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I don't know -- foxbusiness.com like ignorance Chris -- it's 12 o'clock on the East Coast not on the west good morning to all of you out there watching as we -- -- -- added that 207 points.
You know what every day's a new day here we are today because yesterday the market came crashing down only got news from BP -- energy sector and I -- Yeah energy sectors -- rebound and that today so here we are 208 points right now up -- well over that pivotal 101000 mark.
We had good news from China China's doing okay they can have good numbers DP bounces back.
And you know -- briefly mentioned earlier today that the mortgage rates.
At the lowest it -- ever been BS evening crazy -- would be somewhat of a good sign going forward to although housing -- really.
All right listen to dine not recovering as quickly them on -- today but.
If you haven't signed on full of people would actually take advantage of those low low mortgage rates and buy a house I mean that you can't get.
That mortgage unless -- ago credit is like seven auditor or higher and a lot of it would -- at that point right now so that's why they're -- because.
People aren't going out of the demand and he talked about that two days ago the demand for mortgages is really down right now.
Yet thirteen year low actually on mortgage demand so I don't know what this low rates can do.
And we also talked about how the tax credit pulled a lot of buyers into last month so now you kind of sucked up all the buyers a potentially taking -- -- this.
And we're also at a point right now in the market where you know I I call it like move the sort of the tether ball thing were like a tennis ball the end of the string -- hit it one way.
And he'll wait for it's far this way and all the way over to descent and eventually it's gonna try and find that that -- -- slowdown and find the middle but it never really quite does.
Sort of like what we are with the market except now instead of taking weeks or months to reverse and try to find that spies do it every day.
-- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- sells off.
The India the end of the day I mean that's who that's who we did sell off too much then by a little bit all these energy needs yesterday down 10%.
Down 16% for BP up ten or 12% today.
And -- -- when my -- actually up big today.
But it's instinct how do you play you know you don't -- plays like you you just can't anticipate you in any of the news but it's so skittish.
-- we trade on the news small you -- -- to our our next guest is seasonal wolf when he's not asking is it year old and a -- out at the Moody's -- here in New York chief economist at Moody's -- -- we haven't seen in forever.
-- well I'm still here.
-- it's not very good hits kids it's so great to see it.
You know what it means that you are not vote sucked back at every now that I would just pick up on into John's here up on that and -- at what's going out this market.
You and I -- -- it came back to the housing market is -- market doesn't fix itself.
We can't get out of this Malays and it it doesn't seem to be fixing itself.
Yet I was troubling news we got yesterday.
Mortgage applications from potential homebuyers fell -- the lowest levels since that you -- of 1997.
You mentioned that's better than it that a thirteen year low that's scary.
We want to remember that -- homebuyers tax credit.
Did not benefit all first time homebuyers.
So there's still a lot of home buyers out there.
That were out and not affected by this particular type of stimulus and -- -- and they.
Why are they got out there buying -- home I think one of the big problems today it is.
Fighting actual market instability stock price volatility of -- worse yet.
Sinking stock prices we've got to stabilize.
Equity prices and water to be reasonably confident.
That the economy's gonna who -- grow rapidly enough to look so that the unemployment rate declines.
John Hill the term irrational exuberance.
Described people buying stocks or rationally I'll be selling stocks irrationally right now.
Because since we're down to 1213.
14% on the S&P -- still seem to be wanting to go lower.
I think there's a very good chance to that assessment is correct.
That undue pessimism.
Unwarranted pessimism is now pushing equity shares lower makes no sense.
You know what we find is that most upbeat earnings forecast.
The consensus believes that one measure of corporate profits will grow by more than 40% annually.
It 2010 best -- since 2000 war.
Better yet we have cost containment labor costs are rising this -- help maintain.
A wide profit margins.
And moreover corporations are practicing borrowing.
Up constraint to this combination of rising profits and very slow -- dad wrote.
Media credit quality improving thus we think -- high yield bond default rates when it collapsed nevertheless stock prices are down.
14% from their peak of April it makes no sense it's.
Yeah you're absolutely right -- But you have said earlier that we need to stabilize the equity market what's -- -- -- because there's so many opposing forces right now many that are out of our control.
Well you know right now the US financial market is suffering from problems in Europe and I think -- that -- we want to stabilize the equity market we have to study.
The sovereign debt problems that we currently have in Europe that's of the utmost importance.
A -- -- European policy makers should be more forceful -- addressing this issue.
Some combination of do we more to stabilize.
Financial markets in Europe perhaps including.
Guarantees for bank debt that would be contingent.
Austerity measures where those countries.
Now wonder fiscal stress.
John the housing market is still -- and so -- the labor market you know we got those weekly initial jobless claims numbers this morning.
Once again that'll really for the last six weeks they've been awful mobile 450000.
The four week moving average was higher.
You make anything out of those weekly numbers what do you make -- of last Friday's numbers.
And -- but can we get a turnaround in the job situation here in the near term.
Well first -- -- left.
Friday's report on private sector payrolls of growth of only 41000.
But what happened during previous census years.
Is that at times that we would have an actual contraction of private sector payrolls for that month in which census hiring.
Connected to take place today and in the following what private sector payrolls.
Would rebound strongly so there is a bit of a crowding out effect some sort of distortion.
Because of the temporary -- -- census workers but I think you know the underlying growth of business sales.
Of business capital spending points towards a resumption.
A private sector payrolls growth.
Not at a rate that's going to be inspiring.
But at -- Acceptable rate perhaps on average private sector payrolls grow by between 150000.
New jobs per month.
That will be adopted gradually lower the unemployment rate.
