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All you out there we get a doubt about a 111 pointing out we ton of stuff going on this morning you know too much the president speaking right now about GDP down in Washington GDP numbers came out much better than expected.
Gross domestic product growing.
Three and a half percent Goldman Sachs -- they say they expected it to be more like two point 7% Robert great courses will come on and give us more details of that.
We add up Pelosi coming out there helped him -- right the house now has its new plan.
-- Tim Geithner again in front of hearings Senate Finance Committee grilling him Maxine Waters.
Just -- comedy that's all I can say I just you know with all due respect.
I give him a lot of credit for seeing their.
And -- -- -- -- -- out -- exactly he's like he's there bone heads bone heads like conjures it was a 110 years old in the senate.
And they yell and scream and Adam I mean seriously I -- that thing this morning I thought might not.
What are we doing up there why can't this is the crux of the problem right these -- don't know a debit from credit.
And yet they're creating financial reform or at least telling Tim Geithner -- to do so and then Nancy Pelosi editing and I didn't hear an answer blows instead I looked I was sixteen was coming out of my used to say what if I was trying to do so much work can read so much stuff and I got to be on -- -- -- a little bit I want to Bhutto later.
-- -- Since come by smoke is coming up my fingers and look up in this colosio -- -- -- Wanted to take my TVs we've thrown out the window that -- warned she said.
But not and it basically -- saying.
Government run health care everyone must have it's gonna cost about 984 billion -- -- ten years.
The CBO actually.
Under trillion dollars I didn't hear that under violate fourteen cents in the Congressional Budget Office though will be out later released preliminary process in this later this afternoon -- at this course -- all of this and thankfully is covering at all but.
-- going on jobless claims -- that was something.
Yep but no I don't jobless -- what you think again Robert this is from Robert -- here because they got a solid job.
See you coming -- well here's the week.
Jobless Clinton and learn a water here -- cool things off what was it the four week average went down 750.
People that was out of the 758009.
06 now up to 6000.
Of all of -- 530000.
To around that's not gonna get it done.
Did it it's not that that the pace of job destruction is slowing.
Yeah so we're gonna start adding jobs in 2034.
At this pace.
That it will never retire and while we know that to a yesterday we already determined that with planned on that's wanted to retire 45 nominee retired 95 Brett -- -- -- they put me -- threats that have today I'll never live tonight by.
Cannot pass in the stress tested -- That would that that is not good enough it's not it and -- not go to bed is no longer good though it's not.
But you know what.
Not as bad as good enough in the market today because -- -- expected disaster out of GDP and it wasn't Goldman's actually set the tone yesterday we talked about it they lowered the their expectations and really shocked the market today because those guys supposedly the smartest guys in room they got it wrong.
And a lot before -- a huge volume on the close yesterday a lot of selling going on yes yeah.
You know although I've talked traders and they say they saw what they thought to be almost like liquidation selling.
They think it may have been the rest of the -- on.
Hedge fund selling -- there are 90% complete on Monday.
And so that means yesterday were in the last -- get done for the month of October if you had to finish up that had to be done.
Hard to prove but certainly that's something that's out there in the market just adding on to the losses.
I'm sending it lower and that's just so people -- -- -- -- -- hedge fund insider trading at a trade -- -- alleged insider trading -- -- -- -- out in May include the former CEO of advanced micro device really PT -- for another day does come it came out had to step.
Came across the wires that he's trying to get his bail reduced have something to scales in space and walks away the home video of this is all in the market today I mean I wonder why stocks are jumping up.
-- half percent growth the Dow is the first growth since the second quarter of last year that's a nice headline rate -- -- but it.
We got to dig a little deeper into it by the excellent things about what one point 7% for the client right there you know obviously you've got housing going on helping to -- things you saw how you -- real estate investment was up a lot time residential construction.
Maybe we'll put -- by new houses modifying their -- to spruce them up to sell them.
But you know you -- -- inventory investment we've been talking about it's starting to perk up a little bit people are not liquidating their inventories much in the starting to to restock a little bit and there.
Consumer spending -- your silver lining up 3.4 percent -- you're seeing some you know some spending compared to you know what we had seen which was almost nine -- Imports though outpacing exports we know that we're not making as much here in this country we're bringing -- -- and now that people are spending that means we're bringing in more because we're buying stuff mean.
That was the one.
For silver lining of the downturn right we're seeing exports jumping -- we're actually sending more stuff overseas we're bringing in but now -- -- you know sort of we can't yet Hillary -- university around here and that talk about the time entry because this part of -- problem going forward.
Let me talk real quickly about earnings to the largest company in the world -- -- it -- it just having a conference cause and -- -- probably still having it right now -- -- You know made over four billion dollars last quarter that's 68% decrease yeah it is slower and they're getting hammered because -- -- my we had -- oil prices that you pretty much near record levels still.
In the third quarter bluster just coming down from those record highs you know that wasn't at the absurd 147 dollars a barrel but it still triple digits there and now you've got -- oil down a 68.
The refinery is really getting crunched to -- refining margins they're getting squeezed.
They had they had lost in that unit -- the end of fluctuation in oil prices not good for -- they -- it nice and steady because they can't.
Keep up if they foiled jumps up which we saw coming out of somebody -- have seen recently they can't raise prices fast enough to catch up.
-- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- People -- to stop driving -- much -- stuck with this gasoline prices are gonna drop perhaps and then again margin squeeze.
I got a point out the tax bill though.
Tax big eleven billion dollars and touted -- quarter it's down to about four billion medical loss to treasury about seven billion dollars for when call yeah exactly I love how they pick on these oil companies well and look what happened they're not making money in nit bid for now not the government -- -- either.
So don't pick on his welcome him more so be careful what you wish for ten minutes you know despite all the jobs they have to you know that -- huge -- tax revenues corporate tax revenues this quarter again.
