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-- -- -- -- and almost 22 points smile about Suzy Powell is so.
The shares jacked up too high and it.
You waited your way to go out and that was why.
I just noticed that when we went on the screen and I look -- -- outlook.
I know you see this local what's happened in the early years.
There's such a proud New Jersey -- -- Bon Jovi opened up the meadowlands last night was show did you see that finally meeting you go see that show you violent.
New Jersey -- don't like button Jovi you what this is a misnomer.
It's a that that's not possible it is true he's selling out how many shows -- the metal and there not been very Rogers.
Like and -- -- this is this the common theme to Jersey people gonna get in the market limits of doing that.
-- this is -- common theme to Jersey people as you said the same thing about.
The Jersey Shore you say they're none of those -- -- but not their front and says certain places and I associate with here is the pop culture wise use you want nothing to do it it it's -- it's just there's some true.
-- isms about Jersey people.
And Bon Jovi.
The show Jersey Shore.
Not -- Bomb we've got a lot to talk about today -- to not only is the market up -- -- ten points right now we've got.
Fixing potentially fixing -- fixing very close to fixing the oil spill.
Down on the gulf right now we await news on that were obviously and keep you today and that -- -- changing and let Jeff.
Clocks at at best it's succeeding but it hasn't Jessie Davis.
At first I thought that that we read over my head but now that I yet digested it perfect.
President's first press conference -- we -- press company to press comment that's Q&A with reporters 1245 today.
In solely a lot of information persons and -- -- me.
That a long time that's right 300 hazel very long time it's so it'll be -- much on the offshore drilling but it's an embargo.
Is Houston a commercial break without this.
That the reverse it do something about it bomb.
And get a because obviously there's a lot gonna have happened with offshore -- Overriding theme today -- being above about it all right.
Yeah it's not -- -- -- they can make -- -- -- the yet to make her shorter with the missing missing all right let's get it back together after.
That so much.
Having William -- downstream or Louisiana watching -- comedy affairs and listening to.
-- -- -- -- -- -- I'm fine and good morning Harry how good morning sack -- how you down there let's -- What's the mood down there these days -- -- the -- of basically all of what's going on now -- British Petroleum succeeding not getting yet.
Not yet succeeded that.
To close this out what's going on down there.
Well actually demonstrate what Louisiana which is about 360 miles north of the gulf but.
Nonetheless to quote Jon Bon Jovi -- -- -- -- -- such -- obviously.
We're not living on a -- here you know -- out.
I think that.
I think that.
The -- people hoax or are -- some success down there and and everybody sees -- on target but what a massive disaster -- -- it's really really tough on the economy.
Down south of here but we're up in the north not west part of the state they look pretty good Shreveport Louisiana.
Tommy what do you think about what's going -- this market yesterday Tracy and I ahead to a financial advisors on the first one said we're gonna hit S&P 600 by the end of the year.
-- five minutes later all we heard thirteen hundred on the S&P -- I don't think I've ever seen it you know the end of variations of opinion so wide right now what do you think about that.
What I think maybe they're both correct you know broken clock is right twice today -- and so if you if you just simply say something.
Consistently then you going to be arriving at some point.
But I think the message reviewers is this is -- most uncertain time.
And I've never seen -- -- polarity of opinions.
Have credible reasons to be optimistic and pessimists have seven only credible raises to be that they pessimistic so.
I think that it's a very can be using time and they invest in America's got to accept uncertainty.
And as the rule of low water now the rule of the day and -- if you don't accept that uncertainty then I think you better.
Better not participate.
But -- is an understatement and we have the -- the volatility index of 73%.
Right so where do you back -- as an investor I'm confused.
'cause one they -- down a time the next they were up the time there's no way things changed that dramatically overnight.
I don't you read this.
Well I don't think that you have an investor you look at things from day to day I think you have to have a longer time view.
And volatility battle is not necessarily a bad thing if you going to look at things over a short term.
Like that that you better have some type of investment process you'd better have a cell disciplines.
You better be very proactive in most American investors are still clinging to back hold -- open.
As a job as a strategy and and I think that strategy is is is they added you've got to be a day trader.
What job by the way I'm not but if it if you are today right at them passes bad -- -- -- -- for an.
And but most of us -- investors looking at things for the long term.
And so we need to have an investment process that's consistent with what our objectives and goals are.
Tommy if you go back -- let's just say the summit 2000 -- 062 years ago.
In the last two years those investors that are you're clients that -- will want to look long term has still seen things they've never seen before.
And I would imagine this volatility.
The algorithmic trading will be lost a thousand points in one day all these things are sort of combining.
Two in Tracy said this before.
Would cause people to stay on the sidelines I'm too nervous I don't wanna -- in right now and are you fighting that fight with them do you think the same look.
There are ways to get -- -- feel comfortable and feel confident moving forward.
Well I think that again -- investors that that I work with.
Have learned to accept certainty as the way things are.
And so you have to do one of two things one you either deal with the stock market in ways that you can have guarantees.
Are you deal with the stock market in ways that you can manage the risk.
Having a -- disciplined.
And both of those concepts about the way our our relatively new to the psyche of the American investor.
And but if you got -- that I think -- better a step aside but -- You've you've -- -- just like you were in 2008 looking back having just given up ten years' worth of performance.
I don't think that say a legitimate way to invest and -- sure in the -- two.
I think one of those two approaches his his got to be the way to go and that's certainly what we're doing know what our plans at all.
-- time we got to run and ten seconds but can you just tell us quickly what -- did you put your money in.
I think technology looks good with businesses.
