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Hey great welcome to Friday Fox's dot com live good to have you what do -- then yet.
What are we to finish right I think we are talking this morning on another little show we do in the -- about how this kind of like it did take -- deep breath right and say wow -- to Friday but we've -- a big auto maker in the United States file for bankruptcy.
Protection we made it -- the best month in the markets for its worth in nine years.
All this and the same month that we're trying to figure out with this wind was all about what -- All right this headline we'll what are things that just trust it a moment ago is that Chrysler financial the the the financial arm of -- no longer offering consumer auto loans according to dealers had spoken to the Wall Street Journal so we'll have to get and Smartphone that maybe Chris -- to -- some of -- up -- -- -- dealership today.
Or Jeff Flock for somebody -- we'll get more info on on what this situation is remember there's some talk of combining.
GM AC with Chrysler financial also I don't know how the mechanics that are gonna play out through -- bankruptcy.
And right we have and we met that that little show we -- in the morning this is really where we let our hair down right this is really learned it is -- And that -- forgotten talked to our viewers have an interaction so.
But let your apps -- creations from the the -- got -- what do you think is your yours is your story going forward into next week what do you think is a story we've overlooked.
What do we do -- these markets now that we're in May.
Have the gains that we've seen over the last two months will be disappear you know this is one of the best two months run in the Dow and seven years for the Dow.
Better even for that since he's so it is it all over -- Is -- down hill police think could let us -- Well and we're down thirteen right now the Dow Jones Industrial Average in New York so we'll talk about all of that we've member later in the show -- upon us.
-- -- is gonna Jonas from the Wall Street Journal Wall Street Journal columnist out of Boston to talk about the stress tests which are delayed by the way -- quite -- -- to.
Seventh of may Jeff Flock I mentioned earlier from -- -- Chrysler headquarters will come on -- did a great job covering all the ins and outs of all this.
And mobile talk more about the autos and it means in some detail little bit later on in the show but we ought to begin with the -- -- is here with this from demonstrating.
Been back welcome back -- to the sooner against good to have you and haven't come back again writing I couldn't stand ahead.
It has ever had I -- -- on.
So you know we have and made it to this point.
Where the the markets have come to this level where we we had a great month of April obviously.
As you point out I'd -- of myself for a moment on the car sales which is another big story of the day here before numbers just coming up.
And no surprise here that the SUV sales just got.
Hammered in the month expedition sales were down by 72%.
And explorer sales were down by 49%.
So the higher margin products for these companies and it lets -- start there because that's a big topic of the week.
You're you're going into bankruptcy if you're the auto makers not -- obviously but if your Chrysler and you General Motors possibly your -- try to deal with the slowing economy.
And you just can't sell the cars that you make the most money.
-- -- -- And excited at least that's what causes a bankruptcy today so this is liquidations they can't pay their bills and so on and on CGM is going to be the next one and they have the most problems right now.
But I I would want to be carmaker right now what do you do -- And I kind of surprising actually goes on with it being -- the gas prices to get cut in half over the last six my right to be expected if the economy had any sort of resilience but it did number should've picked up the -- and that tells -- -- great sign of telling you something that's really bad out there.
That the market is masking right now.
-- -- -- -- so I think this rally.
Over the last six weeks he's been built on -- momentum driven hope rally I actually called hope rally earlier in the -- I was a little bit late.
I'm still I'm extremely long term bearish but this whole rally forms when people think that we're -- -- and the problem you have all gone well you know I haven't seen any real good news I sort of disaster of the GDP -- down six point 1%.
And -- -- Fed Chairman basically jawbone up saying things are looking good now.
Where are they looking good media had a durable goods and which was slightly better than disastrous.
Yeah that that's a reflection.
I'm buying -- -- -- argument anymore.
It looks -- look at manufacturing for example manufacturing.
Numbers that we got -- We're not great but the -- the best that we've seen since the beginning of the credit crisis he seems aforementioned road they're moving in the right direction.
So potentially maybe we're setting a new normal -- maybe that -- you know bouncing along the bottom as they say but maybe that's kind of the new reality.
-- I think it's track.
I really do I think attracting -- there that's absolutely what catches you in the -- -- on why you let let me what's gonna be the catalyst that makes the the track closed down unemployment continues to rise can you not see unemployment go lower.