So thank you away from our guys do the -- Robert and Doug -- -- it's up to date on now what's going on on both the -- -- And on the economic front there is a lot a lot about Motorola and at this moment caught on Motorola the later on the show what -- you're right there's have a -- No I didn't that was lucky enough not to get a razor bladed that -- -- -- in the tank of what when they came out that razor and and pumped it up and really try to.
Promote that thing it just was never the product that they hoped it would be -- the timing was terrible because that's the RAZR came out right before the Smartphone craze in the -- -- craze in the iPhone craze really started and the timing was terrible but they may be on their way back Motorola had some interesting things to say this morning.
And we'll talk about that a little later on the show Roy Williams joins us right now and all Roy -- -- SC EO prestige wealth and wealth management group you are not the head basketball coach north Carolina at this time when Robert Griffin honestly when he.
When he heard that -- also play wide receiver.
That's exactly right there's another one in the NFL you mom what do you think about the GDP number this morning are you impressed with -- as impressed says.
The market is on a hole.
I think it's excellent -- you have consumers you know spending is happening now we're seeing it start.
But -- that is infancy and you know we need to be real careful we are where we are right now with the consumer.
Consumers very fragile so you know you talk about health care before you know that -- if they get scared.
That then I gonna have enough money and they may pull back we're we're seeing them and the early phase of really going out and spending money.
Consumers have to become party coming in a big -- coming start spending.
The good news is on -- corporate front we're seeing a lot of corporations.
We have a lot of executives telling us -- against our hiring in the first quarter.
Projects are coming in Newton and business activities improving we're seeing capital spending -- proven so there's a lot of good things out there happening that we see right now.
You see first quarter really you -- as you're hearing these things you're starting to see that's what we're really gonna start ramping that up so you get the growth.
GDP growth third quarter may continue that through fourth quarter and then were able to continue that growth in the next -- is -- that's what people worried about -- muscular little pull.
And we I mean this is similar we look at the markets those three we had to pull back in 03 before -- -- forward again.
But -- gonna -- are now because he had mixed numbers you have leading indicators lagging indicators but if -- got.
Overall relief -- numbers from -- indicated since I -- C three and agrees expansion six months we've had.
But -- -- notion of leading and lagging I think he's out the window now it's very different especially when people point to jobs is a lagging indicator it's not I don't think that's necessarily true.
We -- jobs number we react instantaneously people are still very worried about losing their jobs go that a would tell -- the question almost is move.
GDP can go through the -- that people are still afraid that they're gonna lose their jobs and consumer confidence they have more than suffers no one's gonna shop.
And it doesn't matter.
What we're seeing people now get jobs we've -- last two months jobs actually pick up for our clients who were management executives at corporations -- Middle management and executives you know -- -- -- became part of president of public -- coming we've had some VPs and middle managers get.
Good job seriously.
-- almost you'll understand right now that's not taken in all the calculations -- that.
The only -- look back in the late seventies when thousands and college unemployment was horrible me on graduating to -- horrible time to graduate.
But right now -- you young people I'm a hard time but what it nobody's looking at is the boomers boomers are retiring.
Well we're seeing a lot of executives allow people unemployment numbers they don't work anymore.
-- it's party time for those people because they're getting unemployment.
For god knows how long -- forever because they can't expect right now and they getting a package to leave and -- and a package and are happy to leave and there in those numbers.
So you're saying that they were laid off an at this point there's an aunt and uncle back.
Yeah I had a discussion this morning.
You know what the client.
You know a lot of people -- I'll go back and insults in -- work part time so that takes some pressure.
-- -- -- the employment numbers it but that's not really in -- numbers but consumers have to start spending.
They're afraid they're afraid of what's gonna have -- their jobs they're afraid of the health care.
Housing Canada's summer on -- front page in Vancouver paper they were canceling.
On -- -- series hundreds of them for cardiac for.
Compound orthopedic and neurological.
Because it and the money advantage Notre Dame so you -- still all these unknowns.
I might lose my job are they didn't reform health care of my health care costs gonna go up as a small business person how my can -- this have a plan for this.
And with all these unknowns this Fuzzy gray stuff how could we possibly.
How -- economy move forward.
-- I think by individuals looking in their situation that they could spend money Americans have to start spending we've seen people have.
Three to five million dollars in the bank not one of the movies and spend money and going to movies.
So but we're CNET bobcats.
We're seeing I agree without a half but we see that happening now people are getting back to spending money planning vacations planning -- trips so we're seeing the consumer confidence.
You know it you know numbers may bounce back and forth but we're seeing get better.
And that's what's important right now that we continue to trend that things get better it's a healing process is not gonna happen overnight.
You know when you get the flow you may feel better one day and the next day you have pretty -- and that's gonna happen in the markets.
What's important with.
Individuals -- -- I need to make sure that they don't start chasing the tail they -- alum China is up 65% today.
-- you know for the year that's fantastic at times but when you lose 65% last year you need to be up over a 180% to get even.
So -- -- -- that individuals look at their needs our goals and make sure that the point is allocated.
Because nobody knows we do looking backward to say we knew the economy was to move forward and we expected to move forward but you know like what happened last year you can throw a wrench into that engine.
And it stops working.
-- 115 points today given the fact that we were down five and a half for -- in this little pull back at the start of the day today you likely the particular sectors oil markets right now.
-- I got to pull back alike small knit cap growth and value.
At this point in time you know for recovery does continue -- -- -- perform in the and you know and that area -- got here a careful you know what we're looking at short term duration.
And in all the packages not not the new stuff with and you know -- like all the credit scores.
You know we're also looking at corporate bonds are still opportunistic high yield bonds.
You know opportunistically got a real careful in high yield bonds -- -- go down and it triples equality -- getting slammed because they're directly correlated to the stock market.
You know so it yemen's and that technology stocks -- capital spending picks up as his economy improves technology technology should do real well known for our protect.
Not just abroad in the CN mean wearing -- do we let the chips to me like that.
Machines what -- part of tech to me like I find that very confusing for people about it I think as we move through them.
You know expanding economy at a time.
I'm pretty bullish on all the sectors in the technology area.