Being -- -- had been having lots of cash.
Coffers and they're technologically up prehistoric right now -- two or three years since they've done that.
Think that's a great sector and consumer discretionary would be my second choice.
Beautiful thank you -- good to see is always sense that -- he'll be -- -- -- outstanding.
And -- to say elegant I kindly on the Shreveport Louisiana he's a founder president wins financial advisors always -- challenge him always good for me.
To get a southern accent on the show as well.
Like I have great hair are and I feel bad I slammed him out of the hair thing annulled the whole New Jersey -- -- the -- -- on dot com we've got pulled -- we want to participate in today who should be responsible for the cleanup of the oil.
Leak in the gulf of the clean up that is the US government and private sector only or a combination of both.
BP providing the funds.
And the public sector helping with the clean up you decide to go on the pole and give us your thoughts would that -- that this.
Still haven't had a funny feeling.
Welcome back about -- -- my treatment is cut -- the Dow is up 216 points I think that's a good thing even though it's confusing.
It makes -- happy so we're gonna take it that's exactly I still think he got Europe concerns even though China saying.
Invest in your.
No -- in the market kind of moved on that I didn't think jobless claims -- so great today.
-- down it was supposed to be 3.4 percent growth -- only seen 3% that's still not good news yeah I mean on the screen Chris -- I I don't know him we got no relief because stuff still we gonna talk to Jeff Flock a little bit later on in the show as well thought the rich -- right now though I -- I heard -- say is behind -- there.
Earlier in -- -- word is he's right -- president Kennedy said those very words in Berlin and got Tim Geithner speaking today or he's at least in Berlin right now speaking to some folks.
What is he saying -- -- mission there rich.
Oh that's right the 35 president of the United States announced that he wasn't really -- it right over there.
But now the hundred and something -- treasury secretary of the -- that statement here in Germany today.
Number of issues -- on the table here in Europe for the Treasury Secretary first of all.
Yet that that's really been a problem in Europe it's becoming a problem in the United States in the message from the Treasury Secretary.
And from Germany.
Is really that look will have the debt under control we don't want to pull back the spending quite yet because we don't wanna.
Stunted economic recovery so will take care of that soon.
No word on how soon and in the second is -- financial regulatory overhaul.
You know we in the US are.
Almost somewhat finishing up overhauling the financial regulatory system except for Fannie Mae and Freddie Mac that's apparently happening here.
And Europe is trying to coordinate with us we're trying to coordinate with them and that's something that they're going to talk about some more -- the G-20 next month.
Still -- When when you're done and you come back on you actually think that -- all this stuff is gonna make a difference at the end of the day.
-- IC -- its needs a lot of PR it's a lot of posturing and we come back home you come back to DC even nation to come back to Jersey.
And we got up and.
Well I'd say that the gates is probably better here than it is.
You know when women -- went when you have.
-- like this and and look it's.
The Treasury Secretary quite honestly you you're in China with the strategic economic dialogue -- that you necessarily in the neighborhood.
But when you've got massive debt concerns that you have in Europe you still have in -- because it's not solved yet.
And it you know you've had this trillion dollar mechanism created but.
It's not inflation and you want to push the Europeans to get moving on this Treasury Secretary want to go over there.
Show markets that he's over here.
He's speaking with the European officials to make sure that that what they view.
You know the United States a couple years ago bailed out its financial system and so.
Who better than -- -- than a guy who was on the ground in New York fed.
Had a guy who's now in charge of the Treasury Department has to talk to -- about putting a mechanism like that in place.
And then secondly there's a new government in Europe so why not stop by and and and.
Saying that and that's right that's what it is that's it's like -- welcome Mike -- Thanks Reggie Jackson you're the greatest reception in Berlin.
Given -- -- -- date on what our Treasury Secretary Tim Geithner is doing and how much how many tax dollars he's spending on his European tour that took.
Movie raked -- takes -- indication that.
And it's like nationally.
-- even given Tim Geithner is limited ability and his comic and ability once again TV's still funny -- -- that European vacation was.
-- -- All that it would look kids big man I don't know Jacob here -- guard research associate at Peterson -- -- international economics joins us right now Jacob how are yeah.
Very good thank you are you we're doing very well thank you now this agrees bail out everybody has this been hammering this thing here over the last couple months.
And for many reasons rightfully so but -- you're reminded this could end up being a -- a very big positive in the long run.
Yeah I mean actually think that the Greek -- so this because -- -- big gotten a little bit of a bad reputation on the serve and be.
Because there's no doubt that the European institutions are not very well equipped to take in the kind of decisive actions and quick actions that you need in -- financial crisis.
You know you but -- -- seven members stage you've got a European Central Bank by the European Commission.
But having said that remember how far we've traveled in the last four months.
You went from no money and no IMF involvement to a very large sum of money about a trillion dollars.
And with a 100%.
So essentially you've gone from a very big no number to a very big number and this is exactly the kind of to change and that is is change in the right direction and in that -- I think.
It's a very positive final outcome for Europe but having said that of course -- the pro sets.
The sausage making if you like was extremely here it was extremely.
Painful to watch.
An expensive take -- right I mean we're talking about a package that's a probably a trillion dollars when we're done.
And are we really get his sea change is coming out of Greece.
Time and time again we've heard people say that just the way of life in Greece does not -- -- to.
A country that's willing to accept austerity measures.
Well I mean I think we really need to look at what -- already being legislated in the Greek parliament.
I mean we've all heard about -- you know these -- retire at your full wage at 55 well that's history.
