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I'm happy hump today.
A senate and you know I don't like that the -- having Wednesday.
Does that come my kids at risk it's got there aren't about 45 points.
We don't anybody ADV job number all morning it's kind of the precursor to what happens on Saturday ADP said we lost 1000 jobs.
I don't put much I don't put -- a couple of early in the evening number have to tell you because it's.
-- -- -- different from what happens on -- Yeah we never really used to it all right -- right way to use this sort of the the coalition is really -- the -- been a little bit better.
As of late but I did with the job -- so important.
The ADP number we look at now the challenger -- and challenger grade Christmas number we look at a lot more closely.
That tells us the rate of corporate layoffs.
-- according to those numbers.
They will slow senility slowed significantly in February from January but also it's a survey in part of the -- is asking hiring managers do you plan on hiring.
Moving forward and many of them said Maine and few of them said yeah -- plan -- hiring then didn't -- What I -- -- -- one interesting thing in the ADP report was that they said.
The weather did not.
Play much role in the calculation and that again.
It was legitimately according to their calculation algorithm whatever it is down 2.3 to 20000 jobs.
Not a whole lot of that had to do with the weather whereas we've heard early in the week Larry Summers coming out saying the -- was really bad prepare yourself for Iraq and number on Friday so.
Then and whether the whether really.
Prevented people from hiring or cause more people lose their jobs -- is probably impossible to tell -- but just in terms of the way they calculate some of these numbers it does have an impact.
So it's a winter excellent -- -- -- -- just it's annoying.
The number of those moves were it was worse this year than -- than it has in the early years it was me February was worse than it has been in any other time that I can remember I know what to blame the snow on the fact that the economy -- Trickling along non it's the other way around him you're blaming the economy trickling around on the snow -- and thank you not stand.
Well the economy -- any of the economy was only better we had seventy degree days in February the economy stinks you know what speaking of that though usually have seven degree days in Florida.
And -- have to clear one thing up real quick.
All when we had a really bad problems in Florida which I think we're in January.
You seem to -- was bombing around the country -- -- I am just saying that is stored locally it was a warmer January all right so January they had all the frozen oranges oranges and tomatoes and whatnot and Florida.
And I was telling people that particularly our fox affiliates in the morning and they wouldn't believe me not all the with some of them -- -- I hear this every winner that we have problems in Florida.
Apologies to Wendy's which -- I feel.
I'm -- I know that was a Burger -- yeah.
Now that I'm actually.
It's me just say yes there's a sign on the I think it had fears -- all the cash registers have signs that say.
Because of the recent cold weather in Florida we have a shortage of quality tomatoes so -- want them.
-- yet to ask for them.
And if we have them then will.
Do unto you right now but they may not even have them.
So what is real solid and -- making this up but wasn't this deal whistling Dixie because became an expected to Florida we -- I think I would think going forward.
That's to be the way these fast food places go.
You should act asked every single thing I want is how many times you open that thing up I mean I found bound button you know I haven't you throw a lot of stuff out and they need to eat -- you want.
I am now but all wheel that's the well that's having your way that was the whole -- campaign in the seventies right in the Wendy's is saying when you order without does so with that we got talking about catch up and stuff like that.
Worse because then but then it would -- too long it takes a wanna go to -- -- -- -- a bad -- to say.
You know what I asked for -- catch -- and is only seven of them -- -- and I catch up you know how many times I go through that lot that drive through from my it to get it to the wrong stuff of course -- have kids.
That's the worst anyway we're up 33 points 39 points so it's it's better than a sharp stick in the -- Cavity it Cat Deeley and is CU is director of currency research at GFT four -- -- I can think.
Think they have is good to see you again.
What do you think about this whole tomato shortage it really is something that well I compose create good.
The you know basically picking ingredient as a brand new shot then you are called the meatballs subway you can pick the company -- you want this to -- Davis.
-- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- Doesn't -- coming out Friday that -- and is expecting to be good at all.
We got -- no -- in the market nobody seems to want to play in this game.
Well I think it's because there's a lot of uncertainties and things she over the next few trading days and mean everyone's focused on the NFP report that's coming out on Friday yeah but the same time we also had huge Central Bank late decisions.
And yet to file the problems with green so I kind of in the headlines today -- all those things -- creating a lot of instinct he.
And for the markets and traders and it hasn't that they want to see how everything plays out.
Mean as you said -- there's a lot of areas of distortion from this is gonna come out of and he replied and skills report itself.
As a result of that -- anyone wants to can hold off on their positions before they really.
Before they've really seen fantasy that NFC number because from a currency perspective into the well -- and then.
We have a day they extreme positions in a lot of the currencies people aggressively short euros and gradually shut British pounds and long dollars in the process so.
Given at that position to show an overstretched they need -- catalyst.
In order for them to either add -- to track their positions -- -- if you reflect on -- could be that catalyst reminding everyone can hold them before.
Long dollars BC long dollars exactly how long do you wanna go out dollars that they believe that he could hear.
Well it's a time -- as you as you can see it is a lot of content of the US economy in terms of the deficits and mean everyone's talking that have along and the dollars have been lower but.
Reading out of a lot more problems -- bride and -- as a result of kind of -- know where is the safest play was the safest -- you know as a international investor you know -- put your money anywhere where.
You can actually have more -- -- filed by country so right now if you're out as a whole isn't looking all that pretty.
So that's why it's not as if the Dalai LA is the US -- is extremely -- there's just that it's less fat than everyone else I think even near camp.
-- and see a little bit more.
Outside the dollar have yet to get past -- and weather problems here because that -- Elliott could affect the NFP numbers but -- -- -- it may not be that bad because the senate set to ISM number at camp this morning.
And the employment component says and -- has a good 85%.
Positive correlation with the NFP number so that those men -- suggest maybe and -- -- and not be cute that.
Well we saw that the service sector was in -- sector hiring in the ADP report as well this morning but like.
Let's talk about now the rest of the world usage sure pounds.
