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I happy Election Day welcome happy -- live I'm Tracy wearing your -- at 68 points right now not a lot of people paying attention to the market of course today though because the polls are open.
States like my New Jersey New York they open at 6 AM.
People are out there already a love that you guys did you voted somebody said they were 107.
Online I love hearing that the lines are long.
I've voted in the past -- walked in walked out -- was thought it was the you know it's pathetic we have this -- down well.
People are making some noise today stocks are climbing today though because the dollars week or so and the reason the dollar is weaker well.
The reserve bank of Australia -- it's.
Interest rate to four point 75%.
So we seeing that India raised interest rates.
All that does they raise their rates are dollar it's -- helps equities so dollar down equities just a little bit.
Keep in mind -- tomorrow and not really sure which one is more important now because everyone is assuming a Republican win today.
And -- -- just put on the chat.
Really happens when you assume everyone saw that episode of the odd couple -- you remember when he wrote it on the blackboard.
He rode out the word assume when you assume you -- you know what -- you -- me.
Yeah let's assume anything because anything can happen because that of course -- concern is.
Amongst Republicans and it should be a concern is that.
All this chatter about a Republican landslide.
We'll keep some Republicans home.
The -- cannot -- and then condemns wind so it really needs to get out and voice your opinion.
Jeff Flock is with us before we get him I wanna say one more thing Kellogg's believe -- -- not their profit fell.
Among serial weakness what you know what a darn box of cereal it can be like five or six bucks these days who's got the money for that.
-- buying the generic Cheerios ansari.
Race Christie's pop tarts.
Pop tarts are up a big barge sugar and it's the most expensive -- should we ever gonna buy you elect to this is why profits down account sorry.
MasterCard -- the other hand third quarter profit rose.
People are charging it up and women of buying a lot of -- buying high ticket items.
That's something right so let's go back to my buddy Jeff Flock Jeff is -- the -- I don't even know what this market wants anymore -- everyone's trying to -- these grandiose predictions on what the market wants to see right now I I.
-- you know that what you said just at the outset though I think is very important and that's something that's felt.
I was surprised I -- to come to the CME by the way you know you wonder where we are.
This is the Euro dollar options pit.
Which you can see still a fair bit of activity over here these guys still making money at least they're smiling anyway that's always a good sign -- -- -- no money says.
And the eurodollar futures is over here if we.
Zoom out and try to assure you the whole expanse of this he got the S and -- over -- back which are poised to react to this but I'll tell you here's the surprising thing I found for being on the floor today.
It is not they can't we we think you know where we've been watching these polls for a long time we think it's a foregone conclusion Republicans are gonna take that house.
They got a shot at the senate may be.
-- this according to trick I talked to this morning is baked into the market.
They're not they're not taking it for granted and I think part of the reason is what you said at the outset.
A trait is that you know until you actually go out to the polls.
Nothing is nothing is written in stone and so these traders are poised to react.
They're all like to get.
If we get split control of the -- -- that -- like it even better if both houses of congress go to the Republicans.
But they haven't -- out into the market yet very important to note that.
And and what's interesting though -- is there's a lot of people out now saying.
The market likes gridlock right in the market you know and they'll everyone's comparing it to the 1994 election.
There was -- split right we had a democratic president Republican congress the problem was though because it wasn't so much better shape since the economy's humming along.
Good luck makes a lot of sense not in that position now -- so sure I'm convinced gridlock is good.
Well I don't here's what somebody else told me another -- this morning say you know what.
If the economy was doing better we would not be gripe and about obamacare and we would -- probably be -- and it got even financial regulation.
If the economy was doing well.
You know that would not even be an issue right now.
It's all about the economy sadly and whether or not it is going Ferris there's a lot of Democrats on the floor this exchanges you know -- the Chicago it's a it's kind of a democratic town.
A lot of say you know what.
It's not even a question whether Obama's doing a good job repair job with or whether he is responsible for the joblessness that continues but there he's responsible for the lack of the stimulus work and it's not even about that it's just.
This is what the reality is he's gonna get blamed for it -- it's his fault or not.
That's just a reality.
You you you're at you're -- on -- And you know in your state right now I mean you're in steering Illinois right now you got unemployment close to 12%.
And -- in 2008.
Obama only won by late two points I mean it was a slim margin you would have thought he wouldn't grand slams his home state.
He's -- understand how this could details could turn especially in Illinois.
Well especially because this is a very.
It's kind of but odd state in that you know -- in the northern part of the state here in Chicago you got a heavy democratic machine still a lot of people vote democratic.
But southern part of the state is -- -- damn near below the Mason Dixon line and hit it very southern a southern part of Illinois.
So you have really two faces of Illinois and it's not unlike new York and upstate New York is a very different New -- -- just a lot more of a lot fewer of those guys.
But Illinois most of Illinois terms of the area is is country.
And you know these at these elections have the ability to go either way and black -- tonight's going to be arrived -- that it.
-- is man let me ask you any talk about what happens with.
Financial regulatory reform to happen straight and you know these guys worried about any that especially in -- upcoming lame duck session.
And in terms of the -- accession did.
They don't seem to be worried about it.
Going forward I did -- more pointedly about going forward you know no one thinks that they're -- -- to get enough of a majority to override a presidential veto.