That's not gonna happen anymore the -- retirement age is now going to.
Rise by up to ten years which you know is the kind of very deep rooted structural changes that clearly a country like Greece.
Require that in fact has required from many decades.
And now finally we'd meet the international community in the form of the guy that is basically -- Greece has been put under administration so to speak.
They have to -- -- do exactly what the IMF and the Euro zone tells them to do.
So in that sense whether or not will soon whether they will they will pull through but certainly.
There is put so much pressure on the -- but I'm fairly up -- this -- in the short term.
JQ what we gonna see the Euro stabilized at all.
I think every first and I think the Euro has come down but I think you need to look at it in -- -- way that it is.
It's sin city the Euro -- other Euro is it is responding to.
You don't market fundamentals the European economies are outlawed weaker today than they were just six months ago and that's why we've seen that the -- if you like it is no longer overvalued.
Didn't back down to what I would regard as close to its long term fundamental value.
But I do think that as -- currencies should be you do that will be a bit of an over shoot.
In which case I think we could get down to about 110 perhaps.
In the short run.
But -- Again -- -- -- up positive on the kinds of measures that we've seen in Spain.
I'm more austerity and the idea labour market reform very soon we've seen significant.
New austerity measures and in -- These are the kind of longer term thing that I think.
That will will.
Keep pushing the Euro up.
Towards the end of the year so I think that led the dip that we'll see below.
Where we are today will be relatively short lived and -- that.
The Euro was stabilized I believe roughly where we are today.
So did it you don't think there euros on -- -- then and in many of Kong for the demise of the -- -- all together.
No all -- I think.
I think that the idea that the eurozone is gonna break up it is in my opinion I've completely off the track.
Because that we have to understand that it doesn't think -- make any economic sense for a country like Greece to leave the Euro zone.
And you know -- exports.
Export intensity was 7% of GDP this -- agrees exports almost nothing.
And that means that he had months sids but agrees worded text.
From having its own currency.
At a much lower level is very very limited in fact.
And that act and on the other side the cost of leaving the Euro will be absolutely astronomical for Greece.
Because it isn't it's not like you just.
Flip a coin and change the currency -- You have to change up physical currency which is a long drawn out process that will you know measured in months.
And in that time you have the mother of all capital flights out of Greece until the new drive will -- then right and it doesn't make any sense.
But I guess the bigger it concern minister a country like Germany -- Germany -- be dragged down by all this -- and a pleasant at a time we got to have evacuated to talk about that because that's media that the deep you know that could be the demise of in -- saying -- and send him -- I don't know I don't either and -- beat him chicken.
David thank you so much -- be with us.
Didn't -- guard Alan DC research associate at the Peterson institute for international economics I would think that Germany eventually is gonna say no -- even -- that span that's.
As they're probably say 99 I believe is what they would -- Jeff Flock that I have Salina in an -- Jeff Flock doesn't need to know how to speak judge -- he's not -- -- because he's been down in Louisiana now.
For quite some time Jeff you know earlier today we got very excited because we heard that this top kill method had works.
And then you you know during Barney company civil it's working but it hasn't worked -- -- timeframe on when we might know whether it is actually.
We think later today we'll have a much better picture of it here's what's happening right now I think we've we've got a live picture that we can put up.
You're looking if you look at a live picture -- -- manifold.
At CN oil -- out anymore partly because they're not oil spewing out right now for the first time since this happened the oil.
Flow has been stabbed.
Yeah there is you can't see on camera right now but there is still -- blowing up out of the Holden.
And that's what's being pumped down there to try to equalize the pressure that's working.
Now here's the next step through that manifold then the next step is to pump cement through there once they feel like the pressure's been equalized.
That's what that needs to Harden.
Then they've got a success but you know that that may be hours away later today as as early as later today we may know that.
In the meantime of course we're standing here with in the midst of the boom Natalia.
Not fit this cute fish was not killed by the oil spill but interesting to see there was oil been here look.
That is oil on there you look at my -- That's what that's oil that is you know come up there this is just -- -- -- had been clean so it's not to this isn't a victim of the oil spill over to -- -- oil.
It's basically stuck to everything that you see rocks and everything else that needs to be -- mediated that they want thing I wanted to do want this broadcast.
Is to look at other -- to clean up we've heard a lot about corrects it they yes but that's been used that.
I've got Kevin bar BA who is with.
Within tech oil spill leader international and show -- the product this is a product not being used currently although.
These guys have government contracts but BP is elected not to use them.
Why they're not using your probable first we'll tell me what your product is -- wired not being used.
I -- are listed by the EPA at the biological remediation product.
We grow indigenous bacteria and it -- this -- bio degrade the oil.
Exactly as mother nature would do with -- a lot of people lived and you're saying this is what you ought to be using because it's nontoxic and it takes -- -- takes maybe 28 but it doesn't break up the oil.
Hide it under the surface I mean if -- looks on the although they -- the boom we see the Detroit it's of the oil we saw on the fish you but the dispersant basically breaks it up and it makes it sink beneath the surface you're doesn't do that it.
It leaves it above the surface but it degrades it -- that's right what it does is it -- it causes -- flow.
And it makes it loses it piece of property sold all stick to anything it breaks it up into smaller particles that it can be eaten up in what you have left over carbon dioxide water.
And it works at the cynical among that the populace here have said.
Well BP wanted that this -- it used because it makes it break up and fall beneath the surface and they wanted it beneath the surface that not shown.
Where is this product and come on over Kevin gets and I get sprayed it in this.
Pond here we had some oil in this pond despite this couple hours ago and already I don't see much of machine they -- looks murky but.
