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Having bragging about an FBM -- I'm Tracy -- -- got down about 32 points it's kind of been in the red and down a little bit pretty much since we started futures indicated down as well today.
And and again we started this yesterday we got a fair -- decent earnings numbers just not enough to get this market after the races there's your dousing looks -- -- right.
-- -- First of all the bad news Honeywell profit -- 18% on pension costs really interesting revenue -- -- -- up that top line growth and revenue up 9%.
But he's -- -- had a really big impact on the bottom line.
The -- is starting and everybody knows this when all twenty countries get together and try to talk about the value of our currency value of what China is doing is -- -- properly valued.
Everybody knows right now it's one big photo op and nothing good comes out of it so I guess.
I don't think that the -- all this weekend they got good numbers -- -- American -- -- 14%.
More usage in their cardholders 14%.
The stock is down a bit though.
-- are that's the company that makes the that international -- there by the way that we -- ATMs they may think cash registers that you go like step.
Their numbers were great seeing -- seeing a ton of increased usage.
Amazon -- Internet retailer their numbers were -- although they did caution going forward.
-- today profit more than doubled so all in all we got some pretty decent earnings numbers and you like it just doesn't really care about it.
Maybe has a lot to do with what's coming up in the next speaker to doctor Bob Brown is here with us right now.
Senior managing director Hartford financial service group certainly were just talking about this.
There's so many things weighing on -- market right now and yet very they have their views and they're sticking with -- And and they're they're pretty diverse views and and there are there written -- they you know there's no discussing a deal.
Did some people still think we're heading into a double dip recession others think you know where were off to the races there are people that think that stock market.
His goal on the 5000 or 151000.
And then you throw on top of that the views of the election it -- it's it's device of about the economy to market the election so.
That tends to create I think a lot of uncertainty and uncertainty is what the market doesn't like and so I think that's why you get these periods.
Like we have were evil with good earnings the market can't seem to move that you know I.
Think a lot of people are -- -- for this election to make a move.
Waiting to see with the balance of power becomes -- need to lame duck session makes me more nervous.
We have a one trillion dollar omnibus spending plan on the table that.
Because we potentially voted out could well done which is the craziest thing you know what we're at right.
Or you can just -- -- -- we attacks is still up in the air anything could happen.
Eight you're you're absolutely right I think but I think we're heading at least on the path of less uncertain even though they're still -- there.
I've battled back it is we were talking before the show began this been a crazy year yet so much uncertain with Health Care Reform that -- a lot of people on the silent and a lot of cash on corporate balance -- -- you -- financial reform coming up a lot of uncertainty a lot of people get cash on the balance because they signaled they -- access -- capital markets now we have the election like the final leg of the -- even though you're right after that we still -- the lame duck congress that we have to deal with but we're getting closer to the end of that -- this have been a very.
Trying time I think for businesses and for investors but what it's all said and done the one story that most people were missing is a story you were talking about.
Earnings earnings earnings that as -- top like we've been -- what are we gonna have talk like earnings.
And now we have it but that's the thing we saw Honeywell had revenue and -- comedies have.
Do you for the first already.
Increasing dissent for the first it's huge if you because although the story of our stock market recovery was a manufacture recovery and not that that's illegal but it was manufactured because.
-- we did was laid people off cut cost it's easy to manufacture earnings to the bottom up but now we're seeing real top line revenue growth.
That you can sustain you can't sustain the bottom line manufacturer but just laying people -- and cost cutting but you can sustain the top line when that revenue line is growing that's what's gonna -- jobs when the top line revenue number growth.
Why isn't what I think you know even if people have been saying that consumers -- still the consumers out there.
Express members -- -- see our numbers are seeing them this -- one person out there slight risk yeah.
That this yeah.
Hit the and the consumers not that look.
I think you have to look at the consumer in a broader range I think the middle consumer is a little slow down they're not get high end luxury consumer they are back and spending it in a big big way they didn't lose their homes they did lose their jobs -- -- the -- -- -- the consumer keep in mind with all these -- extended.
-- employment benefits they're spending other people's money yet it's -- in essence -- both ends which really gonna drive this so I think the middle consumer slowing down a little bit.
But boy those two ends watch out I think they're gonna do very well but that's the case and why is the -- so anemic why are so many people on the -- and we here to reach the three trillion in personal.
Up to five trillion in mutual fund assets all on the sidelines.
And and the people there are invested their investing in bonds which is the worst investment you could possibly make because.
That bubble is gonna burst into the get destroyed I again I think it's I think that's -- concern of this election and one more piece of uncertainly.
And I really think it's going to be a real floodgate of investors coming into the market once this final piece of especially if you have one or two of the houses of congress change.
Not that the change is important gridlock is important I mean investors really would love the fact that they don't want the government do anything -- just don't do something bad so.
Any potential sign of gridlock I think that will be a huge catalyst to get a lot of investors off from the -- how does that play and -- you know I I think the China story so far was pretty much just rhetoric just yet they surprised the market by moving 25 basis points to make.
Yup that's -- one and done story look at that there that they they had to show the world that look at they understand that their leader they have to understand what's coming up with inflation I think it was all.
Political rhetoric because of the G-20 meeting that's coming up in there they're having right now today so they want to get them behind.
The end of the day think of -- like this the global economy is booming and they are the engine of growth for that global climate that story's gonna play out this year -- The following that they have to create a middle class and they're gonna do it their economy is gonna continue to grow.
