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If -- that come my country's banks and look who we have from -- the pines.
I'm no longer now officially -- what resident.
Manhattan to me -- ten minutes to get ahead and get on the plane and -- actually read them every -- it.
-- -- -- Defendants have -- have action will come from London one where.
-- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- Why -- they might Coca namely to -- poker under the name volcanic and it's like a good Twitter handle yet it was likes oh Atlanta that's what.
So actually into the morning web so those of you out their phone and watch this.
Certainly you know last well into that here it is -- is out on assignment I can make fun for electing drug hung over the night before because that's already seen him working at.
He's at the end DA's still our nose and -- Medieval -- about it a little bit it looks kind of about instant tactical sacred Simeon -- of -- of sin no surprise talking about LeBron.
-- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- Sure the more people probably watch ESPN tonight the -- the NBA finals.
That's the irony that's that's a picture of the ups only upside I think the whole thing is that the money goes to the boys -- -- about a million bucks this -- yet so that's something that's good.
You know I don't know -- it.
I guess there is he he's.
So little arguably -- somewhat of a businessman means doing something right yet obviously he's going to be seem very rich man.
We go to Miami though they'll pay out here -- state income tax that's my guess Miami accidents since damned good weather yet -- and he's -- his two buddies down that is exactly.
And I got a team it's -- -- all the little.
Although leaving Cleveland that the killer the killer that'll kill those people to be madness and yet another team they lost likely rounds yes.
A -- out -- doing well this market.
Or at least it was it's only up nineteen points now certainly -- earlier today we started the day with jobless claims that are down.
We were talking earlier on Barney code that you know -- jobless claims -- down fairly good thing doesn't mean that people aren't applying for unemployment than what we damn well we didn't extend them.
Yes exactly down about 454000.
I don't think we -- see any you you know it's always been in the same range for quite some time now right around 460000.
-- these new claims.
Until we see month off the month a nice little month download them -- down to see a trend I don't think there's any real progress to be reported.
Right and so that coupled with and we get retail sales gets on numbers not bad but not -- OK -- You know I guess you have to consider the environment I was reading that the hot weather driving a lot of people into the moles.
Enjoy the AC -- that's one aspect of it they had Memorial Day weekend was included in June and Father's Day.
So despite all of those pluses is still struggled a little -- -- you -- your dad.
I don't know why would count that as part of like retail they get the ties.
I and I -- Sox Diego still wasn't great if stat -- -- down you know yeah.
Thompson likes here co president and chief investment officer -- I'm -- group.
-- -- me wanna comment on his retirement at all when you and surprised I actually didn't see them okay Iowa and ends on the train and I yet.
You -- anything having the consumers still.
Gordon can what was the number but they're all over the place some of the some stores did well funded bad -- I was up 2%.
In the US poultry sent over roll.
But the chain store numbers.
The -- that -- -- came -- yesterday yep said that there was a very strong.
I -- July yes and so we're waiting for those numbers to come out -- officially exactly and my question is was -- like -- of the consumer Tom.
Jobs still hard to come by low hanging on to a job the economy sputtering along -- they likely to loosen nailed a strange flight it.
And we mentioned last time we were on I think on the show.
Is that the consumer.
In the US in the aggregate has added about six trillion dollars to net worth -- the last I didn't.
That's a lot of money -- -- good and that part of it is just home valuation stabilizing yeah a lot of it is the 80% run up in equity market.
That has -- Steward.
Wealth to the consumer.
And -- tennis saving more they're saving more but the -- the important thing is.
They're the doom -- out there and there are many of them.
Me is that you don't nobody really winning the argument about whether the consumer is dead or alive or where the economy is gonna go into a double that we're not.
The fact of the matter is we're probably going to 3%.
It's not great.
But it's better than minus six for over a year ago as -- -- and that's important.
We get earnings season coming up.
And you know a number that I've been stabbed.
How in one point eight trillion on the balance sheets have been non financial corporation's aspect to -- to cash and liquid assets things like that.
They're not do anything with it so -- in the state of inner shift.
Right and until we have things we have to get through we have to get through the financial reform we have to get through health care.
And we have to get through the elections.
And in the 184 trillion dollars it will work its way.
The stock -- sit there.
What what can only earning -- half of 1% that's going to be a net drag on earnings so what will happen is that if we don't see hiring or.
Or in and we have enough to this point or investment -- we'll see if your stock buyback.
And so you know you that you'll be able -- maintain your earnings.
By buying back stock this.
There's nothing wrong with that can the M and -- activity picking up -- I would think so with with little this cash Boeing apparently this morning about a software company then I'm not sure what.
Story is there.
-- it appears as though we're gonna start seeing private equity coming back.
You're you're you're -- IPOs the world's largest IPO is is on the docket -- twenty some billion dollars I.
So there is there is appetite for investment.
But it hasn't reached equity market yet and this is the thing that is.
Is driving me personally crazy.
Is when will the retail investors moved back into the equity market when will they move out of bonds.
We wrote a piece yesterday -- enough if you received it.
Looking at municipals him as being one of the worst performers.
And we're very close to when I -- worst performers -- -- -- fixed income market you know we're very close to only 39 basis points away.
Having the same yield as investment grade corporates.
And what's happening is all this cash that that's in on the corporate balance sheet and liquidity.
