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Welcome back to -- dot com live -- -- pattern markets down eighty points.
No actually it's -- one up.
Apparently the -- of the day right -- and closed -- -- a hundred points through the wood down just a few minutes ago where some were still -- on this what's going on overseas stuff you know we -- get to -- -- -- -- sales numbers retail consumers back in some places not in others but really we're still talking about this.
Greek contagion we talked about it all morning on Barney.
Also hearing of course that Freddie Mac is -- and -- money my money my money because well they just they just need.
I'm I understand it and I never will all I know is that.
Will the government is essentially.
As written and a blank check to.
Fannie and Freddie whatever they want -- -- yet and they just keep taking.
Wait what -- and I don't understand why they why we need to continue to -- pump money out right that's not understand why why is it ten billion at a time.
What they sit back and say oh we lost money -- you know ten billion.
We know ten million -- and -- need to hear that -- seeing and a ten OK you know ten.
We need to give fifteen billion say that's it -- -- given nothing and say that's it why they keep coming back in the anymore -- -- some debt.
Maybe somebody out there connects -- -- -- I think we own a lot of rights and that we it's on the -- prop up GM.
Let's look much longer because well we own it understandable we did GM a big chunk we essentially bought the -- -- negotiators.
And privatized it and that was it one time there is when you go political public give us that money back what and -- -- the loan which they did it paid -- the eight.
Billion dollar loan and in that remaining 45 billion dollars whatever was that we used to take it private.
When you have an IPO then you pay us back they're not coming back with every quarter and saying we know ten billion but I already know eight billion now and to add insult to injury friends.
Reporting quote lost the -- for the quarter write it really doesn't cost so okay so but the way the government thinks this is not -- -- the white logic but it's the way they're thinking.
It's the only way to infuse liquidity into the mortgage market.
So the government keeps pouring money into Fannie and Freddie in order to get loans out to peeps meaning the argument being that the banks are not doing with this -- Now which I know we had guests on -- he says yes they are lending I know people that are struggling we have small businesses here everyday thing they can't get loans so I don't know where the -- I don't have eaten and that.
And -- -- losing a little more than on Wall Street today again doubt about -- five points right now this on the heels of 300 points so we've lost over the last couple of days so now -- continue with this correction.
-- -- joins us right now as he does often.
From San Antonio Texas managing director of land called pretty good to see -- again time.
Thanks for having me back on wanna talk oil here in a little been what's going on this -- not too far from your location right there in the gulf well let's talk about -- you're seeing with this market as I mentioned.
We're down now.
You know getting.
Do we could be closing -- -- 400 points to the down in the last three days you know as we're headed there.
-- what do you make of the action right now on Wall Street.
Well after Monday's hour rally on Monday should not it should not have been a big surprise if you look back to -- the past year.
The first trading day of the week when it coincides with the first trading day of the month the markets -- -- gone up 90% of the time so.
Statistically Monday was going to be an update.
But following that event now you're starting to look at fundamentals -- a lot of the traders are really starting to focus on earnings start to look at some of that economic data that's out there obviously Greece is a big concern.
So if anything equity investors should be prepared for a lot of volatility from here on out.
Especially with the higher gas prices had that where we should be expecting this summer and then earnings reports are now basing their retail sales numbers coming out today very benign.
-- and I'm trying to be bullish but I think we should be we speak prepare for some volatility from here on out.
-- you're not -- that bullish stance -- by the way but so I guess is that you got all these people saying.
I knew it was coming you know and we have.
London sun here all the time I told them -- was gonna fall and look there it is but did you tell me was simple because agrees did people really anticipate that.
This whole Greek contagion that we keep using the word we keep using was gonna affect our -- so heavily.
Well when you look at -- she starts talking about Europe and obviously with that that concerns that are there.
-- it's going to spread now you have Portugal on a -- when they ratings wise.
And that has some issues with Spain so when you look at -- -- as -- ought to -- how would that impact US companies what they're looking at now.
International growth for our company's when you start looking at earnings -- that the impact that.
And it what type of a bailout are we looking at you know bottom line is the common denominator for everything is shots he needs jobs community people working again.
And just today we had first time jobless claims -- 444000.
That's awful when you start looking at.
This where we should be in this recovery right now.
So you need people working and you see that in the retail sales number today.
And obviously that's gonna have a negative impact on earnings down the roads as traders you know investors are probably looking hey you know what they want to stay on the sidelines right now.
And with that said -- what do you expect to see tomorrow morning with the non farm payroll report Todd have.
What number will move the market higher or lower how big of a disappointment -- surprise the upside do we need to the markets really raise eyebrows.
Okay what Wall Street consensus right now is looking for a -- -- 87000.
I predict we're gonna crossed 200000 but I think the bulk of that's going to be from -- census workers.
When you look at the march figures when you when you look at those jobs numbers they -- actually decent.
And only lessons when he 5% were actually from census workers -- going forward for this and for the month of April I think the bulk of those census workers were hired during that month.
But that when the surface will look good way but once you start getting into the weeds in the details of this thing.
That's not going to be good because most of these workers are temp workers and then you look at first time jobless claims just last month we went through two straight weeks.
Where we actually beat Wall Street consensus on the first time jobless number.
And and today Porter 44000 so.
I'm not optimistic because I think people still need to get back to work and we're just not seeing it right now.
So then what happens where we're gonna have you know this back in sales for awhile are weakening it is just the beginning of somewhat of -- -- for us.
Okay we've got to Tug a war between the bulls and the bears sets -- given.