At eight to 10% they may tweak that they may tweak the basket of currencies upon which they paid their -- do or they may raise interest rates 25 basis points here there.
But they're single biggest problem is they have to -- Carroll middle class -- cannot rely on the United States or Europe.
They -- great -- middle class the only way you can do it is grow at eight to 10% that story is going to be with us for a long time particularly those numbers -- -- that's always my thing I don't believe the numbers kind of.
I don't either you.
It that it here's what I don't believe -- think they're too well I think they understate the numbers let's think all the political rhetoric that goes on with China.
Did when we see their numbers coming up.
I think it's in their own best interest they have a huge cash economy that's going all over there and so I think actually every next time -- see that number and it comes eight to 10% just think it's probably understated by one or 2% is probably -- -- the -- -- -- there -- financial statements they had me.
All we know that it the government puts the finance yet if -- could -- -- but that I just think of a couple names Enron WorldCom Arthur Andersen.
And I say if someone wants to be illegal immoral corrupt.
They can do it in China they can do it in the United States and I think it comes to.
To knowing the company you invest in and knowing where you're investing but if if someone wants to -- Indian unethical they don't have to be in China to do what they can be right there own backyard.
As a guy do it you know I get into it you do it through its -- at times it's yes you do -- -- -- -- -- how well I -- at China India does.
It is is one -- and I'd like I like these US based companies that are really dominant players there and if you think of what's been going -- We've seen him in China is just building their infrastructure in a big big way.
Vehicle sales are exploding and John because now they're building the roads and I look at two dominant players here John Deere and caterpillar yup they derive a good deal of their business in China -- -- I think that's a great way especially for investors that say.
I'm a conservative investor.
I wanna ride that China story but I'm not ready to invest directly in China that's a great way to -- with these with the way he's company but what with Yum! Brands is another great example -- Kentucky fried chicken pizza.
These this franchise is really taking off.
In a big big way in China and China's a key portion.
Other revenue driver so there's a way to invest in good old fashion American companies and you're still gonna ride some part of that China story is -- -- it seems certain commodities market that because of China because of Indians emerging market countries.
Commodities -- on fire and a welcome -- on fire for two reasons that to me.
-- half the reason is these these emerging market economies are absolutely booming I mean -- that the global economy is is on target to quote 5%.
These emerging markets who -- grown close to seven for that.
And they are big users of these commodities but the other thing because most commodities are dollar denominated.
The dollar it's been so weak.
That's made those commodity prices rise even higher so you we've got two things going on here the weak dollar fuels those commodity prices and then all the demand from these emerging markets it.
I think a lot of investor don't understand that the impact of this the -- field.
Emerging markets are now majority of the world economy when the -- market was a majority like when it was -- in Japan and Canada.
Think about the developed world we will improve verse what do we do with our highways we had a -- -- Or maybe we -- -- new interchange that but emerging markets.
They're builders they're building six enabling high place actually when they're driving the world I mean that the commodities they're gonna consume I mean that this -- -- -- -- one great.
Long term trend for the next five years it be commodities.
Play yet I think you play it with ETFs and I think you can play with.
Individual funds and there's commodity linked notes that you -- -- -- you completely individual commodity you can play a broad based commodity fund or we can invest in companies have commodity basically if you like oil you can invest and ExxonMobil.
To be there.
That's his right camera to the home kitchen table and sit and look at my -- -- I think -- -- and throw it into a commodity that general commodities ETF.
And we -- -- -- ago I and over if you could be a five year time frame you you can't go wrong.
Yeah that's said that's probably the best long term trend that's out there that doesn't mean you shouldn't be watching the show every case.
It just means that for next five years you're going to be very happy because none of what -- do anything for Paterson it's that it's it's the emerging markets story they're building their building they're building there's only one thing -- used to build with its commodities it's a great long term though that doesn't mean that we won't have a little up and down your divot you've given that five year long term trend line.
The emerging market economies are driving the global -- They -- building everything they can do -- their big consumers of commodities that's a great play.
Let me know what happens between down into the year.
I I think we have a huge rally in the market made in my definition be used rally -- the -- -- -- somewhere above 121000 and this is post a week from -- -- We can do two things -- gonna happen one.
-- your intro burnings are gonna continue to be strong once the election is behind -- guess what we're gonna start focusing on those earnings -- -- part of this move.
Is going to be on earnings the other part of the move is I really believe that one house of congress -- -- at least.
I think actually both of them could.
That full -- up the greatest thing for investors which is gridlock.
That's worth probably 500 points on the dollar that's been doing stupid things lame ducks kill I'm I'm always worried about congress doing something stupid especially -- lame duck session.
But because of the way Health Care Reform was finally turned into law with all the behind the idea of this scene deals and and all the bartering.
I think -- be very very difficult for this lame duck congress to do something like that again if they hadn't done that before and had so much publicity shoulder on that I think maybe they could get away with that but now you have every electorate you're watching for that -- and they're not gonna catch us twice -- so.
I -- lessen the likelihood that they do something great.
You like that I just have to be half right heck yeah that everybody says it's good to see you -- -- here little optimism.
So but here he's -- well okay my.
Great victory absolutely well I think it's its way back.
We will be that we get the mortgages and -- And FB and I love Tracy brands -- definitely down 26.
