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On the foxbusiness.com live Chris cutter Tracy -- along with you -- -- Tuesday.
We're up about seventy points on the Dow that's exciting.
Would look like you know -- just sort of treading water a little -- first hour trading -- we've got a little bit legs here since then.
-- information out today right October consumer confidence the lifts.
People worried about their jobs and think that really should surprise any mud on the flip side he got home prices rising for the third straight month in August.
So while she was choppy about this US steel posted third straight quarterly loss oil up about a buck again so we have all these -- Yeah you know the consumer confidence report to you know Robert ray's tail on me -- -- right ways you're talking about this.
The fact that it was revised high -- The previous month.
Sort of makes that drop off this last month even now much more disturbing doesn't dad does and -- to see a drop back I mean.
The lowest since April main thing where where in April mean stocks were just really getting up off the -- back then and and in April you think -- things have gotten so much better in the of people are feeling a little bit better housing.
You know we've seen the economy coming back Sox certainly have -- your 40 in case no longer.
What it 200 and a half pro -- -- -- to 300 now I don't know depending on where you are but.
Clearly though what we haven't seen come backer jobs announces that's what really jumped off the page that -- -- -- scroll down through here announced.
Looking at the current conditions I mean.
There are the people saying -- are batter or 47%.
The present situation is at the lowest in 26 years going back to 1983 just.
Underscores that you have beneath some of that the better headlines.
The real economy out there is still sluggish at best.
I hit a lot of good -- I tell -- what jumped out at me that 29 point 5% of people surveyed expect their incomes to drop right.
That is down it was nineteen point three in September that's a big difference to shut him up like almost 4% 5%.
Increase in people that think entries their incomes are going to drop that's scary yes.
That is and doesn't look better I mean you look at people looking for jobs more jobs down to 16%.
Fewer jobs and you know the number today they expect fewer jobs to be out there.
Ought to -- -- basically they're both point in the same direction bad news for jobs when you mention the present condition isn't that.
Not necessarily a bad thing to -- everybody.
Thought everybody say and it's it's it's the worst it's the absolute worst right now because isn't that good when you forward looking the same we got to get to the point where everybody thinks it's the worst.
Before we can -- -- absolutely it's gotta get him badly on the -- -- -- -- right and maybe we felt we had and we're just getting there now how good a modified some kind of the silver lining in a report that the other silver lining in that.
Rock -- the other several start.
It's a year every year increase I -- August of 07 assignments you think about -- last October I mean you know it's all relative price that the -- what 53 revised up somewhere in the 53 last month and in the drop -- -- -- the 4750.
Is that you know that baseline sort of drop that far below it.
To me that's like she's -- we are back to square one where we were in the spring when -- is that building upon this thing seems that way.
Could you could argue and I think you're silver lining points to -- that need -- we are getting closer to being.
You know all.
How has broken loose everything is awful and now it's onward and upward doubting also big value in a stock market looks out six to nine months righted so they say and and I think about.
-- were back then maybe we're just sort of started to realize what people saw back then as far as the earnings are coming and now the question is where we get six months from here and if we're still -- that same level.
Maybe it argues for a like a lot of things sideways trading where you're in sort of -- range of trading -- -- the current levels by real quick on how's how's that that case -- that was actually pretty good report -- ideally -- improving for number of months now four straight months higher what you're seeing year over year the declines are smaller we're back if you think about the price of your house.
Back to the prices nationally autumn of 2003 student few years back guy you're still down about third from the peak second quarter of a six is still getting bad.
Vegas Detroit Phoenix Miami and ended there there's the big trouble spots that.
Where you're seeing the best.
Rate of improvement we're looking at Dallas and Denver they're still down about 1% year over year but but pretty -- -- on a monthly basis here you had what seventeen.
Areas to see increases month over month -- the big question arises though.
It -- aside this tax credit when it goes away at the end of November if it does.
What that does what it also is that factoring in our people asking more for their houses because they know that your first time buyers out there may get elected and actually get back you know.
We -- we don't know -- Artificially stimulating in -- made -- hard to quantify right now.
I spoke to -- -- can actually who said that it's for many it's a sales pitch now.
Plus -- you know you're gonna get this extra credit back so you.
-- it incentive to -- the price a little bit on the bottom and I can't tell you this almost any stock related to housing is higher right now off of this he's still.
So every wants to denial DC there yesterday he had just talk maybe it was not -- extent they took a hit.
Today maybe the winds are blowing the other way and there's some people on The Who want to expanded as well and so -- -- it's.
But it's it's artificial in the market it's harder to quantify you say you're talking to realtors -- have the best -- on it but.
How we won't know for sure they stop it would deathly via the -- a couple of months Robert good stuff thanks matter.
I -- a great.
Bomb when you look at its.
It's it's a really big arguments stimulus or no stimulus did -- we have absolutely zero.
Government intervention all a lot of people feel that way when you get through such hard times sometimes you need that government intervention I understand.
You know I -- Cody would come in here and yell from the top of the mountain tops.
I'm I don't necessarily feel that way well I think I -- -- -- the governments helping hand to get -- had a big problem with all due respect to -- he doesn't own a home he doesn't have a family is not the only does that responsibility.
Good luck it's what strikes me raise money Doug Roberts he didn't clean his office I know you know Cody well -- -- apps -- chief investment strategist at channel capital research dot com.
Yes we've known each other and Cody for a long time out Clinton's office -- You can imagine never actually seen them but I'll take your word that you can live and and what do we what do you make of just government stimulus -- before we get in the specifics about -- the 8000 dollar first time homebuyer credit or whatever the case may be.
What do you make of the government having to step in and help help the economy when we're at really low points like we were.
Like we haven't.
I think you have to really divided the two issues one -- kind of whether it's necessary and then who -- -- -- whether it's necessary it's kind of what I qualifier -- so for instance I think Tracy's housing analogy.
