harvard university but how different is janet yellin let's dig into a profile janet yellen is sixty six years old and would be the first female fed head it would also be the first time the current vice chair as soon as the top position she received her degree in economics from brown university and obtained a ph d. in economics from yale similar to summers she has spent several years in academia teaching at harvard the hospital of business at u.c. berkeley and the london school of business her career took off in public service in one thousand nine hundred four when she was appointed as a member of the federal reserve board of governors i've just been in three years they are she revolved into president bill clinton administration as the chair of the council of economic advisers back to the fad and spent six years as the president and c.e.o. of the federal reserve bank of san francisco and she has spent the last three years as the vice chairman of the federal reserve system. as someone who is more concerned with unemployment than inflation she is considered to be a dove at the fed and

harvard university but how different is janet yellin let's dig in to a profile janet yellen is sixty six years old and would be the first female fed head it would also be the first time the current vice chair as soon as the top position she received her degree in economics from brown university and obtained a ph d. in economics from yale similar to summers and she has spent several years in academia teaching at harvard the hospital of business at u.c. berkeley and the london school of business her career took off in public service in one thousand nine hundred four when she was appointed as a member of the federal reserve board of governors i've just been in three years they are she revolved into president bill clinton administration as the chair of the council of economic advisers. and went back to the fad and spent six years as the president and c.e.o. of the federal reserve bank of san francisco and she has spent the last three years as the vice chairman of the federal reserve system. as someone who is more concerned with unemployment than inflation she is considered to be a dove a

janet yellen is really an economist, a monetary policy expert. and our data show that wall street overwhelmingly likes janet yellen over larry summers. >> well, i mean, rick, what's your take on larry summers as the head of the fed? >> well, i think from a resume standpoint, there's no doubt that he's qualified, and janet yellen is qualified. it doesn't surprise me that the street wants janet yellen, because they like the continuity of the programs. just look at corporate profits and the stock market. but in terms of larry summers, there's no doubt that he's the guy they want. you could call it floating balloons, but i think it's much more. everybody was hunkered down for janet yellen. this is a bit of a kabuki dance. i think they're trying to vet the negatives, and in the negatives, he has so many bags and so much baggage, southwest would take all of the net worth of s.a.c. to get him through security. >> you know, guys, one of the negatives that the white house is looking at, and former white house insider telling me that, you know, the big que

i think janet yellen is a dove, too. if she comes in before ben bernanke makes an announcement, i think the market will handle it fine. if bernanke says we're going to taper down the bond issue, you'll see an effect. if it comes in that order, this could be a september to dismember in the market. but it depends on the order and it depends on what those ten-year treasury rates do. >> i'm going to leave it there, gentlemen. i think both of those guys are very cautious right now. now, we have big news headlines for you. we're going to include the despicable act of vandalism at the lincoln memorial. bertha coombs has an update on the entire investigation next up on kudlow. when we made our commitment to the gulf, bp had two big goals: help the gulf recover and learn from what happened so we could be a better, safer energy company. i can tell you - safety is at the heart of everything we do. we've added cutting-edge technology, like a new deepwater well cap and a state-of-the-art monitoring center, where experts watch over al

to a different conclusion shall profile janet yellen in just a bit. and scandal after scandal is already precipitating and j.p. morgan exit from the commodities market but now goldman sachs and morgan stanley are in the limelight as well who have been key players for decades the fed is already doing special exemptions they gave banks to dominate these margrave's edac a big play given the recent spotlight it looks like the two banks are getting ahead of the curve and seeking to spin off their commodities division finally you've probably heard of g.d.p. well the bureau of economic analysis which compiles a figure decided it wasn't happy with the calculation as so the ministry of economic truth in this decided it's going to rewrite history and revised every g.d.p. figure going back to the one nine hundred twenty nine yes that would be the very year when celebrated economists were going fisher said the stock market had reached a permanently high plateau prober it we'll talk about author wrote john ralston saul about the decline of western civilization in

