Also in this playlist...
This transcript is automatically generated
I think Monday Lebanon but does that come -- Chris cutter Tracy -- Dow down thirteen was up.
A bit this morning and -- get a little green mountain in the air green mountain by the way -- doing really well stocks on fire but -- -- I think when I digress.
We came this morning fugitive overseas markets are -- actually pretty well -- -- -- -- morning listening to what was going on overseas and it was all because of this.
Hot acts BHP Billiton stuff yeah you know I love this story it's when -- -- movers so I'm using I'm jumping ahead in using my big act announcing that.
It's a lot like -- weak -- -- wrong person.
And they get out there and you're like our it was some want to take me now I need to let me clear that I'm available.
And I had to go find a better better prom date well now -- out.
OK now if I had.
It was a mcdonalds here I didn't really get in -- in in depth discussion about your prom date it's.
-- high school but I will not because I was -- and that.
Thank you if you ask and I will say I didn't have a problem fine I will say that I did not have that problem but it didn't -- people who worked it a little.
That's what they're doing decently and ask for the wrong person that here in an -- they didn't do they say yes to the wrong -- -- like -- is another -- it's like when men -- wedding -- to try to get picked up.
It's the -- factor hi I'm available I'm out there.
We Wear wedding band if you're -- evaluate -- -- -- married that -- could say that there's no commitment -- there's no worry -- need -- thank you know strangling you with you know I think.
But I am gonna continue to had a -- you -- this you were when you were getting into its -- you guys -- experimental.
Little things track.
Report accessed -- won't do it I'm too honest.
Could Miller joins us right now than Russell and company he's right there lawless behavior occurred.
They know you guys thanks.
All right it is curb your your birth name Susie is we've been discussing this -- -- -- -- it.
-- -- Birthday this code and I'm actually curve and -- Miller the fourth actually just had my son Irvin the fifth wow born on December 31 last year.
-- in -- Millard the fourth.
That's a great name -- might.
Say thank you very much my grip on -- -- and you know he's -- he's still with those kind of Wear -- out.
Were -- from ID Ohio.
The south side -- and actually Beaver Creek Ohio all family day and a Jeff -- -- Finley is our local here that's it's absolutely.
All right so what do you make of what's happening here last week we get we had a punch in the gut this weekly jobless claims number really set a market and Tracy kind of brought up MA activity this morning.
It looked like it was gonna help the market out certainly did at the end of last week and in that jobs report just ruined everything.
And it seems every week we got something like that -- whether it's the GDP coming up this Friday whether it's the monthly jobs and for the next Friday just seems that we're not gonna go to get out of our own way would you agree with that.
Wolf we're absolutely Chris and you know the markets have been on our -- of this year and but with really no clear direction I think the markets are coming to a fork in the road.
Currently markets have a lot of ambiguity you know.
Like you said with you know -- the obvious that the Fed just couple weeks ago saying that.
You know that -- the slowing recovery and then coupled with the fact we have higher unemployment numbers over the last week.
You know I think that the markets are gonna ever gonna continue to see increased volatility.
With regard -- activity you know I think the recession they gave companies a lot of time to sit and reflect.
And when these companies were sitting and reflecting any of building a cache files.
Yeah I think they're looking at a long term strategy.
Unlike into the investors -- a lot of cash these companies are trying to look at their long term -- potentials.
Know what's gonna get him you know to get out there and do some thing.
We were talking earlier on -- Chris and -- are on Barney Inco earlier Stuart -- seems to believe that.
The -- congress Republican takeover is enough to get corporate America out there spending and hiring again unless -- 100% of group that.
Yeah -- don't -- area I think we're one thing we're looking for is going to be job creation you know it's.
You know whether or not the you know the federal government -- they wanna keep spending I think that could be a short term.
Short term boost but I think -- long term I think the underlying fundamentals are still very weak.
One of them being obviously job creation and unemployment.
And you know I think you know like is that a lot of investors lot of companies are are sitting on the sidelines and -- the sound the you know the Fed a lot good.
I was gonna -- -- -- the market seems to be continues to operate.
Separately from the rest of our economy and he just seems -- not want it -- wanna be in a range.
Whereas the rest of the economic data that we get suggest that we're not going to be -- -- trashing anything below that range does the -- catch up as the market finally say.
It's time to break out of this brings to the downside because yes we are losing 500000 jobs a week.
Or initial claims of 500000.
Every week housing data bad even read your GDP one point 5%.
Does the market finally catch up to the -- the economic data again.
You know IA I don't know it seems like the market -- trades on every day depending on the economic report that day it's.
You know markets are doing that I think the markets are really lost at this point I think they're trying to find themselves.
But again I guess I think underlying fundamentals and trying to get those that under underlying fundamentals of the economy.
You know I think the markets are really really searching at this point.
To pursue where where you put your money these days than we -- loads of uncertainty we don't know what's gonna turn the tides.
-- -- -- -- Well yeah I think that there's opportunities.
-- -- what.
We work but I'm only if what.
People nearing or in retirement and if we're gonna help Obama help advise somebody on how to build a place before -- I'm gonna do it just like -- build a house.
