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At foxbusiness.com live treason and -- got a plume.
Of -- six citizen points can be that would though what.
We can't be with city is better than -- but can.
Better than a sharp stick in the -- I got me all you think this is different especially can't be with a stake yes.
I -- my dad always says that in a sharp stick in the eye to -- but always respond dead.
Being stabbed to be -- -- -- shots that you guys hammering an ice pick in the my eardrum.
But he did it a shot stick any guy that's say makes no sense but he said -- in my entire life literally from the time I was I could remember.
Until I went off to college.
And he probably said to my younger brother -- Following up eighty points you're right though it's a market yeah.
You know it was weird all you have merger Monday its -- we got a lot of the enemy activity and bomb you know I was kind of look at last night looking into this week.
Look at the market -- -- being out over the last month.
We were up almost 3% on the S&P 500 in the month of February and you would have not have known it honest that's fair unless you really look back because.
But we were -- we were all over the place but -- -- It's in my -- costly getting bad news when it was Greece in the EU.
When that was what was going knowledge Toyota whether it was you know that the initiation of the Volcker Rule the potential Volcker Rule it's -- -- honor -- did seem like everything every week -- bad news sells cell.
But it wasn't so that was why even though was all over the place you gotta think -- is going to be all over the place to.
Yeah all well and I think we'll have -- back in March he's been Abu uncle yet I -- because well -- analysts.
Whether you believe it or not played a big rollout didn't -- -- is now.
Kids -- off so that we had a week where people were away on vacation traders in particular.
And then of course at all the marks.
Springs hopeful I'm on my metaphor that I -- -- -- pretty terrible.
At your comments in March reading this is bringing you might also have.
Money coming into the market people making less and retiree contributions things like that I was attacked Saint Louis you -- -- so there might be a little more.
It isn't -- might be steady year so maybe that has some who.
We will see if it did we got a whole huge week this weakens as an economic data.
We've already had a lot of it ISM manufacturing came in.
Okay is still well above fifty pretty much -- across the board good not as good as we've seen it but still solid.
-- but manufacturing hasn't been our issue we've known and manufacturers coming back set especially in light of the fact that.
Is sold many just for example retailers completely do away with inventory they've all had to rebuild inventory over the last few months also that there for you gotta make that stuff and manufacturing is there make -- -- manufacturing has been on the way up.
We're really focused though on jobs on Friday that's going to be the big when it was going to be nervous you know that's the other -- I think Wednesday there is ever gonna see a lot of nerves going to.
I look I agree anchor -- and of course we have now more news that there Greece might get -- again.
It where they weren't they -- in -- who knows that the EU's telling Greece did not hit.
And they will help -- Right in May -- maybe Germany and France will lose somebody 41 billion dollars somewhere in that range trust and that's nice nice little gift there.
Ultra tech gatlin right now I joins -- -- -- chief investment officer at Harris private bank.
-- in Chicago and.
-- -- -- what is going on with the -- Sat around and wait a minute wait -- minute.
Before you first -- -- I'm not a member of the Canadian Olympic hockey team I would -- not even.
I'm not even a fan I'm not even a fan I lost a -- -- I'm I'm having to Wear this year once let's let the you have to Wear the shirt all of that -- about what they have -- it's all that.
It's all of them -- so what was the book about it that I did you got down Norway was gonna win and made that they can't that was then went right.
Now I you know we had the good news is we have to Chicago black Sox on both teams.
Probably among the most well represented team.
I think in the Olympics.
And unfortunately we -- Blackhawks on on the Canadian side that helped them pushed and pushed them over the top -- you're right -- it was -- It was all good fun and hey at least I didn't with a lot of money so I I can do this for a day.
Yeah you're right I got the -- -- you write a lot of great young talent from the Blackhawks on both teams in your life you have to Wear a sweater for one day.
That says Canada on the front of it you I really thought you were on the team at such a powerful it -- kill -- -- -- handed shot from the point.
Anyway let's get this -- that you do know a lot about and that's this market right now those you know as much as anybody out there I guess I'll say that because these days it's really hard to tell who knows what.
All what do you think that this week's gonna show we got a lot of economic data we've already gotten a lot of it today Jack.
Oh but you -- you're gonna see a lot of nerves come Wednesday Thursday looking forward that jobs report.
Yeah I think the jobs report clearly has been the most important indicator.
For the last couple years and so everybody -- their breath come Wednesday and and you know all eyes are on Friday I think -- they have the snow and -- some of the destruction there you know there could be some modeling going on in some adjustments that.
You know people are gonna maybe smoothed over but.
All in all you know it's a -- widely.
It's obviously the most widely watched number especially since we're hoping to push and a positive territory this.
The personal income spending numbers this morning didn't get a whole -- a lot of play I think a lot of that was anticipated.
On many levels it wasn't that big of a difference.
We did see those spending edged up a little bit more and -- income increases.
Now I yeah either accept -- -- -- that does does that bother you don't.
I thought it bother you know I certainly bothered me some.
You know that spending you know it only are we back to our old ways where we're spending -- starting outpace and and incomes or are lagging behind you know I do want to point out and I mention this.
A few times -- it you know in our firm and that is.
A lot of that saving that's going on a factor we've got a savings rate in nearly 5% or somewhere thereabouts you know keep in mind.
Tracy that happened that savings is probably involuntary and the fact -- -- -- a house foreclosed on your mortgages four day event.
Is is counted as savings to get.
Your credit line your line of credit card and -- got to pay it down.
That's saving so it -- before we we you know.
Pat ourselves on the back on this -- you know thrift paradigm I'm -- argue we probably still are big spenders and now.
This indication that we just saw today is you know is another signal.
Jack last week not just for the job in my memory.
They consumer confidence really hit the market hard.
I think it was a new home sales number that hit the market -- a little bit of -- sell off on each one.
But it's really hard to read this economic data -- -- so what's -- -- every day and it's hard to tell what's gonna move the market higher.