You know with the new windows product it's very possible that you know people have to upgrade hardware news you know you know hardware people may do well.
You know and the software people everybody loves windows and you know goal you know.
Everybody -- -- they should do well Ozzie.
Country continues to expand but you know there's risk out there you know we were discussing -- geopolitical risk and that's something we can't control also no one's talking about in 2000 when -- in the sunset provision.
That the government owes you anything it's a huge impact on GDP there increase -- taxes.
But also this coming two years you -- have the conversion of the Roth IRA that the government's gonna get a revenue.
Who knows what that's going to be that high income arteries that can convert their IRAs so this is huge and expects to take advantage that while they do have that one perk coming the government -- but be careful if you take advantage of it if you.
Due to pay taxes over two years and rates go off.
You know make sure it's clear whether -- a higher rate.
Definitely have to weigh both guys -- Roy Williams CEO prestige wealth management group thanks for coming but -- very much with -- him.
They Richardson joins us right now I mention that I saw Nancy Pelosi on one of the CD monitors and that is there.
And I try to rip the monitor -- along filled out the window rich because of this I've been so frustrated with what's going on but I didn't do it I knew it would come out of my paycheck I just can afford that right now.
What is happening with this new house version now I'm guessing that's what Nancy Pelosi was speaking about -- about an hour ago.
That's right and those monitors are pretty expensive tests and keep -- keep monologue ground.
But tell you what this figure has her latest have felt house health -- version out and it's something that they'll be working on -- the next couple of days on a couple of weeks excuse me.
This is a version that pays for itself essentially by the millionaire's tax if you are an individual making more than half a million dollars a year.
The income above that would be subject to attacks if -- family it's a million dollars.
A year subject two to attacks.
If you are an individual.
In cases except for hardship you would have to buy health insurance with a penalty capped -- two and a half percent.
Of your modified adjusted gross income and businesses would have to provide health care.
If business had a payroll of more than 500000 dollars or else they have to to face -- graduated penalty the penalty would be based on.
How large the the company is and how large payroll list.
The bill is at about 900 billion dollars little -- -- -- a billion dollars over ten years that's the speaker Pelosi says and she says she will cover.
Of Americans with this bill this -- something -- house is now getting into.
It did you think -- it -- and there's a voluntary public long term care insurance program to.
Have we seen that before.
They're a bunch of new things and -- that's that's one of them included there are some tweaks there is that language the voluntary state language for trial.
Modifications for arrive for.
Tort reform yet that's something that that's in here although you know pretty much the Republicans are saying that's not going to do what they hoped it would do you.
What they would hope out of a strong tort reform bill so -- not really going to see much much involved there either so well this provisions of wellness prevention.
There's some different tweaks this is as opposed to how much some of the individuals would pay the individual mandate the business mandate.
That's been changed and tweaked a little bit but it essentially.
You're looking at almost the same build -- public option is a bit weaker than what's BP speaker Pelosi had projected just talk about this robust public option that would work.
And it would say -- the public option if you enter the public option and you go see a doctor the doctor would be paid what Medicare patients are paid and reimbursed for.
This public option would have to negotiate rates like private insurance companies do for their reimbursement so that's that's a bit of compromised speaker -- he's hoping brings on some are moderate Democrats ultimately it's the -- don't have it in the senate will they have it in the house.
That's a really good question especially when you look at this version of the bill.
When this last came up this is right before the -- the Democrats and and Republicans -- the house went on break over the over the over the holiday this this summer.
What Democrats were looking to do you only on one committee was this weaker version of the public option now this is exposed to the entire house.
It was clear and it's bigger -- he didn't have the votes for this robust public option.
It's going to be very very close if she has enough votes for this particular option.
-- -- -- -- This is not cut the deficit it's not coming in under -- billion dollars I don't know what these people -- Doing down there are put in their Cheerios in the morning but it's making them think really happy thoughts and I'm not -- We get the official word from the Congressional Budget Office the official preliminary word from the Congressional Budget Office.
Over the next the next ten -- scoring on this that's going to happen this week and we'll get their release but what you have to remember about the CBO.
Is when it does look at numbers and it does examine scenarios.
This assumes that congress makes these changes and does nothing so CBO -- Numbers are just they are estimates and Mitchell -- wrap it up with this do you get the sense it -- covering this every day.
That we are getting closer or we just spinning our wheels and -- here.
It's -- it's a good question and I think we are getting closer to the conclusion of this I don't know if we essentially you're going to have a bill at the end of the day.
They're still plenty of horse trading left there aren't the votes in the senate it's questionable whether the -- through the house.
I don't know what these folks can pull out of their hat and that really remains to be seen over the next couple weeks -- -- thanks man.
And I stress having kids and got to DC getting its keeping us up to date on what's going on the house as Nancy Pelosi.
Unveils the Democrat for governor.
You know I can't tell you these two upcoming state elections could prove -- instinct to as far as health care goes you know I'm Jersey Virginia.
You get yourself a Republican in as opposed to a Democrat and if that can make some you've got some decisions to make you your you're voting you with the new GI I I -- my decision is made I am fortunately -- insurance.
And I am gonna -- -- the back.
You know what.
I love my state I'm born and raised there -- him but it is just carpet is correct it comes -- well fortunately that's a work against let's take a break Chicago to shame when we come back when I talk to somebody from -- -- your favorite.
Of all time I'm sure.
Zappos sports site it's site -- back at -- oh yeah.
I welcome back about -- -- dot com live Tracy Byrnes Chris Cotter.
Don't forget to download that fabulous -- iphones you can watch -- where.
Ahead though was.
-- -- this like you to one of those teens.
You know I don't ambulance you used equipment and answer -- -- I'm not at Texas Rangers fan perennial and spreading -- in second place.
When your your your hometown team is in these series and like it.
What -- -- -- at the Yankees are in the series and lose little America not have a little that little Americana.
I don't believe he hated franchise in all sports I got to go to -- body Jeff you are perhaps at any yanks.
You guys could be married for.
