Said a considerable period of time might be Something Like six months and what people wanted to know is a reflective discussion that the fed had, and it looks like not necessarily. Janet yellen gave a week or so ago what some people describe as the most dovish speech by a fed chair possibly ever. Right. So it took maybe a little bit longer for the message to get through to the markets. Well see how long this lasts, but its a pretty decent reaction to the stock market. And to your point she had already walked back in laying the framework for why the unemployment situation in this country is still weak, saying its still cyclical, saying the fed needs to do more until its healed more. Made the case. The minutes would seem to suggest more members wanted to make sure they didnt process jumping to any tightening before they were ready for it, before the economy was ready for it. Is this something to build on, the last couple of days or just a dead cat balance a momentarily blast of enjoyment and then we go back to the selling that we see . A lot of people are trading and says the feels like the move isnt yet done but they also said about the last couple mini corrections, shallow corrections that weve had. Unique and invaluable insight on where stocks could be heading from here. Exclusive interviews with giant of the industry coming up, including big miller of leg mason and brian rogers from t. Rowe price and john levin of levin capital strategies, pretty provocative stuff. How about this provocative story this. Doctor collected nearly 21 million in medicare payments in 2012. Thats right. One single doctor, and it was probably all legal. Really . How in the world is that possible, and what does it mean for a medicare system already on the road to insolvency . We do have a special report ahead. Yes, we do, and heres where we stand in markets heading not final hour of trade today, and the dow is making a pretty strong comeback, up about 137 points, a little shy of 1 . Meanwhile, the s p 500 adding almost 15. 1866 is the level there and nasdaq, of course, so much focus on this index of late. After a threeday selloff in 2011, a little bit of a bounceback and the move continues yesterday. 52 points to 4165. Joining our Closing Bell Exchange is Abigail Doolittle and Heath Fitzgerald from Money Map Press and jack baton rougen and Peter Anderson from Asset Management and our own rick selly is hesell selly is rick selly is here as well. Keith, do you feel better about picking stocks now after the fed minutes were released . They will make a dovish case, happy to see that because it means the upside is the path of least resistance, so, yes, i like this. I want to get everybodys take here to the reaction something bill miller from legg mason told me yesterday. I think after this correction you can throw a dart in the market and anything you hit will go up in the next six months. Really . I dont even know how to react to that. Certainly you dont mean anything you can hit . Pretty much anything, yeah. The conditions for a bad market just dont exist. Okay. Just so everybody heard, that he said the conditions for a bad market dont exist. You can throw a dart at the stock market, and anything will go up in the next six months. Jack, what do you make of that . You know what . I could have thought for a second that it was me talking. Its the david tupper trade is really what it is. Look, theres one rule that you learn when you get in the market. Do not fight the fed. Last week, as you told us, we heard the most dovish speech i think ive ever heard and today the fed actually came out and said that they are making a mistake in the way they actually handled the fact that they will start raising rates a lot, i guess, they said they would raise them sooner rather than later and they were wrong, so all of that tells me that easy money is here for a lock, long time, and if that is the case, then companies will continue to make money, this earnings season is going to be right there, and i agree 100 . I think just about anything that you throw a dart at over the course of the next six months will be a winner. Rick, rates moved pretty swiftly on the minutes . Well, they did and they didnt, okay . I mean, if we want a real read on whats going on, consider the following charts as im talking. Can you look at the intraday 5s, the 10s and 30s, definitely steepening but anyone watching the Santelli Exchange should realize thats the only permutation that was likely. If you open the charts up to the last fed meeting, the one the minutes were from on the 18th, right around that period, what youll notice is 5s to 10s have flattened from before the meeting to before the Statement Today about 16 basis points. Now they have split the difference. Half that is gone, so 105ish where that spread is, eight basis points of flattening still remains and the 5s and 30s, similar, with bigger numbers, 26 basis points and steepening and 13 basis points have come out. 13 basis points remain. Thats at 192. What does that mean in english . It means that the effects of trying to pull back their words havent been 11, and in terms of Interest Rates going down, just because a car is going 90 miles an hour and it was designed to go to 70, doesnt mean that the car is overperforming. Might be outofgas, the engine might be off and the car is in neutral. Just going down mt. Evrest. I think rates are going down, not for anything that the fed has orchestrated but because the world is so topsy turvy that other xoout competing areas of the fixed income curve, like europe, are so low in terms of price that it makes ours look expensive. Theres no other place to go. Why would an investor prefer the same yield on a spanish 5 as a u. S. 5 . It doesnt make sense, and thats the problem with the micromanaging of Central Banks worldwide. So Peter Anderson, what is an investor to do here . Well, if i could respond to mr. Miller. You