Points right now it's inching up a little bit.
Overseas markets close about this haven't this is a -- times we see either.
Stagnation or movement based on what they're doing position that a little bit gone home for the weekend but if that's about -- -- we get some great earnings were getting top line growth.
Could be something something either way though it is a week from next Tuesday they'll be the big tell.
We've been talking about nothing but this mortgage mess lately and how it's not getting any better anytime soon very heavy it is with a straight -- -- fan of mortgage market guy.
Arguably little schizophrenic you have two sides to you and so we're gonna get to both sides we can only only to only -- maybe maybe some more of them I think.
The book it's not about your mortgage snipers yes.
I don't think they get what they're doing right did they understand and they I know they don't understand.
-- -- they're -- with -- -- first time buyer credit help -- through the -- that was unbelievably bad disaster.
Foreclosure freezes now here we are and the best is -- get a bank like Bank of America they freeze everything and seven days later they say it's time.
Oops I might as well as the reason for that is because the problem is that it was so complicated that we -- were packaged and the complication will be okay if the execution of it would have been done properly.
-- an -- to try and make it simple imagine a bucket with all these mortgages.
And what people think is that their mortgages assigned to a bank -- signed to a service that it's not that way.
All these mortgages go into a bucket investors get one end and people paying the -- put into another.
The -- investors OK not the borrowers.
They get a stream that comes off the top of the first money coming in it isn't that they're hooked up to a specific mortgage if you invest in this you're getting the first stream.
Once they've got their money than the -- stream gets there's the -- stream gets a higher yield for taken on more risk and so on.
So what happens is you have to be real careful on how you attribute the security interest in each of these notes.
That wasn't done well.
And you took each -- basically about the title.
The title on the note the notes that the new X the important part the title on the note is basically MIA is saying now when you go back and you try -- you know what.
Throughout these mortgages and help these people out and -- points.
Here's the real problem is that the people who were supposed to service -- and and that's been in maintaining these.
They didn't and then when foreclosures came -- -- you have a clear chain of title on the note.
-- -- dole hopes and what they did was they said.
-- little magic.
And -- where where we're not supposed to decide just to clean it up.
And that whole fraudulent mess.
Is this potentially going to be why did -- take care apparently to begin with it a rest to get the job done it -- it's it's sloppy it's just slot where we go to the number.
Go at it we really never get well.
What we we never were in a situation where foreclosures amounted to such a large portion of the big the -- mortgage world you know they were always well below 1%.
And give people kind of thought for a long time home prices -- continue to open and not a lot of people -- -- such a dramatic decline helping the same time as mortgage when it -- what you're saying if it's starting before this home went into foreclosure it started with the title of the original loan that's exactly right so what.
Again was that just part of the exuberance who cares what -- pay attention it's it's it's difficult to say why it wasn't executed and is quite possible that some of that was just the sheer volume.
What you are you getting fees for it.
And you got to count on people to do the right thing on on on execution of all this stuff.
But it's tedious work people don't respond to a lot of the stuff -- -- -- clerical Ian will make sure this is -- OK we'll get a file with that and then it's easy for stuff to slip.
Through the cracks if you doing small -- it's easy.
If you're -- enormous volume so much could slip through the cracks and then trying to enforce it.
Then you have opportunistic attorneys they're gonna say their clients.
Well they may not be able to enforce that foreclosure that word gets out there and the people say why the action and make my payments some -- I don't have that much equity anyway.
And that causes a very big problem.
And also what's hurting the market so -- right now.
Is the part of the market that was actually moving in getting things clean up is when these foreclosures were put to sail.
People say hey I can behind -- -- cheap deal yes but they're chasing what's happening is people who were purchasing those insane hate I think that's an opportunity.
Have the fear now on the back of their minds it's just we admit even though this may seem a good deal and it could be successful business transaction.
If I'm going to gets messed up on the title then.
I'm not going to do it 24% of second quarter sales were.
-- -- practically and you write an update people think now they're gonna it's gonna next time around because I'm not that's a booklet of one another beautiful little the market and at least the lip.
I -- when people actually that were.
In the process of buying a foreclosed property that pulled out from under them and -- like we have not women's movement.
So that's the problem -- how this gets handled is really critical because if we take an approach that it's going to be over litigious and based on technicalities.
This could be a big mess away.
Actually go from -- has sent a week we got to pray and hope that.
That sensibility comes to mind and says OK and -- -- maybe we don't have the technical reinforcement.
But we have an understanding of how these things should be reinforced.
How's that -- -- that they put in place.
They should pay that obligation they shouldn't get the home free and clear if you want to penalize sloppiness.
Penalize it but don't say you get nothing I mean that would be the worst case if -- -- leading keep good records and you have -- Rights -- -- to the property and you get a free house that would create create can ask -- who pay their mortgage.
It if they say look.
Clean up -- act.
You're gonna pay a fine.
You'll be protected on what you old but you're gonna pay some penalties that would work.
You're relying sounds governing what yeah that's got.
Let's talk now to the other side of -- the other side of your world.
People are getting to -- out of their homes -- you know we have no jobs that official unemployment rate is like 18%.
And yet you as a producer one of the greatest shows out there it's basically is it though right thank you you you produced this show.
Yet people still keep coming.
Has brought me -- I got to believe broadway's felt a little bit.
We have an on Broadway we are we we we have a touring show that's doing very very well and we have one in Toronto that's doing very well.