And overturns some significant portions of this -- You know unless for some reason the Democrats were to pull off a surprising victory here in both.
Houses of congress I don't think that there's a thought that there's going to be any big change and as you say the market sometimes.
Like the gridlock and I'll take isn't it in the I'll leave you this one interesting point that another trader made to me this morning in terms of -- Obama.
They think that -- present -- not control both houses of congress he would've been a very different -- In the first two years and what had been widely lauded because whatever reform got done with health care and financial regulatory reform would have.
By virtue of the -- nature of the balance of power had to be.
A more bipartisan effort.
And that he would have been widely lauded and maybe the Democrats would have had another big victory.
-- this November instead of what it looks like it's gonna happen so it just think what's -- what's always beat the CME because you got a lot of big thinkers over here.
Yeah he's definitely still you know in the heart of the country.
You had a Harley in America right now you have way more insight than we do in our little bubble here in New York City.
Jeff Flock and it's -- great bubble isn't yet -- at -- you really think at a if any perspective just go to Jersey back and that's what I do every day.
God bless it.
Jeff Flock out CME in Chicago.
Given -- -- currency experience but you to always and I know.
Different view porn all day long to.
Just remind you that on the Fox Business Network our coverage starts 6 PM tonight Neil Cavuto.
Going all night he'll be glad to two.
He's really easy listening deep blue -- Italy this is big time party scene that we implement -- here at the strategy room.
From 34 you had generally -- Harris Faulkner they will be here along with Angela McGowan.
Bunch of great -- three to 48211.
Jon Scott is anchoring and -- well.
Marathon eight to eleven coverage he's got Ellis penny can't believe I said before as -- -- there it's a party.
Ellen -- -- attention has Tara dug out.
Bunch of great guess what all the year pretty much as you steady -- for those three hours to tune in.
Get -- the -- talk to them I tell you Jon Scott will respond I'm sorry you guys knock your responses earlier it's -- -- -- They'll respond to you -- We can't talk quickly before we go to break there's a bunch of big senate races -- that assumption and again I'm not assuming I'm not gonna Phyllis -- -- and -- his words.
Pretty confident ever -- think it -- the Republicans are gonna take the house it's the -- that could go according -- knows which way.
So there -- 37 senate elections being held today.
Nineteen democratic seats are up eighteen Republican seats are all up.
Now the Republicans need to pick up.
Ten of those democratic seats in order to claim the 51 seat.
Majority everybody knows it's fifty states in the union to senator's first 800 guys you need fifty.
Guys -- -- you need 51 to claim the majority so we.
The Republican Party needs ten right now we cannot -- assume.
To become a big races at one point -- -- California of course senator box Barbara Boxer.
Up against Carly Fiorina former HP -- she's been getting clobbered Nevada also.
Big race Harry Reid potentially being upset -- -- this the first time in a -- billion zillion years.
That the senate majority leader could potentially -- Up seeded by Sharon -- Sharon angle of course you're Tea Party candidate the race is neck and neck right now.
And don't forget about it fourteen point 4% unemployment rate.
Read Harry Reid takes no.
On responsibility for the housing mess -- in Nevada.
And Obama won Nevada by thirteen points back in 2008 so they vote against.
Read many are saying that is also -- a vote against President Obama could begin thirteen points that there about two.
We're gonna go down to Washington DC right now Edward Pinto is with us he's a resident fellow at the American Enterprise Institute.
Joining us now to talk about what the heck is gonna happen with housing.
Winner loser we have to talk about both sides -- because you were former executive vice president.
-- Freddie that's correct I think any.
That's right Tracy sent to be here thank you and I got you back as -- that was last time I wanted to come back and talked about what's gonna happen because basically.
The Democrats win.
Want to -- different policies then if they're Republicans win.
I think got their two questions one what happens in the short term -- what happened the long term and the short term people -- looking at you know foreclosure.
Problems that that were having.
I think that.
-- in the run up to the election is instructive.
You you notice this it was a perfect opportunity.
For the the administration to jump on the suggestion to have a foreclosure moratorium.
And that is exactly what did not happen.
And the reason I believe that didn't happen.
Was that they finally come to realization after.
Under the Bush Administration now under the Obama administration of three years.
Of postponing foreclosures.
That it's getting counterproductive and we have to let these markets clear and let the foreclosures happen that's not to say.
The democratic house -- -- -- would agree with that view.
But I believe that that's roughly the administration's view and I think that you would -- -- prevail even if the Democrats -- to keep the house.
If the Republicans win in the house I think it makes it easier for the administration to take that position and I think it's one that the Democrats would.
Agree with that we need to let the markets clear.
But it just makes -- a sense to me that we've seen it doesn't work if the Democrats do keep control of the house.
You know they're -- to get involved in the housing market -- pleasant work that you know.
Home help for -- -- portable.
And -- it all -- now.
-- and that.
Well and again I think -- they're moving on beyond those.
Efforts there's been a recognition that they have pretty much -- again you didn't see another there was a perfect opportunity to do -- in the runup to election.
Another one of these tax credits which has all kinds of bad effects and distortions and and every we're still living through the problems of the last tax credit that was done that expired in an April.
So I think those types of quick fixes.