So if anything you're gonna have intense volatility a lot of trading it's going to be taken place in the markets but as far as the overall economy to broader economy.
I think and this is gonna get -- I think we're -- we are at risk for a double dip recession.
And I'll tell you why because Wanda home buyer tax credits expired it's an idea by housing sector with a number of foreclosures that are supposed to hit the sector.
I think get a -- -- sector that can really take a stepped back.
Employment who's hiring right now.
Banks are not lending unit Tracy -- -- -- -- at the opening.
People are not able to get loans and they're not able to get loads of companies can't get -- and they can't hire so.
I think were at risk right now I think you need this president to step up he's got to show some leadership.
-- he's got to say that hey you know what.
Things are gonna be fine but maybe take a look at some of those tax policies that are threatening the the birth of the US economy.
Todd what do you make of bodies oil companies say no it's really close to home hits close the home with you there in Texas but.
You had BP losing what thirty billion dollars in market cap -- Transocean down 21%.
From April 20 the date of the accident is that too far or do you think these companies still have a lot for -- to go in terms of their equity.
BP and Transocean have a lot further to go on the downside I -- for a couple of reasons why we're just talking about the cleanup costs for this thing.
There is I I'm seeing estimates of fourteen billions hours right now.
But I think what -- start looking at acted with the -- matters once you start seeing the attorney general coming into town.
Some of these lawyers representing the states to coastlines I think there and a lot of trouble for years to come.
But when you look at the big oil companies and still going to be a fan I started -- of the Exxon Mobil's laconic as a -- these are companies that do not have that history.
That if BP had -- where I mean by that is don't -- maintenance problems the safety issues mean it this is a common occurrence would BP.
And and we we've seen a -- the years but you don't see that with the Exxon and Chevron and iconic -- so I still believe you're going to have worldwide demand -- what you will see economic.
Growth around the world and therefore increased demand for crude oil so I'm going to be bullish on that side -- you gotta pick and choose your spots when it comes to the oil sector.
So we love having you help his pick and choose Todd Steinberg are managing director hadn't land -- trading -- to be honest act.
I think strategy.
We were talking earlier that we -- -- all day and Reuters is reporting actually and I just heard from someone on the floor that Greek the austerity bill was passed than.
Majority of lawmakers in parliament voted to approve the thirty billion -- that's forty.
Just steady -- in the preliminary non -- vote today for the bill to become law must be approved by a second vote due no later.
Due later in the day that we're looking at live pictures of this right now in Athens right and so now the question came up was if this passes.
Are there going to be more Iraq.
I would assume that there would be -- all but I think it say anything great sign it's basically the governments -- look.
There are and as we heard.
This morning on parting company.
It actually is a small.
Of even those government workers we talk about how a third of the population -- the working population in Greece.
Comprise our comprised of government workers it's a small -- -- -- militant union.
It's another union that really form the bulk of the violent protest thing that we saw yesterday.
And I'm sure we'll see it again but the government is saying look it's that it's the only choice it's the only choice we have you have to take these because I think -- measures yet to make the sacrifices that's it period.
But you're right we had and yet -- -- -- on Republican strategist Fox News contributor foxnews.com -- there and Greek.
Don't help me some good money that okay that -- on -- and -- and that's who she was saying that we you know this is typical though right they'll only be.
Ten militant people get on air sometimes and that's why they're -- they want the attention and they got it so.
She's saying -- -- driving at the same time she was also saying.
Thought -- -- -- work either so.
It too lazy to riot to nuggets.
Love not too lazy to Shoppach -- -- talk about next talented blonde those had to do that she knows all about his win in lose on the retail Seve -- a lot of retail numbers today so.
We talk about that.
When we come back.
I want him back foxbusiness.com.
Live Chris cutter Tracy -- market down just 63 points now we're starting to head back in the right direction after we were down.
I'll write at a hundred just really within the last hour -- so.
Making up a little lost ground you heard about the fact that at least in the initial vote.
The Greek parliament passed the austerity measures that's hurdle number one we've got another one another vote later on today we'll see how the people there in Athens and around Greece.
React to that were also getting today.
Retail numbers -- store comps -- last.
Month and they're all over the board Kristen Benz joins us right now president how did blonde at a Phoenix -- -- and Kristen.
Hi -- yeah well.
Now why are we all over the board with these numbers you would think that that we would cease to be at least over the last couple as we've -- trends we seem everybody's doing a little better everyone's doing a little worse but this month that it seems crazy.
Well it's actually not too crazy you know every year -- Easter Bunny comes at different times but usually you know every time.
The Easter -- is coming.
Retailers will always blame bad numbers on at being called the Easter shift so last month.
All of the sales for Easter actually ended up being -- -- So you have -- looking really positive in April looking not so good.
So that's the problem that we're seeing you know one month -- not trying to make some marks looked really good April not so that you have to look at both months together.
But I think.
I think Chris -- Chris Douglas earlier all of the board meeting you know.
Target -- -- -- target down but then.
Macy's tell -- cold so ignore things up and closes up where where we got an hour we don't and are we going -- we I don't know where we are.
Right well that's the thing you're looking at a much more bifurcated market so you're hearing that the consumer is back.
And you see all these like headlines about consumer spending.
But really what are they spending money on and this is the things I think a lot of folks were spending on electronics.
They were buying bear iPad it's -- But people had money.
Are starting to spend a little bit more so you see people coming back to -- CC people coming back to Macy's you see people -- acting arts -- but if you look at targeting -- go.
They're not really saw happen there so wherever they go look it where they're spending their money and that's why retail same store sales are so important because it really Ngo lightning laser focus.