You know and I asked people if you're gonna build your failure for spouse -- you gonna start with the -- for the foundation.
And you know obviously the foundations -- -- won't start we're looking at that true diversification.
-- losses at this stage in the game for people near -- -- retirement.
Are catastrophic there are -- times -- so I think alternatives outside the US.
There are alternatives there and I think alternatives to the US stock market in general.
You recommend them because it used to be -- you're getting close to retirement.
Cash or cash equivalents and in that type of investment and less and less stock split.
You -- -- a bond bubble here in the next couple years that could affect people who invested in bonds and you know where it in cash is -- you know return.
They would need to daddy W -- -- you obviously have to have some risk in any more risk nowadays that you did ten years ago.
Yeah I agree that to -- I see a tremendous bubble in bonds currently a lot of people over the last few months have gone from equities and bonds.
That has created big bubble I mean we have very low yields we have interest rates at historic lows.
And any increase in those rates for any sign of inflation -- -- -- About inflationary pressure is going to you know I think a lot of -- -- the next shoe to drop.
You -- so like you said with a lot of people being -- bonds and cash not paying anything.
You know you've got to be careful I think also -- some small cap if you're a small -- you gotta be cautious too I think with the looming tax increases.
If nothing changes this year could really -- there as well.
Her thanks so much for sharing your thoughts and your full real name.
-- -- -- Thank you guys curve in Elwood at Miller the boys standing thanks -- -- Carmelo Russell could you know I'll so what is it -- and what -- -- -- -- Miller the fullest.
It's nice and his son is -- in -- Miller the fifth.
-- -- -- -- CU RV I -- I believe so yeah that's a serious name and then -- and when we come back really really -- -- rich Edson I mean.
Kiki worked on that a little bit little -- and Richard person wants to remain adamantly I -- many medical illness policy.
-- Welcome back buses that come hi Tracy Byrnes Chris got -- We were talking about names in last segment.
Rich -- joins us now and I know he's gonna Flores.
Were -- long full fabulous.
DJ -- -- real north Jersey named Gupta.
Richard John Edson.
That's effective and that president that you did not.
-- -- John is that's my middle name I was named after my proudly named after my maternal -- laden.
And if I wanted to use the full Atalanta beat Richard John -- ads and so that's a nice step better LaMont and that's my -- tomorrow.
Here's he had his goodbye right that bad and I looked it said it said -- -- and you know Jake -- -- a famous spot PS so often he'd get phone calls asking if he was the one he was I think there might be some.
Sort of distant.
Relationship there somewhere but I mean nothing -- transpired me so.
Oh come on well.
-- here this -- good luck John Edson Christopher Harold Connor yet that is not -- Einstein I had an ice I'll also add to my maternal grandfather.
-- neither of us when those names come up on these Social Security role and if he isn't me retire we're not gonna see -- Marley and me literally at our ages might finally get there.
Quite nothing right now.
Now if you're born in the -- -- those born in the early 1970s or later have to look forward.
Two and exhausted trust fund and at that point only 75% of the benefits will be paid out so.
There's going to be a big problem coming down the road -- In fact Social Security the funny thing is much better shape then Medicare -- and we really even shouldn't have to worry about Social Security never got to fix Medicare.
But Social Security it's funny you know you've got Democrats right now.
There's -- a political move among Democrats to try to remind senior citizens that they were the party.
Who brought in Social Security there the party that's trying to -- benefits the same for Social Security.
And meanwhile it's Republicans who want to cut back on benefits Republicans say look you're sustaining an unsustainable system.
It can't be just tax hikes to sustain this system and there's been an even within the parties you've got Democrats and Republicans within their party.
Saying well we need to look at -- raising the retirement age for younger workers there's a number of different.
Options that they're floating out right now Democrats and Republicans haven't agreed on much of anything right now it's it's really it's a political third rails are the cliche but it is nobody wants to talk about it it's -- difficult problem.
It involves either cutting benefits to a group of people in this population who vote and vote a lot and -- very often.
And also you raise taxes on others so that's your choice and it's tough politically a very good -- you -- it often.
That's -- we've been doing for.
Better part of a generation.
Yeah exactly but meanwhile 2037 is like a big year where this thing becomes completely useless and -- it's gonna get anything.
You get Pelosi coming out last week get to your point -- saying we can't raising retirement age could well we'll lose voters.
Still work put into a rock and a hard place when all the -- of the big Ponzi scheme that they've been Bob -- against the the last you know twenty some odd years.
He's the injuries to pay back which they'll never do so -- we're down to as you said earlier taxes -- mean this seems to me the only way they're gonna get.
-- -- -- -- They could be admitted that to the president's debt commission's talking about this right now -- debt commission has Democrats Republicans on it.
They're talking about possible we ended their floating all of these ideas do you raise taxes do you weren't crazy time and -- Also right now if you make more than a 106000 dollars the income above a 106000 dollars is -- subject.
Fuel your Social Security tax so there's a possibility of either raising -- entirely lifting that cap or just raising the six point 2% tax the you have right now so there could be a -- to come out of this and the funny thing is the one bipartisan and -- mean bipartisan talking about.
