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All right we've not half percent unemployment in this country and we lost more jobs that we thought or than a lot of economists thought in the month of June and should forget on foxnews.com.
So all that more to talk about it yesterday out there Iowa I completed a sexual harassment case and now the city can finally work with -- how tough a tough that was like the one thing -- need to get done -- -- true -- spent four hours together in that harassment class and I learned that you can harass people once and get away with it.
Is this -- and not prevent it cannot be put her assistant or pervasive right or unwelcome -- If you come from mission we have been all are we spent four hours -- -- -- -- a -- -- talk about that.
Or -- talk about jobs and the -- -- the stock market is getting hammered today with a quick look at that.
And then we'll tell you what we're gonna talk about the next -- data 177 points on the Dow 83.
So we re -- things -- that jobs report bringing Robert great to talk about it Peter before -- military back is coming up and Simon Johnson has been on before.
Former IMF economists is also to join us I don't know Robert pretty bad numbers.
Yeah pretty bad number worse than expected that was a couple of months ago -- that leave us sort of less bad but you know traders tell me that's not cutting it -- -- with the market reaction today and that's exactly what we're seeing him.
Just look at that some of the things that jump out I mean you have.
Way we should also note last month actually revised a little bit lower that's really getting lost in the mix a little bit we've talked about a lot of other.
Economic reports being revised higher in retrospect we should note that.
That's -- -- -- be revised lower for May but still coming in higher.
Think people were expecting you know.
Good things up -- of such a huge surprise they're expecting a smaller number maybe command.
Average weekly hours dropping to a record lows of people -- we talk about furloughs people being asked to take a couple of days unpaid leave.
Companies are doing this in in lieu of job cuts and and a lot more frequently actually so that's lower hourly earnings not going up so that's not gonna help consumer spending any.
Only up 2% year Beers and not a lot of inflation.
At least as far as the wage inflation goes and so -- get -- to the total number sixteen and older looking for a job that's at a record high -- -- summer jobs.
Seem pretty scarce -- maybe this life guarding jobs.
-- You know it bush -- country club or I'd have to -- this year I'm not sure if he -- smells not that I guess my good reference but there's a factory jobs 736000.
Only bright spot to a health care and education -- 30000.
And the government also shed a lot of jobs and up until now the government had been a huge matter of jobs in and contributing to.
Any sort of stabilization we're having that's not even happen again.
Without the census to us of people maybe -- competed completed some of their telling for the census -- they're being Legos as a temporary jobs that boosted the bottom.
The number of those earlier this year in that's sort of disappearing now so the census jobs going away and right.
The pretty slow day -- on the street -- meaning you have big number of people trading in you know.
On their way out the beaches right we always hear about that as we had the fourth of July the holiday of course tomorrow but the number -- I'll talk to Peter -- about this obviously volume to your point is like a pretty big picture -- to market them yet trades in early.
Mean what -- interesting you know you've got you transports moving a lot lower today that's concerned about the economy even as you've got oil dropping.
One thing though John bust out of Pacific American securities in San Diego have to give -- up when he got its solar really.
Doing well they normally trades almost -- lock -- with oil prices that solar up today getting an upgrade elm street JPMorgan.
And one other thing he pointed out new -- interesting comments from the CEO there the steel company saying we're at or near the bottom but we're gonna be here for awhile -- so act.
Everyone's talking about a bottom which is good to seen the numbers continue to suggest that we -- stable stabilizing but we have to keep in mind his job losses don't equate to economic growth right.
So weakened state would at a stabilized first but that doesn't mean we're gonna shoot up in just recover we've got additional work to do -- perspective I feel like I feel if people get so.
Hung up on trying to -- call -- bottom.
But we've got so much work laughter -- called on.
-- left and in look at the market was sort of gone sideways now for several weeks -- looking at the S&P anyway and in -- to NASDAQ maybe a different story but.
Julius and 500 not going anywhere fast nowhere fast is right returns from the charts on our -- -- might one of the -- -- -- go over the last month have a right fourth of July and -- and -- planned.
This already hopeless it's nice fireworks here in the city.
-- -- -- stay close to home absolutely all right.
Thank -- Robert Robert Gray -- and as -- said we your body and I have a lot more coming up over the next hour I mentioned Simon Johnson's coming on the former IMF chief economist we look forward to that but we'll get to a number of other topics.
This they had or did the we're also gonna targeted the cash for clunkers program Jessica Caldwell of of Edmunds dot com is gonna come on and chaps will be here later with the G -- -- It's a story that she Bonnie restore Peter -- for military -- welcome back Peter thank you found me with his jobs that.
Well I think we have to look at with respect expectations if you look at the -- -- the past two months.
It was about 475 give -- take I think last month's payroll and are being so dramatically below expectations sort of -- set the bar unrealistically.
I think going into today I don't think people should of had.
Expectations like they get less than last month's surprise in the -- -- -- 200000.
ADP said over the past couple months it's better than what we sub.
With the big downturn in Q4 Q1 but it still is a reality check for people that the economy remains very difficult you know and employers are reluctant to -- So if our expectations were were were too high before.
What does this mean for expectations going forward because what we -- -- what we've seen over the last three to six months is that bad news is good news because expectations.
Are so low and then we get skewed in a natural action announced in fact our expectations are too high.
Where is just right.
Well that's the question because you have still a contingency out there of people I think we have at the bottom.
Wolf there's have you bottom means that that uptake has to happen soon because we've already seen a big part of the bottom part of that V.
I think today's number just shows that the bridge between -- -- downturn and the recovery is going to be long.
And we're not gonna get from here there as quick as maybe some people -- -- and when you consider the 40% rally from -- -- high in the stock market.
That anticipates a quicker rebound and -- people.
Are gonna get.
And we talk about what's going to happen during the recovery and how to take shape -- California makes it a good point here talking about it workers who are just losing their hours are not working a full week so.
Even when the recovery happens.
-- the actual hiring you wonder -- just people that -- you know that companies have already taken on or move back to part time that are coming back to full time.
And then those people that end of the workforce for the first time or the new workers are really still in trouble means and it's gonna take awhile so it's gonna take awhile and then look at the from a perspective of an employee -- you saw what happened your business declined dramatically.
-- there's -- hope that things will get better.
Because if things aren't gonna get worse -- -- the car Larry is well it's gonna get better soon if we're not gonna lay up anymore people right but twice he's insisting I mean I'm not gonna hire.
And if I do it's going to be media temporary worker.
Maybe I'll utilize my existing employees some more hours.