You can't find it anywhere in municipal this -- this we're having this improvement in credit quality.
And deterioration in credit quality and I think we're having -- quite a seismic shift but it is a very important shift.
To have municipals out yielding investment grade.
The last time we have this was back in 2003.
And it stayed there for a year rules you know to the investor.
Just because new fields are higher in nominal terms then investment grade corporates don't rush.
Yeah there's plenty of time yet of this this so we're going away anytime soon not intention at all.
You said that in some of the things that -- -- about her Health Care Reform.
Financial form financial formal I would be settled sooner rather than me and will be much much more pleasant -- -- what we would have gotten otherwise OK -- and you know this is -- diluted you know learning to get out there whether or not it's gonna help or hurt but it bit but it.
Street lights now.
Health care on the other hand about 2014 before things kick him on this and we really start to see the effects of the costs we wouldn't do you equity -- -- -- -- twenty.
Monitoring and and -- we do what we wanted what we want is what does the health -- gonna be.
As a matter when it kicks it.
And you can plan for it you know -- on an individual corporate basis you're saying what is my corporate what's gonna cost -- company right and we don't know.
So we know some companies.
Our our restraining work hours so that they don't have to pay benefits -- and that's and nasty little story that'll make predictions of some of these companies -- they factory in the new health care costs quite.
You know brutal if you don't really get -- at the bottom line as I was gonna pay for.
The employee -- he.
What do you see about that that number that -- is referring to in this earnings seasons report you're gonna see them take that hit to the bottom line.
That change in there and basically they're tax accrual.
Across the board pretty much right.
At least some portion of an -- be in its entirety they've what you're what you're saying is that they're gonna wean themselves into this the that the cost -- And you know we're so we're seeing.
You know that that of larger share of of the Costas is being taken on by the employee just like we did but before -- case.
And we went from -- defined benefit.
To now it's you know do it yourself.
Tom it's great to have -- -- thank you to and welcome to Manhattan thank you very much for.
Robin anchors on offense.
Since is required of him over the -- -- -- you -- -- -- act to get you James dizzy.
With the Miami my son has -- cavaliers Teamsters -- think it might actually be elected I have liked exactly right now I have to start where it.
-- on a copresidency investment officer on -- named best group here with us and see you thank you again there.
-- and take a break we get back with Chris got it will be here absent Gonzales we'll put aside and most importantly Jonathan's yes.
Chairman and CEO those themselves live later time.
-- -- -- We'll -- back everybody.
I'm actually -- alongside Tracy Byrnes who moved sitting in for Chris caught -- exe to fill them insinuating that he uses.
And very good.
And I think.
-- -- -- You'll muscle business to -- I look at them all muscle let's go to Phil Flynn at the end CMA that's spoke about oil today -- Good afternoon to you.
And -- better understand with the oil right now they're trying to -- Back up.
Well it it definitely went up after the number one we saw that they five million barrel draw down and well everybody's like hey this is a stream and by.
And you know we saw oil spike up to 7590.
But -- almost a dollar off that high right now as we come back down and I got a reason why is because I think last week.
Traders were watching the wrong arcade you know -- because.
-- you know.
Everybody last week said hey you know oil inventories could be impacted by hurricane Alex until everybody kinda look at their storm and say hey we might see a drawdown -- -- not I was watching that -- very -- -- I I didn't think it would impact supply can even be some of that but I didn't think it would be major.
But then we saw five million drop down -- wow boy was I did wrong and you know it didn't have an impact.
But it wasn't and Alex -- closet drawn out and supply because down in the Gulf Coast.
We only saw a one million barrel drop in supply the Gulf Coast the biggest -- place in the country.
And -- the big -- on was was on the West Coast.
Out in LA in that area.
Because of the choose current case that they had in the Pacific they had two hurricanes we don't even.
About us in the oil industry he had to CL -- category by.
That really didn't do any damage them and don't -- Hot category three then -- that they have the Mexican cousins and those are the storms are really impacted the supplies not -- Bill you're wrong I live with -- hurricane Celia -- six and I'd like you did I don't know what are out I think it's behind me.
-- -- -- -- And I get everybody up and out and out well so okay yeah.
-- -- hanging around two dollars and seventy some cents a gallon that the national I didn't I didn't hit actually paid 2:53 this morning.
We have why so many coming up now towards the Texas area didn't worry about -- -- he -- Jack up prices.
I don't think so you know mainly because of where the storm it's it's just became a tropical depression it's -- and you know it's so close the land right now that.
You know by the time it becomes a storm -- probably not -- impact.
For -- that much.
Every time you have the threat of this storm -- that can -- imports a little bad.
But I don't think this storm knocked I'm glad it's gonna do too much the -- -- least.
To the oil production area and -- -- OK so we have an impact when these storms move in but don't they have like.
-- ton of oil just sitting there because we've had so much and -- because of the global slowdown.
Absolutely and you know what -- I think what we're gonna see is a lot of oil come in over the next couple weeks.
But guess what happened these stickers -- all the soil that was on its way to the gulf closer to the Pacific coast.
But it didn't get in the probably out there right announce the start so what's gonna happen just -- -- -- huge gonna want to get two weeks of the imports for the price of and when that happens of course you're gonna see in this big government rose one enormous oil come front if there but you're right in not only that -- that -- -- now we have a lot of oil.
Out in the market we are.