You when we talk about UK enough -- UK is in pretty dire straits as well I mean.
Right now we're seeing a little bit of progress.
And then -- spot because it announces austerity package today which basically involved a whole bunch of new tax cuts and in that way and that's just not his fat by the European union for the time being.
But do you think is next pocket of -- weakness next game Bob that we had out there because opinions that.
Once the eurozone problems -- people are going to look at who's the next they rent and the UK has.
You know very high deficit levels also the same time -- -- -- increasing net that happen to bad beginning in the year and said that's going to hurt consumption as well.
So unemployment is at the highest levels in twelve years consumer spending last month fell by the most in more than a year so.
Conditions are pretty bad and there's -- they don't have any that big partner like the -- doesn't you don't have.
Neighbors can help bail them out and I mean Greece has in Germany and fans who -- -- UK happening and that the US money.
I don't think video sent me money give them -- now let's play absolutely right I mean it's also the -- by the British pound is is being pounded so aggressively.
You continue really you think we might see this -- as -- market.
In the economy in general continue because we just needed the economy's just terrible when -- really as you might say manufacturers like it's coming back okay I'll give you that but housing.
Is still the bottom we may may have found a bottom but we're kind of -- skimming along the bottom.
Jobs is going to be terrible we're going to be around 10% unemployment all year but yet the market seems like it's still wants to keep coming out.
Any reason why the market's coming up is because volatility is really low I mean take a look at the Vicks index -- It says that I have a low levels are usually involves two -- -- It -- and -- people I had encouraged to take unrest in the courage to take up positions so because you -- have an aggressive slide and goodies.
People like OK let me get my toes a little bit in net that's why we're not seeing an aggressive rally Lebanese its up point point it's up their -- it's kind of trickling -- And I -- that helps explain things that's happening right now.
Kathy I think we're gonna see you like this for a while.
We're gonna trickle for a while it afterward triple Kathy lien director of currency research at GFT Forex they should be honest -- president.
Thank you can't because the union army got a great show waited a you do not want to go anywhere.
Com we're gonna talk about cars -- about mortgages.
We're gonna talk about what else we gonna talk about the old -- Amy staying.
The united -- faster -- Olympics.
Well not really not that -- the closings and woman's opinion.
-- Chris -- along with Tracy Byrnes market is up 34 points roughly on the date down a little bit from -- high point which we.
Experience about an hour ago was still positive and right now -- made nine of the last twelve sessions if we finish positively on the -- happy that -- up in the green so.
-- -- -- that we mentioned in the last seven not.
Going and floored by at least in balance but sort of just taking little half steps here -- that circling.
As the words -- you trickle I like that is right like Dick Trickle performer stock car driver.
But I know you don't know a lot about that stuff.
Bill Emerson as soon as Quicken Loans CEO -- -- -- -- bill good career Barbara I noticed today.
I think it was this morning -- -- my -- run into each other.
Thirty year average dipped below 5% again with -- David didn't depending on how what metric are you look at it's very close West Africa every time somebody says tonight -- -- -- -- -- -- our interest rates going up by say -- they're going up there's no doubt about it they can't go any -- you gotta do it now and yet they somehow seemed maybe take a step back.
Africa you know I've just been going -- for last year right and in a -- going -- going down early going afford to have for the go in the six.
I -- just tell you that right now given where the market is it 5% if you're out there and you have any any inkling at all about refinancing or buying a home and you you -- you think you can qualify for.
You have to act because.
I do think it's just a matter of time before rates go up and and -- 5% you're not going to be able to get have that historical for food for much longer.
Keeping it starts to creep up when the government stops buying back mortgage backed securities you know.
I would I would have said yes except they've been talking about this for the last 23 months have been easing on the market and and usually the markets ahead of the curve and rates have not gone up.
So I don't know I mean if you look at it march they're -- he's out.
I think what happens what will see is.
Do rates go up if they go up too much does the government come back -- you know what does the -- summation that they're still trying to drive the housing recovery which you know I I'm not -- it's not there yet.
That being said -- get beyond that went -- -- -- you know that drop dead date buying mortgage backed securities what's the next move.
To really kick interest rates up short of the Fed saying okay now the Fed Funds rate is up 2550 basis points and are you in the thought process that wants offense does move and they're gonna move -- that big chunks.
And I don't think -- the -- can -- soon I just don't see that happening on I don't think that they'll move quickly I think they're gonna take it measured the gonna take a look at what happens and in the in the marketplace are gonna take a look at what happens with interest rates.
They want to -- all -- a lot of -- lot of inventory out there for homes that are just sitting out there are so there's still a lot of work to be done to.
Kind of correct what's happening from -- housing perspective.
I think you're gonna need to see jobs get a little bit better for some of that stuff to happen and you know we got a report coming out Friday that.
Probably won't be 22 positive so I think are still some work that has to be done.
Be seeing more activity now more people at least looking at applying for -- -- seeing any any glimmer.
Well I think -- are a demand is down a little bit it's been down from 2009.
You know I I think tightening credit -- had a little bit to do that I think people are a little bit apathetic right now is to.
What really to do there was an article that came out today about there's about one point two trillion dollars worth of mortgages out there that are thirty year fixed rates that are 6% or higher -- a lot of folks haven't moved at some of them can't.
Because of underwater but a lot of them actually can.
And so there's still -- some folks it just -- -- the right time.
Well because a lot of it must have to do with people like me who just went through the process -- was sold ruling an awful.
That I think I scared the whole world off because I do is complain about it and -- I'll play and I I -- -- -- the perfect candidate running out of good credit money if I had if you -- the whole thing in the process now the paperwork that you have to -- takes hours and hours now it.
Because of all the new documents that you have to sign.
I think -- will ask -- a bit now.
But I but I think that's true whether it depends on where you go I think it depends on what Leonard you use.
You know from our perspective our you know our our platforms so technologically driven that we deliver everything to people online there's a lot of easy ways you can go to -- -- in the house.