And if you were married you could get a good deal that.
House out here in the suburbs of Chicago this is something called the highland woods development if you look around you see it's one of those developments that got started.
And then along came the recession you see a lot of holes that's like Swiss cheese out here.
But you know we had bad numbers yesterday on on new home sales but actually there's some positive.
Rumblings out here I want to show you a little bit of that.
John -- home right here these are guys that almost went out of business they were right on the brink of it.
But John -- is the dad that I've got John Holt junior yes is that right John and Josh Paul -- well.
You were right on the brink of almost going down.
It just a few months ago we were -- are just right at the very edge of lose and everything that we had and have a close up -- and then.
Things finally start picking up and all the hard work that we had done before planning for.
A new neighborhood actually started working in public relations things like that -- -- -- how many of -- We actually have -- going and I -- the pipeline that we have two other jobs -- -- inside -- and John if you would obviously I want to coincide the -- this is that this would be home by Tracy and Chris if you had to get married and you could deliver this past week.
We needed to yield on our spinning.
I think we'll you know the good thing about this place very roomy -- probably you know wanted to could go to -- to -- and the -- Yeah I now get just do that on television I went -- But this play -- as for how long two years and it's beautifully staged its already to go.
You've -- and then not on this -- yes it was built there's gallery are a model home first showed -- this neighborhood.
And we had it for two years and -- every mortgage payment about it.
And now looking to sell the house.
And move out of -- is back home in the neighborhood but we get away I wanna get that Josh is work on this to it would look at it's a beautiful house.
Mark Lieberman our chief economist just at -- some numbers.
You know at the height of the housing -- It they started builders like you started one point 56 homes every one that was -- overture built many more than you're starting.
That it got down almost even back -- -- where it started inched back up the concerned that.
There's too much building going on right now -- -- still -- were not increased.
What I would like this see more of an entry and destruction.
Yeah -- you do have been a good thing is when inventories get backed up that's what you started to discount yet and it's going to be -- -- That's you're willing to take a deal of this house on his house by the way right.
I of course what we get this -- for our friends and we'll -- in New York two years ago it was between nine right now 699.
And but just for -- for the record to us being a smaller volume custom builder.
We never built that are rate at one and a half.
For what was needed for that -- built as people came to us we've never been -- back home builder and that's really been -- what caused some problems.
Exactly and that's what's kept us trouble there.
John and Josh all appreciate the time -- the tour can I ask one of us had never been inside this home.
Have you had you had a contract on the -- -- -- -- suggesting that there have been bit.
Yeah we had a contract on the home originally when we first opened up -- -- 29.
And 29 had a contract on I would guess it would have been great and unfortunately couldn't follow through with that and so we went ahead and canceled the contract -- -- since we've just been sitting and we get one person every week and comes through the house.
Still -- recovery room for recovery -- -- -- banks yet at the work.
Jeff Flock out and Elgin Illinois.
-- with John Hall homes and if you think here in it for two years a.
What do you just give it away it will that's the thing though that's the whole point.
Credit -- fastest selling I still see a lot of.
-- mobile living here in New York City so that when I go home to see my folks in Atlanta and there are so many small developments.
Of houses that are all for -- and if they still have fairly large price tags on the builders are having to carry that.
And pay that -- -- well I was -- but still at the same time.
They're still not you know.
There's still not discounting -- they're not dumping them on the market actually read it I actually went to look at one recently and has a lot to do with the appraisals the -- you know if they drop their prices too much they won't get the appraisal value on the next.
-- lot that they build.
And -- then the whole project becomes that much less they're out there and they're taking a risk but they're -- I'm like -- for two years.
Move from housing to jobs right now and apple against joining us one in studio here Geoff Gerber.
CEO of 360 job interviews dot com Jeff welcome.
And then grandest Hayden whose recordings revise it at zappos.com.
Great -- website joining us via Skype and Jeff also -- -- view.
One of the things you guys do is -- really look at it was so many people out there interviewing right now how can we make it easier or maybe even more efficient for.
-- the company doing the interviewing.
And for the person that is interviewing for the job and you.
Johnson interesting ways absolutely first of all it is a tough market out there and one of the things that's making a little bit easier it is technology.
We're learning how to change communication communicating with our friends job seeking.
So for the most part.
A lot of employers to be more economical are opting for web -- based technology and Skype probably being the best -- out there.
Brands -- the stats and you sell -- zappos which I will tell yet if one of the greatest web sites out there.
Now -- a good job got a bunch of boxes issues under my desk from -- does now but you guys have been using Skype to interview people you don't like a lot of -- stuff as far as hiring goes.
He tells about how that works and what people should know when they get on a state -- You okay what I thought I don't say that we're celebrating -- -- here so I'm not exactly great being okay -- if you look at having an impact yeah.
Anything in my body -- Anaheim Los happy Halloween.
And -- here and so.
And that all the accompanying we believe it immediately even you can Skype for about a year now we get it isn't popular with us some of our consultants don't -- -- email we -- incorporate Skype.
Into other areas of business especially and recruiting.
Intel in February he started to use Skype you talk with them out of town candidate.
You know that -- -- -- and link that's on the number candidate that we're seeing the costs associated with that can you really won't begin and as you can imagine.
And so we figure -- you -- -- we couldn't really.
In leading candidate won't cut down on cost and time won't make blow more -- Process Latin and it really had.
Yet that means you could -- basically don't you know the cat even cast and that over the United States.
Pretty much and your -- top candidate.
Actually either nationally or internationally as well.
We can reach out and a great thing is is very economical -- one of the things that people have to keep in mind is it's still an interview.
You need to practice as if no different if you're in someone's office and I think -- the biggest difference that people have to understand.
The one thing that's very difficult.
Brand itself throw this out to you.
Is that you're still dealing with technology that is ever evolving and ever growing in.
For example you're seeing me on the screen because our Skype shot is actually stuck.
-- so how how frustrating is it sometimes for you -- that you're having to deal with the technology that that is imperfect and when you're dealing with so many interviews.