What -- when it comes to oil supply.
Fourth of July weekend people travel and go to the -- -- and -- -- -- at all.
Well we saw a drop believe it or not before the holiday a very slight drop Tracy.
And even know demand -- I still think it was a little bit disappointing now there.
You don't normally the fourth of July you're gonna get any increase -- And the number in the mood of the numbers I think you're gonna see the demand numbers drop pretty precipitously after the holiday.
People are still hanging -- for their wallets I think hey you know the average.
It's still pretty tight right now -- I wouldn't be surprised to see does demand numbers drop right pretty -- play.
And Phil is all of this -- that China because every time China sneezes or stumble -- says anything it affects -- Sizable I think that we always look to China about.
I think you have to I think -- a major player I mean obviously there's other things driving this right now whether it be that dollar in the stock market.
But China with a major factor in fact last week.
When the market was under so much pressure in the oil market a lot of people standing -- the China demand numbers they're not going to be there -- they're not as strong as anticipated so what are the Chinese do.
Pretty -- been a hundred billion dollars this right that's exactly what they did it.
When it's been a hundred million dollars and infrastructure while all of a sudden.
You get demand expectations for China -- -- now ultimately holy smokes.
What I -- have enough oil for China -- -- really did change the momentum into really that announcement.
That put the bottom in after like an eight day drop in oil.
-- and we laptop video.
Then you I would talk to you guys ma.
Have for you Alex and I -- can you live.
Analyst at -- best out in Chicago -- just needs to pump up his image a little I know -- he's not perfect.
I need to know what that he puts in his -- in the morning so that I am that excitement of it -- I think -- he has never -- and Syrians with theft -- back.
Even -- and making like everybody I tell me -- look what's your I it.
Well this is lynching story because it comes out of Germany.
And they've launched investigation into FaceBook and I love the fact that the Germans have some of the most strict privacy evils I don't like anyone snooping.
Little bit of irony perhaps.
The -- got off to Google with their street view mapping program they say it's totally invasive they don't like it they're investigating but apparently.
People on FaceBook in Germany what FaceBook has been doing is contacting people who -- but uneven on the site officially but they -- listed in the context of people who are on FaceBook.
And then have been contacting those people had the German government is very unhappy about that you can't do that you're getting into FaceBook keep getting information from people who would just merely listed as a contact -- someone else.
And they're starting to pitch to them or do whatever you know hey how -- -- we do for you.
Enough people -- -- said I'm not on FaceBook go away complained to really to the local city and what have you and now the government sent out.
So -- -- little problem and -- you on FaceBook I am do you like.
I do I gotta be honest I do because I have casual hello and so it's really nice to build -- all the pictures and keep in -- that way and and my wife.
All have families in Australia.
But she feels a lot more contacted you know being in tough like because she can look at all these photographs and chat quite relieved -- No I heard that that act and that aspect of you don't like yeah I'm not on one.
I don't know.
They don't have a reason not -- -- can't see insulator and I don't know if patty's Netflix and all three things drive Cotter loony well.
Well I -- to -- being on the imminent.
And since this morning now I and -- explains the abacus a little death.
They even have a calculated I don't know what it is but maybe it's that the Indy sadness of it yet I know I do I do.
Know people who don't like it -- -- -- because they know they appreciate the the convenience and the way it works but in some other wings don't like it.
And there is some people who I who I look at it was a -- -- this morning.
Get hey -- let the -- buck cafe on sixth avenue silly thing.
Okay this is what am I hate that -- they put pictures of their kids and that makes me really narrow deficits crazies out they'll come -- and yet I agree.
I don't know I can see the arguments but I certainly understand we're Germany's coming from minus yeah so -- -- -- so the -- leading the if -- those out.
And I then.
Let's begin -- leading the charge we get a partial German out there don't we -- Chris Scott are you a German -- you don't do it.
They won't -- that's writes a little well it's a little -- a little Spanish for little liars and basically here.
Your run of the mill mutt I give him -- -- and bank bailouts and saying.
Look what I've got.
I -- this.
Look at that -- the reason why bring this up isn't Michael Jordan a little out at her a kid.
And Michael Jordan you get this at the NBA -- -- -- get -- Michael Jordan's up Jordan hasn't played in NBA game.
Yet they still sell a ton of Jordan stuff he's got his own.
The logo here from Nike and the reason why bring this up is this is all part and parcel of what's going -- LeBron James right now.
Jordan won six NBA titles and Chicago Bulls.
And and yet they're still selling his stuff he became a legend and that's what.
Really what you know you've got LeBron James positioning himself right now.
He's even gone as far as saying look my next free agent contract going to be 31 years old I don't want to be 31 with bad knees and no championship that's why.
He is looking at not only staying in Cleveland wrestling with leaving his hometown.
But going to Chicago going to New York or going to Miami because he wants to win a championship and as we all know.
We will find out tonight at 9 o'clock when he makes the decision speculation continues to run rampant you'll even yesterday afternoon Tracy you and I are talking about -- And SG stock which is now the owner of not only Madison Square Garden but the knicks and the Rangers.
Went through the roof yesterday afternoon when the speculation was all beats having this show what Greenwich Connecticut I mean it's it's close to New York that must -- come -- the next and then this morning the latest rumor.
Was that he was gonna go to Miami and join his buddies Dwayne wade and Chris Bosh and try and win a championship there that you can see the Miami Heat Jersey.
