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-- but what about as a dot com live Casey right Chris -- The Dow is down again it down -- 142 points it was down a little bit more earlier actually we're and it looks very precipitous that little slope down -- bottle though it's been up it's been down.
Stocks -- -- basically when we got news that mortgage delinquencies were on the rise again and that people aren't paying their mortgages and that -- of -- yet again and that the housing market is still pretty much a big mess.
And we were talking earlier on -- about how the government's loan modification programs have not worked at all as a matter fact there -- adding to the delinquencies because nanny.
Banks are forcing you to fall behind and if you payments in order for you qualify in the first place and they're creating this month or so here we are Dow's down housing markets not getting better.
We were down about 3%.
Overseas in general across the board before we opened today -- can't -- what -- the footsie and a London.
All because of that mainly because of the measures that -- German regulators were taking over night saying that they're gonna ban certain types of naked short sales on financial companies and things like that and that really.
Sit them going haywire because -- and it adds to the uncertainty I can understand that I don't know why that would impact us that much we were down triple digits right at the start of the day.
-- but that those mortgage numbers to me you know the markets we hate surprises but that's not a surprise to me at all because.
I think patent you generally.
The people that are working on Wall Street those who are investing did I think they understand the 75 billion dollar.
And mortgage modification process is not working and it's not going to work those who think it's working.
They may be -- those Democrats in office -- those who just say that they think it's working but I think the great majority of people out there feel like it is not.
Worked out knocking and I think went -- through to earlier too is now there's the you know woman neighbors not paying his mortgage since he's syndrome so what section I mean probably about one on anyway because they ambulance.
Yes really have to I really I think there's a lot more out you know what that's what it used to be at least when we were kids union filed for bankruptcy.
And if anybody did.
You certainly didn't ever talk about it and I think people -- let you get -- that you move on yet commercials bankruptcy no problem you know them.
I want to call that's all that Becker and -- and it seems like an easy way out too well that -- -- for bankruptcy have come up with him a bill yet so that's I think there's a lot more than com.
It's troubling to me though the market action and it's troubling to me that we spoke to somebody this morning it was during -- company and I wasn't paying attention a whole lot.
So I didn't get the whole entire -- of the -- think that the but I did hear the cooler by air testing not you know 9000 on the Dow.
I got that I have -- hundred on the S&P -- would be a normal action for this market and I sort of thought it that doesn't sound normal to me I could understand what's going on.
Maybe now in terms of a 10% 15% correction but to go all the way back down the 900.
Me and in the spring of 2009.
We were pricing in financial Armageddon that's not happening yet as -- going to be tough.
But financial Armageddon was priced in -- what was 670 on the S&P.
To continue to get closer to that it tells me that boy is some people out there really feel like things are a lot worse than.
A lot of other people let you talk to that feel like the underlying.
Components of this economy and in coming out.
The recession recovery are still pretty good I wonder if their entertainment system and I -- it was he like out and -- maybe this.
You could be anybody right.
Short in the market so he's gone out they're saying hey it's Armageddon it's -- -- -- Miami there was some stories today that Angela Merkel is short and the banks.
That out overseas which is exactly why she instituted that rule today.
Yeah I know on the -- they'll soon here in studio is chairman and CEO of the cure X group bill we seem to be getting a lot of conflicting messages to mean people sitting in that share.
Every week tell -- you know -- yeah we're getting a lot of noise from Europe and yes it's gonna affect this the Euro but in general our economy as he has pretty solid footing.
Then we get terrible housing -- -- -- get somebody like you're talking about on the show earlier saying look out for 900 on the S&P 500 seems like we're worlds apart.
And I think we have to recognizes is still a lot of leverage built back into the system we've not come out of the financial Armageddon as we were discussing.
Really on the back of very very low interest rates and easy money.
We still haven't -- a basic global economy where the savings in the east flow up to cheap financing in the west and what that does is it.
And allows for a lack of discipline and to a certain extent through the securitization measures.
A distance between the lender and the borrower which allows for a little bit less stigma around bankruptcy as well.
What we have is is essentially an ecosystem that the markets work with and yesterday -- announcement.
Removed one component of that ecosystem you can call on speculators -- can try to vilify them you can do whatever you want.
Merkel got her own issues she's lost a very important election recently she.
Her power within Germany is sitting on a very tedious balance right now and she's trying to pass financial legislation very similar to what we're trying to do here in Washington.
So she has decided to pick an enemy that everyone can focus on the marketplace.
But the reality is these so called speculators are often on the other side of hedges and what you saw yesterday was essentially a reaction to the fact that -- I can't shore.
My my European or my German bond.
I'm gonna have to -- off my wrist somewhere else and immediately -- that you could actually see the money flows move directly to short -- And you saw this a hundred -- move -- really over the period before -- since that announcement was made.
It's a very.
Causal relationship type of environment that you're in that if you're close to the markets you can understand.
And you really look at some of these measures that are being taken and if you take the political aspect out of it you wonder what they're thinking.
But in but also we also know now that it really affects about ten big right over there and that's only German -- any kind of multinational trade is -- -- that it also.
Eighty the end of the day it was knee jerk reaction in the bond market took it well the bond market.
Because ultimately -- -- it's it's a form of financing for the banks to actually use these repose against the German bonds and to the extent that the Euro is another reserve currency you have to have that function in the marketplace.
What they did was take a very big step away from the -- -- being reserve currency you're gonna see.
The US reestablish itself is really the only deep liquid capital markets to serve as the bank for the rest of the world.