It's going to be your ways off before that employers -- to say I need to start hiring more people so.
-- DT here comments just were report shows.
Where the rubber meets the road the green shoots a second derivative rally.
Is over is it over and we always -- we've been talking about these proverbial green shoots for so long and now Aaron saying they're more -- greens.
I mean are we done with us now well.
I think I really thought mid march from the Fed had their meeting and they say we're gonna start buying US treasuries that was a game changer.
With respect to predict in the market because once you start printing money to the extent that they are.
We -- -- the inflate asset prices higher.
So that apple go to 101000 but if gold goes to 2000 and -- goes to a hundred I would really better off.
So the market I think it's been in this differentiation phase where it's been rewarding those companies that actually in May start to see improvement.
Commodities due to the printing of money emerging markets that produce them.
Asia because of what's happening in China but at the same time if you look at the -- over the past 34 weeks it's been retailers.
The banks and it's been housing.
That's the trio group the center of the storm in the US so -- then -- the market is beginning to differentiate between those groups that have exposure overseas.
And those groups that have.
In the USC talk about commodities and there is it's worth pointing at a significant sell off today in -- now below 676682.
Celeste quote nymex crude oil.
Yes and there's no question the reflation trade had to move probably get a little over crowded.
I would be surprised if will continue to pull back because of the still concerned about global growth and by.
It's not going back to where was talk about China fires on that jet crashed talk about Peter China a little bit if you catch that every time you come -- that's what we end up.
It would conversations and and it got me and you think it's very important and what happens and I think China's most important country in the world right now.
I think whether their stimulus package last or not remains to be seen because the -- -- the stimulus is to get a steroid shot hoping that it -- to -- sustainability.
But I think that sustainability is going to happen I think the rest of the world is realizing we have to rely less on the US we have to rely less in Europe.
And rely more on our own and I think that's where the emerging markets.
And that's what it's worth is going to be in emerging markets.
Chinese stock market today.
Is up eleven out of fourteen days but a note a fresh one year high in manufacturing -- -- couple days ago continue to show expansion.
So I think it's -- people -- the fact that it is this is the real decoupling.
We -- the -- pieces of decoupling last year that the US and Europe can decline in the rest -- will be okay this time around is going to be real decoupling where.
They -- had greater growth -- we will they will be less dependent on us.
So the fall will be altogether but that those that rise.
Will be separate right right of the individuals countries that -- first that we all fell together.
Yes we were the first ones into this mess I think will be the last ones out.
Because of the massive deleveraging and debt overhang that we are experiencing -- for the rest of the world so this.
So although there might be strong growth in China they're not drag this up with them -- they're not -- -- no -- they will somewhat indirectly because if they actually.
-- prices rise.
What's good for all the commodity producers and most money produces buy from us so will benefit but not -- the same extent as they will in terms of growth.
What about the US stock market and at this point I mean nothing you do basically that right back huge up -- -- equity strategist and you and you look at the US market and obviously we had that huge run -- 8330 on the Dow probably you probably look at this -- -- more close than that -- we think we gun.
Well I wouldn't -- I think the markets probably due for shaking the tree I think that the the reflation trade got too -- I think just generally speaking the market got a little ahead of itself button.
The reflation trade I think has long term -- because of what Ben Bernanke is doing.
He is not going to stop until the more -- think the economy has traction if that means.
The reason that county from two trillion to three trailing.
Where the government they're not gonna stop spending money they've gone down a path of the government needs to solve our problems -- the -- -- need to spend spend spend they need to print print print.
And if this economy does lose some -- if we don't get that second half recovery that people hope -- they're gonna wrap it up even more -- can be bad for the dollar to Mika for commodity prices.
Johnny Mac we're just wrote in how do you get into the Chinese stock market as an American in the United States -- China's the most important country in the world -- -- planes that we -- plane and a Chinese stock market through eighty yards and maybe trading here.
Or other ways ETF.
And the like yes if you -- -- look out five to ten years if you are young you have a long term time horizon and you want growth in equities if you want returns that you can get greater than fixed income.
You can buy Chinese and Chinese ETFs -- -- is the biggest and most liquid.
It has 25 big Chinese stocks and if you were to participate in that area I'd be buying that and you can also take a look at some of the derivative countries.
Whether it's it's Taiwan whether it's South Korea or even Japan that's -- market and even buying of course Hong Kong and each of those countries have their own individual.
-- -- The comment boards very active today you did this happen to have your body here I don't yet know enough yet homers question -- and this is on the market in general.
Stock market often characterizes -- discounting mechanism that we do say that all the time is this the case.
-- if this case why would we be down so much today we're talking about June numbers it's July right now.
Well let's let's look at the history of the discounting mechanism of the stock market was an -- right when it was at 5000.
Was the S&P 500 when it hit an all time record high right in October 07 right before the greatest credit crunch of all time no it was not.
I don't see that stock market is being leading indicator anymore see more coincidence I think.
The short term nature in time horizon a participants and.
Change the way the market works OK if -- right what is a leading indicator what do you look at I mean there's certain if certain I think stocks where information flow.
Travels at a different time and space than than than the general market.
You have to look at some of the I think you have to be more nacco analysts and try to figure out what markets -- gonna do here.
Of the world we're in right now on this massive deleveraging -- -- that the recessionary type environment this money printing quantitative easing world.
In it's it's it's not as easy as reading an annual report saying how can this company makes these widgets and they're gonna sell this and now I'm thinking -- joining -- -- -- -- revenue.
Is -- summary global cross currents right now in this very difficult economic time that you really have to take a top down view of the market I think to nowhere to determine where the best place to be.
Some most of us aren't macro analysts -- and you know what an -- analyst says that I know and -- revisit big picture -- is -- -- is taking a big picture view on the economy.
So the -- to that point are.
Should we be looking unemployment sure we will be looking at housing should be it -- we be looking at some other big item that's gonna give us an indication that yes.
This idea that a few things that need to happen in order for us to hear economy recover which is the bigger picture and then it's gonna kind of trickle down that the companies -- the industries.
Yes but the key thing that got us into this mess was -- over -- consumer.
And house prices that fell.
-- -- Bernanke what to say -- we fix the banking sector everything's fine.
But that's a fallacy because the banking -- sick that's a symptom of the disease of an over leverage consumer that stopped paying their bills and housing market that collapsed.
-- house prices stop going down.
That's the bottom.
The bottom for the banking sector because that's the biggest asset -- backing all this collateral and and it from a from a wealth perspective.