know, i think the market is more like a chessboard than it is say a dart board or checkers, so i i dont really agree with him. I think you have to be very careful at which stocks you pick and not necessarily say correlations are all at one. The sentiment is positive, so, hey, lets just throw in an index fund there and wish for the best. I think instead youve got to look at individual stocks and pick very carefully. Now, the good thing that has changed today is and i have been on record for this saying this before about the fed, that they actually listen to the market. A lot of people dont agree with me on that, but i think today i have been vindicated because in the minutes of the meeting it actually says in that socalled secret conference, the Video Conference that they had, that they were very concerned about tweaking that employment or Unemployment Rate and how the markets would react. Okay. So to me that is a frank statement saying that they actually whats the takeaway for you today . The takeaway is that this is good news for us because the fed is actually saying they are on the market side. Before this there were question marks about that. Thats right. Now they are saying well make any decision based on incorporating how the markets will react. Isnt it kind of sad though go ahead, abigail. Go ahead. Isnt it kind of sad though that were talking about the fed being on the side of the markets. Shouldnt be the fed be on the side of the economy or on their duel mandate in the fact that at this point we have 4. 1 trillion of leverage, lets call it what it is, we like to call it fancy bondbuying program but its leverage into the system that has gone only to the financial markets, to wall street, not to main street, its not helping the average american outside of sort of the superficial lift and all of these other bubbles, leverage, they typically pop, so, you know, its hard to know when that will happen just because its becoming so overdone at this point, but its hard to see that the fed can continue to play this game and push the markets higher, and, again, why arent we talking about main street . If you look at the velocity of money, or if you look at cap x, this recovery is not the end goal hallelujah. What did you just say hallelujah . Whoever just spoke, you get the price. Thats Abigail Doolittle. Great job, abigail. Thank you so much. Wait a second, wait a second, rick. Wait, weve had this conversation before. There is no way that you can convince me that these low rates are the reason that weve got companies sitting on trillions of dollars that they are not redeploying into cap x. Im not going to try to convince you. Money is sitting there. The money is sitting there. Mistrust. Mistrust. These companies are only going to start spending money when they see a future, when they see progrowth policies, and it doesnt matter how long the fed keeps raise low. That is the problem. Thats why you should be looking at the cap x schedules of all these companies because that will tell you the models were wrong. The big story the big story in hindsight is how well this market has done in spite of what is going on in d. C. , not only with the fed. Thats the ticker. And with the legislators. Thats what this is all about. Keith, go ahead. I was going to say theres supervision in washington. The fed is not list ming to the market, fed is reacting to markets driving it. I think thats the wrong policy if the fed will take an action. Never mind the fact that they should be out of this to begin with, micromanaging and moving Interest Rates, it demonstrates that they are making it up and flying by the seat of their pants. Guys who control the real money and the Capital Expenditures and the markets are the ones driving this, thats why investment is low and weve seen that around the world the last 125 years. Let me address that. What hes saying is exactly right. Theres a window here. Peter, hang on one second. Rick, go ahead. They should be jumping through it, because all the all the programs were designed to keep rates low. They have an incentive thanks to europe. It would be a great time to normalize. If they let this pass it will be messier six to 12 months from now. I absolutely agree. Thats the last word. Guys, thanks so much. That was good. Yall played by the rules. All right. We do have 50 minute to go before the bell rings. Dow is back around the highs of the day, up 151 points. And stocks may be rebounding today, and coming up well hear from someone who says markets and tech stocks specifically are in bubble territory and that bubble, and that is a key point, is in danger of popping. The proposed merger between Time Warner Cable and comcast coming under scrutiny on capitol hill today. We will have a live report, and we will get reaction from the man who orchestrated one of the largest ever media deals, former time warner chairman and ceo jerry levin. Yes. Hes coming up. Feast your eyes on this beauty. Meanwhile, its causing a bit of a commotion outside the Stock Exchange today. There it is. Were going to look at bentleys flagship fourdoor new luxury model and the state of the luxury auto market when we speak exclusively to the companys ceo. Thats all coming up. Keep it right here. Youre watching cnbc, first in business worldwide. [ banker ] sydney needed some Financial Guidance so she could take her dream to the next level. So we talked about her options. Her valuable assets were staying. And selling her car wouldnt fly. We helped sydney manage her debt and prioritize her goals, so she could really turn up the volume on her dreams today. And tomorrow. So lets see what we can do about that. Remodel. Motorcycle. [ female announcer ] some questions take more than a bank. They take a banker. Make a my financial priorities appointment today. Because when people talk, great things happen. Make a my financial priorities appointment today. Im bethand im