So I mean we we make it very simple -- it depends on where you go you shouldn't be afraid of the process I understand that there for a lot of folks in the last year it's -- hard.
Turn times with everything going on a larger institutions a lot of them focusing on loan modifications and things like that.
Made it up a little bit more difficult for for people but you still can't get -- very good mortgage out there doesn't have to be painful.
And don't shy away because of that the end of the day -- -- -- -- your financial situation as -- what makes the most sense.
Our underwriting stand tricked underwriting standards.
Really vary from institution institution right now because a lot that we talked to say whether it's on the commercial real stateside residential.
We go to we're really small -- he got -- -- -- the reason he got a little community bank but are they really that.
Diverse in terms of what banks will take your credit and -- thanks -- -- a residential side and not so much I mean you will have certain institutions that will just decide they're not gonna go below X credit score.
But for the most part in your Fannie Freddie FHA world than those guidelines have been determined and you know what those are.
So unless you're you're saying to yourself you know I don't want anything below 640 -- a credit score basis.
Or I'm I'm I'm -- to to doing condos because of the market what's going on for the most part you should see very similar.
Out there now you know some people do -- a little bit different we put that shouldn't be that different.
Quickly could we have to -- -- while I spent because like you won't be you have to give up your first born child and you don't have can have anything so therefore it forget about it if it -- -- qualified and the united.
-- -- a pop up the money man.
If you you know like you have your 3% you can get -- -- -- hear about so many people who cannot get.
Well sure I mean led the value -- -- refinancing -- -- -- you can still get a mortgage were 5% down you can still do it FHA loan at three and a half percent down.
What you do -- a fully document your income at the fully document your assets and it you have to have enough income to offset the death that you have.
You know and in the past you could kind of get around that stuff with some of those lax guidelines but today if you've got -- -- if you're employed.
And you've got steady income and you that you have a good -- I think -- ratio you can get along they'll try to refinancing your home in the water that's a little bit more of jail.
Now it -- just real quick and who does that prevent the problem from happening again because -- that's the only difference to be Tommy is still making loans that 95% loan to value and things like that.
That does that change in the paperwork requirements and documentation is that prevent us from getting into the same situation again.
I think it's a big piece of Minnesota and underwriting guidelines were just there were definitely to lose -- -- novel what's happened to a -- -- tighten the pricing.
You've seen average credit -- go way up because folks in the six.
Four -- 660 rays have a harder time and it cost more money to get -- in.
Thank you so much I think -- loans dot com right yes ma'am.
Bill Emerson really good loans CEO thanks to be honest and say you only -- real quick thing you remember the Penn State message everything I noticed there and beat Georgia in 1982 alma Georgia Tech alum I thank you sir I appreciate that I've clothing that is hardly.
Hi you know these little things that you pick up on that are very important in life every I so enjoy the lack of tomatoes a Wendy's almost ruined my day -- act like at this speak with a Nittany Lions beat Georgia in 1982 the national championship made my day -- -- just completely reverse thing.
But I'm telling you the reason you have children in the -- -- -- that you can sacrifice them when the financially and cry about it.
That is why you had kids when they're there weren't there on opening session tremendously hasn't it.
-- -- the right here right.
Delay if you don't need them come up on the prosthetic most regular Zander Smith is all the different -- sandy Smith has really scary.
Little kids yourself but that somebody yet.
You know -- -- it -- so that's.
Sandra -- would talk about this market we talk about this economy ended all the different the metrics that we look at.
I think one of the things that we probably should look at more is.
Our people -- their credit cards doing are they are they having to file for bankruptcy are they having are they are delinquencies on the rise.
Our charge offs on the -- we got some data today.
Let's put it this -- if you're going to use bankruptcy filings as an indication of how this recovery is going to be very very disappointing and he has.
Bankruptcy filings are on the rise nearly a 1121000.
Cases were filed last month alone.
At the 14%.
Increase on a year over year basis and even month to month.
That's up about 9% and what's even worse here Chris and Tracy.
Is that most of these filings were chapter seven.
Bankruptcy filings which allows the court to basically throw out.
Most secure debt.
That the consumer actually has basically allowing them to completely get out from underneath their credit card bills wind there was a 2005 stricter bankruptcy law enacted.
That basically winds pushing towards the chapter thirteen bankruptcy which.
A consumer have to pay off some if not all.
Of debt outstanding over a period of years the chapter seven -- than.
Get out completely whipped from underneath these bills -- -- a chapter seven bankruptcy -- -- the key here because there on the war on the rise and that's part of the worst part of all of this.
But bottom line what we're seeing is that as the economy recovers.
The bankruptcy situation is not getting any worse and on -- group that keeps track of all this -- the American Bankruptcy Institute.
They're pinning it on years.
A consumer spending years there whipping out the plastic when -- had to -- to the grocery store even had to the home improvement store whatever people were doing.
I years of racking up those bills.
You have -- economic crisis like this and it really exposes anybody who can't -- stock goes back to my whole walk away from your home thing.
It's almost easier to file for bankruptcy.
Because what's gonna happen new credit gets damaged many people weren't -- happened -- -- -- -- because if they say seven years even though that's a fallacy it will follow you for the -- -- -- -- chapter thirteen is they understand that the chapter thirteen.
Admit to keep people in their homes it's when you don't want to lose your house but they're somewhere giving up on that altogether and that's where we're seeing these chapter seven bankruptcies filed.
And let's not take away from the fact that 10% of all the bank -- filings that we sat here.
We're business bankruptcies so it's a small amount but still they account for the business bankruptcy filings there on the rise as well more than 6500.
They -- business bankruptcy fat were filed last month that was more than a year prior so businesses consumers.
Everybody's getting hit they've got bills that they can't handle.
Yet I noticed this morning to credit card charge offs were up significantly as well get out of the -- that we're down now that is something -- is is the only.