I'm where folks are spending their money -- they're not spending money they're not critical way they are gonna cost well.
And -- was -- -- -- -- have costs go up BJ's.
Klesko up about 2% BJ's kind of flat.
And yet you have your Nordstrom Saks up so that's me that's the weird part right that would.
Trying to get a deal but yet we're gonna go by the dolce gabbana.
At the same time.
And I'm a big they'll take a lot of man I didn't -- -- -- out there.
Right you know what it's all about Merck cents and who can really manage their inventories.
And their product effectively so you look at Terry Lundgren right -- always tell you look at march and April together.
Look at November and December together Macy's didn't have a problem with lot -- He didn't have a problem with the Easter -- needed Urban Outfitters and had really amazing numbers so remember.
Like I said last time.
It's becoming a market of stocks.
But hey so don't pick -- sector IE retailing just wrote in their like playing -- yup I.
Really wouldn't do that yet to really pick your spots you still reluctant -- -- do you still like the same names and dislike the same age because it seems that when we talk there are some.
There are just best in breed whether it's -- you know have a company -- bad.
-- pull us down a good idea -- you think it's the same names is that is that still holding true.
It's the scene for me -- my opinion you know if you look at these numbers and Abercrombie people -- betting that once the consumer is back the stock is gonna search again.
And are also banking on their international -- -- can't really do that if you look at the same store sales numbers for Abercrombie.
They still are extremely negative.
-- -- -- -- out he's not with a little negative cop but I gotta tell you up they're still basking greed there's a phenomenon out there right now called next.
Best thing in retail -- and people are still picking the next best thing that they can -- from a retail perspective so.
They're trading down from Abercrombie Fitch.
And they're going to get aero and I think it's still -- and -- still playing out to answer your question.
Okay so what happens to these same let players who -- or.
And as the market come back and we -- -- the more money in your pocket and we blow off the targets.
TJ Maxx -- -- Nicole's the world LR.
Are we there I would -- now.
I think -- bears -- and literally shifted out consumers spend their money.
And you're all here to see a little white people that can afford to -- -- lock screen dad they want -- to you that they wanna come back and it makes them even better.
You know that's why we have this thing called aspiration -- -- street.
Because you really want to think that you live your life.
And and the like that other -- other folks lead by purchasing these products so.
In some respect yet I I do believe there's been -- I do believe there's been a shift to value but remember comps are gonna get tougher.
You know now the lights really gonna start signing on how these retailers perform costs are going up shipping costs are going up.
Tax health costs are going up so you really gonna have to watch and see who does best merchants are -- you know watch the stocks react -- kind.
Kristin thank you so much always great to -- Williams so jealous throughout there in Phoenix it's got to be beautiful.
It's a beautiful play it.
I will come back outcomes do you stand good to see -- -- president tell the blonde she is.
The towns -- blondes and I'm sitting next to a talented line here is well.
All that -- do not look at that suit -- -- my targets today from the gallery out.
-- the crew and got my head and again don't you think that's like a -- -- longer.
And I didn't didn't quite look like your right please I think that it's locally I didn't say I didn't say it wasn't right -- -- a -- That's got that's okay so here's -- Jerry Siegel in particular on their way to a contact at the Brendan Byrne arena -- -- yes.
-- -- -- -- -- -- -- -- No no we don't know -- it well it wasn't -- had a -- -- in -- still.
Hot hot hot and I was close so right boy that I did you.
-- always stops before.
Mary Mary's white castle hamburgers on the way he -- parking lot before -- Shelton so and it is like Catholic and I.
Well apparently there's a product line.
-- -- Is totally against me which is another thing that quote -- -- I don't what it really caught my I was that it's burger month it is national hamburger month and you honoring.
-- -- -- That now smells like white castle -- steam grilled on a bed of onions.
You can get that's the -- you can get this candle now so that -- and now these thank you.
-- murders this 24 sevenths now the proceeds are going to Autism Speaks -- day is something.
The woman who -- it -- lacking is the founder of nest fragrances she's.
Her husband was on -- show -- yeah.
Mainly all these -- -- candles -- -- actually is on the board of Autism Speaks so it is for a good cause but now I digress you're never breaking came out with.
It's lame fragrance I do I do remember yes it's a body spray in the snow -- the burger when you wanna pick up -- -- eaten so there's that what.
-- that in the what do you think in category and then we come to the house of -- section the white castle web site.
And this is the stuff that we all you know can use in our homes and has white -- stuff all over -- -- current.
A bath -- all with the white castle insignia on things come I have this website one as -- there it says.
For a particular people often white castle hamburgers what does that mean it means for people with a discerning -- like myself particular.
This little picture frame that says what he.
Kick -- so real good car.
A hot hot hot hot.
Yeah they really sound that coffee -- like castle.
For particular people but it's based on the white castle you gotta have that an iron constitution that he had he goes.
But it's already -- and that's let's say -- Well those particular people season hasn't even sell coffee I mean real good coughing or you -- -- -- real good coffee they sell off me.
He's a little yet they -- you gonna -- house for the coffee let's just be sacks and that -- Again any good concert -- -- did this you have the race to see who can eat.
You know at Savannah River from where you went into this you know it's interesting -- white castle was the original boy we digress -- white castle is the original in the south we don't have white castle.
We have crystal which is like a poor man's -- -- out you can imagine that crystal.
It is really really bad when you compare it to like yeah we.
Can't we can't get -- cannot second I need to know how you get the smell of growing out of bed of -- It's.
