The confirmation vote in the senate may take place as early as next week. No one is taking thats after the surprise where the central bank confused prediction. Making a you are not sticking your neck out. Class i am not. Job creation has really picked up and that has a lot of people talking about the possibility of a taper. We talked yesterday about how retail sales were pretty good. Maybe that means things were sustainable. Let me show you something i did not show you yesterday. Step back a little bit and look at this overtime. Retail sales have not been breaking out. They are still in the same range they have been all year. You could say the same thing about job creation. It is in roughly the average range it has been all year. Anyhas not broken out of kind of range. It is hard to argue you he has made a whole lot of difference. Do you keep it going . Cut back because it is not at no big changeass in gdp and employment, the fed sits waiting for employment to really move the cook before class they also want to see it is sustainable. They are looking for evidence the economy is accelerating. When you step back a little bit, you are not seeing that. You do not know what you should do. Class qe1 started back in november 2008. Diet,e been on qe, the for about five years. Is it about time to take it away . Class a lot of people are arguing that. We should get to a 4 trillion said alice she sometime this week. Some people at the fed are worrying about that and the excess reserves piling up at the banks with the economy so slow. They are suggesting we should cut Interest Rates. Maybe they will lend some of it out. Others say you do not want to do that to ignite inflation. A big debate. To peoples gun head today and say you have to make a bet on the markets, people would say they probably are not going to taper. A couple of possible surprises. A pressld have conference at every meeting and the markets could interpret they will taper in january. Just the announcement of more press conferences would mean here is an increase likely. Flex they do not have a press conference every month. He will think in the month they do not, they will not do anything because the fed chairman cannot explain what theyre doing. Light of they do it every month . It was just the way they set it up. Phenomenon. H a new yes. They were experimenting with it. It seems to have worked. Maybe it becomes less of an event driven thing. Thank you very much. The verge of a significant change. Silver rake is set to be poised to buy ing worldwide for 2 billion dollars. Cristina alesci has insight on the toss. Julie, interesting, downstairs. What is up with fedex . Class we are looking at fedex earnings just coming out this morning and missing analyst estimates by four percent and coming in at one dollar and . 57. The Company Raised its forecasts, or ickes range of earningspershare increases, looking for the full year, from eight percent to 14 . It had been looking from seven to 13 . It looks like investors are focusing on the miss here at fedex. The company said basically it is still struggling between express and ground and freight volumes, people opting for cheaper volumes here. At the same time, fedex has been undergoing this ambitious cost cutting plan aiming to cut over the next several years. At the same time it is trying to upgrade aircraft and improve its fleet. It is a time of change here at fedex and one would think it would be benefiting quite a bit from the Online Shopping growth. It is to some extent, but perhaps not as much as had been anticipated. Thank you. Another company dealing gearing up for the holidays is amazon. Com. Facing a second week of the Union Strikes in germany. Amazonsols is outside logistics center. This is a very different situation than amazons aces in other parts of the world. What do the workers there one . It is a destroy in a broadcast i give you a german lesson. Want a collective wage agreement. In short, they want more money. They are paid 950 euros an hour and they want to be bumped up more to the 11 if the range. They want to be out of as retailers and not as those in the logistics industry. Amazon says their workers are paid at the upper end of the logistics ban at the 950 range, but not in the retail category. Fundamentally, we are talking now about a test of wills between amazon, the company, and these workers. There are 9000 workers in germany, permanent. Over the last couple of days, we are in the third days of strikes, we have seen about an average of 1000 workers striking. About five percent of the workforce. The challenge for amazon is for them to continue to deliver product and shipments throughout this Holiday Season while doing it with less than five percent of their workforce on strike outside picketing. Most have left here today. Earlier, there was a crowd of a couple hundred. They went downtown to get support among university students. They will be back tomorrow and going all week. Workersonfident are the they will be able to break amazon here . There is a lot of bluster from the union organizers. They gave speeches and rallies. Underneath it all, there is a great deal of year. That flies a few kilometers to the east in poland. Amazon is starting three new ones in poland. Amazon could simply outsource those jobs and wages would be lower and there will be fewer collective action bargains there. What they are really trying to do is have solidarity with potential workers in poland and the Czech Republic so they can wage the cost of living is so much different and the distances are so small. Think about sending someone from ohio to jersey. That is the difference from poland to this part of jersey. A couple corners. The challenge is how to hold the fort down here and make sure they do not lose territory. Poland in countries like , where amazon wants to expand. We reached a part of the broadcast where i give you an amazon lesson. Amazon language, they do not call them warehouses here they call them fulfillment centers. They want you to know fulfilled not just in your purchase, but