Leaders individually in the house within their own parties -- suggested that perhaps we need to be talking about raising the retirement age to seventy for younger workers mom.
Thanks Richard John Edson love -- man.
Thanks guys thanks -- Do you do you notice on your paycheck when -- so securities done.
When humans than -- that they take -- -- well -- yeah and I noticed that I count down the days ahead trying to figure out.
Now yeah sometimes that you forget.
And then on to -- wait a minute what all yeah that's right opposite to skeptic every year it happens I go back and -- -- and make sure that -- -- out what they're supposed to take take alcohol you honor my -- At the interview to be like well we made a mistake you -- you know 50000 dollars because we made a mistake and it would hold on just the opposite I get -- over paranoid about my view it as a gift -- icici home.
Kind of forgot about that this is -- -- but the thing about it is too is the haven't been like November and the taxation in the first 106000.
And I really feel this way.
Is tax it's not something I'm PE and then I'm going to get out later its attacks it's just it's just another.
Texas like my federal my status as you think yeah I I'm I'm I'm never seen again I'm honestly I think -- my retirement and I put my -- and -- -- and -- start thinking about that.
I don't consider that small amount of monthly Social Security -- Payments coming back to -- and consider I don't not because I'm gonna get it well because when you get that thing in the mail from that assists as a skating mistakes that breaks down how much below would you work to -- you're gonna have to save usually -- -- court fees you're lucky.
It's community it's ridiculous I know some of the walk with my clubs not abilities don't -- definitely -- -- -- things are hopeful there is there is -- is -- -- they do it very well.
Mumble wood depends on where you live if you live in Florida flat courses no problem he lived inside and even northern Jersey.
A lot of -- -- like that you know the weakling you know -- Atlanta that you're finally that publicly -- today well audience.
-- -- -- -- -- -- After the credit card rules changes -- last and final days of the single landmark federal legislation that was passed.
April last year.
Expected yesterday that last final things kicked in and we've been talking about this bill do we even need it to begin with seeing just pay attention to your own credit cards up charging years you know from here -- Montana.
But that being said there are few good things and they start they started yesterday one -- -- big -- is a limit on late penalty fees.
Could hurt could charts at like forty bucks for being -- which is out of control mountains between five and you're late payment is less than 25.
They can only to argue that amount see you can't be charged more than the amount you they also -- activity fees which I think is a really good thing.
-- -- try not to use a credit cards as much -- you should not be penalized for that.
The whole rate increase thing drives everybody crazy right because I know you get your -- rates higher the candidates anymore they have to notify you and in addition if you.
Do the right thing and you pay your bill on -- you feel like you deserve it after six months you -- review.
And they could lower the rate probably not back to where you started but yet bless you deserve the revaluation and -- -- gift card thing.
I've made it very clear I'm a huge -- to court to everybody you present again -- -- yeah I do feel a little bees don't know that's a big thing.
-- unit and the problem is.
Your EU accounting background you know that you give these gift cards out the company -- -- the revenue until you get in the store to use it so there's.
So they sort of have an incentive to penalize you gain but -- the still.
I know that's why I don't I understand it but the same time he buying gift card and just -- -- argument that you like best buy gift card I don't know what their terms.
But -- -- best buy gift card it says in the back of the card must be used in in in first twelve months after issuance.
Then you should had to use in the.
First full months after issuance I didn't.
I -- and unfortunately though these new rules say that regardless of what the Clark says as of yesterday.
So if your best buy card set him because I have no idea what those courts that.
It it's negative views in twelve months the new rules say you have five years since it's now this is the -- zinni as -- other companies go.
It's great for me because I -- stupid things and I have no idea what happened Amare but as far as the company's it's very hard to keep tracking your revenue.
I know it's also somebody else telling the company's private industry what you can and cannot do which I do not like yet exactly and the other thing is these gift cards can still charge you would pharmacy -- but only once a year.
To -- using DN gift card come has got to be something at best buy you want.
-- we talked about.
Stock's been stuck in a range -- oil and -- or what James the Georgia joins us right now publisher of the gold and energy advisor hey James how are you.
Very well thank you for having -- we were above eighty dollars a barrel for awhile and I thought this was going to be a bullish sign for -- oil bulls anyway that you're poised to break out to the -- blew it was I wrong about that one.
-- what do they have to look for is that as we -- approached the beginning of every month.
We seem to get a spike and then as we go through the month we sell off.
And that's been pretty steadily the pattern of the last several months.
What does that mean you know -- not -- the beginning of the month third -- -- supply fan you know.
No actually it has -- live in the futures market -- that -- tango.
And you know.
Investors want to take a position -- oil will do it through the futures market and then roll it over rather than take nationally well.
As so that this and it's for pretty papers and the range right now that we see is between 65.
And eighty dollars and you know -- -- when you're investing in the oil companies story investing in oil he shouldn't you know.
Head John on not strain and you know.
You know put yourself in the situation all -- this -- -- -- -- new position.
What's the relationship been between investing in some of these analysts and Satan.
-- -- for the sake of arguing investing in -- Chevron and Exxon Royal Dutch Shell.
As opposed to -- investing in the in the oil itself -- -- crude itself and is there a direct relationship between the two when you look at you know appreciation.