Are hopefully behind this where we think we need to go and it's -- -- irrespective of whether it's Democrats Republican is to start talking about the future of housing finance.
We still have a nationalize housing finance system with what I call the three -- Fannie Freddie and FHA and -- ninety and 95% of the market.
And that cannot continue its its the longer continues the more problems it's gonna create.
It's distorts the market it creates it moves all the risk over the federal government which is bit ill equipped to handle it.
The federal government is not very good at making these kinds -- decisions they've proven that over the years.
And so we need to come up with a solution that allows the federal government the back out of the market.
If the Republicans.
Prevail in the house.
And even things up a little bit in the senate which is the prevailing view.
I think it's gonna make it easier to have that discussion.
And actually start talking about how we fix this process long term.
How we bring the private sector back into the marketplace and also I think recognize.
That housing policies over the last number of decades.
-- what led to this problem this wasn't a problem that -- -- rose in 200320042005.
It's been building for very long time because of some very.
Poor policies on the part of federal government.
Great but but but acting to -- here because.
I -- Fannie Freddie are the Bane of our existence right now even though I do we know that you're involved at one point but what they're -- -- -- -- out of us.
We backs up these things to the cows come home game a free ride on Christmas Eve last year with a -- knows we're gonna get this year.
How I don't know what it's a good working so -- -- I even if the Republicans do win.
Get out of this mess aside from just cutting the cord and close and -- -- walking away.
Well that personally say I was at Fannie and late eighties before they went over the dark side at an -- you.
And and the and the underwriting standards that I I was chief credit officer that was responsible for we -- we had those standards today I can guarantee you we would not have the problems that were around we're having we we had period.
What what I think the losses of Fannie and Freddie.
Unfortunately -- they didn't indicate they're already there the government's on the hook.
That was the result of bad policy that went on for years and years where it was a wink and a smile that.
They had this implicit guarantee but it wasn't real -- turned out it was real the market knew all along -- -- And they got a call on -- and and that if taxpayers have to make good on it unfortunately.
But the problem is -- only gonna get worse if we don't start backing the government away.
And the way I describe this I testified before congress couple weeks ago -- told -- rate now.
The way the housing finance market is structured it's like a brick wall.
And the private sector can't get over the brick wall can't get under it can't get around it and they can't get through it it's ninety plus percent.
Nationalized and so we have to start backing the FHA numbers down at the start backing Fannie and Freddie down in terms of their loan limits.
And that will allow the private sector to start coming back into this market.
And and once that happens.
Then we can continue that process and basically get the federal government backed down to I think the goal needs to be somewhere around 15% -- any Freddie need to be sunset.
They need to be gotten rid of overtime and they should not be replaced with another but explicit or implicit guarantee.
There's a great interview that you guys had with although -- a month ago where he said yeah we have a dysfunctional housing finance system it's broken.
The government policies created this problem and if we go -- -- explicit guarantee.
You only know two things the games we privatized and the losses will be socialize the taxpayers were responsible form -- that what you need to know.
The problem is of course an and you know seeing that you bring up well welcome because it can't push him off into the corner he's like the voice of reason down there.
And don't want to hear what he has to say because we need you get people like Barney Frank who well essentially create the stuff.
And still -- the big -- up bit in as long as their round I guess so is standing pretty right.
Well and and what -- said is that Barney Frank is moved thankfully he's moved his position by debating no longer he said this about a month ago we no longer believes that.
Fannie Freddie or their successor should be subject to affordable housing goals that was part and parcel of what created.
That mortgage meltdown or those affordable housing goals that congress put in in 1992.
And -- enforced for all those years but he now says that he says Fannie Freddie should be sunset.
He is moved a fair distance I think we have to take advantage of his movement and we have to construct a solution that brings the private sector back.
Into the marketplace and allows the federal government can retire from the field here -- very that there's no.
All of that people say well you can't do it that way and my response is quite simple.
We know one thing if the federal government provides an explicit guarantee -- it will be missed priced they will not know how to price sit.
Be there will be a quid pro quo which -- always end up being some type of politicize lending in the former affordable housing.
The they'll be the taxpayers will be on the hook at the end -- some point in time and so the only way to avoid that is to privatize.
You know what implicit guarantee basically means to me I'll write to check that's -- it that's what -- -- there and I think that's what people think.
I know I have to let you go but I quickly want to point out a study did.
For the American Enterprise Institute basically showing that these nontraditional mortgages are the reasons we got into this mess in the first place -- Doesn't surprise me right -- still so many of them out there and you know what course to hear about them come back.
That's right right so this is history repeating itself again and again.
Yes I hit very your viewers.
Just Google Pinto.
Sub -- to god -- was I'm not that I did a month or so ago and it explains exactly how it's coming back.
If if if they haven't learned.
Now they have not but you know what we've learned so much from you that's why I love having me and I hope you come back to Tracy it's a pleasure and let me know thank you they -- resident fellow at the American Enterprise Institute former executive.
Vice president at Fannie Mae before it went bad and good good -- his study because.
Look I -- first person to tell yeah I got a sub prime mortgage when I first got separated because I had no income.
I had no nothing and had three kids and they needed a house there was a reason for this market but -- and the abuse.
Hitting a guy that -- 69 points right now.
Few -- -- -- -- and we get back what could be better what to other elections we got a bunch of -- senate race talk about whatever it.
