgrade today over at susquehanna. That was due to valuation. It is worth noting that the stock has run up and run up really nicely. It is up over 40 this year but they did raise the price target to 49 from 46 but they downgraded the firm and that is because of the valuation and the great move that weve seen for the gap, which really is outpaced the s p and the dow, et cetera. Back to you. David nicole petallides, have a great weekend, nicole. Thank you very much. Liz so activist investor bill ackman escalated the war of words with jcpenneys board. Today i called for the replacement of the struggling retailers chairman and the chairman by the way responded. All of this coming one day after act mans public letter demanding the board accelerate a search for a permanent ceo. David what would yet another change in top management mean for the companys turn around plans . We ask mary ross bill gert. Managing director at imperial Structural Analysis group. Mary, is there any manager in the world who could turn this company around at this point . Well, i must admit this is an ominous challenge for any ceo to come in at helm at this point with the board that we have. What we need a cohesive david lit me stop you there. Youre saying the board is the problem . The problem might not be an individual manager . It might be the whole board . Im not saying that the problem is the board. I think the problem is we dont currently have a cohesive board, one that is constructive in the sense that weve got these letters going back and forth, in the public domain, something which, wouldnt be really appropriate i think. So i think thats, thats difficult. And then the damage that has been done from the previous ceo, it takes time to correct. And what the Management Team in place now is trying to do, theyre trying to stablize operations. And we now have a major, another major shareholder who is also filed a letter with the sec, also asking for a change in Board Leadership and management. Right i think youre referring to Perry Capital which has 7. 25 stake in jcpenney putting out a letter today, requesting that Allen Questrom and ken hicks as ceo. Imperative at this juncture. What do you think of that idea. Im not sure, im not familiar with ken hicks. Im sure he has a great reputation. Who should run the company . Should ullman stay at the helm . I think he is really in a transition mode. It has always been he would be a transitional ceo and they would be looking for a permanent ceo. I think there are a number of talented individuals out there. One of them that comes to mind is another company that i follow, bonton and brendan hoffman. But im not sure bonton is willing to let him go, given the turn around that he has in process with. So far it is going well. David mary, based on what you said about ron johnson i think you will reject this notion. However im going to ask it anyway. What do you think might have happened if ron johnson had been given more time . Do you think there is any way, shape or form his gameplan could have worked or was it absolutely doomed to failure . Well i really, it is easy to look back, to say yes, it was doomed to fail. Think there were some good ideas there. But what you have to do with any good idea you have to test it. You just dont go out there and say, okay i will transform the entire storm base under this new strategy. Then, second of all, Department Stores have taught the consumer for decades that they should wait and buy something on sale, or it should be promotional. Taking away promotional strategy was absolutely wrong and doesnt work for Department Stores. So what es the best solution for penny . Are they private equity takeover target . Acquisition target . You at your firm Imperial Capital put a 8 price target on it. Seems to be cheap for an acquisition, no . Well the reason why we have a underperform rating and 8 price target because the stock at current prices is overvalue. We actually assume there will be a successful turn around at jcpenney. We expect ebitda could recover to a billion in 2015. Were putting 6. 25 times ebitda multiple coming up with our price target. All right. Problem is that the stock is still overvalued. We think the way to play the capital structure to buy bonds which have gotten hammered. Theyre trading deep discounts down in the 60s. Youre getting current income, somewhere 10 and 12 and get capital appreciation. Youre looking for a distressed buyer to come up in and snatch up the debt. Thank you very much. David ceo bob iger breaks major news on videogame strategy with our own Dennis Kneale on fox business next. We break down what he said and how that will affect the stock price. You do not want to miss this. The feds pile on pressure on jpmorgan over everything from the mortgage mess to the london whale scandal. Is jpmorgan being singled out by regulators . Former sec chairman harvey pitt will sound off in just a moment. In us at projectluna. Com its delicious. So now weve turned her toffee into a business. My goal was to take an idea and make it happen. Im janet long and i formed my Toffee Company through legalzoom. Never really thought i would make money doing what i love. [ robert ] we created legalzoom to help people start their buness and launch their dreams. Go to legalzoom. Com today and make your business dream a reality. At legalzoom. Com we put the law on youride. David disney is getting set to unveil a new concept in the videogame world. Dennis kneale got exclusive details from disney ceo bob iger. What is the story, dennis . Hello. Disney