What there -- other problems out there however that.
They have bid it slowly down.
The recovery by private sector payrolls companies are still trying to figure out.
What the warm term cost implications of health Health Care Reform might be that the problem.
We also have a problem.
We did -- the uncertainty surrounding the ultimate war on the financial reform legislation.
It would do the economy's so good.
If Washington could speed up the process of coming with some type of final.
I'll warm what this legislation.
To eliminate a good deal of the uncertainty that weighs on -- -- activity the financial services sector.
Judge you inflation at all.
Well the question not a problem.
You have other -- liberated nearly 10% worse yet you have record.
Of joblessness for those currently out of work commodity prices have been saying he'd.
My sense is that for the longest period of time we -- -- -- That the wages and salaries of workers in developed countries like the United States and Europe.
The -- subject to downward pressure.
Of competition from the ever increasingly skilled work forces.
Of countries like China and India and by the way you know today's trade report reminded us of just how important.
Emerging market countries -- of the world economy and up for the year to date US exports.
To emerging market Asia up -- 44%.
US exports to Latin America up like 49%.
US exports to Europe up on only 3.5 percent.
-- mind banking giant is so great thank you.
Knocking me out -- in New York chief economists over there in unison big picture he's right there yet nothing.
-- not helping us out at all a bomb and does indicate about McDonald's numbers earlier on this -- great same store sales numbers and yet they said because of the Euro.
Can actually take a little bit of -- hit by year and even though in terms of the units being sold a lot.
If you had a choice -- -- breaking McDonald's where to go bald dome I kid that's like asking them -- was my favorite child is just too difficult of the question that.
-- -- And actually -- in there and -- -- crystal clear up no it's not because each one has their own special features.
Will it take quick break went on a lot of soccer later on shows like cannot wait what did general ought to support today.
Here it's -- sports that the.
-- -- -- -- -- Well they just.
Welcome back foxbusiness.com.
Live -- and burns the market's up a 174 points -- -- 200 points just a moment ago so still.
A lot of green on that story.
-- but not his -- we've been throughout the session and Shapiro's been at the in on the Florida Panhandle really all week long joins us right now.
From Pensacola and -- I understand you actually airborne at one point time it was an earlier this morning.
I know that I was late yesterday afternoon gonna show you video and a minute but let me get the latest headlines coming out of Washington almost on this bill BP now.
Collecting 161000 barrels of oil a day at a -- at the well head which is behind me and off to the western about a hundred miles.
The oil's not washed ashore there is -- -- offshore.
The big oil -- -- black in the orange and multiplied oil that it -- in the marshes is really still concentrated over on the Louisiana side there -- balls and Alabama.
The other good news if there is good news -- and it is in addition to the 60000.
Barrels being collected.
If that BP has promised to expedite -- money they're going to give to businesses.
And people who have been impacted by this -- -- speed up the process but they've been doing is waiting for businesses to close their books at the end of the month.
Then file a claim they're gonna speed it up and not make a business way to the end of the month about the way.
Now let's show you what we found out -- the -- will be we have video.
Exclusive Fox Business we went flying we have gradually -- the queen.
-- -- plane tickets that we went five miles offshore and there was those big patches of oil that.
That Allen was talking about and then you can see it there guys you could see the different things colors in the water.
You see that separates yeah I mean it's it's that's that Sheen -- lighter stuff is that Sheen.
And that -- is in some ways well it doesn't pose the problem that the multiplied oil in the black -- -- oil closes.
This scene poses a different problem you can't contain the containment mountain got absorb it.
And now want to show you the problem Pensacola Florida -- We have video of the beaches in Florida.
Where you'll see no -- if you're seeing boom in the video that's actually Alabama but.
We shot -- is beautiful Ford's white sand beaches in Florida.
No -- they don't have any -- to put out they got 25 million dollars from BP just yet today.
In Florida start putting -- -- but they need that white absorbent boom to collect the oil -- Now take a look at what's happening just west here not even by -- it's five minutes by car about forty minutes Alabama.
They do have containment boom out because they have the tar balls washing up on -- Orange Beach and just west of there.
In Alabama -- -- -- have containment boom out there is containable by the way in Pensacola to protect them estuaries in the marches but -- absorbent.
To the immediate threat here is the oil Sheen BP every day the incident command -- -- -- -- boats out.
Doing two things one testing the water for the -- but also doing these underwater -- -- -- subsurface oil and they tell me Brian Sibley is the CIO for the incident command out of mobile.
Says that they have found very little subsurface well.
Near Pensacola so if that is good news and -- that capitalism at its way.
But that's the latest from there and then I don't know about what it's about it is that you guys can -- the -- -- second.
There are people.
On the beach here in Pensacola have a great day swimming in the water there's health advisory there's an advisory out by the -- got it got a thing like.
There's oil scene out there be careful but that people whether or not you.
Let that keep them from really enjoying what is a national tragedy here in Pensacola.
And also the that gulf island national seashore that I -- some people think they they dodged a bullet here.
Just -- Adam you said that Pensacola not doing anything after this team.
No not -- -- no I did not say that I said lord is trying to it.
Floor today is trying to assemble bloom and get boomed so that they can deal with the issues that comes closer but she was very difficult.
Because you need the white absorbent boom right to absorb it gets -- Contain -- -- up slowly and nothing out there to absorb the -- You but you look at the beach in there though there's nothing to absorb scene when it starts.
But in this way thanks yet you can't fight with BP over that -- -- -- My chances not only on the ground house in the -- out there but that's amazing -- you can -- you can see.
-- -- and that that's that's huge column.