janet yellen or larry summers. some controversial comments hurting his chances and anthony weiner, we'll talk to the man who conducted the latest pole. and tech grim reaper, putting another one on death watch. cue the organ. i was right about the phantom pig. and the dow set to open 50 points down or more, is that because of harry reid next. i want to make things more secure. [ whirring ] [ dog barks ] i want to treat mo dogs. ♪ our business needs more cases. [ male announcer ] where do you want to take your business? i need help selling a. [ male announcer ] from broadband to web hosting to mobile apps, small business solutions from at&t have the security y need to get you there. call us. we can show you how at&t solutions can help you do what you do... even better. ♪ ♪ come with me and you'll be in a world of pure imagination ♪ . stuart: who came up with that? that's good. are the facts pure imagination? and one whose group was targeted is fired up and on the show later this hour. we're close to the openi

why not go for a janet yellen? is president obama tried to kill the market with this choice of summers? >> i still think that she is the odds on favorite. larry summers really does not like financial regulation. the bond vigilantes, they do not like someone considering an inflation dove. janet likes quantitative easing. i think janet yellin will be picked. i am not sure that the markets will necessarily like that. >> i think that janet yellen will come out on top. she has been a little more dovish. she has voted with the majority. i think she has been a great number two. she is well thought of by her peers. again, i think this is a moment where the president can really make a mark on the fed. cheryl: that has to be addressed. the first time we would have a woman running the federal reserve. we still have not had a woman as president. there are a lot of issues when it comes to women. let's talk about his time at harvard, for example. >> deregulation, the removal of glass-steagall, a lot of people blame it on those m

"my vote would be with janet yellen - extensive experience and history, already an active member, a short learning curve. i can't think of anyone more qualified at this point." "i think timothy geithner is the administration's pick. yellen is in there. lawrence summers is polarizing, and you don't need that in a fed chairman." meanwhile, politico reports former obama economic advisor lawrence summers is the leading candidate to replace bernanke. some predict a contentious senate confirmation hearing regardless of who's nominated by the president. political chaos in egypt is causing world-wide shocks to the oil market. oil futures topped $106 per barrel on concerns violence following the coup and removal of eyptian president mohammad morsi will spill over to the suez canal and sumed pipeline, which are critical to the flow of oil from the middle east to western markets. also driving up prices at the pump - demand from american motorists. "we are seeing one of the biggest moves in the energy market consecutively than we have seen in years. even if we see a higher price for crude, it isn't n

janet yellen, larry summers who has got the upper hand? the man with the inside track on so many things federal reserve, jon hilsenrath is live next. david: he really moves markets on this subject. >>> the president looks to shift the conversation back to the economy in a whole series of speeches that began this week, his big push, inequality. it is job number one for him but what is really more important to our nation to the businesses in our economy? equality or growth? we are going to debate that with an all-star panel you can not afford to miss. coming right up. ♪ [ male announcer] surprise -- you're having triplets. [ babies crying ] surprise -- your house was built on an ancient burial 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 you need without any surprise fee ♪ it's not rocket science. it's just common sense. fromd ameritrade. ♪ ♪ ♪ [ male annocer ] if y can stand the heat, get off the test track. get

he's had a lot more special and contact with the president where janet yellen has remained on the sidelines. i think it's clear from the federal reserve's perspective and experience as someone as a central banker, jellen has to lead the back and summers second. >> this pulling the stimulus out of the economy will be a huge job, unprecedented, big experiment. nobody has done this before. who do you think is better equipped to navigate that, yellen or summers? >> given that yellen has been in the game and privy to the debates and pros and conns as the federal reserve went from one easing program to another, i have to believe she has the edge, even there on the intellectual side than larry summers who has been in the administration and not necessarily inside the central bank. both of them are intellectually capable of adjusting but in terms of somebody up and running, i have to give it to janet yellen. >> how is the economy doing now and what do you think of the jobs report? >> i think the economy is clearly growing below 1% and employment is growing so we'll get weak productivity in the secon