Does that get frustrating for you and there's actually hurt your efficiency.
You know -- not a dollar and you know a lot of times he -- -- shut it down and bring it back up in an act.
Actually gives a lot of people out there who don't know about that yet so one thing that we gives me send them the -- an injunction behind the sky well I'm on their home computer in that we possibly to return label and it also.
So that you return it back to us when they done.
If I could have something to do that.
You know one of things there is a lot of times employers -- interview people to see how quickly they respond to things like technical glitches and so Frist is if there is a Skype issue.
Rather than having can be flustered.
Will be nice to observe hardly cope with that and basically has.
Example -- wise you just restarted all.
Now what's interesting is once they come back on line.
And come home the interview -- -- after that technical glitch that's a great barometer.
Part of the interview process though.
I mean if you know getting a sense of the house someone how you feel in -- room with somebody did get that feeling when the person who's on the other side of the country.
You know -- alone you.
I'm sorry did you wanna go ahead Jeff you know -- and bring you have to get get -- first.
You can get a grade audio video Q you know a lot of people such as -- -- in -- show in your networking using Skype so it's not an unfamiliar.
And more importantly as it becomes more of a -- we want to know how comfortable you are so for instance.
Tracy if you really comfortable and Chris you're not.
That's for any reflection on your ability to embrace technology and I think we've certainly seen that that that's the case.
-- quickly your thoughts on that.
Well I was just -- -- you know absolutely and what happens a lot of times a week low.
Who silent night and I can buy an iron.
You know -- just performing that can you give us some good tips.
For Skype interview you know someone -- -- instead you don't have to Wear dress pants.
You probably should -- to the camera falls in the past -- not wearing Obama on what I think is a -- issue right you don't want to be sitting in front of the wind I mean this -- -- things that you need to know to.
You know you don't -- that he didn't get them out of the window actually had to change delighting in here today because the light is shining down on -- and so did the club at the end I'll sell as much as I wanna do right now -- -- down.
-- -- I'm big camera adding we want -- -- a lot of top eight that they now and they shouldn't know loud noises in the background.
-- -- -- -- -- -- -- -- -- -- -- -- -- -- So I was something that we do.
It's lonely we do the interview.
It we usually -- -- -- to start out with -- we have a hiring manager talked to the person.
And so we do this -- interview after that and it doesn't really take the place -- face to -- interview but is the next best thing that we had until.
You know what didn't need a lot of candidate that normally we let out what we previously bride and and Cella at the end of the day you know we interviewed and people via Skype you'll be just -- -- had -- -- -- you still have them come and -- that they that they via.
Sees it as a secondary that makes a lot of sense rent is fat and happy Halloween out there recruiting -- I had zappos.com.
And -- average CEO of 360 job interview dot com that's the website 360 job interview dot com.
Good to see Jeff good to see Brad thanks very much they think coop.
They come back we have got to talk about GD PP -- she's gonna join us anti gravity of Maryland and try and set everything straight.
And get us to where we've got to figure this thing out don't going.
Markets of -- 137 points right now on the Dow and as my dad used to say it's better than a sharp stick in the -- But then again if it was down a 136 points it would be better than a sharp stick in the night your dad used to say that was one of his expressions they can't finish up -- -- I could think about it.
Almost everything on earth is better than shops that Kenya could really that expression really holds no water but you've got five market movers right now that have been pushing us up 137 -- when he got to the southern thing I think my that was born raised and in New York in Queens.
It's at the northern thing but I had.
OK then the -- big loser big loser dad was -- -- 18% earlier third quarter profit was up 54% but revenue.
Totally blew it and you know what happens when you miss estimates -- stock goes down.
-- some of port Lincoln National third quarter profit this is the first in a year rose 3.3 percent taking -- from an asset -- believe it or not so course question is whether they can sustain that.
The delay insurer and variable annuity provider topped estimates and again you topped estimates your stock goes up you -- testament to -- goes down it's just pretty pretty simple math there.
Number three -- Symantec.
The tech stocks are -- we've been talking about -- the stock was up about 10% earlier actually.
Fiscal second quarter profit up 19%.
Rising margins which is actually very good sign and strong sales -- in wait for the consumer segments today I yeah.
And they be.
It's all good stuff LSI court also third quarter profits surged sick but.
But -- -- 65 million dollar tax benefit I was plan that they Stetson.
And -- you're an accountant you know auditors and I find you know as they get right error in the afterward.
And Akamai Technologies also up today was up about 12% last I checked third quarter profit slipped on pulling margins -- It beat forecasts and their four cycles -- Lot of seconds for you today -- -- -- that you know it's interesting to you that -- yesterday that stock got absolutely annihilated.
They beat on both the top and bottom lines that third quarter that was all about what they said about the fourth quarter and they say it's not looking good right now their forecasts and that's why they got crushed so.
Now -- we're actually moving in that direction -- -- she joins us right now from DC of course.
Receive mail and professor of economics and Peter let's just get very top line right now three and a half percent GDP growth here in the third quarter.
What do you make of that number were you surprised that it was that high and is that -- -- a real number to grasp onto.
I don't get used to it it's not a real number to grasp onto a good -- that was a slower pace of inventory depletion.
The shelves there are turning out because American business.
Has few customers.
Another important part of that was the brief left we got an automobile sales and motor vehicles were full percentage point of the 3.5.
Don't expect that in the fourth quarter.
Finally residential construction got a lift from the no homeowners.
Don't expect that in the fourth quarter Barack Obama -- they're banging that drum campaign Obama.
Look we lost 530000.
Jobs this week.
-- -- -- that's deep recession levels unemployment is headed about 10%.
I was surprised it was as big as it was because I didn't realize cash for clunkers would come in that large.
We're going to be growing at about 2% a year there's no reason why we shouldn't about a six point -- this quarter.
Given the six point drop we had this is not a good number coming out of a recession.
And there is no reason this economy can't grow quicker.
Peter and asking about the vehicles because I'm here in October or may not be as bad.