The the consumer knows that it's not gonna get -- and -- Is what not has not happened yet I mean Connell if you think about it from all the housing data that we get out we talk a week -- focus on mortgage rates that well in the last week they declined but really.
You -- we seen a stabilization hitting all time low listening creeping up again but what has it sort of stabilize our housing prices and most of us out there.
The greatest investment that we have is our home and until our greatest investment or all of our money is tied up and we don't feel like we have a sense of stability with that investment.
I mean what else kind of match.
Or she right exactly and it's also affecting the the equity that people haven't homes for so many people are still walking away from homes are -- -- come under what are.
Why should keep paying my mortgage when I can just.
Walk away and clear my head of debt.
-- house prices stop going down needy people won't make that decision and fewer bank that has still residential mortgage backed securities in your books well you know that's not gonna get any worse.
And to me that's the key factor is the consumer and housing -- we can talk about everything else.
The banks the government spending this -- that comes down to an -- -- consumer and housing market that.
Pretty much crashed everything.
You answered -- we're gonna run Peter but this over the last thought you leave the people is what that that is gonna take a while before those key factor start to turn.
That's what you're trying to win right now it's gonna take many years and I don't want to disillusion people think that's going to be quick fix them.
House prices fell for fifteen straight years in Tokyo.
I'm not saying it's gonna happen for fifteen years but anybody thinks it's going to be just a few.
I think -- can be mistaken.
I had an my -- my very first time in October.
Very happy you know a lot on me I'm proud and you'll be where I cannot sleep at night but but I can't -- that I I tiny little bit off constant victim of -- -- -- -- Yeah it does get up to the wonderful work anyway Peter -- talked excellent have a good fourth of July 2 he's dirty he's dressed kind of like the beach look -- where he looks like he's.
Barbecue ready and Ron -- -- -- -- -- have a good weekend thanks Peter Brook -- for military -- Simon Johnson the former chief economist at BI MF will join us and we're really gonna dig into the situation in California talking IOUs with -- -- these movies -- -- As we continue here Fox Business.
All right -- you do that if they love you on the board here about acting like I'm surprised or anything but -- you've really -- -- -- -- You've been a big hit so far with our comments -- you know -- Went on vacation already except for us and our home and they of course continents at the -- lives have been tuning in.
At the beach getting it can they could you know they and they they -- their bodies wonderful lights.
And I told -- about the human and human hormone blocker and black holes which the iPhone because you can watch the show live -- I know I've heard cool stuff.
Anyway not -- Cool a lot California with all this both the state essentially running that until Luis and -- been covering a force from out in LA now the IOUs are coming -- bring us up to date on the very latest is today a significant day out there.
That certainly is today is the day that the state will issue.
IA used 3.3 six billion dollars worth of IA used -- this -- -- -- of -- is because back in 92 today issued to registered warrants.
But where in a different economic climate now and really the banks and the people receiving -- -- -- really not I'm not social how they going to deal with them.
500 million all of these will be distributed to.
Then it is businesses that the state.
Has contracts we have one of those faithful is -- Shelley who runs.
Tech industries it's a medical supplies company -- joins me now.
Terry tell me this study actually -- -- money already.
Yes from the previous year fiscal year how much over 700000.
So apparently -- -- 700000 dollars and you expect to receive IOUs as alien snakes wake.
For this year's.
So tell me what is that put your business.
Well fortunately we're we're pretty good shape the -- -- welcome because at least I use.
An instrument that we can negotiate.
You know unpaid -- does nothing for.
All right can you explain to -- this this is certainly where the question -- rises will you be receiving money will you be able to cash those I -- when you receive them.
Or die night they going to be post dated October the -- we have to hold on to those and wait three months.
My understanding we can negotiate those -- our bank.
We don't know what the limits are there.
From white might understand -- -- -- put a cap on the amount that they're willing to hold tell me do business with three banks one of those banks sit here.
First thank US bank -- said.
They're not sure what the limits are going to be -- they said they do the same thing never -- but they're not sure what the limits are going to be the third bank to know and I know you work.
I can't son who -- -- -- this same some thinking that the problems so very well and good for the back if the state to be issuing these guys use.
But once you get to the bank we've that we've that registered warrant the banks really an -- what they gonna do with them as yet.
And then that is the case of the -- federal regulators.
They are they going to had to break -- -- that it federal regulators rating down -- -- about other issues so the banks wanted one of basically.
No I know what what -- boundaries before they can cash these registered warrants.
And we're about to hear or at least as I -- Governor Arnold Schwarzenegger is making an announcement soon to announce in the state exactly where we go from he yeah.
The 26 billion dollar budget deficit -- he has to try and sell within the next 45 days because yesterday he -- play it.
An economic state of Americans see.
Here in California which basically remains that the -- -- his cannot do anything else but sold these Smith.
In the next 45 days back to you.
All right thank you very much Louise for a year thoughts and have a great weekend in.
And Elaine -- going to be over the fourth of -- there's IOUs.
You know I wonder if there who.
Secondary market rule will develop for the IOUs since so many people out there are gonna have it -- -- getting cash maybe they'll start to trade them.
And maybe that's a way that and then I can't imagine being it is someone that is getting -- -- -- from the governor he stuck paying ability got to turn on your light -- here mortgage right.
Yeah absolutely but you're right maybe there is some sort of an opportunity on that front because they'll try anything at this point and -- -- see what the governor.
Our Governor Schwarzenegger has to say -- there's always says he's supposed to be speaking at this hour -- more developments on that.
In a little while off Simon Johnson chief economist at the IMF is next we have a lot of issues to talk about there will continually talking about Peter.
Book far Miller -- back.
They're Simon so.
We wanted to did you got guys real quick here so we're down 172 points on the Dow -- it's -- Simon is with us now.
-- former chief economist of the IMF he's got the MIT Sloan school of management and Peterson Institute so.
Good to see again Simon thank you very much for coming on you know we talked you out of jobs day and it's a lot and I wanna get into -- and some of the things you've written about it.
People -- Simon on baseline scenario which is blog which is very popular.
What about the jobs data as it stands now in the economic recovery that was a pretty bad report today.
We're not -- percent unemployment but we lost about a 100000 more jobs than we thought we would -- think.
I'm afraid that the ideal Internet and a V shape a situation where we go it we window shopping when he got to come back sharply.
That seems rather less likely today we've we've gone to -- along way and -- struggling to come back that that's -- the jobs numbers saying.
A decent recovery though Simon and me and V shape implied the need to some extent people are saying we were already experiencing -- sheep were we side tremendous -- up in the stock market.