Not well not always sometimes it to coupled and aired to the couple -- you know silly reasons.
I always tell people that if they're gonna go ahead and invest in the well they should be -- thinking you know in the long term they should be buying on depths.
And they shouldn't get too caught up on the numbers that are being reported here in the United States because we tend to be myopic.
You know if oil supplies are plentiful.
-- they wore on the last report reporting period last week.
-- you'll see that oil won't drop off but that's the domestic number that's not the international number.
And you gotta keep in mind that we have about Sweden three billion new consumers coming on the market in the next ten years.
Between India and China.
And you know this is really still very good -- to invest in for the long term.
The does that present price of as well and in the demand is going to continue to increase as you said we saw underdog browse.
You know just stick to -- years ago we gonna see that again anytime soon.
Why I don't know that any time soon I would tell you that is a lot of that's who depend on the world economy.
I can tell you that that on a worldwide basis consumption of oil is actually -- up this year.
And it does appear as if you know we'll see steady growth in demand worldwide.
You know over the next ten years -- Keeping that -- in mind when you're investing is going to be very very important I think a lot of people are gonna mess.
The next move and well in -- -- because they're gonna be -- so worried about what the downside is and not pay attention to the consumption side.
It -- if they keep in mind is that new wealth funds are not being found.
In -- you know -- in places yes they usually you know deep drilling you know -- offshore.
-- -- places that are hard to extract or the other oil -- we are only you know getting 10% of what your recovery.
You know -- -- popular thing where people talk about one point seven trillion.
You know barrels of oil and oil sands but -- not tell you only 10% of it is recoverable.
GAAP estimates old thing that much more tricky -- DiGiorgio publisher of golden energy advisor thanks so much for joining us act.
-- a pleasure stay safe down there in west until we have hurricanes come from.
I don't know west palm to me seems like one of the one and not only one of the safest places to be canes or think I mean there are hurricanes out there but I as -- one common.
Directly -- really okay that's.
And this is probably back that's.
If my little activity on the you know if they get and -- -- -- is 85 they would downtown west palm really no problem.
OK so so it is dangerous hurricanes.
-- -- -- activity and I.
But I would -- until you break we'll be right back.
Well -- boxes that come live -- right it's got -- to quickly get to tell you.
Chris Wallace on Sundays at the end of every show does this thing on heroes and a segment -- -- -- local heroes.
And yesterday he did -- on Jennifer Griffin and he is our senior pentagon.
Correspondent I think that's her exact title.
Cancer and it was here's -- that's great.
And she's today on our way coming back to -- preparers say it work Afghanistan.
But that's really I.
Yeah -- completed in late hey welcome back thank you to take if you are here obviously with glass -- -- just when you think your job and you got -- -- and then not.
Do you think.
Jeff Flock joins us right now that is a great story from -- town.
Jeff -- talking a lot about mergers and acquisitions here today about how over the last couple weeks we've seen a lot of them well.
A really big one United Continental to airlines how does this thing going smooth it's not one of those we have one dominant player it's sort of a merger of equals -- event.
Exactly that's what makes it interest thing I think guys and that you know the most recent airline mergers with the northwest being swallowed up by delta northwest just went away America west just went away when US -- -- -- over.
And this one they're trying to really melded together to keep the company in Chicago but they're gonna have the CEO come from from continental they're gonna.
You know keep the united name but they're actually keeping the continental logo and get rid of the united won and that's the really.
I mean it's gotten EU approval this merger and it seems to be smooth but tell -- there's a new FaceBook and Twitter campaign.
To save the united logo.
You that you remember that logo and of course you do if you travel anytime analyst -- -- was it was.
You don't like it killed my guys have terrific I didn't really.
Yeah yeah patent because you can't -- -- hatred of the Jersey girl not okay it's can't they have never -- hands -- -- -- greatest logo.
World but yet but the guy -- -- you look -- -- for the SEY Tracy and I might not work yet okay.
If I could work but now -- a few reasons why Obama.
-- -- all bass was the designer of this logo and he does -- is an iconic design he did.
Fielding and AT&T you know the -- bill with the bill.
He did -- -- -- which still is that it did to this day I mean he's an icon design than.
I can't -- it to some people apparently you think he had to design a new logo I don't think it it would not be a tool that's dissonant.
Okay but it is distinctive it is distinctive and some.
Argued that the continental logo which is the whole it's kind of like a -- -- saying yeah -- pardon me.
Kind of been done there have been there done that PepsiCo has a similar one -- Anyway that's going to be the logo on the main -- is gonna go on the aircraft so some people think you know we want distinction here.
And yet these are not decisions that are taken lightly -- they're not decisions that have done without much ought to be I think about this Delta Airlines even for example.
They change their paint scheme and it paid all their jets and then about a year two years later they decided to change it again and they pain and all their jets and it's been it's -- was this is -- the second time as it was the first time.
You know yeah you know you can -- you know black people express.
Of the good complaints that.
I don't remember though and remember that Google doing what it looked like it was good look at Google -- You know the -- done I'm guessing a lot of chrome -- -- -- Was it like some blame on yet.
I think guys hanging up the wings in every game exactly.