It right here in New York City on Broadway without the tourism coming in.
During the week we're feeling as most shows are.
A little bit of a dip the weekend despite his people still wanna go on the weekend so we're we're feeling it is this.
But people are spending some money you know doctor Bob talked about the fact that the spending this this unemployment money and a lot of people who are making the mortgages suddenly have a lot of -- -- cash -- out but.
I think what people trying to do his view -- -- more prudent not as big ticket make she did value.
May be cut back a little bit.
But still have a life and enjoy it and part of that is going to see a great show and laughing and enjoying an -- and living life have yet to cut ticket prices.
We did cut slightly a few months ago absolutely because you wanna be sensitive you know -- get ahead of the curve I think everybody's trying to do that.
It's important for people to know that shows sold out.
You know if it's it's good PR it is great PR and Connecticut to see you wanna keep you wanna keep and plus it has a different vibe when it's really fault and everybody's happy -- -- there why hitters up there and every you know.
You walk out of that show.
And that's the thing about this shows that you walk -- really happy and you've left a lot you feel good about it.
It's a really fun show people who haven't seen it's pretty much based on the music that I grew up on your god that's eighties.
You know -- not that old and so -- you up every day every single one of those confidence what a name guns it.
-- was as -- yeah I've seen him on accident ever so abundantly.
Motley crew seemed journey.
Attorneys did what he know what what's great about it is that guys typically go kicking and screaming to Broadway or it's like the favor they'll take their date to a Broadway -- This guys love it for some reason guys are enjoy -- Chris -- because he was he's like it'll music's gold and -- -- it -- -- and he loved it loved it -- it gets a lot of -- you -- he hasn't impressed though we're we're -- -- -- Boy oh boy you know a lot and we don't know we're going to be doing this we got Dee Snider in there which is really cool cause it's like.
It's like having somebody who actually did this music now in the show -- great of this system.
But you know yesterday it was just an interview that that Jenna Jamison wanted to pursue the possibility.
Of a role in the show she can actually can she can sing that you can't hurt actually -- yeah -- she she really would like this opportunity to be a lot of fun this is a fun showing you the shows the cool shows were all the celebrities go all the sports for years ago.
And and just based on talking to -- about it man look who knows if it'll work out maybe a well.
It was all over the media all of the press -- he's out there you know I now I -- so.
What happens how do we keep getting rock faces out there or do we consider me be doing another shaft.
Well for me.
I think that we just kind of stay focused.
And continuing to build brand were hoping to get into Australia and London in the next year.
And continue to support the tour continues for Toronto and really support Broadway we have the big movie coming out.
And we -- hearing names that could be associated with the movie of rock of ages like.
Wolf our role.
And -- and Tom Cruise may be Stacy jocks very soon that will be hysterical you know so it could be a lot of fun there.
Good thing I want to get part of it yeah you -- yeah we get you on yeah.
-- token -- There a thousand times.
-- -- -- -- -- -- -- -- -- -- -- -- That's always been affected Estonia get on brother that's the best tonight we'll give you didn't think they get this.
All you can -- -- -- -- -- now -- front so year on tour right now this week it's Minneapolis but it's during the US -- And and then of course right here click -- -- yet.
But I think your being here it's so great and really is Bradway ego -- -- on baggy CEO and founder of mortgage market -- and producer.
Rock -- -- costly grace us.
-- -- -- -- -- -- -- I gotta get we had actually continue to talk about how the economy is melting at this seems Marcia Wagner is with us right now found their principal of Wagner a lot of Marks -- -- coming back.
Thank you so much for having -- -- here I was so intrigued that what you're talking about with this whole notion of people -- this is getting through by pension requirements and they don't know about.
But we got to top this time more about the states and the state of the states I guess you could say and how.
-- -- there really is no money what happens to these pensions what happens to the people that are relying on these -- We we are at.
At the -- -- frankly.
Quite a crisis.
We are at a point where many.
If not most of the state pension funds are severely.
And that has a few very significant ramifications.
The first of wage is really the magnitude.
Of the issue.
So for example the state of Illinois has unfunded pension liability is approaching 78.
Billion with a -- Wow -- -- -- 46 billions.
And the state of California.
Is a staggering.
Billion dollars of underfunding.
This is a half a trillion dollars this was pursuant to a PA study commission.
By Governor Schwarzenegger -- done by Stanford University.
So this has extraordinarily severe ramifications.
Which if we have the time I'd like to discuss.
But here's -- thing California -- all we do is talk about California is just.
Its either gonna fall of the country you know that we're gonna just chop it off and send it out to see.
Forward -- -- bail it out.
Basically our only options right now and -- when you say 500 billion dollars in unfunded pension liabilities they have two options the way I see it.
They either say.
Or they get a bailout and then not gonna say we're sorry you're not getting this money it's not politically correct.
I I think there are.
Other options actually honey how.
It it it and there are other ramifications.
Of the underfunding.
Let's talk -- -- options.
They -- the reason we're in this mess is multi fold.
The first states don't have to live with the same fiscal austerity prudence that private employers in general -- -- because they can raise taxes.
And the federal government itself can literally prints money.
It in and that leads to almost discourage of over commitment.
You couple that whidbey stock market fiasco collapse of 2008.
And flawed accounting standards applied actuarial.
Assumptions it led to -- -- masking.
