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Friday -- -- -- I'm Tracy -- -- Dow only down 28 points and it is a question I cannot answer because it should be down more considering our jobs report was.
Awful awful I'm gonna say awful like ten more times today.
We got to go to DC -- first because in addition to the awful jobs report.
We -- today that the debt commission is basically dead and rich -- is with us thank goodness to report on this.
Got a hundred so much I mean so much for -- It here.
-- They had eleven members support this set of eighteen which is just pretty good but the way this was designed.
They need fourteen members to vote in support and adjusted yet so.
There was nothing binding.
This deficit commission report to actually get a vote in the house and the senate though congressional leaders speaker Nancy Pelosi a majority leader Harry Reid -- that they would bring it up for a vote.
If this commission would report out there -- well all -- do so so it's really doesn't have to do anything Alex.
Kind of gonna collect dust on the shelf somewhere.
-- the members of this commission -- try to give it a positive spin they say what they have done is start the conversation that they do have a productive plant.
At a number of folks have even been urging them to.
Have a vote in congress on the proposal even though it didn't pass here's one of the co -- -- -- what's.
We took a big banana.
And threw it into the gorilla cage.
And the guerrillas have picked it up.
-- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- Former senator Alan Simpson probably had the best quotes that you could possibly ask for throughout this entire process and on air we're going to be.
-- -- and throughout the day one notable person who voted no former SE IU president Andy Stern he supported much of it but he did say.
That this proposal does deserve -- vote in congress though we didn't vote for congress to take a vote on it.
And he said that the president by the state of the union should have his own deficit reduction plan -- shortly there after the president came out with a statement he says.
The commission's majority report includes a number of specifics that he says.
Along with his economic team will study closely in the coming weeks.
As they develop their 2012.
Budget so they have been kicking many of these deficit questions as to what they're going to do about the deficit.
To the deficit commission and a deficit commission has failed to -- -- that to their budget process.
-- which we can expect that budget to come out early next year typically its around February 20 registration releases.
Its budget and again that's just a proposal in the end it's really at the congress to decide how much money we taken from taxes and how much money spent and on what they need.
And you really you -- you are tabulated assessed earlier in the week that.
We -- news is gonna happen right everyone had their own little proposal little budget -- little something that they wanted to be here to get it through.
Immediately end the day it well -- change gears -- you a little bit you know based on unemployment rate nine point 8% now.
Does this increase -- odds that we're gonna get a full extension of the bush tax cuts and think.
I think it'll move the negotiations closer I I think what you're seeing now it is you know we're gonna have a vote on this on.
On tomorrow in the senate that the same -- that we took in the house yesterday except it's going to fail in the senate so that has pretty much.
-- the end of the line for Democrats on this on this course of voting that they have.
Been unable to get.
Their proposal passed which is the extension of the full tax cuts up only for those making 230000 dollars.
Or less and so then it'll come down of the real negotiating that on top of the fact we've got another month of really poor job growth I -- not even enough to keep up with beyond.
With the population right -- in the United States so you know it only I think hastens.
What congress that's -- here this political maneuver has played itself out.
Passes the house this extension of tax rates for 250 and below it fails and the senate likely to -- that is really no way to get passed the senate tomorrow.
And then they can get down to the real negotiating and and they can release and they can get the heck out of here because congress doesn't wanna stick around especially.
-- members who are going to be here in fact they're already moving offices up on Capitol Hill right now so these folks here.
There there they want to get back to work in January they don't want to deal with this stuff anymore.
Hi this altogether I would say they'll probably get something done.
Sooner than later but I mean you never now they have been really unwilling and unable to work with one another the two parties.
For the past two years the past few sessions so don't ever throughout the possibility that nothing happens here and that this group doesn't agree.
What you saw the president yesterday put out what his proposals -- he wanted that two year one year extension of unemployment benefits and on top of that.
He was also asking for the middle class tax cuts and the stimulus in the making work pay at a -- yet.
He wants that if Republicans give him that more deficit spending about a 130 billion dollars a year with the deficit spending.
They'll get possibly a 12 maybe three year extension of the bush tax cuts.
-- -- the deal if and when they come out with -- and that -- was in the next and who knows maybe next week after senate takes vote tomorrow.
Certainly -- and I.
I don't know I feel about the stepped -- deficit commission dying I knew I was hoping that some but you know I'm wishful thinker.
My -- and yeah.
Well I and we have a number of polls out now I believe there were five people on the commission who had their own proposals rate that's at him you're -- you're gonna see a lot of a lot of the folks pick up on a lot of these ideas next year so you know.
They ideas are going to -- the whole package it's it's done.
Mom bummer wouldn't -- protesting agree and staying at the -- or is -- you took into.
You have Clinton get bigger things to do an on site understand you presented data decent -- not making it to -- more exciting in the -- right there right.
You're great -- had a great weekend.
I think it's nicer -- him regularly about this unemployment.
Data that came out today an awful I think is an understatement.
Nine point 8% unemployment the total sales -- by a whopping 39000.
Jobs really thinner -- -- And -- said it earlier we're not keeping up we need at least 300000 jobs created every month.
The eight million people that are unemployed back to work and we're not seeing that today -- one of the big disappointments was in the.
Service sector -- 5000 jobs are created in the service sector that's almost half of what we were seeing.
