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The Bucs didn't dot com live -- Goddard Tracy wearing.
Brand new digs.
You know the you know us on the net liberal -- and he's not a problem we're -- he's not liberal at all but those first -- -- and he's active summer intern.
He's the hardest working man in show business what you can't see is that he's run around the studio right now.
I'm running it so yeah.
He's like the stage hand and on the Spinal Tap that what he's trying to break did Derek smalls and -- of the could soon.
That's -- liberal raw is like right now.
But he works like three cameras not to mention this tornado fans that like every day.
The joke of the jamaicans.
Again like eight jobs over her rob has a good job and he's only -- -- he's going back to school after this week and called liberal -- all liberal.
I called -- of these not Franklin Pierce I didn't.
Just like well he says he's not liberal.
The ghost of Franklin is easy but it -- -- anywhere but you get an entire.
Semesters with a credit for going into the woods and holding hands and talk about your feelings.
Your classmates like that that was an awesome class -- that's.
-- -- -- -- -- -- -- You get letters you -- -- -- like that fast I feel good now the Franklin.
Very liberal liberal arts school open with a New Hampshire it -- that is going back oh.
I -- we're in our concern is that he's leaving.
Friday and we're not really sure -- is going to be here next week it might be like my mom was gonna run around -- The last still -- strategy room are my Brothers in between jobs I'm gonna let him know that there might be his eighth.
I put him on candidates and he's kind of accommodation between Everybody Loves Raymond and and game -- -- the -- and here.
They're Brothers exactly that's -- you think of that company.
We are live on foxbusiness.com.
-- still on -- Is that common thread you guys like him on the market is -- for a -- -- can't -- that number 650 -- If it's something else and I don't wanna go there with the women's studies -- also waited.
Up six point 89 points right now.
Well up and down we're down actually over the last hour for the most -- -- you can see we've got -- -- back into positive territory on a day -- -- let's face it.
We have had the -- straight triple digit days to the outside Tracy so we're -- to have a day when we finish in the red and yet we are in the green right now.
Reset -- for act like one big -- today -- -- today right we started out at home fill it up.
No consumer sentiment down.
Right we got decent earnings that the company like DuPont basically hitting a lot of -- -- one of my movers today.
But then you get you know I don't know so we got a lot of banks banks overseas Deutsche Bank UBS good earnings coming over to start us on the day.
Big commercial banks them pretty good here in the commercials doing OK but again we tuchman is surrounded them this top line growth it's all reversals of -- -- up.
Respected and make money.
Banks in this environment and it might as they get money -- -- from the government essentially at it's bottom line -- that's -- commercial banks post do you know bank -- bank.
You know the old investment banks that Goldman Sachs that rely on trading -- These commercial banks are getting money from the government free and then -- -- either invest that money or they can lend them money it is oversimplifying.
It but that's what -- thing.
But they're not making anything because it is.
From the -- and not no risk thumb.
At some and I saw today.
Can you talk about the markets -- out -- -- and join us here a little bit -- capital management thought about markets and everything but.
On the Wall Street Journal today the top 25 earners of the last decade when it comes to executive -- All encompassing everything executive pay you could have been a CEO for five years of that decade -- all ten years.
Who -- the most money.
In and -- -- the companies that they ran do during that decade.
Because like this.
Larry held a guy that mid the most company and have it probably did the -- Larry Ellison -- -- look ridiculous.
He made -- total compensation one point 835.
Billion dollars in when it's billions.
You -- -- -- out so one point 835.
Does not gonna happen.
-- -- -- -- that five billion dollar 185 billion dollars.
They he did get a generator returned 100 dollars turn -- to -- 317.
All over the course of -- ten yes that's another that's OK there is 725.
Lost money -- you can see he's the top spot.
Steve Jobs makes sense obviously.
From IAC Barry -- by the -- A negative return I was gonna say you haven't really got a lot right and wrong now they're learning different.
You had Richard Fairbank you -- on -- list is number five Capital One negative return.
Yes -- you can get -- -- -- 500 million dollars negative return is expected and Dick.
Fault -- how he might have spent 500 that 500 million.
Dick Fuld obviously 100 dollars invested in Lehman Brothers ten years ago is where it.
We went one dollar and nine cents when he left office in September of 2008.
Also lost money and this one -- -- was interesting John Chambers Cisco Systems took over in 1999 just -- war.
The dotcom bubble burst so obviously Cisco Systems collapsed in terms of market value and he has since been.
Rebuilding that market value over the last eight years to get 200 dollars invested in 1999.
With 71 dollars today and Cisco by the way the number one return.
Bob Simpson CEO of XTO energy -- he left in 2008100.
Dollars invested in 1999.
Was with 3500.
He left political yeah.
Hat we get back addict any land -- -- -- can have a mean you know the investments will -- them -- We got going on out there today.
Yeah yeah -- yeah.
We are -- -- just talking about how we're basically.
Where we're headed -- that flat line all day we got really mixed economic data.