that's an advantage that certainly goes to janet yellen. other than that the important things are being both a consensus builder and leader that might seem incompatible but you have to build a consensus around your views and you're going to be essentially the decider. so you better also be a strong leader. >> larry, also great to speak with you. thanks for your time. >> pleasure. >> larry meyer of macro economic advisers. interesting larry summers would mean more volatility and janet yellen would be more continuity. >> he's not telling us something we wouldn't have assumed. we know what yellen is going to bring to the table. we're talking about a market where the volatility -- >> that's why summers doesn't stand a chance. >> larry meyer said the race is getting tighter. >> if you look over the futures over the next few months, the vix futures are pricing 19. it's not like we're seeing the options market pricing some big event. >> johnson and johnson with a new all time high but could the momentum be slowing soon. >> j and j the chart is jus

it's not to dis janet yellen, but a candidate who is a much more progressive candidate, with different ideas entirely about regulation is essentially not even part of the conversation. part of the calculation may be lets create a set of parameters around this debate that doesn't let anybody within the realm of possibility of being appointed to this position, who may have fundamentally different ideas than what's between janet yellen and ben bernanke over here and larry summers over there. there's not that huge a gap there. cenk: david, if you're right, i want to be in the room jayar described even more where they cook up the strategy. we want yellen, and she's pretty far right, let's throw larry summers out there and have people wig out and say fine, we'll give you larry yellen. shall we go with yellen or mitt romney. we're going to take a quick break. when we come back, america's scariest cops. you'll agree with us when we show you. cenk: crazy cops. back on "the young turks." mark kessler is the head of gill berton police departments. he believes that all liberals are lib tards, vile

you can deploy and so far she says i think that janet yellen is going to be the next fed chairman but larry summers is an extraordinarily capable of. he knows how to swim the washington. so unlikely i would think that he could very well wind up in spectrum and i think that if he doesn't beat us off. because he's terrible but you know you never know you never know but let me go back to something you said before you were talking about money printing and critic and i know you're also talking about hyperinflation on your blog critics say that we haven't seen the price inflation yet you know and we have these almost now two trillion dollars in excess reserves do they really matter. what i think they do the thing is prices have risen so far. specifically oil and gold have risen since two thousand and eight but they've doubled since then since their two thousand a levels right and so i wouldn't go so far there hasn't been even i say it's obviously not a deflationary pleasure pressures have been far greater than the inflationary pressures up to this point. and so as a as an about hyperinflati

janet yellen gets it right on inflation. yellen and the other pro stimulus doves were right about inflation not being a problem. she had the best forecasting record, that according to the "wall street journal" survey. so does this mean yellen is the best candidate for fed chair? and will president obama's fiscal stubbornness lead to a government shutdown this fall? he wants to end the budget you cutting sequester and raise taxes and get a no spending cut free ride for raising the debt ceiling. you know what? ain't going to happen that way. and how much did they steal? $53 million, $100 million? what about $136 million in diamonds stolen from a ritzy hotel in the french riviera. it's a massive heist that comes along with a massive amount of questions. does this look efficient to you? was this the pink panther striking again or was it an insurance scam by the diamond dealer? all those stories and more coming up in the kudlow report starting right now. >>> first up tonight, score one for the dogs. you've heard warns about infla

yellen in just a bit. and scandal after scandal is already precipitating a j.p. morgan exit from the commodities market but now goldman sachs and morgan stanley are in the limelight as well who have been key players for decades the fed is already reviewing special exemptions they gave banks to dominate these margrave's a decade ago but given the recent spotlight ill. it's like the two banks are getting ahead of the curve and thinking to spin off their commodities division finally you probably heard of g.d.p. well the bureau of economic analysis which compiles a figure decided it wasn't happy with the calculation as so the ministry of economic truth in this decided it's going to rewrite history and revised every g.d.p. figure going back to the one nine hundred twenty nine yes that would be the very year when celebrated economists are going fisher said the stock market had reached a permanently high plateau prober it we'll talk about author wrote john ralston saul about the decline of western civilization in