Let's call this -- -- get some of those scandals that here we have -- quick break teeing grounds when we come back.
We're gonna talk about I've heard in England now -- -- on it about the oil spill.
We've talked about you always I wasn't that we had -- much.
And that's the floods in unnaturally -- that -- -- because of -- it's a big story though we're gonna hit me combat.
-- Friday -- when you go out.
My suggestion is to leave the flame that body spray at home.
On this blog to stop -- white Catholic leader home all feel I forgot to a stop by white castles look sliders and for all over me that's -- -- -- to get that -- the ground beef and onions now.
-- ladies love it.
Newton and we don't Holliday joins us right now to talk about what's going on in -- major flooding.
Losing their lives and it is really tragic situation there and it's sort of been put on the back burner here over the last -- from a news perspective because of what's going on in Greece.
What's going on the golf -- revisited that insurance agent.
In Soviet -- Delaware.
But certainly you know all about flood insurance and that's something that people in Nashville I'm guessing -- -- Maybe hasn't been toppled -- for then in recent years but maybe should've been in light of this tragedy.
Well it very common problem everywhere.
People don't think that happened to them and certainly -- -- are ample.
That it -- everywhere.
And look everywhere.
And it just because -- And I I am I couldn't be at reasonable.
Sure and stepped out.
Most people who are good but but in the Clinton not out but your.
Not gonna have insurance or who -- -- -- I think -- so many people myself included didn't realize until -- we did my policy your homeowners does not cover floods.
-- your policy had never.
-- commercial property or.
Pretty edit edit property and it had never been covered there -- Now nears the -- group.
And then -- more than ten years.
At an early advertising when they can weather channel all got stationed in publications.
That your -- probably doesn't cover club they had been trying to drill that their own.
They -- in the around the country and mandated that -- violently.
Or or notice not on the front of them that day it probably doesn't cover.
So I think what they did you get the word.
They try to get the word out.
It it but.
If it weren't what happens to that.
-- insurance companies are underwriting these policies as a matter way that people live and I guess obviously he lives right next in the Mississippi River and you live on the banks of the Mississippi River it's gonna matter.
But but in general.
Does that have an impact on the up premiums at these people are gonna pay.
It doesn't matter at all where you live -- are the availability of -- -- -- get all -- insurance.
Is underwritten by the national -- insurance program.
Although we -- out there -- service.
And this is gonna write your own program that the national budget program has.
Individual companies partner and service that the but it all the -- -- by the federal program.
There -- only want to let program that part of your program and it does not yes it's gonna affect how much you say.
They don't -- it eerie eerie and.
But no -- is going to be denied the ability here but I don't speak you know what is going to be the nineteen billion -- and earns.
-- -- -- -- you noted that national would be actually mayor Karl dean also confirms that.
-- look at at a billion dollar loss to the city.
The mayor wonderful got -- -- guess of our show before what do they -- residents do.
That don't have any coverage right now -- you know they just added there are no recourse for them whatsoever.
Well I'm born -- That I don't know -- -- better fit their house.
It happened bitterly that there that -- I would mean that the city in the reality meet our governmental entity.
Injured I think -- where repairs and ordered it just didn't work.
But individual -- and look here.
For the most part -- that -- and then that'd be in the form Small Business Administration loan.
So they like potentially have a second mortgage -- -- more on their property.
Aren't they let -- -- -- we're hurting your area off so she's really hot the next.
-- -- at the end -- did not all right -- would get a run here -- I've wanted to find out from you if people -- interest that if they see this and they say you know what I really should look into it.
Today contact till their insurance agent or homeowner's insurance agents they -- it took to the unified.
-- you all the Q&A neighbor they can not -- or you can almost everyone else.
-- -- -- -- -- -- -- -- And they'll let insurance now the other option would be -- -- -- -- get VW -- the Smart one word Smart guy GOP.
And on that area -- it's so much consumer information on that web -- about flood insurance and one of them is.
You can say good -- now how great your kids and the other is an option GT.
Provided -- contact in your area.
Who had signed up yet you're you're contacting your -- So it actually -- let's back up and the connected here or back up -- -- your -- and he's knowledgeable about what insurance.
And your particular area and -- that generally -- you're kind of that your area.
That's good stuff -- Smart dot -- thanks real.
-- -- -- Read a holiday and if an insurance agency joins us from Selby Ville Delaware talking about the the tragic situation right now playing itself out and that hasn't played itself out in Nashville.
Need to keep talking more about this time -- series down there for us now given -- basically of view from the ground on what's happening.
How are these four people and you know at the -- -- our -- I've been saying this we've been saying this is not get enough press in the national media as Chris said earlier thanks to Goldman Sachs in Greece.
They are they are there they're very concerned about that certainly the oil -- down on the Gulf Coast has been galvanizing.
National headlines and international headlines for that matter.
And so unfortunately.
What would have been a top.
Had to play second fiddle for some time but it appears that that everyone's beginning to grasp the full extent of the damage which.
Which at this point just early estimates place -- higher than a billion dollars.
She's Jonathan I know from being from the south and spending a lot of time in Tennessee -- obese from Nashville.
You it would not still in the -- before he really gets the Blue Ridge Mountains are a lot of low land areas there.
Marshy areas where you can have a lot of a lot of flooding a wide scale how -- is this the Nashville and how much hasn't really affected much of the state of Tennessee.
It has affected much of the state of -- Tennessee all along the Cumberland river and also portions of the Tennessee River so much that in fact they.
The the Coast Guard has declared.