We got a lot of good people making lots of money we have a big disconnect between them and what's going on Wall Street so how you see the overall picture right now.
Well we are about -- -- -- there there was a lot here.
The deeply weird -- alert -- the oil build up till that moment fact.
Situation and then the whole island is dominated.
Europe and the euros of debt and -- Really a lot of them early had been cleared up the yen certainly needed that.
It looked like -- is all they'll come and somewhat -- an air gold and other element.
And then if you look at you're you're happy that you won that they would get older.
-- into that market and then they came out.
And you know we'll learn from that -- that European banking.
Did capitalize on the 08 quiet and then you're in making Blu-ray will be able to come together and look -- -- -- -- order.
That those are committed a big uncertainty in our and -- -- eagerly and you know we all 300 no validity date hello.
Yeah I got got got a -- line.
And there's a little bit more didn't do any operation there and they did they didn't -- ability.
I didn't act trying to that's who have who have some body -- -- -- and audio issues that -- give way to Philly had to go with you on the phone we have to try to get back to you.
His do you say one thing about and I -- The notes that he gave us for today's -- about as good as we've seen and he talked.
-- act like some Atlanta chapter in college but it's really good look at that -- -- -- -- -- he -- to beat you both local and -- settlement and Europe.
Thoughts about Alan -- -- and those were present -- -- handler mold.
The question I would have is is if you haven't seen volume now coming back over these last few days you know three straight 100 point plus days.
Good earnings those fears removed somewhat wouldn't that be the catalyst to say OK now it's time to come back.
Or maybe had an investors made -- -- thinking about coming back said you know what.
Maybe the move is too great now and we are still -- range bound that we moved to Ohio in the last two weeks now not get him.
Now's not the time -- wait for another two week period because we're so I think yeah.
I -- to my consumer main street story and -- You know this morning on -- we had another -- -- -- on this let's bring in liberal professors and we've been apart kick.
But this whole notion that people are scared and they don't know what the future's going to bring so they're not spending it.
And -- hoarding it and they're getting there on fiscal homes in order.
And so I don't think any this is gonna bring them back I think the only thing that's gonna bring him back it's for their companies to start saying hey we're gonna start -- and while locate him.
That yeah you know hey we're not gonna raise taxes paid this kind of little simple stuff is what's gonna move the market.
And I keep getting back to.
When unemployment is as it is right now -- if you look at you six he believes six's 70% that means 83% are employed.
So if they are not.
And I think the number of those who are employed that are worried about staying -- please come and I think more people are getting more comfortable that they are gonna remain employed -- -- -- we've already started to at least and even if we're -- 50000 private sector jobs whatever the low number is where at least heading in that direction we're scraping along the bottom.
And now they feel OK I'm not gonna lose my job and maybe now the time to stop.
Paying off debt and start spending a little more is here and we're gonna talk through retail expert a little bit later about online retail specifically but in retail in general.
It's really important this fall back to school holidays because now is the time that people will come.
And I think.
You're -- see -- -- I think people.
Might not do as many discounts sound that can grab -- I got -- feeling the dollar amount is not gonna rock your world that thinks people are still a little cautious.
What they had to bring everything about this when we come back.
The whole online situation of spending more spending less spending how critical is this back to school season with really starts you would know more than I do.
Now -- now that the for the we had that.
The fact I think -- dot com I think he writes Chris Conner.
You can live is now on the Fox Business let's say and the Fox News -- -- instead you -- -- graduate.
You know to ever so welcome -- strategy room viewers out there this is your.
Business lunch I guess -- it.
News business up seventeen points on the -- I -- you take that you run with it because -- -- -- it's been ugly in the markets a little confused no one knows what to do.
Chris Hammond spend so much time talking about how you look at their own financial house in order to keep their money that you had a kid go down.
-- and -- CEO of -- people spending or are they see.
So it looks like they're saving more so we did this survey would every quarter this is a quarterly event.
And we essentially measure people's attitude towards the economy savings payments.
-- commissioned by bill -- javelin -- me as a way for consumers and small businesses to shop online and thankfully it.
-- measuring people's attitude towards payment options and since the savings are -- And up for two reasons -- -- to -- story -- because they have to you because they're not getting a similar credit supporting million.
The Steelers they have their credit scores lower.
So there are getting similar credit.
And part because they want to so there and to budgeting and planning and and saving money and making sure that they.
Save the money for important events in the life of back to school was an important event.
And it's going to be hopefully from the -- we've seen so far it looks like people are going to go back and spend more this this upcoming season.
One thing we talked about a lot in the league obviously plays and of this survey as well is.
It's it's going to be better than last year but it damn well better be better than last year how about compared to previous years and he -- and he gets to the point where where where we were in 2006.
And when things were good -- how far still away from that point are we.
Say it looks like baby steps is that doesn't look like we're going to go from you know where we are today about the 2006 year.
This is -- five points up to convert to last year at this time.
-- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- And again they're not completely confident they're so cautious optimism about their spending levels and that's why they're going to spend more this this quarter.
Mile on your company does online billing so I go buy something I -- through your service are you seen more.
I mean people can sort of use it as a -- -- -- well cracked.
It's that it's away a little savings account -- It's a way to pay for money that you have.
Without using your hearts online video -- protection -- you got.
You don't you don't disclose any financial information of the check out.
He also getting any -- -- perfection knowing they would no warranty.
-- -- playing for money that you have racism.
You see more activity it would seem orders saying mark the real number for more martians joining you -- much higher -- on the same store sales.
-- -- seeing shifts from credit instruments through cash instruments police are consumers we asked them what did he is in the past six months.
This type of payment options if you use them so -- shifting.
-- credit and credit like instruments Stuart's saying now and think someone that you have and again back to the.
Major themes are in the market you know budgeting planning saving saving for the important events and the life that little things that are baked beans and computing in people's.
-- are you seeing any other trends.
As we kind of get out of the recession these people spending.
More big ticket items are you seeing people spending at a larger tickets in general terms when they go to check out what he's seen.
Defense lawyers say is people like -- deals -- -- has to do with -- that like to shop for native -- price comparison.
-- like this shows that life offers they'd like to compare prices you know alone -- and so there's a lot of values shopping going on CNN before.
People go and make an instant decisions and -- as you know stuff that you may or may not need.
Now it's more value oriented more coupons more things that -- that you need for yourself and for your kids and your family yet as a -- -- impulse buying.
You know it's interesting to me -- this statistic -- divide us.
70% of -- that consumers plan to do their back to school shopping online -- 5% increase this year.
A whopping and the 17%.
-- is us and I can't believe how few people still doing shopping online.
Well you -- do what I would be barriers for shopping online has always been the security of payment options that's that's been a big issue.
And people don't want to give their credit card or bank account information on my -- Social Security number.
And so the more people know that there's ways to shop online without providing all that financial information -- -- how they don't help get people to on line and -- They and it's a great service -- convenient you can do any time you want you can -- discussed in the -- comparison shopping.
You can buy products -- because so -- to you.
But people are nervous -- on the same apart and an end of the day.
It's going -- for the cash register if you don't believe that the cash registers as safe in the store you're not going to be going to walk out from the store for the same things happening on one.
It is true I mean I've used -- ally you days forever.
It's it's so easy and you literally just this is how much and answer and he said if it's done and it's security and and that like in this recession.
Impact the the the trend toward spending on line and I was that it that it delayed that that it's all that trend a little.
It will -- -- -- weathered the storm a lot better than offline -- fact you know if you look at the retailers and major retailers on the market.
They have all increased their budget for goal line -- line beats the so they're all going to spend more money more more effort to hire more people that the focus on the -- channel.
And I think one of the things that you know that -- retailers noticed is that -- of this is that much more weatherproof.
Thank channel convert to the stores and that's why they're going back and spending and spending.
Thanks so much Chevenement thank you -- we haven't really interesting and again the only 17% of consumers shop online -- -- opportunity there -- -- CEO -- eat yummy.
-- web -- it's.
US thanks for having appreciated since it first down seeing very -- Mom.
You know I don't know I don't know why it is neither do you know that when I was at what was the the thing that you remember buying as -- -- you mom -- what you do you remember that one thing.
One thing as a -- that I remember.
NFL pencils you get a whole pack of NFL pencils and every team.
Yet one answer for every -- it was that all the colors that teams like you know the angles of the black as a Cincinnati Bengals down the side.
Any guy my age remembers that that was the absolute best the end trapper keeper and all -- Couples like yeah like the thing you've got that you -- most excited to get when I was in the NFL pencils that was it.
You know that's a funny I was.
-- -- shot the other day I was folding up my little bag and I think -- -- I remember.
Covering my books.
The balloon like the ground though he -- golf I think that being in news.
No way I'm doing doing doing that I -- yeah.
I would say we'll -- lie I was noticing that on ESPN.
They do this often -- -- -- outside alliance.
They did a survey if you will of or report compiled review health.
Department inspection reports of stadiums in North America you know they throw and that this is not going to be it's not good I'm telling.
They -- quote.
They found vendors that sold through that quote might pose a serious risk for food borne illnesses no surprise there now know you'll.
Food borne illness has ever been founded in a -- -- -- any.
That's just what they've Terry Francona the manager for the -- -- they get sick.
Last year in the playoff to blame that on sushi.
I would never eat sushi in -- stadium.
Hot dogs yes I would but there -- a lot of bombs there at two Florida has -- the worst.
Every one of their -- Tropicana Field.
100% of vendors that at least one critical problem 100% everyone and Tropicana Field that's in -- with the Devil Rays play.
You -- up Rogers Centre in Toronto 0%.
No violations have been all these stadiums and Rogers Centre is impeccably clean place in Toronto -- -- Toronto in general was impeccably clean.