Welcome back at the and I -- Tracy -- -- doubt that 6364.
Points right now it's not that few reasons why earlier.
-- getting hit a little bit is that reason interest rates overseas Australia.
India interest rates going up.
Yes so we were talking about Kellogg Kayla is people and they got hit well.
Cereals -- damn expensive and -- -- -- I'm -- -- woman -- -- like fifteen -- cereal and in her little.
Pantry because my kids -- it and it's a mortgage and I'm just -- -- -- -- where we're eating bread and butter now.
-- part of that is great now sick in the studio in every.
This is my first time on the set for strategy room I've always doing it from Washington you know something look at -- took with a two shot here but this.
Presidential assessment on the presidential event there we -- -- of that.
First time like for a lot of things heat today it is a -- -- -- -- first time allow -- in -- on the sat on Barney which was a lot of fun -- -- really terrific.
And you guys do great job on that show and and I think it's fun to watch and it's informative.
And that's -- we want to do here.
Right the Chris and I can't believe we actually say anything intelligent.
There's somebody that's as usual guests -- -- and what I sent to Syria today and -- get angry when I said it is we cannot be arrogant.
Because I think everyone is -- assuming a runaway win and I don't think you -- assume anything.
Well the problem is as you know -- that the last time the Republicans.
Did have the car keys here you know they had they knew they had a few problems.
They are ran up spending themselves they increase the deficits they.
Worked -- maybe a little too much -- lobbyists you know they were doing -- we have -- scandals there was some repugnant lobbyists working with Republicans Tom -- back on trial now in Texas -- -- of this controversy things like that.
So you're hearing from the Republicans.
Give us another chance we promise we won't screw up this time -- give us another chance and so.
The if you look at the polling data it's very interesting here is that this is not.
Necessarily a vote.
For Republicans it's a vote against Democrats and at least over Republicans very probably vote vulnerable if they don't deliver if they take control they don't deliver over the next two years guess what.
They are out -- and then I think you could actually see the Tea Party.
Get really organized may be split off from the Republican Party and become an independent third party.
It would if there's a lot at stake here -- like it's very volatile swing independent voters are angry.
Other voters are angry.
And and each election 2006 they threw out the Republicans in charge of congress 2008 they threw the Republicans out of the White House 2010 they're gonna throw the Democrats -- -- congress.
And what what's gonna happen in 2012 it's it's very volatile.
Fascinating we'll be thrown out when he twelfth so it's it it's almost the lesser of two evils but you see your point that this there.
This third parties looking more and more.
Fractional you do not you cannot.
Eliminate the possibility of third party -- independent party movements in our country and there are two groups right now we you know we having to talk about this is a great -- there two groups out there -- business people former politicians.
Who think that there might be a third way a room for a third party movement but with what we saw Ross Perot get 19% of the vote.
We saw at the turn of the century.
William McKinley and Teddy Roosevelt Iraq elected.
In this gigantic progressive movement.
That that swept in all the trust busters and the the anti business rather turn of the century.
And we got the Sherman antitrust act we got all these other things that came out of that.
The progressive movement.
So you you can't.
Never underestimate the ability of the American people to come up with innovative new ideas and if they're angry enough they will.
Because otherwise all we're doing is going back and forth and no one's doing it ratings anyone we'll say right now pox on both houses that's correct they're all at fault that's right so we put.
The -- to the polling right now the Republicans don't -- very much better then the Democrats in congress they just don't so this is this.
Since this Santa's going to be a matter of who shows that I think we're county yet I don't know I was down to guess who shows up to Republicans for the Democrats -- -- They Republicans -- Our obviously.
Much more ginned up and and independent voters who lean Republican are much more excited about this that's what we're seeing in the polling data.
Really early little nugget Korea out of West Virginia one of the critical swing states that we're talking about here.
You have Joseph -- the governor running against John -- -- businessman.
-- down by 345 points in the in the polling up till today.
Talking -- Bret -- who was talking to some friends of his over in West Virginia -- -- saying that the democratic.
Turn out so far this morning has been very low.
So if that's the case you know here's a seat that kind of -- is that look like the Democrats might pick up I agree with you.
Turnout today is going to be critical and and if -- -- if the polls are any indicator of how Republicans sensed it and swing independents are gonna turn out.
Because it might be a bigger night for Republicans than we even anticipate.
But that's the thing right you can't predict this either way you know.
Utah and out West Virginia the Keeneland in West Virginia by thirteen points that's right so what the heck knows -- asking ago that's -- Nevada I find to be salvaged a good President Obama to do that I'd like eighteen points from the and here we are Sharon angle is competitive with did -- with Harry -- and -- Tea Party candidate -- -- you -- me to.
You know he says basically that housing mess is not his problem.
Takes no credit for anything he did anything wrong but you -- get out of.
Plymouth which is well but he also said if it weren't for me you would have had the Great Depression 2.0 that's very true that's very.
Our -- tonight woody Watson.
Thought well I'm more we're watching a handful of key races on the East Coast 7 o'clock 730 we have polls closing.
-- handful of key house races key key senate races like the race in West Virginia polls close it close there at 730.
