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It points -- not you might have -- that's all that impressive I actually think it's impressive considering where we are on our big -- get up to the jobs number.
On Friday after we heard from -- That's just the people -- hires over the summer.
Like that's I -- -- the rest of the world's unemployed financial services still lay people off.
Construction you point out this morning lit -- 135000 people.
Think what's what's going on here and yet we're up 25 points.
Guess that's not over the unexpected -- construction if you -- people offices Alina if you break it out.
That's the one area that I think he really would like to see some -- to change some -- -- -- But thirteen thousand is worthless you -- I didn't send out a report that doesn't do anybody any good except for maybe.
You'll -- down 268 yesterday.
May be we he.
Bring down expectations for Friday morning you don't -- maybe maybe then the -- -- really bad isn't that much of a shock to the markets before we open on Friday which is going to be an interesting day because.
We open on Friday after jobs number.
We'll probably have a lot of volatility the first couple hours and everybody heads the Hamptons.
And we've done for trading for the entire weekend you know last year on July 2 heavily was the last eight trading before the fourth we have -- -- computer glitch go to -- 345.
We -- entered with a 345.
And we had to wait to tabulate.
All of the trades by hand until about an.
Our -- -- closing bell -- haven't -- -- for Thanksgiving Day break to I think they do that on purpose because we were here all day yet again because something happened down on the floor.
I was gonna say that.
The low brow folks go to actors or highbrow enough to -- that.
Why so those that traders even in this environment -- -- to -- exactly down eight.
-- -- I did see why don't guarantee you anything but I'll bet.
-- -- -- -- -- Sure well -- have had reached a unity on the short and all that traffic you kidding me I got Strasburg ticket -- -- -- -- the net site -- now I am going to see that it's free hat giveaway day.
You know whatever events -- -- it was sponsor logo is bigger than nationals look I know is is that when -- spot to -- the girl's father wasn't -- -- responsiveness regulates instead it's like yeah all right plotting.
On the package and they have been thinking get right.
Hey look I did -- are always awful what.
One dollar financial regulatory reform because it seems like every -- it is something new the east than did the two parties.
For parties Republicans and dens and house Republicans in -- in the senate obviously gonna have to come together.
And -- construct one bill.
Every day -- they seem to be getting closer and closer all the gonna get there what has happened over the last when he flowers that is you got us closer or further away.
It's been a pretty wild last 24 hours they opened the conference they went back in and they made that change they got rid of that nineteen billion dollar bank.
Deposit insurance fees for most banks big and small.
And then they also replaced it with ten billion dollars in TARP money in other words the banks are off the hook the big banks -- off the -- And they replaced it with taxpayer money so now that was designed to get a handful of Republicans on board about four Republicans on board.
They're not saying in the senate how they're going to vote even though they got to change that they wanted and we're probably not good to see any vote in the senate for about a week and a half meanwhile the house.
The house does things pretty quickly -- are going to be debating this bill very soon in the house and by probably 5:36 o'clock this evening.
The house will have passed that financial regulatory overhaul congress is most likely out for the rest of the week after this evening.
July 4 they're out all next week and then on on the -- -- time for folks in the senate changed their mind Democrats think they have the votes in the senate to get this through.
But there are a lot of uncertainties right now I would put my money either way bridge if this it -- when this passes the house the senate has the bullet on the exact.
Bill as it is worded otherwise with physical -- it back to the house to rework.
Absolutely it's like a ping pong match -- we've had our longest tennis match ever made because you like a tennis match anytime something's changed in one house.
It goes back to the other house and they have to pass the identical versions of the house let's say makes a change today which they won't because there's a specific rule parliamentary procedure -- -- not gonna make any changes.
If the senate decides to change this in some way or fashion in a week and a half.
-- -- -- -- to go back to the house let's at a house doesn't like if they change it goes back to the senate and you have to pass the same bill and that's that's one of the problems that they're having right now.
Rich -- -- diet there's so many things about watching a positive.
Stand and this whole Scott Brown thing is one of them.
So Scott Brown from Massachusetts doesn't want the bank tax.
He did they get it out.
Instead of course as you mentioned they're using -- money instead to make up for the difference and now saying.
You got it out but I'm still not happy so I'm still not sure I'm gonna take week.
-- Write it in an ideal world.
Republicans would probably and they they actually did propose using some unspent stimulus money to replace that nineteen billion dollars in that failed yesterday.
But you know Scott -- did an interesting position here because now he's fought to get rid of that bank taxes you promise not to raise taxes in the campaign.
And now he's he's hitting taxpayers up for ten billion dollars would that change so it's it's very difficult an -- one thing -- know about Washington.
Is it's very likely.
But if you think that a lot of these lawmakers have made up their minds.
There may be possibly holding out for something out Democrats need every vote in the senate it's extremely close so they say I'm still reviewing the language and still making up my mind.
What can you give me down the road how can you help me out in a bill in a couple of months.
It's you know these moderate Democrats and Republicans they always sit on the fence of the very last moment.
Just so they can possibly get something more for their state when another negotiation happens.
And rich quickly put -- -- that now are teetering we know brown it was Collins you know while.
Is it's right on -- still -- -- -- right Feingold.
I said -- senator Maria Cantwell hasn't said anything yesterday.
Chairman Barney Frank said OK we've made this change and now we've got senator Scott Brown senators Olympia Snowe and Susan Collins from Maine.
And senator Maria Cantwell however none of those senators have come out publicly since that change was made and said.