in your employment. Think amazon is about this different labor situation there than they have ever had to deal with . I tried to look up for film and centers but there is not an exact translation. The challenge amazon has here is it is in some ways analogous to the other challenges Tech Companies have when they come to germany. A different set of issues. Amazons bluster on seaside, as well. They are saying we will continue to deliver products on time to our consumers and customers in germany. As long as theyre able to, they may have the upper hand in these negotiations. That said, 2006, there was nothing here. Behind me big factor now. In 2010, the union should of and they have made robbins. Progress. They have christmas bonuses. They are making incremental progress. What the union wants to see is fully unionized and higher ridges. They want to see vacation money. Job security. Amazonre long lists might not be prepared to share. Thank you so much. Hans nichols. Did you feel fulfilled at amazon . Class i did enjoy my time. Spent time at those of foam and centers and it is a really hard and mindnumbing job of putting stuff on shelves and taking stuff off shelves and walking off with a sharp shopping cart, having people monitor how quickly you are working. It is a rough job here my first reaction was, thank you doug for their hard work and thank you doug i went to college because that is not the job i want. Books andcan get your everything else. Thank you, guys. Moving and shaking this hour, the wolf of wall street, the new Martin Scorseses film that required actors to learn quite a different side of investing. Leonardo dicaprio stars as a reallife rocher convicted of stock swindling. Lets make him the movie held a new York Premiere and we spoke and got of his costars a feel for the business by talking to legitimate brokers. A reale were playing story of people involved with stocks, and i would take any assurance to make sure i was, you know, learning everything i could and immersing myself as much as possible. Werearn what of it. They really open with us in letting us see what their daytoday operations were like. Class i spoke with salesman. With people today and got a lot of things from people trying to sugarcoat. You can see they were pivoting. Wrapy, it is a it is a of all of that. Class immersion acting . They go into trading floors. Class i think it is a great point, the notion that legit rochers are different from the bucket shop brokers. Level, youre trying to get a sale done. I have seen guys of all kinds engage in these things. The book was a real eyeopener. Class you mentioned. What was interesting was there were other comments made at that premier where they talked about, what do they do about investing themselves and mostly actors trust any ofdo not these wall street guys. I am very conservative and i will put my money in bonds and will not let any of these guys gamble the money away. Is a general feeling in hollywood about how wall street is. When people come into money as actors do after struggling, it is a hard thing to manage financially. Class absolutely. Same for athletes. The movie opens christmas day. We will be watching it. I never go to the movies but i want to see it. To buy img is poised for more than 2 billion. Cristina alesci is inside on the toss. It is an interesting deal and has as big names as you could imagine. Class absolutely. If theres one thing you need to know about the deal, if you thought emmanuel was a big deal for this deal, he is an even bigger deal now. He is going to be combining William Morris endeavor with ing , diversifying his business, really, away from hollywood, and it in addition to having the agency business, he will now have a very big sports business and not just on the agency side, but also on the licensing side. They are getting into a much different business right now. Silver lake, how it plays into this, is that they back emmanuel back in 2002. The inspiration for ari gold in entourage. Class exactly, a caricature. Correct every that the character. You could see. Class i do not want to know what that night was like. In a full disclosure, i am a client of img. The very bottom of the list of its stars. Tell me who the biggest stars are. It,s d manning, you name they have the big man sphere that is the month not the most profitable part of the business. It is the College Sports business they have that licenses all kinds of things related to College Sports teams. In addition, they would say they have nationalized local sports and brought in big National Sponsors to locals or schemes and this is the driving force behind our growth for quite some time. Is one of the major region reasons silver lake one of the business. There will be significant challenges. A big character. He has pulled off mergers before. Endeavor bought William Morris, a bigger shop ear again. He is going after a bigger fish. Not only will he have to write to digest all of that, but he is putting debt on this business. Between 1. 5 and 2 billion of debt on the business. Lesson has got to be pretty steady from these businesses as well. Class absolutely but you have got to pay your guys. All of his agents are thinking, what will happen . There will are definitely going to be cost cuts out of this deal. Class people want to know what the mother fed them. They are all outside characters and all hugely stressful in the fields they are in. Thank you so much. Coming up, a dozen donuts goes last. The chain wants to open dozens of outlets to california. We will talk with the ceo, early making the donuts. It is a story for the record book. We will tell you what the billionaire who owns the guinness book of World Records he is setting some of his own records. Ben bernankes his final fed meeting is today, and 100 year anniversary, bringing together former fed runners. A businessman whose career has spanned the last few decades as those three men lead the central bank. We are talking about paul bucher. And ben bernanke. The former partner of private Equity Firm Bain Capital and