Jeremy siegel will weigh in on that. Sign upe deadline to for Government Health care. That is if you can. Hours ago until enrollment closes, healthcare. Gov goes down twice. All that and more coming up. The market on the down. Julie hyman will look at the big tree as we head to the close. Then the underlying bit in market because of janet yellen. Lets talk microsoft. The new ceo continues to make management changes, today announcing in a memo that there are new heads for the cloud and devices business, two, businesses that are very important to microsoft. Seeing those shares rise as he pushes the company forward. A lot of movement in biotech and pharma. Specific test results. For edwards life sciences, studies released shows perhaps we could see an increase of the manmade heart balls that can be inserted without cracking the chest open. Study beinghe presented at the american cardiology conference underway right now. Medtronic rising on similar studies. Biogenic rising as well as they get approval for hemophilia b treatment, which will allow patients to get treatments less frequently than existing treatments. Those are part of the assisting upside and treatment and pharma today. Janet yellen vacated the market today by suggesting rates are not going up, at least in no point in the near future. Yellen indicated the economy will need the fed support for some time. The Federal Reserve takes the gold very seriously. One reason i believe it is appropriate to continue to provide substantial help to the labor market without adding to the risks of inflation was because of the evidence i see that there remains considerable slack in the economy and labor market. The market seemed pretty pleased with her remarks. Maybe the market strength is justified of a fed safety net. Not sustainable improvement. How can the comments possibly be treated as good right now . Joining me is the Deutsche Bank see io economist senior siegel,t and Jeremy University of Pennsylvania Wharton School of finance professor. I will start with you, professor. On thee been so bullish market. The fed has been there to support all of it. Do you continue to think we will with fed support . Most certainly. I think she is starting to backpedal from her news conference. That was a realizes mistake. She once the market to know the fed will keep rates low for a considerable amount of time, maybe even more than six months after qe ends. You mention the market was up almost 100 points before her comments. I think a lot of people came back after the weekend. Is that what is fueling the market here . Is that what investors consume assume should continue to fuel it . Were up a lot in 2000 13 over 12. We had 1215 . Forecasts are very similar this year. What the market is saying now that the record weather is finally getting better, this economy will get better and earnings are moving up. I do not think we need a lot of said boosting here. I think we need tightening. I think they will carry the day with the market if we get the improvement most economists are looking for. What do you anticipate from rates going up . A very long process. Reminded today that it is the stock of the Balance Sheet that matters in her mind off the chains and purchases. The market views the process is a very gradual tightening of policy. Folks like janet yellen see the fed Balance Sheet continuing to expand him albeit as a slower pace, she sees that as more stimulus. We will not know until writes, the market obviously taking this as a positive. Verycan be interpreted as negative. You have the Federal Reserve saying today that things are weak enough that they need to continue to be there. You have the fed acting as the safety net. This is going on five less years. At what point can we take this . Way gekko important shift is rate increases. It is coming. These are all semantics. If things are really so bad, why are they tapering in the first place . If things are so bad, why are we talking about rate increases. I think the economy is continuing to heal after the financial crisis. Job levels are at a level we have not seen since 2005 and two thousand six and 2007. That is a leading indicator for the Unemployment Rate. This Time Next Year we will talk about an Unemployment Rate around six percent. Maybe even with a five in front of it. Wages probably higher than where they are right now and talking about a market that will want to see rate increases. If the market gets to the point where it once the market increase. The real risk is if the fed was doing this forever. Ultimately the fed raising rates and tapering is saying they are comfortable with the fate of the world and will continue to show that. In the meantime, a market that is quite dependent it seems on the fed. When does that actually start to change . When do we moved to the point where people are actually given more confidence in the fact that the fed can raise rates . You mentioned about welcoming rate height. Rate hikes. The market never welcomes them but tolerates them. They will tolerate them if they see an improving economy. In the early stages of fed tightening, historically the bull market can run through early stages of tightening. Runbull markets have anywhere from six months to three years after the fed has started tightening. I do not see any reason to panic, either now or when the tightening is expected to begin. I think we will see gdp growth and higher profits will more than compensate for a few basis points on the fed funds rate. Lets talk about actual valuations. Whatsapp kenda oculus deal for 2 billion. Seems us of a number of the social Media Companies and apps are seeing valuations in the billions. Does that lead you at all to believe there might be pockets of a bubble in this market . There are always individual stocks that will be overpriced. What is important is the overall is around 