-- how underfunded things and until -- this crisis points but they're also operational.
-- -- pension systems themselves across the country that can be dealt with -- -- -- -- example.
The pension spiking.
Often happens in -- must be limited what that means is that employee he's the very end -- the career.
Increasing compensation significantly -- cashing in accrued vacation and going into a different job working more overtime because -- in the final average pay day.
-- dependence retirement benefit that at the pension spiking it really does have to be limited to a certain degree.
That's a thing I -- you put -- good when there are things they can do but there's so much.
God there's so much pushed back I mean -- you haven't implants.
They had -- vote after and months and weeks of protesting in the street to raise the retirement age to bloody years to.
We should -- -- like fifteen here in this country be sentenced the social security and these pensions are big part of the problem right because -- robbing from Peter to pay Paul.
This 500 million of unfunded in California.
If some -- gonna pay for.
You know -- I.
I'm sorry I tell you -- someone is going to pay for this at.
End of the day that's gonna end up being attacked back.
Yet things that can be done now if we think -- -- -- names into an adult fashion.
That won't make us make this -- teen choice.
As between cutting benefits -- cutting needed services that states in fact provide.
In India common -- ago.
And perhaps if we start the dialogue now and thank you so much for the for enabling me to speak out at least honest.
Fitted to commence a dialogue these actions can help.
India and they're they're not overly onerous started now so for example.
Cost of living adjustments that it is not going to be significant inflation for a long time eliminate them or minimize them minimize it -- do you pay to do pension spiking.
Had -- -- corporate governance and he's dizzy pensions.
So would be pension trustees and not to label oriented but rather that could be a beauty of prudence with the -- investments.
-- be -- India has paid to play type of arrangements to get there which reduces.
But should isn't need to get rid of these pensions altogether -- is to be going well -- Let people invest split.
Let's go for OK I have -- -- I don't have a pencil I don't have anything -- to me at the end of the day should that be the answer.
Many state -- Situations including California by the way I drafted -- that -- day -- currency commences employment.
-- that pension benefit that they have cannot be changed.
Now -- they would have to be constitutional amendments to convert from the so called defined benefit model in many states through the defined contribution model.
For the current employees.
Is that politically feasible I'm not sure maybe in some states it would be.
Perhaps for new employees they should be the -- moving to defined contribution plans that that could be helpful.
There there -- many.
Intermediate steps they really have to be disgusting to cabbage now.
Before we get to almost a point of no return and we EC state governments literally defaulting on their general obligation bonds because they have to pay their pensions.
I mean we literally at a precipice and people had to start thinking about options.
We haven't let's say let's play that we get to default they can't defund their state -- What what what happens.
Doesn't the federal government step into.
And the federal government would be forced to stepping quite frankly and so the question is what is -- -- of underfunding and what could be federal government be on the hook.
And B a Northwestern University professor professor -- has estimated.
City federal bailout of the state pension systems which may have to occur.
And militantly new account within five to ten years could be upwards of a trillion dollars.
The problem is though in -- and just noted in the chat we're kicking the can down the road and the people.
In office right now are continuing to kick the can down the road.
And -- and -- is saying look let's see temporary garbage and borrow from Peter debate ball and let the next -- deal with it.
And the reason I'm here today is to say that that that is an inappropriate response that we really have to take actions now.
Because at at some point in this could be is significant unrest -- significant.
Dissidents within our society yet because of this if we approach it now reasonably.
As is prudent people would think think that we can forestall.
And mitigate this crisis is brewing it's.
I do not feel like it's here already -- I'm glad you're here though and I hope you keep coming back and we keep talking about it.
And I tell you what a week from Tuesday people -- makes some difference on this -- -- founder and principal and Wagner allowed group come back we got to keep talking about it.
Thank you thanks thanks -- -- we're gonna take a break.
Because you guys are fired up about this.
Bail amount I don't know -- -- -- and the thing is.
And I've said this before the other people in -- paper about my kids your kids their kids.
-- -- sixteen -- up a little bit.
What about -- and I'm happy Friday definitely down seventeen points right now we have some green earnings numbers.
We're out to the -- yet why because -- -- and certainly we talk we don't know the two big issues thus far today the mortgage mess.
California follow the country basically agreed I say we just -- up.
-- -- -- -- -- I don't think that's -- -- -- an interview from California right now really pissed off but you know what.
Marriage that being said we holiday season coming up -- a lot of retailers -- Allegedly yours need to figure out how to get their products out there -- patties with a -- now founder of the joy of marketing times -- tight people don't have a lot of money.
I know that we're starting to think that things are getting better and better and better but they're still not great.
On coming theses to market their products properly to me back to feel like I'm getting bang for my -- yes house.
Well that's a challenge that every small business owner has and especially when as small business owners were competing with the big boys.
Right so we have to take our strength which is we don't have all these layers of corporate to go through to make decisions so we can literally sit down.
Have an idea and implement it very quickly.
So a lot of the things we teach our things like that you remember that's.
I haven't yet we do not return home they can't color pick a number yes you -- a third grader to show you how to make one.
And we market -- high school seniors this way we came up with some personality styles we hand made bag tags with.
Literally it silk screen our logo on it selling some paper to it so were coming up with things that.
Big companies can do on a large scale that we can use our creativity to do on a smaller scale but what are you doing you're selling these products what we teach small business owners how to use these products so.