Let's say if your neighbor's house and investments have a by the beach -- not look through some floods if your neighbor's house is -- the flood line.
There is that once in ten year -- six sigma flawed.
Doesn't really matter kind of to -- -- much whether his house is saved or -- -- know would be what you wanna do with it.
His his -- is clearly below the -- line yours is clearly above the -- line.
However on a fire what's his we've seen in California.
It's distinct difference if you -- you're not gonna put the fire out -- neighbor's house.
Is it pays insurance hasn't paid his bills has done what he's supposed to do that fire can then spread and actually burn your house down.
That was the situation -- into last fall.
But then you have the second question which right now -- really not dealing with.
Which is kind of who pays for it.
And essentially that's really -- what I call the free pass for situation as those people who enjoy the benefits but don't bear the risk comes and the so called moral hazard argument and right now we have a distinct problem with that is let's say the bailouts were necessary.
The question is a lot of the people who caused the bailouts are not the ones who are bearing the cost of it it's what I call bail out Wall Street -- main street.
And ultimately which you really have to do if you -- an effective system.
Is you have to -- line and basically you're incentives.
So that nobody really has an incentive right now to really burn down the system I mean.
Too big to fail we're now seeing our governing getting word of smaller banks.
And creating larger banks so what is that telling.
People -- saying what I really need to do was my mistake is -- get big enough.
In other words if they're basically the government was looking at -- say.
-- hundred billion dollar bankruptcy vs let's say a 50600.
Million dollar bankruptcy I would get bailed out.
That sends the wrong message so ultimately I think it's less about.
Whether we need to do -- I think conclusion is we definitely needed to do it in those circumstances.
The question is who picks up the tab who picks up the bill.
How -- we eliminate this free pass -- incentive.
For having people.
That was thought through and that's why that's why I kind of that the as at much sense because it and it err on the side of Cody Willard and that we should have gone -- in the first place.
Because we didn't think it through we -- -- Everyone talks about you know Paulson -- showing up with these two pieces of paper saying -- -- 700.
Billion quickly do you think you would have been OK for -- and I just think that there is that we should have thought it through better we have no exit strategy right now and we are as you said it we are now becoming a as the nation.
I got a backstop I can do anything I want the government -- -- -- Normally if you go back in the history this didn't start.
Really with Paulson didn't start with George Bush started back -- in 1995.
We had this in that situation.
Which is ultimately win the Federal Reserve stepped in.
That a distinct group of people that they were gonna -- and those were basically commercial banks who paid FDIC fees.
We relied on something in other words if you look at it during the 87 crash.
They injected money they injected liquidity and there.
Very very quickly but then what they did was they pulled it through old enough -- stop doing open market operations but the Fed Funds rate rise fairly quickly but they had a backstop.
What the discount rate so essentially what they said is if you're not part of the banking system.
Will bill you -- temporarily and then what we want as an orderly debt.
And what we'll do -- love a backstop.
Kind of a low discount rate that is extreme it that is basically extended will only to members who pay for that insurance.
And then you know you have a system that wasn't perfect but it was functioning.
Essentially the banks got into problems.
But the shadow banking system was not -- out at no cost and what happened in 95 as we started targeting really.
The Fed Funds rate stop using the discount rate which right now we're being forced to go back to and we -- that everybody and that was where you created the incentives.
The other thing that was a problem is if you look at it's not so much in terms of regulation it's really incentives.
But let's flash forward to where we are today we're here is that we can do this happened.
What do we all agree with -- disagree that we can back and not a fan of the show how we get out of this.
Ultimately I think the answer is it's gonna take -- while he's you have a substantial amount of damage in the system.
Which you really have to do don't want people are doing is they're talking about one offs.
And kind of like saying essentially.
OK those people who kind of manage to do this are not gonna have to -- in the money back.
So therefore what we're gonna do is it creates an attitude and perfectly understandable with people like Cody is what -- not get involved.
But that doesn't solve -- central problem of the fire vs the flood that we've talked about so right now what you really need.
Is some type of a systemic reform so that really the people involved.
The decision makers have more their capital on the line and that those who really did that.
You can do that speculation not not necessarily change in rules for instance this is what I was getting to before.
If you look at it investment banks of which I was part of -- in the 1980s were very lightly regulated there -- unregulated.
Yet they were pretty much self regulating why -- all privately armed.
Of people's net worth was basically tied up in that in some cases there was personal liability.
So at that point what she didn't do is if I remember when I was at Morgan Stanley and that was -- -- Goldman Sachs.
You didn't walk away basically you went bankrupt and all your net -- disappeared so basically that partner in charge.
Was basically looking at you did not take -- you -- You really need to go private we need Glass-Steagall back in the mix up you know I'm not sure if -- can do that which you could do is you could do that simply saying.
What's in a liability argument that you're talking about for instance the same way just is a doctor what's it works -- corporation.
You can sue him for malpractice.
If he sits there and actually removes the wrong -- your body for an operation.
Even though it's within a corporate -- you should now established that degree of personal responsibility with the management.
I you can basically created a new set of rules and then once you put the rules in place.
You don't really need a big regulatory apparatus to kind of -- -- his when he got into regulators and who's gonna watch the regular as we have to look at Fannie and Freddie.
But it's really just changing the incentive structure and.
Add up that's gonna happen that.
That Robert thanks as always convenience it.
Let's take a break we come back -- -- final -- you're right it apparently Jeff Flock has got all kinds of a big hullabaloo going on Chicago's arena checking with him let me come back.
There was just something.
Hey -- -- foxbusiness.com.
Live don't forget you can download this.
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You can wants -- I don't know guess what island -- -- yeah.
What is it would that look like I buy food Burger King -- answer let's move on NAFTA flap got -- is that the bankers conference in protest is indeed soon.
After what's going on today.