You know predict if you do fantastic -- I am not a traitor on them off look the other way immediately OK yeah.
But if unemployment continues to rise tax revenues -- contend the lagging indicator we're told but yet.
That's what I hear also but not when it's continuing to increase when you go from 857.
-- -- That's a leading indicator for me.
-- yet to be at the underpinnings of the economy and that's with a reported unemployment numbers the real unemployment which is the -- six is around fifteen and so where's that gonna go -- the gets the -- and -- -- -- between percent of the people employed what happened for the government budget when there's no tax receipts coming in can destroy.
And it was starting to vote on our poll about whether the rally is here to stay awards and as you said bear trap the trap -- the -- But -- -- giant IMAX thing and he says.
He thinks -- I'm -- -- -- -- for normal people who may have had money in the stock market and then murdered all the way down.
And now they made that they may be putting it back in in this phony run -- right.
And then they're gonna lose -- at their mice he says you know as the average investor -- you guys on Wall Street the traders that are involved -- -- make good money and we're not.
The most -- person is the average investor has snapped -- -- hardest person to move as a mutual fund -- its large positions.
Unless they average investors in mutual funds -- that's his mistake McCain would have been fine and mutual fund unless his silky got broken.
He is the most nimble -- happy because right now he can walk -- -- keyboard and go sell that anti competitive.
That's undoing what that Saddam -- and what what they can do what they did -- different things up because a lot of people do invest what people's.
Majority or biggest investment is through funds in their 401 case we'll -- you can.
The forward -- a different story can I have a 41 K -- long term money and I'm not looking for twenty years I think you know what I'm -- and two at the moment.
But I'm not selling that.
But if it's an average investors treating active account this is -- talking about.
They can get on making it short you can do many things they don't just sit there and buy into that buy -- hold.
My point the point that was a John that was made the point that was being made there is is Johnny Mac with the sending is that there is ahead could be different if I could say that.
Carolina but the the -- a valid one -- isn't a lot of ways that.
Retail investors off -- shot off you know too late sell too early and when they see the market go up so much they're they're likely jumping -- and you say off -- -- what.
-- a perfect example you open up the Wall Street Journal today or any newspaper.
March April was the best month we've had in twenty years if you're an investor and you're not in the market at the moment.
Didn't feel -- anxiety my biggest fear is not losing money the biggest fear is not making money when others are.
That's what I -- say so they get a jump and everybody just make 10% placement I have to get well that's a track OK you don't wanna go.
So that says the one of the -- that's coming up on our board is to be more specific that we think about this bear trap Wal-Mart wants to know if you see similar -- -- that we saw during the Great Depression yes Bob from Nebraska let's ask you it was noted his condition they will -- a three to five years is that is that what the bear trap plays in the Great Depression it.
And it did rally around it was early 1930 rallied around 3040%.
Very similar to what we don't and it was -- second banking crisis back in which basically destroyed everything went down 89% at that point so where at that level so the question you know to viewers want.
Do you think that the banks are oral -- and if the banks are fine and they're not insolvent well then you -- -- by the -- okayed by the Israeli right now but I think just the opposite.
I think the banks have a major -- Stick with what commercial real state absolutely -- -- be the next one who right now what we saw in the first quarter was the bank's income statement.
They made money great he made money from mark to market the -- infantry.
Okay can you do in the second quick in the can that help you reduce some of those toxic gases -- on -- books right now.
I don't know what else like you just mentioned -- realistic is that on the books that we haven't even heard so Eric from Austin, Texas wants to know do you feel strongly enough about this track that -- be short right now if so what sectors.
I can't personally recommend stocks is on the occasions he -- but I would not be long here.
I think the financials are something that you need to be very careful of at this point.
On the way I would protect myself is to -- a little bit if he appears bearish as mean you don't -- -- bison bison gold.
How bears are you think -- -- -- that married I mean yeah how it can be a limit to be specific about an -- Arnold that -- What.
Well let's seriously though we're gonna talk about bear traps and when we're gonna say this is going down I think.
One of the things -- you -- to stop -- -- a day job would -- conversations were happening when the credit crisis really hit.
-- to be really specific about a timeline here so you know how big of a buried.
Won't let us located way to answer let's look at this year's -- they were up.
200 points in the S&P over the last six weeks why -- we.