Yes I'm going to vote for this bill so the only thing we have right now to indicate that this is going to pass is that Barney Frank says he's gotten that guarantee from the senators.
And -- this that you believe that that.
Thanks guys as an -- great weekend.
Absolutely you -- guys are kids in them embassy again I'm sure because -- congress is taken off the -- -- -- that's right the last the word about the rest of bill would seek.
It's a market right now up 23 points -- said the open.
All things considered it's probably pretty good that we're in positive territory here although you could also make the reverse argument that yesterday being down 260 points on the Dow.
You to hold for a little bit more of the balance and on premarket trading in Europe they were they were trading higher our hope was maybe we could bounce a little bit -- retract recuperate some of that 268 down legally have.
-- the market tried to do that -- ground by various and we tried recently -- a -- some -- -- we tried premarket today to -- that they ADP numbers came out.
-- -- you see who is chief economist at Moody's Investors Service John in some markets it's very lethargic right now.
Does it wouldn't be say headwinds all the time but it really seems like it it has never been more fitting than right now just headwinds getting in the way in this market moving line.
-- right you know the market itself has become a negative for the overall economy heightened financial market volatility.
Is perhaps -- some businesses away from increasing capital spending.
Hiring new workers consumers are less likely to purchase a home or spend money and another big ticket item the equity markets sinking.
Duncan is a loop here because -- I said it in and -- a lot of that angry with me I said.
Lot of times -- media might scare people.
The consumers and a lowering their confidence lowering their expectations because all -- they -- -- look how awful does look a scary it is the -- it's absolutely dreadful there look at Greece and Portugal run for the hills.
That along with what's going on what the market is that actually scaring consumers and being less confident which is scaring the market in the selling.
-- Lamar put -- blame the media go to go ahead Joseph.
Hey you know bad news on the economy.
Poor performance by financial markets.
-- -- worry that the economy might stumble can't become a self fulfilling prophecy.
-- it to some degree were suffering from that today.
We still you -- very much have.
This week expectations.
Regarding employment income and home prices.
That proved that near record levels of home affordability.
From stabilizing home sales that's one example.
Is that what's happening and in housing market and on time we talked forever and it always comes down to the housing market for you -- the numbers are getting worse.
Seems to me that housing prices still have to continue to fall to chris' point.
If we in the media keeps saying housing prices are falling we'll hear homer saying amount of the buy a house -- the president of -- so it creates its own eighty to finance upon itself.
That's right so what we're looking for some sort of like escape mechanism from this downward spiral and that escape mechanism can't take the warm.
All lower than anticipated thirty year mortgage -- Right now we have the ten year treasury yield that's broken under 3%.
Think that the ten year -- -- -- we have a weak number on employment tomorrow morning.
It could finish the week -- to -- three quarters percent I think -- tennis headed towards 25 and that would equate to.
A thirty year mortgage yield at 4%.
And that just might do the trick.
Of stabilizing the housing market.
Without extraordinary support from tax credits or fed purchases of mortgage backed.
Bonds they did extend just finished that -- they extended -- Basically the paperwork time right that you can finish if you are in a deal right on your closing.
It was a rush to get done -- today you know until September 30 that's some that's the most they've done as far as extending.
Yet yet at a makes a lot of sense there's a lot of these -- homes that were sold for the tax credit involved there Schwartz sale and it is a lot of time -- pray it doesn't happen.
In two months quite often takes several months so it's helpful.
John we get to two and a half percent on -- ten year that means everybody's going to be flooding at a stocks at least in the short apparently -- -- and going to that had the safety but.
Does that make sense you are talking about inflation and if you're putting away ten year money.
We're -- -- see inflation may not and you two and three but certainly a little farther out in two and a half percentage.
You gotta keep up when and if I was a long term and I would not look at -- ten year treasury.
Bond yielding two and a half percent this is safely long term investment that's for sure this is a traders played out that we get to play on.
The possibility of further weakness in the economy.
And getting to that two and a half percent yield for the ten year treasury.
Probably involved even lower equity market and we go back to the equity market corrections in 1998.
We do flying.
That feet peak to trough decline by equities during those corrections was between twenty and 30%.
That last look I think the a fourteen or 15% so maybe there is more downside on the equity front.
-- LTC downside do you see -- housing market -- UC -- DC overseas contagion killing us.
What what -- -- Okay -- about biggest problem with Europe is that European policy makers are not.
These risk surrounding.
-- European sovereign debt forcefully enough they have to do something to prove to west.
But third who Bob more than willing to bail while Greece for the time being.
And nobody is convinced that that's the case we still have very widespread -- Greek government bonds resistor German government bonds very.
Hi CDS index we have to worry about that -- that's for sure.
I do believe all the other and we seem necessary measures nobody believes -- -- you know they ECB backed out of its.
Nobody wants is what anybody did you because they don't believe anything these guys are -- Well at some point they have to make their efforts credible to the overall market otherwise we're going to continue to suffer from this situation.
Of a great deal of of surgery -- surrounding European sovereign debt.
We should turn weighs on financial market performance throughout the rest of the world remember the United States not only a question of lower equity prices.
More volatile like -- up prices it's also a question of much wider credit risk premium.
For corporate bonds and you know that has the effect of delayed.
Of bank lending to consumers -- small to medium size businesses making it all the more difficult.
I have this economic recovery become more convincing.
It's not your commitments -- thanks for being here with us in studio finally -- -- Moody's.