As we had originally thought entered the vehicle sales is a possible.
That we could see some leveling out here moving into 2010 vehicle sales we won't have that much of a dip there.
Well -- we're gonna have a dip we're not gonna sell three and a half at a rate at three and a half million vehicles per year.
We might go from being the -- nine that we had up to about ten.
But -- -- -- -- up to ten and a half for eleven for someone like -- to make a profit on a consistent basis and that won't be enough for Chrysler or General Motors.
No I don't think we're gonna see thirteen million vehicles the additional thirteen million vehicles a year next quarter -- they would be popping champagne they would be dancing in Detroit you wouldn't believe that hysteria would be better than anything you -- -- Daria.
-- -- -- -- -- -- -- Acquaintances well.
And it's Daria.
-- -- and let Mae is nine million anyway so that's it's a pipe dream subpoenas and what according look like.
We're not have the home sales will not have the auto sales were proud I am retail sales could -- it sounds like it's going to be Graham.
Look at this number and drop that much come fourth quarter.
Well we're gonna.
Going to be looking -- going forward to two and a half percent growth a year.
We need 3%.
To bring unemployment down and coming out of a recession -- that means there's unemployment will stay above 10% if you're an ordinary working guy it's going to be tough to get a raise its gonna be even tougher to hold -- your benefits.
With rising gasoline next year.
The average guy's going to be Warsaw.
Are looking for Barack Obama to markets like France you can go to the doctor anytime you want ride the subway everywhere except to a job.
McCain picket line sounds -- here that.
True that's true that well there.
-- they certainly did a good idea then that -- Goldman Sachs might have been on the right.
In the right place when they came up with this two point 7% increase because if you slap you take out the tax credit.
You take out the car sales that might have been -- Wheeler number that what we actually saw.
Actually I had.
Did you take -- back out.
I was even closer but the thing is it's very hard to forecast the inventory number and that was so large a full percentage point.
And it was very hard to forecast how they would account for that cash for clunkers how much -- -- that would be taken out of inventories and how much of that would be.
You know taken out and be counted into additional consumer spending so it was a very difficult thing to get a -- -- tough number to call this quarter.
Peter is the the stimulus in general the 800 billion dollar stimulus package is that working at all and then on -- of that.
What do you make of the extension now the first time homebuyers credit and this 6500 dollar of the current home buyer -- Well I think that the extension of -- home buyer credit will help.
Maintain -- retail residential construction at the level we have just detained.
Unfortunately last month it was down.
And also visits to new home show rooms are down.
So probably bring us up to the third -- -- level which means it won't be a negative in GDP but it has to go up again.
To give us growth again.
So you know my feeling is is that that's a good thing.
But it's not about what you know -- life support.
-- bottom line is these guys got to do something about the huge trade deficit with China.
Get American manufacturing going again or not it -- this and I -- a little tiny Tim on the TV yesterday.
And it was talking about it is that there was no problem how China is going through a period of adjustment in this and that and it was gonna do some more diplomacy.
The -- Ted diplomacy with China is what strangling the US economy.
Mary -- I'm expressing university -- we love having you on.
See you again they say here is that the word out right.
I'm only comeback when you talk about.
On one clutch guy yeah I'm excited about that it felt -- like government waste that you guys we'll talk about that if.
Welcome back at foxbusiness.com.
Live don't forget to download that -- app on your -- you can watch us in.
Yes he twice as she'll Boise Idaho about that -- that -- updating -- -- it was just a Burger King.
However that's all right for an illegal fast food every time -- -- fast food every time believe you me and I know camera -- my right so tell us a question today.
On the -- was Motorola -- just leaving a Verizon customer myself I've been frustrated with the fact that.
Verizon really doesn't have the phones that AT&T -- and -- -- just face it or even.
Even sprint with the the Palm -- you know these other always -- the providers come out these really cool phones and Verizon has a great network but they haven't had a cool phones.
So Motorola this morning now not only did we get the Droid phone at Verizon will sell the Motorola phone -- -- -- sales thoughts on it done next week but Motorola comes out and says.
We're gonna -- in the third quarter and we're going to be in the fourth quarter coming up so Motorola.
On the move and you know you mentioned.
The -- earlier they've been dying on the vine ever since the RAZR came out.
Will this be the thing that actually saves them and brings them back to the forefront in terms of wireless.
Brings them up they -- Apple is on a different planet right now but -- -- -- -- palm.
Came from eighteen out of the ashes the Palm Pre at least elevated -- out of you know bullish surely going to be bit bankruptcy.
Will it help Motorola and.
I gotta tell yet first of -- I have AT&T I can't stand AT&T will that the network and I hit a lot of case of.
Verizon actually pretty good it's it's unfortunate I like Verizon -- network but -- they don't have a good phones will this being sort of what bridges that gap -- -- got a great network.
Now we've got the phones that everybody wants the gadgets does all of the gadgets still.
In a lift both Motorola and Farai and your gut says my gut says yes really have my gut says but he is -- that might kill.
In reports today also that.
The iPhone may be showing up in Verizon stores as early as next year so you don't Google and Motorola using the Google Android.
They wanted to get -- right away it can't waste anymore time wanted to get this holiday season when -- get in long before iPhone started showing up.
In Verizon's there was -- that still going to be the number one.
Gadget this year and not have to break down and get it but you know I think estimated that I really cool app and then I can watch the morning show.
On my life laden when that if you got up and I didn't get up that's what I am up way to open.
-- sacks -- up that early president.
Against government waste I'm sure you're up early too because there's so much government waste out there I don't know how you sleep and.
It is the 24 hour day it exists and why it's so he got stimulus but he got tax credit -- -- -- it -- I had ends when the taxpayers demand enough accountability get the right people there in Washington to stop wasting their money -- -- that's what it comes down to.
The incentive in Washington is you know is to go out and spend money and not really care what you get in terms of results.
And -- spending.
Really created jobs and help the economy we'd be way ahead of anyone else right now but.
