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Hey happy Monday it Blogspot dot com hi Tracy Byrd sic Smith in for Chris cutter she's the reason I can say happy Monday because I normal that it now.
Chris just said to -- did not say happy anything I've been banned from the word.
Kind of understand that -- kids you know might agree if you name -- somebody watch.
So welcome now I wouldn't Monday and -- at human making it.
While there -- -- -- -- I'm market maybe not so happy although could be a lot worse because it was read we're now green green we got a ton of stuff going on as far as Supreme Court rulings coming out.
We got BP spill costs now costing.
Two point -- almost two point 65 billion dollars we're hearing so.
I think the markets digesting a lot right now as the fact that were up 34 points could be construed as pretty positive sign.
Yeah as a section -- -- can have one of the top stories -- what's leading the markets and actually tobacco come break on fire today there is Supreme Court.
They declined to -- -- landmark ruling involving the cigarette industries or -- watching those -- but huge gains in the mark we're up about 33 point itself.
Everyone's looking Tracy to see if we come back from the weekend.
Whether or not we're gonna start to see some window dressing some buying because obviously.
Portfolio pretty much probably flat right now the timing here and it's time to -- -- -- that's so we got to be things going on right we -- June 30.
You end of the quarter coming up this week plus the jobs were on Friday for a Friday vote two big things for us to look at which is why.
We're thankful to have -- greenhouse here with us chief.
Economic strategist at Miller -- back he -- answer a lawyer questioned anything unique.
Ox and he's anatomy could make this the birds and I didn't ball -- Just the ones covered in oil now I think this -- he's referring to cash in in this Saturday we were talking big picture.
We're sensitive to all animals and well covered -- like so what do you think.
Gotta love not about the birds about that I mean.
Well as you mention the jobs report on Friday sort of going to be.
The the important hurdle of what is your estimate footwear where it give or take a plus a 100000 on the private sector minus a 100000 give or take -- the headline numbers the census.
Continues to skew the data one way or the other so you pretty much of the disregard the headline number and focus on that underlying number which we expect to be about a plus on thousand.
Which continues to trend of positive -- and a planetary.
Should hold static.
But at this at whether you're 9796 -- 98 it stinks in any of those scenarios so really -- the bottom.
Line you don't think we're gonna get any of amazing surprise news.
That there's been massive has got has anything happened to make you think that there's going to be -- huge burst of job growth and you're the expert you might be seeing things that -- not on the surface.
There's there's as as it stands now there's there's really no reason for businesses the higher there's really nothing going on to suggest that they have been hiring.
And so as a result you know -- 100000 which is pretty anemic especially considering how far we fell.
Is likely to be went with some are typically slow months anyway do you expect these to be full time jobs are temporary.
-- you getting a little bit of both.
You know on the one hand the census data skewing virtually every number across the board so it's hard to like today's income data number was partially skewed by the census hiring.
-- What you're seeing is well one reason that you're you're not seeing as robust.
Hiring trend as you'd like to see.
Is that for right now businesses are increasing the hours of people who are already working and two will slightly smaller degree taking people who were working for the company -- a part time basis and making them full time.
Not having to deal with the process of going through the unemployment market so so you really have a lot of headwinds towards robust job hiring right now not to mention some of the some of the sort of regulatory and fiscal issues which are putting an overhang on businesses.
They're kind of -- -- -- report coming out Friday but what's your long term view.
I am in the new normal camp.
Although on a shorter time we're not going back to -- recession consumer I don't I don't know -- that's definitely not happening in and history suggests a hundred times over that this is not happening but.
The people are increasingly finding themselves in groups I think.
Those of us in the sort of look at what's increasingly be called the new normal in the muddle through group this is John Bolden.
Mohammed Al -- the guys that can go to a slightly smaller degree David Rosenberg -- -- smaller because she might be -- the the full on double dip camp.
Those of us that have taken a look at history outside of the United States.
Have long felt that the recovery from this recession.
Both on and equity market on an investing basis and on economic basis is likely to be muted in comparison to friends since 1983.
And comparing today to 1983 was from the start completely -- flawed.
Because we have so -- -- variables these days mainly being.
The government has its hands in so much deeper than it ever did is that going to -- at the end of the day just.
Heard us and install this recovery altogether you know it really really kills jobs depressions.
And I think there's something to be said for about a joke if it wasn't.
There's something to be -- what I'm gonna have to clarify that if you don't -- where the -- -- if they could -- up.
I'll I'll I'll do what I do in the future all we're gonna get it out when I.
-- -- -- the children.
The matter is that you know I agree -- what you're saying.
Less regulation is better than more less fiscal involvement is better than more but we have to be careful to separate out.
From what the government to some degree was forced to deal.
IE the stimulus package I would argue was forced to do and increasing taxes and onerous financial regulation for instance -- something they should not have to do.
And I think to some degree were putting too much of an onus on the federal side of things as a prohibit or growth.
What I mean by that is there are shuffle issues at play in the economy right now.
That would not be any different if this was a McCain -- -- administration -- certainly.
There would be differences.
I don't mean to suggest that but the underlying theme in the economy the structural impediments to job growth.
Income growth to equity market appreciation to higher bond yields would exist here -- I think and I think that's part of her on -- show come on.
We get people I'm not do you think it would be Health Care Reform if we had no not OK so if that's.
And action is when your biggest do you think we would do you think the -- jobs number would be 500000 if we go ahead Tucker well I cannot but two would last month campaign financial reform do you think -- would have a and that's all the light up like forcing people.
-- -- -- I totally I totally agree that it is actually playing a part in a business's decision whether to hire or not and in this case not really -- at the same time.
50% of people have who have lost their jobs those jobs that they lost -- can't agree they do not exist.