Feel like it's like we're gonna move to welcome back but his seat on anonymity thanks for being thank you.
David -- is gonna join us on the other side of the break we're gonna talk about -- and Wyatt who -- close.
Just barely misses the mark.
I can reasons.
I'm small reasons -- so.
I could -- a better bill.
Well -- that foxbusiness.com.
Live Chris cutter Tracy Byrnes with -- markets up 27 points OK maybe get a little bit of that that fear.
That vick's dropping a little bit yes -- skyrocketed and was scared to death and sold off and -- to sixty by the end of the day hopefully -- stabilize a little bit today now.
-- is big in the news we're talking -- rich -- a little bit earlier.
And read David -- -- an article I cited yesterday I thought it was really good.
According to David finreg as close.
Just misses by ten paces and those can be very small case is David is with us right now.
So but I think I'm I'm not that far off in summarizing the article it's a good idea.
And in some ways it hits the mark the -- -- it doesn't.
It's it's a lot of half measures but the good measures -- -- put it that way I mean.
As opposed to no financial reform yet it's much better it's it's a huge improvement -- -- really does tackle some of the things that.
Were were part of the problem.
That -- -- into the financial crisis so I I think gate you know.
-- I give it a C minus people off.
-- that's not really been very good -- Senator Kennedy -- side of this Tracy had a very good.
-- the water should be exceptionally high could signal overhauling our entire we could that we could have done a lot better this wouldn't say for example is the -- The vocal rule when it was introduced is a very different vocal -- from where it is now I'm actually not I read this morning -- -- -- -- off while they walked it back they walked it back that created a lot of loopholes and exemptions.
Banks will be able to do proprietary trading and will be able to participate in hedge funds and in a smaller degree and in private equity.
But there's also issues with in terms of the timetable some of some of these investments in some of these businesses.
Banks won't have to unwind or get out of for as long as ten years or more so there's going to be there there's an issue with just the timing on the Volcker Rule.
As opposed the real teeth of it.
At the same time I'm hearing it's going to cost.
Big banks -- the Goldman Sachs.
-- -- to a billions of dollars I'm here you could leading causes you to a trillion dollars in some areas.
Down the road -- -- why why am I hearing that the cost is going to be so great for these banks get the impact of the above the law itself.
Is not going to be as great as it probably should be.
Well I think I think the issue was that it -- at the heart of profits on Wall Street that's for sure we talk about derivatives reform.
And and spinning part of that business out of the banks that it was a huge profit driver for a lot of these banks over the last decade.
And a lot of the businesses that that that -- from the reforms are aimed at.
It simply it by -- amount you're you're just cutting away from a -- from the easy money that Wall Street was able to make.
Quickly mutations -- -- at the same time if you take away that those profit -- from these big banks there aren't they going to say.
We took that away from me now I've got to find another way to replace that all those earnings and -- wanna take some chances and risks -- did deliver those earning.
Well that's going to be the issue and you know it in a lot of ways -- that -- that with the argument that was made back in 1998.
When they when they took away Glass-Steagall.
Which separated investment banking -- banking.
And the argument the banks -- back then was you know banking is too complicated we need to integrate its already integrating.
We have to be ahead of the curve -- world is moving on financially.
You know and and in some -- now we're hearing kind of the same arguments again.
And and banks I think you're right thanks will be under pressure to create the kind earnings growth.
That investors -- -- -- you know with these are all public companies now -- under tremendous pressure to show the bottom line -- quarter.
I don't think they realize that they're gonna do to the market so in this process because than any of these things now -- -- streets.
They're not gonna wanna -- to deal with on the -- you're gonna start to see the unwinding of many of these derivative products out in the market you're gonna see the market flooded with things that we haven't seen in awhile in excess of everything.
You know until the whole thing that comes and again it's the ancillary effects that there they don't think through when they write something like.
Well I wrote a column critical of the bill but I will defend in this in this regard in that.
They have turned it -- some pains to make sure that these businesses are well capitalized and coming up with.
Two to fund these businesses is is not going to be.
So we mean I think these businesses explode.
Kind of in the way that you're describing but that that said there will be out there are sort of in the marketplace and its opportunities here.
What do you negative consumer protection agency.
Well you know I think it's a great idea but -- you know that you talk to the big proponents of this like Elizabeth Warren she won't -- -- -- -- say it directly but the reality is is that.
Did the reformers really wanted to consumer protection agency outside of the Fed on its own a stronger institution.
With the director much director lying to the -- the White House.
Under the Fed the Fed has a terrible record in terms of consumer protection if it has any record at all.
With Alan Greenspan was out there arguing that people should go up by adjustable rate mortgages.
Which of course -- -- was like the perfect mix in the cocktail that brought us the financial crisis -- The Fed does not have a good track record on this and that's what concerns one.
BCX three this is just want government to control what government to control consumer protection in everything.
You know you could have solved a lot of this but maybe region in the bankruptcy rules maybe making it easier for companies -- on their own and that -- we don't have to.
Come in and take over and all the sudden have Big Brother you know running your balance sheet but.
But there wasn't enough.
Well you know -- added that the simple -- and I are people been advocating for a long time this is a return to something like Glass-Steagall were you -- do you split up the banks.
He can -- deposit taking institutions and banks that make loans.
And you separate them because they're part of the money system but you take the investment banks and you put -- -- on your own and I think about that let the free market rule there and let them go out and do trade their stuff.
Make markets do whatever they wanna do as long as they're not threatening my deposits I don't care but this is kind of -- half way.