Is this shorter term a longer term because the -- was coming back down closer to par and human -- it's not there yet it's 121.
Something I believe last time I saw.
So it's getting closer but still has a ways to go doesn't stop does it stabilizes it keep on.
I was sovereign skeletons in the closet that's the problem here we're starting to come around where the other shoe drops -- have to take a look at okay we know that.
Corporate mortgages are going to be an issue we went through the sub prime issue that we got sovereign debt issues and we're gonna have to work through that.
The good news is we have a lot more tools now -- we had two years ago in post -- we're now seeing it needs hearings in Washington that.
They're saying look at the Federal Reserve didn't have the power to move in and and move on Lehman we didn't have the tools.
You saw last week the implementation of -- currency swap program that goes around down between major central banks and what we've been seeing over the last couple of days as a Swiss.
Central Bank effectively intervening in the market by buying or selling Swiss francs buying euros he -- enough to tip the scales morning that you saw the short euros.
Basically cover their shorts and you can't fight these currency swaps when you have Interbank currencies what's going on -- like -- and -- school money to push that Europe to where they wanted to be well and point to ice.
When -- -- -- went through right now but is this helping.
It's not helping -- here at home the loan modification programs -- not working to Chris -- -- 375 billion that's being spent for nothing.
Sub prime is still the worst of it also separate is not taken care of yet I mean almost 30% of sub prime arm or alternate just -- rate mortgages.
In delinquencies so.
What's working what tools are working.
The forest fire has largely been contained that you've got little spot fires -- pop up all over the place and what you really have to do this kind of deal with -- issues at home each country has to deal with that while the same time help your neighbor he's you know there -- spot fire can turn into your next forest fire.
That's a little bit what's going out with a central banks working together to.
Not necessarily control.
Where the Euro is but -- -- the rate of decline and I think really what.
What you're seeing in terms of these interventions are attempt some of them very well thought out some of them very ill thought out.
To essentially stand the degree of volatility one thing I will say though.
You take volume out of the marketplace you get volatile it and we saw that last week we saw this collapse in the market.
What we've now learned in the days following it was -- electronic volatility came out of the market that we saw this thousand point drop.
You need to have the environment where he can keep the machines going you can keep the traders going to -- provide the normal functions of the ecosystem.
That makes up the capital markets.
Technically looking at a number right now on the S&P 500 he talked about -- -- 10% 15% when Helen have you are you looking at a number -- -- making decisions based off that number yet you know you look at capital flows around all -- -- kind of related now he's got you know when actionable market relates to another definitely be in the market -- round numbers 11100 -- for us and he 1105 -- kind of more technical level that I think a lot of traders are looking at.
When we get down -- technical levels of this traders out that the watch in the market expect that they'll get they'll go through.
The levels because there's a lot with a lot of stop losses around these round numbers the tendency than the -- is -- and take them out come back on you have to tester a couple of times -- -- holds.
That was what we weren't seeing in the Euro past week where we were dissing him break his levels like there -- -- there.
Like you can expect that you're gonna see some of that the S&P there's a lot of good fundamental news that's happening Hewitt Packard the numbers you wanna see.
Technology companies start to show up at this environment -- that.
Governments of the heavy lift to get us out the next group -- -- to come into the industrial he got to see the you know the companies -- in this server.
-- -- with a lot of banks that Nina servers after last week.
-- -- but at the end of the day don't wait for the consumer yet that's why we see can we consumer numbers yet they're not it's not their time yet you know -- coming down the road there's a normal.
Evolution -- yourself out of a recession.
We're slowly but surely making her way through that -- -- them again.
Filled -- thank you so much for being on us as well as CEO of the correct.
By the got a lot what he gets and you always talk about later on men's fashion and you know what I really hope that -- -- it's a slam again this is -- gotta be -- and you.
We don't let me add jewelry people in here you're walking adding he would die Amy and I am not -- us -- anything I know you're not but I don't care.
Talking about it anyways EE I don't think they what I mean I got I didn't -- and -- -- it's good that's very admirable of you very irritable.
Com -- you might wait till.
I -- would back.
Well -- foxbusiness.com.
Live Cotter and burns a lot -- talking about the elections last night Saddam we certainly had.
A lot of interesting things take place what does it mean long term and when I say long term I mean going up -- -- out tomorrow I thought of going up to November.
Hubble we're talking about mid term elections let's talk about a right now John trendy writer.
Real clear politics dot com joining us from Virginia look for the -- -- Thanks great to be here are what does it mean last night when you look at what happened the results.
You know I said earlier this morning.
All the real results are one -- nothing -- over Republicans because they do with the real changes about seats and changing the numbers seats while holding the number of seats and that's what the Democrats were able to do yes it would did you see from the results.
You know it's a district that is -- it is the only district in the country that went for.
John Kerry and then switched to vote for John McCain.
But it's fundamentals it is a pretty heavily democratic district so it's not entirely surprising that the Democrats were able to hold it.
What is surprising to me is the is the margin by which critz won the election.
So it's it's not a spectacular sign for the Republicans although it's not as terrible as others are making it out -- -- -- More of a middle of the road kind of a guy not so far to the left somebody that'll kill will work with the Republicans maybe he was seen -- that type.
Yeah I think that's definitely one of the keys to chris' success is that Iran is of pro life pro gun.
Said he would have voted against cap and trade and health care bill.
In I don't know that he necessarily reach across the aisle to work with.
Republicans but I do think he was seen is kind of a more independent new deal type Democrat which really fits the mold -- that district pretty well.