And there's nothing that John McCain -- -- Palin for instance or Romney or Pawlenty or anybody could do about the fact that we will no longer build.
The same number of homes and will no longer need the same number of traders on the MBS.
I don't want to sound elementary but it I mean aren't you saying then can you say then that those that have been put out of work.
-- companies that could have been there the higher had been deterred to hire got to learn help get.
Yes I think.
But as someone who supported the stimulus package and I said this -- and I say it now.
The most important thing you should have done and could still do is lay the ground work for the handoff from the public sector the private sector.
I have a favorite spending a lot of people didn't at that point fine but now you're at the point where the government has to say okay what I'm done there's only so much I can do like.
For let's leave the arguments I I saved -- that saved us from the depression that the worst case the tail risk is gone now you know what.
Let -- cut the payroll -- -- -- -- cut corporate income taxes -- let -- reduce some regulation to make it easier for you to say okay.
Thank you for helping me out then here's what I'm gonna do now I'm gonna go out -- -- I do that right that's Philippines and they do their.
They never do that we spent spent spent and then we never hear about the -- inside of the Quinn let them start to -- a problem.
With the keynesian argument -- and someone again who supported stimulus spending in practice in practical use in the sense.
That in the good times you should be reducing government spending you should be reducing -- you be reducing involvement so that when those.
Horrible instances like the fall of 08 come along the government can step in.
Quote unquote saved the day and get back out and mind its own business again of course here in real life on earth that that -- -- -- Look at today and I think he's just keep spending affluent but we're gonna that is not what I -- -- that that is now said.
I'm messing with you thank you know -- -- -- conversations ankle is my pleasure thank you very much is nice and cool in the -- so that.
Well because Israel is -- -- did angry nasty economic status in -- -- friend of the show.
Come back and thank you think and take a break we're gonna talk about.
All things BP we got child's pain here we -- Albanian Charles Haynes here.
He's getting it is his take on this market him.
There -- back.
On the back after the fact some might say this and it is ever Chris potter we're happy about that -- -- -- -- -- I not here actually had a lovely weekend in New York hot as heck it was very hot here actually but I I heard it was very difficult to keep in speaking I -- about -- yeah yeah obviously it.
I had like an all New York we -- I action needed to Shakespeare in the park.
Sat out -- -- I thought I was awesome.
News worth doing.
Really know what's awesome patent bureau he hero that's after us pretty often talk about these -- and -- they are I'll do he had -- Hey -- we should point out to oil has now washed up over the weekend Mississippi got and it was that statement and we'll he.
There's been oil washing up on Pensacola beach they clean it up as soon as it comes and but he keeps coming in that did it did these huge oil slicks out there.
The bottom line on the figures right now 100 million dollars -- according to BP they've spent as you said at the top of the program.
Two app point 65 billion dollars and it's billion it's Carl Sagan billions of the and -- today none of this by the way the money -- talking about none of this is the twenty billion.
That's going -- that that's our status I felt that said it well then they haven't said 29 -- they will set over a heavily that it says to me that they stay as they are.
-- once they have it that is the best way to put it at once they have they got to get that money.
But what I -- but also.
You know I keep thinking of all the men and women we met Jeff what keeps talking -- -- down in the gulf.
Whose businesses have been destroyed and there was a woman interviewed on the radio the other day.
She's closing -- restaurant it's not just that there a year I mean when you talk about these claims that being it's not just one year they they get their lives -- that their dreams are done.
I mean this woman's response and gone -- BP's paid a 120 million dollars so far.
80000 roughly 42000 and paid but you know those numbers are gonna shoot up dramatically I -- the tourist season essentially.
June July and August on the Gulf Coast now dead it's over because who's gonna go to the beach resort can't go swimming that that they were saying before the -- -- hit the beaches.
And they make the majority of them money June July and August 5 2% of their revenue is this time he kept asking.
Give us an idea of how they're compensating someone like the woman who lost her restaurant lost her business and close the doors.
How did they measure the amount of money -- Ken Feinberg that that is what the well -- -- -- are the kind of thing it's a case by case because you -- to be very methodical and say look if your business was opened this long or if you be this much today.
-- -- -- -- He he and and keep in mind to -- by the way today came out instead it's here's nobody's purpose to push this company into bankruptcy you know them as their stock was not in last week out.
Back up right I -- it is their trials coming up you can tells -- -- but I guess today the hurricane going away from Neil Spiller a lot of people feeling relieved.
But a couple of things that have happened today you have Tony Hayward is still the CE I -- never makes me go Bob but Bob Dudley being in charge.
Of this bill that BP announced that almost two months ago that was going to happen when they announced also they were creating.
The quote standalone entity in the United States to deal with a clean up right as if they might be.
Preparing for something else as well I don't want to see the B word but.
So Bob Dudley tried to clean up by the CEO is still Tony Hayward and there was that the Russian deputy prime minister actually said today he expected Hayward to resign.
So -- coming out -- and he is still in charge he is still the studio.
BP's sat up amounts -- two point 7%.
I think Feinberg.
-- -- -- word because he did say that he's gonna go on a case by case basis sit down with people and tried and actually give out money to tide them over because you've you don't know the final cost of the fight until this building is I -- I thought -- -- come up.
The question I guess from mr.
-- gonna stilted devising the criteria byways that I care criterion that still divide in the rules by which -- -- -- assists and here's how.
Have you tied somebody over.
Whose business is now no longer -- I mean we we Julian McQueen is a developer along the Gulf Coast him several hotels.
He was having negotiations with BP before the claims are mystified -- office -- set -- He was negotiating with them just for the month of may -- the figure for just one of his properties.
Dollars now he had favorable experiences -- BP but he's a very well established well known businessman along the Gulf Coast.