A moratorium on recreational boating on these Two Rivers for the foreseeable future.
Just to give you an idea -- how wide scale was when we are coming in on our flight eight.
We flew over the river that Cumberland river for a portion in people from this area -- Looking down looking at areas that they were used to seeing above ground and seeing them under water.
The woman seated across from me exclaimed wow unfortunately I can't say on television when the man behind her exclaimed.
Okay so what what we now have went today them to be getting estimates of when they think is what -- subside and where these -- people living.
Well the water level and it's already beginning to go down in fact much -- -- there's still some flooding in some of the outlying areas but for the most part the water has left.
Except for some of the basement of the building so as we speak they're flushing out the water from the basements they're.
Removing waterlogged furniture and doing repairs some of the major venues like.
Country music hall of fame they expect to be opened shortly today there.
Removing some doubt that -- waterlogged furniture most of the damage there fortunately was just.
Reserve to an equipment room in their basement all of the precious artifacts and exhibits.
Were all on the second and third floors they're all just fine so as soon as they get power back on.
They're ready to be back in business.
-- thanks Jonathan.
Stay safe -- my pleasure it's not necessary from Fox News joining us.
From Nashville just give you some idea -- as you were mentioning mayor Karl dean saying it's going to be over a billion dollars in losses and bad.
Really it extensive loss of life -- it was thirty people that I saw the last I saw -- as the waters continue to seed.
They continue to search for more victims so it's really been that he's right.
If it weren't for the oil spill for Greece from a question -- gone on this would be front page news -- you know we -- we have some great quotes -- our notes that.
Are awesome team puts together for us every day.
Brad Paisley saying I think all my road guitar gear camps the facts are under three feet of the river he and Michelle Branch saying I just realized what was left of my indie album broken bracelet is all submerged under water alone -- -- and I have I.
And yet tourism and this is gonna affect them for weeks to come because tourism plays such a big role in Nashville and people are gonna stay away a little bit until they get this cleaned up sometime sincere and -- and that country music around her I would imagine people -- -- -- -- What this recession and you want more seek patience people from the stop you from around the country maybe we're -- planning on taking a trip to natural -- going overseas.
And now -- it put those plans on holes.
We're gonna keep vomit story from -- and would -- take a break right now but we're gonna come back got a lot more -- -- is gonna join us.
-- -- -- Can't get away from him.
Welcome back fox does not come live Chris cutter Tracy Byrnes with you -- a little bit of fun.
As much fun you can have on -- day we were down 64 point three straight days now.
To read at least we are halfway through the trading session what's what's movement is one way or another sue the pants on the servers with yeah I can only hope we're right.
Not enough about the last hours when all acts -- music to explain.
We're -- -- Freddie Mac earlier more money to them.
First -- -- actually narrowed but the mortgage giant bottom line totally thrown off Mexicans of some accounting seasons but as a result they have a deficit.
A ten point five billion advanced kidney -- six.
Good if you lose ten point five billion you might as the last that -- got an open check but most of us -- -- -- right there after fifteen.
Titanium metals this is like my -- -- whole wide world and I don't -- it found nothing but it reported a slight drop in first quarter earnings revenue sales volumes though picked up.
And -- saying that they see demand picking up as well so.
The stock was about 15% earlier.
Furniture Brands International up -- the ticker is at the end that's really the only reason I choose the south over and over again doing it I just think sixty digital -- at the end up 50%.
Actually was up 21% earlier but they had a surprise first quarter profit believe it or not.
Higher margins lower cost furniture is a move -- they make right -- Thomasville Drexel heritage is for those people out there actually buy furniture.
Met your -- step PCS.
This one -- the last subscriber beasts.
Cell phone -- right lake leap love lake leap.
Wireless international -- until left out there right yeah.
Not many and that's not presenting any dying industry first quarter revenue.
At first quarter earnings actually fell 21% on the 30% -- Jump in costs but subscriber growth continues this probably -- is only -- Obama got was about 16% earlier today announced of about seven.
And -- and they go cannot help trying to X and the pharmaceutical holdings actually agreed to acquire -- products for 34%.
Currently until Wednesday's close.
That's for you -- and you are shareholders every time little peanut look at be careful you know you know lottery money bubble if you miss -- -- -- here and it's great.
I don't say this -- -- -- hindsight playing Soledad.
Richardson joins us right now.
-- these seem more of bail out talking more people on Capitol Hill this time it's Hank Paulson.
And Tim Geithner speaking today I saw both a snippet of Hank Paulson earlier in the day rich -- Anything -- note coming out of this today.
Few things -- -- it's actually a pretty good thing -- -- guys like Hank Paulson they're not Treasury Secretary anymore and they don't have to speak as treasury secretaries have their little -- open about what they feel of what they think.
I he just slams Fannie and Freddie got started up Fannie and Freddie before he says they need to be restructured they have needed to have been restructured for quite some time and no one in congress -- the political will to do it.
But he also -- as a country we encourage housing too much she city even the mortgage deduction should be no reason that people have million dollar home should be taking a mortgage deduction.
And it too many Americans in this country own houses and or homes and that's just another one the points that he was making with.
The financial crisis and now homeownership -- to built up.
And -- now we're talking with the current Treasury Secretary Tim Geithner who is constrained as he is the current Treasury Secretary so he's.
And I does not relax I -- is Hank Paulson must.
This tells me that was at one point.
Is -- regulatory leaders all said everyone needs to own a home they need some sort of joint decision.
President Bush said everybody needs it's -- americans' right to own a home -- now deciding.