It was just -- -- on grandstands and I John Murtha seat in Western Pennsylvania special election because.
Out -- -- -- surprise Tim Burns right republic you know self made millionaire OK so let's talk about overall now.
Analysts saying this was not a you know we activity stories was it throughout being -- it or was it a shot at President Obama.
Well you know it was it was an open seat so it was really.
Neither in this case unless somehow -- -- -- -- -- overall I like would you take away from last night.
You know last night was not a good night for incumbents obviously.
Arlen Specter who switched parties and at the presidents or lost by pretty wide margin congressman.
Former admiral -- that stack.
Down in Arkansas Blanche Lincoln was forced into a primary and she also was ordered by the president.
So it was a little bit about that wasn't a good night -- convent and it wasn't a good night these ordered by the president.
But you look at your latest Darcy -- holes what do you see -- Republicans ending up in November.
On terms of gaining seats if they gain anything.
Although -- I would bet a large amount of money.
Very long odds that they'll gained seats.
Right now you look at the generic ballot and it's tied to the Republicans being a little bit up and so I would still say the problem you know I think some of the more outlandish claims that even I've looked out of a Republican gain of seventy to eighty CT after dial back a little bit but.
I still think -- the -- is probably Republican gains in the house about 3545.
Seats in probably six to eight in the senate.
Since yesterday's election really mean anything -- -- can't connect.
Mean did you think it was a precursor to -- on Florida and when did.
Even needed -- make good lot of noise over nothing.
No I mean obviously when he have an incumbent senator lose in a primary and and day.
And one get forced into a runoff and then someone like Rand Paul writes the Tea Party movement to.
An upset victory.
It's big news I just don't know how much of coherent narrative you really drop of these races.
So what do you make finally -- -- with this one about the president's sort of retreating from the campaign trail here.
Over the last couple of a couple of weeks of -- is too much being made out of that.
Well I think you know he his popularity is pretty middle of the road.
You know it's some marble right below 50%.
Which means that in these barely democratic.
To Republican districts he's not incredibly popular.
So I think it's a Smart move for him to kind of quiet down I think the absolute worst thing that could have happened -- it would have been to get a campaign visit from president Barack Obama.
Let's I've been on the cover Sports Illustrated John Kennedy thank you so -- -- that's fair.
Great to be here writer for real clear we're real clear politics dot com it's actually awesome website check -- What did you think yesterday much ado about nothing.
Yeah it -- just to me it.
It's sort of like the first step.
To me you're gonna have to win like Paul's gonna have to win that seat in Kentucky just winning the primary is -- that sets him not to be able to win that seat.
But you'd have to win this -- it's it's a media election amid some election is going to be like plain.
Four at the non incumbents and challengers it's really play in the Indianapolis Colts would Jim Sorgi under center.
You know if you don't win then when when Manning is hurt or whatever if you don't win then.
You're not gonna win so or when Jordan retired and Pete Myers took over -- the knicks were licking their chops or say.
I can't take on the bulls don't have -- anyway got Pete Myers if you don't win then when are you gonna -- so the pressure's going to be on them to take those seats.
That is for sure -- What else caught your ideas and remember the -- that.
I didn't know what weren't you just said Henry I want my yeah if he iron dead what else player on the music Michael Jordan -- -- back.
Is it you lost I lusted Pete Myers a bit puzzled a lot of people were lost on Pete Myers look like era.
It brings to review caught my -- because I was an inch air yes I was.
Better view is down instead of 52 week low and the reason -- caught my -- is because it also aside from.
SAT prep which is what I -- Ellis ATG Ares would -- right.
It also does stuff for the No Child Left Behind educational services and things like that and -- -- cut.
So therefore it's cut and so basically it's got to stay online tutoring revenues jump 42% -- and -- some of it.
-- OK so there but they're also take you to take a lot of pride among people sign up for not certainly and there -- no incentive for classes they tell me that's the building -- that -- that that they have funding and see this in in -- -- my writing it and they're not getting any.
Exactly and they're not getting so I think that's that well.
I would say -- if you become an instructor for -- of -- of course you know instantly if the -- I can now -- SATs too -- it's like.
And now let me -- again you have to wait -- -- undergraduate degree maybe you can edit it at that Hormel Foods fiscal second quarter earnings fell three point 1% its assets to meet any -- and we discuss this -- -- -- sorry.
Higher hog costs and the absence of last year's strong performance.
Heard it -- Moving on analog devices -- -- -- -- earlier moving up fiscal second quarter profit tripled.
Thanks to higher sales good margins and they also -- guidance you know that didn't dear your fox fifty leader today -- here.
Large farm machinery I guess everybody needs a good tractor fiscal second quarter earnings of 16%.
On strong demand and they raise current earnings forecast.
And then you know the strong Euro was apparently not -- on the -- do a lot international business stay with cat oh right you see ATF although they don't have farm.
Machinery they have to speak.
Quit mining machinery that -- And T -- brought back because it's -- -- nearly 500 later today.
We talked about it earlier in the week because earlier in the week the -- generals and bring that Apollo global -- in about buying it out taking -- private.
-- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- Foxbusiness.com -- among many rows -- -- -- -- actually we got a little -- don't we have a whole whopping ten point -- -- -- 131 points so I got a little commodity -- -- -- some some engineers here we're talking about short selling which is complicated and it's colossal flop -- -- Naked shorts which doesn't sound of proper but basically it into the -- if people -- without -- We did you have short sales which essentially -- you are agreeing when you're shorting something you're agreeing to sell trump thing -- a stock.