way janet yellen is seen as a monetary policy expert. i don't think she presents anything on larry summers. i think they're both in that same vain. >> when will we know? >> i thought the comment was interesting, did obama cut the rug out? i think he let it slip that bernanke made his intentions clear he didn't want to stay t. so the question is. >> you don't have to be inside baseball the world didn't look very great. >> obama made a mistake, that's clear. whether it was an intentional mistake and meant a in a mean spirited way. >> i don't think he meant a anything seriously. i think it's how the outside world perceived it. >> the president can appease the progressives on the left and he can also maim a woman. i can't see him not doing that. >> why are they bothering? >> i don't know. i think he'd like to -- >> i'm not sure appointing janet yellen is the appeasement to the left that the left thinks it is from not apinting larry summers is. >> that is true t. other side is not true. i think janet yell isn't a strong monetary expert. withi

have you had any contact with janet yellen? i mean, you know, there's also talk about larry summers who used to have your job, the top economic position in the obama administration. who are you expecting to work with? >> you know, when the president has a decision to announce, the president will announce that decision. i have nothing more to add to that. >> have you worked with janet yellen at all? can you tell us anything about her? >> you know, the economics community is such that most economists know each other's work, know each other personally. so i think that's sort of the nature of our field. i think we're all interested in key issues of the day, how we can keep this recovery going, how we can provide more opportunities for american families who have been struggling in the economy over the last few decades. >> and just not to put too fine a point on it, sir, but you didn't deny that bernanke was leaving in january. >> you know, i don't know -- >> he's leaving. everybody knows he's leaving. >> -- plans. when he has someth

>> well, the easy bet would be janet yellen. and i suppose because they floated the trial balloon that the next in line would be larry summers. either one of those would be a good choice, i think, for the president. >> you know, what would be the difference, you think, in their policy? i mean, larry summers, i think, is highly regarded on wall street, being very smart. is his policy going to be different, because he did complain and criticize staying with qe for as long as the fed has. do you think his policies will be different than janet yellen's? >> i don't think he could have very different policies at first. i think in order to get the job, he's going to have to make a wink and a nod toward an easy exit from quantitative easing. i think they both would be very cautious in moving away from it. i do think, though, that he's more likely to move away from it sooner than janet yellen is. she's been a -- she's been there all along when it was -- when it was devised, and she's more committed to it, and she's more part of the fed i

they don't know janet yellen very well. she keep as low profile. she's very well-known to people at the fed and in the academic community but she is much more of an unknown quantity to the obama administration. >> though still the concerns about summers for a number about democrats, they think he is too cozy with wall street. he is too in favor of deregulation and they're continuing this push on capitol hill against him this is something that will play out over the fall according to the white house's likely timeline. if you look how much time they do have, the current fed chair ben bernanke, his term ends at the end of jjnuary 2014. back to you. ashley: got a little ways to go yet. rich, thanks so much. appreciate it. >> yeah. tracy: so they're called worker centers. non-union worker advocacy groups helping workers appeal to employers and while not considered unions by law some are claiming that they're just unions in disguise on the prowl for more members and more money. fox news correspondent mike emanuel has the gory details of this story. hey,

yellen we've profiled summers before and noted his complete mismanagement of the harvard endowment and he is nowhere near the glib politician bernanke so why some are well it's quite simple he's been openly critical of the fed's monetary wanted jazz and has much more keen on fiscal stimulus and on the other side we have janet yellen a close bernanke you confidant and someone who is likely to keep the monetary pedal to the metal as long as possible the wall street journal reports only today that she has that pressure and economic prognosticator however parian dug into transcripts of meetings pre-crisis and came to a different conclusion should profile journey go into just a bit. and scandal after scandal is already precipitating a j.p. morgan exit from the commodities market but now goldman sachs and morgan stanley are in the limelight as well who have been key players for decades the fed is already reviewing special exemptions they gave banks to dominate these markets and decade ago given the recent spotlight it looks like the two banks are getting ahead of the curve and seeking to spi