Penalty your credit score and that that's my question I don't really know enough about it if you file for chapter seven and you go through the crazy -- you have -- On this but yes that your credit and get -- but you can -- to legislate from bankruptcy you can come back and you can replenish that credit I think and that and that's why I sort of feel like it's about a lot it's just easier these -- the bills amounting to your point it's -- the phone's ringing -- like you financing a fun anymore right you're afraid to do that you know what to stop -- you -- get chapter seven.
-- -- -- -- -- How those commercials to that we see all the time about it you know fuel 101000 dollars or more in debt just give us a call.
And they had you know that the personal stories I -- 58000 dollars and they got to cut down -- -- thousand dollars or 1000 dollars my monthly payments.
We have been happening maybe I'm wrong about this too but it used to V.
When -- myself laugh when I was a kid you file for bankruptcy it was like -- prince scarlet a for the -- -- now you can say.
And people feel like I have an -- it happens need to do not take it that's and that's a great point it's almost becoming -- Downey -- social level to say that this is happening to you people probably opens up the conversation the other is going directly.
But what we used to -- before the housing prices you tap into the equity in your home.
-- -- -- -- I don't have any and I really don't.
All right then I have thank you Santa thank you cities in any -- -- this morning via one instant.
I have to tell you this is frightening and I have to shadows of our producers they -- it to my attention.
You got to listen to this audio so apparently -- break there are some kids off.
Somebody must -- went to work with his or her father and then and his or her father worked in the air traffic control.
OK yep thing you know it's like bring your daughter to work and if I brought mine should be stuck in the corner.
It's you know -- -- I didn't make up room bread there's yeah patrons she'd still be there she care less about what I do know this kid went to work with.
Hit her dad his dad and -- this let's take a listen.
-- Finland and the -- The pick up if you let them what you believe anyone think -- Political.
Let -- it was not.
-- who do we can't get the puck in -- But Michael Clark.
Is what you get guys in the -- school.
A case of the kids are off from school.
And now they're directing traffic get a hold on and jetBlue and output -- -- directing traffic.
With a -- to their parents' mind their sign.
-- this in the -- just says that does not get my kids we have breaking news would I put my daughter here and say.
Say Ben Bernanke quit.
Well I ever do that not there was that Big Ben Bernanke quitting out of saying that there was about a shortage of tomatoes that Wendy's -- I'd have your son right there telling that story.
It's just this adding it's not like the airlines are struggling and not think that he.
And -- you got it -- people's lives on the line here INS record.
Carter turned into your political crisis relief I think it was seven that's that's.
I do -- let's discuss -- that I didn't just kidding it's so it's a little kid it's not like you're 25 year old son here in town.
The Mac is due to this card and access appalled by this as I am no I'm I'm not -- -- -- by because I honestly feel the parent was there.
Mother father earlier -- controller and had a card instead say it is -- -- and it would have been the same thing as if they would have said it's very mechanical.
They want guiding the plane down and you're looking at the monitors to see what the -- of the Cleveland -- -- I can't really -- here.
-- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- Greece anti about the bond action in California -- an -- -- is looking like.
California these days also the journal has a great story out of very compelling story that should -- sent a chill -- that.
Finds today and guys who operate the hedge fund industry that largely unregulated -- so I can't you know and whether or not they are -- look -- colluding.
To drive down the value of the your -- that Justice Department apparently opening up an investigation some big players like green like capital.
You know Paulson and company Soros funds are actually edited it made the question is is okay and it -- Justice Department prove intent.
To collude to drive down the -- Or -- separate action is is that you know.
-- basically into the Wall Street traders said look back in 2003200242005.
You know Greek bonds bonds and Italy bonds in Portugal and Spain should not be trading on the level of Germany as they were at that time.
Let's start doing some what are called credit to follow up action and bet against it so paler than it -- Edwards brings up the issue that.
The market is driven by intellectual capital -- some people profit.
From intelligence and yes there's inside information -- -- these guys collude to add some dinner in Manhattan to do this to drive and a -- Or is that the rickety finances of the member countries.
At the -- that's a -- -- this is a really serious debate now could.
The -- email records trading records and Justice Department.
Investigate and of these hedge fund managers know the market and if they know the market and they can see the wind which way the winds blowing yet -- are putting their their bets on that side you know one.
But is it is it collusion or is it being the smartest guys in -- -- this falls on the back.
What was going -- Goldman Sachs in Greece is well and yet anyway that's because there were Smart enough.
Tonight I -- -- what they -- -- shortage -- saturated the whole time to -- I'm glad you brought it up and by the way you know.
Lehman Brothers advised their clients in the summer of 2008.
To start potentially shorting bonds but from Illinois.
Or new -- see you know so.
You know basically again what we're talking about -- so these tricky very these complicated derivatives that are act like whether veins on risk in the market.
And -- get an insiders on Wall Street can't look at the streets -- -- do you know did have a leg up.
That's the main street investor because they are privy to all -- of trading desk.
Information but you know I mean I've got to say again and again the -- action if you're watching it you can you do your ear if you ten if you had to Wear a fall.
To see for yourself to protect yourself -- downdraft -- bond trading.
Out of countries like Greece when they should not even trading on the level of Germany and it's complete the trade just sit just should be clear about what these swap deals are.
You know whether it's a naked credit full assault there's no underlying bond to support the trade some of these -- set to be -- completed by the action buying the bonds.
And we're seeing that happening now with these trees so it entered into Alfaro finalists are putting -- floor.
Possibly and -- bonds from Greece.
And also banks are entering into these insurance contacts who swaps to protect their own portfolios.
Of their bond investments in -- -- -- you know there's all sorts of reasons why these contracts are entered into.
A lot of missed reporting a lot of bad reporting done.
On Goldman Sachs role in Greece and the size of that and then there's not a credit default swap.
It's it was a interest rate swap and then there was a separate swap deal that JPMorgan entered into Italy in the nineties and connect to that.