So that that he had -- T stock going down 4% after it was up 6% yesterday so.
Nobody knows it's crazy actually that nobody knows and in this age you guys are just talking about Twitter and whatnot.
We haven't had any real leaks about where he's gonna go only speculation continues to be that at this hour -- Chris what's your best guess on this a lot of people now saying Miami including -- and I.
You know what's interesting too is there was a recent study it's a -- a marketing firm.
Did a study for New York, New York obviously commission and -- but the study together and show it's LeBron as to how much money he can make here in New York.
Verses the other cities that he is considering and -- threw a 50000.
Computer models they ran.
Not they figured out there's if there's a 50% chance that LeBron would make a billion dollars here in New York.
And it only a 1% chance that he could make a billion dollars.
Playing for Cleveland and Chicago and -- 0% chance of making a billion dollars in Miami so LeBron looks at that study.
Obviously biased commissioned by new Buick with -- I'm gonna go to the next that because I'm gonna make a lot more money as those I think I'm thinking Florida.
Well that's being billion -- is less 40% to our government that's anymore.
-- the other thing too is consider this LeBron it's gonna make the Max contract that he can make is about 99 million dollars over five years.
That's based on the NBA's salary cap so -- he makes that money.
He's looking -- still making more money.
It endorsements that he is in a salary anyway so for him you know -- -- over forty million dollars last year -- endorsements so for him he's looking at.
Probably won't make that much more.
If I play in Miami or Cleveland maybe a little bit more in new York and Chicago over the life of the deal if I win a championship.
So I can take less money in salary.
And win that championship because and so I saw that nice cushion of forty million dollars or more which it would be if people want a championship where he played in New York.
The -- -- now.
I ask -- that is that that's important to me could you know this stuff is not.
More importantly he might have -- had this but cavaliers.
That is about to go up front as well now he's got -- Jersey writes seems journey -- teams and it would you can't isn't there have.
Now did this government did they don't -- and -- I like try to pull it up or seeing you know and sell it.
No I wouldn't yet the one thing to consider is this -- I don't know the answer to it look you know it's because it was because of the previous team.
Not going to be a collector's item but here's something to consider tonight.
Say -- 959.
LeBron James makes his decision that is gonna play war.
Oh I don't know the Miami Heat will say and Duff Frankie -- that take a look at this Jersey right here that he would be wearing a Miami Heat Jersey.
I'm told that on NBA store dot com immediately after that decision has been they -- at after he says that.
You'll be able to pre order -- -- Miami Heat or whatever and decides to play for.
Jersey but the question is will be a number six because LeBron James is said he's gonna change his number number six.
Or a number 23.
In that instance if they they ran out as a number 23 and -- a couple of months he changes numbered six those would be your collectible items so.
Because they'd be if you like the 48 star flag you know the American flag at 48 -- was only for a couple years before.
Hawaii and Alaska -- you do -- and he would be a situation like that but I I am told they aren't.
Re pretty any of these jerseys here at the -- NBA but they are on the NBA -- -- -- take pre orders literally a minute after he makes his decision and you'll -- you'll be you'll get your Jersey very quickly at the pre order.
And let you down -- -- you haven't talked so much about one topic probably since I've known you.
And I will upgrade I'm an embryo and embracing now that -- -- -- on -- special tonight if that's true.
10 o'clock -- anything.
-- -- way out in front of Madison Square Garden tonight and fun of but I'll be joined by either some rejoicing fans.
With some fans having gnashing of teeth to -- one or the other there won't be any middle ground and I Madison Square Garden.
I thank you so much and and drink something coffee and status is up along -- that my parents and -- Chris got -- the NBA start talking about LeBron pertains.
-- the other big witness in this opinion is -- -- expecting a million years they think I don't think I've ever watched anything -- ESPN and I hope I -- my life and I told my son I would sit and watch this with him tonight 9 o'clock -- not I think that's earning a -- like why would I want one World Cup game obviously.
Yet you know there -- Day in.
We have to go to great I'm still still -- Miami this particular story that was -- at Miami.
For the weather.
-- -- It was an amendment to the people -- -- and.
Welcome back to back.
-- and actually Webster I.
What year and a little of that a factional.
Pandora Fey and Alec Baldwin has to look -- 61 and -- 187 pounds it's not too bad I mean that.
Screen might -- out if camera -- ten pounds.
Or twenty apparently.
But that left -- But then Alec Baldwin I mean -- bagels this morning and you shouldn't say that again and and most people and and fifth hole that I -- I would -- -- -- -- -- -- up 49 points right now so.
Couple things moving -- markets that we talked about retail sales earlier and hot topic.
Not so hot -- hit me up in 9% not so hot are what are the numbers picking out but.
Its shares of the teen apparel up today because -- posted a smaller than expected.
Now there was where my not so hot what they felt and two point 1% believe it or not in June sales.
At the store you every year and but again they beat expectations.
And so even though they -- they'd -- sucks up 8%.
Westlake Chemical is up today.
The company rose after BB and C capital markets raise them to a buy from home big move and you know what happens when analysts -- -- -- Sonic Solutions no not the -- doing.
Every time I say sonic -- feel the need to qualify this.
They announced that there entertainment system is now going to be available and Panasonic's.