And it's and by the nature of that it still puts our deposits our long term money system at risk.
It's thanks for dispersants -- -- Chris actually.
Requested you yes today I know and less than 24 hours later you about -- that David that's David Wagner senior that he.
Given the scene at the at -- Watson and read stuff on wsj.com.
And we got that down now to our Jeff Flock who to me is anything that he keeps.
Doing this stuff out there senior storm reported they had given that didn't something huge trophy and maybe a week off after all -- stepped down in grand isle Louisiana.
Fight in the wet there god bless yeah.
I saw that boat ride earlier on -- and show you're crazy man but -- Beautiful day at the -- here.
You're all here -- Security -- would be nice behavior right now this.
You know I think is it's this storm but so far away it doesn't you know -- -- -- -- how big the -- of that storm as this is the gulf.
You're looking at huge but the gulf at least huge -- that would theater massive waves.
But it you know we've got an oil spill out there that they -- thing that you -- -- have happening.
World war along the beach as you pointed out earlier we took of a boat ride.
Across very carrier -- -- that was pretty -- but it looked a little bit like the gulf.
What this is here and I don't know about -- -- -- came a little bit more about.
-- cable down like.
You know it's like.
They were born yet look -- -- -- -- -- along right at that they'll argue go our.
Tara I think we're at the end of our -- here but I wanted to show you this tiger -- what they called tiger boom this.
This is like -- -- steroids they usually use this in flood control and instead of sandbags.
But they've employed it here first I haven't ever been used in an oil spill situation because the other boom behind you know the at the the later school district alone.
You know what he's got a ways to get blown away that this is but what went up on the beach here and it has not been reached despite the -- -- so that's about the only piece of good news we go right.
-- -- have what's the overall storm impact that no there was fear they would move farther north.
Maybe farther seller what's the overall impact going to be on the clean up once the -- and everybody is able to get back out there.
Exactly the storm as you know -- gonna go to Mexico it's it's nowhere near it alive.
It's going to be at least today if not into tomorrow notes gamers -- out.
-- -- the you know the guys that we're laying boom and and all the boom we you know we took that boat ride.
All of the boom that had been laid out around the -- blown up into the -- because you know this wave action not quite as heavy as it is out here in the gulf but.
Pretty strongly that they threw it just push the boom up and it -- the oil that was sitting there outside the boom.
In to the -- though it's done even more damage but that's it the way it goes.
Definitely behind the camera is it frank.
Kids like Atlanta and all but at what buttons just is staying dry so what I've been.
Bob it's totally okay and I all that come on I had to go by.
I don't know I I because I was completely spoke to there -- -- I -- not pleasant I hit my brother look unpleasant bit beyond let.
That's exactly -- that's bad.
So great -- exact spot so.
Geoff -- got a grand isle Louisiana and bothered as -- talking about the storm impact well it's you know it's it's obviously impacting.
Vacationing down there in the gulf it's impacting the the local and -- but it's a bad thing really all -- in one way or another Fox News channels Phil Keating joins us right now to talk about.
How the whole entire disasters affecting the way.
We -- Phil how widespread is this is it impacting us up here in New York.
Absolutely it is it is nationwide it is no longer just regional around the Gulf of Mexico and the words of the national fisheries institute the gulf spill the BP oil spill and its impact on seafood from the Gulf of Mexico.
Is quote severe and devastating and not just for those who make their living fishing harvesting shrimp and oysters down there in the gulf.
But for everybody around the country who enjoys in particular seafood from that region and -- in general.
They are actually having to go elsewhere.
Right now we have changed Shiites are inundating them from apparently again and from Washington from are -- -- yeah.
I'm from Canada.
Now big reason for that a lot of those boats over used to gather the -- ban.
Also hunt for the moisture while they're not being used to do those jobs right now they're being used to help BP.
Contain this oil a lot of those guys that drive those votes -- seeing some of their fishing areas being closed often.
They -- steady patient with BP but also there has -- -- long term possibility here that what they're doing now will help them in the years ahead.
Also the Atlantic bluefin tuna that.
Has two spawning grounds in the world the Mediterranean Sea.
And the Gulf of Mexico and some scientists say the spawning season this year just might have been set severely impacted by the oil -- the data still.
Not entirely clear yet it's going to be analyzed over the next several months.
However that is a fish in particular that's already been over finished thanks to the boom in sushi -- around the world.
In fact there's a large movement to get the bluefin tuna.
Listed as endangered but it's not right now and however its population numbers may also have been impacted just like the shrimp and oysters.
So what did prices are off -- and Abilene and go through the roof now.
They've already gone through the roof or gulf shrimp.
Right now if you want to get shrimp at a restaurant or at a store that still has the trademark that came from the Gulf of Mexico.
The price on -- right now is 50%.
Higher than -- back in March or February or at this time last year asked for gulf oysters.
It's our -- up 30%.
Right now there have been.
Stories in the Louisiana.
Coastline area where you get up oyster po boy sandwich traditionally like seven dollars.
Selling for seventeen dollars simply because.
Supply and demand have gone in that direction there's less supply of gulf oysters and -- -- right now because a lot of areas have been closed off to fishing.
And a lot of the -- are no longer -- going gotten to get it so the supplies on the market are smaller.
Demand still there because there is a distinct flavor for the gulf -- the gulf oysters that a lot of Americans like.
And so they are willing to pay a higher price for that.
And so the long term impact here is that of course is could only continue and perhaps get worse.