To let down -- -- short with Chris I'm agreeing to sell to him at some point in the future stock equities bonds whatever.
For a price that I believe will be lower than the prices today -- so that equities going right so and it's simple world I already own.
I -- the stock Newton but let's say I think these two pieces of paper are not going to be worth a buck tomorrow I think they're going to be worth ten cents but they belong to Tracy.
So I -- Tracy.
I want to borrow those that -- asylum to this fool over here Jimmy Neutron later I got -- sold him later -- you know ten cents but let let's say.
You say OK that's a -- -- I don't actually have possession this stuff.
But I've entered into an agreement so that if I have to delivered him I have been a regulation what you -- those kids in a regular -- -- a naked short but he's not gonna innovative that I haven't even gone to Tracy to make front bottom.
I'll get -- somehow I'm obligated to get them but in a naked short all and represented -- Chris is all have.
Them at some point and naked -- took off because it would lie.
Wasn't that it was that no people did -- and as well.
-- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- And I don't worry about my I have covered and -- I have and they didn't have recovered and it wasn't so much of a life as it was a presumption that I'm going to be okay and what.
What would the importance of understand this because you really don't have to.
Who cares about -- -- -- -- you know it Carmen Diaz or you know David Hasselhoff -- I don't know you're big in Germany which means of Germany that's right it's not an issue whether it's -- and not the issue is shorting.
-- politicians love to blame short you know people who short for financial crisis and we -- that the crisis in and Greece.
With their bonds and Germany is having debate right now over their portion of -- you know the package to save the world as we know it otherwise known as the Euro -- And so Angela Merkel and I just love saying that Angola not Angela Angela very choked up about -- I'm on no.
Germany and it Angela Merkel got to save face with her people I know I've got -- And here's the deal.
She has the German government has until March 31 someone understood that until March 31 201130.
Days -- -- -- -- -- -- Band.
Naked short selling.
On certain kinds of equities ten financial stocks and on some bonds now.
What's interesting about this is they're also going after credit default swaps yet.
They're saying that you cannot sell -- Andy engaged in the credit default swap you can't purchase one.
Unless you have skin in the game -- -- unless you actually possess the the underlying asset.
So that's spooked markets in Europe.
And -- -- you know a lot of people -- -- selloff in Europe was brought about by this very ease some analysts say very bad decision by Germany do this.
And the reason the analysts are saying it's a bad decision by Germany is Germany's going -- -- -- Spain -- -- doing France isn't doing it you can still do it in other eurozone countries.
But the other problem is even German institutions which now can't do this within their own borders there branches outside.
-- -- -- so the whole goal here is to prevent shorting of say the bonds issued by say -- you're not gonna do that with this it's not gonna stop.
Because that about ten different financial equities as well this -- some blunt instrument so.
When people in the United States thinking what about us it's the credit default swap issue that also -- people -- second remember credit default swaps again it's like buying insurance on something.
But what happened in the current world is you don't have to -- -- something on which are buying insurance I could go into a credit default swap with with -- -- with Chris.
On the house that you -- people watching right now.
That I don't have an asset I don't own your house but we could go into credit default -- an insurance bet on your house.
Germany is doing is saying you must own the house before you get the insurance that's being considered in the United States that's being debated in the senate.
Through financial regulatory reform so that's one of the things that people looking out.
-- a member credit default -- generate huge amounts of money generate huge profits for those who engage in them and do you can make an argument.
Do spread the risk and they do.
Placate the -- He doesn't understand naked short trip and I'm not allowed to begin -- -- -- -- -- They in the United States UK you can.
You have to have a vehicle to get.
To you you can't just say out of the blue I'm gonna give you that.
Delivered you have to have an agreement but what we did in the United States we -- and temporarily the height -- the kind of guys in no way just for thirty days.
But what we do -- here in the states is we have new restrictions from the SEC.
On what happens if you fail to deliver the stock.
It's very prohibitive and it's actually was on the phone with the SEC this morning about this and they said.
Whereas it used to be measurable when it when people would fail to deliver when they were doing these naked shorts and it's not even measurable now.
Because the penalties if you fail to deliver what you say you're gonna deliver are so severe people are thinking twice before they die or go -- it's.
Reach a contract and Cynthia thank you so much for being this -- adios.
There's so many languages going -- here.
Including sports news I have no idea what's -- says the language -- like I know it's still don't have any idea what you said before.
Can you tell me though look what Iraq.
I will tell you senator Jim in -- he's a Republican from Oklahoma.
When there's obviously a lot of so that has blocked and is the second and the Republicans now blocked a bill from being at -- -- of -- being -- presented I should say.
In the senate that would raise that a liability cap -- from an oil spill from 75 million to ten billion I don't understand this at all.
When and well I've been I've said you know this is really it's gonna put -- -- the sea drilling on hold it really is because.
This raises the spectrum of another incident an explosion.
When you're dealing with flammable liquid it's very possible to have another one like I said it's not like an asteroid coming out of space and hitting the deck and causing it to explode so.
With that said.
If these -- -- oil company -- big oil companies that do this offshore drilling if they're so confident that this was a real anomaly this isn't gonna happen again.
Why would they care if they raised the the liability.
You know it would be motivation for them this did it.
That was the one thing is a bomb bomb BP.
I'll go ahead and raise it this is -- really random think this is a once in A million type of deal as they're saying and has a lot of people who are proponents of offshore drilling are saying the safety record is great this is really random.