What we do a brand marketing you have to work -- -- for the gap where businesses that can't afford an advertising agency.
So it's they -- a fewer number of employees may be there all by themselves or they have five -- fewer.
We have templates and a lot of audio education and webinars and things like -- to teach them how to take these ideas and make and their ground still.
Similar -- which I love.
Is you're giving it out just really because when I flip it up icy stare at a photographer correct.
Correct so I started a boutique photography studio two weeks before 9/11 good timing.
And grew it really really fast because my background is in business.
And I thought oh my gosh I love this and I started speaking and teaching others how to do it and found that there's a really big need.
For help for small business owners and it's clearly it's about being to do it different.
Yeah and being creative and eating that consumer here's a holiday card that we did a couple years ago for my family and my studio this isn't -- and it's a twelve days of Christmas -- each today we engage our clients and have them participate doing something fun with their kids.
A life so if things didn't -- around and you Christmas displays correctly hot cocoa -- -- only.
And well isn't that adorable and yet music there is somebody who doesn't actually my three kids -- yeah yeah yeah.
But this that's expensive.
It can be it can be.
But my philosophy with writing more of a boutique business is taking that budget in trying to do fewer things really really well.
Rather than a postcard strategy where I can send 50000 postcards out in my market.
So it's back to building that database -- consumers who love you know.
Maybe it's 500 -- thousand people and you communicate them with them on a regular basis and you keep them engaged with what you're doing.
Tying the charities you market with other businesses.
And then they become your champions mean we needed a holiday card like this couldn't happen -- nine.
You're not thinking that is so cool I need to show my good friends in the envelope and then what it is in that comes in Tampa and obviously that peace is much more expensive then.
May be the -- seeker that you take it an eight by eight square sheet of paper you print money at least your -- -- -- fall out of favor this guy throw all those other things out I even -- -- and I know everybody that's.
That you do we get -- -- that's adorable that this can't be cheap.
It is it's it is -- but -- people -- focus on cost per piece whereas we teach looking at the entire budget.
It's back to if you do the same thing everyone else is doing -- -- postcard you -- out you think you're gonna have this successful business.
You can't you have to have something that differentiates DO that we teach using marketing an engaging your clients.
We teach how to do that.
What about the -- Twitter and FaceBook and it has got to -- a place -- -- sure in the marketing strategy absolutely.
It for us I find a lot of small businesses feel like they get FaceBook page and then -- like I'm a post on -- that we're having a sale tomorrow because I'm can thinking right and that's how we -- caught up at four letter word you know SA LE.
Nothing should ever have a sale but when it's a reactionary.
Decision as in you know I didn't do my planning and now I don't have any phone calls coming in from -- quicker -- -- discount.
It hurts a long term value of your -- have been hurt your business.
So that's why those cleaning things are so much more important in keeping your keeping -- sales -- fall.
So look at what's the biggest packaging.
That we do my photography studio that again instead of just handing clients their images in a -- -- you know paper envelope we put an image from the -- -- in there.
And then on there they're box where they get images we -- You know a really fun image of hope hope here bidding -- it is again it's -- emotion.
Black juror warm Fuzzy all of those kind of things to get clients excited.
Something else that we really do that I think is -- is.
Looking the database and and realizing that our clients are not created equally so.
You've got that 8020 year old right 80% of your business comes from 20% of your clients are -- -- champions they're the ones that love what you do.
So we really narrow this down each year we try to do fun things for them so for example we take -- make little ornaments.
-- from their session and again it we have a little advantage in my photography studio because it is an emotional based products.
That we are selling -- you know milk or something that isn't -- fun but that's what it's about -- You know you've got half that price sensitive.
And price driven businesses -- got the deep discounters are always going to win on price.
And then on the other and you've got the boutique businesses that need to be doing extra things for their clients -- and stringing beads and delivery and an offering those extra things.
Because when you're in the middle that's when you get into trouble that you -- -- -- standout when you do something like this.
Yeah half -- -- Levitt -- is great differently in my favor he.
You can have it depends on how all of my kids -- -- and I expected to -- he wanted -- Even parent's job market here that they reliever Matt think Panetta said he found dead -- thank you so much really really -- -- you know.
McDonald you're giving it let's.
-- and it.
Really creative like really cool really -- -- and it doesn't -- me.
This this I don't think Nowotny.
We did this going to.
Throughout the bad hello I'm Rebecca.
As -- -- another member of the city.
-- there -- in earmarks if there's.
Lot of them here look at a lot of them.
Somehow you -- -- happen.
I think soon.
What's going on is is that we've got no budget.
We have no extension of the bush tax really haven't.
We have had what it called continuing resolution which continues to.
But the US government but they don't fall under the budget restraints.
Usually that a budget which would require so that's that's happened at about five of the last seven years.
And so now we have a laid -- fashion that would have to handle a budget.
You know basically with the for the next fiscal year and the -- the access in the bush tax cuts but somehow congress had time to enact.
Or -- to proposed proposed.
More pork barrel spending for fiscal 2011.
And what we're saying is 6700.
New pork pork projects proposed by congress.
For fiscal 2011.
-- a cost about nine billion dollars which is about on track and that's the 2010 performance report.
Which is that sixteen I have billion dollars.
-- nine million dollars COB for no I didn't 300 projects in 2010.
-- received 6700.
New pork per projects.