Of course vice president Biden was there yesterday is as well some New Orleans just reminding everyone that look at maybe 30% of these waters closed off.
The fishing and harvesting right now but 70%.
Do remain open.
And it's great stepped -- felt terrible for those fishermen.
Phil Keating -- and -- Miami bureau report on everything that's gone on them and especially how it's affecting restaurants pretty much around cut up the up and on the coast in the New York's gonna feel it.
All the way back down in Miami you know we.
I went oh my what -- my eyes last week -- that's not proper -- but you know thing.
Was that the magnolia dancers.
Have submitted the claim to.
Lawless -- BP funds out of an -- dancers are strippers.
You know they and they we're gonna strip club near where that they are exotic dancers basket.
Fine art and.
These exotic dancers entertainment that correct yes they're professionals fishermen.
Gap fishing you're not making money you're not going anywhere for entertainment -- -- -- think it's legit well this is actually asked the during break this morning if -- you know he's like unfortunately.
There are no big challenge right now so that's why this fund can go bigger and bigger and what is -- we unfortunately they have to make a living -- Well they have to earn a living.
-- -- -- -- -- -- -- -- -- -- That endorsement I'm I'm I can someone give you felt that I'm sorry arsonist set unfortunate and rights and living -- 22 points and eight they would move in the -- we come back.
Hi everybody good afternoon 1231 Fox Business Network hotter and burns with you on a Wednesday afternoon happy hump day everybody.
Tracy's gonna tell us hooked up.
Always nice that is the that is load that say unless the Armageddon and simple is it is the big thing is this guy black.
He's the work with the old school radio guy when -- sports -- radio and even call you -- hump and it was not be it was a derogatory term.
So that's -- you know -- -- happy hump day.
Mean it's and it's -- -- today for.
People who are unsavory characters.
Know why I say it this is how old I am when I was a kid.
This is it everywhere -- and W 95 point five that we appealed to a New York.
-- -- home then we'll have become they'd be happy hump day durable right now just barely silly.
Thing -- sixteen points tell us what's new in this market.
Well at -- that are down there and when I can just for you net flicks I picked because it it compounds mean everybody knows attempt bounced me.
But -- launching a subscription service lands yet.
Hulu plus and that worried it could undermine.
The growth and Netflix now and that is true competitor right -- that ultimately have -- that must come to.
No the kiosks others the dollar things they read them things yet.
What -- figure that they had been sent stocks getting it today and find out about 2% but Netflix is moving open -- is down.
Hopefully it was like I was -- -- battle okay let's -- I think what I picked it because.
-- -- -- an unspecified.
Amount of job cuts restructuring -- things like this now my question to you it.
Dismissal I have -- now -- -- that's ahead.
Yeah I'll miss October says that you had to cut back we -- absolutely I think right to September also -- August is out but still I actually got -- -- she's out there and and that encourages and create a fullback a little research and you cover girl -- -- that threw out there and it while back -- -- -- look at this -- now like out of a little worried about -- point five year old enough that do.
Anyway second quarter restructuring charges are expected to -- them three million dollars a year so that's -- stock is up 4%.
She's become one accused girlfriends in a deal does the show the girls next -- know what you -- launcher you do.
But you live in the mansion here on that show for a season and they all have their own spin off reality shows you know -- happens -- -- -- spin off does that -- suck.
And then they have nothing to get the money.
They get their money do you live with half for a little while you get your money I would like to you know I'm not asked questions about exactly what it means to live with -- happen.
Tesla motors' IPO yesterday second -- trading the stock is up with another 41%.
Edison electric carmaker.
And -- -- matter earlier kind of appeals a lot of different people.
If you're a green person you like the notion that electric company went and electric green company went public your car guy he got a car company.
They make the -- it's every -- is expensive cards at -- 100000 Oz smiling me like a thousand of them are but.
It is the second biggest first -- dean.
For the year.
And it as far as I know goes so not so bad the -- in thirteen point three million dollars ends at thirteen point three million shares in the -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- Won't shows for -- partnered with Toyota so they're obviously looking at mass appeal making more cars bringing the prices.
Level down that more people can afford it the technology if they can make a high performance -- -- -- 100 so electric other people can do it too.
Or they can do it it in the U mass cars and cheaper and the other -- -- -- that I think this says.
There's still an appetite for risk out there we talk about -- but he flooding in a ten year treasuries.
That -- going down below 3% this is a risky borrowing.
It's a risky stock that -- details of thinking that your you have a group of people out there that have money to spend and perception -- to bite on something green to spend on something green after home run so you might actually sunny -- -- and yet they do is it's like investors buying the Boston Celtics sports fans buying the Boston Celtics -- -- public.
It's a terrible terrible investments not gonna make you money but they want to own a piece of the Boston Celtics and put the stock certificate on the wall which -- Something -- -- understand the abrasives bioscience.
Shares are up Celgene which is believe it or not in sunny summit New Jersey.
Good -- Celgene is gonna give but each holder of -- 58 dollars a share plus a little.
But in cash.
And then a little baby piece of not -- Celgene shares as -- -- -- stock is up 21%.
And number one is -- -- -- 52 week high today because.
Boeing believe it or not said it would acquire -- combat systems provider for a whopping 775 million -- yes of blowing.
Gone back to long back and stuff because Sanderson distributed there were talking about how they can get these planes out -- maybe we need to do this stuff.
Yeah well mean certainly.
There's still a market -- -- you know what you gotta think there's a lot of nervousness too about.