Home entertainment systems that waitress is only it and I'm escape -- I.
I'm never been on notice it will -- I had way too much appetite back the burger joint.
The lines around the corner yet.
-- chemical and every right now you can -- -- Sonic Solutions SN IC ticker up almost 11% because.
Their product will be in Panasonic's home and -- systems American physicians capital also -- actually it's a health care provider.
They say they're going to be -- by the doctors co huge for 41002 cents shares of your -- that today you very happy of course.
Tomorrow probably not so much for example -- but today a 29%.
And finally send Bancorp all over the news today because.
He's in Jersey bank in New Jersey -- pool.
Billionaire William -- said he's unity between 5% stake in carpool.
So I think at a man.
Atticus portfolio right why isn't debt that lifeblood that that kind of stuff.
Coming in Jersey by the bank sun Bancorp ticker SN BC up 38%.
Again if you know than those babies you're -- you're having a good day today.
And I take an MS -- that MS GA calls when we talk about -- went up six point 4% yesterday Madison square garden and his Chris alluded to down for a half percent now so maybe through those.
Those optimistic hopes that king James was coming to New York I think -- they now believe limited.
Else it all happened overnight the Miami thing ended because there was that someone look.
That there was rumors that he potentially put money down on a house in Coral Gables but then there's also another rumor that he was at -- -- it like.
Sparks here yeah it but -- So after while you decide just wait for the announcement live at night on FaceBook and I don't think it's terrible things that we've got his got -- now Matthew Allen.
Founder -- -- is with us to talk about cyber security.
That -- this is something that is.
I find it very interested in because I don't feel it we pay enough.
Attention to this stuff.
Yeah thanks -- I've -- show the specifically.
We do not computer security for.
Critical infrastructure election utilities so there's been a lot of work over the past 45 years we've been doing for a lot of different organizations here in the US.
How would you describe Bob prepared in this then Matthew with regard to a cyber attack having these people -- very clever.
To do we have the necessary tools in place to prevent an attack.
Well there's there's prevention and of course deterrence and then response and there has been a lot of work done.
Over the past five years in trying to assure that we have the right controls in place.
The challenge is to do that across.
Our entire power grid here in North America which.
Includes over 200000 miles of transmission lines lots of different -- utilities.
Lots different investor owned utilities publicly owned small and large.
And it makes it very difficult to cover that entire space.
With the right controls in the right -- response if something were occur.
That's about what could happen what are the dangers to -- are -- right now.
Well that the greatest risk of course would be via.
One is the potential out -- scenario where you could create a black out.
Similar to events that happened back in August of 2003 or more recently down in Florida a couple years ago but both of those were not because of cyber activities but that would be an example of something -- could occur.
The other concern of course is potentially using that the grid itself.
Against the devices that connect to the grid.
Not only disruption but also -- destruction of some of the devices that are associated with it.
So it it can be massive in scale there have been situations around the world where this has occurred.
Such as more recently October down in Brazil where there was a substantial outage but again that was not directly linked to a cyber event.
Well and -- What should people did to be prepared for something like this.
I think it's just to try to be aware of where where -- is where our computers and and -- they're being used.
In our everyday lives whether it's for the power grid whether it's for our water systems whether it's for transportation systems.
Our own heating and cooling systems computers are everywhere so way it really.
Everybody needs to be aware of what would happen if there happen to be a disruption.
So what if you didn't happen to have electricity for 24 hour period or if you didn't happen to have.
A vehicle for 24 hours or -- there wasn't gasoline so it.
It's just to be prepared and aware whether the event is from cyber activity.
A natural disaster residency and of course of some of the heat waves.
And just knowing what to have on hand if something were to happen.
The final piece that we really pushes awareness in general.
Since CIBER is so integrated in our daily lives we really need to develop a sixth sense.
So -- -- of the traditional five senses were used to.
We have to directly understand cyber security ramifications and educate that in our families and households.
More than just the the Facebook's.
-- my spaces of of information but also of control risks.
A physical wall ramifications that could occur and Matthew -- The individual states responsible the individual utilities responsible for their own security or they come under a federal above umbrella.
So this falls underneath -- for is the Federal Energy Regulatory Commission.
Yahoo! then directs.
-- the North American reliability corporation.
With certain reliability standards that they have to abide by.
Potential risks up to a million dollars per non compliant requirement per -- -- there are substantial.
But but -- the causes that -- uniform.
To -- systems and so you could argue that once they could be more vulnerable the little.
Right now there are eight different regions across the US that are doing the compliance audits against those reliability standards.
But there can be a challenge that those audits and the reviews aren't necessarily uniform in nature that's correct.
Matthew thank you so much for sharing your thoughts with us.
Absolutely thank you -- have -- Michelle.
Matthew and founder of -- out Chicago and it's -- -- RS.
I -- break the -- yeah right look out.
-- -- and I can do whatever I want to under the looked at maybe they're attempting that every day I don't know but now it makes sense that they would find yes.
-- The candles.
Wouldn't do that Walter.
Who saved three days mortar and candles gotten up candles and why they that's activity day and -- data -- points -- take a break we'll be right back and talk more about LeBron.
-- -- get Jonathan Tisch adhere CEO and chairman of Loews Hotels.
I'm back foxbusiness.com.
Live Tracy Byrnes actually Webster's here we figured out why that monkey business on catch him if this apparently as news reception like that which.