I don't know yeah and I found an Anglican plane is one that arrives on time.
AA -- you know what I'm saying that.
I think you know in fairness to bring this back to some sense of reality -- -- content continental actually has a pretty good reputation as an airline will run united does not know.
-- you're on the some may -- it's not just an ugly logo -- -- But maybe kind of help we need to have both logo or the air airline is actually running pretty it's pretty well pentagon there may fifth thank you -- -- I guess Tracy was born in the seventies that's what makes -- different reasons she loves the eastern airlines logo from themselves and their loved it.
It was -- scary thanks Jeff let's face that.
-- -- Joining us on the -- who lived there had from American continental united.
United and I can get on get -- excited myself when I bring up things like peoples express welcome and remember the end of the number eastern airlines.
Icici it's kind of nice I like that one I do like the -- American Airlines at the chrome planes in and I like that.
I like that he believes Russell Pullman flight on bail -- people with -- all of them feel it's happening is we're actually turning -- this is sort of karma you were up about five points and it's five points.
But -- five points is positive on the market -- some things move in this market units and we would and it's.
I hope you don't -- about potash and my whole -- with it from the nine needing prom date and that's part of what's going on.
-- is saying they've received exceptional interests.
Who can who can compete for creative companies are interested now filing BHP Billiton.
Hostile bid worth nearly forty billion dollars by the way -- there's not -- to be -- they don't -- -- -- equivalent amount of money but nevertheless.
-- -- formally rejected BHP's bid early Monday.
Washington Post now this through me this is -- S&P 500 leader today.
So there's this August sell -- in Washington Post shares and part of that was because they own -- -- -- for profit teaching -- -- DNC -- -- -- ACC NASA via.
That knowing that any confidence in or still has any confidence in what's -- what -- -- but there is actually just said today that.
Improperly killed there's still value to be had in Washington Post under house that's up 4% again it's S&P 500 leader today that.
Tuesday morning this company drives me crazy I've never get into the stores it is -- closed out.
Higher and brand store and originally started where all the new merchandise -- on you guessed it.
So that's having the -- Tuesday morning is simply show up that they actually said they're -- -- well positioned.
They've got strong earnings revenue growth all of -- basically heard of them blue -- ahead at the end.
Stores in 45 states -- and mostly women shoppers no surprise that they do hire and they sidestepped cheap but it's not not a -- -- -- winners of the good.
Car three part excuse me is that today because Hewlett-Packard launched a bidding war for the debt data storage company.
We saw that earlier today.
The big day is 13 higher than what rival Dell offered last week so again we're getting bidding you know -- like it but I was getting noisy at the end well and that's not to bidding war is because of what's happening to three markets move in the whole sector so my number one is -- on systems.
Not because it's the biggest mover but because it's getting the delayed reaction affect all those stocks -- other data storage companies -- as well CommVault.
Compellent Technologies in -- -- -- -- All those data storage companies doing really well as a result of the three part deal which.
Would have noticed that -- go to -- that the end is a man can.
Interests there's more than one punted out of them that that's a real growing theme for you today -- -- upon not just it's just it's okay.
Recognizable -- around.
I got him for those who of -- who you had prom dates.
He went to the prom I didn't go one funding we saw pictures of it.
We limited competition is that the -- hear me on my prom date it's the -- and they both -- -- care.
Obama Molly Line joins us right now from Boston.
I'm sure Molly -- -- he chatter I can't eradicate.
Molly how's your hair on your prom date you're a senior from you the picture was a -- with -- big it.
Look at it I'm thinking yeah yeah that -- -- we yeah.
It happened all this was the Clinton I just like you had -- -- -- Goldman -- goal.
-- what I hear them to rehash the past that it brings back bad memories we are here to talk about ashes -- be very serious about.
How the value of foreclosed homes -- now the interesting thing this weekend I guess the -- -- house.
Was put up for auction and yelled at -- that that the thinking here in the part of this report and it's also out of that when people die.
All of the house goes to auction it would have -- doesn't drop nearly as much as -- people foreclose on home why is that.
Well you know one of the theories at least is that a -- is trying to quickly unload property of their hand and get rid of -- you know as quickly as they can and and prevent things from falling apart and managing the -- -- everything goes along with owning -- property in the event of -- death of an owner it's a similar scenario where perhaps the inheritance that the folks that.
Have this property now are trying to manage it would also like to unload it but they perhaps won't be in as much as of a hurry as a bank foreclosure may be where they're trying to manage a number of assets.
You know the fascinating thing about the city is the dramatic percentage that we're talking about here in drop in value in a foreclose property at take -- -- It's 271000.
Balls -- -- Think we're quick to -- mortgages in the housing boom now find themselves holding properties worth a fraction of what they once were especially when -- properties in foreclosure.
The correct term discount on average is around 27%.
She's really a very large number Joe -- chairs the economics department at harbor and co authored the study which examined one point eight million home sales -- Massachusetts.
From 1987 to 2009.
Another grim statistic -- -- homes within 250.
Feet of a foreclosure.
Lose 1% of their value homeowners who overextended and find themselves unable to sell in the worst real estate -- generation.