janet yellen is a really, really strong candidate. so, by the way, is christina romer, who was a very key official during the first obama term. there are a lot of women very qualified. when you make this a boys versus girls fight, you actually detract from the fact that yellen has a very strong case to make, on her own, rather than as a woman as such. so, i think they are making a big error if they want to boost yellen. >> and dean, on paper, let's just talk about this, the qualifications. they are both qualified. they see the economy in different ways, but yellen, vice chair of the fed board and led the federal reserve bank of san francisco. very well known. summers, former treasury secretary and the president's national economic council director, among other things. why in the world should the new york times bring up her jender? that is to me like saying, box checked to help you get it over the guy. >> i don't think they should vote getter whatsoever. i'm very in favor of diversity and >> so you cross it and then there is another on

janet yellen? larry summers? who they pick for the job. >>> plus the futures giving a little ground back yesterday. you see dow futures up by 55 points. s&p futures up by 6.5. "squawk box" will be right back. [ kitt ] you know what's impressive? a talking car. but i'll tell you what impresses me. a talking train. this ge locomotive can tell you exactly where it is, what it's carrying, while using less fuel. delivering whatever the world needs, when it needs it. ♪ after all, what's the point of talking if you don't have something important to say? ♪ brown: on my third day as principal, i met with the state. students had fallen behind, and morale was low. my first job was getting everyone to believe... that we could turn this around. i needed my staff to see what was possible. turning around a school, is not some, mystical, magical thing. it does take hard, dedicated work each day. i was a chemistry major in college, and then... i joined teach for america. that's the reason i'm here. . >> welcome back to "squaw

some democrats in the senate in particular had been behind janet yellen and said they would like to see the first female fed chair, were not so comfortable with summers. he made a very strong case in those meetings for larry summers, and he said don't believe everything you read in "the huff post" when it comes to summers' view on monetary policy his track record working with him. he's pushing back hard on this idea that summers is somehow unacceptable to the left. that should tell you a lot about who president obama wants. >> a nice little poke from the guys at "huff post." >> the president said it not me. >> mr. summers is alternately lauded as a brilliant economist, but he's also a controversial and sometimes asiddic guy. >> to me the most constructive thing is the passage of time. if the president has an easy choice of janet yellen and doesn't float any trial balloons, doesn't mention, it doesn't even use that as a mechanism to push back when the fed started talking about the exit six weeks ago, probably means that he doesn't really want to do it and is thinking about other candidat

by the mainstream media these would be larry summers and janet yellen we've profiled summers before and noted his complete mismanagement of the harvard endowment and he is nowhere near the glib politician bernanke yeah so why some are well it's quite simple he's been openly critical of the fed's monetary wanted jazz and as much more keen on fiscal stimulus and on the other side we have janet yellen a close bernanke you confidant and someone who is likely.

they are bulk, larry summers and janet yellen are competent well versed economists, but it is the acactivism part that bothere bo. -- he thought markets did a far better job than he could do directing them, these people do not believe that, they think they can do a better job than markets, and it is getting worse every day. same thing with treasure and regulators it is a disease that spread throughout washington. and a lot of economics. neil: all right, thank you very much. >> thank you very much, neil a real pressure being with you. neil: focus not on who makes latest green card, look at this, on why it is so damn ugly. i mean is that the goal to make it so ugly you find it cute? it might work with bulldogs, but this is bull something. neil: all right. butt ugly car. anything but ugly jobs, bmw going green, this is its attempt at going green, looks like a 51 la a popular science t gone bad. who needs style, when you get more for the mile. what do you make of this some. >> at first look, i thought i was watching movie transformers, one of those cars that will turn into a big robot. i think t