Defense spending as well -- info news -- pressure a lot of pressure -- let's.
-- and in some of the Arenas around the world contained on that some of our you know our military action -- -- joins us right he's legal director of public knowledge he joins us on DC.
-- Harold you know we're talking a lot abouts.
Whether it's what wireless Internet -- -- talk about we talk about apple every day been -- Google Verizon every single day.
And yet there's a there's a government involvement here in broadband and wireless that I think a lot of people don't realize is going on behind the scenes and -- a -- lot of money throwing out.
It isn't there.
Yes well that's the thing -- everybody.
Have to remember that.
You know we call wireless spectrum the public airwaves.
A natural resource and the government.
Puts out at auction -- comes up with other rules.
By which people use it and -- without.
This form of the government making sure that there isn't harmful interference going on none of this stuff would work so.
There's a lot happening in this administration is is now -- looking to take some serious action.
To push out.
-- -- -- any of this is gonna go through and what we're we're seeing so much respect and so many other areas people at home I think and this to be like the furthest thing from our minds right now what do you think.
Well I mean for the average president doesn't make a lot of divisions in the short term what the government's trying to do is keep a long term crisis from happening if you look at.
It would more more people buying iphones and other Smartphones.
The demands on wireless networks are going up.
Just -- voice as the -- the biggest thing on now all the wireless phone networks.
So there's clearly more demand and there's no sign of that going away.
The government's really taking it two pronged approach here one is how to get more Wi-Fi out there -- new technologies that can be proved that will let you share more spectrum.
And that's just all in the federal regulation.
They don't need any get help from congress.
The other is -- get more licensed spectrum up for auction.
And that gets to be a little more Dicey because you have to do little more -- you've got to move some of the federal users around including department of defense and Homeland Security.
Which causes some concern.
And the other piece of this is they want to.
Bride to be yet television broadcasters to give up some of their.
Spectrum that they used for television and that would take legislation -- that may or may not get through.
-- -- what you tell me is the commercial spectrum is there.
It's just a matter of this plane to shell game is shuffling around who gets to use it when they get to use it how much they get to use and that sort of thing right.
Right well I think that you know the problem is when you have something like this that everybody uses -- a lot of pieces.
That need to be get shuffled around and everybody has a good story about what they need the public safety guys you know would say we need.
You know more -- -- more for our stuff we need better networks that the military says you know we've got more demand we need to have better network for national security.
The phone companies come and they say you know we need better networks to meet the demand -- -- the the problem is how do you kind of shuffle this around to make sure that your meeting all the genuine demand.
And at the same time knowing that everybody who's coming to the table.
Is exaggerating some because everybody knows you don't start with your -- would -- -- -- -- thanks so much for sharing thoughts with us.
Make you -- -- legal director of public knowledge down in DC.
I have to say and I just put it on the boards that it's the first time I ever heard anyone say that the government's thinking long term.
We are typically eight myopic governments we think in a box and speaking of the box.
-- got to get -- out of the box tonight's going to be.
Fill in for David as an on scoreboard this evening at 8 PM eastern 11 PM Pacific we got on.
When you have -- Occasionally I don't we have on get me on my violent.
-- Roth is going to be on I don't know you and you love it I know you love it I love it.
You ought always brings something at a table and I -- sometimes barely legal but she always brings something to -- was he going in one is that.
Didn't see socks faster she's just -- -- -- I'll take it -- ticked -- factor to be fun.
You don't want to miss it I tell you -- -- -- got to jump through the screening kill her -- eagle.
Mean you're not Larry gallon on in the -- in the 7 o'clock like I said I'm sorry -- What was I thinking.
Something that's because they did you aren't a talent and then it's it we will be right back -- -- -- -- -- Chris cutter Tracy Byrnes Chris cutter is on the air tonight at 7 PM not 8 PM -- asked me where my head -- and then again at 10 PM.
That's -- when I catch and check it really let -- in -- and if my timing works out I will have -- we missed the -- -- section.
I'm kidding tell -- -- -- you know that behavioral researchers are saying that that reality TV the abundance of reality TV nowadays.
It's causing us to be angrier society.
In -- report actually was published in the this is my favorite.
You know I don't read a whole lot of -- pop up books but the international handbook of anger if that -- is an actual publication moment to get -- and I begin.
Love my brother on -- about a study published they've basically said that done.
You know staying commoner to oppression used to be considered a virtue.
And we certainly have seen with the all yelling screaming on reality TV the physical abuse the verbal abuse.
It even comes -- -- society where we look at the presidents say.
You know it's staying calm under pressure when things were tough used to be.
Considered -- -- now everybody wants -- -- get angry and pound the table because of what's going on in the gulf it's changing our perception.
Of I don't limit because -- get angry get on YouTube.
Yeah that's a big part of it you get on YouTube and the apprentice.
-- had they did a study 85 acts of verbal aggression in in our American Idol you wouldn't think 57.
Aggressive acts in an hour.
-- I don't know whether that's that's a sign in yelling at somebody like that's an aggressive acts right there chuck mark that down back in the control of Tracy is being aggressive toward again.
-- -- -- -- -- So I just the thought moving forward I figure we can get that for -- the international handbook of anger.
It's it's -- a man and injuring more cameo C.
The world could be months and there in less than the a gallon of but then again what would we -- There would be nothing on TV well there are other things to watch on television watched you and I and Norman -- That's who you have I think anybody find out what to do with the retirement -- -- foreign financial joins us from -- out.