Or are spending could rapid -- pork barrel spending.
-- fiscal 2011.
And so strict you know what's interesting is that.
-- thing usual -- -- a few 1000000000001 million for the sugar cane and research lab and in Louisiana and then nine million in construction project that the president wants.
Including a helipad and a new boat ramp and a monument in the Grand Canyon -- some money in Grand Canyon.
But what another story in Atlanta cricket and I knew a monument now -- -- -- and we don't we're not sure -- national monument to monument in England at.
So -- with the treatments but you know here's the issue.
There's growing controversy in Alaska.
And I have to do with that cousin to the bridge to nowhere and over the bridge to nowhere truth of god that I -- Now we have the boat to nowhere the boat just billowing into the -- -- hit.
Because to that now.
So Eddie here's let me give any details -- this -- chasing -- love -- a -- a boat and what's going on here was former congressman Ted Stevens the late Ted Stevens.
One of this ferry boat from so don't get to home -- Despite the fact that there water taxis sets that connect homer -- -- done in this little town in Alaska.
And other other ferries and tourists boats.
That one of the new a new ferry and new boat.
And it wasn't needed it wasn't necessary.
-- is set aside seven million bucks for it even though there was need to be feasibility study done.
Feasibility study comes out three years later this is -- 2002.
They find out wait a minute does they'll lose a million dollars for the summit competition shocker shocker so fourteen million dollars still went -- -- and taxpayer money thrown data halted we have this -- To nowhere because of all the competition it's in routinely doesn't have enough passenger yeah.
Let me do let me see I'm -- NYC -- -- jumping people -- -- not when Governor Christie says we can't build the tunnel we can't afford we can't build a rail line we can't -- right.
That's how what we need a -- But we need a boat to nowhere so what we're seeing again and again this -- could see magnified across the state to receive little things like this.
And this is why you know the Tea Party is banded together.
And that isn't so enraged and -- get and why the rest of the electric have to sit up and take notice.
Then this the kind of fits the physical -- -- maniacs.
In Washington DC are really out of control because it is the rank smell of pork that is behind the deficit as now approaching.
The size of the entire US economy -- an automatic Fannie or Freddie -- Medicare and you forget that some of the -- about the turtle highlighting over the turtle -- -- hotly yes remember that end okay here's the thing now here's the thing.
This -- -- the boggles my mind that and maybe maybe on the senate -- on -- and something.
We're gonna hopefully -- -- these guys.
They have about a month and a half to play around with -- -- without you know they may be accountable so that's the issue right -- -- -- this one trillion dollar spending on an omnibus spending thing.
That they could come in and vote on -- on -- -- -- -- and then go all good yeah issue and you know what terrific.
The President -- proposed White House and the congress to think three point eight trillion in spending for.
Next year that's about the size of that the tired.
Economy for India.
So you know agony and make a great point but now we've got fiscal austerity taking hold in Europe.
And actually in Britain it's really taken hold about their country billion dollars in budget cuts and we -- -- Bond prices the cost the bar for Britain coming down and the swap insurance on their debt getting priced more affordably where our the -- and our debt.
It's exploding has exploded in the path toward that what Greece has some way to ensure -- were you shocked that had to go through.
That we intend to go through so much to raise the retirement age two years.
I mean come on I'm surprised that the level of outrage in France I mean really I mean they're striking and -- shutting down the Eiffel Tower I mean come on an end to this.
It's a great -- -- pushed the vote off.
Man that was like the worst thing content he needed -- can be strong I think we had to -- -- Yeah that's right nothing is something look what gets me is that some elected officials and some government appointees including the Treasury Secretary Tim Geithner.
Have been telling Europe don't do that you should spend a -- -- like somebody with arthritis advising somebody with.
You know osteoporosis to take on -- you know.
A black -- standalone depending on their shoulders hit McMullen.
Right but the mix metaphors there I'm sorry gang a clean up my -- over the weekend -- -- needlessly.
And plus they hadn't done it before some kind of -- again.
Should have done that.
And they can -- yeah.
You don't need -- over there than when Canada cooking it looks a bit make sure you want to live without we'll have some -- 11 o'clock tomorrow morning and we really an exit out.
Eleven were -- That Fox News Channel.
It was better than -- -- -- and then we -- minor accident 1130 that's right.
In Mac here integrated you know you 6700.
Its new gear monitored its pork project really.
In the old.
-- -- get rid of these guys may and there are losers but son about some good right now we got from my cookies -- -- -- How sad that -- of -- that Liz Gilbert is here with us right now talking about.
From the accident I've been concerned about for a while now gluten free stuff.
Yes gluten free in general.
I it's interesting to me that more and more people have food allergies or maybe it's just.
These days we can detect them with -- that's it -- like my son has -- peanut allergy.
I feel like every other kid his penis I -- and he's not a severe case by any stretch but.
He has it.
And it -- and watch out for.
Look at you know it was right there isn't it with peanut allergies.
It is actually I think technicalities or something that people know more about everybody hears about in the classrooms now and I think because effects -- scary.
Right yes can't go into an -- -- attack.
With -- -- yet it's very serious.
Mean there are more -- from peanuts and peanut allergies than there are -- a good analogy there.
But I think that.
People are more people are hearing about gluten.
And how to -- who is an issue for people with -- -- disease which is an autoimmune disease.