Alyssa some of these violations.
US Airways center in Phoenix.
That's where the this suns played in the the hockey team there coyotes.
Dozens of lies -- alive -- in the dish room I'm sure that's every one of Madison Square Garden -- Most people don't get the walk underneath Madison Square Garden in the tunnels underneath the stands and everything.
You'd you would be shocked.
At -- great -- you know like the the Mecca of basketball and boxing.
It's amazing how all these -- and sometimes -- leads to -- also walking around down there liberal on this that you story.
But the ghetto was it was what it was one of the hockey players in the visiting team got lost.
Walking around in Madison Square Garden I thought is that what -- still there to get out of here.
Follow me you gotta go -- -- law is tech's final tablet like hello Cleveland.
And they they get get lost but backstage just was like.
That's square garden 53 now it's extra -- I guess that's plural.
It -- that and I could go to rather got to -- it but that's watch out be careful.
When you go to these -- with -- food sometimes -- -- on plastic bags sandwiches one went back.
There but I welcome back to the show up 44 points right now on the -- Sola heading in the right direction for -- -- And -- Tracy.
It wasn't quite important move in America we have had become -- -- -- we needed a with move in this market we have -- that's something that you think we have audio ahead and about that.
I I edit one coming down Level 3 Communications second quarter loss widened this -- -- network service company.
They booked charges related to debt -- seeing.
Well -- kind of -- sales mixed expectations out bats meet the bottom line and that means no revenue growth you know top line growth we talk about all time.
Spending rose sales down that's not good.
DuPont Christian talk about this earlier Dow leader in the -- agricultural seeds share grew again in North America first half of the year they said.
Global sales grew by 14% and 80% volume gains.
And they plan to launch a new class of corn hybrids I'm not sure what that is it 100.
C needs a different scenes that they wouldn't they will only grow in better condition more difficult conditions -- -- good eye on dad.
And that's -- a thing.
It's got its good I'm -- -- Energizer Holdings fiscal third quarter earnings jump 43%.
This is part taxing currency gains a ticket with a -- slope up margins good revenue rebounded and they'd -- so you've run with that went up 7%.
Lexmark international -- -- SP 500 -- today.
Expectations for full year revenue and earnings increase that is all good news they expect single digit revenue growth vs 2009.
And they say 2010 operating expenses are going to be up marginally.
Reflecting acquisitions -- all in all great news coming out of Lexmark then I'm calamity.
One of them it doesn't gun found you a little bit that they're still around it's sort of it's not in the camp of blood leaves you accelerate your great great -- -- he's.
-- -- get our rest in peace -- anyway.
But yet let's sort of right there for -- nine point 7% increase in the stock today and big mover is up private -- court.
Talk about the banks earlier they swung to a loss in the second quarter but it was -- smaller than what the street was expecting.
It to bank holding company and they said that.
-- credit related costs continue to -- them down.
Asset quality trends.
Are getting better and that's kind of what we've been seeing with well these banks reversing loan losses.
So we're seeing them you know while.
I keep saying that's fictitious money but.
It's good news and you sit here today that these people -- payment loans.
Yeah at least in these that the quality of the book is getting better -- -- and overall economy.
All right we are joined now -- -- portfolio managers of the five starting in large cap value fund and not only.
Are they -- portfolio managers -- father and son team army -- needed guys welcome.
-- pleasure to hear how how does this dynamic where because I grew up with my younger Brothers he's young -- -- -- college roommates and editing.
-- -- -- Probably the best of friends.
Well I still have that same dynamic.
Well we chose not to have a younger brother so he has a younger sister.
And we solve those problems that -- Baghdad -- we've obviously had a lot of success working together what you just in general what do you think of this market right now -- -- three.
Very positive days.
As were talking earlier some of the uncertainty about may and June you put behind us now.
This rally have legs or is it you know -- about it continue struggling -- the fall.
I was portfolio managers from -- -- -- value fund we have to expect what we've been seeing to continue.
-- sees signs of different so the volatility.
We believe will continue -- we're prepared for that.
That's not a crystal ball but when you prepare for your shareholders.
You kind of prepare for the worst and be ready for the good times when -- come.
Didn't -- in this instance and you know 99 basically he's gotten so.
Bubble -- -- we've seen it now what's different this time around I mean are -- coming out of it different are we gonna end up in a different place this time.
Well I think we're -- in uncertain times and we're we're trying to do is just decrease volatility are -- so.
I honestly don't know where the -- -- -- what's different about from before vs now but -- let my dad they were trying to really just lower volatility in to our investors -- to our shareholders.
Did he got instead of the investor out there is wondering what to do when so many people is to throw their hands up in the especially if maybe they got burned really badly in 2008 the fall 2008 retail investor and it -- wanna come back about it is keep cash.
How would you tell them look even and volatile times he is a good way to preserve capital while the same time generating some return rather than just getting 1% of money -- Well it's a year relative value stocks like we do you're gonna look at dividend paying -- something you can.