How do you high approval that's how to improve collusion is very -- exactly how to get through content -- -- literally can't.
-- -- their -- -- -- you can and that's nearly half rather than doing that and that probably won't happen but are we getting closer to.
Governments around the world.
Really putting a stop to or at least hindering these banks' ability to come up with these esoteric.
-- products these derivatives -- complex derivatives and trade.
Yes there's been calls to -- you know swaps would make -- credit default swaps all sorts of derivatives.
Someone wants to say don't ban them we use them to manage risk much more appropriately continent and don't ban them outright better regulation and again -- guess you have congressmen such as said Maxine water saying -- -- -- -- -- credit -- thoughts about.
Really understanding things like the difference between the discovery in the and the Fed's primary and and went in at ease monetary -- that Ben Bernanke via video so you don't consider the source.
Any I do they help the market with liquidity yes.
Should they be restricted in regulated that it better yes I do better than that right people Wall Street saying no they actually help.
Tell investors -- the problems aren't they and -- they're gonna -- from another product.
You know the idea that could certainly do another driven you -- you actress -- -- -- Good to -- -- -- -- does that combine a -- -- -- Mac Donald and at daybreak when we come back went out about cars and it's at about TV.
I love those things we talked about Greece -- cars and TV Kris is.
-- 31 on the East Coast.
On the West Coast so up 34 points on the Dow also -- a positive day again let's.
-- keep it there as opposed to yesterday when we sold off in the afternoon.
Tracy something is actually move in this market higher what do you -- Medivation and I just like -- it.
We talk about this earlier actually on -- OK so Medivation and Pfizer.
Came together created off timer job -- it unexpectedly.
Failed to meet cognition and global functioning efficiency goals you know what happens when it drug that's being tested.
Sales -- Medivation get gets clobbered because well it's a small little low market cap stock -- -- just fine it's not really all that affected by this but Medivation down 67%.
-- and I love that this is up 52 week privacy -- TV retailer.
Swung to fourth quarter profit filing a two point nine billion a year earlier goodwill write down so now we're profitable.
Revenue increase strong sales people are shopping from home maybe that's it is they're free to go out.
They just -- from -- I guess.
It's what percentage and I'd be interested to know this you should get some information is sent on.
What is the percentage of sort of the addicted shopper in terms of who buys what because they have some people there -- I'm looking for one thing.
-- for a white noise machine right now because I can't sleep some of -- so I go to Amazon and the but I think he's a fan in in February because it again -- I think my kids and this is going all right we'll discuss that later some go on Amazon plays the one thing with a -- home shopping network shoppers are he would just sit there all day long and say I need Obama -- -- I love that I get that -- they get ten things that.
I had a neighborhood when she -- you couldn't walk in the house it was the creepiest thing we went to help and see how sad and it home shopping network it's -- it's crazy I don't know -- -- get somebody on top of it maybe that helped avenues to enhance that even Alan we've been talking aperture sales are up this -- just hit me again 52 week I.
Sales for the month two months ended February 28 up 25%.
How we saw a -- boy I know we still.
All -- -- people and blows furniture brands so everything is moving I guess people are not.
And yet they're staying home and these stocks are moving -- they decided hey it's time I got to do some.
New bedroom furniture or maybe in the living in new dining room fixing up the kitchen fixing up the -- and putting in addition none of the house.
I think what it did this fire cells out there and you could you be -- out -- pay interest Hilliard -- dead dead right.
-- -- -- -- mountain.
And Novell is up.
Elliott associates is a hedge fund they own about eight point 5% a -- they came out and said they wanna by the rest of the software company for one point eight billion so going private.
They see potential that taken whole company private -- potential Novell's move in today and Southwest Water.
Again we talked about a little earlier low market cap stock I gotta tell you but it hit a 52 week -- -- -- utility company and they agreed to be acquired 275 million dollars by a group of institutional investors again.
Compiled Clinton gloom brought water plays am telling -- they're there -- they're hot.
Jessica Caldwell is standing by and Santa Monica California we Johnson and you -- -- one of the most beautiful places on the face of the earth.
Sees it -- the director -- industry at Edwards of course we should all be there.
We should all be floored right now based on what happened yesterday great quarterly of their -- -- point time.
He state -- five year high eight the month of February was great they seem to be doing everything right don't -- Yeah I think that interesting thing about -- -- looked -- some of their -- numbers when you look at the Ford plant every vehicle at a light vehicle looks at the Crown Victoria which is kind of -- oblivion.
Posted year over year increase -- shows that -- portfolio of vehicles it's not just one car that on the entire brand or one truck.
It's everything it's cars trucks and suvs and as we go forward.
They're less likely to suffer if it.
You know external risks like gas price inflection in my government program so there it gets.
-- right now.
OK so let's back tablet that -- like an -- Americans we have you know it would not a lot to lake.
And you probably gonna save Ford but haven't GM and Chrysler and hold their own entry in this whole thing.
Other think -- -- -- terms of product and where they've comment where they are now.
But Jim is trying to get there to the and they have a few new promising cars that are coming out and in other trying to get to -- Ford is.
And I think Chrysler in I was definitely lagging behind -- -- -- they talk -- new product and today they promised that.
Things will be exciting but we haven't seen anything concrete yet so.
Not automatic Chrysler everyone's just wondering you know what's going on because every -- -- that is in the toilet.
Can they survive and -- what's the timeframe for that name when did they have to bring this Fiat small -- technology end when they had the site selling these cars before they actually finally at the save but I.
They're starting a family and if you -- -- I know I would say early next year at the latest because.
You know right now I mean they're they're doing a majority of their business and fleet and how long can that -- -- -- Spain and also.
-- -- competitors coming out with new and exciting vehicles you just fall further and further behind the curve so I think that's the real danger.
With Chrysler so we need to see something are we need if you promise of something I mean describe things begin to -- -- anything -- exactly take anything at this point.
What do you think about all these -- police steel's gone on -- now Toyota offering 0% financing like everywhere and just trying to pick off each other's.