Hey -- how -- right.
I am great and I just put my order in for the international handbook of anger that he wanted to.
Once they got that long I'm guessing a lot more level headed and I am and you don't need that handbook.
You know what's interesting having you on today it's great timing but I'd literally I got this email this morning my father and -- -- -- all the craziness going on Wall Street.
What -- to do with my retirement talk about how to prepare people for a time it.
He's already in my time sorry dad do you -- -- -- you but it also leads me.
He's in retirement what are you doing things are crazy like now right now you don't have twenty years the -- Well that's a great question you know one of the things.
I want to point out there was a study done by Dow bar that from 1989 to 2008.
The S&P 500 -- eight point 4%.
The average investor they actually -- -- individual investors the average investor at that during that period made one point 87%.
So the problem you have its retirees are pre retirees.
When individual investors get nervous they -- the market return and so what I try to do with retirees to say look.
Even though you're sixty or seventy your life expectancy may be another fifteen to twenty years.
The historical rate of inflation over the last forty years is about four point 1%.
We got by fields that are below inflation.
So what do I do I tell let's set up two with three different buckets of money so you could withstand the storm.
One bucket of money we keep for short term emergency.
One -- a little off but that's mostly bonds and then let's have a growth portfolio.
But you're gonna need a return above inflation.
The waiting to get it because you know we all know that the Dow over the last ten years.
Is the dismal flat at best right so I understand you know.
Chris' dad is young probably just got its own security currently yesterday I hit that -- -- hot at Camden.
And he -- himself I have another thirty years to live.
I put all my money in the market and exactly where I am today.
Well that's true if you just have the Dow -- the S&P.
But the -- return of international funds small cap funds real estate -- significantly higher.
And that points out that the Lama if people just focus on large caps and blue chips.
A tremendous amount to return offered another asset classes and if you look at the returns of these asset classes some of them were phenomenal.
International is eight or 10% small caps was in the same area.
So what we find is people think they're diversified.
They have 3040 stocks they may have five or ten large cap growth funds but if they don't expose themselves to different asset classes.
They're gonna have dismal returns and you're right if -- one asset class you had a dismal return.
Norm by you know you see these commercials all the time for variable annuities that civilians be safe for retirement.
I often tell people not so sure if I like those investments -- alive who don't like them they did this not then leave this out I mean -- -- part of your allocation do you think.
Well at the hands of the variable annuities are complicated.
An expensive devices.
What they've done in the last 510 years on these products is they've added what's called a guaranteed income Ryder.
So what you Don is you've shifted the mortality risk to the insurance company.
Meaning that if you lived too long you don't run out of money.
And what they do is they do provide you with a hybrid mix of a guarantee we T we -- and some market return.
Which you pay for that and normally it's something many people don't need but here's sort of the test.
If you have if you believe you need more than 844 and a half percent withdrawal from your portfolio.
In other words let's say -- 500000 -- million dollars let's say sitting in your portfolio.
The data indicates that you can take out about forty of 45000 -- a year out of that portfolio.
And adjusted for inflation and it should last her lifetime.
If you have about a fifty or 60% equity exposure.
But if a client comes in and says I can't live on forty -- 45000.
And I have to take out more money.
Then we have to look at possibly shifting some of the risk to an insurance carrier.
And it's not necessarily an easy decision the trade off being I can't guarantee payment I don't run out of money.
But I'm gonna pay for that and the products are complicated.
That's a very expensive -- and I think for the most part people should -- very wary before they walk in -- Norman -- thank you so much for being with us -- And it thanks so much financial -- with form financial out Chicago.
Your dad could do.
Could do better and I mean I'm against the in my father's gonna watch this segment and will learn from learned from the -- buckets for the three buckets out there today.
Three buckets of money.
Before about sports because one -- lighting my name tag but -- Would imagine.
They welcome back foxbusiness.com lot hotter and burns Tracy.
We're gonna unify us here a little bit because of the for the -- -- -- in the first phase -- because.
I set off fireworks or something -- walked -- saying.
I can't tell if tomorrow's July 1.
Natalie is that my daughter's birthday -- Is the big old tanning tax -- yes Snooki sit back chill.
She's already -- rates and mussina he's already done with -- and that's proposed -- -- it's breaking ending attacks.
It real -- and -- are Catholics and he could spray tanning actually get the buy from his own tax probably not.
But if you go -- and you pay -- session there will be a 10% excise tax time now.
In theory that he lamenting and so on the second out but went into the -- -- up.
So you'll pay that 10% tax -- -- -- -- membership fee to join a tanning -- won't be on the -- If you you're being.
Gym membership where you go yes that if they had hitting -- there will not be in there wouldn't have it that not on your membership look at them.
Illegally and those are the violence and with his hands in the air conditioning lol -- you don't want headings that -- game that's and I.
Act but that means that all of you out there that you be can't England's -- -- -- 10% tax.
And you know why right it's all because of the Affordable Care Act and you essentially.
Are paying for the health care about which is a big -- bloody -- right because.
Tanning causes cancer so we're gonna have to keep paying well -- also but it's also light the cigarettes next -- Only it is it income but it did the Swedes.
Bad behavior and that this -- -- -- from getting sprayed but let's spraying of those is my mother getting cancer.
If you if you if you're you're getting you know the UBA raising getting cancer if you spraying yourself.
You're not getting cancer and you can always get a -- Willy Wonka chocolate factory which you know we might see down the road.