Then -- the little -- don't like new invention bigger crowd out here today they don't have a live announcement of the and I don't know why I cannot get a good look at the crowd but I tell you guys certainly ended down here to clue how to give up to the stage and we can't -- some sense of what we're seeing -- beautiful man while they only get out this direction you saying look.
Some of the -- in front assured hotel here in.
Our goal that they weren't even American Bankers Association conference has taken place that's -- -- protesters got inside the convention on.
Can see right now the head of the service employees union -- -- -- governor Tom Allen all bruised and addressing the crowd and maybe it's.
Reverend Jackson up on the stage.
Jesse Jackson movie Richard trump did here the president -- LC IO this was largely organized by the service employees union AF LC I always -- community organizations around the country that.
It may be UCL here at my table and look at under the sun.
-- that you can't.
Clouds for the players like Eric.
-- Louis one -- Jamie Dimon.
JPMorgan Chase slid.
-- they've looked anything.
Actually protecting -- them.
The government against you that any regulation -- regulation of the financial industry as well you're paying bonuses at it and forgetting TARP money goes a bit too big gripes.
-- -- -- -- -- It'll be expressed here this morning I -- -- -- questions for you want are you surprised that the turnout today and given the fact that yesterday we -- -- it was pretty much did not event and the second question.
Given the rhetoric on stage do they understand that we're not talking about Goldman Sachs here we're not talking about JPMorgan -- talk about smaller -- I think they saw this -- is an opportunity to the American Bankers Association.
As has its members although they're not here today they do have BankAmerica -- And Citigroup for example any members of the American -- -- is a lot being on your problem thank you very I think they see that as you know.
Any place even -- this article to a conference champion is mainly small and medium -- -- thanks so they decided.
Don't need I know that we have surprise decision that they believe I -- down -- brilliant.
Is a large bruise not a day.
And I don't we're gonna -- and good yesterday and it was a really.
And -- was -- lets players.
Yeah well not really must go on board to -- me any moments ago about an hour to.
-- about an hour.
Out of a crowded outdoor market this.
Local banks and I Wells Fargo financial analyst and other.
We'll see what happened here -- only crowd it's not an early round at the moment and we'll see you and NBC and.
Jack a lot Al east Chicago and things conference of protest.
Pertain to -- careful.
Jeff Flock getting -- Chicago very big crowd and judging by the order on stage whoever that was of the current time in the very lively as well your point though is a -- one.
Their protesting the wrong but I mean that that's me that's typical of well -- and -- as Jeff said they're using it as an opportunity to actually is a big bank meeting.
Even though big banks aren't there and really that's the purpose of this -- is more for smaller community banks it's still an opportunity yet on TV and show everybody our displeasure that's exactly what's going on.
I sometimes feel though that's the thing with protesters.
They just get out -- Tesla and they also look for at this stage in my -- they -- an arm that we know several of about private equity it's something that.
So we gets put on the back burner and for good reason lately because it just there is -- a whole lot of it out there.
Floating around there isn't a whole lot of deal making being done right now that would joins us he departed medial side -- private equity to back.
This group out in Boston and Matt let's.
You guys to hold.
Private equity out there essentially partners these private equity firms.
All of what was the underlying thing that you found in this most recent poll if you -- with you to pick one thing out of it.
I think having the most interesting thing is that this has really been focus on -- by the 90% of funds -- -- -- -- -- 80% have.
Looks investment strategy 80% of we negotiated -- times.
And a surprising 28 senators eventually send one or more entities into bankruptcy this.
You know from and that -- an interesting actually spoke a few sources recently about this.
That there's Seymour divestitures more than anything -- companies are breaking up pieces they're sound the garbage getting rid of it.
Is that needed something that we can see that will see bubble up in the private equity well then picking up these divestitures.
I think we've said he's seen an increase in those looking to capitalize on the distress in the marketplace.
That there's been a big disconnect between the bias price in the -- price and that's one of the in many factors it's holding -- increasing deal float from returning to us.
Yeah when you talk a -- deal for a couple of years ago will we ever get back to that point I'm sure you say yes but -- time do -- These executives of these private equity firms think that will actually start to get those deals flowing again like we did 2007 for example.
That's a great question three quarters of the funds we said I suggest is going to be at least 2011 may be beyond before we see anything like the the elevated level -- -- investment that we saw back in 2007.
Is it lack of opportunity or lack of money because I would think that lot of them have cash on hand we talked to tons of venture capitalists on our.
Small business show the big these kids have money there's put people out there that have money they just don't have the right deal is that what we're seeing in private equity.
I would -- the agreement -- I think there's an awful lot of money -- waiting to go to work.
And the valuation gap between buyer and -- preventing that money from working at this point.
Looking for what I think we can see I don't going focus in health care.
I think you're gonna see both North America and -- -- key areas of focus and until that valuation gap closes.
And the deal subtle reminder press.
When you say health care.
-- -- how does pending legislation in your mind or maybe even in in those that you surveyed.
How does that really affect them in terms of -- they see windows opening -- doors opening if we go a certain way -- another way.
You know that's a great question and I think the industries in a wait and see -- to understand my congress is going to take the legislation.
And -- There ought to set needs she's petite DNA technology aspect of health care that is still seeing phenomenal interest from private equity.
It's a medical facilities.
People -- waiting to see what what's gonna come out of the legislation.
Yet you've got to believe at especially the financial services industry that.
A ton of companies are gonna turn around and say hey I'd rather go private then deal with the government going forward.
So I think he almost got to believe that once the spigots are turned and things start happening again there's going to be a flood of opportunity in private equity.
-- -- -- got I think the cost is going anywhere.
And I think -- 2011.
Into 2012 will continue to see some very interesting intense coming out of gas costs -- -- limits on.
-- were just talking a little while ago you mad about -- You know certain.
Did people feel like we're at the bottom maybe we're at the very bottom we have consumer confidence numbers that we had this morning come out that where.
Worse than we've had since last spring.