also the author of unintended consequences. Oh consequences. Years andthrough the you also lived through the bernanke years, culminating in your book. In your view, which fed chairmen serve you best . [laughter] i suppose alan greenspan. Even. T things steady and if you look at the class of 1982, it has been an extremely successful class because over this time, the economy has grown by leaps and bounds relative to other times. Are talking about what Ben Bernankes legacy might be but i feel like we do not know because we do not know where it ends and the flooding of the markets and all this money could and poorly. Money really led to the asset inflation and lead to a crash that was very punishing for a lot of people. Do you think we can take stock in bernanke today e i disagree with you on greenspan. I do not think the fed has a big impact on asset bubbles. Small but not large. I think ben bernanke will be recognized as saving the world. He had tremendous courage and stepped up and got the job done and a lot of other people might have wilted under the pressure or might not have done as much as he did yard i think he will be remembered primarily for that. Collectively have a big market crash next year class i think a grand experiment that prove the fed is not very effective at producing growth. Classes and that the point where you say they are not responsible for driving asset bubbles, but they still have been affected him pop them the bubbles. Look at what bernanke did. But he popped the bubble by stepping on the gas and throwing us all to the windshield. Stepping on the brace and throwing us through all the windshields, enormously high unemployment. You are taking a sledgehammer as a way to break a bubble. The housing bubble existed around the world over many monetary regimes. It is a little hard to just blame our monetary regime for housing bubble and it occurred on almost every other part, except japan, which had gone through and enormous recession and germany, because both companies are exporting capital as opposed to importing capital. He say the fed has essentially been ineffective on the economy. Are you are getting there should be no fed . Class know, but i am in the john taylor, it should be very predictable and follow a certain set of rules and not get far out i. Like the ecb. Class i think in this. It wast think unreasonable to try the spearmint that was tried. The state of monetary knowledge is ambiguous. Both sides, not much agreement about how much of an affected has. To try this experiment at this time is not unreasonable. I think the evidence is that it had very little effect. Class always great to see you. Author of unintended consequences ergo new consequences. We will be back. You are watching in the loop. Good morning. It is 26 after the hour, which means Bloomberg Television is on the markets. On early her eye morning. We are about an hour away from the open. Right now, futures are pointing to a higher open. A lot of individual company news having to push the index is higher, including saying it is boosting its dividend and increasing Share Buyback. It is a theme we have heard throughout the week from companies. The question everyone is waiting for is the feds announcement this afternoon. We have the announcement coming out at 2 00 p. M. Ben bernanke will hold his News Conference. Maybe his final one as fed chairman. Ahead of that right now, treasury prices are down. A lot of people are eyeing three percent as the next level to watch for. We also have the dollar stronger. A common theme over the last couple of. The talk intensifies, the fed perhaps looking to curb and taper its bond buying program. Also worth mentioning is gold prices elevated before that 2 00 p. M. Announcement. All over the fed announcement. Thank you. A look at the Bloomberg Top headlines. The unemployment unexpectedly in three fouryear low months. It stands at 7. 4 , still above hours. The bank of england said they will consider raising Interest Rates when unemployment falls to seven percent. A higher yearoveryear Second Quarter results, they missed analyst estimates. A Company Posted earnings of one dollar and . 57 per share him up from a year earlier. The company also raised its fullyear profit forecast. The Holiday Season got a whole for a couple people who won last nights 600 and 56 Million Dollar crested the when you go unfortunately, no. David marcus from paypal probably one. Won. Butone of us did congratulations to those a did. In the meantime, we are waiting for economic data. Mike mckee, you have got a pretty on the numbers. You know, the Housing Market is the economy at the moment. Everybody is looking for strength. The fed screwed up earlier by talking about tapering sending Mortgage Rates higher. We saw a reaction in the Housing Market. We do not know if we us in recovery yet because congress screwed up and shut down the government. We have not had housing numbers for threemonth. Three months worth coming up in a moment. It will tell us a lot about the direction of the economy heading into 2014. If anything will move the markets ahead of the fed decision, it will probably be this. Interesting. We have not seen the numbers in such a long time. It could be really different than what everyone is nothing. We have not had a case in so long. Thus it will be interesting because we will start with september numbers and those could be down. We saw a delayed reaction as Mortgage Rates rose. Do they accelerate up through november . We will get a revision to august. We will see what effect the fed had and whether or not the economy has been able to recover since then. We will find out in a few moments. Housings expected to be at 955,000 for the month of november. Building permits, also an indication of how healthy the marking it the market is, is expected to be at 990,000. In your area in california, there has been a huge rebound in housing. Tremendous. Really big year overyear numbers, in someplace 20 increases with big numbers to start with. If you own a house, probably pretty happy at that momen