We saw about a 126001.
Jobs created in this -- sector.
And now only down 65 what was interesting too I thought was at retail laid off.
We're seeing furniture home furnishings gardening jobs all that tennis that the and clobbered.
Clearly bigger implications what's going on in the housing market and I think the discouragement factor is.
Is -- and I know the great discouragement factor is growing into me that is more discouraging and anything else -- -- US factory orders dipped.
And weak durable goods stocks basically wobbling today although not what went off a -- that's for sure.
The ice -- non manufacturing index was up.
So I suppose that's something but again these jobs numbers are terrible and at this point I would think.
We spent 814 billion dollars in 2009 on the stimulus package -- are you seen anything good come out.
-- -- glances he's the president of Alan B Lance & Associates.
We've seen anything good.
If -- -- along you know anemic recovery and I think what do you grilled.
There are regional markets cut down more now entry -- is that what do you -- the rally since August ones.
Europe and they think that you know some of those activities.
Now less than but I still think there's a lot border unfold and what.
About finding the dollars down today too great so there's that going on as well but.
I mean it and it could be that many are saying this is someone anticipated that this is the new norm I mean would -- use whatever cliche you want but.
It's still not good.
Now though when I gave him and I you know part of that -- -- merger and acquisitions since August we've record number of merger and acquisition you get that synergy in the cost cutting there and your -- -- in Los.
You know that the jobs number will be the last to recover so so you know the economy is progressing it's just can be much more -- much more tepid.
Then -- investors were hoping or buying into this rally.
Little -- going on our financial sector in particular -- getting beat up.
This whole week he leaks being is not helping insider trading this issues not helping.
The home mortgage robo signing disaster putting a freeze in a foreclosure market but none of this is helping the financials and many.
Rely on the financials to lead us out of the -- -- in the -- doors down I think elitists out.
The money list there won't be for number of years I mean our financials are in bad shape.
Two years ago we recommend -- Goldman Sachs and JPMorgan.
And you know there -- some smaller ones that would selectively mine that most of whom would stay away from.
Europe it's even worse you know -- so so I think there's a lot to unfold and and you know I I would use any kind of rally to lessen risk not address most investors are adding -- now in emerging markets and cyclicals and I just think the economy.
It's not gonna recover as quickly as what investors are -- Instinct is Goldman Sachs came racing incident the commercial banks are actually doing better and it's upgraded them and that's really why Europe so much yesterday was -- of their upgrades.
-- -- -- -- -- I think it's collectively buy it like we did two years ago when I wouldn't buy across the border -- -- you TO you know on -- you know I think it's gonna take awhile there.
The fully recover -- more she's a drop in the real stating some of the under performing loans and Anderson in Europe it's even and enough poor shape so I think we -- a lot of headwinds and and the only positive I see there's a lot of investors -- -- underperform the market.
Hedge funds that are actually down for the -- -- so they might try to chase and he might get -- -- there are extension of the bush you know tax cuts with earnings seasons.
You know over so I don't really see a lot of upside.
And I see a -- you know headwinds and we'll curtail any further rally.
Are you all right so before we get -- your picks the last big piece of this -- can the consumer.
I don't think it's any better but people are out there this holiday season.
-- think the tides -- trailers everywhere just in the moment and come January went back to hunkering down I'm not spend a dime.
Well it's a good question that's where QE2 -- -- in August when Bernanke announced an end of August you know markets were in doldrums and you know people are 41 K of their investments accounts -- could have gone off.
-- -- that wealth effect cutie can't be announced network security not the infusion of money yet not nothing is in my but it we're work where you the announcement and what have you and that's -- in in effect with the wealth effect in the holiday.
And you know I was hoping you get an awfully good economic numbers -- you don't have to you know artificially keep interest rates down like its plan through June.
You know maybe that's not going to be the case when he announced that stuff we worked and I think that's you know a positive.
Whether you get the ball through 2011 that's a question mark and I I think -- -- in the face.
You know whether it's 2011 or -- or -- beyond.
Higher you know taxes.
And higher interest rates -- and you know there's there's.
If commodities keep on going up that's gonna curtail as far as the economic growth for so many headwinds -- -- -- -- feeling.
You know on on stock valuations.
So I would only by on and on dips and you know like we -- in August and I would be lightening up when investors are dumping him.
You -- that -- -- in now I'm I'm curious about a few of them -- Microsoft.
His flat lying to -- ten years.
Yeah you know that that's -- a lot of investors -- actually every year Tracy.
In the last ten years Microsoft's traded below twenties and traded as high as thirty right so -- bought on weakness in the low twenties and sold -- in the thirties or.
Point 930 area you've actually made 3040%.
Every year -- was there evidence.
And that and Adobe have not done anything -- in the last ten years but two years ago whereby in the apples and in the days.
They've moved up tremendously.
-- you know.
Great companies that I dislike -- fairly valued or even overvalued now I'd rather concentrate on the Microsoft and Adobe no lesser risk.
And still some good upside as long as you're buying into the weakness which is I think the important thing.
-- I just -- -- in some of that -- -- people HR -- conditioning as well because the tax world is like one big black hole right now.
I presume the upshot is that people are going to be so darn confusing and a walk -- -- terrible.
-- -- have someone -- -- return for them yeah and expectations are very -- the stock's been cut out has a good dividend.