Is it the same in private equity and he did they feel like we're at the bottom about right now and there's no way to go but up.
-- you know I was at a meeting yesterday let somebody said to me can only go -- into Iraq to this point I think the question is how steep is that have been a message.
This coming -- from asset -- is that.
That that cut is not going to be very steep and twenty -- hole.
And beyond and people -- -- -- looking to much steeper climb back into the growth the -- That would will be wait for 2011 then -- that seems to be here -- points is marked a turnaround of all this that would partner would be DOC minced.
Private equity practice thanks for joining us.
Thanks Matt and opportunities outside of the US in Asia as well I don't think anybody would really disagree with them on -- it sounds like we should just -- 2010 altogether all of everybody out.
All of this it be great if you could go and of one of those pods that they use an alien member in the movie when Sigourney Weaver does win the pod.
And she was gone for years and and she kind of woke up that be sweet -- for the ailing.
But then your -- life and you don't wanna be rushed to live 2010 could actually prove to have some opportunity right speaking of opportunities something must of course China -- somebody -- -- -- -- -- something really didn't catch my night -- actually ironically was what didn't catch my Iowa tonight and this.
This NASA all rocket to launch in Europe there a delay -- -- it.
And then they said it was delayed because of cloud cover now let me tell you something I know a little bit about rockets and about escape a lot.
City it's the speed that it takes you to leave the Earth's surface.
Now why do both quick calculation yes but either -- to the -- at this 6370.
Kilometers massive one.
-- -- take tejada denied me square would have won Nevada by 637811.
Point two -- for second equate that to miles proud that carried it to.
Miles per hour.
-- is -- the Earth's surface now.
You think cloud cover is gonna stop a rocket let's go into what it would thousand miles per hour from escaping the -- so I don't expect instant win be -- play -- The plane is like a loft you know requires wind -- could send a plane -- directions.
Miles an hour straight up win Syrian gonna do anything of that rocket.
I got there and I think that that you know it's skydiving once in the first summer when you say don't go skydiving -- -- -- -- -- -- well on thirteen thousand feet up -- it's sort of cloud is partly cloudy out.
And the guy that -- strapped to that my life is -- -- -- in his arms.
He -- Saudi citizen.
I guess it's all right.
You guess it's all right we're about to jump thirteen thousand feet.
He can pretend and play -- jumped out of a plane at thirteen thousand people a rocket can't go it 5000 feet per second.
Through a cloud that clouds tough every -- might bounce back.
Get a sense low water vapor and iCloud -- -- we got take a break get easily build our right up well the rocket is delayed until tomorrow to help them out there I computer screen in the TVs it can't decide tomorrow again we'll follow it like that but there at the.
Hi welcome back -- foxbusiness.com.
Live don't forget to download that very cool at the iphones you can -- all the time.
Not breaking up not the diners something where you have -- yeah.
Somebody Jesse is that men marquis in New York fat lever at the securities industry annual meeting Haitian body hasn't done.
The party here what I say not much of a -- you know I -- any guys were talking about skydiving and square roots and I was -- Yeah average -- that you probably -- so we had Eric Estrada on yesterday.
Am talking about.
How much did you about just how much he loves Knox and fox business and the one Amy -- -- your body just.
-- -- I'm I made my day -- -- airlines' profitability my name on them yet.
I think that I -- eighty sandbox with.
Yeah I haven't seen it below Riley that's on you not -- -- and I -- and that is why you watch the wet snow yeah.
I'm glad it went out and information I got let go -- -- -- there me.
I got I've got a lot more -- from.
He's -- for you we have a great guest with us right now.
-- confessed he he is -- chairman and CEO steeple Nicholas.
And he's here he's one of the many alone or not he's that is here talking about the direction the financial industry where we're gonna be headed we're happy to have you.
Glad Rick Scott tell me.
You describe the tone of this year's meeting that you come obviously to -- -- part of this industry people accepting of what's happening the changes economists are resistant how would you describe.
Why do let's contrast the last I think laughter there was sort of a shell shocked -- the market were just the beginning of that in and I thought that compared to last year this phone.
It's much better people are much more proactive people realize this industry have to have change.
And I think people are focused on on that so I think the tone is very upbeat and peoples can see a little bit of light at the end of the tunnel.
What we're talking so much about regulation is regulations -- solution to prevent.
From happening what happened in 2008 from ever happening.
Well in in some ways yes in some ways now right I think that regulation have -- place but we have to be careful that we don't over regulating capitalistic system.
Five often make the point that today regulations look at the biggest -- I think the biggest issue in the market has -- this concept of too big to fail.
And so should regulation and address that.
Vs should regulation be trying to regulate compensation.
You're regulating compensation because.
What's happened here is that we have privatized profits and socialize rest.
In the system and if people just don't like that so let's find a way to fix that but let's not try to run -- -- -- them.
Directly around there right -- think we're headed in the right direction now.
I think we are I think that that there there's not many many issues that that need to be -- -- but I heard talked today about.
About dealing with short sales that capital requirements.
These dark pools of liquidity -- -- hearing market structure all of these things need to be dealt with and I and I think they're going to.
What your business doing in light of all of that said the changes are happening mark obviously great year for the -- you guys are involved very heavily in what's happening there I mean -- how how steeple Nicholas doing.
Well -- Clinton -- going quite well we.
We will have our fourteenth consecutive year record revenue.
We added almost 50%.
In associates to our firm.
So we've been a beneficiary of the turmoil but I don't wanna be one to sit here and say the market's terrible we're going well it acts that we are here I think.
-- you you don't gotten he he taught me that question that reflect not allow Alaska last anomalies are you worried about.
The attraction of talent here -- light new rule kind of rules and regulations that are out on the back well.
-- indeed no I am not because our business model and I think the industry have to go back to those that think that too much the industry from proprietary trading trading here on account.
Our business model for the -- driven model.