Would legal lawyers and business people who work with him so he has access.
To the people of BP what about the men and women who who along that I can't think of the name of the restaurant we -- I was in Coventry Louisiana Reynard extended if you know -- -- Yeah I've -- you guys -- Boudreau is a I mean that who these people don't have one because the the ability go to lawyer pay for that kind of thing to negotiate on their behalf.
That's -- that the Feinberg claims our office may help.
But again it's going to be on a case by case basis and it's 80000 claims now.
It's going to be astronomical the other thing -- mr.
Feinberg it's -- is that BP had set out they did have the infrastructure in place for the claims process to begin.
Which had in Louisiana Bob Riley put up a National Guard -- Democrats about to go to people.
Knock on the door and say you need to file a claim.
So the figures again because I think -- got to get Charles although I love talking -- you guys the figures 129 dollars patent claims two point 65 -- just on the cleanup.
100 million today and that is by the way that hundred million.
Covers trying to cap the well the recovery process of oil at the well clean up of -- which by the way when you speak to people on the Gulf Coast.
Nobody says the cleanup process is going well there's not enough equipment and not enough people they're very critical of the federal government and BP.
But it goes for that it -- not cover the twenty.
What's interesting is we haven't even heard about the ancillary suits like for instance.
The guy who owns a restaurant in Manhattan imports his seat if it from there well and now he's -- -- he can claim people don't come because I don't have the best.
On the East Coast anymore all of -- -- there this can go on and.
And what happens to that the best way to describe it -- -- -- -- McQueen the hotel owner in the developed along the coast well he's got people who work in his hotels.
When am -- getting tips from clients -- -- -- not going down for their vacations so there's people don't have tips that they're not going to there's a place in Pensacola called flounders it's a -- to local bars a lot of fun.
They're not going to flounders and -- that waitresses now the.
Magnolia dancers are filing as well they are both surface and those -- you can't you can't.
Can bring in the cost of now generations that can't follow in that restaurant that.
You know I did and I think that there's an argument that could be made on Obama put -- aside and -- in what they're doing in Florida and that this is very distinct.
Escambia county in Florida is actually going to the state legislature -- to see if they can create the process by which they can file a claim against BP to collect.
The loss in property tax -- not anticipate how this will create what we are.
We've come -- opening all time.
You degraded out of some interview -- us thank you guys.
I wasn't getting magnolia dancers are strippers Jackson claiming that because the fishermen now can afford content club they can afford to get tipped.
-- point tell us -- -- -- got a -- my diet cover and USA today.
Here's story probably frighten you -- -- travel a lot or just sometimes the FDA.
Has put out some reports that these guys went through USA today -- through.
Are revealing airline food could -- some serious.
Health threat to -- feeling well lately you might want to think about what you eat on a plane recently.
He's FDA reports have revealed.
Food stored at improper temperatures unclean equipment and environments poor hygiene -- used.
And you got to think about -- Q major.
Airline caterers out there isn't pulling up to your airplane you'll probably see Alice do you sky shots.
And gate gourmet also planned to group it's worth and as well -- if you've -- -- man now.
-- that isn't public doesn't host to the teens and if it is I think it's Alice she's got a look at -- got.
Showed they've blocked all the major carriers delta American united US Airways continental.
You name it odd bottom line is just because you thought it didn't he's good.
Did that surprise you at all.
I mean I I get on the plane had a record the blanket and I wanted to -- I don't wanna sit in the -- -- -- You just it's a cesspool of -- does it surprise -- that the food and it.
It's used according to these reports by the FDA it was also found in many instances cockroaches flies -- -- -- I'll quit at that but on.
It was just not not good reports to look at and something that certainly an airline -- going to be another headache for the airlines.
To combat that sort of report those reports out there but again get an addition to other -- surprise.
I mean the guy -- you know four rows back coughs in the germs just inevitably fly into -- forget that this is what's being -- -- that -- before it brought the plane it's another thing environment and what you're eating the food.
Where things can be flying -- I know I just anticipate what we're gonna get typhoid fever and retirement on vacation but that means.
Think twice about -- I'm afraid that growth certainly out I just don't think twice about it usually you so much you can't think about it dumping about it some thought about it.
That's not a matter we're gonna go to Donna government academic -- CEO of -- Stan joins us now to talk to us about stem cell research I find this very intriguing because when I was pregnant.
-- when I delivered opening of my kids each time I was asked to donate a piece of the placenta is that accurate accurate.
And then also how insane bit is that correct two correct for a potential genetic diseases now on the line.
I didn't do any so.
So tell us and what what's this agency instance of users.
Okay -- photo.
I think that they main issue here how to save money out to save that method that has -- by using -- that the many issues here.
And what the minute to show that gonna take -- from that offend them.
We can produce a product that can be injected.
Two other people -- without any match.
A variety of Americans if you want can I think they -- the toughest faux PA BP these -- -- throw out the disease.
-- about fifteen million patient in this thing.
Sue this outfit of the ABV.
Is the fear that if you're thinking in this Kenya.
Which people are suffering you have about 2.5 million people -- billion million people and they.
-- and I've been told that these ten billion don't know and we believe by picking -- it from the placenta.
After birth -- I think at least to inject -- -- patient we can trade them and generally Americans killing people.
So that your company publicly traded.
-- 32 million dollars invested over about twelve years of research at.
The -- we see things today obviously this has been a very controversial subject would you save that's changing.
That's the funny thing that the issue is -- -- the controversial because -- dealing with -- me.
Not and then not -- because felt so we think they -- -- -- as they've been they've been mentioned here.
No it to police who was among them donate -- -- -- -- the -- and inject them without them and that we have a product.