They're buying back shares to a point -- almost looks like they're trying to go private right and they're selling some of them litigation so there's a lot of hair on that recommendation.
Over and above many of our others but I think it's one we're a long term investor can make pretty good totally.
They did have legal issues for a while Tina pharmaceuticals.
If I mean I guess you can't go around a farm -- these days I like to buy that weakness under fifty we originally this is Israeli and and I missed.
Yeah I generic name great company well managed they also have some of their own proprietary product that's coming -- -- But mainly.
The leader in generic you know feel very well run company -- initially at 38 under fifty I think it's a great buy from.
He's been around for a long time to our -- and now we get rid of the financial sector -- Hudson City Bancorp and -- -- united.
You know I -- then you're you're investing in this financial sector.
You know we're gradually going in Hudson of the company that you know -- you know.
Thus far survive the financial crisis without you know those words.
You know rocking the boat -- too much -- without too much trouble in and now -- has great cash position give financial strength.
Over -- four and a half five are actually both over 5% -- -- new lows.
And down gradually buying you were just like Goldman and JPMorgan two years ago I think this -- -- -- -- I guarantee you they can't -- that dividend quickly before I let you go wait is this market and on December 31.
I -- if you get the you know jumping on the bandwagon you might have a rally people trying to chase them and catch up under performers and what -- -- but I think more importantly.
I think there's a feeling in and you guys have the headline risk as well so be careful that window dressing at the end of the year candidate and that's that's -- -- about the -- that those with a positive or continue going out.
But I still think you have -- feeling you have that extra rule headline -- but I'm really worried about.
Cautious -- Lance thank you -- interview and us president -- -- Lance associates.
-- markets -- -- down to 86 points that is a miracle on a half I think today come on it could it should have been.
Mean the Enron should have been worse what do you take a break -- get back to -- just he's here to talk about what's going on with oracle -- they're just finally doing some.
And that we took sports -- -- wine and of course would have done about these jobs numbers but they're back.
-- And credit -- the -- -- live the Dow down 24 points -- I mentioned earlier I think it should have been down more we got a nine point 8% unemployment rate these days newly created 39000.
A month to keep up with the growing population.
-- -- -- She manages easier maybe she knows more than I do she certainly knows more about the tech world and I -- -- -- -- A no man's address and tell you I got the HTC incredible.
I I don't actually my -- and didn't know that card from Verizon and said mom called them go get a Blackberry.
But -- but NATO meeting given a week so I have to learn it's basically getting used to that.
Yes it the -- -- -- it's that simple news for the paradigm for how you are you in -- that and phone and so as you might eutectic.
You do and it comes out as you know some.
Russian gibberish out to all out there are beginning and you can it because it takes so my feeling -- much -- -- cheating you're not -- -- that's really extensive writing like at six sentenced launch email your life.
Second to sentence in in in that you've done everything -- the end of the day say what they told me like he's so profound she write these very terrorists then.
-- -- -- they don't really give it a week.
Some giving it a week and then when I mean I think people love their very people who -- them.
You didn't even though and I think he's the -- the iPad yeah.
I also have a laptop though the thing that darn keyboard from you know and -- very -- well like -- and I don't mean story absolutely brilliant mind right now I am Russian film my cousins all getting my tax.
OK so oracle.
Yes well you know Arnold or.
A little bit about -- he company a lot of people don't pay attention.
That but they're very important technology speech that lead them -- answer hardware software.
Overnight the company's CEO Mary L and start talking some.
Smack in -- -- little interesting.
Talking some smack thing that Oracle's.
-- -- -- -- -- -- -- -- Take over its market share remember.
Little battle going on between the company because oracle.
Still Mark -- that come right former CEO who got involved in -- improprieties there.
The company CEO and then an HP turned around and went to.
Oracle's number one competitor and -- there CEO so basically.
-- -- looked at it -- an affront to the company.
Saying that you're trying to attack at castle attacked you feel your -- people and start to get into your business lines and there was a war of words overnight so.
That's what it's going that's child's -- adults I think you know a lot of time in the corporate you know -- -- -- game fishing though that the tech world still is having these.
-- yes yes right and and that's something people yes got -- as you reported here that Google was Blake securing their people how big bonuses -- has set up in salaries.
That people are Smart people have left -- happens in a lot of different and most industries you know -- -- everything and competition for talent.
But in technology because it's such a small pool but actually they're qualified to -- that night and couldn't get a job doing what those people do.
It and that being a lot more through public and a lot more cut -- and because -- pay attention to these big news it was big name companies are public as well and it -- in every industry is making -- -- -- this is yet every AM right but Larry Ellison seems to be you know the me.
He's very yet he's very.
And there always -- he was he was.
First to step up and say you should not hire more incurred during the -- HP scandal I mean he's been out there -- pretty good darn vocal and a you wonder if it's in an effort to get interest back and his family practice starts -- -- yourself.
We at war and people pay attention to use -- double legs weren't.
Deadly that he doesn't it if he definitely left his promises and -- anything now.
Down here have really found -- that he can't eat -- -- -- -- The numbers in the in the bottom line -- That they can win market share from HB well it's a lot more interesting of the story coming colorful -- him mind.
But you're right if they don't you you could wounded and he should just get back to you and quiet back regulate what they called solid cause -- this -- but you mean Elvis.