Appears to be very close.
-- double what I don't understand is why don't they have.
The absorbent -- out there that's -- last mean I'd understand what's that we've had now with six weeks essentially to prepare.
All this boom went we have an out there already what's -- we knew was gonna happen we knew was -- -- should be in Florida.
Should be in Texas that we all along that coast -- -- -- -- the entire Gulf Coast of Florida pretty much habits they should.
Changes subjects will -- get back to the market up -- 175 points right now.
On Dan Greenfield joins us here on set presidency of share builder look at -- -- an experiment well.
It's we've seen and I want you to describe.
The discount brokerage the retail broker.
How is that market changed over the last 5678.
The market actually for you know.
-- the crisis other we went through -- people really reevaluated their entire financial portfolio.
You know in the past people might have you know listened -- expert and we did a survey just a few months ago and 50% of Americans you know aren't not to rely on their financial advisor they want to rely on the Internet and then -- they wanna have information at the fingertips I think he's seen.
A paradigm shift with information being so available.
Podcast online mobile devices is your show everything and it and it's actually good to have multiple sources information and people are not.
The Madoff thing scare a lot of people being out of touch to finance its finances.
But you give us a stat 56% of new share rather accounts are opened a little over open the last five months were for people between twenty and thirty young investors still investment.
Yeah this hearkens back to me at least -- -- tech bubble the day -- the Doctor Who quit his job to go trade stocks.
It's easy to say that we're actually not seen that release and our business I mean most of our prayed there one or 60% of our volume is actually with automatic investment plans -- investors that the plan to buy.
You know but when you're twenty or thirty years old is her first job maybe your first promotion you don't have a lot of extra cash you might have 500 dollar to 200 dollars a month of extra money you invest.
If you wanna buy five or six stocks you can't buy -- round lots what we can do is set up -- AIP and invest in dollar amounts which we do both Solio fractional share Google.
We're one of the few companies and or -- Kiev for any mutual -- yeah so mutual funds have been doing this for a long time.
But now the technology is a -- -- you do in stocks as well so they can set up a plan and set it aside and it works even if they don't come back and trade so URC I mean speculators always play -- -- in the market -- we're not saying that -- -- stuff that we -- in the -- that was.
A little -- different.
Even with that said it's a lot less expensive.
To go away and execute -- trade on your site than -- is to call a broker so has that -- what does that done to volatility what does that in the volumes.
You don't volumes that were we're actually -- a little bit returned to normal than his summer comments -- slope and on the market volatility -- -- and from pretty high but actual volumes and market are lower again.
In terms of investors we're seeing lots of people want to take control their own finances.
Advisors are still going to be fine for people that need advice that big portfolios for somebody that -- An advisor if you have less than a 100000 dollars and -- -- pay attention to you know the frankly most people in America.
Are struggling to make ends meet kind of pay off their -- trying to pay off the credit card bills and one of the ways you can do that is by setting aside the new budget written and -- -- thought investment plan I mean money market yields are solo right now people are looking for.
A diverse way and one of the things we try to do is help investors.
We have tools affordable real -- -- -- ETFs which are very low cost ways.
And he found that most of your customers this might be reiterating what you said attributing most of them don't.
Complete a great -- transactions.
Sixty basis weekly basis but we do both with offering of so we want to sell -- -- that you all -- -- mostly off.
We don't focus on I don't know -- we do that very often are not very often.
Yeah I think we see you know.
When you when you look at our transactions again because we're a little bit different because we have the CIP.
We do we track our regular -- -- regular real time trader daily -- what are we want to call it.
That goes up and -- -- the market -- dislike it doesn't -- -- you look at the market bottoms up today our bottoms up today.
You were having a nice day today on the Dow it's been a verbal -- in May but when we see those big drops.
One -- the -- the things we see with their younger investors and under 35 is.
Normally our body fell racial -- track on a daily basis -- runs around fifty to fifty.
5% on average it it jumped up over sixty so ten point swing on that big drop in May remember the thousands.
We'll from the bad in the fat -- the -- a mistake.
And then the next day we saw -- ten points of the by some younger investors aren't running for the exits now they're not.
Because they don't have a lot of money when you first started your career you're not making much you know but as they get older.
So we're not seeing the signs of it now on the older me for over fifty you're nearing retirement.
Definitely people are much the ball -- bothers and the big drops laughed -- in the rose you know.
They're they're nervous about the financial advisors -- -- in the financial advisors and their phone lines lit up after -- Madoff.
Well it's not feeling -- -- that it seems like you money when it's not.
That's -- mortgage unit of him you know for college yet and things like that for your kids -- you -- you must feel like it's -- money.
But what's what -- seen -- different you president around for very long time.
He one of the few that allow this automatic investment plan out there if not the only one.
Investors want more bang for the buck I mean they really are taking control and we think it's a perm we think it's a paradigm -- we think that's not just a temporary blip like a fat.
We think it's that people are gonna be more active.
And controlling their own destiny with a -- -- cost them.
We actually just lower fees -- recently as little 795 for regular.
Limited market order -- -- -- -- -- -- -- a dollar will mostly twelve -- -- a month per month and we find twelve stocks in the -- -- by you and a full price for right now -- rays -- trade some of these others you know a couple people lower the price and I don't think it's a price war we're just trying to deliver more value and our cost you know the Internet as -- change -- dynamics of -- investment products are distributed.
Anderson and the cost of gone down we've never taken a paper application not one at your -- so all of our.