What's gonna move that low what's gonna be shrugged off like this morning -- that feeling to.
Yeah I you know what I'm finding is you know given that all of this quarter -- quarter while -- event risk that's going on.
You get the headlines competing would be you know with the data you know in January -- a perfect example of that we have phenomenal.
Fourth quarter earnings numbers we had some pretty impressive economic numbers but yet.
Everyone decided to obsess over you know stalemated congress and and and that debacle in Greece.
So you know it's hard to know all.
What what investors are gonna focus on I mean it's it's almost at a point where you could tell me.
You know two days ahead of time with the economic numbers are going to be an I'd probably still -- it won't won't be able to make any money from -- So what are you worried about most -- it other than the unknown at this point right we don't know any anything at.
We don't know what to expect we don't know -- to market's gonna react so -- what worries you.
Sure well first of all I mean I don't I'm not sure I want to do while I'm worried he had because the market is up today and I think the reason why.
The market is up is because there's a huge stockpile of cash around and there are a lot of there's a lot of liquidity and their investors.
Really -- there when they're shopping bags open looking for good deals both.
On the on the in -- individual side but also certain you know clearly on the corporate side so the fact that you know crew was able to pick up some of these AIG assets.
That America is is picking up.
-- -- -- I think that trend is gonna continue and -- and it would as these firms look out and see that their revenue opportunities are somewhat muted.
You know the best way to grow and the best way to to improve their profitability.
-- is through through growth through acquisition so I think that's a trend and I wanna see where you know how do we play that certainly to US phenomenon for the most part.
And is that gonna benefit the small cap stocks are -- -- large cap stocks and you know that's really where I want to sharpen a pencil figure out over the next couple weeks where we want -- position.
Alonso actually did say I think your -- -- -- Wear -- -- all day.
Thank you for being here and wearing the Jersey and thank you can't have gotten -- -- And I Jack good -- better shape that.
-- -- But it's still it's a good thing that's the on this day and age when he can be friendly with the Canadians are neighbors -- of noise and we can actually say you know level of a tip my cap to you.
The winning the gold mountain as it goes back in the -- had to Wear a CC CP.
Red army sweater on island an awful -- -- at daybreak when we come back we got a lot of great stuff.
Including bacon later in the show let's all say yes huge -- segment off.
-- -- Dot com live gate bridge -- -- -- on the East -- 9:10 unless good morning to all of you -- it will have a better then market.
Isn't that a three points mergers and acquisitions -- on the sun is shining on the -- it's march.
Marching means spring is on its way.
Now you've been -- and you are born and raised in New York but Q you've been in this area in the tristate there your whole life -- I will die here goes up in the -- what happened to you Friday night when the middle the snowstorm here on Friday.
-- you're walking from here to.
Andrea we're happy hours shall we gonna go.
Yeah mostly not this new Yorker -- the -- of -- not from the your pre interviewed you plan on visiting you look at some went under the winner is -- don't listen to it.
-- my warning when that so here's what happens.
Prison -- that Nixon was winning worsened in New Jersey it was messy there have plowed the snow and blocking streets -- you know what -- now.
This is 2 o'clock to ten minutes stopped all of a sudden everything cotton out -- -- push everything aside in the -- closer to melt already eaten.
And it becomes this -- heat mighty slash.
And here's an honest mistake.
It comes up against the sidewalks and it just becomes this pool of aching -- -- -- your eye gets fooled into thinking it's still sidewalk.
The minute you step into it.
Russian like ankle.
No not if that's like the -- -- in the city for.
How are you.
How I'm doing great how create an hour heater and much dry air a hi I'm sure it -- -- -- does this -- out of that conversation yeah.
You know -- better -- never got that hey Dick why we've got a new poll out sky.
That I think I think it's been really says what a lot of people out there are feeling it's almost more of a confirmation -- -- -- knew this was what was happening.
People are unhappy with what's going on right now in congress in that seems to be getting worse.
Alert this -- you getting less happy.
Yeah I mean like people are always unhappy with -- congress I mean they are congressmen -- politicians but.
It seems we go in the new extreme 71%.
Now say that congress is doing a poor job.
That's up ten points from -- to go up 24 points from a year ago.
And it's just matching the frustration of people -- seeing all across the country but Scott this is my continual question.
Cool people -- and that being congress is doing a good job are -- friends and -- members are they well what does it and I'm the stand.
-- and -- how to walk in the snow on the in the bed and I don't think that who -- the -- -- socks and then we'll know exactly who voted.
Because really can make 10% of voters say that congress is doing a good or excellent job.
-- you don't look there's a group of people who who always have great confidence in what the political class in Washington is doing and that's who we're finding out this -- from but most people have a different view.
Say that most members of congress are corrupt -- 32% are willing to say that most members -- And it's not just congress in general.
Only twice 7%.
Believe their own representative in congress is the best person for the job only 38%.
Believe their own representative deserves reelection.
Up people are frustrated.
And it's not with you know ended its talent -- can say -- they voted differently here -- there it's -- -- system that they believe has broken.
I think that there's nothing new about that one of the things got I'm sure you've seen CNET every time he put out a new report you probably see in the same thing.
One of the things I saw this latest report that really struck me was.
Democratic voters to what they feel like it seems like -- over the last couple months they've really changed their tune into the supported the democratic side of congress.
It's absolutely 48%.
Of Democrats now rate the performance of congress has poor big jump in recent months.
And get the frustration comes from a variety of angles this health care debate remarkably has become a lose lose situation for the Democrats.
Democratic voters think the plan should pass and they're frustrated that nothing is happening.
Republicans and unaffiliated voters don't want to pass and they're frustrated the Democrats in congress keep pushing it to keep pursuing it.
Here's the part that jumped out at me.
81% say that most members of congress are more interested in their own careers and you said that that is a new multi year high.
Right only 9% think they're really -- that -- helping people.