While you're waiting for same markets took a lot you can get paid lightweight.
-- -- -- -- arm -- let you know we all been talking about -- These countries at -- some bounces.
What are they gonna do it.
So we went pretty much know another hire people because there's so much uncertainty so they even had -- up Mikey I mean any of that session while the dividend a weakened Seymour dividend increases.
Well again -- that's a that's a great question what the individual companies decide to do with their cash.
Vs what we had our do with our cash when we receive cash through not only the dividends Dan talked about.
But through our conservative covered call program we give it back to our shareholders.
I believe -- will.
That the companies will return.
They want the stock to be propped up so they will look at dividends carefully because dividends as one of the things that.
Boy -- the stocks in the turbulent times and.
The analysts look at some of the names that -- that you really like within an even large cap value fund -- know it -- several others but.
The first one on the -- that values Chubb corporation's that you look at the insurance business.
Yeah I -- insurance business of today -- hit pretty hard last.
Past couple quarters but we feel that.
Increasing premiums written and their low -- use just an outstanding value for us and -- -- nice dinner and -- kind of wait for them come back.
It means attack that was like seek re -- -- is that why it's -- like Canadian national elf on the list because it's just.
It's the rails it's like Warren -- -- slow and steady.
We we were talking.
-- that earlier today it it's one of the industries that we're fortunate we can find -- good company in and we we we really have to think.
The earlier question you asked -- was was whether.
The down is finished or not.
And any steady companies.
-- we look at an example like Canadian national it has contributed to our funds so nicely over over the past several years.
In its stability its dividends and then as I indicated before we're unique in writing covered calls.
And you thought about dividends safer plays stable.
Probably can't get any any.
Better -- -- -- -- more part of that and Chevron.
And that's Chevron is that really thought a lot of -- let's say look any of the integrated right now look pretty good Chevron ExxonMobil they're all there that you guys like him.
You know relative etc.
is there there are committed to looking at alternative energy.
Committed to finding alternative sources of fuel and so.
As even other major -- they obviously want to go and find ways to make more money for the journalism long.
Tracy hates it when I say this summer though that -- -- special.
Is a little case of throwing the baby out with the bath water back on ice and -- -- integrated because that's going I'll -- -- -- fit so well obviously it.
This they had given -- he's right there Tracy and I gonna go out -- drink and we're gonna let you handle it by I just seems like.
You get situations like this all the time it is the perfect case where everybody says -- -- integrated oil companies at all although all and they're all gonna go down they're all gonna lose a lot of water does that.
The anti off -- -- drilling the Chevron and Exxon benefit from being dragged down -- -- But once you've been in our purple I think it -- helps us away because they become undervalued it's still a major players that you go into them at a lower price are you going to benefit in the long run.
Chris is an -- -- -- -- -- get to McDonald's because McDonald's name is just.
It's it's a global story great sir.
Its sales are steady.
It's still growing they still keep reinventing themselves I don't know how they do it but this to -- is.
To your point earlier -- -- volatility.
McDonald's is probably at least to get Syria McDonald's is great for us and has accompanied me here -- You know they're going out there making healthier a healthier menus and leave that care about healthier -- -- In other dividends -- solid and then we talk about covered call options a little bit and and having a conservative were clearly enhance that are falling a little bit by selling some.
Covered calls on the McDonald's shares.
Yet they have 5% same store sales growth everything and -- legs -- -- it's ridiculous how you might have Europe leading the way one time.
Africa leading the -- Middle East leading the way another month but every single mothers since it was just insert cells and -- still -- -- -- So well and I had another really quick point yeah it will -- that something had just discovered yesterday and reading about them.
They're very innovative in balancing the number of franchises.
They have vs the number of companies stores because they still are partners.
With all of their franchise owners you talk about thousands of stores worldwide -- -- 80% franchise's.
20% company stores.
And they're still concerned about -- building up middle American mainstream America that that's the way I read that balance there.
You know when I was when -- -- -- suntrust bank in the end of this he had he had a department.
Solely responsible for making loans to McDonald's franchise -- so when people talk about.
Any of these franchises having a hard time finding credit in this and that we had support from McDonald's in that department just to make loans to those friends as they really support.
Did I -- it's if you can't argue -- the best franchise alert in the world marathon ounces so that's a big benefit I.
Clinton insights that said -- we actually tell -- mutual fund industry a little bit here.
You know this not a subdivision money on the sidelines ton of money flowing into bond funds.
Which is seen as an equity portfolio over these last you know couple months and maybe now -- seen the tides turning received more money coming in.
Well -- he's up there on that that's a clear if we we like to add a comment about -- -- in the in the large cap value fund that we want to.
As another alternative for the low paying bond funds so if we mentioned dividends and dividends -- even a good did and it.
Dividend paying companies and huge.
But if they're growing in their steady.
-- we can add to that cash flow with.
The covered calls which brings in cash to the fund.