So we're gonna actually I think have a very good idea very early on on how big of a wave is going to be the majority by 9 o'clock we have the majority could you pretty much close we did we get -- And with a computer can computerize balloting.
We're gonna get the results coming in fast and furious it's going to be really hot exciting and busy by 9 o'clock.
I know were up till 2 o'clock in the morning for Alaska but.
Believe it or not I left it was a 1 AM at our time -- an East Coast it's going to be amazing race.
Yeah well well -- on Alaska real soon because the rules there on the write in ballots and Lisa Murkowski the senator is and and they didn't win the you know it's got knocked off in the primary by the Tea Party nation with Joseph -- the Republican candidate.
If you look at the rules there.
They either there either has to be a breakout winner.
Or if you have -- if it's not a breakout winner there isn't a clear winner.
The whole thing get shut down and then it's all sent to the capital Juneau.
And then they start counting the write in ballots two weeks from now so we're gonna know at 1 o'clock or so pretty early on.
If there's if it is a clear winner then it's over and Alaska's -- most like it's going to be a Republican seat but the polls are all over the -- are -- we're not a 100% sure.
Right now to Joseph Miller Lisa Murkowski.
But it's close.
It's it's that well if it's close it'll it'll be either have a winner or explosive middle stuff -- -- to be here late for Alaska.
Got a bit and I.
But -- here I'm here we're here all night is an -- is live till 2 AM even.
Whether or -- -- he'll be telling jokes or something but he's.
That -- is up.
When I got -- Jackson right now in Washington makes you happy he's here it's not -- but it's all confusing to me.
You know IE.
Got into this conversation when you and Peter were talking and believe about the election of 1912.
This is the kind of thing I miss when Peter leaves the bureau and he goes to new York and I'm here all I had no one to talk about.
Previous elections the Bull Moose Party and all those interest things things I got -- lost its.
It's got -- kind of -- tonight it's tempting it is down here.
Where historians where historians not here.
Right so tell us I -- They -- -- everywhere and so the odd couple episode you can't assume anything you know what happens when you assume are we assuming a Republican House.
I think in this.
Well when you look at the polls it's probably easy to assume a Republican House but -- news I'll pin this on the Republicans because publicly -- are saying.
That it's they would be happy to win that Alison they wanna wait till the votes are counted -- -- not a no watch party.
They're having a watch event remember nobody.
Has a party when there's 10% unemployment they said -- quietly Republicans have been planning for their transition since the middle of October they already know.
I have a rough idea about what they'd like to vote on and a Republican House they wanna start off with discretionary spending that wanna bring that down.
They want to have a second vote to permanently extend the bush tax cuts.
And is there they want to start on repealing the health care.
Law there are problems with all three of that remember we still.
A work in a government or live in under a government where you need to house and senate to agree and the president to sign off so a lot of these votes will -- -- a -- symbolic but.
You know tonight Republicans.
Have a pretty good sense that they're going to be taking over the house the question is.
You know do they win the 5560.
More than sixty seats -- some are projecting or is it more like got 4045 seats.
They do need 39 seats.
To control the house and most projections if not all the projections I've seen and probably appears seen show that they will get 39 plus much more.
It's going to be interesting to hear everything I hear you here on your -- like to the gas them until last -- absolutely.
We're here instill.
They were going to be it's congressman Boehner is having a watch events.
With some other Republican leaders at the Hyatt downtown and -- there until they shut the lights off on us I'm told that the.
Today obviously there you out I think you're going to be on at 1 AM with Neil yeah John did he get back -- -- each -- is that we hear from Alaska earlier.
-- -- -- -- -- -- That's the thing to and you know we're gonna get the sense because we're looking at balance of power and enough.
I gonna wanna say that.
That does senator Murkowski here are senator Miller would -- -- -- you know there is a distinction between the two candidates but.
If it's one or the other we're still talking about Democrats.
Vs Republicans and likely senator Murkowski would caucus even though she's a -- an independent.
Candidate -- would likely caucus with the Republicans can't really see her caucus with the Democrats so we're talking about pure numbers.
Even with those issues out and Alaska will probably have a sense of with the balance of -- looks like although -- Washington State could go down to the wire that's a statistical dead heat.
And there's long entrenched Democrat who could be in trouble their Patty Murray so there are a lot of West Coast races it and who knows Carly Fiorina may make it interesting over in California.
Against Barbara Boxer will -- Yet we -- well accessing your terrific.
Those five hour energy shots work wonders me become like 10:11 PM.
This is the second cup of coffee that I've had today and I can guarantee that I will -- quadruple that number of by the time the sun goes down.
It's new -- I've ever had four.
Got -- now have fun something you know I'll be watching the retention data DC Edmondson my primary any shots to you because.
Tactical because nothing after wanna.
You mentioned Washington State -- Larry vs Dino Rossi the Republican.
That's an interestingly -- a fourth ranking democratic leader they.
Spent a load of money President Obama won by seventeen points in Washington State I think those are interesting numbers because it.
The Democrats lose in the states that he won by a landslide.
It's somewhat of its hell it's somewhat of a statement.
Maybe -- -- too much.
Am assuming you know what happens when you do that -- take a break.
The Dow's up 71 points it's not assuming anything -- Welcome back at the end I'm happy Election Day I'm Tracy -- you Dow's up 71 point three now just one top quickly about what's moving the market MasterCard third quarter profit rose.