Noise and then even then that.
And that performing so get that here you and it being bigger target him yes you're right thing.
I think he.
This is what I tried it and not.
-- track -- I -- you posted on my.
It's yeah I -- -- you know Chanukah yes whether or not I cave.
I'm close giving it some time if -- -- change in life it really -- it -- one of the biggest.
Is it mountain it is that it let me ask you this and finally got is it a change that I should even deal with though because there's a piece -- me that says the world does not paying quite unique team effort.
I needed a new phone great that you you -- him that -- -- lines I like him and learn -- to play the Internet access.
Morris much and spreading out texting -- immediately meaning is definitely dramatically different break that when you start you give them -- that aptly.
I've got to learn how to -- my children's names.
Without making it look like questioner and area and we immediately and other alternate contact and I some money you're great as he did not -- yet.
She manages to -- us in on oracle and Larry Ellison flapping his lips yet again.
I write speed of flapping lips this is what I do when it comes to sports and Rick Karr knows this darn well conversing on the -- on his.
No I'm not I'm not gonna say it Rick Horrow I'm gonna talk about LeBron first.
I still what you wanna talk about that LeBron you want to talk about.
What's happened -- here in South Florida are you want to talk about Cleveland which way you wanna go.
Let's start in Cleveland he came he got -- he won.
You got to him.
Yeah -- -- it was a magnificent performance by a world class athlete in a hostile environment.
Who by the way is really get past and there are a whole bunch of failures in Cleveland Tracy we all know those who snapped the drive every sports fan -- Cleveland knows about it this is gonna go down there as well because LeBron James put up points.
Left and right at will and the whole bottom line of all of that is.
Cleveland's gonna get by you know that you spent 600 million dollars on a new casino they're building there ever convention center -- -- around medical complexes.
If LeBron they say the numbers are about -- under 220 million dollars of economic impact.
That he single handedly control that as soon as Cleveland could get to the finals -- win.
Now the fact that he's not going to be there.
They're gonna get by just five a little blip yesterday don't tell anybody last night they get -- get by -- -- no joke -- are now let's bring up back home.
-- -- a solid disappointment in the beginning this so called dream team not putting -- points not winning not doing what they're supposed to be doing.
I actually heard you this this stadiums -- the -- stadium was NT percent of the games.
Now that was -- -- win.
Yet they sold all their tickets though the bottom line is -- listen.
I was involved in Miami Heat originally put the deal together 32 and a half million dollar expansion price that was almost unheard of back then in the late eighties -- -- donate.
Now the team is worth nearly 400 million dollars.
They committed between bosh and wade and James together.
Million dollars -- guaranteed salary for three dudes who can play basketball can you imagine that.
It'll pay off over time Miami and south Floridians athlete Atlantic fans in general are not very patient so yet I -- I haven't been great the next step.
Let's talk about what happened yesterday with.
Are the United States losing.
To Carter in 20/20 two.
What yeah I would do actually should we care.
Yet here we should care about.
We got beaten by country decides that Connecticut exactly one.
200 of our population and has never qualify for a world couple for now.
Being ingenious at Q what are you could ask why did we lose we'll trade him glad he asked that question.
-- it's all about money as we normally know.
They think they're gonna spend over fifty billion dollars of infrastructure for the Olympics why because they can't help for the well.
-- do you mean for the World Cup -- Yet but he doesn't like it never.
It seems like we're not -- respect we deserve lately when it comes to bidding on these events we get it when we -- in me the president went -- -- debate on the Olympics and they said not.
Then we go we get in for this for -- -- it we got beat but we try to hit the world coming to appoint a senator like we're saying hey come tomorrow we're saying come like when my kid is eighteen.
And we -- get it.
Yeah and we beat up black country this pilot with Billy twelve stadiums at four billion dollars.
There's no way technologically where they -- -- some of these stadiums up and send -- -- Third World countries now which is really kind of a cool idea all the money you saw.
President Clinton in that third row ready to stand up and wave to everybody the only problem is he didn't read the memo back out -- gonna get the cop and did pretty big what Seth Blatter the guy who runs the buck said.
We got -- teach people how to win and also I don't lose I guess this was his method of teaching America how to lose.
It's certainly not gonna teach Americans a play soccer that's for sure we're gonna drop this sport like the bad -- soon enough and President Clinton will be in -- no doubt that he was in -- down.
Let's move on to the NBC yes this is one thing and maybe it's my little -- mind I don't understand it.
But how is it that you -- On a team isn't.
What Bartlett came from two teams played and that's how we came up with a winner this is like some -- algorithm to see who gets the play.
You know what I Wear what you here's the deal whatever you say is something you're little -- -- can't comprehend what can understand the issues so totally fit everybody feels that I got your number and the bottom line is we would all of a playoff to definitively solved the national championship probably.
But the deal is we're contractually committed.
-- almost the end of time.
Through an interlocking series of network deal with television deal conference field and it's big -- dollars it's over three billion well.
Kill the goose that lays the golden.
-- -- -- Contact he's my attorney I mean didn't you lock solid -- through the end it's time.
I'm not sure that have that your divorce attorney there's enough time to -- and I act he gets all -- that golf ball are right.
So here's the bottom line it's between the conferences and television.