It seems like it may be more of a W -- we -- nights creep back in this jobs number.
I feel like is letting a lot of steam out of markets in wearing it every one that perhaps recoveries not a right around the corner like we thought -- Yeah I I think we're gonna have some sort of sort of experience to go up and it may go down -- -- we go again.
The -- -- it's very unlikely we're going to be able to go back to the kind of growth -- the real economy.
War for earnings that we've seen over the past 567.
Years and people are gonna struggle to get that Barings in that kind of market.
I wanna talk a little bit with what we do about it -- what we've done about it so far you've written a lot about this and thought a lot about the government involvement verses is a do we need to do more now this is debate on the table about a second stimulus package in Washington.
-- do we need to kind of pulled back a little bit and allow what we've already done 22 run its course.
How would you rate with the about a ministries is doing so far.
I like -- initial fiscal stimulus and obviously not not perfect but I can get it needed.
A big measure like that because confidence was really so shaky but I wouldn't do more I don't -- -- -- second fiscal stimulus that at this stage.
I think that underlying fiscal issues that did the run up in debt for example.
It is and he's already had not acceptable and that has to be -- -- going forward and you know economy like the United States is going to -- it takes some time.
We need to you know let that -- -- with its way through and the financial markets do have.
Much more confidence that then they had in in January and February so I think -- -- we need to build on that and we need not that we mustn't get ahead of ourselves and we don't want the government to.
Keep throwing excessive resources of this issue.
So how much time Simon should we allow for all of the government money to make its way and you say you know don't get ahead heavier cells but.
Are we looking at a fifteen year period as our our prior guest Peter Peter -- -- said they -- Japanese real estate market really just -- off off a cliff for fifteen years before recovered.
It's fifteen years is it five years is it three years because.
It seems it seems that over the last three months we thought hey we're gonna start to see recovery pretty quickly but it feels always slightly out of our grasp out of our -- month by month.
-- in the three to five years camp -- -- will get some growth before that but new terms of growing below potential.
And having a lot of problems -- persistently high unemployment for example I think the damage has been done to consumers' balance sheets that.
-- the damage has been done to business expectations this is pretty huge.
And the government's ability to compensate through through increased sustained spending he is very limited because fiscal position is is not good at this point.
That the banks.
And others ruined themselves so extensively -- to bail them out to such -- degree who have taken on already had too much too much debt or removing the direction too much debt.
This is not a good culmination and this is not just the United States is also Europe it's also other parts of the world.
You brought up the banking system exactly what I wanted to talk about and -- heard a lot about far enough and and -- and and again we will get into that in some detail as well as the the idea this morning in the Wall Street Journal today -- talking about this compensation story which you know right or wrong the -- the banks are starting to pay their employees -- Again -- to mean.
It's not so much how much -- your paying your place I think we'd like to be in -- world -- they can pay them whatever they want mean that that everybody's healthy and but.
The issue it seems and I don't think we asked this question if we don't move on to the next level is we've never address some of the issues that were created by the system and -- the banks.
That of -- to a position to care how much these people are getting paid.
For example -- anything been done about too big to fail we have city -- tomorrow or.
If Goldman obvious he's not gonna happen but Morgan Stanley or any huge banks -- he still be considered too big to fail so.
What do we have to do about that and can we live in a world where some of our financial institutions are characterized as -- -- -- -- to change that seems like nobody's really thought about it or done anything about.
I completely agree -- I think you put your finger on the essence of the problem.
But if people want to -- go off and manage money and and pay themselves a lot to to do that that's between them the people who invest in the funds -- time.
But if you want to run a mega bank that can jeopardize the US financial system in the global financial system let's call it Citigroup have converged.
I would not hypothetical I think -- -- that we have to worry about how that bank is round.
And if you look look at that they give me before we get to compensation for this year for Citigroup look at the bonuses it paid out the 2008.
This a bank that essentially as far as the government what I was concerned that and it now still -- this bank.
Failed in 2008 it was.
Propped up with extraordinary men and of taxpayer support direct and indirect and yet they paid out.
Very high bonuses to keep people who are running that bank who ran that bank into the into the ground.
How does that make any sense what kind of signal does that send let those -- -- and -- successes going forward.
I I I -- take offense and -- and I tend to be a little bit more defensive Wall Street not -- defensive but having worked on Wall Street having a huge portion of my compensation coming.
From bonus is another sort of commission deal related.
Bases here here -- saying this is how Wall Street work -- -- it works because there are very few there are fewer number of people that can do this type of work you have to have a certain background.
A certain as certain educational experience a certain level of skills.
And they're dealing with billions if not trillions of dollars in transactions.
That make the world go around -- to cost point.
We should not compensate them without setting in place a set of a benchmarks are corrective measures -- that we don't get into the same situation.
But -- say that Wall Street doesn't deserve those -- thousands tens of thousands of people.
Who work on Wall Street should not be getting these quote unquote -- Bonuses I feel like it's -- is unfair because people can easily demonized him without knowing what's going on in the world the Wall Street.
I think those are all very bad points but let me put it to like this if somebody runs a bank.
That is so big that when it fails and -- it has failed it jeopardizes.
The financial system and the governor responds.
I would say reasonably -- all kinds of of of measures which to have the effect right now of moving our debt to GDP.
From 40% of privately held debt to GDP 40% to style -- we're gonna end up around 80% within a double of debt to GDP because of the mistakes -- -- -- At -- and you tell me that the people.
But not the people who -- just in the delta people who have strategic responsibility.
For those banks -- who took on those risks and completely mismanaged situation they get to keep their jobs.
And they get -- multi million dollar bonuses.
That doesn't well -- make it that is how the world works fine does that send the right signal for the future.
I don't think so look at from a taxpayer point maybe we should feel good.
But right in my point those -- making earlier is I really don't want to talk so much about compensation anymore I don't care -- these guys get paid but I do care.
If the institutions that they work out but as -- -- the rest of us in jeopardy so it seems to me that that something has to be done to change that.
For gazillion dollars if they if if their firms can fill some boutique.
Some small hedge -- -- boutique firm it wouldn't threaten the stability of the financial system failed and -- got me a hundred million bucks there we could careless how -- -- -- right.
But these firms we do care to some extent but we never get beyond at -- compensation because -- it's -- like hotbed issue and people wanna talk about it more.
To ask the important questions and that's what.
It's time before we let you go I'd like to -- -- -- how do we what do we break them up we break up Citigroup -- we.
And it's not just city -- to the other big banks as well I mean it's got to be an answer to too big to fail what's the answer.