In my opinion -- up -- necessarily real good news so I think that's 200 points could easily and I also think -- was sold when we got down to 66.
A good -- is in nimble -- so even though I -- long term bearish if I still see short term momentum to the upside.
I will be a buyer OK and guys will be like you know you're -- we talked about just say this is an awful market.
What -- to make money that's right everybody want to make money that's my way in this that's why we are still capitalist and hopefully we'll continue to be capitalists not socialists and I think.
You're handing reference to that may -- -- -- yesterday can you didn't present about the speculators marketplace just -- go ahead.
Mean how can you blame speculators.
And demonizing Wall Street.
I he should've known in Ottawa into political discussion.
The last time we demonize Wall Street scare people away from some of the programs that they want the investors to -- -- -- to PP IP they want to do all these -- things.
If you continue to demonize Wall Street goes bigger guys that were talking about.
I'm gonna get a little upset and I can play your game anymore because you hurting himself there and through -- it went up in Christ -- Chrysler who ran the company to the ground.
Because there's a couple of guys who want to protect their investors my job is to if I was a hedge fund manages to protect my investor and you get a better return bankruptcy -- -- -- -- You're right this is over you're not patriot come on don't be contest like that there's plenty of other things -- can charm patriot than not making money from my wife.
Getting involved in and that the private public partnership for example which is it which is what you need some -- -- hedge fund guys for.
To be for return right have to and you cannot come back gamely if they make too much money and say you -- too much give -- -- back.
And that's why a lot of these guys are afraid of right now of the single tiger when deal with the government look what he did do well again I don't wanna be one of them -- the -- funny Frankel trust me up to Capitol Hill.
So bit of difference are we just gonna get back to the questioner what makes I'm long term bearish with -- because I still don't see anything good in this economy.
-- still -- rising interest you know rising unemployment.
When we talked about the bank's -- two biggest problems we've had forever.
And still -- -- housing in the banks.
You need to see some sort of resolution and housing some people say okay -- California seem to -- in Florida yes -- did down over 50%.
And in an average big time bear market you looking at 50% across the board okay.
So both Anthony and then want to know about gold because you made it kind of sorry well get bearish.
We'll just pick up some -- everything else besides gold Anthony -- -- and then in Idaho says he understands.
That gold it is what the financial market is is he says based on that doesn't see it as being a good investment.
Right now so anything else or first of all explain the gold logic I'd -- is there any else.
Besides gold and gold itself has no value since I'm not making house and they can use like a -- -- -- right -- -- real -- -- on used to house.
Gold to me has replaced the Vicks index when it comes to fear OK the Vicks index is down below forty now -- there's a lot of other options that you can do.
Instead -- -- options you can buy these triple shorts and -- -- of gold when the market gets crazy and gets real fearful.
Gold bricks to the north is everybody runs for the safety -- and if you're like me we think the government is -- way too much money he won an anti inflation hedge at this point.
And goal is an anti inflation hedge it's a safety measure when people get real nervous she get two -- one.
-- -- There's really no core value to -- -- he said but it's an anti you know it's it's a defensive mechanism.
-- you you work in the markets in and you mentioned you you cover a lot of different things do is there anything you'd like to know from our viewers -- what we believe we can have open at its session.
Because they're they went there after all across the country.
With a different perspective I -- -- great question you have about the consumer what's going on.
I mean from what we can see the consumer still alive -- -- some of these numbers are an uptick yet are they out there in the malls.
Are they buying things are are they taking the money that they may have made -- now receiving it.
Because we've seen that savings rate go up a season high savings -- certainly doesn't help the economy or you don't want -- negative on the we've had for so long.
So -- are they spending right now from what I can tell -- You know and high and low and no matter blue cross the spectrum you go.
And -- always -- it was wonder also how some people tend to get.
Trapped when -- -- these -- arguments you know what is it that they've seen.
So good right now what they're numbers one of the specifics that says to them yet does going to be 101000 in the month as opposed to right it could now be a lot -- than a month.
And -- I'm -- -- gets and I -- of our folks away and here you know gold and gold has been down that it has really hot that night governor mark.
And and so it brings at least see it lower -- that because there's no fear -- her.
It's a perfect actually it's it's -- it plays right into the argument when -- market is going up -- should be going down.