Is that although online and that is for deuces -- mean to middle statement summit here it's like thirty dollars yeah you know it's expensive -- -- -- -- -- Exit if these get a diploma online and look at me you know of that people want they want and they wanna deal will look up there on the mobile phone or at home on that what -- their -- -- wanna wait to office hours.
Sarah loaded -- come check it out like a set and the best part is that can automatically do it could and I think he went in the -- the only rough the only were the largest -- and got a leftist greens just present and then he share building thank you -- great thanks Tracy thanks Chris except -- they have been announced among us back Monday's state that.
-- -- -- -- -- -- -- Of course I -- a good bomb we have two dollar and 71 cents a gallon gasoline on average around this country what does that mean we're starting to go back.
The buying gas guzzlers.
We just we just cannot be waiting on our -- you know let me and it's not it.
The government's -- to -- a huge gasoline tax sort of force our hand at some point time because we just refuse we refuse to act responsibly.
Sales figures earlier on this first five months of this year vs first five months 200990.
These are easier comps but luxury suvs what really call my.
Up almost 33%.
Sales of luxury.
SUVs when talking about trucks would -- -- that construction workers need we're talking about cars that.
At all everybody driving and doesn't need a period 100% you don't need it.
Wrong now come on line -- why he asked why.
Because senate and many cars are lumped into the luxury SUV.
For instance the cute little accurate and DX.
Is considered a mid sized luxury a luxury but no I had -- -- yeah Bob.
Considered a mid -- SUV which is -- it's the luxury -- the market is like Cadillac -- -- and -- the navigators -- that kind of thing.
-- Yeah knowing you have more than two children and about.
And that's in the back -- -- mark I think.
Think not how he can get one of those Sweden's Volvo wagons a lot of those things -- the Audi and the Audi -- right yeah.
Went on the move -- that we have not seen Chrysler.
Do you -- -- much ads right we haven't seen them in India is a print ad here and there the dodged -- got the Dodge Challenger there's an ad for that going on right now.
The new Jeep Grand Cherokee we'll all -- -- they're gonna have a major -- roll out later on this month.
And it's really the first of many they've got some newly designed Chrysler 300 Chrysler Town & Country Dodge Charger Durango.
On -- they're gonna have commercials for these over the next six to nine months.
Tracy come -- out so they're finally gonna give us a little bit of an advertising blitz haven't seen from them since they exit bankruptcy but the interesting thing I thought was.
Of all the vehicles they stated in this story the Wall Street Journal story Dodge Avenger Chrysler Sebring the Fiat 500.
Is really the only fuel efficient vehicle on that entire list.
Because people are going back to buying gas guzzlers here in this country we just do not care we don't.
We -- we never left we never left alone in big gas dozens of the world like himself never that we never they ship.
We require that we now I hadn't thought about it but she never did credible answer I'm gonna -- again you can't put three kids.
Backs and any other bag aggressively you have any Smart Car will find a way to admit that I -- go that.
Lincoln -- that thing I would be scared to death.
We'll be right back -- can.
My husband dot com -- Tracy Byrnes got gas guzzler Chris confident even.
But he's going to do if I did if I did I wouldn't if you did you wouldn't be -- gas tax and -- Brett.
You know -- and -- CB Tracy I do you don't.
Three kids with friends.
It's not an especially tough if not driving an -- that's my point you you put three kids in a row and think you get from point to point it would have to get a black -- yeah I guess I -- I define an escalade my bus because only there on the rose because -- -- -- -- six dollars a gallon enjoy -- -- We have to talk about really cool things and am -- clock I'm -- I'm not -- any gas tax.
Robotics and physical thing you know what world and this is the way surgeries going and I got to concede some money down nine.
The dummies here CEO of movies or with the coolest little -- -- in a long time.
-- welcome to him.
Tell us about -- creation.
Thank you for having me.
So we actually in -- muscle or invented and developed.
During the last few of the final six and a fine if you actually.
The smallest and lightest surgical robot that -- to -- -- market.
You 58 feuds and we use it to him many many different types of spine surgeries.
That is not cheap is it.
You know everything's relative I guess if he can't walk you do you pay -- pay whatever eight yeah.
Through we -- product now in the youth market took to the range of 750000.
Couldn't tell you what you see here is actually just an endpoint off.
The entire device.
We're missing here a few big.
Complement component two -- processing units and others and and the food and who that's an important going went -- content we we do not intend to replace decision what we actually offering.
He's their ability to -- line between the plan.
And execution of the surgery itself.
And to do -- -- -- -- -- -- while doing it community and basically you know and with almost no radiation.
So you're okay -- the surgeon uses this piece of equipment.
And what is he doing he's actually going into the spinal cord.
Two gunmen and different types of fine food -- to -- -- -- -- -- has -- used -- -- today.
You more than 15108.
Cases of Ronald.
And more than 7000 incomes being -- if two more being removed and many different other procedures pulled away from them -- was fine until the cervical spine.
That the way things used to he's it actually float freely to the patient.
And deep deep -- would -- its borders -- instructions from the processing unit.
That has been playing -- -- pretty good -- to -- him.
So -- decision note to identify on defeat give the patient would -- to worries of what he wants to place in the income and what where he wants to inject something.
Before we hit dolphins -- to more I'm more proof that manipulate the -- To the right trajectory and and position me to do that -- individual trajectory of that shooting incident tool he was keeps the targets and planned.
-- -- the thing works immediately from what you've seen in Germany and Austria did the success rates are 100% and you haven't had any any complications from -- right.
We received with several clinical papers have been I would put that we published -- -- -- him by American students -- it.
Did the recent one is that the for the -- -- from must go to -- to in the Philadelphia.