15% they beat expectations.
Consumers and businesses are spending -- money they're buying high ticket item though which means the wealthier shopping not bit.
The little people like me and the -- out there.
We also have the dollar falling because -- that India and Australia raising interest rates so when our dollar falls equities -- a little.
But is also people sit on the sidelines of course up until tomorrow.
When we figure out how much money the government the Fed ex date is going to -- that into our economy this and it's a huge.
300 billion could be -- trillion.
-- a big differential in there big differential -- on the shoulders of our four children going forward the numbers that are being presumed right now about 513.
Billion dollars in quantity easing which basically means they make money in the you -- out to assistant and everything's -- to get better we see how that worked so let's just keep it.
Are we talk about what this Tea Party is doing -- this election right now to the political arena plot -- -- -- that's you're the executive director.
She -- 365.
What do you do -- -- is based out of Manhattan its citizens in Manhattan Tea Party yes since -- plateau where we do have people.
In the Bronx queens Brooklyn that also volunteer portable in this nation so they asked what political party were you before you joined the -- Well I'm I'm registered as a Republican you we have Democrats as well when that really I'll political -- -- more of a movement and we don't wanna be associated with a party cannot be as -- -- 65 it's inviting to.
Well this 700 different tea party's right solve -- and all operated independently so some may be different than -- -- a lot of them.
All very much like how is.
Where when that associated with a party we don't support the candidate Tea Party express support candidates as everybody sees.
With a different -- tight angle and O'Donnell and so forth.
But he pointed to CC five is very -- so like many other -- -- about the nation where we focus on issues we don't support candidates who don't support parties.
Which I think is -- -- in the long run because we're gonna watch the Republicans.
So if they do win this election we got to watch him as well.
-- sure they stay tuned to what they promise.
You made that point -- gorgeous here earlier and he made that point that.
You know we -- saying there's a pox on both -- yes we basically take turns to kick when he out one at a time -- go back -- it but now.
It's not a vote for the Republicans this camera right it's a vote to get condemns the hell out there so many Republicans can't and we're watching it and if you don't want this economy -- -- And I did good you might see another democratic president come 2012 yes right I mean and the whole thing -- go haywire you have to these guys -- -- have to be on their best behavior yes and do what they're supposed to do yes yeah.
Happening now we'll have watched.
We did -- -- fact that's actually we look at this November only one tiny step -- long war that we have to take.
We have to change the cultural we want to focus on educating people.
-- and events have there are having economic solution forms constitutional problems -- also want to reach out.
College students because what you mentioned about the federal quantitative easing I mean.
The next generation what they -- -- is scary if you look at the CBO reports.
-- -- a possibility we could be paying forty cents on the dollar and interest payment by 2050.
So this has to be major changes going on we need to help.
Change the way people think about politicians -- look at issues so they can pick the right candidate.
We feel by changing the way people think than politicians will -- -- these wanna get elected -- -- people are engaged.
That's the most important thing.
I don't we talk about term limits that.
Why -- you out if you put -- doing -- because of politics I agree I think that's a great idea Tomlin does have a constitutional amendment will be phenomenal I do you know when I think that -- our forefathers wrote the constitution they've wrote.
They didn't -- I never -- It did it say you -- be positive -- let it literally sick believe your farm and your your tractor go give back an angle that's your exact.
It was Cincinnati -- of the Roman republic -- a lot of the founding falls well educated with the Greek.
Democracies in the Roman republic that's where -- found and they looked at Cincinnati she good citizen and you do your time.
He's serve in the military serve as a politician go back to a form.
Now we made a career of that and things are change and I think that's a good idea we should have a constitutional.
You worried that the Tea Party splitting the vote like if it's.
You know Republicans that kind of because it's a mostly Republicans right and I -- went off created this third party which.
I actually think they're great to be really good thing you preakness third party -- and all -- doing this kind of Robb and Republican vote.
Are you now because it actually even rescue some -- -- the only 51%.
Of the Tea Party.
Was republic in the rest -- independents and Democrats a small percentage of Democrats obviously.
So I don't think that's -- case and I think it is good for the Republican Party is it they know they have to wake up.
I mean even now sometimes I deal with some of the establishment Republican -- -- -- -- -- events.
And that's -- I can't stand Tea Party is what's making them look at the real issues.
I mean one of the things I do like is Paul Ryan's plan about entitlement reform that is an issue that has to be addressed.
But it's not I did you and Paul Ryan is that some great ideas.
He's not being back now I -- is not even behind him unhappy.
These things I had great in the same -- and -- so -- -- we need to do was really need to get the people more engaging one of the things.
Who will look at some new ideas but when you look at this -- the average personnel spent tons of time.
Research and when they buy a car right or big ticket item.
But -- you have a politician I -- in this city about 53 cents on the dollar taxes when you include federal state and local taxes okay.
I think I would do research on my politician and what they're opposing these bills is gonna have an impact.
Now I don't I'm not only on my wallet but also might my liberties because -- having -- health care plan.
Which guy doesn't made direct me to go to certain health care provider or -- I can -- in ninety.
No I agree with you completely can you please tell me though.
It -- -- into -- -- party or wants more information wherever they go Tea Party 365.