Ready to go still a great deal of -- without any match and then.
He injected to the place where it's needed and generally the fact those and growth factor that is -- that you know that the dinner with the Q.
So that the real issue here that you have a new type of company that can -- -- -- -- of looking at the -- delivering.
Product inject that it receives about mechanical signal from the area and then generally the fact though that can generate new blood -- and by that save the lives and they and because the people offensive.
And feel -- -- -- the tough facing a potential.
So then when you know.
You're you just gave birth -- your -- is like spinning off your head from the medication and someone comes to you and says do you want to save a piece of this for your children.
But what would do something different with the commit violent bothers -- -- best.
I asked if there are willing to -- -- -- -- the -- -- to all photo the national costing -- -- -- but Bennett then.
Our is it fate like god forbid her child down the road -- what we put those who approved the product political offense that can be youthful variety of people without any match.
You have to be able to faded completely different issue and David thinking of defend ourselves so we're looking at banking up for the thing and if it right.
One product FICO -- exactly and therapeutic.
Favorite products though that it feels as you can faithful want to offend 101000 people.
If anyone else doing.
We have only one that they are they doing it and left in the U we have been managed to proven clinical studies here in the state that Duke University.
-- -- And -- them Alabama that -- these patients suffering -- feel like injecting the -- once.
And you see that effect left full months and months after the injection so we believe that the and then -- the benefit from wouldn't be that.
Patient would be injected three to three times a year and that would cue from the disease so they can stop you can we can stop them potential profits we can believe.
We'll give the people the ability to walk and -- tend to -- with a flat.
Flip out I'm where we can -- but would you then recommend that women didn't bank.
This going -- -- Right now like today we think that the offense time and moving your offense to them really took over that we have to -- -- the and I've already got a -- today nobody that the that the -- think the medical -- Which is.
We've got -- -- that what we do we take that medical -- You -- in the Roman tiff file product -- the product -- sales in the -- in -- AM wave in they had a good to come product.
What could actually do when we inject -- offensive into there -- into the area.
The sales which offense in the smaller.
-- This is factories.
They may be -- that it can and do his ability to improving -- -- -- legally and did this have the sense of -- by mechanical fee amounts from the patient bode and in fact to generate.
Cybercrime is brought -- go -- -- which improved.
They've -- if they have the ability to generate a bloodless and -- that we.
That's what I.
Things don't so you need me -- and sign off to donate the person that sent us on.
On the album and I don't I.
Thank you for joining us the other players -- good stuff gets so when -- got there didn't start that will reproductive thing sign up.
Maybe not I'm magnet that is good I might give might have a good round -- time zone again.
I'm gonna be so careful about responding to -- let about it.
I welcome back everybody about 34 points -- the -- right now.
Somewhat positive start for the week but we've got to market movers.
-- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- So all of -- financial lows in Dubai are forcing them to -- Forcing his estate owned aerospace visited buyer's reason right to renegotiate some of -- -- gently by aircraft orders.
-- -- -- And the French as well so.
It's not working out is the new ones.
That the new 780 yeah.
Well the big problem is that it's extremely delayed but we've -- -- keep updated with the executives of the company said this plane is due to be delivered.
To the first carrier by the end of 2010 and still on track that he does she believe that thus far I don't believe one way or another but I do note that they have been actively and consistently passing all the tests and -- all the hurdles.
In order to make that first delivery it's looking pretty good in the stock so far this year we outperforming the broader markets up about 25% Stanley is down today it would.
A bit on that news -- noble is.
Because it has agreed to acquire privately held drilling company FDR for two point 16 billion.
It's signing a contract growing and they are signing new content well Dutch shell as well so there's.
A lot at little bit actively -- -- noble today because we have -- -- merger Monday stuffed and on this when you're gonna laugh that but I picked this.
-- -- -- Offender and I always say all right I'd say they.
They announced that they will be the exclusive provider of maternity and messing apparel that they -- -- and not so I am I.
-- -- -- reference future reference.
They own motherhood maternity and pea in the pod.
Did you like high fashion editors and and don't -- be in -- box sorry it's just too expensive you don't need it young pregnant through.
You'll definitely need it for six months and that you know -- -- but don't let it is another drive another female reporter at -- that record he meant that for.
-- -- No we just had to be -- clothing Maher got left by Josie should Matt Williams you picked that speed Nextel up 60%.
Announced it would release its second -- compatible phone the Samsung epic.
We'll talk more about this ethical leader 'cause it's what -- my -- because.
I'm dumbfounded by this whole phone process but it much operates on windows and my brother actually had the Samsung phone that operates on windows and he says it's -- Doesn't sound like the most appealing thing it doesn't right so there's that we'll talk about later.
And -- oxygen therapeutics.
Said it's obesity treatment is called country helped diabetes patients.
Lose -- -- for a good these people and control their blood sugar.
Better than a placebo group so that's some -- markets not not that much today but.
We have all this.
I think so many people are digesting all these court rulings to determine actually.
How it's gonna affect what you get a patent ruling come down earlier in the day how -- an effect tech companies or is it impression is that it would be in negative for the tech company.
Right yeah I think that's fair -- that market.
Right at you wonder is it's -- -- summer Monday -- kind of thing you can talk about volatility all -- never had no we've been looking at the -- -- you often uses the fear gauge for the market but also it's just an indication of overall volatility which has actually.
Gone -- it's near thirty right now which is one of the highest levels that we've seen so far this year -- back up -- kind of where it was odd during the flash crash.
Among other things this year so we're seeing a little bit of spike there however at the expectation is that things -- the slowdown here after fourth of July -- -- that July.