Yeah I was able murky before -- south Louisiana water so it's going to be a little murky.
Over there were years with the camera you can see how we broke an oil down and if you notice by the rocks the oil's not sticking they had a little bit oil sticking their earlier.
And because we sprayed oil spill leader on and it's not gonna stick to the rocks anymore so it it's there's no -- left.
A home that I know that audience can't do this but you can't smell the oil right now we're real.
Yeah exactly that's been a problem there would have fisherman that guys today sent to the hospital who were helping in the cleanup they had somebody correct that -- -- you have out there.
They were sickened and taken to hospitals for those guys are still look being treated so well -- question for evidence that is.
Why is BP BP is used you before why -- -- not using you on the spot.
We don't know we can't get an answer for that we really you know we can speculate a lot but we don't know I don't want to say anything that's not a 100% true.
-- -- -- which they call supposedly we're gonna be -- meeting with them possibly next week.
And -- and we're ready to do we can clean it out of the marsh we can clean it out of the water wherever we need to get it and that's that the thought I just want to leave you with the president be here tomorrow and I tell yes.
He's going to hear an earful from people not.
Who are upset there's people that would BP.
But there are people upset with the administration because they feel not that they should have capped the well sooner like Philly should have but the BP has responsibility for that -- best qualified for that.
But the cleanup may need extra hands and bodies and maybe more companies with more get out.
And that's just not get and other places that as thick oil and is not even been touched yet and that's what they're upset about the think it was that we need to jump on this now.
Seven they were just talking and you know actually we have a poll out we're in a sea of people think who should be helping with all this right now I'm curious CBS still right BP private sector public sector should the government be involved.
So we'll let you know we get those results to block -- awesome as -- down there be safe.
Thanks guys interestingly senator -- about the people in the hospital we were talking on Barney earlier about the lawsuits -- an Exxon Valdez had huge after that spill.
Tunnel lawsuits from people who helped in the cleanup and got sick because of it no I know you know BP's can have those coming up the ranks as its.
Gonna -- to but I know a lot of people have been very concerned with this you know.
The disbursement if you will the materials that are used for that how toxic will that be your putting tons and tons -- it into the water more than we've ever seen.
And ever used in any type of and oil's -- before -- toxic will that be long term.
And the fact that -- here's a company that has that it is this material biodegradable ready to go.
It you know what would get on both get out there get in the water I think I -- why -- why is -- taken a month that's that's really a big with spotted people and that's what they're gonna let the president here about.
Com or go to break and then we come back you're gonna tell us -- -- this market higher up -- still almost 200 points Sharon to get to the -- On the that's not helping us out there on route 202 points we were actually -- we started the show -- love 34 minutes.
-- -- change that still 217 points when my dad always said.
Subsequently you got it right what's moving this now.
Tell you -- -- -- illegitimate son -- -- you insulted -- and said we -- bunch of experts -- bottom of right now.
Record that this happened and I picked it because -- -- -- -- on the list Microsoft -- -- Dow and fox fifty leader today.
FBR capital markets personal upgraded the stock and we were talking earlier about how it has lost its position as like one of the you know biggest companies in the well officially officially in its market cap -- market -- basically measures the size of the company.
It's equal to the share price times number share outstanding so the more shares outstanding and -- that that price the -- market capitalization the company.
-- Exxon still holds number one position market caps about 279.
Now surpassed Michael.
Laughed at two in nineteen it's big deal the big deal because Microsoft I think he's been slow and steady nothing prevents years now.
But nevertheless it's -- BP had to had to show you BP is up almost 7% earlier been talking about this top kill attempt.
Hopefully it works BP's doctors and I could certainly got killed in the process will but believe it or not all -- -- -- stuff has helped the others.
Like Halliburton Transocean involved in this as well.
Cameron and Anadarko and all of them today and it's kind of have an effect.
And I say just real quickly -- say watch the president's remarks about the industry in general coming up.
Because yeah a lot of big players that are very big parts of the Dow Jones Industrial Average for example Exxon and Chevron if they wouldn't if they -- -- move.
Based on his comments that moves the entire -- -- -- Tiffany's -- today certainly not 'cause I'm buying things like it was -- -- for me but that being said fiscal first quarter earnings more than doubled.
Luxury jeweler with those little piggy -- boxes in the little -- ribbons.
So -- to name and -- rebound believe it or not in elect almost all of its markets results totally crashed -- I did find out today learn -- in the Vince Lombardi trophies made by Tiffany I didn't know that either which you know I also didn't.
Was totally dampened the spirits you know the minutes from our trip we didn't know who Vince Lombardi was that at some point attribute doesn't mean everybody knows that took these just ubiquitous -- somebody when he played for Fordham was known as one of the seven blocks of granite.
Because they were just tough as nails and now he's got that trophy named after him.
-- -- -- An honor -- -- come on now for a guy like that yes there he appreciated and that acts US and 500 leader today hit 52 week I.
Fiscal fourth quarter profit more than doubled again strong sales higher margins this is a data storage device maker and they -- guidance.
And they forecasted above estimates and you know what happens when that.
To them does stuck to the roof and finally SS.
SI international this is a little micro electronics manufacturer.
Be boosted their fiscal third quarter revenue earnings forecast they cited higher than expected orders.
-- stuck with -- like 32%.
Little low low market cap.
We just got back nine and one -- loan market cap but nevertheless 32%.
Of France and let's -- -- the floor.