And the individual schools and so there's a lot more talk controversy right now talking about who should be and -- shouldn't be and that there would have been if there's a playoff ironically and every year we dust off the notes about shouldn't there be a playoff and should we or should we not.
-- student athlete is a debate that will not go.
Adam and I can get it makes no sense to make a -- it out says it makes sense -- High school playoffs.
Kids' sports going on still going on this no I will say is a money -- industry right.
Yeah one point eight million new goodies every year 44 million youth athletes between the ages of 717 my son is one of them what's not how we -- we -- -- Are we overdoing it whether kids.
Well it's a trade off.
Here's the deal everybody's complaining about cutting drama and debate and athletics and elected in high school and junior high school.
Well and then you rail against the fact that corporations are involved -- ESPN and fox hey you know big time rights fees to televise high school football game you really really really really can't have it both ways that's my truism for today.
The bottom line is if you gonna generate money from high school sports you have to do it the normal commercial -- and try to put some standards on it.
To try to deal with issues like.
Concussions and over training too much practice you gotta be able to study that I got to tell you sustain issues that you do point out as a -- -- colleges and of course approach.
I don't know well somebody's -- apparently could one point nine million new coaches are out there.
Your group and fencing golf winds even though I -- -- into.
Yet but next week there's a whole -- -- that golf.
That the tradeoff is the bill mentioned golf when we we got to do another week.
Fine fine fine pick out your grace and Hilliard Florida and I'm not so that makes me Matty is like an analyst you we'll see you next -- right.
You're out Friday.
I -- night.
-- -- take a break when we get back we have got stuck about these jobs numbers and we're going to and they are terrible even though there are one point eight million new coach is there a fear those guys -- -- he'd.
We'll be back.
That we have now seen private -- Eleven months -- And then these.
-- one point she.
Jobs the economy in November -- -- the private sector.
Jobs there's still an open mind there.
-- -- -- -- -- even stronger.
-- all -- respect to the vice president of our United States put -- put in your cereal in the morning could I want some of that happy stuff.
I want some of that could this morning I woke up so cranking -- could use a little bit of that really.
One point two million -- added eight million people unemployed -- 50000.
Payroll jobs that are you kidding we need at least 300000.
To keep up with his bond you're -- growth.
But it's -- good.
Really this a box that that was put in -- cereal box get pretty picture and get it out there.
Tig Gilliam is here CEO of -- Deco group North America to analyze these numbers I'm I'm I'm on my being really really.
Unhappy about these numbers.
Because the job recovery is slow.
There's no doubt about it you know.
50000 private sector jobs and I think that's what we've got to focus on the government is going to be cutting and I think that's necessary at this point but we got to focus on the private sector.
The 50000 is lower than we thought -- you know what this survey has a lot of error.
And we've generally been moving in the right direction and so much of the other economic news suggest.
That we should be improving from the jobs front I think we're gonna see a correction next month -- -- says this number was a little better than we thought.
But yet you had an.
More than expected amount of people apply for jobless benefits and so there's still a lot more people than we thought out there.
But this is it's it's going to be very slow but you know temp employment is a leading indicator of the recovery in the job market and overall.
We saw that begin in July and August of last year where now you know well over a year later and we're still seeing temp employment -- 40000.
That's that's what's supposed to happen in the jobs recovery that's moved from industrial skills to professional skills that's what's supposed to happen.
Now what's not happening is.
Companies are turning around saying OK give me all those employees full time right because there's still uncertain about this pace of economic recovery we're sort of -- -- along.
It's not a rocket ship.
And where they do need resources they're saying hey I can get contract workers I can.
Define a project and bring some people want her product I can hire temporary.
And I can meet my requirement where -- -- short term and we'll see how this economic recovery sticking.
Once you and I and you said before that you saw the increase in temporary unemployment and temporary employees got moving but do you think this might be.
-- -- -- -- -- -- Especially because of health care costs going up things like that maybe these people will be temporary for much longer than they ever anticipated.
Do the temporary coverage recovery from this recession has been faster than historical recession so.
So that would say hate the job recovery should be faster but to your point.
And also real increase cost and if you're an employer today you have -- increased payroll taxes than you did the report.
You have increased state unemployment insurance taxes than you do -- before you have increased health care cost that you did the year before.
And in many cases you didn't even give your employees a raise a question for you wanna -- -- -- can so you're saying hey.
Increase in personal cost with not a single new -- so now how do you go -- more people.
You don't until you absolutely have to.
So I think we've got a real headwind for employers to really engage on the permanent -- front.
And they need a little more help in 2011 we needed to stop raising the cost of employing people in the US for a year.
-- for a year payroll tax holiday bill tax you know they they had a great -- 2010 the hire act which said it if you hired someone.
And they had been unemployed for two months than you could have a payroll tax holiday for 2010.
And that island.
It's gonna take that lottery if if we told them you have a payroll tax -- holiday regardless of who you hire so go hire -- best person -- -- job.
Now we'll see some increased demand permanent one.
-- you you -- an interesting one because.
I read statistic that it costs me as the employer about 7 -- 5000 dollars.
To sing you home with like a 3039000.
Between all the -- all the health care all the things its after tax to use attacks -- the government once everything is paid.
You're only taking home 3839000.
And on out of pocket 75.
Course and and all these cost -- we've talked about applied it every person in the organization.