So the market's been up for the last six weeks now gold.
No it went down but not as much as the market went up which -- felt like as it -- decent thing it's it's unbelievable how they are just inverse relationship.
You have a couple answers for you really quick -- Diane says she shopping but she's not buying.
I'd just sit well Anthony says John spending like a drug sailor right now I have some -- -- bargains out there again -- out there you know why -- now.
I can literally a drunken sailor.
It's it might be Andrew is that buying saving spending as -- as -- can't engines they're looking a couple large purchases for months now that.
Apparently hasn't pulled the trigger so -- goes along with wet.
I -- -- buying essentials.
And Chad says not much -- we laughed again.
It seems that way it seems like a lockdown mode at this point so -- which is prudent.
Because you don't know which way things are going and it is prudent at this point as our friend Mike -- estimates by saying that gold has also become Crabtree.
-- satisfy this morning with the system.
What's credited his -- he's been moving in and out and they do push things around but if you looking at it in the way I'm looking at is a safety mechanism is that's not a country I think.
I think it is one thing that you want to look at when it comes to the market.
And it's volume.
Right everybody focuses on line and if what kind of -- I really had over the last maybe six weeks here to two months it's not your traditional institutional -- right this is momentum.
High frequencies that we call high frequency traders who are any.
-- -- -- features like and in the whole discussion with these guys are all about it just about.
Making liquidity rebates -- in the exchanges and making no money that's a different sort so of the seven billion shares that trade on the stock exchange listed stocks.
Less than half of that is -- -- we've -- more than less than -- its Christmas is just garbage.
Have changed forever as a consumer -- as -- know it forever compares what we shot.
Over the last three or four year forever is a tough word made no move everything is cyclical sometimes cycles last longer than others right 19291932.
People probably would've been -- -- it's forever.
What happened after world war two and and so -- Things will pick up this is going to be a longer downturn is no doubt about it.
And -- -- and now again viewers have you seen anything I haven't seen him.
All right we're gonna take enjoyable from that we have a couple polls don't want him about when people are dipping their toes back into the market.
Some are starting to do right now it's about a third of the people they -- -- -- good to have you.
Just stood there -- -- right now they're out there -- Joseph Joseph salute you on Twitter he's no Jim F the end that he does best week.
Yeah -- the you get out of conference all of the other well and well if you notice -- puts in at a historic fact.
In his -- and I knew Jenna would become bigger than the show and she officially passed -- falcon is anngelle thanks god for him again this.
And again and you see the blog there doesn't check that out which we posted the link to be -- -- I'm sorry I'm getting caught an animated just I'd actually.
Hey do -- incident and that's sending your friend -- we have an answer you as a reported at the Kentucky Derby tomorrow but did you -- it went well.
I have a personal favorite which is I think thirty to want to have -- market that.
-- highlight the name I think it.
But do you live chocolate candies and Beijing -- make this list is -- -- singles anyway when things that we're seeing this ties back in two height as a shopping.
If it even -- ticket sales are lower.
It looks at -- kind of getting hit there.
-- -- -- Are still in the hundreds and hundreds of dollars and his derby -- Since it's funny what we're choosing to spend money on saying the money and it hasn't had nearly went -- -- that Anderson and at that.
The right -- This horse race chassis people -- strange strange people.
-- that's why generalization that -- -- the other thing is the journal has a good piece today if you read the journal sports -- journals protection is job.
And I'm becoming a buyer that by the way that's dinosaurs but -- they are really into trying to quantify things which is not surprising.
That you are right.
Yes and they also said if you if you bet this did -- it does that you read in the journal today.
He if you if you bet on the fastest -- that sounds obvious but they -- back.
There you go back over them.
Bull for the races leading up to the derby and you actually get the speed I do not whether you win or lose all the fast you actually run right and that is for you -- -- It's actually less than a favorite now and 40% and we gain from that 40% to -- same interest into the hopelessness in this race.
Wall yet I want revenge supposedly you do an advantage.
We'll look at Twitter but what happened with.
To give the journal -- and just let us from Boston -- called for the Wall Street Journal he's.
Married the right thing that they -- a lot of -- that I get married sorry -- we -- the market not -- -- -- -- colleague there my pleasure to be here.