michelle. And we own the paper cottage. Its a stationery and gifts store. Anything we purchase for the paper cottage goes on our ink card. So you can manage your business expenses and access them online instantly with the Game Changing app from ink. We didnt get into business to spend time managing receipts, thats why we have ink. We like being in business because we like being creative, we like interacting with people. So you have time to focus on the things you love. Ink from chase. So you can. E financial noise financial noise financial noise financial noise. Welcome back. The proposed merger between Time Warner Cable and comcast, the parent of this network, is coming upped scrutiny on capitol hill today. Hampton pearson has those details. Hampton . Reporter how long you doing, scott. We have the Senate Judiciary committee holding the first Public Meeting on the proposed 45 billion merger. Top executives from the number one and Number Two Companies did their best to reassure skeptical lawmakers their merger would not harm consumers with 30 million subscribers postmerger, covering about 30 of the Pay Television market and between 20 to 40 of the high Speed Internet market, with you a top comcast executive argued not at the expense of consumer choice. Traditional boundaries between media, communications and Technology Companies are becoming obsolete. While this transaction will make us bigger, thats a good thing, not a problem. Most of our real competitors are national and global and larger than us, like the bells, satellite companies, apple, google, sony and netflix. But consumer advocate groups told lawmakers a bigger comcast would have free rein to raise cable rates as well as too much leverage over what americans watch on television and online. The transaction could fundamentally undermine the new wonderful innovative options consumers are seeing. Comcast wits control of video and high Speed Broadband adding time warners systems could locked in high prices for nbcu programming and sports and Regional Sports and cable programming. Now lawmakers, of course, dont decide whether the deal wins approval. Thats the job of top regulators and lawyers at the fcc and justice department, but at todays hearing we did get an opportunity for comcast and time warner to defend their deal and opponent to put all their issues on the table. Kell . Hampton, thank you very much. As the case as the case giant media merger waits approval, one executive is speaking out in strong support of the deal. With more lets bring in jerry levin, the former chairman and ceo of time warner. Its great to see you again. Thank you, scott. Why are you supporting this deal that some say is, you know, too big, not good for consumers . I think its a Good Opportunity for us to take a look at digital disruption and how its changing the world. Its changing our difficult in addition of antitrust, whats in the public interest, and its also changing what Market Companies are in. I mean, if you look today, you can see that apple tv has a great interface. Amazon tv just passed hulu. Google is building a highspeed fiber in eight of the markets, so i think this is a great time for us to step back and see what the implications are for antitrust enforcement and for how we define a company. Whats a core business of a company . So the idea of scale maybe needs to be reevaluated. At first blush some people say too big is no good. Youre saying its a different world. Lets reassess at how size matters. Its a totally different world. And everyone takes the conventional position theres a lot of believeating, and in fact when you take a look at it, whats the Public Policy and the objective . And the objective is to stimulate global innovation, and to do that whats the magic . Whats the chemistry . Theres no correlation between any particular size, and right now were in an explosion of programming. There is so much available coming through every meeting. It used to be that we regulated production, distribution exhibition, pipelines, the key words today are platforms. Platforms are being created with open applications. What does that mean . I mean, what is google . I was at a at a Health Care Summit with Startup Health yesterday and google. What business is google in . Google is in the moonshot business of taking this technology and taking it everywhere for the consumer, and thats what comcast is going to do. Let 1,000 flowers bloom. Let these companies have an opportunity to create new businesses. The reality is that the innovation is happening. Its happening pushed by some of the new players and you can see a world in which a lot of this content is developed via broadband and in the years ahead, but that still doesnt change the fact right now, if you live in one of these cities thats affect and you are flipping on the tv, you really only have one choice, and, again, that grow graphicical advantage, i understand they are saying it will switch from having the choice of, you know, this company to that company to some extent, and i guess what im saying is this. Go ahead. Change happens slowly and very quickly and shouldnt you make sure that the market today is competitive even though all of that competition and all of that change is coming down the pike. First of all, change is happening so rapidly. I talked to allison and put my makeup on to try to make me look a little better. Shes a Time Warner Cable subscriber in new jersey. Her 4yearold watches tv, why, because the interface is much better . Look at the march madness. The amount of people who watched some this is what i would call munching rather than bringing works watched the final four on some device, not on their television set, was extraordinary. I mean, you know, so the change is this floor doesnt look anything like it used to look like and thats all im saying. Lets take a look at what this disruption means because it isnt about the Cable Compan