15. I think it is actually lower than the overall market. Few stocksmed a where there may be accessible list mess, but through the meire market, people asked if this looks the same as 1999 in 2000. Isaiah looks like light years away from that. The tech sector selling at 90 times earnings and internet stocks exploding. One or two stocks that may be overpriced does not to me mean and dangerous thing. Might be more than one or two. You consider 16 trillion in stocks. We may have 100 trillion overpriced. I am not worried about that. Jeremy siegel, great to have you here. We do have breaking news we need to get to. I want to go to betty liu who has information on Mohamed Elerian on. Been wondering since the followup and revelation of the fallout with bill gross, what exactly is he up to . We have a little bit of an inkling now what he has been doing in the months since. He has been writing a book. Book isadmitted today a on the rise and fall of Central Banks. I was able to get my hands on the proposal. The rise and fall of modern central banking and what it means for you. Let me read it for you . In histalks about wheelhouse and talks about centralbank policy. Gap between whatcap Central Banks have delivered and what they will deliver going forward. This is the cap that does so in an actionable way inside sheds light on what individual companies can do today to navigate one is still an unusually uncertain outlook. We would not get this excited about a book proposal by an economist. The timing of it, the question in the market that you know yourself. When will he speak . What is the relationship with bill gross . And what happened with pimco thats essentially created the early exit from the bond fund . So he is not speaking publicly yet, but certainly busy writing. Xterra good. Thank you very much. Ime to beat the buzzer not talking about the ncaa. Hours to go until the enrollment deadline. President obama making a final push for healthcare. Gov. Even though he wants you to signup, you may not be able to. I will explain. The deadline to begin an application for your Government Health care plan is the night tonight. Started today and finish it later. The website down again this afternoon due to the high volume of users. Despite the technical difficulties looks like enrollment could be headed to the 7 million mark, which is what they want to see. Is it alternately a good thing or bad thing for business . Joining way with more is scott horowitz. D paul paul, i will start with you, is this in your view something that will be good for the healthcare industry, bad for the Health Care Industry . It is good that people who were uninsured are Getting Health Care for the first time. The question is how many are under the exchanges . Only a third were previously uninsured. We do not know hominy people have paid their premiums for the first time. If i am an Insurance Company i am tearing my hair out if i have any left because i do not know what the risk pool will be. Two months left to start estimating premiums. I think they are going to go up. This is one of the issues. Comingt the uninsured over and getting insurance, as opposed to someone who already has it. I thought you are going to say what this is all about is the premiums because my premium has gone up. I was one who had to go onto the exchanges and buy Health Insurance and thought i could believe the president is that Health Insurance rates will go down by 2500 dollars per year. I spend literally four days going on the exchanges. My premiums after four days of signing up went up by 2500. To your point as far as getting to the people who need insurance, i heard a different study on the way in, and i think there are different studies because the administration has not answer the question. Of the 6 Million People, 1. 2 Million People according to one only one point 2 million are new people that did not have insurance before. You want the group of younger people that were uninsured because they will not be much of a drain on the system. Absolutely. Fool to a very big cover the cost of preexisting conditions who are not in the pool before. If that does not work in the old estimates are out the window now , insurers have to say i have three months of claims data, what should i do for next year . They will not see a full year of claims data until 2015. One question i asked is whether or not this is good for business. If i am a Small Business owner and just starting up, i might like the idea of this. Now i do not have to worry about providing insurance to my employees. If it isre word is good or bad is it is bad. The one word i hear on the street all the time is uncertainty. So much uncertainty in the Financial Markets and for obama care and Health Care Markets as well. Uncertainty to how it will all play out for the reasons we just discussed here. The uncertainty for what it will cost employers. There is uncertainty there. Of course, as i gave you my own personal example, the prices go up and coverage going down. One of the big problems of the economy right now is as people are struggling with joblessness, we need to see more innovation. We need to see more people going out in starting their own business. This might help them to do that. I think if prices were more fixable and cost were coming down, it would be. I think a lot of Small Business are eligible but saying too complicated to get it. Others are looking at the mandate and say i had to hire fewer employees, less expansion next year. It is the uncertainty in the market. We will leave it there. Thank you. Globalup everyone, of warming warning. A new Climate Change report that has Major Economic ripple effects. Why you should be worried about this one. See you back here. A new ipcc just released report, and what it sounded pretty interesting. Food shortages, civil conflicts increased flooding all because