-- effects are coming -- you know the other thing we we started -- it is -- and I know you've read about it and now are Peter Barnes that a lot of reporting on it.
As well of -- stress -- so now we've got another delay that seems to be another big topic of the day that we're not gonna get them on Monday after all right what do you make -- it.
You know I've I've -- I've assembled a bit stunned I'm almost wondering.
You know it's one of those things where you sort of in a double checked and pinch yourself to make sure you're not -- these tests are a joke.
I mean let me.
You know when I did and I learned play the piano and I had to if you plant piano lessons when I was about thirteen I didn't -- practice and I failed grade one piano winning.
Now I'm on is I think it's it's a little harder than the scale but not much of what you failed grade one.
What I want to know how an.
These banks are in any question about these stress -- I mean this is the equivalent of failing grade one I think -- haven't let me.
The rules the government laid down on these tests are so -- demanding them and -- got can you cope with unemployment.
Hitting -- -- the adverse.
Scenario is unemployment hitting eight point 9% well you know we're going to be there.
In a pretty pretty soon yesterday and admitted that there's any any app that -- any any banks that in it may not be able to to pass these stress test.
Is a little bit like me flunking grade -- well you know.
That is the picture of them were in my -- I -- I don't have both senators short as.
It's all relative recently -- it right.
So we get as as a head -- at the both BearingPoint has come -- -- -- we're gonna get those results.
And and Thursday.
Probably around market -- -- we think the financials have been one of the biggest gainers over the last couple months in the market so.
So where do we go from here will this just be what investors are waiting for an excuse to sell after a couple weeks and months of gains.
Well I would I never attempt to predict a short term moves in the market I don't know what's gonna happen next in the market nor does anyone else that apparently.
Doesn't stop philosophical.
No I have said fine.
Would not want to -- bank stocks.
Certainly directly as you know as a direct investment and it.
I was amazed that a number of friends of mine and people I talk to move in -- construct very historical -- the most and what do you think about is banking that aren't in it.
Balance sheets I've always confused me for years I sort of maintain a nervous silence I salute you and everybody else really understood these.
Very well and I didn't turn out no one -- -- of them including the regulators and affect the people running the banks.
Never invested something that don't understand I don't understand the stuff I'm not saying it's gonna go down -- as a hedge fund manager and on London.
Who's making very good money for his clients.
-- some of the banking stocks there but he's treating them as options rather than as durable investments he's basically saying.
You know it is a look at Kentucky -- of -- 33 to one on -- -- it's going to be five to one.
Doesn't necessarily mean that each individual -- gonna win but -- go through life.
Finding horses that should be five to one of betting on the thirty to one -- do not often enough you're gonna make a lot of money so.
That's kind of how I -- some of these I -- Citigroup.
Suntrust -- on the market is the most skeptical out.
The stocks are trading at about twenty.
Or 30% of book value whatever book value.
May mean that he had to start.
That the market is essentially saying these are options.
On the possibility of recovery but her problem is.
Even if these banks or -- I think a lot of banks not necessarily that mention but.
So a lot of banks are gonna take advantage of any rally to short a balance sheet with some so new equity issuance.
So that's a cap.
And -- a lot of volatility and I have no idea what some of these banks have got what they own and they are very vulnerable to any kind of further leg down if we do have.
You know another downturn if if this turns out to be a false dawn -- partial don't know whatever.
On these some of the stocks and that -- get it honest.
Right and his city and B if they have of course are mentioning that in the peace and -- and the journalists -- need to raise more capital and now whether it's fifth third Wells Fargo or there are you know Regions Financial -- -- mentioned this as being a possibility as well.
What do you think that it goes what's the -- -- here in other words why we not finding out on Monday and and what's gonna happen between now and then then that will change and anything.
Well that's a and that's the thing that that really is is baffling I can't imagine -- and -- partisan I don't know but I think the honest thing to say it's.
I can't imagine what the holdup is I assume it.
When I look at these ridiculous stress tests you know that the grade one can attest.
Tom -- -- government gonna get in haven't gonna get a prize of them get a gold started put on there.
On that will Powell and this was going to be actual marketing exercise.
For our -- -- turns out.
-- may have to go back and -- practice their scales.
Let me stop -- etiquette let me -- it there because even everything and -- into gold start really does work here perception.
It becomes reality and you know no offense Brett -- that people really get you after you've won that piano class you know recent very good little.