It was a bad as people are on some back then on the other thing can't -- now it's like seven -- brother back.
-- it's homeownership at what cost to its you don't shoot you if you make 50000 dollars a year.
Be taking -- a mortgage with barely any money down for a home that's worth a million dollars probably not and and that was the environment.
We have this assumption that housing prices would just continue.
To go up and and that as obviously didn't work out and and you have to -- now take a step back and what congress is going to have to do.
Possibly next year is look at Fannie and Freddie and look at the entire way we secured Eisen and backed loans in this country and back -- mortgage market in this country and they're gonna have to figure out.
What they want to do with Fannie and Freddie what it whether it once did they wanna try to make it private at all if that's even possible now at a 100% guarantee federal treasury or they just wanna continue to make it.
As it is right now and its mission is.
Certainly -- -- get the it to extend a homeowner market.
To extend homeownership -- not necessarily make all that much money because well.
It has -- under.
Federal conservative -- -- -- I've got to sample second serious agent ET former -- Bear -- so there's no way we could possibly see what what was going to happen to us until it happened.
Always -- activity about Bear Stearns is one.
-- Paulson was -- he said the difference between Bear Stearns and Lehman Brothers is that Bear Stearns said didn't fail -- didn't go through bankruptcy like Lehman Brothers did because it had a buyer JPMorgan Chase.
-- -- first -- to be coming down the road Hank Paulson said look we saw this coming but not to this magnitude whatsoever.
He said he like everybody else didn't think the prop problem would be as bad as it ended up being.
It's in your greatest and I know for a fact it's because of where you grew up that you dug down -- seventeen and stopped at the white pass saw on the way.
-- before you went to concerts I know it.
-- -- -- -- -- Devils games and it was right right north of the fiesta if I do remember that.
Is not the greatest fear that there's actually a place where we used to have proms and -- of the fiesta that's awesome you imagine it the right -- the white castles right down the streets is solid and it even totally castle after the prom.
Have a patent and night out.
Packed terminal -- -- I'll tell you you know we're talking we've we've been talking for months about this situation -- California is in right now and we even just a couple of days ago.
About what states than it was yesterday even what -- -- had the best tax treatment for businesses that and what states had the worst.
Not end in chief executive magazine coming out today California ranks 51.
Among all the states because they threw in the -- citizens of Colombia's well.
It's a -- -- look -- they threw in Guam.
In Puerto Rico California immediately alert.
-- I mean it's it's really unbelievable.
They actually a magazine called California the Venezuela of North America so it's it gets goes from bad to worse here from a country that at -- in the state that -- Of all the fifty states in the fifties and sixties the number one growth rate and now it's a state where companies are running.
From that -- Schwarzenegger.
Chavis shot bad but -- names who who is a bit Austrian accent is -- when I wanna hear that we weren't about.
It used to be needed to be near the brain -- and so people will -- on suck up the extra cost to live there and the fact that as Tom Sullivan Alley says it's the weather even.
-- really don't mind he's you -- California right.
But now you don't need you don't need to be there to get access to the brick -- we can go live -- well North Dakota had tax isn't.
Internet and this is.
Part of its tool.
What you have brain -- moving out in different places in the country.
And even though you know Detroit might not be the most -- of appealing place right now.
Yeah the University -- -- a lot of people a lot of companies are looking in Ann Arbor he's got Austin, Texas Texas has great tax treatment -- people looking at the University of Texas is a great city.
Do you busy because you have that university there you have great tax treatment people want to live there.
-- -- Seattle Washington Portland Oregon there a lot of other places that people are looking at and saying you don't have to be in Silicon Valley you don't have to be in San Francisco Los Angeles.
We can have an international presence and -- some of these other smaller cities out there.
There and make his image to question and I'm thinking in my head -- I live in Jersey I love Jerry is it love it love it love at Camden a state.
We're gonna come back that a lot what he gets it don't go anyway.
-- -- -- -- -- -- -- -- -- -- -- -- -- -- He needed Jake and then we're gonna go to -- them.
Hi welcome back foxbusiness.com my -- Chris got a my sense -- seven points.
Santana mall it's kind of where we started we started down eighty so I'm not gonna say that we brought us all the way back and -- immensely and yet we have to go out of the city of brotherly.
Keep -- You know we -- all the languages and jets only have plans for a ticket and -- but he does now after.
Revenue commissioner of the city found that Philadelphia to other attacks amnesty now I actually like this idea.
People owe taxes.
People all over the country -- taxes in the city Philadelphia basically what you're saying is that you just -- -- aren't paying.
We won't charge you interest or penalties all -- to read some raise some quick cash.
Yes city Philadelphia isn't going to take -- -- program for the first time in two decades thing.
We're trying to tell all those individuals and businesses their protests to the city Philadelphia now's the time -- waiving all penalty he had to pay principal have to interests.
I was gonna ask you how effective it was two decades ago but it seems like so long ago can you really look at that and make -- comparison and say if that was effective then it'll be affected now.
While back in 1986 seem to be an effective program where a city raise about 25 million.
We believe that in this timeframe that the economy's in such -- -- That we are confident that we will -- 2530 million dollars and net revenue.
Wow okay so like if you could explain the terms of the deal because it started a few days ago.
And you only really had -- June.
Right it started on May third to June 25.
Right now -- 51 days left four individuals and businesses to take you there.
A liability -- the city give amnesty.
Again individuals we'll have an opportunity to have all penalty wave.
And pay principal have to interest.