It you know it's hard Tracy to overstate the cynicism that people feel we've asked over the years.
You know will members of congress bend the rules to help their political friends and hurt their opponents and people overwhelmingly say yes.
Will members of congress meet with regulators to help those who give money to -- -- -- people say yes in fact -- the only reason business members of businessmen give to congress.
Is because they're afraid of what will happen if they don't so this cynicism is.
It's not partisan it's not about individuals it's not -- -- going on right now there is a perception.
The third one set of rules that apply to most Americans and there's another set of rules that apply to members of congress.
It's Scott hitting a lot of people are really looking forward to mid term elections coming up this year.
Have you done -- work in terms of trying to figure out what voter sentiment is in each particular state that has a very important it's an election coming up this here.
We have been polling all of the key senate races -- governor's races and in short it's it's easy to say it's a bad year coming up for Democrats who don't quite know how bad because we don't know what the economy and other things will be doing come October November.
The bigger picture though those independent voters.
They're voting against the party in power they voted against the Republicans when they were -- power in 2006 and 2000 they they're doing against it now.
We see Harry Reid losing in Nevada at the moment Michael Bennett democratic senator from Colorado is trailing.
Arlen Specter is in trouble in Pennsylvania Blanche Lincoln Louisiana.
A lot of races where the Republicans can expect to gain ground.
And -- to do very well house races as well.
It's going to be -- senior can only hope that people go out and actually vote their views -- not to sit home and let it go wasted.
Scott Rasmussen founder and president of Rasmussen Reports.
On an Asbury Park love that Jersey and it sucks it dry it got basically you.
Yes thank you Tracy thanks Chris things get -- to arrest us and that's that's always good stuff when you see that I did think though I was surprised to see -- -- not surprised but.
48% of democratic voters now in congress support -- that's of seventeen points from January that's just that's.
One month ago you know we were talking on Bahrain -- this morning about.
Will there be any like it you know suicide bombers out there basically like any Democrats but that will -- to policies once strong -- -- went into voting.
And -- -- they wanted to sacrifice themselves and vote even though they know they might not get reelected and with so many of them knowing.
That there are already losing in the polls you couldn't believe.
That there will be one or -- that say look I'm gonna pass my Health Care Reform I know I can relate reelected I don't care.
Somebody else saying you know what I'm gonna go against my party because you know.
I don't think it's right anyways and maybe maybe I was on offense that he was right or wrong I know I think it's wrong I'm not gonna afford and you get some of those video didn't.
-- -- -- I won't say -- -- -- the end of last week I didn't have a chance to talk about some of the talk about it today the new one billion dollar US embassy in London is going to feature eight -- That is right this has been the most expensive US embassy ever much more expensive than the 700 million dollar US embassy in Baghdad.
I mean he obviously you'd have to spend a lot of money on security in Baghdad you think you could spend a little less on security in London.
We're gonna build a moat around it like in the old castle days now here's my question now what if you have a GMC duck.
The only GMC duck is one of those -- cars.
There's a car and it's a -- nearly taken on toys they actually use them.
On the River Thames in London for toys can drive and drive right -- -- -- -- what -- that's what's the prevent terrorists from getting a duck.
But in the -- of the really hard to maintain their tried that this.
Okay lessons clearly this mode has nothing to do with terrorist attacks and you want -- yeah.
Actually because the people terrorists can cease can't swim they're they're they're they're not -- all the thought processes much like you -- evil times by -- you're siege engine employees.
-- -- had a chance to defend itself I think it's hot box in the medieval times I've only can think.
I believe was caught -- -- who -- -- our back in the day Noah let's make sure we had a vernacular there's a belief that it should appreciate that.
That X and you know it and I think about -- went around my town is.
Is literally not do well it actually you know what it's funny you say because the reason is for aesthetics they had the big concrete barriers and everything in front of it now and the people in the neighborhood got upset they said well this is terrible looks awful these big company -- on -- -- Put a moat and a lot of drawbridge it has to come down every time and an alligator swimming in the mode and the -- which comes down and then.
-- -- -- -- -- -- -- -- -- -- And right and we know what's next it's a billion dollars but at this error -- -- older console.
I could -- that with my mullah -- just let my mullet down and -- them terrorists who.
-- -- -- -- your mullet on the morning's web show Heidi it wasn't my choice gentle lead brought up images showing a picture out of me in the mullet how many times I have to tell you don't -- There's appears so I don't mind -- society we had -- back then you don't anymore anywhere now lets you rate.
Like I said.
-- coming up.
-- -- -- Contact network that I could find someone -- -- Nemo.
A -- look for the -- Fine let's get something straight here -- the -- now that it's sort of a misinformation that the mode is only the water around the -- And a lot of -- the -- was actually either ditch.
We wouldn't spikes sticking out of it.
Bush robbery we all know in in England and a lot of shrubbery there all the way to a certain -- terrorist out hedges would hedges -- -- -- -- got to fight through hedges imagine that you got to use those those hedge clippers.
-- -- To be terrorists have to go through all that either way I will work on getting you emote in funny you knew how -- -- -- new house.
That's what I'm I'll be without him signifying a little collection up for tomorrow -- Smith is here.
Since hanging -- happens you one last thing about moats.
Did you know that the -- you at least you back in mid evil times is how bad things where.
You during the black clay you know they had people dying all over the place and bodies and it would put a body on the catapulting catapult the body with that was infected with the black late into the castle hoping to infect the people inside the castle.
I -- -- I -- this is closer to -- pleasant Monday and getting that activity when.
-- all of us all and done that the American people might me a little bit of money on AIG right.
And that's why I was a little in the zone here here and back in numbers keep changing them well how who aren't important they edgier now is looking at another email from him and -- asking.
AIG to clarify how much does the tax -- 02 EIG at this point in the game.
Is what's happened here is AIG has sold off its prized fuel its crown -- if you the insurance unit -- Asian insurance life insurance unit.