Of the NASDAQ where Lawrence cement -- joins us right now lord all three major indices higher than as champion led by tech -- it seems like every day on this show we have somebody tell -- I like -- that equal but America's gonna start spending.
That things -- a big again today on day.
They have huge markets are rallying right now you know up to today talking about apple the biggest -- name is not you know.
If you have an iPod it's how many iPods do you have.
All of that payoff for apple 250.
Million ipads sold to date.
Fifty million iphones.
As we learned late yesterday apple is now the most valuable technology company with a market -- as Tracy told you.
Three billion dollars more than Microsoft so right now.
We're trying to figure out what apple do it -- it's all because they spend so wisely.
For every one dollar they spend in research and development they generate 38 dollars.
In revenue in sales from that investment Cindy do the -- apple brought in about.
43 billion dollars in revenue last year mainly spent 3%.
Of everything in order to do that that's about what one point three billion dollars so it's tremendous right now apple shares to get side by nearly 3% and this is despite some reports that.
Federal investigators are looking into whether Apple's strong armed rival Amazon.
-- -- some music labels not to do business with their rival Amazon so we're watching apple shares also let's take a look at Costello it's higher by 5% right now this is the nation's largest warehouse retailer.
He grew its profits by nearly half in its latest quarter as.
It says consumers are still shopping for deals.
But they're buying more than the basics so that is good news consumer spending -- you know 70%.
Of the US economy let's also take a look at -- -- sits down.
By about 8% as the US international trade commission has delayed a patent decision.
So overall the markets are to the upside -- more than 2% the NASDAQ performing a little bit better than the other is 98% of stocks in the S&P 500.
-- -- -- -- That is the NASDAQ-100.
Just for stocks are sporting a red -- today so this rally is very broad based and I want to say that anything can happen in that final hour of trading which we have seen.
All week essentially so China can out this morning and they denied that report that sent -- -- -- -- yesterday they said they're not considering stung the Euro debt holdings.
And that's when the market -- they tonight this morning stacks up to the -- that we will see.
Arsenic and the NASDAQ thank you so much and I -- it earlier it it's -- -- -- every guy now every where you go you got any notice -- you live in the city but -- -- places even in Jersey that you wouldn't expect.
And the reason I know this because I drive.
I'm in the car all the time and every time -- capital -- -- -- iPad -- And that's why straight greens gonna tell me why why why I want I want people -- drive into red green down in DC spokesman for AAA with us snapped up about these -- night.
Gas prices I guess I love the people are saying heck we're gonna get out this Memorial Day weekend and drive I certainly would not getting the karma -- weekend.
Yes we actually have some good news when it comes to holiday travel and gasoline prices.
We are projecting that just over 32 million Americans.
Will travel during the Memorial Day travel holiday period and that's up about 5% compared to this time last year you mentioned gasoline prices.
Right now the national average for -- so regulars to 76 a gallon.
And while that is about 33 cents more than this time last year.
The price of gasoline have declined about sixteen cents since the first week of may and motorists could probably expect the price to continue to fall.
As we move throughout the holiday weekend.
That is a price where triple -- has said you know once gasoline gets to a national average of whatever it might be I have three dollars and twenty cents 38415.
That's when people are gonna start really driving -- have you guys put -- regulations in place to come up with a number.
Its interest thing we often get asked that question about OK what's the tipping point where we will actually see a change in driver behavior and no one knows exactly what that tipping point is I've seen estimates from anywhere to 325.
To 340 a gallon.
However what we do know is that in this economy I'm sure that tipping point -- -- is much lower than it was during the pre recession time period.
Oh absolutely and we're getting spoiled at least I think we as drivers and getting very spoiled an attendant -- 2007 cents a down it's it's it's nice to say.
So why then are we -- -- see such a huge increase this year is it just think gas prices is it because people have a little extra money in their pocket because.
Take a road trips and are not cheap.
I think it's primarily for two reasons first of all some Americans that I emphasize some.
Are feeling a little more confident about their personal financial situations.
When compared to this time last year of course you still have.
Many Americans were still out of work and really struggling financially.
-- but I think the second reason is pent up demand you have folks who were sitting out on the sideline.
For the last you know twelve to eighteen months ended decided not to travel -- this year because they're feeling more confident.
The deciding you know what let's go and make that trip for Memorial Day the unofficial start of summer.
But joy to drive and.
You're probably -- look at for hotels as well what are you finding about lodging along the route.
Well actually when looking at -- -- rates hotel rates are down slightly this year about 1% compared to this time last year.
Airfares are unchanged.
But I think folks can really find deals when it comes to car rentals.
Car rental rates are down 15%.
Compared to this time last year.
Airfares airfares client this is really -- is a kind of ethnic and higher.
Well like -- sit airfares are unchanged compared this time -- are you looking at the average.
-- -- round trip being about a 176.
Dollars and that's the same thing the same price that it was this time last year.
Well we are projecting.
Us an increase a slight increase in air traveled about two and a half percent compared to this time -- so.
-- airlines having already reduced capacity last year trying to responsive economic recession.
Expects other airports to be extremely busy and expects -- flights to be extremely packed as well.
So busy airports busy flights -- that mean more car rentals as well because.
-- publicly traded a car rental companies have not fare very well it you know see they're really -- -- -- You're right of course -- looking for more air travels but it's interesting the reason why we.
Figure that there's going to be a 15% decrease in -- console this year compared to last year is that.
Car rental companies probably overestimated.
Demand for car rentals last year -- probably offset the price a little too high.
So the adjustment this year is probably what they're expecting the market will bear.
You still -- big good discounts to triple A members.