That would matter.
-- attend edit your constituents who are potentially affected by the whole thing they certainly don't -- that.
Are they -- -- -- go through the roof people go to jail people get like their heads chopped off that's what I'm saying I'm saying raise it to ten billion I'm in favor of raising the ten billion.
OK if there's there's no reason why you shouldn't raise it to -- -- but this an anomaly.
He's finding it.
It -- -- let it go through will discuss it put an amendment to it so maybe it's not 101000000087.
They made it's a percentage of revenue.
If you're worried about smaller offshore drilling companies because you one of these he's saying is if it's ten billion.
You're gonna have five.
And nationalized foreign companies drilling in that sick because of the of the smaller companies won't be able to afford so if you're worried about that -- -- -- some some type of the -- one of the -- it's a percentage.
And that way you'll hurt everybody equally could go in January -- this is gonna go somewhere.
And I don't know whether what the number's going to be but I think in order to have offshore drilling.
You're gonna have to have deciding this will be key to getting it done in the future at the placating people like me -- look at BP and say you're not a law.
It is gonna happen to you again what's gonna happen to somebody else again.
-- -- -- Don't go to the fact -- wrench into it can't -- and then -- -- why don't we welcome these aren't saying that that -- it that it's an anomaly to have a blowout.
There has had called all of them they're staying -- jumping is extreme that the situation is anomaly the blast happened all the time but no one.
But if this -- he has extreme of the situation is an anomaly like I was saying.
But it if somebody said this this won't happen in fifty years is a once in a lifetime thing than attend a billion dollars -- Right got it never have another anomaly like this again.
But if they're saying -- ten billion dollars we can't afford that you can't afford it which means you're gonna have this happen again you have to worry about it.
That's my think I'm done I'll let us -- -- well you got Sandra.
So we still sit here today and have no idea what caused that major flash crash on -- -- -- him.
And the FCC is looking at this marriage prayer of looking at this and now.
The regulators proposing this new system they're -- blanket the system actually the first.
-- of the system won't apply only to S&P 500 companies are stocks.
But what they wanna do now is outperforming uniform test where.
If there is a more than 810% rise or fall in a stock.
In a five minute period in that stock would then be halted for trading for five minutes.
And the SEC said the effort there is -- to give humans the opportunity get in and perhaps override that computer programs.
That can cause a stock to go from sixty dollars to a penny and all the way back to 59 dollars so.
This is this that proposal right now by the SEC it's still subject -- EC approval.
There's a ten -- public opinion period.
There's lots of complications however.
-- a lot of folks are speaking out on -- the exchange executives are plotting this cheering it on saying great this is the way to go.
However some market professionals are looking at this as saying.
No way no how would this be effective -- for one reason.
I just pointed out that this applies first and foremost only -- S&P 500 companies.
To begin what he's a while you may have some stocks that are going to be halted intriguing because they rise -- fall 10%.
Another stock in the same sector might not have the same restrictions put on it and we'll continue trading during that day.
And the other big one is that.
-- To certain time during the trading day and that is fifteen minutes after the market opens from 9:45 AM eastern time.
PM eastern which is 25 minutes before the market close closes.
So that allows for lots of volatility perhaps -- open and the -- Well it's -- Justine because right now the circuit breakers that the New York Stock Exchange has -- for the entire Dow industrial average.
A pipe to to the end of the trading record that's really -- the most fun -- exactly.
So they're only allowing this to happen and that it.
Idea behind that according to the FCC is that.
That would indicate the most than usual trading is that there if there is that extra volatility happening right in the beginning of the day.
They don't wanna take away from the volatile trading that actually does occur at the beginning and in between -- -- I was really interest and.
The thing about this all -- stages the it would be on the same page and be able to kind of talk to each other -- that was a big thing with that crash is that.
We won't won't rule on the New York Stock Exchange didn't apply to NASDAQ Arnold at all I also have went elsewhere exacerbated the rules and -- everybody's under the same rules.
They -- exactly and I wanna point out another significant problem that -- are seeing with this and that is that on a very busy day.
When you do have big market moves.
All of a sudden you have some stocks because remember this is applied on a percentage basis this is not in the stock rises or falls a certain dollar amount so -- you might have one stock.
Getting halted another one falls to just short of being triggered.
To be halted for five minutes it continues trading you're gonna have under even -- -- gonna have a lot of glitches not to mention this doesn't Heidi index funds.
So there are so many complications involved here but like I said some are looking at this and saying something have to be done to try to prevent that flat so called flash crash from happening -- -- asking -- You're away teams and Christensen yeah I what -- -- your name and did you know -- was this like.
Yeah yeah and you would have thought the world on -- break I didn't want to.
No I think your honeymoon is one of those one of those vacations -- really are even if ray -- listening you know.
We are allowed to not look at your -- -- yeah it's the only it's the only one ever gonna take where you're not a level yeah.
Night stand when I got there I don't think however -- on that Wednesday when -- right Thursday Thursday.
I happen to look I looked and I think -- and they actually had to make a phone call.
And I look at I get a double -- and oh god the -- -- Yeah I think I know it's an all hands on deck email but no I didn't see it.
And I tried to ignore it but you did people now -- we'll talk about it is in Bermuda a -- -- -- and there are -- -- -- this great investors out yeah.
He went actually she went out to be issues that's.
All I was like OK yeah there's no I didn't twist issues that I can -- that I could not.