had enormous success under iger. Since 2005 when he took over, disneys stock is up 135 . More than triple the gain in the s p 500. One area where disney keeps stumbling is videogames. We asked eiger about infinity. It is disneys biggest push ever into this market. Technology is changing behavior right before our eyes. Weve seen in the last five years just stunning migration from the console space to the mobile space where the mobile games platforms of today really are become the primary games platform the it doesnt mean the console cant be popular and successful from a bottom line but it is definitely a different world. And weve had our quote, fits and starts in this business. We think were due for a hit. We believe that infinity is that hit. This is a game that will be across platforms. Meaning all the big consoles, from, the wii to xbox and playstation and on mobile and ios. So it will launch on august 18th, pretty much across the board. May take a few days to get on the ios platform after that. And we really believe in this. Mostly because we think it is great game play for the consumer. First of all, it creates really interesting worlds but the first time you will be able to take kiss any characters mash them up so to speak and put them together. Mr. Incredible and sully from monsters and jack sparrow can all be in the same world. It is designed because those how kids play. They go to the toy box and take out their toys and mix and match. So you can have a kid if youre playing with toys, not long ago i was one of those, actually, its a long time ago, you take the jack sparrow from the toy box and sully from monsters and put together and play with them. Thats what this game does. We were showing viewers of actual three dimensional figures, toy figures. You actually take the character, you slot it into some kind of a plug or something on your machine and that opens up extra possibilities in the game, right . Dennis, youre great at describing technology, yes. It comes with a peripheral that plugs into your console. And it is basically just a pad and you get characters with the game. Both caring thats comb as a pack when you buy the game itself and you buy more characters and you put the character right on top of this pad or this peripheral. It reads the fact that the character is there and automatically add as dimension of game play that a standard console experience does not offer. So i told iger basically should never use the word peripheral talking about kids and videogames but fits and starts for disney and now were due for a hit. Well see sometime after august 18th, david, whether disney gets that hit. David looking at all the stuff i wishing i was a kid again. Boy, what a perfect time to be a kid. You were the good cop on that story. What about the lone ranger . Thats a bad cop question you had to ask him about because it was a big loss. I started the interview with that. This is like root canal. Get it out of the way. The loss up to 190 million. He defended it. They have to place big bets like this. They will have losses now and then. When they get the right thing with ancillary businesses disney has and feeds the monster and theyre not secondguessing it and make no apologies and not alter it. Nine figure budget films still coming out from disney. David George Clooney would like that explanation. That is what he says about the film industry. Dennis kneale, thanks very much. Good stuff. Congrats on interview. Great, thanks. Billionaire dan lobe has apologized, speaking of George Clooney to him speaking about the fight over sony entertainment. The fight between the hollywood honcho and hollywood heartthrob really over . Well find out in a minute. David regulations and even fines are piling up on jpmorgan. The sec is now making an unprecedented move over the london whale debacle. Why is the sec doing all this right now and are they picking on jamie dimon . Perhaps because he doesnt like a lot of what is happening right now . Former sec chairman harvey pitt weighing in on whether or not the sec is being used as a political tool. Thats next. Lori all right. As we close out the week here, lets show you the market drivers. Stocks dropped from last weeks record highs as all three major indexes post their worst week since june the s p snapped a seven week winning streak while the dow closed the week lower for the first time in six weeks. Telecom and utilities were the worstperforming sectors. Oil on the other hand climbing for the first time in six days after chinas Industrial Production rose more than forecast. China is the second largest oilconsuming country and crude rose 2 1 2 to close at 105. 97 per barrel. Gold rising for the Third Session in a row to post weekly gains. The precious metal climbed 1. 70 an ounce. To close at 1313. 