Yeah can look up.
But I think we're seeing that some of our viewers care when asked where they moved their money out of the bank -- -- -- at the bank that they banquet.
It failed the stress tape attached even though that are the worst case scenario is they say about -- And a half but they -- -- -- -- Kidding kidding yeah but big -- when -- -- I mean I I think these are demanding test -- my point is is that everyone should have.
Don't walk them and that may be about labels a marketing exercises of confidence.
The assumption I think the assumption of everyone certainly I've spoken to in the markets was that all the banks.
Look what these tests because they were undermanned and that's my point is that if there's any sort of questions about some of the things that we both of them objecting to you know.
Some of the banks are are objecting to the conclusions of these stress test well I don't think that's certainly a little bit nervous it's like.
You should -- -- crafting this quite easily that's my point -- right in Edwards and if you failed us when you're really in trouble which it looked like and that's exactly -- there.
Add and edit and -- went -- to jump to conclusions we get the actual results but it does look like.
Some banks didn't exactly pass with flying colors rightly what does that tell us about the bank system overall you brought up the idea of deceit.
Half percent unemployment eight point nine assumption and you know again I mention Mike McCarty was out this morning from meridian he's.
Ever the loyal -- chatting with us here pointing out that people like Nouriel Roubini have brought up the fact that right this is the problem.
The date it is it's worse right in the economy is a lot more.
Less -- is sometimes for me.
Let's let's let's let's look great Montana and making -- a humorous analogy.
The reality is the economy is already looking worse than the adverse.
Scenario that the government has put them through these are.
In the that it it is it could be very very worrying one of things I find.
Disturbing is I do wonder if there is another shoe to drop in the real estate market and they're backed commercial I guess.
-- -- -- -- -- -- -- It's a sudden maybe another shooter drop all right let me barefoot like I wrote.
Not long ago is the fact that the only properties that are selling residential selling other ones have been marked down 50%.
In and distress sale.
You know and the thing -- I look at a lot of other properties and you know there's still sort of on the market 2006 prices and you know at some point people and -- you know I really.
Do want to -- I may not be a short sale or foreclosure but I do want to -- we don't -- -- keep cutting a check to the bank every month so I just wonder if there's a further wave.
Write down or knock -- -- -- at prices for not just -- property.
Comes down has to compete a bit more -- the wrong I don't know what's gonna happen but I do worry about this.
And I do think that is one of the potential scenarios.
Could make things even worse than you know the current situation my point is that the adverse there adverse -- -- not adverse and -- -- almost a rosy scenario.
The actual economy is worse is looking worse than the circle bad test that they were putting people will be putting people through if they can't pass.
Those easy backhand tests then it's a little alarming I mean to you to -- back the -- and out of someone's great one and they've got to go on it Connie hole and.
Now that's a bit on the overnight you're gonna get a that -- That you know that even benefited you to panoramic and you had an -- that was it for you.
What you don't let that none of that is gonna do that right now.
Wanted that I ever really wanted to take the I was I took a few lessons I think in the.
Right -- my wife is a very good lap I play at all well you know contacted sit through this strong woman behind and really click -- threatens America.
So some celebrate our viewers you're saying that.
-- -- that this is the government that is setting the bar low or this the government.
Estimation is that what would happen if we -- -- the government.
And what it won't -- meaning that I think -- I think.
Well because you know they.
In a way that these are the people that are regulating and bailing us out of picking and choosing some winners in this economy and they're the ones that -- having realistic views of that.
-- -- do we have a much bigger problem than just what's going on in the marketplace.
Well short -- short list these these stress tests I think were undertaken.
For the purpose of shoring up.
I think that was that was a major part of the exercise.
In times of stress -- the government the thing that used to be said about Uncle Sam is that he had the ability to tax the world's.
Largest and most productive economy these days uncle Sam's ace in the hole is the is that the Federal Reserve has the ability to -- as much as -- as many dollars.
As they want and that's basically their back up.
So in terms of looking stress testing the government and stress testing.
Are in -- of the bear financial security or the stability.
Ultimately comes down it does come down to -- to printing money.
That -- which is a pretty depressing thought.
Yep it is actually -- that -- that's for another -- day month -- year for us to talk about the future thanks a lot.