Are finding themselves with few options.
Take this two bedroom Condo just off the main street in the seaside community of Hyannis Massachusetts.
Purchased only three years ago for a 190000.
It's now -- -- and the price -- hit rock bottom.
Thirty days we had four offers.
On a pricing of 52000.
Dollars you're nearly 75%.
Discount on this foreclosed property.
We Obama administration is essentially.
Tried to stem this tide by putting a significant amount of money so far one point five billion up TARP funds of fifty billion dollars total in TARP funds.
For mortgage modifications that.
How much this is work has been up to debate 31% or so of the modifications actually worked and become full time modifications.
-- so many though I haven't failed and have not gone through so the real challenge here according to professor we spoke with John Campbell there was one -- in this study.
Was to find out -- actually benefit from these mortgage modifications and from this.
Public money and who essentially won't who won't be able to make enough a big enough of a change -- to be granted a big enough of a change.
To have make a long term difference in the rest of there mortgage.
Molly thanks so much and -- -- -- mourn out but I know you -- sequence.
Do you think I really did Goldman bank and the best of I want these little black lace glove that had no fingers swear -- -- -- Yes slamming -- and I haven't laughingstock -- what I said the other day even though they call me Michael Jackson.
My and Rick Fox News down bond and I haven't foreclosed homes where I thank you so much.
-- get back.
Tickled my big hair you've been -- with -- that was going to Madonna thing nothing -- -- -- again at very much very much so that.
I think that they don't think Madonna school.
They think he's an old and haggard old little beat up yes weigh to skinny can -- that thing and you know you don't understand why it's.
We've got to go to break -- redneck.
Welcome back foxbusiness.com hi Chris cutter Tracy -- and Chris is right we got a little -- FBM -- karma -- -- -- -- a Dow up five almost six points they were down along the start of the show and I guess that's something.
We came -- a week and increasing market though I was crazy.
Expiration options expiration -- -- Crazy crazy trading days worst terrible bind you -- -- -- this morning and you had McDowell fifty in the NASDAQ in million territory yeah I'm -- I'm saying it was late.
Weird Armageddon -- that.
We came in this morning the futures I think that's a -- market alluded.
But we're back down and so.
-- -- takes time and I points though and -- little Jake now.
-- all they were doing a little G into line yes they're all they would have been had they not the threat of stoning hanging over their heads -- -- -- -- -- they celebrating the first.
Builds in -- exclusively in I -- was unveiled yesterday Mahmoud Ahmadinejad the president saying quote the jet.
As well as being an ambassador of death -- the enemies of humanity as a main message of peace and friendship.
On ending celebration with look at the confetti on the wings and there are one big party.
Yes it isn't it well in addition to being the best of -- goal -- sort of thing a hand in hand.
So the ambassador death comes bearing lollipops.
I guess maybe on the way to get real get a -- -- lolly pops and then when he gets over his field and it becomes the -- yeah you know what -- put any serious in the morning because -- in the world that is just very different than -- not just -- the thing -- -- -- the scariest part of all he's a -- He's a puppet for the religious leaders by ran Celtics who say he's crazy knees this and that and all very well may be true but it doesn't matter.
I mean if he left office -- say you know what you gonna go on vacation at a center paid.
And -- retire.
Would even matter because he is just -- under -- excellent and that's exactly right yeah Phil but it's it's fighting the way people think how -- how can you even say that you have the ambassador of death.
For enemies of humanity.
Which is so strange because.
Built in did I listed and humanity is just Muslim and and enter the infidels are in -- I guess idea is that thinking.
All -- it's also message of peace and -- so think about that.
Senator and sit certain video -- -- -- the ambassador death.
Should be like you know like in the says that that's what it is for them though it does not reach Israel on this particular model cannot reach -- -- -- -- Com I mean I'm sure this is the first of many obviously gonna make changes I don't know why -- we will learn about the ambassador of death.
-- on panic mode because I mean.
Do you get dependent on what is panic Monday you can attack I -- Mean that could be really bad if the powers from the west attack Iran because that's what they want they want us to attack I ran for them to say look.
Rest -- the Muslim world look with the infidels are doing attacking us on our homeland please come to our rescue then it becomes -- That's what they want they want Israel to attack them they want the west to attack them.
The whole thing is because that would spark Jihad and that's not what we want so certainly doesn't come from the very pleasant.
Difference it's celebration that then celebration.
With a -- really the things going on confetti music stones -- a couple of versions Lotta -- celebration -- him.
I I I'm much happier note.
We got to go down in the violence and August 25 years ago Hurricane Katrina hit and basically devastated -- I place.
And thankfully yeah.
It'd been -- you -- five years later -- flyer deputy director of the greater New Orleans nonprofit.
Is with us right now based to give -- the state of the state.
How far has New Orleans come since this awful awful day.
Well it's come a long way you know wait your right 80% of the city was flooded mostly the residential areas.
And now we have about 78% of the population and we did five years ago and the metro area also was badly hit town with a lot of wind damage -- other flooding.
And do metro area as a whole has 91% of the population that it did five years ago.
Dallas and I've never had been in loans since in the five years but I visited Miami in the South Florida area in the years after hurricane Andrew.
