00:00

BILLION ON PAPER AND JUST AS THIS WAS DOWN $1.8 BILLION. WARREN BUFFETT LOST $1.7 BILLION. THE COMPANIES ALL DOWN TODAY IN THE BILLIONAIRES. I'M FINDING IT DIFFICULT TO FEEL SORRY FOR THOSE GUYS, MARK. IF YOU STILL HAVE MULTIPLE BILLIONS LEFT, I THINK YOU'RE GOING TO BE OK. THE PRICE OF OIL KEEPS FALLING. WEST TEXAS INTERMEDIATE IS DOWN. TRADING BELOW $39.18. LAST WEEK, THEY SAID THEY COULD GET WORSE WITH OIL FALLING TO $32. CRUDE IS DOWN BELOW $44 FOR THE FIRST TIME SINCE 2009. MARK: A NEW SURVEY SUGGESTS A VAST MAJORITY OF ECONOMISTS EXPECT JANET YELLEN TO RAISE INTEREST RATE BEFORE THE END OF THE YEAR. 77% OF ECONOMISTS BELIEVE THE FED WILL RAISE RATES BUT ONLY 37% BELIEVE IT WILL HAPPEN US IN A SEPTEMBER. WE SPOKE TO AN ECONOMICS PROFESSOR AT DARTMOUTH COLLEGE AND FORMER POLICYMAKER OF THE BANK OF ENGLAND. >> UNDERSTAND THAT YOU MAY BE AT A TURNING POINT BUT YOU OFTEN DON'T KNOW THAT YOU ARE. THEIR SITUATION WHERE THE RATE RISES OFF THE TABLE AND MAYBE THE NEXT MOVE IS ACTUALLY LOOSENING. THAT MOVEMENT IS COMING CLOSER BY THE HOUR. MARK: MATT MILLER MENTIONED THAT THE SURVEY TOOK PLACE BEFORE TODAY'S GLOBAL MARKET SELLOFF. THE INTEREST RATE WILL EVENTUALLY TOP OUT AT 3%. LARRY SUMMERS SAY THE FED IS ABOUT TO MAKE A DANGEROUS MISTAKE. HE WARNS THAT RAISING INTEREST RATE WOULD BE A SERIOUS ERROR THAT THREATENS THE MAJOR OBJECTIVES. PRICE STABILITY AND FINANCIAL STABILITY. THAT IS A LOOK AT THE STORIES THIS HOUR. BLOOMBERG MARKET DAY CONTINUES IN JUST A MOMENT. ♪