And things calmed down and it sent to people nervous a little bit coming up to that what was -- at its high like during the whole being increased -- lean more towards 780 yeah we were near eighty -- a -- a member of that and then he got on Friday crisis.
And what we use that -- or is -- sort of a contrarian indicator for the overall stock market.
And really the relationship is.
In -- her gaffe so I mentioned that this epic phone quote my -- And it did because.
Keep me -- made -- this evening.
-- -- very defeated.
But I don't like about it from.
That's kind of where I am at this I don't have any of these phones -- signed -- all over the place on the train so this new epic I in my -- Nancy can edit it had that's a big difference and it is that the top slides up and you have this sideways keyboard.
That's the big difference between the old version and -- the old -- and -- captivate was the old when this is the epic its -- one.
Touch screen again it slides up you got -- full keyboard there.
Sprint is launching hence Sprint's stock being up.
You have it here's the thing -- -- one thing that I dragged those devices those touch screen devices and big screens and when you -- in your purse they get.
That's the loving dad in the wrong way and you end up -- the -- and your screen.
Other weird that they wouldn't cover it with a keyboard.
So that the screen and figure out really has been singing it's an otherwise it's it's it's merely protecting keyboard right -- you -- up but it had you know the -- I suppose it's still has that sprint push you now that people are -- that a lot of people on the -- -- Workers used.
The epic is Samsung's first forgy android device and we actually have a new android -- don't need to act in -- -- -- gas than actually.
This so this this is spread by the way and get -- Up 7% today I think the stock yet the stocks in Iraq in the spirit of about 23% so it has actually in its senior leaders on the market on the boards for a while you doubt -- and -- -- But it.
We have an -- -- today big lots we'll read some questions in the market -- Charles -- come back outer Wall Street strategies.
We wanna chat with him about where this market's going -- see a writer somebody just wrote in saying what's good what's gonna be a catalyst for this market trend higher.
Is -- the jobs report.
Maybe maybe there yeah how to become.
Welcome back everybody -- -- -- -- couple big decisions in this room accident at a Barnes joins us now.
In Washington with all the latest adhered to you this is a big deal what's going down today what's the latest.
Where we got two cases important to business let's dispense with the easy one.
This one as a patent case and involving whether or not companies could patent -- business process not.
That's you can -- machine you can patented device you can patent software.
But in this case the plaintive -- to be able to patent a business process just like for example.
Amazon's up process for clicking through and shopping on its website that the business process -- the -- -- today that companies can't do this under the patent law so if congress wants to let them.
It'll have to come back and revisit the fat log said quote petitioners seek to patent both the concept of here and and the -- the concept these are not patent -- processes but attempts to patent abstract ideas like algorithms the second case that we're watching today.
Has been very important to corporate America.
It involves the sarbanes Oxley bill that was passed after the Enron and WorldCom scandals which put in place much -- stricter.
Accounting and auditing.
Laws and created something called the public.
A company accountability oversight accounting oversight board -- PC OAB picabo we call it and today and a mixed decision.
The court said that that the board can continue as an entity.
But it had objections.
Is the it's the ability of -- members to be fired.
It's -- that that congress violated separations of powers by not.
Allowing the president.
Two the executive branch to be able to dismiss and fire board members thus making them unaccountable.
And it and they gave that authority to the Securities and Exchange Commission so.
It opens the door for lawsuits by companies to challenge some of the rulings now of this accounting board it's been a very controversial board.
And has issued a very tough rulings on auditing and things like that the companies say are very costly.
And congress would also likely have to go back now and revisit this to try to clarify.
The issue appointments and terminations of these board members guys.
Yeah that's -- -- bothers me the most because it it's set.
You know congress violated.
-- basically congress screwed up you know they -- right that's sorted it yet again.
They did they say they said that the congress overstepped its bounds violated the constitution's separation of powers by basically creating a board that if it said is.
Not really accountable to anybody.
It didn't put the -- out of business it just said we're gonna make the FCC it make it accountable to the FCC which is.
An indirect represented the president because it's it's accountable to the president as a government agency.
But if congress wants to go and kind of fix this and and going forward by the way.
Create these kinds of boards commissions that you know any government department energy and educational -- what have you.
It must have some accountability.
For its decision making.
Yeah I don't know I me of all the things about sarbanes Oxley.
That -- load this is one of the things that light and it sounds like it's gone now because of it yet again another.
-- -- But I I don't think it's it's gonna it's gonna stick around Tracy but its rulings now could be subject to lawsuits that could be challenged by companies.
And it did say that -- the court was very clear here.
That sarbanes Oxley quote remains fully operative as a -- so sarbanes Oxley remains in place that's got.
People who support sarbanes -- very happy.
-- -- At Peter Barnes artist from Washington all the latest on the Supreme Court decisions thanks Peter thanks Peter got -- -- -- -- now turning to another really interesting story -- -- joining -- now he's the CEO.
This is the agency Watford thanks for joining us and think you're -- -- between he and I can't think he's Irish.
I cannot -- that but I have recently in Ireland experienced you know a lot of the pitfalls that are going on their personally.
But really interesting story because foreign investment in Ireland hasn't much we've -- With all the problems that Ireland's neighbors are having is that the luck of the Irish.
Had those thoughts of so we've made their own -- in this case.
I think what's very important foreign direct investment to solve -- -- to disproportionately positive role in the economy.
In comparison to other European economies and driven aloft by.
US corporations will be to concentrate Tom.
The technology sector -- -- -- -- media financial services some life sciences and their businesses for this to the good bit of uplift and them so I think that's an assistant.
We don't have old industries to say as regards the foreign direct investment community.
It's very much the technology players.
What would you say the trend is up right now -- -- just saying hey were hanging on to.
-- foreign investment in its not falling.
And no I think it definitely this is pretty significant uptake since January this here.