And do well on the bicycle home from -- -- -- And I'm -- convict now from Texas where we actually sold -- New unity in in Texas.
Resource health in piano and authorities even among -- -- -- for a -- you obviously.
Stop the Colombian justice be used on -- wholesale basis here in the states -- just known.
When the smoke introducing -- to -- introducing you to interview with the market is it cost prohibitive at this point and maybe not in the future but at least at this point -- -- -- -- saying -- -- -- right now -- can't afford it.
Milton the purple with saying we think -- a great deal of interest from many hospitals and if you're looking get.
Obviously a big successful -- Robles companies.
-- intuitive surgical and honest.
There were basically.
Insensitive and look very much affected along the last 1015 use.
Because nevertheless walked the financial institution he's in the market.
Hospitals still needs to differentiate himself on from the other and they will always compete continued market market true.
You sponsors who do nothing -- -- he's -- on the physical rowboat and we actually opened to door opening the door for beef approach.
Robotics is very hot and it's we're seeing in all the -- medicine.
Is it taking a place of the doctor of the what does the -- thing because why isn't this surgeon's hands better -- -- this.
It's it's a great Christian interest -- take exhausting you know.
We -- the world would not replace benefit who -- apple.
But -- some spine surgeries.
Dance -- -- special procedures that don't very very precise.
And today -- in the doing it while they actually opened with a patient and to be quite pervasively.
Trying to thread.
Without touching the eyes wide -- on the closed durable can do it without being trained for that sue.
The third -- placed by the system actually support team and enabling him to do faith and precise surgery.
We don't open without due -- less invasive procedure and we've significantly increased level of safety.
What are we talking about here.
In terms of insurance.
Medical insurance health insurance.
Issues going forward because that's -- -- -- our insurance companies -- gonna say look this is very expensive surgery hostels are obviously gonna have to charge a lot.
With the training of the doctor for the equipment itself is going to be an issue there.
I don't think so for looking up to destroy critical of other physical what systems actually -- insurance companies.
Encourage the use because these sort of return on investment by improve the safety and significantly -- -- cases.
I think the -- -- -- -- the paper.
On about 82.
-- your brief cases of children.
From -- tell what it was viewer revision cases would.
The -- the other what if you don't you -- know what the revision Lebanese much much higher so I think that's the benefit to the patient is very significant because being proved.
And therefore he's been also cleared everybody of the -- you know already to do.
It's we have to wrap up quickly -- bringing -- to the states are you working on something else back home.
Yeah actually we're working on different types of food procedures for going -- -- is only -- for justification.
Well going all the way to.
Both though because in the future we may -- to go to the brain.
And -- if there a whole range off product portfolio including influence.
That's about the talking blunted by the surgical role -- so have the -- -- gulf but hopefully it's fantastic thank you -- particular mushroom injuries.
I'm going to tell -- CEOs -- is doing the company it's making the spine assists.
As well as other robotic surgery surgical devices cool stuff we are up 201 points again cresting 200 and we really where we and we were up about 170 something.
I've called for an energy tax as soon as I did the markets climbed above 200.
That was at the moment all the chairs -- into the bathroom and -- thought you.
-- -- -- They would have put sell orders in and they decided run for the hills that that I said something like that.
Actually when it would that doctor.
Don't -- here said that.
That surgical devices -- -- -- that brain surgery -- that's when the market without the light sweet not a can have brain surgery.
He can fix whatever is an area for Obama by name -- -- other than.
Me what his move in this market hired to tell them.
-- An attack our earlier actually all the energy stacks up Anadarko one of the big winners though -- -- up almost 11%.
Because number four is BP BP.
Fell yesterday came right back today.
You know the UKK -- said it's not be enough on our company came to -- president of Washington.
Spoke to Washington since -- got the word out and said please leave us alone your kid on our stock -- -- -- a company that -- giving all our people.
Its shares came up BP also put a statement if they said they had no notion of why the stock was down to begin with.
Men's Wearhouse is up today and -- tell you why it's that.
Because we thought they were gonna do women's -- house.
And now they're not so the world rejoice it's my would you -- Dress Barn but he's a warehouse we've got a barn you know he wasn't.
-- but -- but but then you know it's just more places to -- But Newton Men's -- shares advance -- Retailer reported quarterly sales beat expectations were you aware that Israel has now you know it's like -- buy one get one think it's likely go to like -- -- get a free -- -- -- -- dose of -- bank is the -- -- that he's in those spots dose of a bank is -- buy one -- get eighteen suits and twenty -- -- it literally is something like I.
But actually that was the point they wanted to compete which doesn't say thanks -- just a big banks -- women's clothes still while there I don't know.
And though even -- that.
-- capital the shares jumped actually about 14% -- is an insurance and administrative service provider they agreed to be acquired by Old Republic.
International for about 220 million and you -- echoes that sends a -- up and your big look at today's -- our energy generation this is its Chinese provider of wind turbines while matter wind -- that seems to me like you need KG machine right there -- how -- did -- go -- today the allotment what do you -- percent earlier today but they raised their earnings and revenue estimate for 2010 and so there you go out beautifully you know what comes up the rest of the show it's hard sports sports -- -- we would understand he's -- unlucky with his.
Numbers I'm going I'm done I -- my -- all of my daughter I'm done.
So this is youth speed does not for me it's no that clock is dot com live comfort -- records.
We -- -- thought about.
What's by the latest going to be a regular segment on fox does dot com -- it is every week eleven I hit and so jazzed about that we start this week with.
Former art team USA goaltender Tony Meola is here he's former everything I mean that you tried out for the jets.