The biggest thing we're looking at right now is trying to reach out and and businesses and individuals who are in various states like new York New Jersey Delaware Florida and California they have liabilities of the city of Philadelphia.
Any negative connotation associated with taking part in this program IDC's penalties -- waved as the -- check mark that goes on year.
You know returns or you know next year when you file a return -- you more likely to be audited anything like that -- Well if -- what does -- participate this program.
Almost everybody in our tax system will be mark today they -- it took advantage of the program or not.
I'm starting fiscal year 2011.
The department of revenue with the -- apartment be more aggressive point after.
-- excellent points.
We will be increasing in -- -- cases to third party vendors.
Increase -- the fines and fees will also be looking at -- litigation against trust fund tax dollars.
The -- to the city.
And how much many expecting to collect from Wallace.
We're just being -- 25 -- three million dollars and that right now when hopefully do more.
Wanted to ask the media that you -- some other cities have done this is well right at you guys aren't the only ones you this is taken place -- what 25 different states and municipalities should just over the last two years.
Yes in the last two years.
25 states in this -- is taking advantage program such as Phoenix -- season leads.
New Jersey Delaware that's been their program lessons -- And why did you give the website that they can go to in case they have questions or they have -- one of the people -- -- money.
The website for anyone it was interesting -- to -- -- in this program is WW dot Philly PH LLY.
-- and -- dot com.
We do have 800 number which is 8776454018.
-- we'll come back and tell us and he collected the 25 1000000 I am looking for.
More than happy to come back and -- -- when we collect the money yes I'd love to hear how this works out.
Thank you weren't happy to be -- with you thank you.
Thanks Keith Keith Richardson revenue commissioner for the city of Philadelphia tax amnesty.
It's pretty decent on the evidence does reward bad behavior.
I mean it does is basically says look we're gonna forgive you you guys it -- -- deport taxed playing oil that money you're gonna -- on tax and spend somewhere else side.
The -- that.
So in -- way it's say this city is saying.
Our revenue situation is so dire we're willing to reward bad behavior to get a portion of that back 2530 million dollars.
But I will say no one knew this is gonna happen so it's not like they said I'm not gonna pay my taxes because I know this -- common sense you know all week.
-- -- -- It's fine as long as it's it's always it's.
Another two decades before they do it again and you know -- -- -- you know years and they say we're gonna have another tax anyway.
You're right there any back any I think -- -- I personally I would be leery of taking advantage of this because I would I would steer the scarlet -- -- -- -- where I want already.
I guess you're right I guess you -- you've already been singled out -- didn't branded.
Andrew -- journalists here what is on the set which is exciting in of itself and you because the you're the first person there in the whole show we've had on the sense of where we're glad to have you here.
Witness in person -- president CEO of evolution markets and you know one thing that's interesting is on another -- Tracy and -- on.
We constantly have this argument about whether cap and trade is indeed dead if it isn't -- what form will look like now on the other side what has this.
-- will disaster in the gulf had -- -- that hasn't had on cap and trade.
What are you thoughts -- cap and trade did.
No I mean the first one point -- I'll point out is that there's a half dozen cap and trade programs in existence today in America that have worked with.
You know massive over compliance.
At probably ten to 20% expected compliance cost.
So it's been a big win for the environment in acid rain in smog etc.
throughout the country.
With how the major.
Similar to what everybody's crying about in terms of of carbon trading.
You without those major impacts to the economy so -- worked for the environment it's worked for business.
-- I don't think it's dead I think we're gonna see legislation possibly as soon as next week.
Coming out -- I think it's most likely going to be focused on the utility sector.
We have potentially -- side.
Equation on refining gasoline.
Comment I think it's gonna have.
Outstanding support from the utility sector because.
You know the power industry in order for us to go forward and move towards independence and clean energy.
We've got to have -- -- CEOs of those companies they've got to have.
You know -- ten or twenty year horizon vision about what this legislation is gonna look like so they're kind of in a holding pattern until they see.
What comes out of the cap and trade legislation over the coming week.
Thanks to tell us what your company does and basically -- it's gonna benefit from -- -- we are the largest environmental broker in the world we're focused on the carbon markets from global markets were also involved in the traditional energy markets.
We're broker of uranium with the largest broker of coal and -- as part of the equation -- -- -- -- the actual commodity so in terms the actual commodities.
We arranged with buyers and sellers of these commodities and in the environmental markets and under cap and trade.
For socks knocks carbon in Europe and throughout the world today.
We match buyers and sellers as an over the counter broker.
We also have an investment banking -- group.
That focuses on funding green tech companies and renewable companies Vietnam and throughout the world we've done cap and trade emissions transactions -- probably about 3540 countries.
Throughout the world so for a small hundred person company we've had a big reach and been very active in these markets.
From the very beginning I've been in these markets since 1995.
And we've seen the good the bad and the ugly in terms of cap and trade and there's been very few ugly there's been mistakes made in Europe.
But -- the large part.
These programs actually work and using market based incentives is a lot better than attacks I mean attacks united -- the environmental benefit.
And you're not guaranteed.
To give corporations.
The flexibility that they need in terms of addressing their environmental goals you'll enjoy -- television program -- the kind of camera what I'm whenever that was on but it.
It it just basically good people running around the world chasing carbon meaning we're trying to find credit's -- Brokers is this gonna get so big that there it's going to be wrought with fraud it'll be hard to kind of keep your arms around it.
Well first of all one thing I would say is we support legislation and regulation.
Of these markets because we've got invested.
An investment in these markets and a vested interest in the fact that we keep.
Kind of what I -- the Brooklyn Bridge here's how -- these markets.