Tea Party 365 dot org yeah.
I would say this and when I do think the Tea Party is doing to your point earlier -- year of the new report card.
You're gonna keep check bounces at what these guys you know who cares what house it is an exact -- party is you keep a tab on them and you got -- -- wake up and I think if nothing else.
-- damn good thing thank you thank you very much.
Paul Anthony got executive director of Tea -- 365 check out the website to got this stuff.
Yeah well -- And take a break that.
Polls that -- -- the best.
Where that is happy and live welcome back the Dow's up eighty points this is the FB and -- that's good products.
Words pre Election Day trading it could be that.
We'll what are -- -- karma standing houses here right now we're just talking about how I -- heart -- heart.
And part of the reason I'm Marla I I don't know I went and part of the reason I watched and loved so much was I want to play to -- -- -- -- -- And so did we we wanted to be asked to everybody wanted to be none of your.
Well one life to live at -- They weren't that -- is happy.
Heart -- -- at least for trade this fabulous happy couple that had so much fun did take anything too seriously.
Just -- -- Well -- that we didn't want to.
Qualified with the this couple is being -- ordinary -- it was a fantasy life it was it was this glamorous couple who.
Like each other great deal we never had to qualify where we came from -- what we're doing.
But it was always dangerous to be a friend of the hearts because they would drop dead -- somebody -- -- them more you know what.
At whatever you -- hey I recently yeah.
I -- not a mom get matter LA.
But it was a wonderful show it lasted so long any.
Nomination is tons of them.
What was it like.
With -- the book patents let's got to buy the book because it is one from the heart and there's a lot of reasons.
This book whether -- two principal reasons for the book and they -- to events that happened life changing events that occurred to me last.
One was in the death of my mother with whom I have an exceptional.
One that -- I was very privileged to have.
That was followed immediately behind my own.
Back -- with lung cancer.
From which I'm surviving and it it seems to be all out of my body at this moment.
Think that does it make you go and in -- must make you just see everything when it certainly gives you a moment of reflection tremendous moment of reflection.
When I started to go through when I was preparing my recovering from both events.
I began going through my mother's effects and I discovered that everything I threw out she saved.
God -- -- because I we lived.
You were also busy -- moving forward in our lives of many of us just didn't turn the page and we move on to the next adventure the next job the next subject.
And we spend very little time reflecting on our past -- the way life was when we grew up.
And I think it's probably.
Because the emphasis on -- on life sent me the way we live it today it's so -- -- diametrically opposed to.
The way in which I was raised in the way things.
Most of us live with the majority on lines -- things have changed their last ten years in the last eight years when -- Twitter start Wendy.
You know and yet we think oh my god this is the end of the world this is the way it's always good -- but it's changed the way people.
Relate to one another has changed the way communities work.
I that's I think some of that influence is not for the better unfortunately.
But maybe because we've gone to that extremely -- Need to come back to.
What was revealed.
And what wasn't just floating around noted cyberspace.
It would indicate -- -- state -- and I was -- announcing this is why I see everything that you ever need for giving me that here's this thought but weren't.
I -- out an event ever on cleanup punting from my kids I have little scraps of paper that they -- god NIC back with him in the box.
See you hope that one day we get their that the world has changed it to -- and I I suppose that you know.
Not because -- -- really spent a great time thinking about myself.
I thought that maybe some of the experiences that I was fortunate to witness and -- both in Hollywood it.
In the world at large most particularly.
With my relationship with William Holden.
I wanted to get some of those things down and I wanted to sort of -- sit in in in perspective -- I want to clarify a lot of things about bill and who he was sent.
Extraordinary things that he did and what an innovator he was.
In and wildlife conservation long before.
Anybody was doing that's simply not that good because you're still -- I'm I -- a lifelong commitment to wildlife conservation not just because of bill but certainly.
It in large because.
I was always an advocate for animal welfare.
Going way back to my childhood because my stepfather -- -- -- -- there.
Of course -- a kid I wanted to Wear someone's of course and so he took me to a slaughterhouse and he -- if you can take care of course this is where might wind up we're.
Beautiful horses and young ones and old wounds and and are the ones and pretty ones and because he taught me the value of life and the value of whether it's adult cattle whatever it's the cradle to grave commitment it's not just a toy and thrown.
How did you maintain that occasionally he started -- in Hollywood high school you basically Hollywood Hollywood all the way through.
Worked -- the great safety.
Daryn John -- and yet somehow remains committed children.
Well I think I always thought that there was not just Hollywood was work and then there was life and many people have said it my far more eloquently than I have -- Laurence Olivier who said you know.
The cold cream goes on it takes the -- -- -- make it goes back in the you know in the jar and you better make sure that when you go home.
Your life he's equally as fulfilling as when you left on the stage.
So does it -- for the planet is at keeping that.
Because of Twitter because of FaceBook these personas are created that it it's very hard to tell what's real and what's not just.
Well sometimes arm and arm our cultures now glorify bad behavior -- -- -- And because you know we now have entertainment news which is you know to eating up a lot of time and it needs to feed on something so we're creating celebrities.
-- of people who are celebrated for.
Having done something bizarre in their lives instead of having done something substantial work acting.
But if enough people actually acted at one point -- us about what you're doing now -- -- states.