Are going out the kid we -- we did win.
I ask that you -- discount is -- still -- -- in person why they still out there and are they substantial.
Well certainly if -- triple -- -- go to triple A dot com slash travel to look at some of those travel deals.
But I think when compared to last through 2009.
It really was all about the travel bargain and you wouldn't and you were able to find -- last minute bargains last year.
This year that's not necessarily the case so we are really encouraging travelers to book.
The travel arrangements well ahead of time to try to get some of the best prices of some of the best deals.
Troy we appreciate it thank you sir good information and start.
Thank you have a holiday you happy -- -- as well truly green from -- AAA and if you notice is time in my time I need to share with them where I got my highlight here.
If you see the green if you know what I mean is he an exact same time as good taste in -- where.
Because I I got guys and I got a got a moderate air NATO was green same exact color but the -- -- -- we're gonna they've been I don't forget to -- on apple clearly thinks we're responsible for the cleanup of the oil leak but Scott is not an option.
I've listened to him -- wouldn't get very far.
A couple times.
Welcome back the show up 212 points right now very nice day on the Dow Jones Industrial Average Chris cutter Tracy Byrnes with you foxbusiness.com.
Live don't forget.
Our poll who should be response from the cleanup of the oil leak in the gulf.
Again if if he -- me saying be very good designer help -- -- fun I find.
Private sector only in right now we have 27% of those private sector only.
The US government only 14% surprise that high in a mixture of both with BP.
I'm paying the bills that's of about 59% so you sometime ago and your -- I thought was yeah.
The right -- solely responsible.
That you need to have both of them but I think the government needs to play had played a bigger role.
And -- -- nobody really we're not talking as much about how much of a bigger role the government should have played before disclosure even -- to begin with.
And he has yet need the government playing a bigger role on the front and hopefully this will.
Cause that to happen and we'll talk and -- into more about this -- I'm not sure where that with the I don't know who.
And I faced my plane -- -- -- -- now are open now carte services manager he didn't talk is about the United Nations federal credit union.
-- -- -- -- -- -- -- Right United Nations federal credit union.
Serves the people that work -- United Nations around the world -- services are key we -- hearing messages from our customers for quite a long time.
That their credit cards from not accepted.
On a routine basis outside the US especially in Europe -- -- they don't have.
A chip on them this is a court with a chip.
OK these are the most common kinds of credit cards and their records that he used outside of the US we've listened to our customers very carefully they say.
You know what I knew quite -- that I can use to shop otherwise americans' record anymore.
And and it's not gonna be top -- wallet.
On an addition customers -- to us were very concerned about credit card fraud which is a big deal globally.
-- in the US that just have a mag stripe on the -- the simple you know it's the metric that can be very easily skimmed.
People feel threatened when they have.
Information has been stolen from a match right in the news to make a fraudulent transaction people feel violated by that.
-- one of your members he can -- use that card.
In the United States as well okay we're hoping for increasing role out of merchants that looks at the he IndyCar this it's called him.
In the future a Wal-Mart just announced that they were.
Getting ready to roll out software -- hardware that could accept the cards but of course they're gonna need.
Greater acceptance of issuing these cards.
By US banks were happy that it's a credit union were very.
Responsive to our members' needs and we're hoping that we need to crack in the wall in the trying to get -- -- and frankly.
We weren't knocking on the door a lot of different companies to try to get distorted and we were told go -- you're too small.
Fortunately we found from also.
It turned out that they have a a product.
View that's very solitary hours that there's a lot that can be done in the US that can be copied.
-- success stories from the rest of the world they're looking for a company like us US faced with tremendous international exposure.
And you know we formed a very good partnership -- -- right now I can use this card and I think he can use their card because it has to match stripe on the back I think okay.
But -- want that really secure transaction hopefully you'll be able go to Wal-Mart.
In the near future and can do with a chip.
What about cost benefits vs the extra cost of having a chip on a car because we always talk about.
Billions of dollars in credit card fraud we talk about people having identity stolen this and that.
You're saving a lot of that even know that -- to my understanding is more expensive absolutely.
I mean to get a card like this started is an investment for any financial institution however as you just stated the -- that comes to ways reduce fraud.
Okay for us there's something that's really an intangible but it's also -- very very important consideration.
And that's member loyalty -- treat your customers well -- make them feel secure make them feel that you care about.
They're on financial identity information -- didn't bring you more business and that's been -- -- with us that.
When customers feel good about what we're doing for them of the kind of surface were providing.
They bring us more business half an hour chat just asked what what's the difference if you like of these sir expressed are those universal cards -- it all come down to the tea.
They are universally accepted however.
Based on the capability of a merchant they can either accept the chip to authorize the transaction.
-- the next right.
And what it comes down to -- the chip is a lot more secure than it has been proven in Europe.
Let's -- -- I think eventually they'll accept goes away.
We do magnetics right we think it's the right thing I think it's I think there's been too much resistance in the US to make investment and I think that -- all the concern.
About identity theft it's definitely the way to go -- people -- ultimately concerned about.
About protection protecting their personal information every -- annual trips right don't you.
Well I'd I have I don't have a shredder -- -- tear everything up which is so annoying when you get a lot of you know the worst is this is the worst.
Your bank sends you those checks or credit card company like Tennessee got a terror often like a million pieces right -- somebody how to get by every single day.
This is gonna sound like sacrilege.
Because we're all talking about what my fees reduce the old you get if consumer protection agency to reduce my feast with you pass on the cost the consumer with -- that the consumer -- want this extra protection.
