The lead story tonight: stocks surge thanks to a strong jobs report.
The Dow soared nearly 200 points today, wiping away most of the week's losses. November's jobs report was much stronger than analysts expected.
The economy added 203,000 jobs last month, 20,000 more than predicted. The unemployment rate also fell to 7%, the lowest it's been in five years.
Seems like a whole lot of positive news, but is it as good as it sounds? Joining us tonight is Doug Holtz-Eakin, former director of the Congressional Budget Office and an economist for President Bush, and Austan Goolsbee, a former chairman of the Council of Economic Advisers for President Obama.
Former Obama official and Clinton Treasury Secretary Larry Summers came OutFront to discuss Obamacare and the economy. He also gives us his take on Janet Yellen's nomination for Federal Reserve chair, a job many thought he would be nominated for instead.
OutFront Extra: More of Erin Burnett's interview with Larry Summers.
The Kentucky Republican said in a statement that he intends to put a hold on the nomination unless his legislation to have audits of the Fed is brought to a vote as well.
"The American people have a right to know what this institution is doing with the nation's money supply," said Paul. "The Federal Reserve does not need prolonged secrecy - it needs to be audited, and my bipartisan Federal Reserve Transparency Act will do just that."
The Fed's finances are subject to audits and it reports all financial transactions. But under current law, government auditors are specifically prohibited from examining monetary policy deliberations and decisions.
The legislation would remove that prohibition. It is strongly opposed by the Fed and many economists who fear it would encroach on the central bank's independence.
America's top banker Fed Chairman Ben Bernanke gave the addicts Thursday what they desperately wanted – more cheap, easy money. We're talking about Quantitative Easing, or QE3, a tool used by central banks to stimulate the economy.
This is the 3rd time that the Fed has pulled the trigger on QE3. Today's hit is unprecedented because this time Ben's giving addicts what they want until the Fed is satisfied with our economic growth.
"What we're trying to convey here is that we're not going to be premature removing policy even after economy recovers." Bernanke said at his press conference, " Even after unemployment rate begins to move down more decisively we're not going to rush to begin to tighten policy."
Here is the Fed's Plan of Action:
Could all of this stimulus eventually have a negative effective on the United States' economy?
As part of CNN's in-depth look at the issues that affect the 2012 election Jim Bianco, president of Bianco Research comes OutFront.
Fed Chairman Ben Bernanke made his case Friday for the federal government to take more action to stimulate stronger economic growth. He also gave a hint that the Federal Reserve may provide additional stimulus.
"The Federal Reserve will provide additional policy accommodation as needed to promote a stronger economic recovery and sustained improvement in labor market conditions in a context of price stability," said Bernanke in Jackson Hole, Wyoming.
Mitt Romney, the Republican presidential nominee has said in the past that he would replace Bernanke in a Romney-Ryan administration. What kind of impact can the actions of the fed chairman have on the 2012 presidential election? CNN's Erin Burnett reports.
OutFront tonight: Stephen Moore of Wall Street Journal and Laura Tyson of Center for American Progress.