Get beyond youngsters you you break them up.
Which it can be done by the way voluntarily you can do it through differential regulation so.
Much tougher tighter regulation.
On banks that have a lot of leverage relative to the -- -- the financial system that's fine with me you -- use antitrust if you if you so -- you could go to through taxation I don't really care.
And -- I think -- -- said.
It doesn't matter if -- if the cat is black white as -- that catches in mice and that's where I am on this issue too big to fail he.
He's too big to exist let's just face that.
Head on deal with it and then the financial markets to work just fine -- -- level basically pulling -- the fan -- -- that that's fine -- and.
You know by the way we need to get it I want to talk about talk -- -- we will real quick we -- it's Simon Johnson is with this from.
From MIT informally the -- F you you -- on the baseline scenario which is your blog will recently about the TARP.
And the warrants in particular which is you you think there's a big big issue there.
I tell us what the problem is because it to you with something is -- kind of flying under the radar and how we price these warrants and how they and a big bought back.
Yes it did did under the radar it's only another ten billion dollars also with throwing away but it really adds insult to injury.
The government acquired warrants in the banks that receive top money.
And the issue is at what price should the government dispose of those warrants and how should they do it.
They going to do they've announced they gonna do a complicated negotiation with the -- very non transparent lots of room for funny stuff going on that -- or at least the perception of it.
Why not just auction them off went on to sell them off and return the proceeds American -- -- We got the warrants by the way so that we the taxpayer would get at least a little bit of upside when the banks recover well some of the banks have recovered.
Good -- upside for the tax -- So you -- that'll just completely transparent -- it's a no brainer and yet the banks he won't even go for that.
They want you know every little bit of icing on the icing on the icing on the cake -- was a huge cake.
Interest thing so I'm -- -- -- -- -- -- plays out anyway were at a time for now Simon but come back again appreciate you joining us thank you.
Yes and I wanted to talk on New -- retirement this morning on TV a little bit about that whole compensation.
Yes you we got into 1 morning on the opening bell on it like you were doing there I came across and I -- so what I still.
Have questions about it -- kind of being this Wall Street defender in defending how much money paid.
I was thinking about it more and and I'm still again I so that we focus we too much on this compensation from our point of you in terms of how what we cover.
What we question what questions we ask.
And then we don't get to the the larger issue is -- why do we care -- to get -- we don't really but we care because -- propped up these firms and all the rest of it.
But I it's -- -- -- is overly simplistic way of looking at it that we can have a an argument on TV of all these dirty Wall Street guys get paid too much money.
Where is the issue is -- for -- -- or threaten the system if they go to at least that was the thing.
I I -- and -- 'cause we are there to catch them when they fall there is a sense and T to your point I feel like here's the extremes that -- -- and you live in your own -- universally only focused about yourself your shareholders.
And what you do is -- company or do you think about the systemic -- be the implications of your actions.
And I believe the government -- outside opinion individuals on the out individual banks on the other side.
We're kind of in the middle 'cause we're the taxpayers and we're there to bail everybody out -- a happy medium when you're having bank CEOs think about the bigger picture.
Not over compensating and taxing.
Their shareholders and giving it to -- money to employees.
Realizing that hey it's.
We can make wrong decisions we know that taxpayers are going to be there to bail us out so let's not think about it there's there's a little bit of that.
A lot of our viewers been weighing in on not Simon's comments about breaking up the likes of Citigroup and others of that they're not too big to fail.
Many people agreeing but keep the thoughts coming and do we will I get to Nicole Petallides -- the New York Stock Exchange -- talk about.
Are all always and especially Adams down at the GM with the -- -- bankruptcy court we have some interesting news as well on what is the most American car out there.
There to -- -- it's not the Camaro with a receiver.
-- foxbusiness.com live.
We'll be back in just a moment.
There's just a moment ago we did a fancy camera move which we've been working on for weeks -- we waited till you were here.
I will bail you I'm glad it was very fancy you I was I was just too fast to see it was like -- -- -- you like how that was that when -- -- right well it's our -- -- -- stage manager for release for money for breakfast and -- comes -- -- Before this show as well and he -- feels a lot of the roles he.
He kind of walks around someone intoxicated with the camera from time to time he accused -- of when the sort -- stop talking and he and the Booth he doesn't laugh track.
The Jenna and I are really that funny but we -- of that area I can't I couldn't see them out and -- Half and even when we're not money at it sounds like a Tony people are laughing at us because -- they're going to be who I'll I'll I'll I'll.
The -- at the stock exchange to look at what is a bad day of trading 178 points down on the jobs report today.
And I applaud this -- act Canada and we have.
I got a plane went Helena island and Manhattan Unita attacked the -- and you better have a good with all I can do that step.
Well I might actually like when you said we should pay an important good million dollars when you're talking about compensation.
As you act.
You had to call pizza would even care they needed -- You think you could you don't even care -- do a good job but for those companies that pay back -- and -- it takes some action right.
That's -- big debate I know and I noble side very well.
Our issues to the stock market right -- so -- not -- not to be back -- compensation for our.
That I play with these guys think -- right what we're seeing an out if we're down -- 177 points.
Also a lot of these folks have been up and -- I've gotten a lot of good -- have a nice weekend.
However we are improving ever so slightly 1 by 1 this morning -- in the S&P 500.
Meanings to the downside Bennett was born in 85 important -- now it's 470.
-- is still.
The ratio is atrocious yet.
We are improving ever so slightly I think for today you got in that jobs report all these guys here they can't find anything good about it nine point 5% unemployment rate.
-- that we've seen in more than 25 years obviously on the way taking up that 10% rate.
And that's what we've been watching in and then that what are we seeing Morgan Stanley came out time at some of those airline -- love the one that they downgraded.
That name is getting hit hard energy names cyclical names being hit hard energy we're seeing oil right now below that 67 dollar mark.
So the pressure is on there's no groups in the green -- -- a few names.
In the green but mostly -- and some defensive plays like Coca-Cola and Pepsi.
-- the household names in General Mills for example would start in the right now in the green.
-- some of those outsold defensively and I -- and one trader.
We've been following these -- he's that this is the group to get into certainly but that's what we're watching on very light volume 340.
Million shares not even.
And we're down 175 points right now certainly at.
We're waiting and then move it along but nothing but the action is that the pressure's on and.
Freezing over there -- kind of depressing usher in the fourth of July weekend cheer us up what -- doing this weekend with yeah -- Let's say I'm going my kind of tiny -- Nice to.
See the good life she will not let him including the -- to come back.