This -- and I were just discussing is not a bad thing to be equated with Sean Penn.
He's not great actor just needs keep his political myself up yet because I mean but he's a great actor -- and again.
Not enough and on and -- it.
You know I think you -- -- and Jeff blocked.
Down again in New Orleans talking about updating us on this list does that make pumped adrenaline and you're like children of the corn field that path -- Now if I went -- everything else the most will play pumpkins can constantly you can't -- right if they've -- -- on bill that they will.
I was going for marlin Perkins and wild kingdom are often try to get an alligator -- at bat and cutters.
Actually the shores of lake -- train and I always feel great freedom here on this.
This show to you know -- something that.
Somebody would otherwise feeling like the quicksand along Lake Pontchartrain you're 20 my goodness this is you know you wonder GA systems -- you wind up.
I'll write a song about -- or something then hearing this is Lake Pontchartrain it's sort of an inland -- its unique.
Sort of the body of water in that is that's separated by another what they call late but it's essentially.
They called lake -- It's behind it at New Orleans in some faction.
You don't know -- -- sixty miles or so from the gulf.
Well they thought they were pretty well insulated because there's a very small paths to get him through here.
They have now found tar balls in -- punch -- and you know that essentially puts -- in touch with New Orleans proper which it had not been before.
And not that there's a serious amount of tar balls are -- about oil -- -- here but the last storm did it.
And while we're -- at here they cleaned it up so we're not seeing and I think right here the moment.
For a lot of people this kind of crossed a line -- guys that you know -- may be more symbolic than anything else but he got oil been here.
You know god forbid you get another hurricane that yeah what's the city.
You wind up with Oriole all right -- -- and Jeff does that have any potential -- to the water system for -- all of us.
At this point -- -- -- we get a small enough amount lit it's it's not an issue and they don't.
Drug directly -- if this is actually the interesting thing about this is what you make the seafood so great is this is -- combination of fresh.
And salt water.
What they call -- water which leads to a lot of people -- better tasting oysters better tasting shrimp that's like gulf shrimp but gulf oysters have such.
You know the lord -- -- that's it there's and other places in America that have a bit of a combination of salt.
And fresh but that that the way this is done -- out here because it the way that the marshes -- it really makes it unique mix.
And that's you know that's threatened to its you don't realize what you've got sometimes until it's under threat.
And on another issue Jeff -- I had a quote from some of this morning saying that it was much harder as far as getting some compensation working with the government that it was would be -- that at least BP was turning things around in a fairly.
Speedy fashion is that true.
There was a report this morning we heard of some fisherman having some difficulty was in clear -- was government because you know Ken Feinberg has not got is.
Apparatus in place yet so essentially it's still beat Pete doing this -- -- contractor -- side.
Companies to provide.
You know that the claims adjusters and the thing is.
And this is what I think it and -- to his not to I'm not gonna bash the federal government right now I'm gonna say I'm gonna get a little break because BP so far has not turned down anyone -- claim.
They've you know -- to question some claims before they get wild but they haven't said no to anybody.
And what they're gonna do -- pass this over to the government.
And then all the claims that maybe they would have turned down there -- still hanging out there it'll be the government that winds up turning -- away you know it's one guy filed a claim who said.
You know I can't fish anymore he's just a recreational fisherman and -- that the claim amount that he was asking he said what's that worth its priceless.
You know those kind of claims that are going to eventually get turned down and uncle Sam's going to get blamed for that.
It's really just making -- stay -- draw a line somewhere yeah.
Exactly -- got to draw a line somewhere.
Jeff on a lighter note some what Mike from Boston wrote in this is going to be your next movie title.
Indiana Jeff and the tar balls of you look back -- I love it actually it's eight and it's fabulous and -- getting a lot of comments and you fabulous foods.
You say I need to stay out of quicksand now couldn't -- look at me now.
Curiously enough when I retired from CNN -- years ago about -- -- yours ago.
They gave me this is a going away present at these are alligator boots and -- just joking he hopes that the alligators don't commentator.
He and what is not a Rosario it's not funny at edit anything you don't get out properly and I are running out there.
It's not funny at all you know it'll be live on CL on that -- dot com we'll have.
You know -- alligator come up -- Steve what's his name and say -- In fact we're not even joking about that Jeff Flock to be safe viewing habits get out of quicksand pit -- an elitist and out of your way during -- -- It did happen and my assistant back at at a Jeff -- always what we're -- -- from -- pressed down in weight loss Scott Levinson safe out there all of you.
OK turning the tables a little bit with.
Look at that what's happened at the hotel industry these days this chairman and CEO of -- -- -- hotels until witness now in studio -- our patents our hottest thing in my kitchen -- huge fans we hit the Miami one we appreciate that in London.
-- -- -- -- -- -- But -- -- work through all you've done I mean you've been in a family business outcomes this book citizen you.
So what inspiring him.
This is actually my third book.
And I'm very fortunate to be able to hopefully write about topics that people -- interest and this is hitting a particular moment in time where obviously -- reporting on one of the the real challenges.
We wake up every morning we read the papers we go online we watch you guys.
And people are concerned about what they're seeing in their own communities.
What they're worried about us as a nation and but citizen you doing your part to change the world is any guide for them to understand that they can become active and engaged citizens.