And so we give advice on an agency basis that is the back -- the future model in the securities industry.
We're attracting talent every single day could be more excited about it.
Thank you run -- mile event here to have you guys you know.
Fourteen years of revenue growth record revenue record absolutely -- when you hear it.
Those statistics you don't but they're out there and people are -- and they're embracing change.
And that really is it tone of this year's conference this at my conference guys good stuff going on here.
Not well done.
You know what I think that's inspiring because he's doing it and he's not taken hand out any.
Plugging ahead and ask who -- -- No -- look like -- yes I should go -- and read it now.
It's about embracing change and that's exactly what's your money something that happened I had not read that but I would like three what you even before I've I've listened to in my car just -- as a refresher.
Willing to change and move in the you know.
And that's what markets -- the exchange markets are up equity two points right now then appeared -- me do it after that really is dealt with us we did that is so true though I had him.
I exchange and we fear the doctor worse than anything yet we will refuse to go to the doctor that docked there all.
-- I mean.
Yeah I'd have to actually at heart if I may -- -- -- I would never good enough if I may based on my children my son and my girls my girls going that reflects an army you can put needles all over them my son starts -- leave the house about the shots he's going to get.
Still crying after he gets because it does it really got into a crime -- that -- Now for the shot it's the it's the end of episode yet Saturday evenings while it's moving as well I think it -- -- it -- -- -- We totally -- the limits of that a technically with under armour and it's moving down and it blows my mind because.
Profit beat they raise their outlook unfortunately forecast -- not as much as -- on the other -- and in ninety.
That's all you need to know no letters and I.
-- on position.
Dominant position sales happen where -- of loathing -- little bit different consumers -- -- shopping again I think the under armour stuff is very cool.
And I think it's and he its mature they get an -- doesn't.
-- body and I've gone there.
Your goal -- your call up today now than expected loss helped by an increase in sales the company said it actually double -- -- making call it a nice little day nice -- report.
-- on actually also surprise.
The main -- a private profit thanks to unfortunately heavy cost cutting.
Offset weak demand for business jets and actually winding down a financial arms and acted in her -- sees me but it still was up about 8% earlier today you.
I love this Ev3 this is that endovascular device maker -- -- these little Biotech companies better than expected profit strong growth.
Again now and -- National international and cost cutting international number -- out of -- play today China technology development group one of the biggest movers -- when I left my desk earlier they.
Entered agreement with China technology solar power holdings and they're going to.
Provide solar energy products and so it's all about or China is all -- so these days so the stock was on fire earlier when I left.
So those are your five -- -- -- -- like -- 41 points right now on the -- you know it's welcoming our next -- CEO suspect detection systems North America yelled -- -- is here with us.
All right this is this is like space age than you were talking unless -- rockets and whatnot you have it there I would suggest.
That -- all explain to me what this contraption is in this case that you're caring.
This through the small person mobile and those from afar -- what we called cookie -- suspect detection system.
Can into the U youthful many applications.
And you know -- we -- very quickly.
The whole idea came.
And as you've probably known 9/11.
Eighteen people came into the country they had no -- No ammunition became legally if possible to visas and no political -- than they had only one thing.
The end the intention did it mean even in -- So did US government.
The Israeli government came up how can we basic.
So law it come as the yes.
We came up with them.
When you start up.
Invested over -- -- many use.
Well financed partly by the US government of -- the Israeli government partly by private investments.
Deputy head of them thought because these -- eight.
And then we came out with their product that we offsetting utility.
This is the second year 58 we had.
200000 dollars but -- his -- -- million dollars and it's going good why -- It's already operating in Israel of -- In USA it's a few agencies are being ticking now and it being lifted under the supervision of -- of Kevin shots with.
There's no humans involved in this process that -- things that no because my brother used to be.
Federal agent was an interrogator -- saying you're moving him from the picture.
That's a very good question because that of soul the question we have being guff about human rights okay Phil -- -- this machine is that.
Every expert every lawyer can read the questions.
The -- be folded and the kicking.
Chemical that can change it and then we take.
-- dead -- being interviewed.
For fear of six questions full times.
It takes five minutes.
And the result would be on the screen suspect among some.
Low -- -- How can drive you can divide been machine if it hit another very good -- -- very good question.
The thoughts below fifty ratio is 96 with them than not that -- negative.
Is to be 90% of people with check in and Knoxville Tennessee might.
If -- And their mother's -- in ninety -- percent.
It means that the full percent of the of the people who we would be sent to addition -- investigation.
-- and 90%.
And -- -- effective means.
That that we should -- 10% off dead and we -- suspects in other words out of eighteen terribly if -- nine mile event.
Full -- fiftieth sixteen.
I would be you're gonna -- the hell out of people -- -- thing because you're going to be testing employees and I guarantee you.
Eight out of ten of art that the stat here in the studio right here would fail that -- in terms of criminal clients don't blah blatantly.
Yeah people are gonna go for further testing after they fail -- no no no no no it's very -- Five minute -- know what I'm gonna take breath.
I thought I think I mean I got labeled for life as a no criminal no it's -- five minutes there's.
-- those missiles you put your hand here descends or.
-- -- Off the shelves of the scandals known already -- it is the -- the same since those in the medical world didn't putting gruff sometimes I kept it up I think and then there are the same in there about nobody can the mathematical logo on them which is there actually based on now -- intelligence.
In the two -- is -- huge databases to to developing it.
No not -- -- then -- -- reached.
Five we'll repeat -- that we can be so we just being used yet.
That may give novel of course amusement in India -- machine in a lot of announced over all all of the all of the world of this Michigan to faced the Phillies.
The -- addicts that did did the big explosion in the -- to -- of which about.
And not only that we've been -- of this machine.
-- At the to a flu flowing into India on Friday afternoon.
To the deadly police that we did two weeks they're going to have another expedition.