will larry summers or janet yellen be the next federal chair? these seem to be the two front-runners among the possible contenders to replace ben bernanke but neither of them believe in clear monetary rules, neither of them have a history of targeting king dollar or gold or commodities or nominal gdp. i don't know. are they two peas from the same liberal pod or are there real differences between the two? let's bring in ben steele, author of "the battle of brenenwoods" and jim path koukis. tell me what the differences are. jimmy p. >> that's the wrong way to look at it. i would look at it like pre and post. we didn't know much about what larry summers thought about monetary policy. to me he's a prefinancial crisis thinker about monetary policy, doesn't think the fed can do much when interest rates are very low. there's i didn't say precrisis thinking. yellen is a pro-crisis thinker who thinks a couple time every couple hundred years you need to -- i think she does believe in a nominal growth -- >> whoa! when larry summers was in the treasury depa

will it be larry somers, janet yellen or someone else? it's unclear. >>> coming up, an american among the dead in the awful train crash. we are live at the scene as the investigation continues. >>> michael jackson drugged? what the latest witness is saying at the wrongful death trial. >>> a horrific scene in spain as the death toll rises. >>> juror b-29 exposes her face and the reasons why she could not find george zimmerman guilty. >>> anthony weiner admitting he had six to ten online partners but says no, i am not an addict. >> three after he resigned. not just one, three. >>> welcome back to "early start." i'm christine romans. >> i'm michaela pereira. the death toll is at 80 in the train crash in spain. at least one american was killed when the high-speed train flew off the track. shocking watching that video. a woman was in spain to pick up her son after a pilgrimage. her husband and daughter were on board along with dozens of others. the investigation into what happened is far from over. a place many american tourists have been to.

>> janet yellen is one. alan blinder, don kohn, alan ferguson. all of those people have been confirmed in the past, sometimes multiple times. i think not only are they capable but there is reason to believe they would pass that second hurdle. the question is, who is the president comfortable with? what do his advisors think, et cetera. liz: will you come back? >> sure. liz: love your ear perspective. thank you so much, gary stern. ashley: computer hacking, a modern day plague sweeping through corporate america. we'll tell you about some explosive testimony on capitol hill about hacking and how much it is costing u.s. companies. liz: and star power. we've got an exclusive first look at not just the new line of rhianna branded lipstick that will hit the stores, newer, newer line that will hit the stores this fall. estee lauder president john dempsey joining us for a fox business exclusive, how he turned zero marketing dollars into the fastest sellout after single lipstick in history. ♪ when we made our commitment to the gulf, bp had two big goals

yellen will get the job. >> do you think that janet yellen wants to be the one to pull the punch bowl away? wouldn't she rather have bernanke do it before he leaves? >> i don't think she cares. >> it's been a resilient stock market. just when you thought we were going to have a steep correction we had one that lasted four or five percent. >> you're pointing out that we're at five year highs for equities but that includes the bottom of a business cycle. rates are exceptionally low. if you look at this rate environment, they actually still look cheap. really what's going to shake equities is if it gets volatile again but people will settle down and when they do they're going to continue to my grate from the safe trades into cyclical and things like that. anthony was pointing this out, too, with the hedge fund concentration in gold. it's a safety trade or inflation trade. when you see them peeling that off you see come placesy and the options markets reflect that too. >> i would make the case that equities are not particularly expensive. they're not as chief as they were in 2011 but they