And they are the easiest way to do the easiest ways to to really look in the mirror every morning and say what -- my good at.
What's my skill set can -- become a citizen broadcaster can become a citizen reporter can -- become a citizen hotel -- And understand that we all have responsibilities that there are challenges but we can do something about them and in the book we chronicle a bunch of very dedicated men women.
Who have done something about the problems that they -- there.
We talk -- -- the whole notion of becoming a digital citizen how in today's world there is so much information on the web.
They you don't physically really have to get Upton and go help an organization do it in your living room you can do it in your kitchen.
We talk about the whole world social entrepreneur -- Of how we are and that layering over not for profits some formulas that we have been using business for years about metrics of bad.
The -- and how we can be successful.
So there are a lot of ideas and citizen you and then we also have a companion website citizen you dot org.
Where people are learning more about individuals that we profiled.
Book we're seeing more and more of the social entrepreneurship you know we've profiled small businesses and it's the business is created.
To help the cause plus of course there's a profit angle at the little guy right -- and add -- -- pay the bills.
And using that as the next generation of you know the -- from north coming up the ranks.
Very much so actually -- -- -- conference in New York last week on volunteering they had some 5500 people from all over the world.
And I got to moderate a panel that talked about the whole -- of corporations.
For profit organizations.
And their role in the not for profit world their role in solving some of the problems that the communities that we live in -- And with a fascinating discussion we had a vice chairman of GE we have on the top.
Men at JPMorgan Chase we also had Jack Dorsey.
Who is the co-founder of Twitter and how -- technology and how this whole notion of social networking is helping us solve some of these problems.
They used to be emit and business that you couldn't do well and do good at the same time -- that is being debunked and what we're seeing is that many corporations -- not just fortune 100.
But it's corporations -- all come sizes.
Are now dealing with the issues that are important to their bottom line while they help the community that's what their customers want and that's what they're coworkers want.
Still about the tourism industry while you hit Jonathan is tough -- it appears -- for a number of reasons you know you can stop with the with the the the dollar strength we can talk about obviously what's going on in the gulf.
I mean are more people staying -- want to -- tourism industry as a whole do to get through this period.
It's been a tough eighteen months ago and when you go back to the beginning of the financial crisis -- in the fall.
Of 08 when he started to see some softening in the industry and then obviously that we awful awful fell off a -- hotels airlines restaurants -- parks.
Went through a very difficult period.
People are getting back on the road a little bit hotels are showing us higher occupancies a little bit.
My concern is is a few few issues one there's -- consumer really feel good enough.
-- go on a trip you know when they're still nine point 5% unemployment maybe their spouse is not working maybe their kids aren't working today really wanna get in the cargo somewhere.
CEOs are allowing their folks back on the road -- business travels picking up bit.
Or not singing group travel there is still the optics about taking a meeting going into hotel taking your people to resort.
And that is still a concern.
Now the good news is that during the past eighteen months the addition to supply has been minimal.
You can't if you weren't in the grand prior to eighteen months ago you can't financing -- new construction right now.
So has business does get better it will be less supply and demand increases then I think we can return some levels of profitability of that where we saw -- the last couple years.
Your family business.
Has public company but but but you -- to be a large shareholders right and you didn't.
In the business with your family for your whole life if that's what what's like.
It's it's a great opportunity.
Because we know each other we we we trust each other.
We have roles and responsibilities.
My first -- -- called the power of -- in at -- back creating partnerships pool and I service co -- was one of my cousins and another cousin is president and CEO.
So we each know how we can benefit the shareholders which is our first and foremost job -- -- -- shareholder value.
And we're very fortunate we have incredible role models my late father -- my late uncle they started with nothing to -- from Brooklyn new York and in the thirties and -- forties.
And today Loews Corp.
-- benefit of about eighty billion dollars well and to be able to follow their patterns and how they work together and how they brought different disciplines.
That's what we're trying to do it the next generation.
And -- that some think is my family -- is in business together as well my mother works with her brother's nephew's every day.
Is that what inspired you to give back -- you know you started from basically enough.
Very much so wanted to watch my parents and my aunt and uncle and then there -- seven of our generation we each understood very early on that we had a responsibility.
And I don't think we like the phrase giving back because people need that.
Indicate that you can do something once that you can -- in New York -- overall did JD you're ready check put on a tuxedo you put on a long dress.
-- you given back so I use the term understanding one's responsibility in the community.
Because everybody has -- responsibility.
And that's the focus of citizen you but it's more than just -- -- -- time it's becoming active and engaged becoming.
Very involved not only in the problem.
But often the solution.
An exemption mean everybody I don't let him do something good for -- community.
Jonathan Tisch chairman and CEO of Loews hotels and again I've been.
So violent it was -- and that it finally -- Thank you so much thank you can't really take -- economic thing back on my time I am.
On -- the dream sequence.
But both of them put them.
And I was reading about I was coming up and I'm really excited about this.
Whose control room.
If that that would it was an app on that's actually not that I was at the last -- -- there is in for Chris Cotter who.
Is reporting lag in the -- -- there today because we are why the wall LeBron James.
And my clarity that make -- Nelson so we can get them but he's not going to nightclubs and yes -- find out that they face in an answer within the first ten minutes yet that it -- look.
Fox Business will be live at 10 o'clock afterwards David -- -- -- it will be there talking all things sports.
