Also, the executive pay firestorm continues to burn. Our becky quick is at ground zero of the dustup about cokes pay plan. Speaking with both Warren Buffett which is cokes largest shareholder and David Winters, the man who brought this issue to life. A lot still developing on this story. Is coke backing off or not on that executive pay plan . Becky will give us the very latest with bust with buffet and winters. Boxing great Floyd Mayweather was supposed to be but cancelled at the last minute without a reason. Im happy today, he says, im coming back and, boy, do we have a lot to talk about with mr. Mayweather including the big fight tomorrow. Also, his plans to try and buy the l. A. Clippers, even while praising the clippers embattled owner Donald Sterling. Dont miss this interview. I think ill even talk a little bit about boxing. Guess which one boxes . I do on the weekend. Thats my form of exercise. I dont. Lets check on the markets. Red arrows for the Dow Jones Industrial average. There you see it down about 42 points. Started higher on the better jobs numbers and lost some of the momentum throughout the trading day. And a the dow needs to gain 21 points today to be at an alltime high. Were not there now. Nasdaq has been outperforming, the tech heavy index. Just on the flat line. Sort of swinging around all day long for the week. It has been an outperformer which is sort of an unusual trend. S p 500, under some pressure right now. Not huge losses, but down two points at this hour. Lets talk about in our closing bell panel today on the exchange. Patty edwards from u. S. Bank and tom lydon from Global Trends investment, Chris Ressler from Needham Growth Fund and add am for good and liesman and santelli standing by. Steve liesman, lets start with you. Good news and bad news in todays jobs report, wasnt it . Overall a good report for a couple of reasons. I think the 288 is a big number. Revisions tell us maybe underlying job growth, considering that there was harsh Winter Weather in january and february, those upward revisions tell us maybe underlying job growth was a bit stronger than we had thought. And then you have the other data weve gotten for april which tells us you have a classic snapback so i think were on our way to have better growth. A lot of head winds from last year have diminished. The Participation Rate is very difficult. Its flat. Its an issue, but im not sure its a determinative issue for the economy. Patty edwards, steve put it nicely, summed up what we saw in light of the other data. You have a nice metaphor for the economy right now and the kentucky derbiy. Sure. So the Kentucky Derby is tomorrow, and i think the consumers are at this point putting on their finery and the economic horses are in the paddock and being saddled up. Were seeing pretty good numbers in there. You like what you saw . The Participation Rate, the drop in the number of workers who are actually looking for a job, that dropped sharply, and the market, lets face it. The response today, patty, has not been exactly off to the races. No, it hasnt been off to the races, and we wouldnt expect that it would be just off today. Were looking at an economy thats moving in fits and starts, but if you look at some of the underlying trends, the fact that heavy Construction Spending or jobs were up, and that its not governmentrelated, its actually privaterelated, thats a good sign. Health care workers came in above trend. The professional services came in above trend. These are all positive signs for the economy going forward. Well, chris, even if it is better for the economy, which i think is still up for debate, what does it mean for the stock market . Will it be this continual bumpy ride, volatility as the Federal Reserve continues to taper . I think were going to bump along here. Were not flying away with very high growth numbers. Its certainly positive that the labor numbers were good today. We do think thats good for the consumer going into the summer. You know, Companies Like a car max we think should do well here as people are able to make payments on cars. We also Like Health Care companies, people going back to work, getting on health care. Companies like express scripps which had a difficult part of the week, its the type of economy i would invest in. Tom, is the economy recovering or not . At what pace, is job growth there or not, and whats an investor to do about that . You say stay boring through the summer. What do you mean . Thats it, bill. I mean, investors shouldnt take big bets right now as we go through the summer. Utilities have been doing very well and i think will continue to do well. Even though they were sold off earlier today, when we started to dissect the job numbers a bit and see that low participation level, we really saw utilities snap back and banks declined after the initial boom to the upside. Also, municipalities. With people still suffering from april 15th, the taxadjusted yields that you get in municipaliti municipals, thats substantial. The question is if we have a hot summer and need more of that gas, will prices continue to move up . At am, i wonder about the Market Dynamic right now. You see the better jobs numbers. Steve painted a pretty optimistic picture of the economy. Are we in a market yet where the stock market can rally on the better Economic News and it doesnt have to be a concern about the Federal Reserve pulling forward its tightening . Well, first, let me say thank you for not making us wear those ridiculous kentucky hats that the guys on the Halftime Report had to wear. Oh, its still early. But we actually believe that theres a battle going on between the good news equals bad news camp, that those people are obviously worried about a pickup in Economic