To a British firm prudential 35 billion dollars is the sale price there that's a big number to -- significantly should take down.
The amount that it owes the taxpayers detector we'll get back about 25 billion dollars from the steel.
Which is about ten billion dollars war.
Haven't yet he giving in to public criticism earlier on and either did not PO for that insurance company for the insurance unit.
It was it was.
You know highly criticized figured out for not just selling off these units but he hagee said let's not -- the markets stabilize.
And perhaps we'll be able to get some more money back and be able to -- he paid the taxpayer -- -- It's somewhat working out that way of course AIG as it stands before this -- -- -- -- -- her owns 80% of AIG it.
Here's the numbers chasing Chris that we're looking at.
-- 65 billion dollars is the ballpark number that AIG gave me this morning.
Saying net total debt outstanding includes 25 billion from a fed credit line.
42 billion in TARP funds well there's been a lot of talk about north of ninety billion dollars that AIG actually -- the taxpayer.
And that AIG has explained includes the and it asset transactions.
Between the AIG.
And the fact.
AIG exchanging some of its assets for -- to the fat in return for aid.
So if you incorporate those numbers all of a sudden you -- north of ninety billion dollars but if that's the case in the exchanges -- already been done.
Is that additional thirty plus -- -- 25 plus billion dollar still owed.
To the US tax there so that's what we're going back and forth on right now -- last bottom line.
AIG indicating that it is paying back the taxpayer it is able to get significant sums of money.
For some of its assets aren't being that it has right now.
Question as what does that have -- how can actually get the wolf but will -- effect for some of the other business units.
But this is a pretty big dollar amount and obviously the markets interpreting this as good news at AIG is able to get.
This kind of money for some of its assets -- -- we were talking about this earlier guess the question becomes.
They sell all the good stuff what's left what's left of -- -- AIG there's still a couple big units sit in within the company what's -- to be idea after all this that I look nobody really seems to -- nobody in well.
You know I -- I paid off -- the bottom line and the reason this is a big story as we own the company we want to see our dollars back again.
For AIG itself it won't have much -- after paying that -- that the taxpayer and after pays back the government.
Which is why we always kind of chuckle we say AIG what used to be a behemoth of -- company and everybody wanted to know what it was doing on a daily basis is now only covered by.
To analyst one of which have been going back and forth -- today over credits -- so.
And he also sent bottom line taxpayer want their money back out our jobs to look at the company does that determine will.
More money in paid back because you give -- all he's -- units in the cash flow dries up and all they have is a big gold.
Vault full of toxic assets -- -- trying to unwind right wizard cat play because -- point eight.
-- this was a rock star insurance company that made some ridiculously stupid bats -- credit default mark and I got Ken Feinberg saying who can make -- over there you -- people leaving every day it's losing talent.
-- the company itself or is it a major concern.
It's not a concern from -- taxpayer's point of view guess you want these.
The glass and didn't -- that nobody cares what happens after Lorena continue to update everybody again the numbers are a little Fuzzy.
I'm so we want to be able to keep a scorecard of what this company's -- back and how much -- they owe us all.
Either way you were poised -- lose less money today than we were yesterday on AIG that is why I -- thanks since he didn't think.
Tennis and I US house with moving on this market aren't you who were up 76 points and -- Kind of what did your -- we'll roll our way across the -- -- -- Beautifully set me up for number five AIG -- -- because as she pointed out the market is happy with what they're doing thus far so we have potential PLC the ticker is PUK.
Down by the way shareholders of that stock you're like you -- meaning to that yes.
Unrelated of course to the American nature of the same name gonna by the Asian operations of AIG AIG as sentiment for 35 billion in cash and stop.
By -- is up -- seven and a half percent specializes in diabetes related drugs said the US FDA has accepted interview for new drug.
But when that happens moving.
SanDisk was upgraded this morning Webb bush Morgan recent reading from neutral to outperformed giving.
Given the better than expected supply demand environment coupled with significant -- management has made the stop -- supposed to do much better in the latter part here.
This always cracks me up swung to a fourth quarter profit higher margins they cut costs.
They lowered inventories and so the department store chain is.
Coping with their lower sales better so it's not top line growth but.
Cleaning up on the bottom -- That's what everybody did in the fourth quarter now all the what are you gonna do in the first quarter of this year you gotta grow top line that's really feel this really the next.
Earnings season for all these retailers are really gonna tell them that believe they can cut the cut and I think especially the fourth quarter when they manage their inventories most heralded.
And -- remember when we talk about this earlier OSI pharmaceuticals being.
-- -- pharma may make a hostile bid to -- LH IOS I have 52 week high.
This deal is target about 2.5 billion dollars -- Seles is Japan's second largest pharmaceutical company by sales.
And Charles pace here we are talking about this potential acquisition earlier unborn go to good deal -- I asked -- they're looking for what -- -- doesn't -- that's -- 40% premium accident I don't drive a harder bargain -- I don't know -- there will be any other suitors out there about them.
In Edison Pena and I've had this discussion it doesn't bother me that much but it does bother me.
When US companies are required by foreign companies yeah we've got three on this today.
I don't know it is it is -- made a wrong way.
-- -- this SanDisk also is an interesting story because last year SanDisk was in -- running for.
The bonehead Yahoo! ward did you know ever return not a big -- -- know -- -- offer.
-- I think Samsung made him an offer in the mid twenties you know -- Sox over thirty so.
By the way -- -- SanDisk we sold have today we're holding the other half -- -- that's been a wild ride so I was really happy to see someone upgraded this morning.
Not only his -- come in here.
-- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- pond I'd Charles what's -- -- you look at you and the reason why does does this is because.
He's not gonna DNS computer -- 8 o'clock this morning.
Tidy and -- -- satellite and in three and a half hours after the market opens gonna -- with the same stock to fall last minute kind of stuff so what do you like it is right well.