Customer right now does it work in the end do do people actually stay on once they do you know sign up for 0% financing deal.
-- yeah okay you know sometimes it doesn't work we thought we had a launch incentive program in February we actually spark ourselves -- can create this moment became part and there are obviously.
Pullen fell on some offense until they saw a lot of increase in sales and throws -- their plans I think that's got.
-- and Tennessee you know really offering a lot of deals can be a long term strategy.
But I think in the case with Toyota everyone was expecting something and they -- they need to fight back with.
GM and -- on board and -- even Hyundai trying to -- their customers and try to offered them to their customers.
So I think they need to do something and that I think it's gonna last for ever.
But -- you know at the start.
Jessica -- I was hearing anywhere from the 10% drop fertility yesterday to a 25%.
Drop in sales and that's coming from February 2009.
What a disaster that would have been.
They came -- slightly under 9% drop still sold over a 100000 vehicles.
Last month that -- who were you impressed with that it is that just tell you how strong that brand really -- and that they they might not get -- from this thing after all.
Right actor weren't you surprised we believe we're looking at Toyota sells -- forecast -- 99000 units so we are pretty much right there like I said.
We felt strong performance after President's Day when they started watching some other than a program later in the month we saw -- rebounded bet.
But yeah I think when you look into the reports about the at a U limiting their buying any cars but the truth of the matter this -- 100000 that's more than -- -- more than Honda.
More than Nissan so there's -- that people are buying their products are not.
They're not dead yet and now that they're offering incentive programs I think it's meant volleys more interest people may not purchased but I think people are always look we'll start to shopping.
Start to a more comfortable and Skoda again.
But that but we need purchases and are the workouts -- seeing enough really to keep these auto makers since you know alive Chrysler GM in particular.
So would have to happen going forward what's gonna get people back into the lots and buying clearly though these recalls are not helping.
-- and I think that's kind of a question now because.
When you look at what you see -- -- the monthly numbers but -- -- -- was actually slightly down from January when we should have seen an increase especially with the presidents day -- usually been typically a big weekend.
A consumer confidence is low side you know I think if those things -- -- humans we're gonna slowly after a cover I think that would a lot of problems with -- scared a lot of consumers having you here in the headline sudden acceleration.
You hear unintended acceleration that's spirit you from buying at from buying a car in general whether you wanna consider -- not I think these.
This does not think the hysteria has to calm down a bit and I think they'll be some kind of demand later on in the year from the.
Jessica we're talking about GM's recall yesterday Nissan is today.
Do you see it really much more happening on Capitol Hill in terms -- greater regulation.
Many Ray LaHood saying look now we're at the point where.
We've we've lost control and now we need to get more into our hands dirty with all these automotive manufacturers.
Yeah certainly needs to be something in place and -- we look at Vanessa database.
You know on a daily basis to see what we can draw from it.
And that there -- a lot of inconsistencies of when an investigation launched when they actually look into the problem.
But after the end certain number of consumers file complaints sometimes -- launch an investigation after five some -- to launch an investigation after thousands so then what is militants that.
Schedule on and I need to be some sort of organizations of people felt a little -- saying because the attention to recalls.
And all the problems with these companies -- -- in the scrutiny is just getting stronger and stronger every gates I think these news about recalls -- gonna go waiting times and Jessica we got to go in thirty seconds but we have thousands of recalls but not now and now all of a sudden it just being reported on a day to day basis.
-- I mean aside from toyotas because it was related to fatalities.
This thing going on for a long time hasn't.
-- has especially you know the unintended acceleration.
This is that a problem that we've got for years so.
-- -- the problem here clearly hasn't been solved and I mean maybe -- auto makers look help from the government really need to work together and solve it together because.
That is his problem is -- been around forever and you know I think and it doesn't look like they're answered yet people are scared -- we all need to speak to that end.
Jessica thank you very much Jessica Jessica thank you that that is in just a call wealth and Santa Monica I just wanna be either director pricing and industry.
At -- one of these days -- -- to go on and on a road trip.
Let -- hosting the event.
Fine -- Evans is in Santa Monica I think well anywhere but here find it anywhere in Santa Monica.
Evans is there on net have you kind recall notices in the mouth like right -- time and just on the garbage.
Always first of all let's go through the cars and -- in my lifetime.
But dodge COLT that was about twenty years old a Plymouth valiant that was about twenty years old ones recalling these cars -- like that cars still on the road hey congratulations -- Keep driving that thing that was what I got in the mail and -- -- -- within that time a TV we come back.
My card whenever I -- -- Hey welcome back about when is dot com live -- -- it's kind of like we're on the -- overseas is we cannot -- start talking about all this TV stuff that's going -- the at a time.
Blankley Christie -- editor in chief in TV -- dot com is here with us to Parse through it all.
OK before we get to all the stuff we really want to talk about I have to say that I -- The Olympics were slightly disastrous and now I have to caveat this by saying I didn't -- a minute of it.
This is present -- slowly than other people that I've tried him right.
-- and highlight developments you -- no I'm not the only one Eric -- elected so we're gonna we're big sports fans who like all the events I can watch flat line in the fifty K cross country ski and and love it you know what I don't matter need -- -- -- It's the season other people need -- It's his -- it right.
Outing and it worked long hard but may be disappointing was the coverage these sort of business of covering the Olympics everything that's wild during the debris had a chance to Vietnam in -- -- one that right down in New York Times news alerts telling you who won.
That ruined -- for me right but.
It didn't break new ground in TV coverage or sports coverage -- same -- snowflake sweaters table firepower -- -- -- -- they -- -- can.
-- -- -- -- That what -- locked up.
Really disappointing round what do you and then I am not a sport I mean I'm a sports person -- your basic ABC sports right when they have all these crazy events.
And I was telling a story in our meeting the other day there was a skiing event where at one point big big change this evening -- difference he's not a week unveiled on into the woods -- -- -- -- some then.