And we weren't recognized that sort of foot fault traffic people coming to -- -- -- is up about 34 percentage but if you look at some of the new players such a command.
He -- for instance driven by the growth in the games industry likewise the -- Are in the Internet security people like McAfee are in the -- since he's IBM are investing so it was a good trend that the Clinton.
That's a good track record was a lot of the -- -- spot tonight.
-- here fifty personal and corporate tax rate what is attracting corporations to your country but there are -- 5%.
So it's actually one of the nose to knock the nose -- in Europe so it's a powerful true.
I think you might be referring to some of the income tax yes -- but doesn't -- corporate tax.
And of course the business as we bring in they are profitable ones of their for the taxes an important advantage.
And I went ahead on some of these key points -- -- didn't paint the picture for for folks out there about Ireland right now scoring very strongly for talent flexibility of people.
Real quick is that a lot of -- have to do with the fact that the population in Ireland is so young right now I know Dublin 50% of the population under the age of I believe 2425.
-- -- substance to correct yes say there is so that the materials for the high tech industry.
And if you look at the likes of -- could -- they -- part of Yahoo! -- on the wrong in Dublin so you have the young Irish missionary 22 to three TH year olds.
But a -- come in from -- about page level Islam because they like to work with these big players.
So -- doing differently.
Mean -- fallen -- teens and it seems like Ireland's a pretty solid footing right now I don't know about but there again Celtic tiger I think -- the inside the secrecy foreign direct investment and the export led growth because the decline in exports from Ireland last year.
Was -- those two was about 2% compared to about ten of -- who prescribed so that's again -- back into the foreign direct investment community.
But the domestic Marcus feud by -- over hyped property market as -- pretty serious problems about something we're suffering so we.
You have -- -- kind in the whole financial situation due to over reliance on tax revenue from construction.
At the same time we're -- -- -- single.
With the demographics environment and the technology sector.
I remember actually your housing and reporting on your housing market so we are you in that in that stage now with from the -- the probably down about 14%.
It had gone down about 75 greatly maybe not quite fit and corsets pencil sold -- part where -- So you're talking about land prices that developers they would have come down in some cases -- but I think right across the economy.
And property and of course we don't have the non recourse.
Products that you have -- so therefore.
In some cases people are left with -- market steps.
Above the value of the property and getting back to this foreign investment what would you say the current state of Ireland -- activity that you're seeing now.
What does that say for the rest of Europe and your position and it.
I think we've always had a good share of disproportionate share of the US investment -- if you because the technology players.
We tend to get most of them that come to Europe.
This flows to Europe unfortunately does not help the level of technology players that the US does so the business we're in -- -- US.
Probably over 70% from all foreign direct investment comes from the United States into Ireland.
Aggies and they're still -- -- traditional industries in around the Central Europe.
Who's so yeah you mean who would you encourage government invests in Ireland as sitting on my go get myself an act I -- you know NE TF a fund.
-- I think he shot.
Yeah I want this one pain but I suppose it's more to do with the companies that we -- you look at the two basis arrived with FaceBook and Linkedin.
It's always tried to capture that new wave.
Along with -- mentioned about VA.
Blizzard so the -- we do is more in terms of getting companies to set up operations say rather than thawra.
There is a very strong financial services community of which most of the world's hedge fund companies are actually in Ireland.
And I know some of the bank stocks that actually treated we've we've got to go but I know from the -- -- we we report on watch.
-- I mean I just how would you how would you say the banks have come back.
Yeah one of the banks bank of Ireland to assassinate us it's -- together much faster than some of the other institutions and offer -- work confront we now know about 52% this year than bank.
But -- nevertheless.
It seems that your little benefiting.
And the rescue European -- yeah I think demographics and the sectors -- -- I think we'll have to strengthen the great story Barrow various CEO of ID a Ireland and thank you thanks for joining us out meantime I.
I served more as agreement from us.
Thanks for being here -- -- I think we're gonna three well I think actually we should talk more about you and your Irish heritage because.
I think people need to understand -- on the spot yeah well I think you know what everybody talks about investing overseas and everyone quickly jumps to.
The emerging market countries and I think sometimes it's very.
Hard to invest in emerging market why don't get a point about technology and the -- in Ireland as if it's phenomenal to me that's really -- like actually that's something I had no idea about so -- -- -- a lot of the technology firms tapping into a very active very productive don't workforce.
They saw an opportunity there and sort of moving into Dublin and hired a lot of workers there and it's fascinating to me that's -- more transparent investment and investing in these emerging markets -- you don't even know where these countries are half the time you'd be like you -- you've entirely.
A girl from Italy and we don't even know and it yeah.
I'm seeing it emerging somebody's emerging market countries near the bricks people say it given you another acronym means that you say Ireland will get it.
And you can you can understand it better and I think you should understand that you -- -- Charles -- in my wrong.
I think here you're right now but -- compared to Ireland to the other -- nations I would think the belongs in the acronym anymore to be I don't care because.
Not that did it mess up but they took their medicine and they do have a pro business platform they have cut taxes they've aggressively -- these businesses over there.
It back into a couple of years ago we were calling -- to our that you know the Irish miracle.
-- they turn -- economy around.
And I think another key point that was touched on is the HTH Democrat off.
It India that advocates in the twenties like 2526 Brazil same type of thing.
Very young very dynamic where you take Japan the oldest nation in the world the lowest birth rate.
We weren't gonna -- -- by the end units in Western Europe the same way.
It was shocking being on the ground in Dublin I mean just looking around and just.
It was it was fascinating how young everyone was and guess what they're not going to church anymore either.