You know she -- has a fake tan which is administered -- tired thanks to call it good to see had a -- weekend I just always have not worn ideas but yeah.
She did a fake candy segment which was one of our our bright moments the other morning I thought -- those with the best the best moments ago we can thank -- it's going to be eight.
Career highlight for me -- right we should -- That real forever -- kids.
But yet don't -- on.
And what you're I saw you on TV earlier ideological time to tell you hello we reached just -- -- a quick second want you tell people the story you were working on with being in the Microsoft -- -- -- all these tweets -- talking about what he's up to the Mets what he's doing with this -- -- -- that are popping up on -- -- all of my Twitter yes I hear all of your tweets I would I would I would I read those actually really.
You know more -- we needed talk about some of the things that.
Something not so appropriate -- to learn that class but yeah that's right I learn that.
Microsoft is actually getting a leg up on the competition going in including -- Two weeks as part of it that -- results that pop ups and when you go to being dot com and learned I'd been something.
Now in addition to new sites and blogs and everything that you normally get your results from -- gonna gets into tweets in there it's not everybody right now.
Unfortunately I gonna get -- holes tweets in the air Jesse -- right now.
Good news Ryan Seacrest if you wanna -- -- -- you Chris -- the bill is gonna pay attention Ryan Seacrest and when he has to say.
His results are gonna come and come up and this is really Microsoft's way trying to get a leg up on the competition people say this is the wave of the future where you're gonna start to see.
Twitter and FaceBook updates and all these scenes kind of converge into -- search platform.
And that's what Microsoft is doing this -- I think kind of.
That -- issue and one of the things that -- cut the people used Twitter a lot.
You know even my -- Lebanese more famous people that use Twitter a lot of that's become part of the search is -- -- -- isn't gonna separate category like news doesn't go well.
Don't we cut it they're just testing the waters are now -- like I said Al Gore.
Kara swisher of all things digital they've outlined a couple of prominent people -- -- prominent people that they're gonna include.
In that list of who's gonna actually appear in the search search results but there's a downside I feel like I feel like I don't care.
You know I can name a number of celebrities I don't have any interest in hearing about what he or she thinks about anything -- -- speaking I'm not any better Twitter page.
I don't -- -- have her are -- Tweets show up in my web results because that's just going to be more -- that's -- I don't let it get it there until little balance right.
When a news event or something you have a reason to want to know about somebody.
You're just searching real quick and all their tweets.
How do you sort out the fake stuff you know people can easily trying -- tension in the -- by -- in my feet tweeting something that.
The cost people alive and just you know if there's a fine balance here because there you know.
Is is expanding -- where it's coming from but there's also the editorial judgment that is -- -- attributed an associated with.
The social blogging sites out there to that right that gets -- Still this is very easy to set up a fake Twitter account of his not taking you sign up for what's happened a lot of you know if you don't I have heard -- -- again.
You know now I'd say how it happened again -- happens in the end Twitter does verify some of the accounts Shaquille O'Neal -- like a lot of other people that are famous they've done that -- this is there.
-- you know put a stamp on the real -- I think it's called -- -- -- -- -- particularly for whatever I can't what does that handle and I think it's the real -- and maybe if you I don't follow but anyway I know a lot of people do.
What -- -- town what -- tweeting about the heat.
Well he's got both random thoughts on a lot of things -- Janet can -- be surprised.
We should all like sure Shaq but I don't necessarily need to know -- -- have -- -- -- in my in my search result the good thing about Twitter as you can pick and choose who you want to follow.
She phoned -- Help for the idea.
All right we're gonna talk cars and it just -- -- coming up from Edmunds dot com on the cash for clunkers program and again we are gonna answer that question we asked earlier so weigh in on it.
What I think is the most American car -- most American car out there we continue on foxbusiness.com life.
He -- station wagons the most American -- in the one with the brown paneling on the bottom.
At the ones that actually explode upon impact if you get in an accident sometime.
It's not by the way did you read it you know the answer the question it aren't so don't give away but I was -- somewhat surprising.
What the most American car was that's not what we're gonna talk about just -- callable we will get to it in a few moments Jessica joins us Santa Monica she's an analyst at Edmunds dot com.
To talk about cash for clunkers Jessica thank you very much for coming on and -- how are we progressing on this.
Wolf one of the things I guess we should explain what it is the cash for clunkers for those who don't know we've talked about a number of times already but people who have.
I'm an old car a clunker if you will that's not up to the fuel standards they can trade -- in get a get a credit to buy one that is now we have to start doing the math to figure out.
Is it worth it so isn't worth it for a lot of people.
It really depends there's a lot of eligibility requirements you have to have a -- Fuel requirements there's a certain well base for truck is actually very complicated.
So I think whoever is.
Doing this program is gonna have to be a bit -- and have to do their research figure out what they're gonna buy and it also is really dependent on what you by.
So not only what you trade that what you bypassed to achieve a certain MPG better than what -- -- traded or not an easy program by any means the people that.
Are going to participate are really gonna happen to -- -- due diligence to figure out what's going on.
All right so the idea here again is so this is so talk that this.
Talked to us about what that due diligence would be you haven't.
I don't know a car that's 1012 years old.
Right and you're and you're thinking about trading did it what questions do you need to ask and terms of how much -- get back for that and what -- credit would be what -- a closet clunker.
-- I think uses the term that they're using for these older vehicles but I think a lot of vehicles that qualifier not -- by any means basically your vehicle has to be.
Built sometime after 1984.
For most passenger cars -- PGA requirement is that I have to get it combined MPG of points to our AT eighteen or under.
And four -- that suvs it's it's very similar.
That I think really what people need to know is that.
If your -- is worth more than what they're willing to give you what the government is going to give you in rebate which is 3500 dollars or 4500 dollars depending on.
What you purchase.
If your -- worth more than that than you probably shouldn't be taking advantage of this plan and I think that being that'd be lost to those people think the case and to bring my card out to the dealership.
And negative trade and they get this rebate but people also think they're gonna get that value of their vehicle as well.
And you're not gonna get that this is this graphic programs of the vehicle that you trading years you know so called clunker.
It's going to be crushed so you're not gonna get a trade in value -- you're gonna get is a 3500 dollar or party 500 dollar.
Rebate from the government.
Just -- what does the government trying to use it trying to take these older less fuel efficient cars off the road and my second question is aware in the world is this money coming from.
-- this -- -- -- come out and my head.
In my head and thinking to cheating them.
Where is it coming from.
-- I think it.