So it's across the board in terms of terms of that cost increase so I think if we want to accelerate hiring.
We've got to focus on how -- we make it more attractive.
For employers to make the move.
On permanent hires and in even more so let's make sure when they do make that move.
They -- here in the US team because this is another big potential risk for us in terms of our society.
Is -- meeting those demands today with temporary and contractors.
But when they do make a permanent.
If there in India or China great productive group were in sixty countries and get just as many times and India and China as we do here in the US.
Not going to be great for the US economic.
But you're right and we've seen already that companies like Google and FaceBook are keeping their money overseas they don't want to bring back because of -- corporate tax policies given the money out there that -- out there as well.
-- -- which sectors are you seeing hiring here in the US.
That the trend -- began with industrial manufacturers.
Consumer products manufacturers so when you're.
When you're in the recession all the inventories -- might stop the companies stop making stuff right they have to put product back on the shelf and also we have a holiday season.
So that's where the jobs began -- in the manufacturing assembly warehouse operations distribution transportation order management.
Then the recovery moves to professional skills it's finance and accounting -- -- its engineers we've seen a couple of announcements even this week about additional engineering hires an automotive.
Very good sign so we've seen that move in their professional skill sets that's happening in the temporary space and even with the lackluster jobs report today.
IT job throughout.
Engineering job throughout.
And yet so professional business services jobs throughout but yet retail jobs down retail jobs down so I think that's two things one.
It's the shift -- where people are buying.
Online vs the story more on line and to.
Employers are reaching out for flexibility in their seasonal hiring.
So at a -- group we hire many seasonal workers for retail companies.
-- show up in temporary employment report plus forty bells and not in retail minus 28000.
So retail sales are going okay by all reports of -- that's interesting so it.
Hopping out Macy's hire somebody for the holiday it's a temporary -- not a retail hire local Macy's is probably bad example because they do their own seasonal working -- just that specific company.
But yes a company in general may come to us and say hey I want flexibility this time can you manage that employment process for me.
Finding the right people get -- in place it's a seasonal assignment and then they stay focused on on their job at hand but it's temporary -- or take -- -- -- -- to -- Is it getting better -- existing and muddle along for a lot of it this is gonna model law and a I think is definitely getting better so we don't let's not overreact to bad news.
But even if we get to your number 25300000.
Jobs a month.
It is going to take us quite a while to bring down that nine point 8% unemployment because the better the job market gets the more of those discouraged workers come back.
Unemployed come back and then they're counted among the unemployed so I think we just have to be psychologically prepared for that but but let's get policy right now.
Focused on private sector employment in the US and 2001.
Amen payroll tax holiday he says tig Gilliam CEO of the -- group North America thank you sir I'm glad you're here today actually that's really important.
And that is a huge huge.
It would be huge benefit for small businesses.
And we should -- one right now.
We're going out to Houston right now.
I tell a -- -- attempt to say your last name but I mean -- say that you are the CEO and founder of -- Charlie can't say your last name.
-- -- -- I can repeat that -- a sense.
-- one more time.
-- -- -- -- Two and a -- -- time.
-- ago Kelly all right let's talk about -- it was just talking about what -- payroll tax holiday help you.
It it would.
House so I mean I decide how I'm sorry repeat that -- Would have payroll tax holiday -- your small business right now.
-- had no I would not want -- It's it's costing us -- operate the stores.
Can't wait let's back up here -- let's talk about the stores he charming -- is an accessory store.
Indeed OK and how did you come up with this idea how did you start this.
Well two things you know.
Of the time as we walked through retail stores most of her most of malls are dominated by apparel -- retailers.
And there's no one that really did accessories and a big way.
And there is in the there was a void in the market so you know it.
-- that being said in addition of that house building shopping centers.
So -- -- our own accessories store and also -- -- shopping center and -- in Britain and an investment idea.
And so that's how the store started.
We don't no -- philosophical sense today but that's how we started.
We have a volunteer staff here on set it's beautiful why accessories though I mean.
People are struggling we can't afford to buy anything these days but are we picking up a little some some just to clean up what we have.
-- -- -- is a great way to kind of refresher out there.
You know -- our stores are average near -- our stores as eleven dollars and fifty cents -- our average transaction is 37 dollars.
So you can come in and by 34 items for your next job interview for the next party.
-- gonna -- yourself.
437 dollars and you don't think that we don't refresher -- -- it's just refresher accessories.
And our people do that I mean have you been seeing an increase in sales in this recession or have things been relatively flat.
We do we have seen increasing cells Douglas recession and frankly has helped our business has given this opportunity to grow.
You are ranked.
Hot retailer of 2010.
You're in the top 500 I'm not mistaken and inks 5000.
Up and coming small businesses.
What's making your business stand out enough to get all these honorable mentions.
I think it's a few things as we talked to our teams you know we are keeping -- our customers.
We would -- we won the heart of the customer she comes and we didn't we don't advertise we -- market.
Obvious by what about the observations and she tells her -- from her her friends she comes in.
Mentioned as a fun.
Battle is fairly experienced in our stores we try to really preset with the core value with our internal teams -- -- -- So that coupled with a great experience and great value proposition and accessories.
As as didn't that's put us in a good position.
You know you're on really empty stores in New Jersey I don't know -- you've seen any of the shows about Jersey we are censoring people -- gotta come to Jersey this is all they do.