You guys -- members see I think down here we can go back -- seed seed loses here it was an unusual when it.
You know what happens though a lot of times these companies like you know they'll develop a product.
It takes awhile for that -- -- the marketplace so that earnings report wasn't up to snuff but this that I was gonna say the seeds are sound but I'll probably be it would have been unattended but still.
I think down here -- -- I would just add the caveat it could be little -- -- is a Chinese company.
They just got some great approvals just recently so you may not necessarily see that reflected in the earnings right away but when it is I think the stock to double.
Then -- lazy boy it.
We haven't done that it's a lot on how like Colin and good -- only last -- -- the -- company I just like I say this over the last year.
Talk appreciation of 1353%.
Did it go out of business.
I think that's a that's saying it it and counter intuitive you think while the housing market is melting.
It lazy -- to go out of business but you -- I was actually gonna benefit them as -- a lot of their competitors did go out of business.
That's Tracy you know I don't you go -- four and then go arrests of seventeen north.
How many furniture stores have gone out of business in New Jersey.
Cross the George Washington Bridge thousands I mean literally.
Mind boggling -- that's that's an aggressive at those so a lot a lot -- -- -- it's it's really amazing so you don't wanna dust settles those that those survivors should do very well but I noted the counter intuitive by the way.
Full disclosure were -- our subscribers along all these stocks.
If from last week.
I'm silently I come along like -- it's not your father's grandfather's great grandfather the blue liner and it's not the not a high neckline and without it I.
-- really yeah.
All the not a high.
I also left.
It's a cat they're -- Sound a you've come in from the hot Georgia afternoon in that cool not to hide away in Italy -- -- bank saw.
So better than that look at a later that goes a bit.
And he can't get it got a very good the netbook with etc.
these are behind that you wouldn't want you to get evidently had a beer he had -- something like that -- -- -- Yeah -- -- looked at said -- you got.
All rooms to go big box.
Stores like that then it just seems like if anybody's gonna struggle in the -- of his and we seeded -- Because there there either anchors are some bankers in strip mall the first thing to go in this.
In this economy they're hanging in there though and you know I think that they can continue to be a survivor I think the stocks -- okay.
-- yet Akamai it's a I think Internet contents and you -- -- -- It's all about Internet and managing Internet content now last Thursday rumor popped up that Google's looking at the media you know one of the things I like to say to people watching.
Never buy stocks sold because you hear takeover rumor however -- that set.
If if it looks like you know what the company is a great company anyway -- you -- -- because a great company find -- and industry maybe looking -- -- -- almost every.
Stock I've ever been and that was taken over.
Item by because of the takeover -- -- have to be a good stock and someone else agreed.
At a rival company who bought him.
Now how do you value -- latest as you and I thought -- -- -- on the high flyers.
-- Cyrus is another one that you like so many people right they're all jumping on board at some point time and probably pretty soon everybody's on board and how people -- -- -- off.
They did that -- that's that's a fantastic point trying to figure out you know when when they get then when they get out because everyone else has jumped on it that this are real series -- to that.
It is the fundamental -- film plays like for a company like that I still believe that's that there's -- world healed itself.
You know mining stocks or mining you know just -- and we need these minerals and and I think there's going to be a real sort of have -- think America could be in a lot of trouble with a lot of these natural resources to.
Trust me we can we heard from oracle of -- put out his annual shareholder letter annual report.
You have big back on rails what you thought and all that I love -- I think he overpay for Burlington northern I was happy -- that he did as we -- press discovers her and then at the time.
But I love rails a browser not to say only a proxy for our economy but for the world's economy.
The -- I like it's Kansas City Southern.
Because of the -- they've they have they run down toward Texaco at Texas Mexico and -- Panama.
And what you saw -- when the economy was really good in California it was soapbox than those ports that's -- sort of to divert a lot of traffic.
Down to that Mexico area so I'm I'm just shocked -- has not been acquired and I'm really shocked like -- -- -- many years.
He did say in his letter that that they.
And it -- of the line with something like.
Charlie Munger and I like issuing stock for a purchase just about as much like -- -- cost these.
So they weren't happy about having to issue stock on the deal and he almost admitted saying something they believe that they didn't overpay -- right there was an innuendo right.
You know while there's no doubt about it that a lot of people I think most people think they probably overpaid they -- have another bitter they could have driven harder bargain for sure I think.
Best pitcher clearly and it could be arguably green plays well cheaper well that's I played it you know you know did you know the trucks users a lot of fuel and in -- intermodal businesses have done very well.
But you know there's some limitations to relatives that some advantages trucks have trucks if nothing else to be the last mile is still got to get off the truck off the train.
To the -- to -- -- -- senator Charles good to see a man all right guys a lot of fun.
-- -- audio.
I -- -- that they break played I said earlier this has been no let our long -- Bacon.
-- -- Yeah it -- and.
-- looked back boxes that come like his -- his -- 1235 on the East Coast.
Not 35 on the west good morning to all of you out -- -- -- about 73 points out that 82 -- are.
Highs of the day I would argue merger Monday that a bunch emanate deals going on personal spending and income came now coming in numbers -- -- -- -- -- -- -- I will point -- that spending was slightly higher -- income.
I mean it's there was slight so I'm -- -- -- Exactly on Uggla ISM manufacturing came out as well higher than fifty that means growth let me sessions ago that means more of the managers surveyed believe that the economy's heading in the right direction.
As opposed the other way around so many above fifty is good for about fifty -- considerably -- fifty were solid across the board so manufacturing continues to be.
Probably the brightest light guests in this economic recovery I think I think homes housing is still.
Under pressure and -- jobs obviously we'll find out more about that on Friday but.
Considerably under pressure as well.
I'm really starting Wednesday will start to feel the panic -- in.
The nervousness of the number coming out Adam Shapiro is here on the desk of this service countries.
-- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- Now all the dice game who rolled the -- anybody who -- -- gets into Vegas -- got in the Davis got into the casino business was rolling the -- like you have to listen his very successful Wall Street analysts and -- the gaming the resorts casinos where his specialty work at Deutsche Bank.
Left in 1998 made a big bet on Vegas and has been paid off -- CEO and he took over.
The reins at MGM mirage it the worst time you 2008.
And he is once again he continues to steer this company from the brink of what all the other analysts say is going to be bankruptcy he just to get on Friday MGM mirage announced.
That they got an extension on some of their loans that were coming due in 20113.
Point six billion of five point five million which was coming in now being pushed back I think it's -- thirteen but more important.
Junior and is this week's talk economics felt -- and he not only talks about how he.
Saved MGM mirage the it's very personal talking about living beyond his own means he talked about having to sit down with his children and -- We're gonna sell this house -- back down we're gonna lie down size does last -- -- -- CEO.
Very honestly and not a level that all of us normal people understand you know talk about money -- that's what this guy that's straight shooter but on this this debt refinancing.
He did that several months ago and -- surprised the markets he's done it again.
And it he says not out of the woods yet buys -- time here are his exact words.
And one thing I learned on Wall Street and which I think is good.
Just a good personal.
Roll on their personal motto to have this by yourself time.
You know -- -- -- times good things could happen.
I mean by that is work we we work with a financial partners and we bought time we -- to the banks look.
You know here it is this is what we're trying to do you give us you know some time we're gonna pay you back and after a lot of wrangling.
And the analysts are saying that MGM mirage that this announcement on Friday that it got the loan extension of the debt extension.
It really is key for them enough -- is very good -- -- -- GM mirage but they have video of city center remembered oh yeah in December.
This is the largest private construction project United States mr.
hearing was the CFO who put this together this is his baby this came out of his brain.
Created 121000 jobs it is a huge gamble for Las Vegas he changes the game for Las Vegas going forward because it.
He doesn't have some of that Sloc appeal that some of the stuff that and I love Vegas.
Has this is a top class wonderful place.
He talks about that in the interview yet.
Economics does he talk about real quick on this is -- talk about how quickly the economy global economy has to turn around to people will come.
Because that's the thing you've got to fill all those rooms and all those casinos there at city -- He talks about he talks about the US economy and he's not optimistic he's a realist and he also talks about the need to when times are bad -- you have to talk honestly and tell the bad news.
To your family out and when I was out in Vegas and I conducted that interview.
I spoke to employees today MGM mirage unofficially could not identify myself as a reporter but is that my name's Adam Shapiro how are things going started asking some questions what do you think is these employees their 50000 worldwide.
They took cut benefits it was layoffs you know they had to buy into what mr.
-- in their leader was saying.
And the people I spoke to said it's tough but we're all in this together I was gonna like it didn't and I only spoke to a few they had no idea -- reporter -- They were speaking about you know but we're gonna weather this storm together you don't always hear that especially when people arrested to give back some things.
You don't hear that well we're gonna go through and at that point it was because the 121000 jobs are being created it at city center and -- said look this is.
A momentary temporary setback that we can all go forward.
It's not about how to profit mean the project too because it was on the brink of being shut down many times no we don't get -- it's not it's not -- discussion about city senators say it's a discussion about.
In general how do you manage your money -- something -- and I would love because you know I think if you're upside down in your mortgage.
That's an excellent I'm happy love what some people would say city setters upside down and he's now log on you would level why would you take the job.
That that's -- why -- take a WAL lead because when you talk about -- you'd like endless Jaime tell little Robert demo at -- why you take that job it's thankless wolf how does this thankless but it's tough he talks about.
Leaving Wall Street he talks about a mind -- on Wall Street that doesn't quite get it went out in the real world.
And I did not ask Mike took the job as CEO although he was certainly on track to do it isn't CFO of society years I think you know -- He is when he speaks people who know him personally he and his wife and his wife by the way.
He's as big guy -- hot shot in the financial world as he is she is on the F financial inquiry.
Federal inquiry commission in Washington's.
You want to pay attention to both of these people but.
It's the challenge.
Of leading a fortune 500 company I would imagine for him.
And also he truly believe you know you hear CEOs say it's about our poise it's about our boys when you hear from Jaime -- -- you believe it because when you speak to people.
Who know -- and they talk about him being straight shooter on -- met his -- created date created did Nevada the Nevada cancer center.
Because they felt this was something necessary today if he really is that kind of person so when he talks about I I do this for 50000 employees.
You believe them you know don't believe that when you hear from the -- -- a -- a scene where can people see the -- -- rockaholics dot com we might have a full screen for you of course last week -- Elizabeth Warren.
You know this week -- is Jaime Aron and then for some fun because we're including celebrities in the top economics interview next week we've got.
It what do you think -- ventriloquist -- -- it scares the hell it scared the hell out of everybody -- like ventriloquist given that a ventriloquist show.
What if Simon Cowell told you that be one of the best entertainers in the whole world today listed -- ventriloquist.
-- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- By about a rags to riches story but -- we've when you watch Jim Muir and you're gonna hear CEO.
And and and say we're not out of the woods.
And we'll check it out you know economics you guys we got to go down west palm and -- -- -- on me.
Robbing -- president of born free joins us now.
Ron I gotta tell you I was.
I'm a mother of three I've done with the whole bottle thing but -- -- get you coming from so tell everyone how born free started.
Why -- and it.
Well thank you for having me born free was started in early 06.
We heard some derogatory information in regards to -- the we then.
Us meaning my brother and my partner were all dads and -- we started understanding that BP A is actually an undercurrent disrupt or.
We decided to launch a whole product line which is free of BP -- and PVC.
We then encouraged or actually took in a bunch of engineers.
-- to -- polymers and came out with our -- models -- -- pacifiers -- there's -- Basically a whole range of products which are free of BP -- Because BP A has been found to be linked to different types of cancers diabetes -- not.