Well I'm I'm the theaters -- always been a very large part of my life I love the musical theater.
Profound but for the first time I'm going to be performing at in the cabaret.
In New York City it's kind of a momentous occasion for me because I haven't done that report in New York City.
And that it's feinstein's lovely lovely room very famous room -- my friends have performed there and that.
It's going to be the sixteenth through the twentieth so.
It's old kind of a new world where.
I think his actor's career and performers were always -- -- And it's interesting that we're also on -- network where you talk about the financial well -- as I have.
I another life which is somewhat in the financial -- this is on the board -- three mutual funds.
That a part of -- family of funds called the American funds from.
And I think didn't we didn't both in the financial world as we as so.
A country and now.
Experiencing that need and that requirement to understand ourselves our potentials and and the possibility of us reinventing ourselves much more consistently than we ever happened.
As an actor I've done that all my life but now -- private citizens because of the financial.
-- mess that we're in ended.
It is interesting -- form of recovery that we are in.
We -- have to start reinventing itself.
That's in I didn't know that -- -- on the board now you sit on these boards American funds are widely held and yes they're all kind of on the sidelines waiting to see what happens.
Mean they're they're -- -- too aren't that.
I think everybody is an act is anticipating.
Wants to be positive and anticipate the positives but we have to also expect.
Adjustments in the reality and I think a great deal.
Have to come from the consumers that it has to come from the public.
We are -- that we the consumers are also part of the problem.
We bought into.
A lifestyle that was perhaps unrealistic.
And now we're learning.
The question is are we going to return to the same -- And -- -- forming -- -- habits going to manifest themselves I think that that's what everybody's waiting to see.
If we return -- and it's unfortunate but I do think that we already seeing signs of us returning.
Yes but let us hope that it might be with a little bit more conscience let us keep our fingers -- -- that it -- -- from everybody's point of view.
From that the that there -- that there is a greater transparency.
On all fronts that there is a greater response sense of responsibility.
You know we're all products of the world -- that was excusing -- bad behavior.
It was so it wasn't it was avoiding responsibility at all costs not our fault somebody else's fault.
Well eventually we have to assume the responsibility.
Once we do as a nation of people than we will make our institutions more answerable to us and our politicians.
Lineup that's and everybody just today that's for sure -- -- quite the Renaissance woman from.
In the boardrooms at American funds to the stage at feinstein's at Loews regency November 16 -- -- if that's.
Good tickets go see -- buying the book.
One from -- heart Stephanie powers an honor thank you -- -- -- thank you so much good luck with everything and so glad -- and we have to continue to talk bad about these elections were going down it Steve brown and I think -- all right Steve -- she got going on out there.
Yeah I -- -- you we have to continue to talk I thought this was the stuff that we wanted to talk about.
People are confused Steve I don't know what's going on I I keep saying you can't assume anything.
So we have to keep don't know and I cannot because we've got to get people.
And -- out.
Absolutely people should exercise their franchise that's what they're doing here in the -- community center -- would Illinois it is more -- Voting -- -- casts his vote a little bit -- you're in the day about 45 minutes to an hour ago home came -- spoke with reporters afterwards.
Talked about the importance of folks exercising their franchise exercising their vote as it Alexi -- -- when he cast his vote earlier today about 7 o'clock eastern time.
In the city of Chicago turnout.
Very critical and what we're looking at essentially.
He is probably not a presidential election kind of turnout and certainly not what we saw in 2008 here in the state of Illinois.
But certainly better than the typical -- year kind of -- Because of the extreme interest in this senate race between -- originally -- -- because of the gubernatorial race here.
In the states jumped they do expect somewhere in the neighborhood of forty to fifty is frequently in terms of percentage of registered voters turning out this frequently what county.
Clerks and boards of election have been.
Communicating tell us and that's going to be high a lot of focus from that senatorial campaigns is being focused on the suburbs when you take a look at.
The demographics of it or where the votes are in this state.
Available in the city of Chicago but about six point five available around the city.
So it's almost three to one an advantage in terms of the suburban vote wait so you do speak to see a lot of folks spending time.
Looking at that particular demographic those folks living on the verbs is is it as a key component for any statewide race.
It is seeing that you're saying -- that -- not -- isn't it -- presidential which is I think it's a big race in Illinois you have unemployment rate that's close to 12%.
Obama run -- -- just by two points we're talking about this earlier with Seth block at the CME he didn't this is not a landslide seat for him.
You would think that we would see a lot more activity I -- people come out I keep saying that that's gonna say today is just get out and vote because I think.
Everyone is assuming that the Pope today you know the -- gonna -- one way or the other and you just can't assume anything today.
-- you -- but I would also hasten to point out that did that the turnout will be much higher here for the general election was for in this statement -- where the -- was right around twenty perhaps there were looking at about.
You know two and a half for you know to -- 50% higher than that so people do understand the stakes but to realistically expect that folks -- turn out.
In the same level as a presidential -- probably a little bit unrealistic.
Yeah I hear you Steve Brown live from curt -- office in Allen in and I -- -- you gonna be there all they sir thanks for working hard -- -- you welcome.
Are expected for me the Dow's up 81 points that is the FBI and live karma I really care -- it's been going out -- -- -- from chronic.
See tomorrow we'll talk about what --
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