The churches are -- in marketing and you know and that's that the -- tennis and it's kind of sad that big changes going on and I think Charles I made a promise earlier that you come tell us what's going on at the markets that we had someone write and say what's good.
What could be the catalyst for the market -- to continue ability jobs.
I gotta get -- number -- only thing that could come at this point.
The only way we can get a sustained rally in the market is what the jobs number that surprises for me the good news is expectations -- solo.
If you noticed that the whole year going back to last year -- we make this miraculous miracle rebound off of the march -- It was what green shoots in other words it was a silver lining and almost everything.
That's not working at this stage of the round.
Heck did you say expectations so -- twice I've heard people say they're expecting job growth would -- that's me now Brian Wesbury was -- born in congress morning.
He's wage we wagering chemical lately I don't know what he's thinking he's looking for what did -- say 250000.
2000 products that we get.
-- -- you're saying a hundred net that's a little bit more reasonable to me.
But still all -- from.
In the army in a regular economy we generate a 150000 jobs hundreds hundreds -- not a lot you know I know the president will do a victory lap but that's what it comes out -- but.
It still mediocrity to be to be sure.
But again after what we have them the last 34 weeks in a market that economic data the housing data.
People will probably -- might give to get some sort of positive Russell's -- out of a number that -- the estimates.
I feel like no matter what even at this numbers great it's all the talk is going to be about the census jobs and how they're gonna have to.
They're -- -- -- out though you know I think people will focus on private sector so that won't be.
That might be more fodder for many regular newspapers and you know mainstream newspapers but I think.
Sending -- disaster that was plus 100000 for a private sector what's yours I don't.
We have one but that's -- general consensus I will say the good thing is is that we have been beating.
Looking own expectations of a low for jobs we've been beating -- so that's.
That's something that it's been a little bit optimistic.
You know we got a lot of good economic data coming out this week so the market could -- to these wild gyrations before Friday.
It's summer document weren't -- -- you talk about low volatility now a lot of people here -- even act on this stuff.
And we some of the craziness going on down decent.
Got a lot of craziness going on but nothing out of its noon I mean that's the good thing to none of -- stuff is now I think last week Kubel got a little nervous when the credit default swaps are going crazy again on -- on the other nations but.
There -- no new headline risk out there we know all that risk.
We've taken a pounding because of it were set up for -- some sort of positive surprise but I think ultimately -- -- -- job.
I think that's what the market preparing -- -- Charles today I'm reporting on the -- and how.
It feels like it's it's plain old slow summer June when we don't see much activity in the markets but -- the vick's with the volatility index fund.
S&P 500 index options is up -- thirty.
So there's the anticipation for action has the prediction -- -- -- -- that's near the highest levels of the year.
Lot of anxiety out to three over the -- why can't people get -- -- absolutely.
Absolutely that you know these -- talk that you never shorted -- market although I think last week could have been a great time is short the market if you were short but.
It's it's tough you know another thing that I've been looking guys and no one's really talking about it we look at the last two years in the markets down right.
Have to go from running on the 2009.
I mean and even 2010.
But there's been so many corporate profits I did I over the week and I looked from 992009.
Ten trillion dollars in profits not even built into the market -- all you got an S&P.
Right now looking at about twelve.
But -- talk is that because it's cost cutting profits I mean it's not real profit it's not top line growth.
When you're out that's a great point you know it certainly is not top line growth and then also the confidence factor to talking about DC I think Clinton -- -- -- -- not a cheap stocks out there and a lot of -- stocks out there dialect and I recap the most -- Well -- have -- So I just kind of play you know for it to play I mean -- do well what tonight brings more -- have gotten burned with them.
You know like technology a lot of technology stocks like the idea that you know what.
We are using these computers and will put so much more is so stuff they have been in the system I think in the president's gonna takes on this government -- -- expand the band with you know that.
Look at how many iphones are sold over the weekend so I think things that collect data managed data things like that it just seemed to me to be poised to do extremely well when you look at that.
I've got three two big names as a matter of fact from Tibco which is a middleware company.
This is have been rumor mill a lot almost fell off the facing the -- that they felt like seven quarters literally beat history.
I think it will get back into the rumor mill.
Our subscribers along the stock we went long at last week.
It's still relatively cheap with respect to where it's been in the past I think you -- a lot of upside on.
Skyworks which is a semiconductor play again.
Wouldn't -- things -- -- with these -- names and execution they've beaten us treaty to the last four quarters.
For fiscal year eleven which is a September the streets now the dollar 35.
Three months ago -- -- dollar nineteen.
This is also -- it looks like it's gaining some momentum as well no kidding -- -- -- Want to hear something's got to go to guys do too because I'm glad you brought that up sometimes -- -- full of one you're certainly -- missed the move.
They'll pull -- -- 510 year chart looks on the -- where they then you know stock that maybe it's seventeen now but one that one time with a hundred bucks may actually have a little bit more about it.
Saying this this right you're saying this act like it's you know if it looks like a fifty dollar stock up on running and now we're trading at 1718 -- seeing as the potential black.
There wasn't up I would think that the fact that I'm -- he had hidden by the -- and -- -- before lunch look at that I come back up a couple of drinks though that the okay what effect that I can't pick -- very -- river bed I put this.
Well I love I don't have his -- -- -- I've had an on this show embedded software.
Again that's at the all three reasons by the way in and out of the takeover rumor mill for at least ten years that I have to be acquired through and that's not the primary reasons and -- -- stock.
And fact are our subscribers -- riverbed tiptoe and I'm not sure about SW KS.
Hello I got this -- and they saying -- look back ten years you see where it's been it's been in hot places.
And it survived you know these names that have survived the tech wreck and they're gaining some traction and you know there was a lot of hype you know back then but some of -- come to fruition right now.