You know that's a good -- question asked the government thought that it really is -- gotten so many different directions at first they thought Caleb maybe we'll have an environmental -- to really help save the environment get these convert all around.
And we saw it ourselves dropped so dramatically so they thought OK let's do stimulus -- how about these.
Automakers let's do you know plan that is really talks to that -- what happened was -- bit of a compromise it really can accomplish either goal I think both camps.
Our bay at this hard and I think a lot of us not going to -- -- -- at how stringent requirements are for a lot of these concerts some of the most popular vehicle from the ninety's that you would think would be perfect clunkers Honda accords to -- camrys.
They're -- client requirement to -- too good to participate in this program you have -- have eighteen miles Oregon are under itself.
I think that's you know that's -- that's it really doesn't accomplish a lot of different objective and I think.
That interest problem -- -- not a lot of cars qualify which is the which seems to be the real.
The real issue here the one thing just that I read every time I've read about this program there's a line included where.
-- it's really worked well in Europe passes -- -- is that true and if so where and you know what we've learned from that if anything.
-- it would definitely not all of Europe and Germany at work really well but a lot of the European program.
Really differed in the sense that they had a lot less than -- -- to and their requirements in terms of fuel economy in terms of age.
But also our program you popped up on the vehicle had -- registered and insured for the past year that's truly takes a lot of you know so called -- so -- clunker vehicles.
And Europe a lot of -- -- restrictions that it applies -- -- they became a lot more successful.
All right so we'll see I mean -- I guess the take away on that is that.
You really have you really have to have a clunker it sounds like right on ways that I didn't -- -- I'm not all -- but they the ideas that.
There's a lot of cars do you think would would qualify and that don't because it is so narrowly defined right just okay thank you we appreciate it.
Hi Jessica -- from mom admits and what was your first car caught it was.
It's ugly green thing my uncle gave me is I think it was an old.
Buick or shabby -- that it truly was a clunker literally was a clunker.
I for an hour -- the ten year old Honda civic and I called it the silver bullet wasn't going to be ruled specifics.
And do what I -- heeded that I was -- to get a new car so I drove around with the emergency brake on it.
And it lasted for 25 years like my parents that they didn't that are out you will not -- and got around the emergency brake.
That would probably qualify for a cash for clunkers but I think it probably gets like eighty miles per gallon of.
And I still do that drive with emergency very kind I don't have -- car I had a friend one of my good friends and has gotten his semi tech car and also silver bullet -- Honda civic -- -- it's real real kind of low gravity.
And I think we've built this up like what's the most American car yet we're gonna get an answer some of our viewers have been right some others agree with your body that it's the -- the paneled station wagon.
But we're gonna find out what the most American car on the road is.
As we continue here Fox -- don't -- much did you.
So -- -- -- his first car was in 1965 GTO and John -- says in 1964.
Dodge pull our community.
Movable while 66 you're up for our lark from bond guy weighing in one of our -- regular viewers and the number these.
He -- our regular viewers they're all just so excited to see -- today.
Are we all.
Now -- at Toyota Corolla model T hit it out of the model -- -- looked -- -- -- -- -- Maybe that is the most American car.
Let's go to Patrick Olsen audience you're chief at cars dot com.
And we've been building you up all our Patrick to tell us what the most American car on the road I was trying to floor viewing this sound -- -- that we had a clapping and another thing that things about it like a drum roll.
I don't know how quickly because they never expected that they have their effect on the god tell us what the most American car is you have the top ten list of cars dot com but what's the most American car.
So what we didn't coming up -- this list we looked at the percentage of domestic parts of the car.
We looked at to make sure that the car was its final -- point is in the US and that we look at -- -- to see.
With the presumption of the better -- sells the more suppliers more auto workers are employed in making it.
And so for us that -- says -- Toyota Camry they -- 80% domestic parts and has built in.
Kentucky and Indiana -- I was second we you know I'm not to their credit a number of our viewers to guess that coming in because -- disappoint out.
The fact and you made the point already it is after all American car right to -- as an American car you know right now I didn't -- is an American car made by Japanese company.
Well because a couple things one the most recent generation the 2010 version of the camera is designed by employees of -- but that we're here in this country.
That 97% of the cameras that are sold today are built in Kentucky or Indiana -- so by that measure.
You know that is America are there Americans being employed to make that car what are some other names on the list.
-- -- The past winner in what has been the have been number one on this list until this summer.
Was the Ford F 150.
Michigan and Missouri at and -- -- our number one absolutely.
Absolutely but it's you know it's domestic parts content at 75%.
From a little bit less in the Camry.
But you know because the falloff in truck sales with gas prices last summer because of the just collapsed -- -- fills the spraying.
In the camera really much more neck and neck now for that race we have a number three Willis has made.
Guard -- I was just gonna say go ahead and -- the reason but the list that are common form which is good so people can look at a considerable thought that I Leo how are watching us live and you can.
And you aggregate up parts of the -- the F 150 -- that we can run through them if we don't need him nationally one for -- one by one since a lot of -- here but the Malibu the operating.
The funny part -- can break after the top ten -- so called foreign auto makers right before Toyota and Honda.
Right the interesting thing and -- don't want part about the now would just a little -- as I think that is the future potential success story for GM and Chrysler.
The current version is a much improved version -- it would it it looks better -- got much better quality inside that much better reliability they have 33 miles per gallon.
I'm a firm full size -- and so I think that's where she -- -- can really make strides.
With the consumers origin in America because -- they can make a better Carly gets better mileage that's where they can get back to dominating this less.
Patrick just this list have any sort of impact on -- potential car buyers for the auto companies because creating -- is is all finding good but what really matters is driving people to go out and buy things.
And is this one way that perhaps people can take some assurances that yes when -- by an American -- even though.
It's made by -- -- I'm buying American car and I should have more confidence.
Absolutely and the key thing about this list as we've.
Put together using data points that any consumer can find them a dealer -- so the percentage of domestic parts is listed on the sticker on every new car.
The final assembly location is -- -- a sticker on every new car so for people who are concerned about the so we did a survey that found about 23% of the people we surveyed are very concerned about whether of the cars made in America.
So this is their way and see just how American occurrence.
Our peoples -- A little bit we've noticed that in terms of people who said they definitely want to buy American nameplate is 23% this year down from point 6% last year.
The -- -- number though is senior citizens mom who a year ago 50% said they wanted to buy American they've played that you're only 26%.
So clearly the bankruptcy filings in the news about the industry.
Or weigh heavily on their minds a wonder they define if their definition though of what constitutes a -- imagine this what constitutes an American car.