. >> you put out an open letter say why not yellen. >> i have met janet yellen on two occasions. she's very well thought of. she knows the fed, and she's very highly qualified. a woman as head of the federal reserve, a qualified woman, would be a very positive thing for this administration. >> i want to turn to san diego, mayor bob filner, as you know, there's been already a lawsuit against him, a number of women have come out and said that he sexually harassed them. he came out, basically said, yeah, my behavior has been bad. i'm going to go into rehab for two weeks, but i'll still stay as mayor and look at city business in the morning and in the evening. should this man resign? >> i think he should. i think he should. of all people, bob filner knows what public life is like. he served a time in the house. being the mayor of a big city, you're a role model for people. you're either inspirational to people or you aren't. it's a very tough job. and i don't think that somebody who is lacking a moral compass really sets a role model or really will provide the kind of leadership that

but most of all, the job of fed chair is to guide the nation's monetary policy, and while janet yellen has been working on and thinking about monetary policy for the better part of 20 years, larry summers hasn't. in fact, he hasn't shown much interest in it at all. hiring summers to run the fed would be like jcpenney hiring a dude from apple to run their stores. they, in fact, they did that and this is how it turned out. >> what matters with mistakes is what we learn. we learned a very simple thing. to listen to you. come back to jcpenney. we heard you. now we'd love to see you. >> ouch. this is the single most consequential decision of barack obama's second term and the fate of millions of people here and around the world are on the line quite literally. and the choice is between a woman with incredible experience, a sterling reputation, who also has been prophetically right about the major economic issues of the day, and a guy with no experience in a relevant field who's been disastrously wrong on major economic issues and who lots of people think is a tool. unlike so many decisions

on the one hand you've seen a campaign for janet yellen being kickstarted. you had alan blinder on the op-ed pages of the "wall street journal" today talking favorably about her candidacy. what you've not seen thus far is a real reaction from senate republicans. the likes of rand paul and ted cruz are holding their fire on twitter, and we really don't know if whoever obama puts forward can get those 60 votes in the senate yet, around that's the key criteria. can they get 60 votes, and that's going to take at least six republicans. >> do you agree with that, eamon? >> yeah. >> it does come down to who is the best person for the job obviously. >> well, yeah, and comes down to who can get the votes for the job, too, sue. that's the key. josh is right. it will come down to how many republicans they think they are going to get. they will lose some liberal senators on the left. there's no question about that, and some of those might be some of the people who signed on to this letter that's been circulating supporting yellen, so they were going to lose some of thos

rumors are circulating democrats are pushing for current fed vice chairman janet yellen to take over the post. jp morgan may be moving toward a break-up. friday, reports surfaced that jp morgan chase is pursuing strategic alternatives for its physical commodities business. it follows a recent new york times report the bank has warehouses filled with commodities such as gold and aluminum and may be inflating prices. the federal reserve said last week it's re- visiting a 2003 decision allowing banks to trade commodities. "for people who cover the fed, this was a one-sentence statement on the one hand, but on the other hand, it really showed how this surge of media attention surrounding this was creating political pressure. up until now, the fed wouldn't really even acknowledge that it was reviewing morgan stanley and goldman sachs' commodities activities." according to cnbc, jp morgan could spin off or even sell its commodity assets. jp morgan says it's committed to traditional banking. a major bank in the uk may be scrambling to come up with capital. the wall street journal reports ba

quite sure why he suddenly became favorite and now back with janet yellen. >> is he favorite? >> i don't know. i didn't think he was. then a lot of people came out of nowhere, really. >> a lot of polls i've seen is that yellen was definitely the favorite. but -- >> that's what i thought. anyway -- >> i've seen a study with google trends and big uptick. that monitors news flow rather than polls. maybe that's what people are focusing on. >> yeah. how much will it matter on the margin? >> in terms of policy? >> in terms of for investors, yeah. >> yellen is much more of a consensus builder. and perhaps it will see a more stable view from the fed if she's in charge. and consequently that's perhaps a better thing for u.s. equities in that respect. >> investors will know more of what they have got. >> right. >> that's -- they would expect a sort of continuation of broadly -- >> broadly of bernanke's policies, because he's -- she's consensus builder. i think it is a important to emphasize, the stability in the markets yellen would create. >> james, thank you very much. >>> what is on