And people with food allergies it's one of the top eight food allergies in the United States along with -- do you have it.
Well lot of people don't know they have a lot of people walk around that you something -- feel well.
The way to find out if -- really have an allergy or you have the disease is to be tested.
And you could have sentenced anywhere from a runny nose to a headaches migraines to your stomach hurting and and not feeling well after you meet.
And -- well -- -- hides from many of us from week.
From wheat -- gluten which is gluten.
Gluten is a protein that's found in rye Barley and wheat.
So you can't drink beer if you have a great networking you can eat you know.
Breads and pasta and things like let me if everything what age you.
Wanted to simulate this because you -- corporate America yes definitely I -- -- and then what they said I need to make those recipients.
I had periodic issues with foods over twenty years I would be something I wouldn't feel well I kind of thought only.
You know I didn't know that there was anything wrong.
And it got progressively worse so I was in my forties.
And I got very very sick and nobody could figure out the doctors couldn't figure ol' what's wrong with me everything I hate -- think that I had Hyde thing had all of the symptoms like talk to about.
And dumb and still I.
What was that I became diagnosed I finally have someone who could diagnosed me -- I was allergic to all the top you know elections so we'll cut eight.
How to do that went where I I have not worked out of this hospital was to do it there's there's allergy tests I had blood -- there.
My -- because I had to that I potentially think lactose intolerant -- I feel like like -- said these seats.
There's more and more -- it out there so I got to believe that.
You actually you hit in there with this group.
So tell us about your products this country and -- allergy friendly with allergy friendly needs a handout -- federal means it's no wheat gluten there's no nuts there's no peanuts.
Business like pro -- milk ingredients.
There's no dairy no -- There's no point that needed to cooking together that wonderful I I came up live I experimented for many months and I came up Liz.
-- sit at the cookie ice -- all the time and I want -- something that tasted good to safety east.
There are exists what chemical analogy trading but to say without the top look for the top talent -- this allergy friendly I don't get it okay and we're gonna get him.
They will get them a whole foods you can get them at mrs.
greens you can find that Watson into some of them went for -- on the Internet I have a website I can more than cookies as well.
You -- now over twelve million people have been diagnosed with allergies let me if I was an hour gap.
This -- and saying I feel like everywhere these days and that's people have been diagnosed so there's a lot of people who haven't been diagnosed and then when you.
And that's all the top Alex and then you could Celia disease people winds.
People died necessary act diseases and anyone who aren't so this over three million people and that's basically -- it actually with autism I know -- one -- one about a hundred kids these days.
Segments about -- business Gary very -- I'm from Jersey Jersey's.
For the highest amount of what's -- kids in the country.
Why parents through.
Wheat and milk from an autistic kids diet.
My customers tell -- that when they remove those from the kids' diet that they see the difference in the child's behavior and ability to.
Perform naturally and talk and you know not all kids are going to talk but that they're able to.
Before more regulated enough really is amazing why I don't know.
I it's I think it's the gluten I think that this way be properties of approval.
And it what's next snap for a -- selling.
Yes you making money yes you -- companies make money yes even in this yeah it's got to believe that race but higher then.
-- -- that glorious and they have to be because the prices ingredients are 456 times what Oreo costs customs -- company to put those things together like we've done.
Yes the market -- a one point five billion dollar market for Google tree and -- differently product so what's it's -- well.
I will say that I sort of get it because as broken we are if -- -- allergic to something.
It can't look cookie eat your heart breaks when you do you're looking for any kind of alternative you can get my dad loves ice cream and the fact that she might be lactose intolerant it's like.
Catastrophic in our personal -- and everything it can't figured out.
So what happens now with an expected we just take this.
Across country we get the word out we get people in the stuff -- I think -- what are the other night -- make.
I do cookie dough so people can actually go home make their -- cookies that with the kids particularly funny and they cut out cookies or just your focus it's out of the oven.
I -- highs and hike across the -- very very popular holidays -- coming up with a brownie.
So there's more and more things that I'm coming out with -- -- -- -- more of these in the market.
What's gonna happen as far as the kids.
But are we gonna sexier kids actually get healthier because we're aware of this stuff but we just couldn't he -- -- workbook from.
I think twofold I think we're gonna continue diagnose this I think we're more aware now than we were before both of allergies and other diseases and autism.
And I think that we're also -- -- have healthier products like this.
But -- happening preservative system where Sarah is not official ingredients and I think we -- parent to.
I think we wanna feed their children things that are healthier that don't have a lot of preservative -- -- -- -- -- -- kids -- see it now I am my son is nine he plays football on the football field with -- you can -- now.
He sits at a great -- It created a few months.
And it -- -- he's got to -- something going on with that they are humongous it they're just gonna wait so high and I heavy kids they're just be.
It's one -- there's got to be something in the conservatives the hormones the way we're eating our children it's clearly that we that's affecting us.
I mean I was in my forties -- I was diagnosed with these analogies so weight eating a lot of things that are making us back.
And -- helping us -- that internal -- You can at the track -- -- and I have.
It could be there is the snicker doodles and initiatives that could get a which is a blah award winning been written up in magazines there's.
Talk -- chip cookie.
There's a sugar cookie and a brand new cocoa coffee act unchecked could -- do that at the the Canadian TV.
The Dow actually point its not so bad -- -- -- -- like this -- -- see how close to stick -- at the end.
See -- -- have a great weekend.
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