So we expect as part of this bill and some of the pending derivatives legislation that these markets will be regulated and we want to see that.
If you look though at the US based systems that have been out there we don't talk about -- -- -- approach problems anymore.
The fact New York State DC.
-- actually came out with a report in the last couple weeks saying.
That all of the major -- in New York State that were having acid -- issue that is now reversed in terms of the cycle we've seen return.
A bald Eagles and and and fish etc.
and those -- and the so that's a program that's worked and that program worked with no instances of fraud.
And over compliance and we never had one utility.
I think there was one tactical -- over fifteen years where they didn't report on time and submission.
But there reduction.
Just quickly the you've got you then would be the broker of the admission in a week it's coming it's a certain amount of clout carbon admissions if I don't use it I go to you.
Where do you go brokered out yet you -- -- current -- it.
So yeah even -- -- essentially on we take.
We take a a commission for -- transactions but we act also as an advisor to over a 110.
-- a fortune for 500 our clients today.
In terms of helping them manage their risk around and the environmental rules and regulations.
We also will help on the ground in terms of projects so.
We have one -- business for example in London we have fifteen people some of them are actually just arranging option transactions on these markets.
All the way down to people on the ground in India and China and El Salvador and other places.
Actually trying to do environmental good -- trying to cap gas from a landfill.
Trying to -- coal fired power plant in China -- is good enough fuel source.
When we when we get that legislation comes down -- have to have -- -- got -- -- got to go through it and yeah I think cap and trade is not a four letter word so.
We appreciate it we'll have young guys how -- Maybe I'll find it yet and yet you guys anyway so I thank thank you and hurdle is India president CEO of evolution market -- the world's largest environmental commodities trading market.
Well we've been hearing a lot about -- exploit -- tell you over the last few days and for good reason -- TDs and Fox News joins us right now.
Place where they make these -- -- how are you.
-- and how to do well on this right here is one of about a dozen plants in the entire country manufacturing.
Boom and right now.
It is boom times for boom because coastlines from Louisiana.
All the way around of the Florida Panhandle and even further South Florida the West Coast are really banking on the -- because oil continues.
Gushing from underneath the deep water horizon site.
And about 2101000.
Gallons a day it's just an estimate here these workers have now doubled their shifts at American -- and barrier.
-- -- -- double that shifts and doubled the output from about 2000 feet today now they're putting out roughly a mile worth of boom.
Her day and it is still desperately needed all around the coastlines officials Louisiana today saying.
They still need more there are islands and coastal areas and wetlands out in the bio that remain unprotected.
From the approaching oil as of today according to the command senator.
It is about five to ten miles from Louisiana shoreline.
Here they take this PVC material which all comes in from China and now that's actually starting to be sought after and very high demand and then they assemble it.
They use heat as well as RF waves and of course the big flammable material.
Basically this stuff.
Is this actually easier cutting right there this is basically like those noodles that are so popular and American swimming pools in the summertime but there -- a lot bigger.
But essentially they serve the same purpose they will then be inserted and pushed down these -- lines and that's what will make the boom float.
Out there in the Gulf of Mexico.
Changes in drag down all the way through here this guy right here with the -- right now dragon the chain that provides ballast and weights that keeps this boom.
Floating in functioning.
As it's supposed to out in the Gulf of Mexico hot closes the oil.
To the state of Florida today well last that a couple of voters came back in the panhandle they went out about thirty miles on the gulf they came back -- Mason jars.
Full of oil and some dead animals.
And so everyone's still bracing here of course we're all waiting to see what happens -- BP's efforts there's very inventive yet unproven method.
Of dropping that big 100 ton collector dome.
5000 feet down onto the sea -- floor right above the biggest league right now and there are two remaining links in the deep water horizon pipeline.
At 5000 feet down.
That will possibly be lowered as early as Saturday or Sunday so maybe Sunday or Monday we will all find out whether that successfully.
Brings a lot of that oil and water up to the service through which you bought -- waiting barge instead of filtering and rising to the service of the Gulf of Mexico so the work continues in -- frantic.
But the business is needed because as I mentioned coastlines all around the Gulf of Mexico right now banking on this -- As a protective barrier against this oil which is.
Threatening the economies and environments and now five coastal states.
Felt I haven't a little bit of an honest question but -- what are they gonna do with this you know.
One million feet of boom it just goes in the water doesn't contain -- at all -- does it does block off the areas that are contaminated.
There's two different times to different types of bears good question to different types one actually absorbs this is not that kind this is simply a barrier so the oil will collect them huddle up.
Against the and if low level part of this and then it will be -- job rounded it for routes and as is being done today out there in the gulf.
Set on fire burning it at the service.
Try to reduce the amount of oil that is out there floating so far according to command center.
There is roughly 781000.
Feet of this sprawled out across the -- all on the coastline that's roughly.
A 150 miles there's one point four million.
Feet of -- still available in the reserves but the orders for coming in not only here American go to barrier.
That the other -- -- show plants like this around the US one in Oklahoma won in Michigan.
All of them now rushing doubly shifts hiring double workers.
And basically this place is open putting three hours a day as of right now it's a tragedy out in the gulf.
And these places like this playing a very important role at -- the best they can.
As -- -- is trying to keep the environmental damage as little as possible.
Thanks bill thank you thanks and it might -- -- -- down that American boom and barrier corporation trying to fill that Russia for a million feet of globe.
And is now -- in before this became the size of New Jersey way and they put that around it and set on fire when it was a lot smaller.
You ask me questions like -- -- -- question.
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