40 an ounce, david. David jamie dimon believes he under siege, told our Charlie Gasparino. He expects several more months of settlements and regulatory attacks by federal government. He feels his bank is being singled out. Is that true and if it is true why is it happening . Lets ask former sec chairman harvey pitt. Thanks for coming in. Appreciate it, harvey. Good to be with you, david. David so do you think the administration is targeting specifically, singling out Jpmorgan Chase . No, i dont think so. Even if the administration were Mary Jo White is fiercely independent and would never do anything like that. David well, heres what our own Charlie Gasparino says. I mean, you know, you dont have to take it as gospel but, charlie, we believe in a lot of what charlie says. He has got good sources. He says the administrations real goal is to neuter dimon. The strongest voice in the Business Community speaking out against the excesses of the administrations banking and economic policies. You know, jamie dimon has spoken out. He has been very vocal what he doesnt like about these regulatory policies the administration likewise has been very vocal about the fact that they strongly disagree with him. Has the sec ever been used as a political instrument . I dont really think so. There have been occasions where questions have been raised about the timing of an action or some such thing but, basically this is an independent agency and to get things moving, the agency has to maintain its independence. David on the other hand the wall street journal and others, chairman issa of the House Committee has been looking into whether or not the sec was being used by members of the administration who wanted to target particular businesses or at least find out if businesses that have been contributing directly to Tea Party Groups and the like. Well, i think there was a real question about what the irs was doing with respect to that and that i found exceedingly troublesome. The irs is not an independent Regulatory Agency of course. Its under the treasury and it has a single administrator. So i think there were very Serious Problems with what the administration did there. At the sec you have two democratic commissioners, two republican commissioners, and Mary Jo White, who is an independent and i think it would be very hard for the white house to get the sec to do anything for political reasons. David well, but, harvey, now you have Mary Jo White. She is relatively recent. All the information about whether the sec was being pressured happened before she came in. It was her predecessor that was pressured. We have information, barney frank, who was then a congressman and other groups, some groups like public citizen, were encouraging the sec to demand more disclosure from Public Companies about the organizations they supported. Again, fitting into this political agenda that the administration had. Yes. And i have read those and i dont have any personal information as to whether it was accurate. If it was, that would be incredibly troublesome and, it isnt beyond the realm of possibility that members of congress or even the administration might try. I can just tell you from my own experience when i was chairman, if i wanted to talk to the president , i had to make a phone call. The administration wanted to respect our independence. David but, some, again, wall street journal editorial page, certainly representative issa say that this is an unprecedented, not since Richard Nixon have we seen supposedly independent organization, again the sec as you mentioned, has commissioners who are from both parties, but again, they see an attempt to use these supposedly independent groups as political tools. Are you concerned about that happening or maybe has happened with the sec . Well, i think we all have to be very, very concerned if any efforts like that are actually taking place. As i said, with the irs, i thought what we read about was despicable, if anything like that had occurred at the sec, that would be something that i think would be very troublesome, and undermine the integrity of the agencys enforcement and regulatory efforts. David okay. Finally, bank of america, along with Jpmorgan Chase have been really kind of beaten down on this issue of whether or not they were selling mortgages and mortgage instruments, that they knew were garbage. Of if they did that of course they deserve to be chastisessed. Why has it taken so long and isnt justice delayed justice denied . You couldnt be more right with respect to that. I dont understand the delays bringing these cases or why theyre suddenly surfacing at this point. A lot of the activities occurred in the 2005 to 2007 time frame. And it es exceedingly troublesome that eight years later were now first seeing claims of misconduct. I think tte government has to move far more speedily. If they can not bring the case quickly, then they should not bring the case. David right, over time, people leave organizations. Organizations change. You may be penalizing the wrong people. Harvey pitt, former sec chairman. Ceo and founder of calrama partners in d. C. Thanks so much. Have a good weekend. Thanks. You too. Lori enjoyed the conversation. Well make a pivot here and talk about that huge meteor, you may recall this, rocketed across the sky in russia earlier this year, injuring 1,000 people. Scientists finally solved the mystery where it came from. David wel find out where the very public fight between Hollywood StarGeorge Clooney and dan lobe about the future of sonys movie business is over or not. Well talk about the role of the entertainment industry. Who knows better how to run the industry, the artists or the hedge funders . She knows you like no one else. And you wouldnt have it any other way. 