looking ahead, the wall street journal reports janet yellen has come closest to predicting growth, jobs and inflation during the last four years. she remains the favorite to succeed bernanke. others include larry summers, alan blinder and roger ferguson. jobs are on the agenda for president obama. today, the president delivers a speech in chattanooga, tennessee, at an amazon warehouse. amazon is adding 5,000 full-time positions at distribution centers across the u.s. and 2,000 customer service jobs. the president is touring the nation with a series of speechs on the economy and jobs. the congressional budget office predicts canceling the sequester would add nearly one million jobs to the economy in 2014. senate republican leader mitch mcconnell tells reporters the president needs to cut entitlements to get relief from the sequester. apple is said to be back to investigating labor practice in asia. china labor watch, based in the u.s., says worker abuses are happening at factories operated by taiwanese company pegatron, where iphones are made. violations reportedly include withholding em

yellen or larry summers as the next fed chair. what are you hearing? >> i heard a third name mentioned, don kohn, under alan greenspan, worked under bernanke for a while, and i think 37, 40 years at the federal reserve. if that name was mentioned -- and i think the fed -- the president let this process get out of control and didn't -- and really let the whole thing spiral to the point where both of his top candidates, if it was janet yellen or larry summers, have been sort of damaged by the process. so maybe injecting a third candidate here might take some pressure off of both of the other candidates. let the process simmer for a little while. he wants to make this decision, or tell us it's happening in the fall. but the understanding is that summers is still the lead candidate, but i heard he got a lot of pushback on that. >> hey, steve, steve! i have to tell you, don kohn has been the wild card on this trading floor -- ira harris three months ago had a discussion. that name kept coming up. floor traders, especially the old-schoo

janet yellen is absolutely a pro. i've seen her operate many times at meetings alongside ben bernanke. she has the confidence of her colleagues at the fed. she would be the first woman federal reserve chairman, which is an enormous advantage. she is seen as someone who would continue bernanke's policy, in particular what's known as quantitative easing, in particular buying up long range bonds. the gossip is he'd like to go with larry summers. i think we'd probably know in the next couple of weeks. >> steve rattner, do your think larry summers is a possibility? >> i hope larry summer is a possibility. if full disclosure, he's a long-term friend. i think he would continue what bernanke has tried to do in terms of quantitative easing and maintaining the emphasis on jobs, but knowing there's going to be a moment to pivot to inflation. i'm all for a woman being there but this is the second most important position in washington and we need to pick the best person. so, ezra, what do you think the decision will be? >> i think

janet yellen, we know what her views are. she gives speeches at the time. we know how she votes. she maybe a little more dovish than bernanke. larry summers has been, he talks about all kind of economic issues. he does not talk about monetary policy. really, that report from last week on his comments on qe, they were limited. they weren't, you know, he is not out there every day saying here's what i think. >> down it matters there hasn't been a trial balloon? i know the obama administration likes summers. he has been really loyal. >> they probably liked it. probably would be the preference. they haven't had a trial balloon about yellen. is she the favorite right now? >> i don't think it's prohibitive at ul all that she gets the job. >> there is another thing, too, we can listen to what the president said. what is important he makes this critical decision as someone who understands the dual mandate of the fed. we spend a lot of time talking about inflation t. president made it clear he wants someone in the job who will be thinking about what it means to maximize unemployment. >> h

yellen. who might to be. i don't know andy camping now it is somewhat difficult if yellen is elevated it would be the first time i believe that that's ever happened yes provides turn at right so it would be a very rare thing indeed i don't think geithner has any chance of being elevated i'd be very concerned about somebody like larry summers the job all boy we also have only fisher i mean the head of the bank of israel what about stanley fischer. well there are a number of people that i think would be very interesting picks but it's my position that the fed is essentially boxed themselves into a corner and the bank of international settlements has made this rather clear they've said look you guys turn this crank you maintain discredit issuance by essentially absorbing all of the net debt issuance of the federal government over this four five year time period so you've allowed that to happen in you continued to deceleration towards zero of the interest rate curve but now you're at zero zero wh