Growth because it means the fed exits earlier rather than later, and then youve got people that are i think growing in numbers that are encouraged by the Economic Data, and i personally believe that as we get closer to the end of tapering, that the good news equals good news camp will win out, and the market will move higher. That being said though, the weakness in Consumer Discretionary names and the smallcap space makes me believe that the probability of a correct is a bit higher than it was say three or four months ago. All right. Lets bring in Rick Santelli. Its pretty clear, rick, that the treasury market, especially that tenyear note, its looking at that jobs report with a glass half empty point of view, isnt it . You know, im not so sure it is. Lets go through everything before we get back to the jobs report. Remember, its a fourday weekend in japan because of golden week and japanese put a lot of orders in before they went away for the fourday weekend buying the ultra bond, the longest part of the yield curve and were hovering right at the lowest yield of the year when were at the high price, low yield of the day at 257. Those dynamics are important. The yield curve, whether its 2s to 10s or 5 to 10s or 5 to 30s, the king become september of 09. The euro today fell rather dramatically and looked at the headline and within half an hour it readjusted. Back to that labor force Participation Rate. Labor secretary and Steve Liesman see it today. Its the same level today at 62. 8 that it was in december of last year and october of last year and that it was 36 years ago. Now lets switch gears. Lets pretend stock prices today at the lows were the same as they were in december, the same as they were in october of last year, but that level was a 36year low. Would we be bragging about it . Come on steve . You know, its friday afternoon. Im not sure this is the best time to do a pitch battle. I would say that rick is classically leading people to look at the wrong indicator. 36 years, correct or not . Yes or no yeah, but, rick, how many jobs were created in that period of team time . We have 92 Million People that are able to work that arent working. If you want to yell, ill yell over you. Go ahead, baby. How many jobs were created . 288 this month . I said it was good. Private sector was good. Pun in the pocket that determines the spending, rick, that determines the earnings. Parttime. That determines the stock level. Its that simple, rick. We do want to watch Participation Rate, but we dont want to lose the horse for the cart. The problem the president and the administration agreed with you and so did the last president and the president before that because we have structural unemployment nobody is thinking about fixing. People are thinking about it. Nobody wants to spend any government money to fix it. The way they are thinking about it, the way they are thinking about immigration and tax reform, the way their thinking about it. They think about it and dont do anything. Follow Rick Santelli rick brings up a really interesting point. Everybody holds on to their stocks until the very end. Go ahead, folks. Rick brings up a really interesting point and thats the structural component. Theres a structural component. Its a big deal. And the structural component, its we get it, guys. Steve, let me get in here for a second. Lets not forget the philly feds report from last fall that showed that part of the structural issue is retirement, and if you consider how many people have retired in the last year, the jocks numbers look a lot better. Yeah. And you dont know what wage rates you could have that could potentially draw some of these people back in. The more salient conversation to have is if people are dropping out of the workforce, the longterm unemployed, is labor slack quite as large as fed chair janet yellen believes it to be . Could it be a situation perhaps where the fed could be forced, if we have sustained wage growth, a situation where the fed could be forced to move sooner . But we dont, steve. Steve, we dont. We dont have it yet. If 288,000 jobs would suggest a demand for labor in this country is going up, why wouldnt that trickle out to higher wages . Because theres a vast pool of unemployed people, people who have dropped out of the workforce. The debate for investors, the one that people should focus on, is not is it declining, does it mean its bad . The question is will these folks, do they represent the possibility of further labor resources to the economy . All right. Lets make this meaningful to investors before we go. Patty edwards. Knowing what we now know about the economy, and you sound very bullish here, what are you buying here . You know, i wouldnt say that im very bullish. Im cautiously optimistic. That being said, we are looking overseas. We like the International Markets a little bit more than we like the u. S. Markets right now. Okay. Tom lydon . Well, overseas absolutely. If you look at the trends in the etfs, weve seen a lot of moves in Monetary Policy this are favorable. Chris, what do you like now . Technology going into the mid to end of of summer. Dont forget volumes generally dry up, you know, in may, so we would be opportunistic throughout the summer months buying Domestic Technology companies. All right. Folks. Thank you. Have a good weekend. Good debate. Steve, rick. Kiss and make up. Enjoy your lunch or whatever you guys do in there afterwards. 