And clawed and they called it a an update didn't pay attention that to begin tonight in India to have real quick you decide obviously is a fairly costly -- if -- -- about.
Governments buying huge numbers of them are companies buying big numbers haven't used for large all people write it let me tell you did everything you.
Big government in southeast Asia with at some generally we still do -- comfortable with it.
OK so because that you can see here of the dead the mobile unit but I don't know if for management and -- -- that's that's and did believed it would be based in this -- might not governments are going to be using this for voice control the Border Patrol for the big ovation.
And and police screening going into sensitive locations that careful except on the -- and -- -- I -- engines and strained business and debt and -- -- sure to attack either.
There's something -- PLC.
Of suspect detention systems North America operation thanks for coming thank you very much I think there's something to be -- don't take it home.
I won't allow you.
I can't and don't know him personally you know I think this.
We've got every high school kids -- Lyon left and I think things by.
I want but in this book industry for taking drugs if you're noninvasive.
And that machine but still you got problems with all the labor -- -- making them.
Take that -- seven they wanted to -- Self defense taking a test I'm just saying I'm saying people don't not like taking tests I feel like that's automatically incriminating about a couple of agents if you have to and I hit government for the but -- -- I.
-- app -- on the electrodes.
Well welcome back to the show before we head out to a next -- I tell you I about busted out laughing yeah.
Well known and I don't know what.
-- you we talk about -- 100% Sicilian family heritage -- Ali back in your brother who was an interrogator that.
Couldn't be any better than a black seemed to them hey I think -- Don't know what -- learned all this techniques doing just that having that they're -- and vice president of content and game trailers dot com -- -- -- -- -- Thanks for having -- appreciate it all right -- -- reason why when the main reason -- -- wanted to -- -- -- yesterday I was talking about this new.
DJ hero -- that Activision Blizzard has coming out CDA is the launch date.
And it just seems like on their website they've got all kinds of new games out and you were talking about that another up.
And it Guitar Hero game with Taylor Swift featuring her I think coming up in a couple of weeks -- -- Van Halen coming up later on this fall.
It really seems like there's an explosion of games for then I guess it couldn't.
Happened right at the right but added at a better time right.
Well the music genre certainly the perhaps traditionally been in light over the last couple years the fastest growing segment of the video game industry.
In fact it spurred Activision to last summer to make a semi formal announcement that they may be taking on iTunes as a music distribution platform.
Now we heard about that last July had -- heard a whole lot about it cents.
But with a partner like -- obviously Vivendi owns Activision.
But the part of like that you already have the gateway open for international distribution so.
If so what they're working on something sort of behind the scenes that could be even bigger -- the Guitar Hero or DJ hero franchise.
This exchange so what's funny season and look like people did come out and buy these products.
Well you know the game is who's been a bit of a slump over the last three months but the NPD report that the sales figures for last month -- it actually did.
Have a nice uptick.
I'm last month the year over year it -- grow a significant percentage -- all three console just had a price drop the we the PlayStation 3 and Xbox-360.
So far the PlayStation 3 has benefited the most from the price drop.
In fact last month was the first time that the Nintendo -- did not sell the most consoles in a month since it launched in the PlayStation 3 beat it for the first time.
-- -- a lot of people are waiting to by the PlayStation 3 until is at a reasonable price.
They dropped it it's a Blu-ray player it's the most powerful gaming hardware so I think you really start to see the PlayStation 3 start to sort of take over the industry at this point the question is is it too late.
Why though what's so great about PlayStation 3 in the on the weeping -- we are my kids and I are we family we love that we can play together.
PlayStation 3 at a -- I mean why flag lap -- holiday -- and -- that say over the Xbox.
Well the PlayStation 3 for one has the most powerful hardware so it has the best looking games that's one thing that's pretty much indisputable.
Two if you buy an Xbox and you wanna jump online and play against people and really enjoy all the features the Xbox offers yet -- pay fifty dollars a month for Xbox Live.
PlayStation network which is called PS then it's completely free.
Enough to the point where it has almost the same exact features that the Xbox-360 has.
Positives as virtual world called home he can go in its order in Iraq within the game players and it did come out a little later so it took a little -- software library to catch up.
But over the last twelve months is undoubtedly had the strongest software of all three consoles.
And -- it -- sort of out on top of that.
Bomb blast this year at.
Sony showed off its motion controller so now it's going to also have controls they use with your hands like the -- I'm in a quick the -- showed off if mission controller as well called project and -- hall but he's basically.
Operated with a camera the PlayStation version has both the -- like you have with the week plus it has camera control of the stuff they showed 83 was really really impressive so.
That we will no longer have a competitive advantage of motion controls the PlayStation 3 is already a much more powerful piece of hardware.
And so I think you know I think people are realizing that in the PlayStation 3 is starting to build momentum is gonna be really interest in 2010 for the industry.
-- what do you make of these new Microsoft retail locations that people can go in and play games and try out the system I mean would that be a nice push for them particularly.
When you talk about the the console sales.
Honestly I don't think it'll make a big difference Nintendo's had its own store for quite awhile they started in Japan native brought them over here a couple years ago called the Nintendo world store.
Sony has the Sony style store where they've been pushing the PlayStation brand for years and years it really hasn't helped them that much with the PlayStation 3.
Thought tonight how to play three logo and really play all the games in and sort of get your toes in the water I don't really see it having a big impact on the overall sales and in the industry at large.
So come out of -- you're thinking that the PlayStation 3 which seems to -- an opportune 99 is probably going to be big hit what are the big games and that people are gonna go out by I think is -- -- Madagascar -- game looks really cool it's it looks like it's driving thing.
-- up up small.
-- I think Madagascar.
I think you're looking at the fact that you like Madagascar are whether -- instead of whether the game is actually good or not he's had -- game -- have been released yet.
But if you go on Amazon.com.
That party drop the price of the game before it's been released so.