One point four trillion between the TARP in the stimulus and look where we are.
Todd is a big argument right now as to whether cash for clunkers -- or whether it was way too expensive -- -- per vehicle basis saying with this 8000 dollar new home credit that that's actually being extended.
Where do you fall in terms of what you've been able it's discern.
All on this camp and is it really 24000.
Dollars per car into the cash for clunkers based on the do you -- time.
And the vehicles that they sold -- they wouldn't have sold ordinarily in the same for houses.
-- -- -- -- Wouldn't argue against either one of those estimates has been a waste because again any time the government gets involved it's moving money from one sector to another.
It's not giving kind of a broad tax relief that we think would have been the best way to stimulate the economy.
Look at the health care bill that's got winners and losers me all of this is simply more spending.
Thinking that it might help somewhere.
But if people don't have jobs they can't buy cars and certainly there was.
Some help there but then you saw a lot of dealers I think some of whom probably still have been paid.
Doing this on their own to get people into the showrooms and because if they want to sell cars they should create the discounts.
Not people that already have cars who subsidizing those that are out there Bynum again it's a transfer from one group to another that money.
Didn't come out of thin air came from you -- mean everybody else who may not have gotten another car.
Tom someone -- -- and set I think we need an accountability czar.
Isn't a lot of the problem though the way these things are -- in the day they write you know stimulus bill this -- tax credit for homebuyers.
In their haste they -- to get it out the -- bit -- all these loopholes are open because of it.
And it's just I guess human nature to take advantage of a -- well if you find one -- all the fraud.
I love the four year old who applied for the credit that was one of my favorite yeah -- easy I think we know.
And and so you're right there are let's at least say they have good intentions on occasion here in Washington are trying to do something that's not always the right thing.
But they do things so quickly.
That's one of the reasons that everybody's demanding that 72 hour review of the healthcare bill and I've heard a lot from senators by the way saying there's no way the -- will do this in three days.
Or three weeks they're going to take their time there will be -- debate and that's the way if they're going to pass anything.
They should do this when they -- only in Washington about three days a week some people argue that's a good thing.
But it doesn't really give them the time to consider everything that they're doing and how they're putting these things together -- -- -- a thousand dollar tax it let's not worry about.
Who qualifies let's just get it out -- and you see this waste.
Yeah and Tom you know just reading through the Edmonds report on.
Yeah how many vehicles really would have been sold anyways even without cash for clunkers and that's how they derived any thousand dollars per vehicle -- -- 24000 dollars per vehicle rather split.
How how much more my question is how much -- -- it really because every dollar that the government spends it seems like it's ill.
All all that many more dollars that are actually being taken away to get to that dollar spent on the consumer do you understand that the innovator -- -- so great.
That for every dollar that goes into the end consumer's pocket and just a good case it might have taken fifty dollars -- bureaucracy.
And paperwork to get to that point.
Again they had to hire a lot of people to process the paperwork they'd have enough people that's why the deal was got upset.
You know we've looked at a lot of different areas of waste in the stimulus.
And the broadband grants that we just released this list of 23 applications that we consider to be wasteful.
-- one example is 81 million dollars for the California -- been cooperative.
To bring broadband service to 400 homes it's 202500.
Dollars per home and I doubt the homes are even worth that much.
Some and by the way they're seeking a 100% funding.
Because they can't even come up with a 20% match that should just be rejected outright.
I got another one in Delaware.
The company says there -- almost 400000 unserved and underserved homes each category -- 300000 dollars 300000 homes I mean.
In the whole state.
-- you look at this stuff and they've got four point seven billion dollars to spend by the end of September of next year they start throwing their money out the door just about anybody can come in and get it.
But Tom this is what always -- I -- question this and I know you've been on scoreboard a bunch of time talking about all the pork that's out there.
You know stimulus packages first -- word.
Parks in states and stuff.
Do they think -- -- do they think we're not gonna catch -- -- -- do they think we can't do the math and figure out that you're spending 200 grand per household I'm not.
Is that it.
That what they don't suffer consequences when somebody does something like of that.
And it's in a company that person doesn't keep their jobs now the company wouldn't do this in the first place because they go out of business eventually.
But you have to look at the incentives this is -- business network people take risk and they get a reward.
It's really no risk in spending the taxpayers' money because.
That's what members of congress think we'll get them reelected so we have to change that so that they understand that there's a penalty meaning they don't get re elected.
If they go spend too much money and so far we haven't really seen and other Republicans lost the majority in part because they spend too much let's see what happens with.
Even bigger spending under the Democrats and whether taxpayers do something next year in the election.
Tom you and I and Tracy were all paying for that 8000 dollar first time home buyer credits so that our friends and neighbors can go by Alice.
On my name is because my name's -- apartments and they rent.
But how much more is that 6500 dollar credit gonna cost all of us because now -- to bring a whole.
Slew of people to the party now that we didn't have before a great number it would seem like to me.
Well we may run into the same problem we had with people going underwater in their mortgages and buying a home that they really couldn't afford because of this credit.
Look one of the reasons that housing crisis came about is there were too many people I couldn't afford to buy a home who were being told and given incentives to buy a home.
I think nation live somewhere they just shouldn't have been there in the first place so it's -- really watch this as well and see what happens with those people.
And whether or not it's quote in Fort Worth the 8000 dollars to get them into a home and I don't think we're gonna see -- good result out of.
This now because well they're doing an intern now comment prices -- homes -- gone up.
Just to offset the fact that they -- get getting credits of the whole thing makes no sense -- they just let the market settle on its own.
Tom Schatz president of Citizens Against Government Waste you do such an amazing job of keeping track of the pork.
Thanks -- thank you and by the way a bone to -- with -- -- Yeah idea skateboard parks -- -- thrash all right we can't do when it was hit with parties if it all right if you read it lacked.
A government official because of escape -- park and coming back you know let the attention of local people I know what to come out even as he's a big fan of -- -- -- and surfing he's gonna join us here coming up.