New York Yankees farm system so a lot of people think you know -- -- the only musical ten of the team USA but you you're an athlete of I didn't leave any stones unturned.
If my puppy for oh part of a big thing about the World Cup and especially 211 of the two that you compete in the 94 -- cup in the states was.
This is it now -- is gonna take off here in the states because nobody -- -- see how great it can be.
But it never really -- why why -- soccer taken off as he thought it might well in obviously we had the World Cup here and and from a competitive standpoint it took off that was the team's.
Springboard he knew that was the team telling the rest of the world we can compete with anybody on the field.
And we had to translate that into.
Building Major League soccer two years later you know we we -- initially going to -- to start the league in 1995 it got pushed back here.
And we had to use the World Cup.
And again is that springboard -- that I think -- over the last fifteen years we've grown into a league that can compete with anybody on the field.
And we've also -- gotten into an economic situation where.
We're stable as a league who we can now develop and sell players which is part of our sport around the world.
And I think -- going to see here in the next.
Ten or twelve years to transition not from the United States to Europe but for Europe from the for European players to come on over here and and of course David Beckham was the start of that whole sort of revelation that we think is going to take place but I think we're gonna see an awful lot more of that.
Because -- point.
It's easy policies policies and it's just letting money plus testosterone moneymaker.
Well it probably isn't -- -- to think -- the -- you're gonna compete with the NFL and and the you know eighty years of history that they have been.
And you know the NBA's it's just not going to happen I I think the goal for Major League soccer certainly was to become one of the major sports I think we've done that.
OK now we have to find our niche and and -- the speed to be the fifth major sport in America.
Isn't the worst thing in the world but but.
Do we we have some from Don Garber commissioner of the league on down.
We have some very intelligent people -- the league in and understand that you don't become the NFL overnight.
That's I think that's a good point is that -- they've had the patience to kind of work through -- season by season and not to give up not to expand too quickly like so many other leagues have.
And having folded -- you -- a multi sports star in high school a lot of what what would people say are.
Every every kid plays soccer and and then we get the high school.
Basketball and football sort of take over in soccer sometimes gets -- by the high -- level and baseball sometimes gets left behind the wheel well let's face it earlier this right.
-- it and might be earlier but let's face it when your -- fifteen years ago.
Was there an end goal in soccer.
There really wasn't you play through high school he kept in shape now you have Major League soccer.
We're coming upon the World Cup now and you're gonna you're gonna get a taste of the best players in the world.
It wasn't the cool thing to do twenty years ago and and and guys in -- -- really at the forefront of of developing the game and and certainly.
Now they're they're watching Major League soccer on TV every week we've got the biggest sporting event in the world coming for the next month.
Leads there as competitive as they've ever been and and of course salaries are going up every day which for young kids and parents you know you tended to hear your -- your programs those towards us thanks so.
It's growing every day in and I think the reason we can be patient in our sport and have been is because it has grown we haven't taken steps back open.
It's -- quietly -- and I still saying Chris knows I believe I blamed.
Testosterone filled fathers all around the world -- -- -- start and soccer and end up in football it's just.
I and I think our area in particular.
We're both from Jersey there's a thing about it.
And it -- a stigma.
Now from Georgia know football is everything you -- play in high school football you know you're missing out on something and and that's why I've bought that.
Personal experience soccer was okay but it right if you you know if you have a choice -- do to -- playing football Bono.
Question any take -- a great example of such a -- been around New Jersey for quite some time and it.
Obviously -- big ethnic base in New Jersey and in the New York area.
One years ago you wouldn't drive around and see anyone in Georgia playing soccer now Atlanta.
Has some of the biggest clubs in the entire country so that's part of the growth in and night I said while I was coming up soccer was a young sport.
My generation was really the first generation to play.
Again we didn't have Major League soccer to find a World Cup game forget about it you had a rabbit ears on the on the roof spend you were tuning into their radios like listening to.
Currently lacks an Italian there right exactly -- -- -- -- you're exactly right and and now.
That being the evolution has come full circle now in in kids have outlets now on this game and I think.
-- we did lose some of our best athletes to some of the other sports.
But it's growing every single day and the kids that I grew up with -- now -- -- there promoting the game to their kids and that's really how needs to grow.
I thought when the win and one.
The gold medal.
But that would really change it for.
Women's soccer is well and that you know we -- -- hand we have listening -- -- off.
Randy Jones fans think he got that they get to name -- employ -- if they're not exactly.
And imagine what that that how could well it did on the women's side in what it did it it -- started the women's league and now we have women's professional soccer.
And where it really did and he tucked up behind the scenes at the college level.
Right there weren't scholarships now all of a sudden with title nine in all these teams heading now almost women's soccer now -- the program.
-- so many girls the opportunity that would have never had the opportunity get scholarships to go to school so.
Did it did it work sort on the commercial side maybe not been on the business side maybe not but it did offer some opportunities that for for girls and women that whenever there before.
Real quick this is going to be for soccer fans out there that can't understand is it better for -- Best players in America the best American players to play the MLS was it better for the Landon Donovan of the world to go and -- at Everton to play for the big European.
For me it was always a personal decision I had the opportunity and -- numerous occasions to go overseas to.
I chose to stay here -- Major League soccer for a guy like Landon Donovan it made sense to go on loan for a few weeks before the World Cup.
I said ultimately our our tests will be.
When -- US national team coach picks a World Cup team with Saddam lead Major League soccer player yeah.
The trend right now as you're young you start your career Major League soccer.
You go overseas you make multi millions of dollars and then you come back here towards the end your career finish your career next to your family.