An extra 25 dollars a year whatever the case may be on your card fee and you've got -- is that upon.
-- -- and that's a consideration.
I think that in the in terms of overall banking relationships in banks should look at this is giving an insurance policy to their customers which again is gonna build more loyalty you know.
No doubt that this investment up front.
But I mean in every industry is improving you treat your customers well they're gonna come back to -- -- great stuff thank you it's very interesting idea married now Halperin card services -- United Nations federal credit union probably had to travel.
This shorter distance than any guess we've ever had on the show you think unless you're from MarketWatch of course and it's just -- -- across the street look like Iraq -- -- And Atlanta -- still.
An American Idol.
Crowned its winner last night -- American Idol.
Doesn't really kept my I didn't watch -- my kids were dying to.
-- -- Which interest me more is the process now this guy thinks he -- legalized one -- That ever got fired up.
She wins hands down why because now Levy has been and a percentage of anything he signs back to American I am -- part of the deal happen.
And history has shown us that the actual winner doesn't actually go very far because people seem to vote for the safe person.
So any state.
For instance Chris Allen beats.
Adam Lambert in 2009 out of -- all -- the -- I'm not but I ended that that was eyeliner but nevertheless he's doing we have better.
Then Chris fountain take than the year before David Cook again it's just like this the the call them that supersede the super safe guy winds beats out little David Archuleta that.
Now -- little bit -- and different and it was fine and he's gone on to do stuff.
So I think at the end of day Christmas and go home and -- the happy dance she won anything she signs from here on out is in her pocket not American -- Very interesting I did not realize that that he even if you the runner up.
You get you don't have to if you pay any -- winner tonight is what -- and it's a lot and I don't know the exact number but it's a lot that they give back whereas today that if you must like what was the runner -- last thing took less -- right what was it -- Sox are still -- -- -- Bauer Sox I guarantee -- it is out with the museum minor -- baseball team somewhere named after her.
Because Minor League Baseball does stuff like that the Red Sox White Sox the Bauer Sox it's going to be like.
The the Wayne New Jersey Bauer Sox taking on the Newark bears I promise it'll happen.
All right we got to take a break we'll be right back we're up 202 points -- But we are waiting the president to take the podium he has to of course having his first that really all out press conference in almost a year going back to July of last year there's a scene right now so we are -- Word on offshore drilling is -- an additional moratorium we'll get details on that also additional regulations terms of our permits and whatnot.
To drill offshore for existing rigs that are out there and companies that are involved -- so obviously we we're awaiting this in a BQA and you'll we're gonna talk a lot -- that it.
The president -- -- all kinds of things with the president's the first time it's a very rare occasion some should and then make the most of it.
It's long it's 308 days it's a lot -- a longer span and President Bush went too important to note that I think he went like 26260.
Days you really think it's important and I don't think it's part of evidence given any slay anything hearkens back to have President Bush did it wrong and everything you said was.
Wrong and -- -- there is on the wrong on the we've got to pull out there we want to know -- should be responsible for the cleanup of the leak in the gulf.
The US government.
Single handedly BP single handedly or some combination of the two with BP.
Taking over the bill which I in right now 52% of the folks figured that should be the case I agree with them.
The president actually did to start speaking so when we get news -- information from that we'll pass it along to you.
I agreed to although I don't know -- -- -- can hardly get my head around this what could the government have done.
What could they have done better what could they have done quicker and you I don't know Bobby Jindal governor of Louisiana says that he got a lot he had a lot of trouble with.
Getting permits and things like that who could you know could they've just open the doors and to give -- -- -- every once I'm not sure what.
Need to speed the navy down there.
Speed night shift you got us again every little.
Mickey wrote about a screwed up on this when he has to put it in.
Well basically saying that he made a mess the -- will belong to all of us it's not just to BP problem.
Some -- that's him that's.
It's the it is walking toward the end that we and we are all paying for it that is for sure -- -- -- call my hikes and excited about it -- com.
Earlier in the day we talk about the financial impact economic impact of having a suitable here in New York City fourteen and wide ranging thoughts on this between.
550 million dollars to look ninety million dollars in a big question is.
I mean you know it what's the net number is there money that it is not coming into the local economy because the suitable is here that actually is -- fact is -- money that.
Is that related to -- will be here that is leaving the state leave them.
That city get into a place like -- -- I don't think it I'm -- yeah that's a very good point because a lot of times you have big events like that in the local people that would -- going to restaurants and -- locally are not there and they did not hear or -- staying home and hunkering down.
I don't these 300000.
You know 30000 dollar millionaires like we talked about yesterday Guillen out so what is a little bit of that.
Either way it's net net positive even though might not be what Dallas is saying now is 612.
Million dollars Dallas as -- -- this season.
So January or February 2011 it's going to be in Dallas the biggest stadium in the -- of the biggest Jumbotron on the world 6121000.
Because -- kind of -- at that it but then Roger saw about seven he said and it's entitlement but a solid set of billion.
When when Captain America speaks I believe in my Starbucks said it but it's good -- -- -- million is revenue.
What that is a gross economic impacts all the money spends.
In the Metroplex area at the Dallas area for the civil.
You use them and hotel restaurants that somebody coming and sexy rent a car anything yes -- money coming into the area isn't -- And that's that's the estimate and -- -- stomach like I said former cowboy.
You know navy midshipman.
Yet Nam vet Heisman Trophy winner all American mystery mister America.
Is he says of billions quite present.
And by the ways made more money in business that he ever made in football.
But that's something that our next guest mark I don't know any notes.
For business school law professor on and a file antitrust -- to say thank you for being.