We'll be right back.
But backed -- business that com live.
Someone now thinks we should have a -- -- are now -- got about forty -- many ways you might as well throw the skateboards and you know a lot.
If it isn't my neighbors sitting to my left your right across the television -- -- -- under the same roof I know we have been out now any man to play what we're -- to -- building.
How does the phrase come out as a wrong phrase that's exactly right good good words on your part David hasn't and I live in the same building that you -- actually do.
We took the same -- in their Christmas and he a lot of -- guys who only got about a buck fifty.
It's all I got -- President that thanks the government waste that's all I got out that way that's what it's all about to go another way you know you have a -- bear -- your right front that you should take that -- -- doesn't look like that -- Okay -- yeah.
Yeah -- napkins -- and professional.
David you've got to really choosing series coming up on America's nightly scoreboard you're actually involving the viewers we're trying to get.
-- try and -- we've got reading detectives on the alert I mean there's.
The -- starts at home you know.
Literally at home I mean you know you watch you're always because you you don't wanna spend money -- stuff you don't use and stuff that breaks down and stuff that's useless.
You want to get the biggest bang for your buck so it starts at home.
It expands from mayor outs from outside your home it's it's your neighborhood you know if you got -- a neighbor that's that strong garbage on his -- bring it down your property value you -- -- you get him to do something about it then it's your mayor.
If you find out that the mayor's you know has his his mistress on a payroll you wanna get rid -- -- -- wanna expose -- in the -- So it goes hour now and eventually it encompasses the federal government that's where the trillions of dollars are and of course that's where we've been focused but let's start at home let's start as close to the -- the home that we can get in terms of our elected officials.
And the reading detectives people out there like you folks if you see waste in your city government in your state government or even from your perch if you see it happen and in Washington we want to know about will put John error and you could be our star scoreboard.
-- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- We -- we tend to get no I'm talking about billions and trillions as you sit at the federal level and we're always asks.
-- it affect me yeah this is a way where we can all learn how it affects each particular individual and each fan.
Well and again -- million couple million here and there is nothing compared to the trillions that they're there wasted in Washington I should say it's not always but it's a lot of waste.
But it starts at home and do the revolutionary movements that occurred and we are continuing revolution we didn't just have one we have one.
Whenever we -- it within the confines of our constitution.
The anti tax revolution that took place -- -- today and with the Reagan revolution.
That started in California.
He eventually got in these procedures in the late seventies in California.
To lower taxes in a level that still affecting.
You know the way that they pay taxes in a good way in California today and it expanded from -- to the whole federal level so it starts at home that's why we wanna begin -- It's gotten so out of hand and I just commented about my home state of New Jersey that it ranks right up there as far as corrupt goes with Chicago unfortunately it does I'm 'cause I will die in New Jersey but it is throughout this -- comes I hope you never -- -- -- -- -- it will be in Jersey autographed -- so I have had a but the problem I think is.
When times -- good we didn't notice it and we didn't care so much and now it's gotten so out of hand people feel like I can't stop this that you know that always gets that.
That's the cycle it's a role -- -- always happens we get fat and happy.
Yeah -- when we get fed and happy so does the government.
And then we begin the government spends so much that they put us all in the poor house and then we focus on bill wasteful money that they're doing and that we vote him out of office serving that is the cycle -- we go through.
Years whatever it is in the United States and were in the cycle now where will put the focus.
On the government pigs and and I use that -- their literal sense that people are spending money like pigs in the trough and they've they've got to stop and we've got to be the one.
Just got to elections coming up Jersey Virginia the do you think we're gonna vote out the.
-- -- from a jerseys you know were very well as you get this third party candidate in there is drawing votes away from.
The guy who wants their cut taxes some people suggest these isn't a Green Party candidate by the way he's that he's an independent and -- sort of -- -- -- being backed by Corzine to throw the -- but for whatever purpose and -- it looks like Corzine might pull that out.
So we may have more of the same and Virginia not solve the folks are more focused on.
-- make it a big change do you think people really feel like they can't make -- change because I know we sell a tea parties and we really have seen over the last year things are a little different.
But I still get the sense that there are millions and millions of Americans who just feel like they throw their hands up and say there's nothing I can do that -- That the dams are gonna do what they -- to -- on Capitol Hill they won the election and from that point on for at least two years maybe forty years they have control things there's nothing I can the inventiveness.
So of the American people is far greater than any collection of geniuses inside the beltway so the Tea Party was a reaction -- to what's going on the affected.
That congress which -- spending by without any consideration what the folks out there thought.
That's just won the way in which you can challenge the that the powers they're gonna be other ways that the American people are gonna come up with.
We hope that our -- detectives can maybe begin something in terms of empowering individuals out there use us use Fox Business if you spot something that isn't right if it made it doesn't spat smell right maybe don't have all the evidence and maybe it's just the beginning of an investigation but use us we would love to be able to put -- on air and expose what you have found to be wasteful spending in your commute.
And again it's scoreboard feedback at foxbusiness.com.
Or are we we seen in a little when we saw them.
You know Medicare Medicaid generation come around full force right -- fight against this Health Care Reform -- why do you think fox.
Is the focus or the target I should say of the Obama now.
Operation people it's because we have a facts because we if you if there's stuff that we expose whether it's acorn and the nonsense -- doing -- people.
Who were appointed czars who shouldn't be appointed stars.
We put the spotlight -- for all they're saying about -- fox is exaggerated Fox's hysterical fox is this guess what happened.
We we had to measure to get rid of acorn in both houses of congress.
All of those -- that we're focusing on -- number of them.
Are are now either gone or about to go so we have power we have an effect and that's why some people think we're the enemy I -- you shouldn't read books are.
No no no no no no stars -- you know are revolutionaries.
And the scoreboard every night at 7 o'clock David -- of course the red ink.
Detectives in a bikini Halloween this year death if I was self involved but got his analog -- -- -- and -- my death have not yet he doesn't spend any money for any sign up -- up everything organized series.
You -- things that.
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