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This easytounderstand guide will answer some of your qutions, and help you find the aarp Medicare Supplement plan thats right for you. Lori so billionaire dan lobe, has apologized to actor director, George Clooney after the Hollywood Star blasted lobe for criticizing sonys movie business. Lobe called for spinoff of part of the Company Entertainment division. David was lobe right to call for a new strategy at sony . Or should hollywood and wall street keep their distance from each other . Joining us is the hawk himself, lee hawkins, host of wall street journal the business of by the way the hawk has never been married. George clooney has never been married. Trying to put them together in the lake cuomo place. Lori he doesnt sound like such a nice guy, clooney. Why did lobe apologize to clooney. Should have been other way around. Exactly. I have a thesis, art meets commerce hardly ever a perfect marriage. In this case George Clooney knows nothing about marriage. He has never been a marriage guy. On the arts side of equation he is basically advocating for making of movies. David if he doesnt know anything about business and lobe does, why is lobe the one apologizing to clooney . Thats a very good question. Thats a very good question. What he is doing, he is an activist investor. He is a hedge fund guy. This his job Holding Companies accountable. He hasnt for anything outlandish. Profitability targets. Transparency. David clooney was acting like he would say he would shoot the half the people of hollywood. 3 he is in the business of theatrics. Lori monument, sony will release this in december. Clooney, wrote, direct, in it too. That is transparent what the motive for clooney is. Think about what it does for highprofile actor that fights for human rights. I want to protect unions. I want to protect all of actors. It falls right into his narrative. And i think the fact that lobe has apologized, was unnecessary. Lori does it diminish lobes influence on sony in lobe had a tremendous influence on yahoo getting ceo changeover. He did. I think it saved a little face when he says that top management at sony is engaging in a dialogue and that he is going to hold them accountable through a dialogue for the next year. So, you know, at least he hasnt lost the battle totally in his own eyes. David listen to what clooney is saying. This gives you an idea of his business acumen. He says is what lobe saying like walmart saying let me fix your town, putting in our stars stores strangling all the small shops, getting everyone to work in them at minimum wage with no hospital insurance. That is what, if that is what he believes is a Good Business, makes for a Good Business strategy hes nuts. I think there is one good thing he said. The fact that its a cyclical business. You cant look at the movie, white house down and after the earth and judge that as a whole body of work. David is lobe doing that . He is citing that one of the reasons he wanted to see a quick and decisive action. But no, he has got topdown view of this company. He is studying it from a daytoday operation standpoint this guy knows the company clearly better than George Clooney does. David what would happen if George Clooney took over the business side . I have no idea. Lori with all seriousness, what do you think needs to happen to sony . Lobe is calling for spinoff of part of the entertainment division. What needs to happen to i dont want to use the word rehabilitate company but improve it over all . I think what he is asking. Improved accountability. They have hefty compensation packages for some executives. A lot of things that can be done to improve efficiencies. This is not really a hollywood thing. This is just about daytoday operations and holding a company accountable. David by the way, when you say improving, efficiencies, anybody who has ever been to a hollywood set and sees how many people are paid to sit on their butt while the film is being made, how many extraneous pieces of equipment there are, there is a lot of room for improvement in the way they make movies saving a lot bucks. A lost fat to be cut, a lot of bureaucracy. When summarized the position. I dont think george and i disagree on everything. Thats what he said. At end of the day the money will trickle down into the hands of investors and also more money to create better films. Lori thank you, lee hawkins. Fun discussion. But i will tell you one thing. Marriage counseling, too bad they dont have it for wall street moguls and also hollywood guys because i would love to be a fly on the wall in that room. David you dont need marriage counseling if you never been married. Save money on that. Lori smartest one on marriage among all the married people. David thank you, lee. Have a good weekend. President obama wrapping up the News Conference earlier in the show where he was asked about everything from the Affordable Health care act to next pick for fed chairman. Peter barnes was there. He has latest reaction to the president s remarks. Numbers are in for highest paid tv celebrities. Well names and give you the staggering figures when we come back. Copd makes it hard to breathe. But with advair, im breathing better. So now i can help make this a great block party. [ male announce ] adair is clinically proven to help significantly improve lung function. Unlike most copd medications, advair contains both an antiinflammatory and a longacting bronchodilator working together thelp improve your lung function all day. Advair wont replace fastacting inhalers for sudden symptoms and should not bused more than twice a day. People with copd taking advair may ha a higher chance of pneumonia advair may incrse your sk of osteoporosis some eye prlems. Tell your doctor if you have a heart condition or high Blood Pressure before taking advair. Ask your doctor if including advair could help improve your lung function. [ male announcer ] Advair Diskus fluticasone propionate and salmeterol inhalation powder. Get your first prescription free and save on refills at