Now the investor as an alternative wealth it's pretty safe on the downside.
And we get more cash flow -- -- an alternative.
To to to the bond funds that do deliver almost almost nothing.
And we were rated number one in our category in low volatility.
By it by a won a major maybe written.
Major operating groups that yeah.
So what do you consider you've still considered an equity fund.
Yeah absolutely equity -- -- we're.
I think 87% equity and about -- Lancaster house party and even racy as a real pleasure you have -- I am and I thank you -- live starting in large cap value fund and EI and -- ticket -- got to -- quick break.
-- Bill Clinton thanks to them not to worry there.
-- we but you have.
I'm back to foxbusiness.com hi Tracy Byrnes Chris Scott -- -- up 21.
Points almost funny to.
It's something consumers and react if I have that exactly consider -- an ecstatic today we heard that.
Home sales were up consumer confidence was down we did get some good earnings from the lakes at DuPont in.
-- -- So we got we had some good news but at the same time we still have this uncertainty retail sales -- not that great I don't know if they're going to be people say they're going to be for back to school.
And -- drive by an entirely but.
Who knows we have bad energy names in the news big time lately and it's really been boy you'll BP has been on its hair actually getting upwards of budget 39 dollars a share was 27 dollars a -- not too long ago so investors and buying into the the moves that they've made -- ways to get them out of the very low point the being move yesterday we had heard rumors and it was confirmed.
Brand -- CL Bob Dudley is going to be the man come October 1 Adam Shapiro was here to talk about -- -- this.
It was a weird morning -- yesterday this was viewed as a very favorable -- for BP you'll find that the stock and then this morning when it was confirmed yes October 1.
We're shipping Hayward -- to the eastern front.
An -- -- Bob Dudley and could well.
-- I I don't think you'll ever hear me say that again and I he's actually getting fantasy and it it's -- very -- -- that we -- LA all the oil -- really being that the nothing good luck and may be old enough to remember what is it Hogan's Heroes yeah I think he got over a cult that was.
Since Sargent Schultz and daily it's an eastern fronts suddenly tiger how is it gonna be.
I'm guessing that it's going to be very transparent and a very smooth transition since since Bob Dudley has already been down there in the gulf before you know overseeing the clean.
Yeah Bob Dudley takes charge October 1 and then he moves into the CEO role that mr.
Hayward is vacating and then the name is skating -- Lamar.
Comes up to replace -- doubly excited because the standalone company created to for the cleanup will stay in place and -- is that -- he will exist onward and forward.
But I think it -- really is your question.
Why -- people selling today and -- -- people overreact yesterday LA I think.
This is the general it's really hard to figure out what's going on beat you throwing an earnings of what we're talking about tens of billions of dollars that's -- important -- arms and it's that the 700 of them.
Ladies something that mr.
out to Hayward said but first the numbers you know everyone reported -- -- lost in the same quarters seventeen point two billion.
They've set aside -- -- 32 point two billion for cleanup of which they're going to be able take it ten billion dollar write off we're just talking about that on national -- program.
This company they kept saying during the earnings report earnings call has 250.
Repeat -- over 250 billion worth -- that they can sell off.
The oil that hasn't even been pumped out of the ground yet.
They've got itself thirty billion worth of mass itself -- that -- their debt right now is about 23 billion.
They're gonna do in the next eighteen months that's going to -- to between ten to fifteen billion.
But going forward some of the things they sent in the call.
That might upset people they don't really know what they're liabilities and total cost is going to be.
That is thing and -- CFO Byron wrote actually said.
There's no way to book that we just don't know we could exceed twenty billion there are fewer lawsuits coming we just don't know what that total cost is going to be -- -- -- going -- it was an escrow account.
The other thing.
Is that mr.
Hayward who kind of kept stepping in it you know I want my life back -- I was -- back you know who just didn't.
Lucky he wasn't he was CEO he wasn't PRC yeah.
But he kind of made another one of those deaths.
You that's a question about the well BP was drilling now there's all these liability issues remember we had the executives from the other oil companies.
Go to congress and -- BP is the worst thing since sliced -- -- -- ever wonder you know.
It's all their fault they're there well is terrible we would never build a well like that in.
So that he's -- an investigation and and around from from gentlemen let's say reportedly jobs.
-- with an answer the question said all of these wells in the gulf for the exact same there's -- difference.
And many went on from every keeps saying we take responsibility we take responsibility listen the last words in this sound bite from the call where BP doesn't.
Would seem to be taken responsibility.
These simply -- rights society.
That this is somehow.
Some rolled book unique DP world is on if he's not.
And and will emerge along with many other things frankly which I believe will point to the fact that it's.
-- good these.
-- the deep -- truly industry.
Know that the thing.
I mean that is -- I guess -- thank you finally.
The other thing here is that is that data -- -- all located both together and make came out at the end of the call and I you know I get excited and a lot of things but I heard that it's 211 -- by the way are kind of you know who all hands on deck.