And actually -- didn't I where all they sent.
-- they own at the same time.
-- well you know I had a -- of the -- -- they just a bit of the few weeks ago but I'll be visiting next few weeks and I'm very excited to see.
Well -- -- got to come on -- -- when you're down until what would be nobody and I mean.
-- -- -- but second I can afford that would like picking up.
Fedora as silicone -- is long necklaces.
You know we we -- sort of sorted by -- sell you an example if you're going to the holiday party you can come and and dad you know all magenta color earrings necklace watch.
For 37 dollars and feel really good you know you refresh your outfit and and and so you know where were -- -- themed business.
But you know -- doors are very hot right now silicon washes again a very hot.
-- -- that the stores are separated out by color.
-- -- that's my closet and I never get around to it.
What's the plan now going forward for your business accessory business.
Because the economy turns in my new kid buying your sisters -- my new -- are buying like you know new suits in jeans and things that that have a.
In purchasing all along.
Well you know we if I think the minds of the customer escalate shifted.
-- you know value -- fast fashion is an.
So as we continue to -- -- the country we've earned sixty stores this year we look at maintaining the same amount next -- in the years to come.
Can buy off the web site.
Not yet we're working on that now.
You can go to our website it basically gives information about the stores what we do will be coming live -- website next here.
You founded this company in 2004.
-- -- wolf first store opened yesterday out of 4 October 2004 and it.
Forgive me for asking anybody -- fans -- that you said there's a hole in the accessory world.
-- not a whole but there's clearly an opportunity for specialty retailer that specializes in just accessories.
More competition -- is Dillard's and may season and -- Nordstrom's accessories department.
So we would we do is can we put on specialty store and a big way and we just -- us about color and that's what we dominated it's just -- Accessories fashion accessories.
Thanks in young entrepreneur of the year -- -- ten award in the retail category I am an earnest young alumni as is my next guest.
Why do you -- -- young college out of its market because there are tons -- retail stores opening up these days.
Well you know -- -- one of the quickest moving in the U in the in the US right now in terms of just percent this year over year growth.
And you know lag I think by them by the speed that we're doing it -- woo -- we we have a spot I guess we call an inflection point in our business.
That the customer started really -- and as we scale to the country and moved to different states the customers have voting and -- kept on voting yes and they really like the product.
It's all about product about the service in the stores.
And so as we've grown we started the year with 36 units we're gonna end the year with 96 units that we grew sixty stored -- -- basic thirty sixes which is pretty quick this year.
Typically you know US retailers -- the finest growth companies in -- going square footage more than 10%.
Charlie come to Jersey -- own you you we will be set for life.
We are in Jersey.
I'll be even -- you're down to a lot you like you south Jersey you have to be in north Jersey Charlie I'll help you find -- the real estate when you come and so.
Turning to our way out -- and yes I promise you and come come unsettling your hair because we well we'll find you the best spot a puts it like Paramus New Jersey.
They did you you're done and if you retire I'm Johnny and set you up.
Charming giant -- series go on the web say check it out find a store near you soon enough he will be in north Jersey.
Mark my words it will it will be do wonders for your financial statement -- thanks -- mile stuff.
Thank you think -- it if it.
I'm not -- on the net and I'm from north Jersey so I could say that.
People in north Jersey where there centuries all the same time.
It's just what we do in my right.
Say the -- wrong.
-- let's move on to another one of my favorite topics.
I used to be in its history girl but unfortunately TV does allow it it's clunky it's the money.
-- do it this year principal owner and head winemaker at come tester -- She's also international tax attorney so you have both sides of the brain going that's right.
We've been talking about -- -- how this recession is affecting small businesses.
You you have a day job but you also have this business that you put a lot of money into your own vineyards and how hasn't affected.
Well first of all let me just say that record -- before answer that question.
Couple of the ladies that work that might -- show when I told them that I was me on the Phillies they just they love Glenn -- Cannot and I also.
I get a little research on -- behind him on the show and I saw that there -- about fifteen or twenty web sites dedicated to the admiration.
Yeah it's it's not me it's all smoke in the -- -- and it could be -- -- still.
I also sillier thing on Roth IRAs yeah I wanted to say if you -- -- come back until that international tax but could not -- -- -- it's.
A case announced on that line I can't.
How has the recession affected the line and yes.
-- I would say that.
OK September of oh wait I remember very well.
Because that's when the financial markets really services to go down and I would say right Iran and the wind industry also like sales dropped and I think people.
A lot of confidence in their spending power you know people lost a lot of money in the stock markets I.
And I saw a big drop in sales he did.
Around September of oh wait right around.
You know when all of it's interesting because -- -- is not it's not ridiculously expensive at all.
I would think things are coming back I would say 09.
Go to and we're still seeing kind of -- recession.
-- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- They must be because you're it you still standing right you still putting out new kinds of -- -- -- started.
With -- typically read your way tonight you're experimenting and -- that parents -- off.
That's got to mean things are getting better.
Well you know in the wine industry it's all about.
The balance sheet is not really about the piano man I would say.
You know it takes a long time -- takes a lot of years of investment to even get your first bottle of wine.
And I it took me six years to open this restaurant that I just opened a month ago.
Have a great sheriff who went to the cordon -- in Paris.