advaircopd. Com. David president obama ended a News Conference at the white house earlier in the show. This was his first solo conference with journalists since late april. Lori lets check in with peter barnes. He was in attendance. He joins us live from the white house with the latest. Peter. David and lori, president was up on capitol hill talking to democrats behind closed doors from his agenda and took heat for considering Larry Summers, his former economic advisor, former treasury secretary, for the position oo fed chairmanship. And that ginned up speculation around town that the Strong Defense of summers behind cllsed doors by the president meant that summers had the inside track for the job but the president tried to knock that down a bit in the press conference today. Take a listen. I have a range of outstanding candidates. You have mentioned two of them. Mr. Summers and mr. Yellen. Ms. Yellen. And, theyre both terrific people. I think the, the perception that mr. Summers might have an inside track simply had to do with a bunch of attacks that i was hearing on mr. Summers preemptively which is sort after standard washington exercise, that i dont like because when somebodys worked hard for me and worked hard on behalf of the american people, and i know the quality of those people, and i see them getting slapped around in the press, for no reason, before they even been nominated for anything, then i want to make sure that somebody is standing up for them. The president said that he wants to make sure, as he evaluates his candidates for this job that they are focused on the dual mandate. Yes, make sure that inflation doesnt get out of control but he really emphasized the other side of the mandate, low unemployment, job creation, and made it clear that thats very important to him as he goes forward in deciding who is going to take over for ben bernanke when leaves. David and lori. David peter barnes, inside the beltway right in front of the white house. Thank you, peter. Good stuff, appreciate it. Lori get this. New details on that meteor rocking russia early they are year, injuring more than one thousand people. What caused the explosion. Could it happen again . The story is just straight ahead. David also is the real estate recovery gaining strength . Is it the real thing or just a head fake . Bill emerson is joining the willis report 6 00 p. M. He will tell you everything you need to know about the house being market. The willis report, 6 00 p. M. ann to help me plan my next move, i takecottrades free, inbranch seminars. Plus, their live webinars. I use daily market commentary to improve my strategy. And my local scottrade Office Guides my learning every step of the way. Because they know i dont trade like everybody. I trade like me. Im with scottrade. announcer scottrade. Ranked highest in Customer Loyalty for brokerage and investment companies. David time to go off the desk. Scientists managed to trace the fireball streaked through the sky, above russia in february. Researchers believe the meteor was part after 656foot wide from the planet alpha senatorry. We dont know that, im kidding. It was from an asteroid broke off during the orbit around the earth. About a thousand people were i absolutely bit that. Sorry people were hurt unfortunately. Forbes releasing highest paid tv personalities that was come wild. Talking to producers managers, agents. Coming in number three, 3 glen beck, 90 million from 2012 through 2013. David not bad. Tie for first place. Shock jock howard stern taking home 95 milliondollar, same as simon cowell behind the xfactor and americas got talent franchises. David about to have a baby. Time for the top three things to watch next week. Number three, initial jobless claims, latest report, fourweek moving average argues measure that smooth out a lot of volatility, weekly reports fell by more than 6,000, to the lowest level in five 1 2 years . Number two, things to keep an eye on, july retail sales, set to be released on tuesday. So economists here expecterring sales to rise by just half a percent. Exactly. 4 . Retail sales are obviously a good gauge of the economy because they account for nearly one half of total consumer spending. David okay, here it is. Number one thing to watch . Will be july housing starts. That comes out on friday. Its a key reading of the health of the Housing Market. Economists are expecting starts to rise by about 9 . This is reversal from a drop of 9. 9 . What is your guess . How do you think were doing . How do i think were doing on the Housing Market . I think we shouldnt get our hopes yet for a fullfledged housing recovery. Were seeing Mortgage Rates rise. I think there are some inventory issues which are influencing prices. David if youre interested what is happening with housing. Stick tune to the willis report at 6 00 p. M. Right now money with adam shapiro. Im adam shapiro in for Melissa Francis and heres whats money tonight. Franchise friday, party two. Today is all about perfect location. Picking the wrong spot can lead to catastrophe. Our franchise owners tell us how to overcome one of the biggest threats to your success. Plus bill gates throws down the gauntlet on google. He crashes their ambitious Charity Project as a waste of money and resources. Is he right . Two top experts are here. They will square off. Who made money today. They have been buried by the competition and regulation this is year but theyre smiling brightly right now. Keep watching to find out who it is. Even whether they say its not, it is always about money