-- -- -- -- -- And in that testing I've kept all newspapers out of the -- it's bad hair out because you're right that is the only vacation near anything that happens to care if it's descent and I -- that.
Back to by the way.
Walk -- with a friend and he's in favor of told tall all haggling policy any requests on -- Have a great thought we had to break we took credit cards and I think.
McCain afraid I.
Music and when it's upgrade.
-- -- -- Welcome back -- plus this -- dot com live on -- Stoddard he's Tracy Byrnes in the market is the sky rocketing upward thanks to the karma.
From the show we are down only 92 points.
Which is as my father would always say.
Is that any I've got it right this -- thank you down my -- launching some -- Iraq.
The question Twitter become over activated and you can't get -- -- this is why -- any assistance.
Over the past this is why Cisco Systems in these other companies and now HP -- -- networking and IBM that's why they're making.
Billions of dollars because they are in charge of making these know -- bigger and so they can handle all this life.
That's my answer to that would but it it's -- -- -- His -- man.
So again and racing in boldly goes up into the sky Ashton not the whole spiel and in the said I think I've got to go unlike Clinton an act Yankee logo on -- thing.
On a -- astronaut uniform -- executed.
It's cool I don't understand.
And his mom very proud that's not why can't there but -- them with the Yankee -- aren't easy it's like a minute -- -- and I had an American flag that's the easy Yankee -- I was -- -- got -- Jersey -- any New Jersey not far from me at all.
Let the New York slip -- thing on his suit himself.
Warrick took as long walks with the Yankees.
I'm Anna yes OK again I don't know to -- there it is -- it's a good pitcher.
So he's been 7025.
Minutes up there making repairs in shuttle defense that at him again -- half man.
Got eleven but.
Yet the Yankees and.
On let me say this though -- Boston Red Sox fan.
I take umbrage at that -- NASA that -- federal taxpayer money right so you're you're literally paying for that uniform to have a.
And I'm saying -- at me I guess he's got enough USA we'll look around I don't know -- it's okay makes up for his latest home.
Well I I wouldn't like you know.
I'd be excited about soccer fans around the world and you know -- -- but anyway that's needed.
That's taxpayer you went up into space and you had his white ash are not uniform what you put your -- Man that's a good question I'd have to think about when you think about the outlook still by the end -- the show good at eleven we'll talk about credit you'll think about.
I'm passionate suit that it's -- time.
-- -- as well I'd put my credit storm I have to.
That that's really shocking -- and that she would do that they've that might be the president has his way it might be easier for you to get -- credit -- hop.
Well there is an amendment now to the financial reform act that will make it easier for credit consumers to get access to free credit stores.
-- -- -- -- -- Mean didn't do I just go -- all the time now.
Well what what they're talking about is that if you get an adverse action if you're rejected in a transaction either for credit card -- alone.
Or insurance or -- some other service possibility utility.
Or you get an unfavorable rate you'd be entitled to see the credit score that was the basis of that decision.
So this sounds like it if then proposition here.
It in my only getting the credits who are was a credit -- automatically being provided to me.
If I didn't get the loan because of it the -- get the job because of it had -- know that I applied for job it's already get a highlight on got a -- credits -- that point.
OK well first of all when it comes to employment credit scores are not allowed to be part of that decision a credit report can be part of the decision Obama and not a critical part but not credit stores.
But the truth -- since we've quantified everything now into the credit -- it's become our life GPA.
It's more important than ever the consumers know about this now the FTC had a proposal were only if you had an unfavorable rate.
The -- amendment which credit that -- consulting with the senator's office on talks about if there is an adverse action.
Including an -- rate if I had my Brothers anytime you apply for any thing work credit score is -- and it's paid for.
Then the consumer certainly should have the right.
To see it.
Adam isn't fair how much weight we put into the despite those who are right now I think as you were saying it does seem like -- this really carrying a little bit too much weight -- that our SAT scores used to.
The problem is that it's not even a question of if it's fair not fair unfortunately.
It is the way it is and unless we're living On Golden Pond -- a log cabin -- We are living in a credit since then and as a result of that.
Credit scores are so critically important.
And the truth is the better educated people are about their credit scores the less likely they're -- going to be condemned to the dungeon of credit mediocrity.
And you see if you don't want -- people have never even check their credit reports quite frankly as a woman -- out their -- I disagree credit card info I had I know at all.
That's why -- now -- season.
No prison record but not the credit school isn't it the same -- quite frankly.
-- -- for not paying the bills anyway wait -- we talked about that a while back which leads the old days it was all about dating intent and now it's about dating an 800.
That the reality here is that that it is such a pervasive part of our lives.
That it is so critical we get our our game and financial literacy up to speed and the fact that in a recent survey we did a credit dot com.
Of the people who responded to the JFK roper survey had either.
Not seeing their credit report in the last year or have never seen their credit report.
That's pretty scary in light of the world we live and in light of what we've just gone through for the past few years with this economic disaster.
Adam I I was actually shocked that it was that high that was 49% of the reason why and say that is because I think most people feel like.
Generally it's called a job -- the other house that there's still the same economic -- -- 365.
Days ago so why don't I could affect my credit score I pay my credit cards off every month I pay my mortgage every month why wouldn't change.
Because I think a lot of people felt that in light of the changing economic times and the problem that you might wake up and find out that you don't have a job.
Or that because of all the stress there's an illness in the family which causes the loss of a breadwinner or the impairment of -- breadwinner.
That they better check your credit score because frankly credit is a safety net when you can't rely on other things and lighten.