40 minutes left here. The dow needs a gain of 21 points for an alltime high. And 34 points negative. Still have some time. Warren buffett and other Berkshire Hathaway executives geek up for tomorrows Shareholder Meeting in only map. Our becky quick is covering the big powwow and caught up with him on the continuing controversiy about cokes pay package. And General Motors in court trying to fend off lawsuits related to its automotive recalls. Will a legal loophole shield them from liability . Could Congressional Democrats win midterm elections with jobs reports like today . Our own larry kudlow and pennsylvania governor ed rendell weigh in next. Weigh in next. Really. So our business can be on at ts network for 175 dollars a month . Yup. All five of you for 175. Our clients need a lot of attention. Theres unlimited talk and text. Were working deals all day. You get 10 gigabytes of data to share. What about expansion potential . Add a line anytime for 15 bucks a month. Low dues. Great terms. Lets close. New at t mobile share value plans. Our best value plans ever for business. Mattel started in a garage. Disney started in a garage. Amazon started in a garage. The ramones started in a garage. My point . Some of the most innovative things in the world come out of american garages. Introducing the lighter, faster cadillac cts. 2014 motor trend car of the year. Aint garages great . Welcome back. The headline number on this mornings jobs report was positive. 288,000 jobs created in the month of april. Much better than expected. The jobs the Unemployment Rate dropped to 6. 3 . Terrific, but when you read the fine print there were some problems in there, and that may be the reason were seeing the mixed reaction, that plus the situation in ukraine. Dow down 36 points. Gold at a threeweek high. Well stick with stocks, the hot story of the day, and that would be the jobs report pause now that the Unemployment Rate has fallen to its lowest level since 2008 before the president took office, does this give democrats a solid platform to run on in the upcoming midterm elections . Joining us to talk about a couple of friends, larry kudlow, senior cnbc contributor and ed rendell, the former governor of pennsylvania and they sit on opposite sides of the spectrum. No, no. Governor rendell is a friend of mine. He gets an a for fracking. He gets an a for fracking. You wont do a repeat of the liesman santelli here. I look for common ground. The jobs report, can this kind of a jobs report, as strong as the headlines suggest, help the democrats this year . I dont think its going to have a big political impact at all. It was a good report. It gets you back to the 200,000 per month average weve had for three years. On the other hand, this is going to hurt in the election. Wages are very low. Too many people are not working. The employment population, the Participation Rate, 92 Million People are not working, things like that. In other words, in the guts of this employment recovery, its just not there. Its just not there. I concede the Unemployment Rate, absolutely. Governor rendell, how much of that impact does that headline Unemployment Rate make, 6. 3 , thats awfully god . I think larry is right in the overall substantive nature of whats going on, but people look at two things. They look at Unemployment Rate, and it is the lowest in years, and then they look at the job creation numbers, and with the adjusted march and february figures, weve averaged almost 250,000 jobs created each month in the last three, so thats good news, but the question is what will it be in october . This good news could be forgotten come october, and the key is the momentum continuing through october . If it is, democrats have a great calling card. They can say, look, the economy is coming back, and it would come back faster if these guys would invest money in rebuilding our infrastructure. But these guys have to do some. Things the president has to do. Look, the Unemployment Rate is not the impact rate it used to be. Why . Because so few people in our population are not working. Thats really the people. So with respect to governor rendells point, i mean, it is true weve got to wait and see what happens in september and october. Again, i come back to this. Wages, takehome pay is really low, really low, less than 2 and thats a bad number and when you look at the parttimers who want to be fulltime and look at laid off people there for the long run, they are not happy campers. If you know somebody thats been laid off in the long run, you get worried. These are psychological issues and economic issues. Against, with all due respect to the governor, i dont think raising the minimum wage is the answer. Thats a democratic position. Cbo says it will cost you jobs. On the other hand, i will concede this point to ed rendell. Im not sure what the republican position is right now on the economy. I know they are against the minimum wage, and i agree. Im not sure what exactly their growth position is. Ed . Well, first of raul, for the group that larry is talking about, the people who are unemployed and longterm unemployed and disenchanted, i think the republicans are on the wrong side of the Unemployment Compensation issue. I think it looks almost inhumane for them to take the position that they are taking. It makes no sense to me at all. I think democrats can drive that across and can drive across income inequality. The minimum wage, we can debate whether it costs jobs or not. I remember when we raised the minimum wage under bill clinton we had the best following years of job creation weve had in the last 60 years. You cant debate the fact that when you raise the minimum wage it has the effect of raising other salaries up and up as well so i think theres a lot of stuff in the democratic arsenal and particularly the point larry makes is a good one what. Do the republicans have to say about the economy . Cutting taxes and lowering regulation . We tried that in the bush years, and it was a total failure. No, no. Hang on a second. Front page of the new york