And that's sort of in the cycle but I think that will change in the future.
Great it's good -- on.
-- much -- -- my pleasure Jersey got.
Things come at a Jersey Chris cutter yeah -- I -- -- -- buffalo are going to learn the hitting it into effect at at you we continue our sports segment though this is heaven for me I'm just gonna show on Thursdays -- you know actually we should have Tony like kick.
Ball or something -- like.
When the studio with like multi million dollars with the equipment you know he's good but you know those very dangerous.
Steve Baker joins us right now sports attorney agent -- -- -- management at a San Francisco State welcome to the show.
Thank you for having me I haven't sold many topics speaking gets down the -- let's start.
Let's start with -- what's going on college football right now because there's a lot of news about.
That the conference is breaking up expansion.
And where it's expected here maybe as early as tomorrow the Nebraska is moving to the Big Ten what does that do to college football if indeed that happens.
I think that personal wanna -- on another Jersey guys -- -- I don't really want it it's killing me I'm not here in about -- -- -- -- -- -- -- -- -- Tony Padilla the Rutgers yeah I -- I want.
I should -- I wouldn't -- -- Cornell but my whole life was under the I.
Will forget it.
I think I mean obviously that that the landscape is radically changing it's looking like that the Nebraska move.
To the Big Ten could then trigger a huge move a lot of the other portions of the conference going for the pac ten and in -- into the pac sixteen.
And -- substantially change the college landscape as we know and it's all about money right.
I would think -- a lot of have to do with my -- I -- I I you know you hear people say there's other issues -- academics are also involved but I think the largest issue is is that you see it.
The Big Ten -- -- TV contract where I think the typical school that's over twenty million dollars a year.
Teams in the -- and I think her more around ten million dollars a year.
And as these other schools come into I'm coming to the conference it obviously -- -- much greater leverage it.
For example create their own cable channel and and additional programming regarding content.
Steve let's talk about -- is Chris knows this is summing -- bothers me so much to these kids are coming out of college or wait.
No they're not and that is in high school these days they're going to get CDs and getting.
Big signing contracts.
No where -- -- -- -- and how doesn't make the players who've been around for awhile feel when the new guy up who barely has a driver's licenses making more than you know.
-- timers and make in their lifetime.
Well I don't think there's a problem with what athletes make and I think athletes are part of something that's extremely lucrative and I think they share -- that.
I do think there's to some extent the problem that.
That for example in football that.
There's probably maybe too many of the resources that go to the top ten players in the draft none of them the veterans would like if you go to the veterans.
But for what it's worth for every one of those top ten or fifteen players -- you -- getting these huge contracts.
There another 200 players were drafted who frankly for 45 years -- paid substantially below what the market value are so it depends the balance out.
Yeah that and you know each league is a little different in that respect isn't -- Steve because I know in the NHL they're very structured deals in the NBA is sort of the same way.
-- drafted here this is what you're gonna get paid.
-- baseball in the NFL it's very different isn't it.
In the NBA they have a rookie salary cap where your your contract is pretty much fat as -- draft Oden and you only see the huge dollars and you certainly few large dollars coming up with the huge dollars you see when you come free -- like.
LeBron James is now about experience.
I'm in the NFL you have.
A little bit there is there is no a rookie salary -- there's a rookie salary cap league wide but there's enough latitude that.
You -- see these top deals for the higher players.
In baseball -- little bit different the players the very top ten to get very very large field.
But but generally the players are undefeated big -- until free agency and as you said in the NHL as much or structure.
-- -- I have free agency is changed because certainly has over the years.
Well I think free -- he's gotten much more sophisticated what's happened is as one free agency first started in the in the early nineties.
It was something of the Oklahoma land -- where.
Now you have twenty years of experience where teams are much more sophisticated they spend their money.
An example that is this year you -- US and -- here in the NFL because of the the labor situation.
If that existed twenty years ago I suspect you would have seen monster contracts coming throughout the league.
But the we have so long to prepare for that happen that that it was a much different free -- normally seen.
I think it's upsetting for people to see their favorite stars leave but at the same time now the free agency has been in place long enough.
-- had a chance to to anticipate and and usually keep the players they want to keep so rare exception that is something like the NBA where.
Where a team doesn't have any -- to hold onto players -- LeBron James to potentially.
Steve I'm gonna give you a chance here to defend.
Your profession and the reason why I say this is because.
A lot of times.
People look at Blair.
Nothing all he's a boy this guy is Scott Boras guy.
Athletic I think that I think it's 75% for the people who do it deserved the bad rap there's a lot of corruption and when the money a lot of bad things happen.
I personally think Scott Boras does a very good job for -- -- now.
-- I can understand why fan would be upset about the work -- stop or does.
But you know that the written to stop -- job is to do the best for his individual client and frankly there's very few people have you done a better job was -- But I understand I mean sports is.
Sports hit people very strongly this really hits me very strongly this -- -- when I see people talking about money about something that I think -- more entertainment it's hard.
But the reality is it is a very lucrative area and and people deserve to -- reward.
You thank mama and I know that doesn't make enough money to pay the players than a -- -- get paid and that sort of that's sort of my theory and ultimately the owners do.
And -- as there is an owner out there that's and make enough money to pay the player.
It's it's it in the history of in the history of.
Ports I've never seen a player ever that I felt was.
Paid because the simple reason is is that you intelligent business people that that are making those decisions.
The times the players and the being overpaid is when they don't perform up to their contracts.
And that's the GM decision about choosing the right players -- the money that the thing.
-- JaMarcus Russell -- -- -- but I know you don't wanna talk about specific names well that you know he's right around there could have been.