Right now first things first.
Vince Lombardi was one of the seven blocks are granted for him and then and now we find out today at the event somebody -- -- -- by Tiffany at -- time.
And the capacity disappoint.
Doesn't it Tiffany because he's afraid -- -- -- -- little nice little blue box I think she made out of rocks right that's named after and somebody.
-- is more valuable than rocks right -- don't throw water on my him parade here quite a Supreme Court is that if we talk about the NFL but it -- little bit different subject.
Earlier in the week the Supreme Court ruled against the NFL and -- -- I thought was somewhat of a surprise decision.
And that date.
Could not be exempt from antitrust legislation like Major League Baseball is can you explain what the ruling once first most.
People following this case were not surprised look on the NFL took a risk by taking this appeal to the Supreme Court.
Because the NFL was arguing -- a very different kind of ground in baseball that many many years ago.
-- a -- argue that they are really one business they're really one entity and if a court would say that.
The principal antitrust law is not going to apply because basically it requires two or more.
Making an agreement that restrains trade if something going on with just a -- -- for those of us who don't know what you're saying truly.
One entity and -- all those football teams are one exactly right one business.
Exactly and this case particularly dealt with the licensing.
Division and the NFL -- L be the best shot of getting this kind of designation.
But the Supreme Court unanimously.
Rejected it and my surprise was that it was unanimous I thought one -- two justices could go.
And does in the descent but that did not happen here so they really spoke with a firm voice and saying look the way we -- the NFL.
That these 32 businesses have their own identity.
Don't own way of doing business they do work together.
As a cartel.
Was a joint venture -- -- not enough to get this kind of immunity because if they do.
It's gonna make them even more powerful than they are it's gonna make -- a lawsuit proof.
Here's the queen is that they did that the case essentially was.
In 2001 -- -- sign a deal with Reebok -- would exclusively supply clothing hats and whatnot for all the 32 NFL teams.
American -- said we want to supply itself to some of these -- -- we can't.
Because they hit me about has exclusive deals that -- -- a little lower courts ruled in favor of the NFL that's what surprises lower court's were ruling in favor of the NFL when all -- -- Supreme Court.
And then they reverse the decision to lower courts right although some unusual the Supreme Court has done that in the past because that particular judicial circuit has been sympathetic to that argument.
But other federal circuits have not been so you had a disagreement among the federal circuits and the Supreme Court in the sense with the -- for re.
That basically answer the question.
Among the various federal court regions.
What the -- -- be so that has been settled but keep in mind that all that means practically for -- needless.
You know and the NFL -- you now go to trial it doesn't mean the NFL one that particular case.
Then one has to go to trial like a typical antitrust trial and the NFL could end up winning.
On the merits of the case for the NFL wanted was basically.
Don't sue us we don't want to be -- that it's expensive.
It's bad publicity.
It's time consuming we really don't want it and we thought we had a shot to do it because the NFL is the league that is the most unified in many many respects.
Why did something that actually when I mean it sounds to me like it was a no brainer.
I think they want to take a chance.
I think that they thought they had a shot given the composition of the court.
Given the fact that the seventh circuit will very strongly in favor of the NFL and other cases before that and they said you know what the licensing division is a division where basically.
All the revenues are pooled and divided Newton and the said well that is what we thought you know would be our best shot but.
After the arguments in the Supreme Court which did not go that well for the NFL.
It would have been very very hard on a big surprise had been when the so does this who opened the door does it just kicked -- -- wide open for not just American needle to fair.
500 other companies to come in and say hey where we got a good relation with the Cleveland Browns we want to make some -- for the Cleveland Browns.
They will be the possibility of more litigation -- that's one thing the league is pointed out that is true but most of those cases.
Fail because the league can show on the merits is a very good reason for group licensing does a very good reason to unify broadcasting.
All the things they do do together they have.
I'm a pro competitive justification it's called the rule of reason in legal jargon.
That they probably will win many of those cases or my guess is that -- -- settle with American needle.
Mean if I settle for some amount and just -- the whole thing.
But keep in mind the NFL on the other professional sports leagues for that matter are very powerful groups they have lots of money.
And some extent this is the cost of doing business for them.
Again it just doesn't make a lot of sense to me now American needle just of people know they've made the NFL acts they break so this is who -- really -- case.
This wholesome and all surrounded them.
So going forward what do we Tennessee and we didn't just and we didn't see them come back are they gonna try to like this down the road again you think.
Or is this is this is done we have 32 businesses they do their own thing and NFL moves on to the next issue.
I suspect the NFL's gonna move onto other issues.
I think -- the sports leagues are not going to get involved with us I think that the labor unions -- sports athletes are very very happy with this decision.
Because it directly.
An adverse ruling -- ruling for the NFL -- affected them in the upcoming labor negotiations.
Why is baseball different.
-- why -- they rule constantly in favor of Major League Baseball but the other leagues still have to abide by the Sherman antitrust that Major League Baseball now you guys are good.
Because in 1922 the US Supreme Court had a very different idea.
Of what the scope of antitrust law was.
And that had changed much later because of on expansion of federal government power ball kind of got in on the fun.
The ground floor and everybody else had to work that -- well -- Exactly right and then later on the courts and legal baseball has had the system already we don't want to change it now if somebody could change if it is congress.
-- -- Chris -- congress got enough on their plate Tony to keep that down Markel writes well look if you know what if the NFL won this case.
I would bet you within two weeks they'd be hearings it's.
Finally got it right and I had not had -- business school sports a lot professor now that's -- Colgate not.
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