And it's really scary -- -- If there are alternatives out there why not use them so basically what we did is created a whole line of product which are just free of all these you know estrogens.
Ron you must be going against the again I don't know much about the industry but you must be going -- some heavy hitters the big players in this industry.
If you -- been around for four years how much how difficult that they make that for you -- your first four years but trying to do business.
Well only -- was a David and Goliath story basically they try to squash us from the get go.
Obviously we have some huge competition out there companies that are owned by multi billion dollar company.
And where small player but obviously our statements are true we tree -- we.
I've been really teaching moms and dads you know just the whole general public all about BP A and it's taken a full time and you know just who just recently.
-- is repealed or moved away from BP A different states are moving away from BP A and actually what really encouraged our sales was the retailers themselves understood the problems would be here.
And took products off the shelf that contain BP A more free with the market leader we actually -- eight of the segment called BP A or BP A free.
And today it's very difficult to find products with the EPA in them.
The difference is though the real real core differences that we always have been and always will be free of BP A where.
Our competitors are still selling their products that contain BP A they're sending mixed messages.
And we're in the forefront there were always educating coming out with new -- -- -- -- innovative products.
Just a people and -- EPA is a compact news in the plastic part so it's in the nipple and the bottle cracked.
Actually it's in the bottle itself it's not continental has learned to make.
Well known most for the -- are made of silicone or latex the bottle is made are some of the bottles are made a poly carbonate plastic.
And BP A is used in the hardening and and giving it its luster.
And basically that actual chemical back -- early nineteen hundreds was used as.
Birth control substance later on it was changed but when the plastics manufacturers found the different uses for it when they decided to create poly carbonate plastic.
And what happens is that there's a leaching process where you actually will take.
The bottle -- heated or use acidic or what not type of bomb.
Twelve products inside of it and that the BP will actually come out and Leach out of the bottle or whatever container -- -- and it will mix -- with the food or the beverage and then we actually injustice.
Right major problem.
Run that now if your -- are not cheap.
Two by the ounce bottles retail for about nineteen dollars sell.
And the -- You know at that Playtex everything else out there is definitely cheaper how you how are you seeing sales -- -- how'd -- -- during these tough times people come back an inmate -- Things.
Well a lot of my competitors have actually increased the retails because now they're claiming that their bottles or BP A free or they -- BP A free.
And what they're doing is they're jumping on the bandwagon and increasing -- -- some of my competitors are actually selling their products that a higher retail and I am.
And we have a year -- the year as we have -- we've been able to actually.
By the raw materials -- larger quantities hence reducing our retails in passing on the savings to mom and that.
So we're really trying to lower the retail prices.
Which we have done year after year -- -- increasing or distribution which obviously allows us to have more product.
And by that reducing our -- We're also spending a ton of money on education on marketing and advertising.
Because we still believe you know there's a brand new mother every day there's about four point 204 point three million births.
Just in the United States alone every year.
So these are new moms are most of them are new month and they need to be educated.
And that's part of really you know what -- spending a lot of this money and you've got to be able to make money to be able to to spend the money.
-- -- really good really attached when he took.
It's always good to have small business owners founders here on the show born free is the name of the -- -- find a whole foods babies.
Diapers dot com CBS as well as the number of other places.
Good to see Iran thanks god thank you very much for having us run -- -- president of born free ES PDA.
Free baby products bottles and pacifiers new line.
Pacifiers you know it's money -- -- tonight you know my mother and I -- about this all the time the stuff that we did.
That Nolan now -- -- when we're kids primaries to smother us with -- you know what I smother myself with now.
Coming up next my point was that -- is no longer I know scene it's -- -- bacon is.
We'll look at that could be done to my notes -- -- welcome back to foxbusiness.com live treatment this kind of talk about the with a metal things you do -- -- -- and I bet if you just took two minutes to think about it you would never come -- -- the things that this guy came up but nevertheless.
I'm not in any given way I'm gonna -- just an X telescope founder of bacon salt in studio with us.
Justin you've got a bunch you know FOX & Friends Fox Business all -- -- -- been around this product.
Yeah first tell us how it started -- you gotta tell -- out doing.
Well first thanks for me on the show today.
That the company started in 2007 with this would kind of simple idea that everything should taste like bacon.
And we launched our our our flagship first product which was bacon -- that they can -- seasoning -- like you mentioned it was.
-- fox and friends of the first people ever have talk about it.
And is they had vegetarian Kosher.
Zero calorie -- -- Arafat bacon flavored seasoning salt ballad you didn't -- -- zero fat right because you actually tried to.
Or baking grease over regular salt right -- personnel -- -- -- so it was my business partner Dave left.
He -- idea when we talked to a -- consult first time as -- let's just put some -- report over some Kosher -- happens.
Turns out that's discussed the -- I have a -- -- -- -- stuck with it we did we we we I was fortunate we pulled some professional -- -- all the food science industry and said hey we have this idea.
What did -- developing it can you please help us.
-- and it wasn't like he went out at least not initially to you know Angel investors and some -- to trying it's a private funding.
You actually won a contest and that's how you got your seed money I albums sold for much of the contest -- is -- hit in the face.
By his three year old son and the wife incursion -- and the video of it in America's Funniest Home Videos.
So the week that we got the actual first Dole's thirty 4800 dollars to make 3000 models of bacon salt we get a call from America's Funniest Home Videos like hey you won five grand -- from the -- So dean left of Dave's son would then became our you -- -- been a great.
I -- -- I think it's a started at salts and and where to -- out you accessories product well you know it kind of it just developed from there which is a lot of customer feedback.
And the biggest thing we heard right away it was our people who -- -- one expendable Bacon's will be next product was.
Deaconess says so is that mayonnaise and bacon combined -- and tell -- about the -- again.
All vegetarian all Kosher vegetarian.
There's no -- -- and it's a natural bacon flavoring that we've used.
Develops to make.