You know I didn't see where you wanna -- -- -- with your kids maybe they can look at the big the grand scale things like games are really gonna sell multi million units if it's not going to be Madagascar are currently I have what I our colleague Katie.
I hit back.
It's going to be like call of duty modern warfare two it's gonna be a game like uncharted two for the PlayStation 3.
It's gonna be in -- assassin's creed two -- the original sold nine million copies.
-- original modern warfare sold almost point million copies worldwide so that's really where you're gonna see the bulk of the sales in the industry -- yeah.
-- really cool semi automatic I -- our game we should just go out and slaughter each other.
Seen you make a very good stuff that went -- you know at some point right there -- Sunni.
Now modern warfare assets in -- -- be the top three movies it's up three games so that's and I still figure out 11 I think we shape when.
You know I bought today the PlayStation when it first came out.
And it seemed like -- there after it was obsolete.
I think there's always that sort of concern out there that you gonna spend all this money on a console.
And then down the shortly down the road something really -- gonna come out that's gonna make it obsolete.
You see -- on the horizon like that.
I honestly don't what they admit that basically Microsoft and -- -- -- -- -- consoles is that they were looking for much more than a five year cycle.
I think what you've seen it but the -- to the PlayStation 3 and the Xbox-360.
Is if you play a lot of games you can see huge difference in the graphical fidelity.
But I think for casual players they don't really see that huge leap between that killed him and I think that's why you've -- the we've become so popular because it's cheaper.
Most people can't really see the big difference in the graphics between the Wii and the PlayStation 3 and the Xbox.
They're planning on having -- cycle for these for both of these machines they're releasing their motion control early next year but the 360 and the PlayStation 3.
And both of those companies that said -- they're considering that almost like.
A new platform launch today create software exclusively for those that peripherals that under the console so go out by I think -- perfectly safe.
Great thanks -- we appreciated.
And -- mile thanks for having me guys.
Early video play -- handy things I've seen -- day.
Enjoy your Madagascar island could be and I know I can't answer why -- it -- that feel that it achieved but BP had not content and game shows that I -- I would never -- playing these games and if they were being.
Slaughtering each other angle you know I hope you -- could play with your kids and we we box.
Thumb -- -- look -- you're right it would you share that with Benedict speaking of children can tell you -- my accident.
The fact that they are in.
England England actually been on the forefront of what they're doing to these poor children they started a while back with this.
If you're overweight got to go to basically -- -- Swept I'm not yeah that's that's fine okay now criminals.
Are going to offer children as young -- not -- career advice.
OK -- heart that's.
Yup Smart now and it's unknown why because -- -- -- when they get his career priced at.
You know this the old age of fourteen individuals and they are just -- already on a path.
Destruction -- so we need to get my comedy.
-- -- is eight you can barely put the seat down after he goes to the Bakken and he's going to be talking about careers in Ukraine -- it is pretty -- game.
And you Islam that's what we're doing to these kids and this is happening in England -- haven't islands and again and reason to -- my eyes because awhile back I remember reading that they're sending overweight children to fat camp.
-- -- -- -- -- So they're trying very hard to make their next generation that much more -- got that much healthier in leopard concerns right welcomes it in the way -- -- there elements of -- right.
More productive for society.
As opposed to sit at home playing call of duty and I.
You know and I know -- Yeah I thought it's.
They're good show over there do you folks sending a way to go you're trying to prepare for the future quite at daybreak when we come back got a lot more to get to -- so don't go anywhere we gonna reads don't talk about that.
-- -- -- -- -- -- I welcome back to foxbusiness.com.
Live don't forget to download that -- app for your iphones you can watch us and where.
Well in of Madagascar are.
-- when you're playing your game.
When you're shopping you know you need to make sure you get every possible discount available this season could -- out there.
And thankfully Lauren -- bell CEO -- -- dot com is here in studio to help us figure them all out now I tell you I'd love.
That -- why is which tracks.
Things people search for saw that the online coupon it was up the search for online coupon was up 172%.
That's great news that means people are gone out there looking for these deals because they're out there.
For whatever reason it took people longer to search online for coupons I don't know if that was the stereotype of clipping coupons from.
That your grandmother would do every day before going grocery shopping.
But it's happening at breakneck speed now and I think mostly caused by what's going on the economy.
More people looking for deals never before more people upon him and savings dot com.
I literally never done that before I mean is that either literally website that you go to.
To find certain coupons for anything at any location across the board I mean that's sort of my confusion can't done this is -- they have done -- on Amazon before.
But be able to use a coupon.
Absolutely so we.
We have about.
A little over 4000 merchants that we -- deals from in over 101000 deals any point in time so if you're gonna buy something whether it's electronics health and beauty.
Home goods apparel -- travel.
It's takes about fifteen seconds to find the best deal.
I'd say what I I've done this and the reason I like doing this is his -- get -- card in the -- let's just 15% off in next order and that that Clark disappeared into the sunset at least in my house -- walls of a sudden it's gone.
I did this last holiday season on shipping.
-- site every shipping across the board even if I didn't have the little coded thing if you when I went search -- found -- the cook this specific code that they were offering and got free shipping on everything that's.
The second most popular deal online as the pro scouts yeah I think it's it's one of the barriers for people mile line -- -- I think of the store and get it but if you get a free shipping coupon why not.
And is on a blow would this past what you see that continuing here -- the holiday season they gonna keep them.
I think so I think so.
You know it's -- more and more people shopping on line more and more people finding deals.
I think the the trick right now is the economy's tight and all of us are looking for ways of saving money so can you do it instilled into thinking -- still save money.
So find -- best deal you're still gonna buy gifts you're still gonna buy presents for your family but get a deal.
It does not so people just can go to your site.
And you you -- them out to all their respective deals out there.
Absolutely and -- Our community actually takes over so it's not.