We had no I don't -- not the biggest thing there was no.
He -- -- -- good can ride out what it was on the count where we -- OK okay so the coverage disappoint but here's what was great about the Olympics.
The athletes were amazing so Sean why didn't have -- -- -- -- the orange.
I'm not a pop -- and Apollo on knows -- great great science and so you know why that's what people loved about it and so.
It was still raging success for NBC was second highest.
Rated Olympics in the winter now know.
ABC uses this -- that they -- win and they say it's a loss -- remembered when I'm losing money on that but during that two weeks we gonna promote everything under the -- you don't know what's going on NBC has -- person in the world -- doesn't know about the marriage -- -- and -- -- with that marriage -- said now that could also face grew up in the closing ceremonies the way they did they didn't tell anybody they would do and anyone sitting back and join the closing ceremonies at what time 1030 or whatever they just basic came back from break instead.
See all these really cool floats everything -- beyond -- to watch her on the right to the marriage ref might now and it literally cut rights in America.
Bit pissed everybody okay what did you miss in the closing ceremonies just to be -- now because -- -- watching America.
So I think if you from NBC's perspective if you watched the America and you've got hooked in and sucked in and that's a triumph for them and I think.
Honestly in this sort of the trajectory the story line of NBC's huge monumental failure this year this is when they're gonna start to outflank okay the Olympics.
Well rated all in all -- they were able to promote these new shows.
One of these news shows will do well -- get renewed and then that won't be sort of at the start of the familiar ten Elvis that we all know which is the comeback it's gonna happen is it now is the marriage -- the answer.
I don't know if the marriage ref is the answer I watched it I found parts of the -- -- -- parts of that a little bit.
Two years men.
However parenthood great -- that's -- -- -- very good right that's that's the idea that that -- that show can't make it on NBC.
Then -- who will drop our.
So the bottom line is first CD it's never worth it financially to get the -- -- -- it might be if this shows you promote actually end up working.
Right near the timing could actually anything about the timing couldn't have been pair for NBC with the Olympics.
They -- they had died they had an endpoint that Jay Conan drama a natural break everybody's attention went to this -- event.
-- pretty much forgot about it.
All -- -- -- I -- yeah but then the drama came right back because that extend -- back announced that he's backed by deciding to go back to watching him and will be.
It'll be what it -- and Conan will go do opponents gonna do -- got to be honest now he's got social media working for -- you know and I think you know that those and we'll go on and have successful careers.
All right Tom American Idol actually for the first time in six years -- somebody beat them and it was the NBC Olympic coverage for at least once -- a couple times but -- back on top.
They -- things -- they've done -- -- child is bringing Howard -- -- this mix because even if he doesn't -- you -- even if he's not really a big time player there.
He stirs the -- every day we're talking about Selena Howard Stern's right wolf you know paint -- how masterful in the past year insert at.
It's new fueling the rumor -- Policy Clinton policy not leaving you know gas is gonna replace her all the guest judges that they tried I know it you know could be -- and in.
It did it wasn't so.
Howard Stern maybe maybe not he's he's doing great things to -- -- bring more attention to the shaft.
Yeah he is a nephew the but the Howard Stern is getting more attention now because of this holly I heard -- today given his two cents on Jay Leno.
It is out of the -- with you probably wouldn't have heard and Elena said he's getting more attention because of -- -- -- they're going in for his opinion on everything.
To attack her hands stay go you give them you give them are you an opportunity to -- -- -- every executive has a life cycle.
He is extending his miraculously.
Not -- got a cat.
At some point it will land you Michael Eisner's life cycle ended right you -- -- Michael ovitz is -- cycle ended.
Jeff Zucker there is an endpoint.
Not sure when it is could be soon I think.
I think it would be surprising if something happened before the Comcast deal was signed sealed and delivered.
But a recent article near times say in the future the news divisions and ABC and CBS are uncertain I mean is this just a sign of the times.
Is it going to see this across the board specific ABC CBS or in.
Am I think you just in general the business of journalism is.
Contracting and it's it's concerning as a journalist I'm concerned.
You know our society needs more journalists not fewer.
At the same time the business model has obviously radically changed and it.
Cable the cable model foreign news he's -- really.
I think where viewers' interest are it's that ability to dip in and -- about two million that a fair when you want -- button and what the networks do with tune in appointment news viewing.
Doesn't work in our world anymore.
I've got good stuff Christie a comeback -- -- my own.
I know we -- never literally every couple weeks we ought to do makes her hand while it -- at best it's ever changing Christie -- editor in chief of TV guide dot com.
It because of what she -- is that the miles changing so nobody knows where to go -- what to do and -- -- keep up and is it LA law is -- -- won't notes.
I know there is a good to have big time it is apparently the rule is anything that's live or near lives especially if there's some kind of customer interaction is good and -- how much it costs you.
It's gonna end up being good in the end.
Just as CBS consumable.
Cost him a lot.
Still was worth it all right that's a quick break when we come back.
But -- talk about respected companies who is -- who is.
On the back husbands that come my children because -- 1250 and the east 950 -- the -- good morning out there -- up 27 points.
Actually lower than it was when we started just out that is just a bit not whatever we got a jobs numbers.
People are waiting really bonds can be really late for the next day or two until Friday when we get that.
True number from the government ADP says we lost 1000 jobs.
It's better than what let's finish up sit in the see that could be worse knowing that on the snow everybody else does more importantly though -- trusts.
You do that you do you really -- -- seeing him the benefit of talent I would never to say okay beautiful line.
Mark Feeney senior privacy analyst at that.
Whole I'm seeing -- strong.
Looks like Pokemon that flight.
I think update content the -- mind institute in Hartford Connecticut and he got it right right Camille looks like -- my I'm I'm sure you get that all the time -- kidding I'm kidding I have kids.
So tell us America's most trusted company -- well how -- you figure this out.
We talked to consumers we send out about a 100000.