If that's -- all changing because now that five of the ten top American cars are on -- how many acres and the right it's a good question you know we didn't ask people to define which companies -- American which ones -- not but.
-- -- for ten years was a German company now it's got Italian company is one of its biggest minority owners.
Yeah I'm not I'm not sure how many consumers are aware that -- been big changes in ownership for these companies and are aware that Honda.
You know as -- and open a major player in this country -- left.
Fall in Indiana to open the big plant in San Antonio couple years ago to build pickup trucks and so.
You know as GM and Chrysler and Ford either shut down or -- -- plants other carmakers are coming in the building of new plants here -- that.
But as -- in Virginia says Connell made in America yes but where the profits going to.
They can be made wherever certainly there's a trickle down effect where they're creating jobs and workers helping a local public have helping a local economies but the money is in fact going to a foreign company.
It's going to a foreign company that trades on the new York stock trader trades on the NASDAQ so.
You might have a 401K or in your mutual fund you may well have Toyota and Honda in there and so you're the beneficiary and Americans are the beneficiary of their success.
By treating those companies as well -- he talked a lot of the people Kentucky worked for Toyota or you know.
People and where -- Todd debate night in Alabama that you know work for Honda and executives and they feel like he's an American car right they'd really it's in America and I think that they don't care because they just want to check every week and -- -- -- -- -- -- they -- for -- heart anyway Patrick thank you very much.
-- I think it's a very interesting yes then that seems like a lot of our viewers -- as well Patrick Olsen from cars dot com Adam Shapiro next on the news of the day.
In the General Motors a court case there's Adam's -- cameras as we continue on Fox -- -- come on here just moments.
That moment is now.
-- -- -- And the only I'll -- -- and -- So there's no real reason when you have someone to support is that a month to take a break he trying to transcends that what's the latest in the bankruptcy court -- And the -- -- -- court hearing on General Motors the latest is that they're closing arguments Harvey Miller who represents General Motors.
Hussein against secured creditors are asking for a pound of flesh without any regard to what would happen to.
The world and we're talking worldwide calamity if we let General Motors actually have to go through liquidation -- dogs and cats -- -- the whole -- living together.
Mean at the end of time of by the way -- the US marshals now have possession of with -- department.
But that's another story that is another story are well let's talk about that that's actually much -- they -- -- -- that the hearing I gotta tell you folks.
Don't cover bankruptcy court and talk about doll if you are an insomniac -- the lower Manhattan and sit in -- Some of -- some of the stuff face on the ground there you've been obviously covering this extensively doing a great job let's kinda stuff they have.
And been able on routes on -- made up real quick on GM's Henderson is staying by the way I saw that -- -- you have but there's going to be you know in the new board is set up a new General Motors.
That -- take five the board members from the old credit company that's going to die in bankruptcy court bring them over to the new.
Wonderful company that's going to thrive and survive so that battled mindset will still be a part of.
And and said -- -- it plans on -- appealing in a 1010 yes really.
That will that's what they say it was took part of the testimony and they had they say -- that it was part of the testimony.
And you know but that the government is governments talked about possibly exiting.
As -- with the Canadians a strategy where.
Certain portion that money were landing which is something around fifty hours.
We'll be paid back by 28 team but keep in mind that General Motors is gonna have to hear her earn a huge profit and not gonna really be allowed to make issue -- the way they did in the past because of what congress is doing.
The cafe standards in -- and green legislation.
But the other issue they face you know the share price has to shoot up to 69 dollars.
I think -- someone -- that the mathematics was it to ten dollars a share I think that is what that in my generation I mean it's just.
We -- the -- to get our money back right yeah General Motors to succeed and -- -- public hugely successful overseas but you know why they can't get it.
Here is is beyond they have been in place the UAW contract you know yeah just.
-- and Korea broke -- GM editor at your at this Chinese numbers are pretty good dividend anyway -- until a few minutes left with -- about -- -- -- -- -- The US marshals.
I encourage all of you to call the US marshals who I've had a horrible time trying to get them on the phone and they don't return phone call to the US marshals in Washington DC or in New -- -- and a few choice words in journalistic he's for them but they seized UBC they took possession essentially with Madoff department doesn't mean she's out of the apartment.
So this is a no brainer I mean we knew last week for a business but the story that the forfeiture agreement had been made between Bernie and Ruth.
-- and then I get everything I mean they get 181000 dollars worth of use sheets and that don't ask me who's gonna buy you -- but you -- -- that it's really equal go to the US marshal's web site.
And you'll get the phone numbers to go Grasso -- return my calls please arrest them.
But the I can't believe -- did that -- away from the our lives.
If -- -- everything they're off and leave our properties cars all that's -- -- -- an auction every two weeks -- Brunswick New Jersey of course that they seized.
It's -- cars are just walked up I mean I've got.
You can imagine these -- them from but they've got really cool.
How can so that's where made up stuff will -- eventually and the she even cheat sheet yes it's the mink coat that two Mercedes why did it by I -- winter break.
That's went to read that on August for every option value on August 4 the Madoff to selling who's 0206 I think it is.
A good valued at that at the 2006 -- excuse me I don't know the mob the idea model of the present but.
Mean no offense to our French viewers but which we have French -- -- well on the Internet world wide web.
That that cardinal indicted six grant.
That you know the Madoff did not buy -- car.
So six grant that was -- did not hold its -- 2009 at 2006 only six Fran -- -- what you go buy -- you can -- and I'm sure they'll be able table will spray -- Fox Business on I think the buffalo off at a problem really up.
Next time we have to follow criminal around to give it up and by the by the -- you know that then there's been reports that -- did that there's no evidence against -- yes and and this is important you know a lot of people -- it's it's hard if your victim clearly ended it absolutely did not think she couldn't know but.
-- not be charged at this place is not going to be charged and -- -- it's not an official statement by the way from the US attorney you should know that she's always potentially capable of being charged.
But they don't have the evidence and that one of the things that allow people talk about as evidence against -- having.
Known is the transfer of funds right Bernie transfer that money wasn't -- that with -- about the transfer but he told her.
That the money was being used for redemptions not -- to pad the legal kitty so they could depend.
That's a good point number all right so.
It's almost fourth of July we can we wanted to show tomorrow by the way because of the fourth so we'll see back here Monday thank you -- -- appreciated very much and you can always catches on -- -- iTunes and all these other places and -- on pick -- as you sheets for me.
And call the marshal's office for -- I'm thank you Donna thank Andre have a great fourth -- of -- --
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