Well and ego but -- mortgage your life alone all of sudden your credit scores all that anybody cares about.
And quickly talk about how you know you open that Macy's card fifteen years ago he never closed it's still could be lingering there and how it's important if for nothing -- Even having gone for a -- just clean up your report.
-- definitely -- up your report but don't close your accounts.
Because like every account you close lowers your your available credit which means the credit you are using.
Becomes a greater percentage of your available credit and that can be a negative on your credit score so.
But you need to know were all of your credit is.
And you need to manage your credit like it's a portfolio.
Like you would hope someone would professionally manager investment portfolio.
You know one last thing real quick here -- and we saw MasterCard visa get hit hard last week.
When now congress came down on debit card fees.
And put limits on how much they get charged with that is surprising thing that was a surprise but apparently did this and lead investors it was a surprise.
No it was a big surprise you know years ago -- even with that credit card reform act people were saying that.
There'd be a greater chance of universal peace than a law being passed that -- so vigorously opposed by the banking industry.
With -- interchange fees no one saw it coming it's something the retailers have campaigned for consumer advocates have been concerned about.
But it's something that's almost -- sacred it was a total shock to be able.
While -- thank you so much as always.
I think I think I -- that I.
I can set him mostly -- I'm in San Francisco but I'll be back tonight good good good good.
Evidently want to get back on sat on the bench what the the Transamerica building in the back -- the Golden Gate Bridge gonna give it away I I was the Davenport Iowa but I I'm so I let you you -- -- break ethnic and banks that he's innocent.
Actually have a guy that you know -- -- -- -- credit score William.
All right Jeff -- is joining us right now -- switch gears a little bit but continue to talk about the economy about jobs and particularly in the dot -- -- and JFK that's I need a freaking job.
And -- dot.
Com -- -- -- it's I need to feed job that comic Jeff you've taken this but only the -- compliment you've taken this to FaceBook.
Very recently and you've had one heck of a response from the people out there fighting if he can job on FaceBook haven't you.
It's been unbelievable.
Though the response has been humbling.
And it just goes to show you how many people are really looking forward this to be kind to become really the focus of the national conversation.
I clever about the Cyprus welcomed -- -- JFJ dot com.
Yes we started the site is basically.
Looking to take control.
Of the national conversation look moving towards the November elections and giving voice to the millions of people unemployed right now.
As it appears as if our government and legislators are working on anything other than.
Really the economy and -- and job growth in the country and -- trust.
The the public is very very frustrated.
With the fact that.
The idea that this engine of the car is blown in and we start to try to get back on the road by putting new tires on the car.
Jeff do you -- follows the ears of the politicians out there and you me Seattle voice.
-- Bomb like is a form if you will to be able to discuss some of the things that the people that are a part of your website I NA -- Well certainly we got a lot of national attention last week with the visit of the president to buffalo on the talking about jobs and job creation and we put up a very large webs are a very large billboard just really asking the president to.
Focus on jobs and we've tried to make the web site B is nonpartisan is possible because.
We're really trying to stay focused on.
Really just the issue and the fact of the matter that jobs is really the number one issue in the country right now we don't think is being taken seriously enough.
Last group you actually so I tell me tell us what you've got invested in this he put money in clearly -- your blood and sweat.
What what do you have at stake here.
The -- have basically risen because of the instant popularity of the site so.
It's up to us now to for further.
You don't design ways to make sure that we can maintain momentum.
The what's important to us right now is we get as many people as weekend to visit -- -- GA dot org dot com they've both taken to the same place.
And to join the FaceBook page because we truly believe.
That there is persuasion.
In numbers and we refer to this as national involving performance protests.
And it will take further shape over time as we get closer to the election.
-- it seems like the FaceBook yet thirteen thousand people within a week the sign up on your FaceBook page.
Any other other activities are things people can do all other than just making it a petition for people to sign to say yes I need a freaking job to.
It's been pretty amazing it shows the industrious -- of the American people and I believe that there's been on the FaceBook page has been many job postings.
There's been people that have posted links to.
Other helpful sites to help them find their way through their trouble -- there's been people that have.
Responded by being like KI.
I just got a job.
This is how I did it so it really has become a community of people helping people it's been it's been.
Extraordinary to watch the way it's worked so far.
OK so I'm unemployed does it cost me -- thing is clearly a campaign you.
No the website we put up in like you -- said we have a lot of blood sweat and tears.
And it I'm an unemployed guy -- owned a business for ten years and was forced into bankruptcy during the the economic disaster.
We really took it I felt as if she's it's it's just not me and I really started to feel for the entire nation feeling is if we were.
Losing our kind of employment identity.
And there's no cost to it whatsoever.
And it's just it really is a great place to go in and we talk about undocumented workers living in the shadows and right now if you go read many of the post on FaceBook right now.
There's millions of America's -- Of a million and of the American workers living in the shadow right now and it it's really.
Devastating to you know individual psyches as well as I believe the country's psyche.
Quick question for you there's a site that a part of -- site where there's clothing optionally got logos and stuff out there.
How are you making this up and who's profiting I guess from it.
Well there is everything is a 100% American made we thought that that was important and we certainly heard that.
Loud and clear from a lot of people.
That of course that came to the site.
We're the type the site where we're going to continue to he'll make this an issue in terms of alerting our politicians.
And as well as anybody knows.
It takes money to whether you're going to have a gathering or whether you're going to do other things that keep it in the headlines.
We thought living in a capitalist world in a cap -- environment that we think is very effective -- has been great for really what America stands for.