Can see again thanks for joining -- -- appreciate his threat Greta -- on the Wall Street Journal -- the other big story we're gonna talk about probably for a good part of the rest the show.
It's obvious that the -- situation right Chrysler hearing today the sales numbers are coming out so let's start there with Robert great what -- we have on sales of four.
-- so for him violate built that's inflated you know by the acting yeah I want anything.
But aren't there definitely are now musical -- you know we're gonna Ellis -- and I Allison can figure out and it's -- and I can sort of -- -- by road.
But they have to handle -- I still felt -- -- her -- from -- -- and I trust let's think about plan is ever open that I thought that was get a good luck.
Ford's numbers where Ford's numbers you is that it really gonna though they're actually worse than expected out fully authentic.
Better than expected numbers like gunman meant to be good data we've -- lately but -- there -- expected Dell 31%.
The expectation from Edmunds dot com was down 27%.
By the bigots -- they gain retail share for the six month incentives -- -- continuing this.
Pace of getting a larger share above shrinking pie.
Makes -- well but nonetheless perhaps positioning -- themselves when and if we see this market recover to hang -- that.
They would be better position and we know they are better off then but General Motors and Chrysler.
Interesting below that -- -- series of bestselling truck and automobile.
In the US last year down 36% for the F series in April vs a year ago the expedition that you look at yesterday -- 70%.
That's Meese do you think -- -- -- or rescind those things those with a big money makers that is where the things we can change when they were saying it.
Higher margin but hey don't let let that announcement a couple of months ago the F -- fifties at -- -- contained at Purdue staff when fifties that they that just because they saw that drop in gas prices actually kept production.
At a certain -- right.
Because of that so this is this is a business decision it's interesting to see the headlines that Robert EC -- -- -- cross.
The first thing that's where it said that -- fusion right had hit a record sale which is there are more fuel efficient vehicle correct record compared to what do you question.
It hasn't been around it's.
-- you just you know honestly I don't mean.
Sun also -- guys down 36% and edit -- cells are quite as big in there where we're talking about 47000 cars.
Vs Ford which have a 134000.
Sold in the month of April so much smaller than you can look at some of the other smaller players Diane -- Now -- extricated itself from the crisis situation.
Down about 31% for Mercedes you know probably not that surprising but pretty much the same as Ford so alien to -- -- there are still.
Hang in -- Porsche down 35% -- bigger drop there.
Subaru is when bush was the only one posted -- last calendar your idea right down six point 7% in the month of April so.
A much smaller -- obviously than Ford and General Motors Chrysler.
I wonder what's gonna happen suvs -- a lot of ways and in Jonathan's forget that suvs -- out of style even gasping chief for the trucks have practical use for certain businesses that's obviously true but we'll certainly that helps the F 150s thing about.
Right commercial -- for you.
The -- right but this idea that you know whether or not suvs just hang on for second Robert good suvs are completely out of style as another.
Is another issue altogether but you should look at -- Jeff Flock real quick is just standing by certainly keep -- waiting you -- keep Jeff -- we have project Jeff out of that Chrysler headquarters -- hills.
Michigan because he does here might get out of place while a win hey Jeff.
Winds of change it topple -- and throughout.
Hills what I've got that the reason we're in Iraq shares were trying to get over to the business network.
You get it first here on the web C I'll tell you summit he had breaking news here.
I've just been able -- -- up plants that will be closed.
Permanently closed up by Chrysler now -- their bankruptcy filing today announced new plans to be closed.
That's a surprise to some people.
And you know I don't know Bob widens out -- shows us the complexity of are allowed to do this on the web.
-- can't show this on real television but here look at this but it -- We would you not see this on CNBC -- -- to say that but okay.
Here's here's the breaking news maybe that's breaking news.
Don't look a little -- well thank you.
Sterling Heights assembly plant.
Is gonna be shut down that those guys didn't know that.
The Saint Louis north and Saint Louis south assembly plants will be shut permanently.
The Newark Delaware plant.
A couple of these have already been idled the twins -- Stamping plant the Kenosha engine plant that's in Wisconsin and the Detroit axle plant.
All to be a shut down permanently based on the restructuring plan submitted.
In -- bankruptcy filing so -- -- There you go there are some of those serve -- -- -- got a good run run to the network Jeff but does some of those surprises so you're saying.