And he does French cooking with local ingredients like -- -- Things took a long time with the with the town and with the county Health Department and with the state and with.
I I have had to deal with so many different government agencies it had never the building had never been a restaurant before.
Things just took a really long time.
But I'm in it for the long term you know essentially you know if you're in the -- business -- the wine business.
It's a long term investment you know it takes you almost ten years to get your first bottle of wine from when you buy the land.
To ordering the -- stocks a year in advance to.
Growing the grapes it takes three -- four years before you get your first harvest it takes another two years to ferment and age the -- so.
It's it's almost ten years before you can get your first bottle of wine from your own land.
And as far as the restaurant business is concerned.
Did take me six years to get end.
But I don't want anyone of those restaurants that goes out of business in two years you know like they say 75% of the restaurants I go out of business in two -- three years -- -- -- -- -- -- -- long -- -- -- -- -- -- -- -- for thirty years.
So the fact that it took me six years -- to open a business you know I'm I'm also working full time I have a vineyard.
I run a multi vineyard tasting room -- where we -- 08 different lines.
I have my liquor store and restaurant sale -- look licorice stick a sales.
And you know and I'm also opening a restaurant so it you know to take a long time and have -- -- -- -- -- -- situation right.
But it amazes me that you do -- at all and you still gonna work and it's not like you.
I mean you know.
You got to lay up job this is it pretty I have yeah I have -- that's right -- I -- her at the end of the day sometimes.
Yeah and then I'm also opening of -- -- I just -- -- building with some converting to a B&B.
And it all ties together you know the vineyard the restaurant the B&B.
It's out on eastern Long Island's.
People come out they visit they visit the wineries we now have 50 wineries -- on eastern Long Island.
People do the wind tour they have to soft at a restaurant to eat some lunch or dinner.
They need to stop being -- -- state of the NB or a little and for the evening -- old thing though yet at the whole thing going and tell people are into that hole -- local.
Movement now -- local -- local I think that's helping us.
-- the New York City market is very internationally oriented and with -- so much competition from French wines and Italian and South Africa and Chile and California.
But people are into that more into that you know drink local is local so that trend is helping us.
And it's an I love love the notion -- attach their immune basically you be the one stop shop for everything.
I had the pleasure actually being out there last weekend and so tree and dabble with different kinds of Oprah in her wine.
And my -- I don't come coming out on -- Syria check out and they it two with talks about how using different kinds oak.
Quickly tell us -- why Russia could then I want to ask you corporate tax question okay how could I had to.
Ice I used Hungarian -- brush and -- and Canadian milk her.
Moment the most winemakers use French -- or American -- But there's a lot of other oak barrels after -- Slovakia and Slovenia and any other eastern European hoax.
American focus one species all of the other -- are are really the same species as French -- but when you grow the oak trees and -- different.
Climate -- geography just like when you grow grapes in a different climate -- soil.
You get a slightly different nuances to the great.
When you grow the -- back when -- -- the oak trees in different climates you'll get a slightly different wants to be oak.
So IE -- You -- frankly I'm one I think I'm the only person in the world that has a Russian -- Chardonnay literally a minute penalties searching for people who use Russian -- And no one uses it and Hungarian -- I think in my whole life I've seen one.
I still -- Australian wine label we're on the fact they said we -- 2% Hungarian -- People -- used to hearing out I use Hungarian oh come on -- -- And I'm using Canadian -- on my companies companies having on hand to me why wouldn't you want to use different types of oak and why just -- French Open an American out.
-- -- as you pointed out why not experiment to something it totally changes that he had flavor and I -- tell you flat it's nothing like I've ever had before and I'm not a white wine drinker.
This is different and fabulous looks -- an -- I mean some good yes right.
Quickly should we lower the corporate tax rate here in the United States will it help.
Bring business back.
I think that corporate tax rate would have to be lowered law in order to really make an impact a lot a lot with a lot.
Like the UK just brought it down 10%.
I know -- -- down to it's bringing it it's 28 it's coming down to 27 -- 625.
You know it yet and over over time right.
No I think it would have to come down to that point 25% to really make a difference I mean there's competition out there was some of the country's.
-- -- Singapore.
Puerto Rico and the so many countries that have tax rates in the single digits.
You know our tax rate is 35% plus state income times.
I think you have to bring it down to that point 5%.
And that'll never happen now -- -- -- young yeah.
Obviously which is -- we drink wine.
No but I think the reason American I don't know if there is an American businesses are leaving America is because of the tax -- I think it's more of the labor labor costs.
You know labor's cheaper in other countries and the tax rates are -- other countries but I think it's primarily labor.
And that's why actually kind.
We talk about -- -- other.
Companies like by FaceBook and Google -- just leave it making money and they're leaving it out there hiring people out there as to exit from a -- earlier this month and help our job situation here and states.
But you can help Cheney and good -- mind.
-- -- as dot com is the website check out the Chardonnay is great -- -- we had was terrific to.
Also -- my column will be up one with me and treat to be out later this afternoon.
-- we -- long Republican but that foxbusiness.com.
Doesn't -- five miraculously little points gold figure.
Because the jobs report was as I said god awful only 39000 jobs created in November.
One on now what I do know is it's Friday it's gorgeous here in the city you have a great weekend and we'll -- Monday -- Deal -- --
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