We thought rather than just simply ask for donations.
It would be -- more in keeping with what we feel is.
Enterprising Americans to at least if people are gonna come they want to get involved.
They can buy a product that's 100% made in America and we use those proceeds to make sure that we can move our message forward aggressively.
That's -- Jeff Baker thank you so much -- and -- It's my pleasure thank you so much Jeff Baker founder of INA.
SJ I need a freaking job.
On the web and on FaceBook -- an AF today dot com dot.
Award by the way and I -- in the states -- might as -- idea of dot comedy of that us thought our guys and in the end clarify that and -- and -- We'll solve all those decisions -- the matters.
We have six and a -- -- out of probable cause problems Chris -- and I know all of our problems -- problems men have a harder.
And -- you know and then.
Could you had -- not -- good a good man out of man that acknowledges that men in general have a harder time with casual fashion.
Than they do -- dressing -- if I see a lot of men don't dress up very well but it's the it's easier I think you people all the -- your comments T shirts that's the first problem I just think you know it and we just say jeans -- jeans that had -- forever even -- genes -- and talk about that we have -- the bodies found him.
President so -- five grand.
And he's the owner in and a director of brand resource limits on what Michelle thanks for having got the had to do agree with that ability.
Right I mean it's a lot of options out it is confusing women have sort of led a path ahead of -- they know what looks good on guys to get kind of dizzy by all the options right.
Same holy -- well housing college and villainy -- in and saw the swear I'm you know whatever later on.
To really help us.
I think we did a little more to do -- in a -- genes -- good for your work but when he can win it when it's time to go out I mean she's become sort of like a national uniform -- went to work you can Wear him out so it's important finding right fit into right fabric and all I can tell the difference but what you company what you make.
We're the denim sportswear lifestyle brand and -- market mainly towards guys need between need to be hindered by.
And it is it -- athletic fit.
It we do think we do what with the MMA guys mixed martial arts guys and he's a threat and then that's right we do.
We do our our strength usually -- -- -- really tell but we call for the full range of sports where we do like T shirts which -- but it's pretty switchers jackets.
We do some special edition -- to -- -- Japanese need fabric limited edition -- pieces -- But definitely we definitely work with a lot of the athletes so that we more athletic sport cut common affliction is another brand that is -- with them and they as well.
And -- what is it with an -- that makes -- so attractive is just such is such a growing sport is attracted to younger people -- -- late teens twenties and that sort of a thing right I mean enemies -- global sport is the world's fastest growing sport I mean when when asked what their favorite sport was to watch their friend and he's eighteen to 35.
You know unequivocally.
And and they came up at the top of the list so.
It's it's quite a phenomenon and what's the seems to a few people -- people that's been only like a three year thing it's been sort of a slow growth of the -- course the past ten years.
At the sports kinda hit this global platform.
-- -- good look in the set definitely it looks like if it's of fit guy it's not like skinny little.
-- euros and Jake won't die yet I yet and there's euros there's sadness than the mining can stand that so why in this business in the first place because as you said.
There's a thousand different packaging that -- in the right go with the wranglers that.
-- still -- sorry yeah Hitler's.
That's not all get an -- please I'll take your place you're facing talk about fashion like lucky jeans or something that.
And that's -- fact that's what I'm saying.
You know stuff like that have you obviously that's that and you need to go that route as well why you might -- -- I means we're where we're offers something new and something a little bit more exclusive look at some reason Japanese fabrics on the on this edition items whereas a lot of people do over embellish stuff we're doing things with more attention he -- -- hand -- -- tax imported fabrics.
For details and things like that -- they make money.
-- -- were doing okay.
Managed to have a retailer both.
Which one is what investment right now we're doing well below that will say that the web is the most surprising to -- -- the newest part of the business and it's the fastest growing and we get traffic from over eighty different countries.
And we Prius down which goes to show with that that that -- -- -- as a global platform to market from.
It's -- for us.
So I didn't financing.
We're self financed you are -- cliff area -- look I'm lucky so we.
You know in the film I didn't think about that mom drama in back kind of self finance know kind of self self -- -- and you get -- Maria.
Almost three an article and ask men dot com.
European and American style they kind of talk about how you bring all three elements together mean what does one clue what is American style what is your -- I was Japanese style and what makes -- Differently we'll that we take a lead in for obviously winning Tokyo five and take a lot of influence their iconography heard he tells -- our packaging comes from the Japanese influence.
Depends also we can get the best vintage Denham.
Then and so we go with that -- and then also -- thirty into influences from Europe.
As far as details and in general static and then like -- -- we have a sort of a classic work where.
Feel for the dead and some sort of combine all these kinds influences to come -- within the the you hear the collection.
But what it is very different style.
In two Asian fashion as opposed to -- -- the fact that they do yard work and then try to ground of the insane and.
I typically Asian and it's -- Japanese fashion usually more cutting edge we've seen Japan now of senior in the states -- in in about two years but there's a lot of similarities crossovers to work.
Obviously American products -- -- -- the example that.
They're pretty fanatical about me by some.
Tokyo five grand dot com is the web -- to check it out and get paired sheen's tour about 88 bucks.
And -- -- completely thank you change your fashion spectrum -- only has social life all around break even get -- by our founder president Tokyo five results the only director of brand resources limited.
-- I would say it's by pretty good right now what we're about where we where we started with probably a little bit better.
In down under.
Triple digits so we'll take.
And Chris can have new -- solace -- -- We'll see on long.
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