Only been around us and flatly 2006 had a little bit.
In a -- longer and then I don't know what happened I don't know why wouldn't show what a -- or maybe they require that spun out I don't know anybody at the market's negative that.
Had south main love -- Ernie Banks about a minute.
And that it's if there is -- time.
That Friday and W simulated strategies.
I'm running -- morning must do everything to break when we get back.
That -- how we -- talk about movie did that back.
I made a good summer movie.
And we're going to be talking movies with Matt -- -- -- and cheaper rotten tomatoes dot com he's joining us from LA right now yeah.
I know that I didn't -- a single movie all summer but another some good ones out there and one that -- this weekend hey thanks for joining us that.
-- thanks for having me so Cameron Diaz Tom Cruise not a big get.
Yeah I'm not so much.
That was really really disappointing for doubt.
What -- I know you you.
You think it's it's it's Tom Cruise and -- camera.
He'd have some huge hit whatever came out at this weekend's.
Was just a disaster.
Yeah I -- -- why would happen.
I mean I don't -- he blocked his seat woody and buzz over Tom -- Well but that's what that's what happened right well.
There's a couple things going on there would Toy Story three which is a fantastic movie if you haven't seen that I got to take it that's the one if you see one movie this summer.
That's the legacy -- bring Kleenex you'll cry your -- out.
It's a fantastic -- -- I sought and let me tell yet.
There's a big back story I mean there's a lot going on this movie it goes and a lot of it goes over kids had I took my kids and then nine and six and then apartment they weren't.
A little confused and has since seen better.
That are tough and I'm sure you know what I'm talking about I don't gonna give it away but I guess is that -- we can't appeal to -- adults and kids.
Well you know it's what's what's up Pixar is that they've always managed to do that you know -- if you think back to.
-- Disney cartoons are old Warner Bros.
cartoons back from the forties.
When people we're seeing movies together as a family all day.
You had to appeal to both the kids and the adults and there's in jokes -- those old cartoons.
That kids would not yet at all and Pixar has figured out that if you're gonna have a successful now.
You really do need to appeal to everybody as opposed to something like the upcoming -- Cats and dogs sequel which is really only get an appeal to kids and adults -- -- you know -- got to drag my -- to see that.
Firewall is working right I mean it may be wasn't all Tom Cruise and -- DS's fault maybe people are just -- spending their money elsewhere -- In other ways this summer they're not -- movies.
Well I think the -- Little bit of that happening I do I do agree -- you know as as the studios are trying to shorten the windows.
Between dvd releases and theatrical releases more more people are saying well you know I'll wait two or three months and see it when it comes out on that play so our.
When it comes out our on demand.
You know not even counting -- 3-D movie you go to the movie theaters.
You know for you and a days or even you know god forbid your kids.
You know tickets alone will cost you 6070 dollars and you look at how much -- you have to buy at the concession stand and easily -- the -- -- 10020 bucks.
And I didn't even go at night at least until the afternoon I think it does on tickets and another thirty on thin and whatever drinks and popcorn type that he allies at 5 o'clock in the afternoon.
That alone they.
But if isn't -- notion that because it's so expensive.
Would you got to pick one we thought we -- Democrats agree and Toy Story 3 patents to be the one film at the whole family.
Could agree on right now.
Yeah absolutely absolutely well and I didn't -- it's been kind of a disappointing summer you know ever since may have been a you know summer doesn't really start till June for everybody else but in Hollywood the summer season start today.
And except for a couple of eggs exceptions like say Iron Man two.
Most of the movies this year have been really disappointed you know we have a good movie with.
The product kid that was really successful.
Surprisingly style but the rest of movies you know eighteen bond.
Knight -- day it was a disaster.
Sex and the City two which we all thought was gonna do really well really really tanked.
I think there's a few things going on I think as -- get more expensive.
People willing to stay home and I think people are finally hopefully starting to burn out on all of the sequels and read -- -- that navy.
-- maybe we're gonna start seeing more original pieces.
Asked temperatures still making movies in my the only ones -- -- mean -- I mean I you mentioned using the -- -- Friday and this was another flight.
Yeah that was and you know a lot of that I think.
Is probably -- titles do you know there was a girl who was really set to be.
Kind of another America's sweetheart and you know that was all that controversy over what -- said about Grey's Anatomy.
And I think she really kind of shot her career the thought.
You know people are kinda upset with -- -- she's got herself a bad rap and she's not kind of the level wants to do or at least she's not perceived that way anymore.
Talk about you know this grownups movie that seems to me like you but the -- people you know in one film that it should well be funny.
And it -- that to.
-- Well you know if it flopped on our site society you know yeah I think -- -- -- your sites and they -- it up mark.
You -- only -- 9% of the critics really not that that movie was any good but you know movie did 41 million dollars.
And that's actually not too bad that's what this -- -- much higher than I really thought that -- competitive and as far as the sorcerers apprentice I've been hearing.
A lot of excitement about this movie anybody who's sort of grown out of the Harry Potter generation is gonna be going to that in July when it comes out.
Yeah I think that's going to be a fun when -- I'm really excited about that you know I'm a little.
I've got a little bit of doubt about it but I'm really hopeful that that's going to be good.
And I got to tell you know what movie I'm really looking forward to -- this summer is inception that's Christopher Nolan next movie.
With Leonardo DiCaprio to completely original idea.
This is the -- where have you seen the previews you still can't really figure out what it's about it seems to be about.
A guy who steals ideas out of people's dreams -- kinda looks like the matrix.
I think this is going to be a huge bit.
I -- that thanks so much or below that's thank you coming.
Thank you -- several they have currently.
That -- to the editor in chief of -- -- -- dot com on highlights and the website really good -- great thanks for having me again by.
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