And there were a lot of homes residence is that where.
There's a lot of property that remained.
Wasn't fixed up yet I'll be seeing a lot of that no longer has the C really -- a good job Hussein is a condemn property let's get rid it and let's build back on the on the land.
Well there's still a lot of properties that are in the process of being rebuilt.
The the insurance companies largely didn't pay out for the full first year -- -- so for a full year unless you had money in the bank you couldn't start rebuilding your home.
And then the nation's can be paid out in about the second year primarily as a book tour well insured you know have enough -- -- at that point.
And then the federal government has supplied some assistance for folks who didn't have as much insurance part sometimes they weren't even in a flood -- so they didn't anticipate it would flood.
And so in the third fourth and fifth year more residents have gotten some assistance and started rebuilding.
But there's a lot of mile and a lot of contractor fraud and a lot of problems for folks you know this often happens in the post disaster situation.
And so love folks haven't had enough money after you know contractors have made away with some other payments.
But it sure did that happen to -- -- you're kicking off our fire our weeklong series we're gonna do something every day and London where it's going and how far it's come and one of the things that you found is that I'm -- tourism.
Really took off.
Entrepreneurs and has really -- in wants post-Katrina about 450.
Out of every 100000 adults has started up a business and that compares to the national rate of about.
We lay it lags the nation before.
Katrina and now we -- the head of the nation.
And we've had a -- influx of young professionals.
We have the largest contingent of Teach for America teachers here.
And also young professionals coming to start businesses or do architecture work -- urban design work.
So there's been no real resurgence of energy and sort of that youthful energy here and wants.
-- -- coauthored the new loans index of five with the Brookings institute sort of a look back at at the five years.
In some key factors that help the wall and bounced back released trying to -- -- one of the things I thought was interesting is when you -- in the wool and you think of tourism.
You think of oil and gas and you think of the port of new ones and and I -- get.
Not only -- hurricane but there is huge recession and then the oil still recently split that it's hurting all three of those.
It is hurting all three of those and that's you know that.
You're exactly right we've had three shots not just one in the last five years you know the whole country had the Great Recession as -- -- And then we now have the oil spill and are three major drivers are.
Tourism oil and gas and the port shipping rail that sort of thing.
And then after that -- higher education which is ground and that's sort of you know the bright spot both those older industries you know have really lagged and have really been hurt by.
The recession and now potentially even more so -- -- oil spill.
So -- -- what we need to -- in -- and now is start to think about how to move our economy toward some of those future industries you know alternative energy.
Modernizing our -- -- as perhaps the country increases international exports.
So there's a lot of work we have to do now going forward with our economy.
That's it leads me to my next question it was a what's still missing in the five years later there's got to be things that are still lacking.
Is -- the educational system is -- funding to get stuff going again.
What -- still need down there.
Well you know there's actually in.
Found in some amazing reforms in terms of the educational system that some folks may have heard about our our we have.
The largest number of I'm charter schools of any city and 61% of our students attend charter schools the public schools but their chartered.
And run my independent organizations and independent boards.
And we've seen.
It's really strong increases in reading and math scores and this is among a populated -- of kids that was.
-- -- ties to -- I've found what they went through with Katrina so it's.
It's impressive that kids can can learn and make that kind of turn around even I'm considering the circumstances.
So that's really exciting would also done a lot of reforms -- criminal justice.
-- housing is built in a more sustainable way now with the we have a lot of green housing.
Which is reducing you know the costs of energy -- for our house is done here so there's a there's a lot that's going on.
And what we're noticing really now -- the -- the oil spills bringing it to light to the whole country is the importance.
For restoring our wetlands.
The levees are being built in a very strong way they're -- put about fifteen billion dollars into our levees and that nation right now.
But I first line of defense is the wetlands and we know this in the ones but.
Congress approved a plan to restore wetlands in 2007 but hasn't put any money -- -- our state has put about a billion dollars to what -- restoration.
And that's great but it really requires -- federal.
Contribution because of the amount of money that's -- is so great and the whole country now understands our weapons -- -- breeding ground for all of you know the seafood and the wildlife in the Gulf of Mexico so.
We're hoping that perhaps.
With his BP oil spill there's an opportunity for some funding there to restore the wet month.
Alison no -- -- very -- city in terms of downtown vs the suburbs in -- you farther out you go.
It is I haven't seen a difference in the two -- the suburbs he talk about education and things like that.
And we see help being brought to the suburbs you know might have been as directly related to hurricane as downtown was.
Oh yeah did the areas like saint Bernard parish -- you're on the east side in -- city and went a suburb suburban area very badly hit by the storms really that's where the storm surge came through.
And there's been a lot of volunteer groups there and we'll tell you you know not only New Orleans themselves you know rebuilding their neighborhoods and helping their neighbors but the volunteers that have come to help.
New -- over the last five years has just been incredible on what they've done in you know some of the summer Catholic Saint Bernard and as well as in the city has has.
It has been amazing and I think without that.
We'd be much pushing also thanks for bringing us such great news.
You're welcome thanks for having me -- -- black deputy director of the greater -- not -- -- knowledge works also coauthored the New Orleans and exit side.