But let's look at JaMarcus Russell JaMarcus Russell was overpaid not because he was paid more than what he deserved as the first -- he was overpaid if he ended up being a failed first yet.
In contrast Peyton Manning.
On and Donovan McNabb were taken around that area the draft early of their careers they were severely underpaid yup because they were draft choice when -- -- -- Russell.
Even so this is -- -- -- so -- while all this I gotta tell you it's really hard for it likes.
Especially if you're not glued to the TV to -- -- seven as Chris god is watching sports when he can justify.
Yet -- -- different mountain to justify these salaries and where we're getting this money it's.
-- -- You yeah.
What it's worth I totally sympathize with your feelings I mean the reality is is that.
It is something that we -- -- a game yes.
But at the same time the standard line is we don't begrudge great musician when they're paid well we don't -- great -- when they're paid well.
-- with getting upset the Conan O'Brien is getting the kind of deal that he's getting he's getting it because people were making a lot of money your -- -- any privilege that's what happens in sports we need a -- when.
-- actors get paid a lot of money so.
Thanks Steve good to see I thought I don't I thought Lotta Love Boat episodes right and right.
Simple I love the -- Steve what's this and these grab -- of -- agent -- woods management in San Francisco.
Great conversation there what we think we break.
When we come back.
And its investment in -- it's better.
-- -- The movie network from the seventies I just read a little brain cramp there forgot what the nano was the only guy goes crazy I -- that's what I'm going to be here eventually but not yet.
This morning Bob -- -- you had yourself a little thing.
And when you -- -- on paying you I want to.
To blow up again I am taking over and it's got -- -- -- back on the hot weekend and add to get some good and good.
Important for us you know about so many schools and stuff and a little it didn't do anything illegal.
What we're talking about is the iPad.
And if you have one listen up because about a 1141000.
Identities have been revealed or email addresses -- -- -- a small group of computer hackers.
Found a hole in AT&T'S website and this is the black eye for AT&T because eighteen -- right now as the exclusive provider.
-- are all of Apple's products.
So what's happened -- there's a hole in the website the group of computer -- said hey it was there we identified -- we went and they were able to find numbers that.
Tied it the users to the AT&T network which -- identified.
We're not just talking about a 1141000.
Non names here we got names and got -- high profile names.
Mayor Bloomberg was identified as one of the iPad owners and has email address was revealed.
And Judd Diane Sawyer we're talking about politicians.
-- Emmanuel the -- the White House chief of staff.
-- but they said that Internet illegal they just found the whole name to -- -- -- AT&T important to say.
Has identified the problem and they immediately escalated to the highest level of the company they solve the problem as -- Tuesday but that wasn't a 4141000.
Revealed that as iPad users and their email address but eighteen -- says no.
Personal information was revealed and no financial information billing information and just -- email address is but.
Tracing Christine the bottom line here is that it shows corporations in general are still have a very hard time protecting identity -- protecting.
The very personal confidential information.
Clinton I would have made customers would amaze me through this little things that there's good people out there that went -- Like that there's still people out there doesn't amaze you if you -- kind of like a million people out there were doing it every day but it's just like let's sit down and see we can break into today it's crazy little mind and then they've they essentially -- -- heads up as we reported they said okay.
We're able to do this topic is not simply -- I mean -- these guys are out there it's so viewpoint it's scary because companies still can't and -- from the perspective of AT&T which right now have the exclusive.
Writes in to disservice for these products.
Exactly -- and once this contract's up with apple.
Of course Apple's been sending is only eighteen -- going AT&T but -- the cost has continued demand more because they're scared.
For their confidential information well then what happens next but it also makes apple look bad because apple uses them.
And if they continue to have these security problems it's not -- last I am gonna be an exodus of customers if apple decides to go to another -- No question I I just had the most ironic of ironic thoughts.
I was about to say.
There have been it.
Deep ultra geeks out there since the beginning of time hack into computers remember in war games missed the details ahead this the details ahead of -- connect us with but the irony is.
I'm a -- for knowing about mr.
potato head and word games I'm having as much of a -- -- -- I know that line everybody.
Not only that that that that -- come anywhere Sandi points topple this -- -- can violent that it's the annual Fox Business Network Wall Street Journal softball game on Saturday you know excited.
No one asked me to play some give here -- you're saying that they just presumed Robert Graves at.
I thought ray Hennessey and Robert Ray dropped the ball they'll literally and figuratively you got to play I don't know I am I don't want to hit I just like being out and out listening listening we don't -- all the help this is co reckon we all the female -- -- yet.
And even Vegas who works on the web so she's going to be out there as well Susan Powell -- she's here.
I did last year signed up on how I hit a solo undefeated we involved -- -- ball team is on defeated -- that one game.
Yes we -- one and no -- you -- still undefeated though glass half OK but you -- -- -- that much pressure on you to win that one game it's WE play one game a year if you lose it.
You haven't yet won a game yet -- entire year to win another game I -- -- the -- as well as does the 11 o'clock Saturday morning at that idea and when -- yields out on this data fields in Central Park.
I don't know -- field and we'll figure that I doesn't -- -- CNN.
And yet -- had Tony -- coming York actually we had to win Cliff Floyd former New York met it here he could represent Fox Business Network.
Tony Rondell White that's right we've had a lot of that aptly called on the basis we were products business that are created on the fox configure dot com team -- thanks everybody for watching we appreciate -- markets a 484 points it's a good day of he would go and until the end -- -- you -- out there if you're bearish probably.
Don't want that but.
-- again quality I --
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