And I sent it to eleven -- like hey folks that.
He's just said to the the others he as you know -- an idea that somehow I've been -- had just -- -- and -- it but it would start with this.
But -- says you know macondo was an accident for the deep water drilling industry -- BP.
And it's that was just one of the things that I went well and then there was other comments during this call.
-- talking about.
Excuse -- -- they were talking about trying to get that I was growth it was the CFO.
They're partners in all of this they may be able to recap some of the -- -- -- fighting with their partners to ante up some money none of them have so far.
So you -- don't.
This case for the other executives at the PX eight the -- -- liquor.
Does he does that and if we even went.
One what is now the Phillies deficit with a -- that well he you know look he has the unfortunate.
History or fate of being CEO in this thing happen and you know it it yet they want to go easy to sacrificial lamb perhaps did he make it worse for the comments he made yes but what -- But but is my brother -- a -- the likes to say.
Facts not feelings we all feel a -- perhaps the country feels pretty nasty towards mr.
Hayward when the facts about mr.
it would -- He inherited a company with a bad safety record look Texas City that the explosion that -- -- but and then then he was trying to bring about change.
He was safety wise now navigate corporate structure BP that doesn't allow for safety improvements you know what I -- -- my.
CEO and he made a statement I will change the CE is this.
Right or wrong track -- that you're right right or wrong he is the senate.
But like pizza and all that out.
This whole a lot of billionaires on Wall Street never caused no question probably -- -- Coming out of our elementary.
-- Cuba policy that in New York is -- -- -- -- welcome back thank you.
We get back -- tell you Obama put -- -- night.
-- -- -- -- -- And we're back we're gonna speak to somebody right now who has done something that Tracy would never dared even dream of doing her name -- -- -- joins in he's -- -- in the great American Apparel diet and on September 1 2009.
Sally said I'm not going to buy clothes.
For another year Sally joins us right now from Seattle Sally.
-- have you made it so well I think it's eleven months -- an ideal and on this thing.
You know I'm grateful I am counting down have about.
33 days last.
And -- I'm doing fine and surprisingly much more calm about it than I had ever anticipated.
And I feel good about it.
And I got.
-- Well I you know it was something -- -- Been pondering all last summer and I had floated the idea out with some of my shopping -- and you know just asking could you go a year without buying.
And after I have this discussion I realized hey let's just try it let's just find out if we can do it -- are we in control of our purchasing -- are we being completely manipulated by marketers and do we really need something new all the time.
And so out there about eight women who joined me when I launched the blog and now we have over 250 women.
From eight different countries around the globe so it's pretty exciting.
Now the -- and raided the great American Apparel diet dot com check it out.
Sally you are the Bane of the in the existence for retailers out there though Macy's and Nordstrom Nixon they're they're just.
Gnashing their teeth right now people not spending money.
That's really the engine that drives the economy spending still -- in a way I think why stage win this spending is really what's gonna get us out of this -- Well I think that's kind of misunderstood it.
The reason we've gotten ourselves in this crazy economic mess.
Is that people we're spending beyond their means and no it's not that I am anti consumerism are anti shopping believe you me I will be doing that you know as soon but what -- really all far is them.
And this idea that somehow we are victims and that there are predatory.
Marketers out there is really an excuse that consumers have.
Heavy handed over all their control to these other entities and -- all responsible.
For where we are in this economy and I wanted to kind of really look at what my role was and that.
And so I what I would say the Macy's and to all the different retailers out there is.
It's not about not wanting to buy it's about being control and knowing where your closer coming from and having a clear idea what.
You know Sally -- hoping entry to me because it makes you think about need vs want great.
We don't really mean anything and I thought about it at -- there and -- see -- in my closet.
I don't need -- -- I probably could do this for the next year you know my kids are different they're growing unfortunately like we'd see you have to keep doing something with them.
But you don't neat I think I don't even need pants and he -- -- paramedic thought they yeah.
Have them on now I mean it's time here so you can't blame them but so that's -- it comes -- doesn't it.
An inning you -- applies across the board with everything need vs one -- I -- -- -- trick is he could even say do I need to purchase a home.
Or should I rent one for now.
Exactly and you think to -- I think.
Believe we worked herself into this corner of -- disposable.
A pair news so apparently last for a year is that I had a box of something in the buttons -- -- great well our our grandparents.
Loved clothing -- but they would Wear -- -- for five years or ten years you know it was higher quality fewer items.
And that for me personally I'm hoping that's how I change my shopping habits that I am more.
More mindful of the quality and that lifetime of the product -- just looking stylish for that moment.
Sell you real quickly the other new set of rules.
That -- -- you would the other bloggers on the side of kind of come together and say eleven months in.
When we do go back to shopping in September these are the rules we're gonna live by how to change -- had its.
Absolutely and I -- women out there may understand -- rules better than men and number one.
Never buy anything that doesn't fit at that moment.