Chris -- is in his element right now because you know he's doing is talking sports.
No one knows more about sports and -- less than me so.
-- really great great balance.
And I said for years my son would go up to baseball practice and -- it and I gave them.
-- -- you pulls them cards on the table -- my -- and it's ironic coincidental.
Yeah that it has something to do with Australia that might not realize that your wife is from once she -- Well apparently -- favorably to get a job these.
Hi -- high unemployment rate as a matter of fact in June.
They posted a net increase of about 46000 jobs 181000 -- full time.
Their unemployment rate their jobless rate for May was five point one and -- think what ten people -- -- not working.
-- -- instructors.
Seriously bad it is well you know I mean this is an economy -- really -- very well one of the best of course.
But it is a little isolated out there wasn't touched as much by the -- -- And is and has -- stronger banking regulations has to be pointed out I have to say and it's some very well in -- is very -- to Asia.
Would they have his rise their economy is also risen as well.
He had tax rates -- yes but still they'll work and they are looking they're working they're paying the bills the blonde that at a good time.
And you know I found is -- interest in fact you know why the kangaroo was -- -- him because when the -- first got there the aborigines would they and the the surface -- say what's that thing hopping around over the and then aborigines say kangaroos.
Which meant I don't understand -- saying to me.
So every time it was again -- a kangaroo so that's how I got the million kangaroo actually means -- four I have no I do things exactly the -- -- that my kids.
I just feminine if that's what is so fascinating I'm so -- -- -- tidbit from the coming from let's compared to.
Cease to have that worked out nicely thank you very much -- and -- -- Well sure sure -- it again -- dab in the states there's always Australia.
This problem of course is if you broke.
You can't even for the plane ticket to a noticeable ways and it's funny thing again.
Yeah at least he can usually stop -- like Singapore Hong Kong.
Long flight but nevertheless -- would work and whether it's good women and blonde.
Wouldn't sound like some -- -- we get -- -- -- that was sucking thing.
Believe her actually say that about Bruce still worried about this title -- -- sort of average.
Well could be state government control you know in a couple of months this tanks and have a couple thousand.
Gallons of wine in -- in about a year and a half -- go to market folks here at -- -- winery middle Burke Virginia are concerned about this proposal.
That would essentially -- state governments much more control.
Over how they.
Control or regulate alcohol sales and especially for box would -- you guys saw that 10% of your volumes Rachel Martin she's the executive vice president here -- About 10% of your volume what does is still going to do to your business.
Well it's going to see it inhibit our sales of state of course and also.
Many of our customers they live outside of Virginia and they come to DC because.
It's the market is an international and market so when they go back calm like city California.
They enjoy the lions and and they wish to have them at home and right now that's possible but.
Perhaps not the future -- you go just through wholesaler.
Being a small winery as we are we reproduce.
Volume that's just too low for distributors nationally.
And you say 10% now is -- are you hoping to grow them.
Yes yes of course and it will happen where where new winery we started in 2006 -- percentage.
So and you know as word of mouth is on and people can buy it now at a stage then it'll grow from storms and certain.
-- thank you so much.
So guys the bill is going through congress right now again it would give state governments more control.
I could end in certain states the ability if you -- just log online and go in and purchase a -- -- from out of state so.
It's something that these folks are lobbying hard against states are lobbying very hard for they like to control they like the idea of showing your ID going to a state run liquor store making sure.
They collect all their revenue and -- -- the battle is brewing it.
Down here in Washington DC well at least about fifty miles west of us and.
Don't exceed that come out why now what else to get attacked my gun and I think a lot of gun.
-- -- taxes and that something thin line and gum my advice is tax.
The ball well.
You know didn't think the thing is Tracy -- is it good for your jaw line and eventually in Medicare home health care that'll.
You know -- you know they're gonna have to create a gum anti tax incentive to sign.
Now that you're just Dana I think if -- And a lot -- that we got it down stop the wanted to legalize pot is that something that's good for the economy I'm sure exclusive report hasn't -- I -- I can't wipe it off.
Rates at an investment have a -- that's the line for me we have written.
You know thanks guys have -- I don't really think racing for the win eleven of them rich -- down talk about line and on how to get -- -- -- what -- excellent.
I I'll -- your -- left the Dow the Dow is up 38 points it's hanging in there its hold on you know what it's located off its highs early today -- -- they just initial claims and McCain and yeah and you know let.
We have mortgage rates that are link Alzheimer -- lung brain so you have that you have some retail sales that were decent.
I don't know what -- on -- I guess we're just waiting now to see what happens earnings season.
I think that's what -- is yet wait till next Monday when he really kicks off and then that's what the waiting for but you know.
Companies are doing well with less people that's the.
-- -- second blood from a stone and there's no reason to hire that's you actually read that right so we're working while we're working harder.
And truth is right when you have extra money you can go hire someone with the unknown factor of I don't know how much tax would have to pay Regis an you know by -- being -- for equipment.
That's probably what you can -- instead of -- think so maybe Osaka on wine -- its path.
That I do.
Actually went to thank you for being here with us Chris Conner and down -- the NBA so all day gonna be on our special tonight at 10 o'clock -- that in Chris potter.
Profit all things LeBron didn't like that have an evacuation of ebitda for them hold -- show up like when they do special things.
Probably big boy scout -- words this is fifteen points.
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