Around the country across all demographics and find out.
Who do you trust we take that information we put this -- ranking together every year.
Number one that was American Express and no stranger to American Express -- the topping your less time.
Well they've been there for the last four years and the first year we did -- they were number two so not really surprised.
Why is that thought he'd do what when you do year your research did indeed get data that says that this is why I trust them.
That's why I don't trust them.
Mostly it's what what do consumers think it's really -- perception we don't go in and look at their actual policies we don't find out.
What are they doing we just want to see what do consumers think.
American Express -- very widely known brand very highly respected in financial services.
But they've also been able to avoid a lot of the of financial.
Crises that that of the set the industry they haven't had any major data breaches that that it hit the headlines.
And so I think consumers -- been able to it consistently put their trust in that -- I BMJ and US postal certain.
And now I guess as much as we've been -- the Postal Service apart for not being able to control costs and things like that.
This is so much trust when you what you letter in the mail box you just walk away and you presume it's gonna get there.
Exactly and that really is a big thing the Postal Service.
Among all federal agencies is one of the ones that we have the most interacted with every day somebody brings the mail to our house to our office.
As you said when we -- -- -- in the mail we write a check we put a stamp we put it in the box and we just.
Assume that it's going to reach its destination without any trouble.
So that that really does play a lot into the trust that people put into the Postal Service.
The most intriguing one to media top twenty list -- have some financials in here financially related companies.
Charles Schwab for example he -- he mentioned Amex at number one.
But the only bank US Bancorp it comes in at number fifteen and then -- bitterness top when he but they're still it.
US bank is a very can a person if it's a consistent performer in this in this survey.
Even last year we saw a lot of financial services companies.
Took a big hit either dropping off that top point or falling down in that top -- -- because of what was going on Wall Street.
US bank that remained in that top money and and -- even improve their position this year they're very they're very good at what they did.
I love that seventies on the list because people -- self diagnose this.
-- other elements on the web using women.
Tell us about why Weight Watchers made it.
Do you distress they're gonna lose weight.
And then you know I -- Surprise.
I was surprised to see not because of anything the Weight Watchers is done -- portly.
But -- such a niche brand wait wait weight loss and maybe that says something about the American public that they've.
Really turned to all these weight loss programs Weight Watchers apparently one that people trust to help manage the the growing -- of the American public.
You know idea what other thing that I saw there was surprising a little bit what are your top money because he -- -- you say privacy features contribute to brain trust significantly.
And also people's identity worried about getting identity stolen and things like that and you Google.
Comes into the top money at number thirteen with all the news about what's going on in China and just the concern in general that -- -- too big and they know too much about our lives is out there.
We don't last year Google was not on the list last year they they kind of ran into some trouble because of some issues on data retention search data and in behavioral behavioral targeting.
This year and and although that that the China issue really has become -- kind of came into light that's after we did the study.
But you know.
People use Google people trust when you put in information whether okay really let's look at WebMD WebMD did very well in the health care health care sector.
But people are putting a lot of personal information into their Google search engine.
And I think that even though there's been the occasional question.
About what the practices.
Overall the public really does have a lot of trust when they put that information into -- certain.
Would snap though and I put like my -- and I can zoom in on on your front line.
That's just come up it's -- you could see like the mail that I forgot to pick up -- anyway.
Decrease -- -- about identity information put they're all out there.
You get it coming like intuit that makes the list as well now man you could not get more personal with a company like into it if you do.
Quicken and things like that your tax return it's all out there and it's all on the web and yet people are saying they trust them.
This is the time of year where people are really trying to pay attention to -- sort of issue tax time it's what six weeks away.
And go into it is really done a great job of becoming that trusted platform for not only consumers but also they have they they provide the service this automated tax service to a lot of different businesses.
And you would not use that service you would not use -- it took Turbotax and these these online your tax services.
If you didn't trust that the information was going to be well protected and respected.
-- one of things everybody loves FaceBook everybody uses FaceBook put.
You know they make subtle changes.
And I don't get so upset about about a lot of people really do they fell out of your list this year what why do you think FaceBook fell out of the top one.
FaceBook changed their privacy settings early in December right at the time that we were collecting the information we've launched the -- the instrument to collect this survey data.
In in early December collected -- through December 23 this is right at the height of that that issue.
You get a small pamphlet in the mail you probably don't read it in fact studies have shown that less than 1% of people read those policy changes when they when they come through the mail.
Who of FaceBook -- -- Google and FaceBook made it impossible to avoid now they caught flak for that.
It because of the timing but I think over time that policy that that's a very transparent.
Evolution of their privacy settings will will benefit them in the long run.
On an institute most trusted companies in America might -- -- we appreciate it's there.
Thank you for having and it just jumped -- because it doesn't say Iran and -- well you know on the flip side to help the analytic -- expect.
-- look like yeah I will tell you intensely viewers than -- would -- -- -- -- thanks to him for alerting me to this who we thought about Tea Party.
All the time is actually Coffee Party they have their own FaceBook page that have been up and at times in the post.
Well -- Gawker dot com who's who of course the radical -- I realize -- -- journalism we.
Bomb -- they actually sort of just put the an article what if -- -- Other beverages involved in parties and what -- there's stands feel like -- monster energy drink party would be go go energy transportation communications.
We'll be all very important on their platform.
A lot of Long Island iced Tea Party well.
You've got there's that chocolate milk party race relations affirmative action the achievement gap would be big part of their key issues.
What else that we have gotten a lot of Tea Party.
A -- -- you -- vodka for legalizing gambling legalizing prostitution yeah using marijuana RT I.
Really for people ensuring the security and efficacy of America's cherry -- supply system -- Hulu will be with the cherry Coke so just did you think thought.
Think about some of the other beverages that might want to be in your.
Political party affiliation and why they would be and what brought it -- tea drinkers can have pardoned everybody should we should all be able to have a party and if we had some vodka.
We have a great part -- be there.
We'll see -- everybody.
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