That you -- apply and I put away is that even made -- and vegetarian -- not and it's not begin its vegetarian today Mojave and that's not meet outside at.
I don't -- anything.
That put him isn't going to be outstanding on ice Brent front Towson document on its idiotic little little little let us yeah right.
-- -- -- -- -- so these these products were that was 2007.
This is 2008.
And the same time we also made her first in a very fun novelty item which was bacon flavored chapstick.
-- really c'mon it's the world's strongest aphrodisiac.
The wow from there I facetime thank you -- it and that's -- -- -- who like telling your mind like.
Not -- a look at how that.
Let a lot of small businesses we've we tried to find ways to diversify our revenue so.
We went -- we actually signed what was -- first licensing deal.
I would to a snack food company cold bath and -- to civil Michael Biggs would license from the -- into our product to go to convenience stores so -- they use the bacon salt on sunflower seeds and put it to a whole different change you know.
Class of trade we weren't and they took the product imported 50000 means stores so just more marketing pressures more -- impressions and trial you know when I was in banking -- -- for suntrust bank in Atlanta and supposedly we have the Coca-Cola formula in the vault in the basement of -- bit of the bank headquarters.
The is that sort of thing with you guys you -- of the formula in -- vault somewhere.
As -- -- has it evolved improved in chemistry labs over the years I think it's just on a shelf.
In the warehouse -- Good to see President Reagan as big metal box -- seem to somebody I think about we can't afford a box or chains so we just put it on the shelf but.
It is it has definitely evolved and that's been one of the that the cool -- what the product is taking it.
And then saying how do we -- because you -- include technology one of all different issues whether you Trot -- your shelf life for -- -- -- better taste better make it -- in the -- yeah we've done everything we called in the French to help -- I mean it's it's -- you really would actually -- and I'll have come on -- -- -- so now than 2009 came around to launch new products.
Allow for the holidays need to be made -- -- -- on floats.
As far as we know it's the first time that anyone supplied pork flavored technology you adhesives.
And they look like bacon and they taste like they can so it's it's kind of -- -- on your Christmas cards that was the thought -- that's right and I -- that's right but my.
Bacon flavor to comment envelopes and I have some it and yeah how did you say this I -- I can -- thousand I had PKK one steakhouse burger for lunch today and that has the 19130.
Grams of sodium which is more than a -- -- days allowed to Saudi.
There recently among if -- let's put awesome -- -- -- and you can't then why didn't that great now we.
I get back in the dressing is now that's right this is not our bacon flavored ranch dipendra.
The next step that -- Edmonton yeah.
You mix and you -- dressing kids go to that you mix a little sour cream write about held mix -- -- -- vegetables and things like that they can pop this was.
As we continue to grow the business you know it's ultimately -- got -- well.
-- -- So we we started looking for different categories to go to snack foods and dips dressings.
Snack foods one of the biggest categories.
Stores looking for more consumable items.
You know as a business wherever he gets -- we -- because people -- seasoning once maybe twice a year and but he can get them to buy micro popcorn every time they come to the store.
Out well actually we're about 25% of the stores in the US now.
The salt remaining as can be found pretty much everywhere target just victim.
-- -- like Kroger Meyer publix if you're New York Stop & Shop yeah the popcorn in the -- addressing just launched about six weeks ago so Kroger test -- -- in the northwest.
Another -- -- -- -- -- chains around the country they're just getting to distribution right now is gonna ask how this recession real quick was affecting you and Susan -- you glad to let people go get an idea but you're such a lean organization you have.
And they don't feel that go -- you but well we do we have six full time employees six and including of his partner and I and it's it's.
It's been very good feel very fortunate I think that we make a -- An important voice I think that clear yeah there's a cheery picture -- the fact that six I.
Yeah that's enough right that's I think I.
If it is really -- and that's the entire model the company we outsource everything we co pack -- -- we don't have any or means of manufacturing.
-- we we co -- trucks the eighty is that we can stay as lean and -- as possible.
And we make items that are small -- luxury -- so.
Are you gonna go on -- -- something nice or maybe had a guilty pleasure and I -- I -- -- -- three -- -- -- product to make little happier so -- -- We actually have done the bacon flavored road map is endless -- and it is -- did it's it's endless we can go anywhere with this.
You really can I mean you've already you've gone the envelope and lip -- we -- you can take -- any we've actually had to scale back a little bit because we're getting ahead of ourselves we can't launch products as fast we want to you.
We're focusing on one to two a year for major lines we already have like the next year planned out over what he did decent around drinking Beers and think -- will at least it would vacant and you've been door meetings.
I think that's a formula -- -- -- -- Yeah it's -- real lazy boy not a -- -- Shiites the six sigma approach it exactly where it is.
And we do we sit around we do our market research -- well we have great fans.
We've done a lot of surveying the stores as well of provided some incredible amount of data.
I mean yeah we can look at who who buys what -- -- -- -- -- bit of bacon salt customer probably buys.
Mean isn't dips and dressings so why don't we make a product with -- in the cabinet stick just good decision here.
We do JD foods dot net as a company website but all of our products like bacon is dot com bacon salt dot com -- -- dot com.
You can kind of just -- -- and a big consults placement of -- Hey Justin thanks to a vacant love stuff.
Too bad for Cheryl -- issue will be able to -- his bacon flavored stuff that he hasn't Damascus Syria but she's doing some great work for -- -- -- all week long it's opportunity.
Investing in the middle.
Broadcasting live your own -- and that sticks Damascus Syria interestingly enough to you think about -- you think other.
Hope housing terrorists -- -- on the State Department website today.
To see if if they were on that side of you know the places where the State Department doesn't want to travel they're not Saudi Arabia is Israel is not Syria though a lot of lot of opportunity -- and Syria.
Well then that's flatly that shall we say it out on the win and we intend to do it looks it's OK I want it actually talk more about they -- -- -- not it was my conscious decision I will do more of -- tomorrow on all of this summer salad.
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