Never buy something on sale because it's on sale in 30% off should never be a garments best attributes than.
Look in your closet before you go shopping for you have an idea.
Of what you need or what will go with something in your closet.
The other thing is always try things on I know so many women who go in and they see something cute and they just -- it may come home.
And it's not right in the they're too lazy to return it.
The other thing too is if you haven't war in something in three years.
-- out of your closet and give it to a willing yes needy person.
I think comes in another thing goes that idea I try actually very hard to do that and it's so funny Chris does not get your point about how it's -- it today because.
-- -- -- -- -- -- -- -- -- -- And then I think -- rob.
You know that -- bad and that's everything fits your -- Alley you're inspiration thank you so much for vehement us and for doing this.
I think you take care.
Sally Barnes and founder of the great American Apparel diet dot content -- the blog is at great American Harold diet dot com check it out.
At you know what it's a pretty cool talents -- one that you probably be surprised that you can most likely -- -- That goofy game killed when they would -- send people out -- it goes it goes shopping by.
Six but that's what stallion a lot of friends are going to be like on September 2 in -- runner -- anything.
Often people elbow and people.
Also the girl that buys stuff off the -- because I never tried I'm gonna have kids and I hominem like.
An -- -- online shopping.
I don't want Japanese management -- I -- web series you witness.
Jail breaking this rule by the we're -- -- Library congress will essentially it's allowing people to.
Getting to their iPhone four other Smartphones and basically -- it to allow application of other software -- sounds rather judgment is actually quite simple.
Control over its devices more than any other company no doubt about it Steve Jobs has a control -- They have 225000.
Apps for instance in their -- store but if you want some other cool apps or -- on apple and non apple app.
That there hasn't been given the apple seal of approval for a variety of reasons.
Might -- -- a graphic might be anything but it may apple argues that some of these apps are just.
Could contain malware as they -- it could ruin you could make -- -- device -- stable.
So they've had this kind of system in place to stop you from doing it well -- in The Library of Congress ruled that you know what that's copyright that's.
While we don't think that's -- also note that you can't have that amount of control.
Apple could still go off the people who produce these on broken these jail broken phones if you like within a -- -- they haven't done it up to now.
And then not going to do it's not worth -- time of what it does does free up people to do this and also means that once you can.
I'm break -- phone you can go to any wireless network -- many people use T-Mobile.
For their iPhone.
And it was interesting even this morning and look at that eighteen -- was still up on yes eleven again apple two because the industry analysts say overrule this is gonna have limited impact.
This is complicated it's an effort he -- technically -- you -- how to do this.
Yes yeah I'm not a -- -- but apparently is fairly simple and it is however if you do it in need to do something wrong -- -- some software that comes in the -- phone.
He lost -- warranty.
Had a today in pain and I said that you may see you still may not lose your warranty you didn't even if -- -- souls who got me.
The way that.
Who apparently with a piece of paper that's more important not -- the paper or something like I don't think every challenge but apparently can do a deal -- you -- your iPhone -- -- computer and you can reset the -- it goes back to factory settings and it fixes that.
-- does get screwed up you can go into how things.
-- today as the US is very telling evidence interest thing because it is a defeat the Steve Jobs he's had the problem with a reception and now this it's it's a minor thing is you put an -- not letting the stock buy it in the united phone yet that last into the end delay when he -- I thought he knows -- -- -- ones -- easier to ignore I want I don't know why.
And it just color pigmentation look at.
-- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- Weddings and a plus and everything.
What is implicit in the country of five million -- they shouldn't care about this either and -- you start really realizing this and it hurts and I'm reading through this got to.
To do with Chelsea Clinton.
Where this is more about her parents and -- dignitaries that are coming.
That is why this is an expensive this is like throwing an event for world leaders but there's going to be little bride and -- is -- side -- don't really care.
-- there is going to be there and the snow and some of -- throwing a party basically for the world.
Again so there's going to be some kind of rabbi actually it's a -- I don't realize that our common.
Walking you'll learn in the priest says the shot exactly -- -- -- -- -- -- the USS three million estimated cost but again.
-- -- -- To your grandmother of the circuit security could ludicrous to dingle bride had to go pick some field out in upstate you know some big property where they can come in from all different -- and -- about the Elvis chapel in Vegas maybe fifty bucks you hit a lot -- -- -- -- and I am with you and I think that Chelsea Clinton and her.
Clients wanted to have this zoo.
But their wedding well -- not -- couldn't -- -- probably.
So the person alone -- -- -- -- -- grand opening 101000 dollars it better be chocolate -- say.
The tense at 600500.
Pounds and on.
Hours yeah flowers and extend it it.
500 that this is so 151000 dollars and planets.
Well because it's outside and bring a minute -- luxury portable -- When -- that works out of business and that is the wedding dinner alone mean -- -- -- -- business this is where I am saying is falling in love.
For the nuptials that's -- -- -- They stay married after I mean you think bad things that we welcome him -- thank you if you can keep them.
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