Again housing kicked off our weeklong series on.
State of the state down there in -- Long -- Obviously a lot of challenges that seems like at least for five years in seems like there up to -- to this point in time and I was -- what I think that innocent.
-- New Orleans when you include when -- -- -- well what do you think of anything you know runs I think.
Process normally Nazis and jets but we'll take a break we'll -- a.
Welcome -- -- -- outcome I was trying to figure hurricane names.
My name was never came by the way -- -- -- -- at some point.
Went -- balloon you know -- -- let alone.
-- -- -- -- Breaking keep your oh yeah you have been put any interest you to my car in nineteen Jose in 1994 -- -- -- -- Hurricane -- no 92.
-- after that an -- that -- my car oh lead Honda Accord drowned thanks injured.
An aging not joins us right now often -- when he for our -- never have to worry about hurricanes and services don't you gotta worry about everything else out there Adrian good hurricanes that's the one thing is safe from right.
That's your act now you wrote a book.
-- the the 24 hour customer and -- you say look if you want to keep customers or get customers.
Think about their time time is money customers -- costly way about their time is so there's this sort of the theory that.
A business is a good -- don't pay enough attention to maybe they should.
Absolutely this is about new ways to address and we end today's customers to our time stark and always so connected.
And what -- can't -- is that even though we factor tying into our decisions every day a lot of businesses tend to overlook that.
Now you work with some big companies -- -- -- -- tell us some of the names of the companies that employ your your way of doing things.
Yes we work with large companies here in the Silicon Valley -- like -- -- Symantec -- -- we also work with start at.
Businesses as well a lot of venture funded companies that.
-- like our service this.
One of the things that's always great you know you've got a list of things -- companies can do one of them is called time slicing.
And I thought the analogy was -- -- company digital chocolate that makes.
Simple video games -- yourself -- -- do you deal on the in my case on the subway.
What you can play the other addictive.
And we don't have a whole lot of time but that time that we have what we want to be able to make the most news set and it sounds like some of these companies are are doing that by yell just giving us something -- time for a short period of time.
Absolutely and that's one of the many ways that you can play into -- -- and -- of people's time.
And what digital chocolate did is they broke.
Video games by time slicing into small tiny segments and what they realized as they ended up reaching new customers in the process that we're too busy to play prior to that.
But it also don't go love diminishing returns here because you know we are bombarded with information all day long and I get to appointments -- I don't read.
Because it's two months and it it becomes overwhelming and you can't decipher what you really and let's just -- bloody pain in the neck so how do you work through that.
This is where the opportunity comes CNN especially for small businesses because if you can't think about the ebbs and flows -- your customer time and attention and you're gonna really win in this scenario and what I need here is that sometimes -- -- addicted to things and we can spend a lot of time where we lose time.
And there are other times where we want to spend minimal time and if physicists can synchronize with that that's a big opportunity.
Another opportunity I see here Adrian is in the mobile space and it seems like much of what you talk about -- your book has to deal with.
Mobile because now all of a sudden we can do things while we're on the train he can do things -- where.
Either waiting in traffic or or waiting around -- not to waste that time it seems like mobile is a great way to.
They'll attach yourself to the customer that way.
Absolutely and this is where there is a huge opportunity here that if you can.
I catch yourself to the customer or being -- the customer -- resident with a customer when you're ready to fine that's a large opportunity.
I am not sure you're aware that customers stand -- less than 3% of their time actually buying according to government labor statistics.
And that's only 28 minutes today and says you need to be there when the customer is ready to -- And in my case you need to be there at like 10 o'clock at night when I'm curled up in bed after I did three loads of clothes and put my kids -- and so he is -- I think you really need your extended camped it up he's artists into the -- in order to purchase anything.
So -- products you know like the iPad in all this new technology work to the advertisers and managing against someone like me to.
Well I think that's the key here is trying to think about how you can be there when the customer is ready to buy.
Even though people can shop in their slippers at midnight me.
They only buying less than six minutes today on e-commerce and so if you can find a way to be there and be -- down.
So that they are ready to fight -- through their consumption process and this is where for example the Kindle or they -- is plain and is that your reading these materials you think about.
Another book or article to buy and then you just push a button and guess what the you -- up to the Amazon store for example.
Time is money -- customers time every bit as important as winning their dollar thank you Adrian we appreciate it.
They -- thanks Adrian Adrian on author of the 24 hour customer it's -- -- -- thought -- -- Oslo about routines.
And things like that like it's enhancing advertisers and we need it's like a routine.
You you're doing that multiple times a day -- that thing get negatively and sanitize that everybody is.
We need out of in the restrooms now yeah I get you -- little thing -- little hand -- one all the time.
-- think on the subway riding the subway every time I leave the subway have got a hands sanitized and I saw me being crazy you know eventually doesn't work.
But he eventually -- -- my hands get used to it exactly.
But really that had changed different -- Munich got to go like I got hands and go back.
And soap and water is what I'm saying I don't they don't hardly at all on the set up one week on the soap and water that include all okay awesome.
-- in my house for a week I'm in a -- Arenas all -- -- ever need my kids that gives him mom.
Filter by section