It's not me telling you what about stimulus it's our committee votes on all the deals so by merchant by category you see all the deals and the popularity contest for the best deal -- the top in our community helps each other save money they give each other tips and tricks and deals -- also read product reviews too because -- is of this got a million sites out there we you can read.
Product reviews its to me it's always a case of cash recycling trust which I think yeah it's -- -- -- go to CNN and stuff like that.
And -- you across the board just -- any product out there we are we are we focus where the consumers most interested so the top five categories online -- travel health and beauty apparel home goods.
And electronics and so that's where we focus but we have products across the board.
Now -- -- this you say I think you could be a deal wrote this your hiring people.
Hate these people we had deal pros on staff but we also have a lot of people that are just fanatical about deals communion you know people I -- it -- I think you have now -- David everybody probably also -- I cannot act out but people out there are people out there will never thought I'd bet.
You have a friend and if you're gonna buy something you know where to get the best -- you don't want to bother thinking about you can get the call and say hey I'm gonna buy a laptop who what -- do right now.
So we have a community of those people we make them available to everybody else so you can see their favorite deals you can see the top -- whatever product you want you can read their blog.
You can follow them on Twitter so when they're finding new deals they consent amounts you directly.
So it's this community a deal pros that are working for everybody I decided savings dot com -- then dale thanks a lot for stopping by that I did I watch -- are looking for -- -- -- if you order anything online this holiday season do not.
Hit send our order until you get a deal code -- somewhere out there there is one night let's go -- to the floor of the U stock exchange right now Nicole penalty he's doing this to get things wrapped up at the very end of -- -- All about that a little more than halfway through the trade David Cole was still positive here although it seemed like he might be -- a little bit down right now.
Yeah I'm looking at some headlines and Jamie Dimon of JPMorgan -- the US needs a strong dollar and that is what we've been seeing.
Over the last 48 hours yesterday we saw some strength in the dollar unexpectedly.
At 11 AM -- what we saw the complete reversal.
In an act -- is where the dollar and the entire in the stocks pulled back commodities pullback today they're -- a stronger dollar again.
Particularly after they got back consumer confidence number -- but.
The market move back and forth and and traders -- titans of Betty difficult environment.
Positioning themselves to someone like David Henderson -- stocks sank but you can not hesitate.
In this type of market as a traitor because it's very tough to anticipate which direction this market goes this direction -- Then really we've seen that we have been pulling back and there's been some momentum picking up.
To the downside -- after two weeks of gains in Dow 101000 last week people back.
We've been down for the last five trading days and more so than usual so instead of a thirty point day or sixty point day.
It's been a hundred point days a week we have been trending to the downside it's not save -- can't turn around again because one other than that -- netted.
Was the volatility but added -- stocks are leading the way today.
We're -- energy about 79 dollars so Exxon and Chevron -- watching names like McDonald's closing up the franchises there in Iceland.
Because of the tough economic times -- watching some of the retailers lululemon.
Not unhappy folks up and of those that local player but.
-- is -- and it's is hitting a new -- of 52 week high today so watching that was carters were waiting on them to release their numbers -- -- -- their numbers up.
We'll wait for that type of name is well Limited Brands going back a lot of it.
So these things that we're watching the dollar commodities and with the economic reports that come in.
Everything from Kay -- which -- a little better TV with -- waiting for tomorrow on where in the thick of earnings season so.
Any one of these that he -- -- be market moving event and sometimes the knee jerk -- so for example only got and that consumer confidence number.
At 10 AM.
We're doing well and then quickly pulled back and move flattening of negative and and -- are now on our way back to the upside so certainly this -- this very temperamental jittery type of market where -- lives one way or the other but luckily it's not by.
Those days -- we were looking at 300 points and 500 points and 700 points I think it's a little more tempered with attempt 27 point game right now.
A great point because it's not as it all over the place as it used to be what did you think of that consumer confidence -- this morning when they surprised -- it was somewhat expected.
I didn't have they taken with a grain of salt they really do they know that these numbers -- -- really not forward looking numbers.
I think that they -- -- that the case Shiller numbers talk if they have there is concern about housing and that remains and also the tax credit and whether or not.
What that would do for housing and and these the things that they're watching the things that -- you know the ability of India to help.
Care option the public option these things that are sort of floating in and and you know sort of cramping in the market a little bit but they don't focus on any one number two -- Okay thanks Nicole Lee appreciate it guys.
Local residents hope and -- -- -- and by the way yeah.
You can outlaw holiday shopping online like me if I walk into stores will be -- I have never done holiday shopping online.
Haven't yet in this spirited things I you know I take my car built in Long Island tonight shopping center and I -- till I drop back to putting everything in the pot.
No it won't be should -- -- my Christmas list do you then Nichols -- obviously.
Cats you can all the time you have kids won't happen to possibly thinking that a one day it's one day and anything I thought that day -- Go take anything we thought that -- didn't think he got.
But you family.
And thanks to come to.
All right so you know what she said I mean the -- it is very difficult to figure this thing out right now because.
This morning you get that consumer confidence report and I fully expected in the first half hour of trading that we would really sink because we got it right about 10 o'clock so I figured you know after kind of swimming around for a little bit and efforts -- shall we would -- and we didn't we didn't -- at first it was it was almost like you know what.
They're the kind of looking past that right now.
But then again but maybe there's that.
Are you know that argued it.
Arguable floor now that we're sort of not traveling up on air remember -- you know a couple months ago talking to traders saying this market is moving up on -- There's nothing holding it could come crashing down at any moment maybe now we have a little stubble on the -- little -- -- there yet I mean I don't -- but we have someone here the other basing that act on fundamentals are getting better me -- -- their less well they're less pathetic.
Maybe I still don't feel like we're what we're trading on fundamentals right now the -- I feel like this last leg up when we got to 101000 but let it.
When we're gonna give you the test and if that's -- I was definitely -- confident.
-- -- -- -- -- -- I thought of that.
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