Is the fourth of July coming up this -- and lots of fireworks around will some municipalities are going to be cutting back we talked about that this morning just because they don't have enough money in the coffers.
Felt Butler joins us right now VP of group C but any fireworks company here in the northeast though good -- see.
My pleasure is that affecting you that much the fact that -- got some cities and counties and what not cutting back.
We as any an entertainer.
Would be at home and out of work if it wasn't for our sponsorships and our sponsors -- range from friendly face cream TD bank.
Little in pats -- locally yeah tires incorporated nationally.
In little Atlantic City would be -- god Harris.
Last Las Vegas had a response needed it if signage up that you're you're events -- one.
Who knew it -- no.
But the -- who faced them most times the fire shows this dark.
Yeah they don't put up lighted signs it's really a feel good thing for many of the sponsors in the in Las Vegas -- obviously station casinos do it.
For their clients here.
They bring him to the casino and enjoyed -- -- Like if they if they.
Community relations is just -- real could could you set up a firework explodes it has the friendlies -- don't -- did you guys do all kinds of crazy things -- -- -- -- I wish we could that.
But what we can do but it's rarely used what cold facts yen -- -- basically fiber crops.
Theater props and fireworks but in this guy who know tough to do we do have a little shelves but boy friendlies to be -- It in a long long story -- that -- the five generation family business what's change.
-- -- of course just like everything technology.
Computer allows us to do the choreography.
The exact kind mean -- fiery and of effect to match the music.
It's much like -- -- you expect this see the dancers dance into the music course with a -- program.
Fireworks dance with music do you have -- some like in some big open you know.
Know that my kids and I always asked that word had the candy like the pink -- gonna go over there and the balloon went up and we're unique as an -- because we get no rehearsal.
So it's just like anybody any other -- -- -- you got the butterflies.
In the stomach.
Until that first -- go that's that's -- we know -- -- Not that this is a very dangerous profession -- we hear about it forget about.
The warehouses that catch on fire that you hear about but there are every area of our.
-- to have -- the -- -- insurance.
There's all kinds of things involved.
We do have to have everything it you can imagine that keeps us -- and keep their clients covered of course.
But no I'm like if they had to dangerous businesses just like any other business that's no ha.
You can handle whatever.
This woman -- know how to do it and take those precautions.
But I think.
You're typing and like I am I mean I had a friend -- who -- his -- off.
I think it's more advantage in an email body like and I know them yet and I think it's more dangerous for basically for laypeople right yes I don't know -- doing.
Yes that's dangerous.
The best advice I can give anybody is.
Don't tolerate your friends friendlies were neighbors doing fireworks reported.
You may save their life you may save their house.
Best advice is fine.
Local fireworks show and go and enjoy it from a safe distance.
You'll be much better off that way now what on technologists and don't do and don't have a you wouldn't come to the backyard is what it.
Knew it's not a that's what makes fireworks dangers of doing dumb thing.
That would be -- she's by the remind me result be called unpatriotic I think called a Communist -- if I turn and somebody from from -- self filers in July 4 they like at least that is -- Milton.
-- -- -- -- my whole life so that come for the right it's up to -- a month in her bum Phillips who.
But -- -- -- would say you know what I don't see the fireworks.
You sit there for an hour and the you know you got some great stuff going home at the finale is what it's all about -- at.
But he just had fifteen minutes of the finale this -- exploded everything you ahead.
I grew -- style program definitely features a grand finale until only anywhere from 32.
A minute and a half of solid saturation.
Bombardment that's a grand finale that's what bigger -- are certainly.
Nationally renowned for.
Always part of a program.
-- -- fifteen minutes worth an outlet to debate this investment definitely you've done the inaugurations I mean you've done huge huge event Brooklyn Bridge it was like the biggest fireworks display ever right.
Close probably one of our favorites I didn't ask you what was when he hit it to Brooklyn Bridge still is one of my favorites because.
It's so close to us everybody in New York has something about the Brooklyn Bridge that was the that was the only time in the Brooklyn bridges ever close.
It was four fire -- and that was.
The first time New Yorkers really have identified themselves.
With crew chief pardon because.
They appreciate it some months.
Are are these are a lot of the flower shows -- computer.
Operated because it used to be you'd see a guy down there with a flair.
And you knew you knew right when he's about to set one off is -- that that waiting room.
That -- and estimating there's over 141000.
Nationally -- -- forward to celebrate the fourth of July.
Probably thirteen thousand plus they're done with the toy additionally since -- really lit the torch.
We do not do that we electrically firing even -- smaller programs because that's safer -- and a course.
Electrically -- in allows us to program.
The show with the way we program that our style.
With a -- too much.
Possibility but does reliance on them because reliance on computers these days could also have -- -- we've seen many many computers.
Right what if -- in crashes jungle -- -- -- you.
I just just said.
Read by the -- go away when we've.
We see that -- show because you know electronics and the old -- the hot flare.
-- -- -- -- Electronic -- -- -- hand but it goes belly -- we do very good that be in a 100% reliable at the electronics but it -- much safer.
And that's what I can't believe you can test them.
Penalty count on now we do tests -- had -- but and in fact it's not a whole show.
What we test is that given failed to make sure it has -- -- -- -- -- program -- with.
And assume looks like of course we buy -- new shelf from somewhere Macon who shall we tested.
But after its fully -- it goes and inventory.
Step -- -- failed them -- Mike Cuellar Butler vice president of goofy.
CNN number places begins she's in Las Vegas for -- Atlantic City my back and I tell them.
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