of Climate Change. Joining me is one of the authors of the report, doc or michael oppenheimer. Welcome. Michael oppenheimer. Those are the changes. The effect Global Warming will have on the food and the effects. Food is the headline of the report. We have seen a decrease in crop yields in many places. More so where it is hot. Too hot to produce some crops. Where it is cooler, there are some increases. Over time the demand for food from more population, people eating higher of the food chain is going to ill run crossed yields and will get into a situation where there will not be enough food to eat. What is the timing on a situation like that . Some countries will click we are already in a situation where the decrease will start affecting the availability of expect some malnutrition at least over the next few decades. What were are really worried about is when you get to 2055 where temperatures get high enough that even in developed countries you see crop yields being affected. What about fish stock as well . There has been a problem with fish stock due to overfishing for a long time because the oceans are getting more acidic due to the overloading with carbon dioxide. That is contributing to the decrease in the availability of some fish. Will become a serious problem, particularly for countries that depend on fish. We have the small islands we love to go to for vacation but the coral reefs, those are nurseries for fish. Global warming is destroying them, which means destroying the economies of those places. You are also saying it affects population in various places. Perhaps the coral reef area as one. New things in this report is the understanding that when i met become such that it is hard for people to make a living in a certain place, they move. An indication that migrations driven by climate will become good over time. Climates will become more and more serious. What do you recommend should be done . Job number one, cut the emissions that are causing the problem. As long as the warm earth keeps getting warm up, we will be playing catchup. The size of the problem will grow. The part that we cannot cut because we cannot make a mission zero right away we will have to learn to adapt and be smarter. We will have to adapt. We will be back right after this. Highspeed, hightech and highly controversy. A new book by author michael lewis. You may know him as the man behind moneyball. Book explores the role that highfrequency trading plays in our market. Fractions of a second actually matter. The United States stock market, the most iconic markets and global capitalism is written. By whom . A combination of the stock exchanges amid the big wall street banks and highfrequency traders. Highfrequency trading accounts for half of all share volume. Is it time that we start to heavily regulate the quote unquote rigged markets . I am still here with congressman Scott Garrett who sits on the House Financial Services committee and Arthur Levitt joining both of us here on the phone. Start with you, what is your initial reaction to this . Do you believe highfrequency trading brings to market against your average investor . No, i dont. I think the title of the book suggests small investor is really being taken advantage. Almost a criminal way. I think that israel hyperbole. The two priorities are cost and speed. The markets are faster than ever before. Are there problems with the sec andading cftc are the appropriate forums for working them out. You would think logically that this would increase liquidity. I was surprised that the university of michigan study that said it did not increase liquidity but in fact hindered liquidity. This is getting back to the issue where your average investor went through the flash crash and 2008 and now they are learning about highfrequency trading, which is asputergenerated and feels least as if the cards are stacked against them. We have the United States as the deepest and most liquid market in the world. To your moment of moment to your point of moments ago, the question of do we need to overlay additional regulation on top of this to deal with some of the problems that chairman and i also probably agree on that may be out there, and the answer is absolutely not. If you step back for a moment, you revise part of the reason we are experiencing these problems is to the extent that the overlay and regulations, the regulations have pushed the market in this direction where speed is the only one variable. It gives you an edge but that is where the regulations basically are directing this type of behavior. We have records for five years. What the record show is they never had a down day of trading, except for one day out of five years. It seems pretty remarkable. It is almost natural it is a much Bigger Picture that matt. It has toything else be reevaluated in terms of the Market Strategy and new products. I think the sec is going through a process in looking at the rules that were implemented years ago and has to be changed today. One firm is doing very well. [inaudible] some years ago they use the privileges. Ok, i think we are losing you. Let me bring the representative and here. Talking about half of all shares are traded right now have actually been rated to highfrequency trading and this is up from nothing in 1990. Changing. Is as chairman levin was just saying, as the world changes, maybe the sec needs to adapt. How do we regulate the industry in a way that does not squash innovation in the market and still make sure it is a level is one field . This area that the sec and the Financial Services committee that i chair or on the same page on. We have been hearing and the sec has moved the same direction as well. We have toeed to take a more holistic approach and step back and realize things looking at the structure of the Capital Market. That will send ripples throug