So those are super Sterling Heights for example a definite surprise.
So you know.
That's what happens when you declare bankruptcy stuff happens that your donation big applause from our viewers -- they say you guys -- the testing is seen on TV a long time.
On the -- to see this one more time.
They had about how I don't think so I don't think so I disagree.
-- that guys aren't directed at getting -- over to the network -- In the alone please help you out the -- and I didn't.
A lot of -- do want to look like -- anyway.
But you can't hit them.
Or Jeff all right thank you -- -- that was.
Why don't exhibited Jeff tickling his immediately the -- Billy is one thing.
The -- close to -- completely different subject this is ridiculous -- Robert -- the Amanda.
I think -- -- yeah we'll we'll put this -- and yeah definitely on battling brain here's a story.
That you may want to run by some of your guests later that it's not getting a lot of play but you know I was looking through the headlines here today and in there's a story that.
Secretary Geithner has sent a letter ever -- that he and and fed chief Bernanke have identified.
Is eligible underneath the park.
October so this makes me wonder can go to the next conclusion so -- TARP banks gonna come in by this up from these.
Speculators so that if General Motors comes under the wire.
They've got the votes they need.
Really just something to start looking where the way these pieces either this is interest he has some letter sent this week so -- wasn't a breaking news situation but.
There's a story on the wires today that that that he sort of declared this and so.
Now you're you're looking us and keep in mind -- seed obviously -- -- the financial arm of GM.
It is a TARP bank in fact it's undergoing the stress tests.
Right that we mentioned it yesterday but okay so explain a little slower for me decide may make sure -- -- that all straight so that the letter went for Bernanke to from from Geithner has has delivered a letter ever and that need to pull it up here to.
To remind myself of who he sent it to our level that's something I've -- has been declared yet the auto data -- debt right is is TARP worthy.
TARP funds can be used to purchase automotive debt now that's interesting so they're saying that this it but that's just half an -- What this week then added that -- determination easy for me to say right -- but a determination was made this week.
-- the news on the wires today not getting a lot of play right now what is now but it makes you wonder.
Where they're going with this wind it they're saying that one of the reasons is that -- the whole purpose of TARP was to get lending moving again they're saying is that lending.
For all on the automotive is still not where it needs to be announced their thesis you know the reason they're doing it when a -- -- out but it makes you wonder with -- thirty days.
Now and counting for General Motors yes and have to be a bond holders would not agree maybe they buy out some of the bond -- if if there indeed the government.
And to homeowners want to keep it out of bankruptcy that you're seeing you start moaning about now.
You know it's you know it's not available is on the table and you know what's really talking about it but.
Well we are now that's interesting while certainly to our mind off Jeffs crew we had to move quickly from there yes thank you that's where your hero thanks very much -- -- All right good stuff -- -- -- back from not Fox News Channel in just a moment but in the meantime maybe that's a good place to starter just talk with Ron Harbour from the Automotive -- letter -- the Harbour report he joins us now to talk about the auto situation a little bit more about their Michigan.
How about that.
Ron this idea of using TARP money to -- automotive debt anything we should make of that you think that's important.
We're just sounds come because -- have you looked like all of you talked about didn't seem like -- -- really fits.
For what the description was for TARP funds will be used so it's that's the big surprise to me -- and all right so I guess we'll just let that one -- for now and and see if anything comes of it because Suez Roberts had a moment ago orally.
Thirty days away from this General Motors deadline.
That said now we're starting to see some of the realities of the crisis situation that in all seriousness Jeff Flock just reported to -- some of these plants that are officially now going to be closed down and close down.
Do you think this thing's gonna play out we keep hearing thirty -- sixty days surgical bankruptcy will close the plants will make these moves and you know emerge from a bigger you know smaller leaner and meaner.
Are you by -- Well I think 3060 days is going to be really really difficult -- -- there hasn't been any major Chapter Eleven that's gone through and that kind of time mostly they're twelve to eighteen months or more so.
Without -- you know maybe there's some government intervention here that's gonna accelerate that if there's any kind of favoritism that's shown either to.
The unions are certain creditors or whatever then the others are gonna react and and hold up the process so.
You know I'm going to be surprised that it runs -- that fast I hope so for the sector Chrysler and industry but that's I'm going to be surprised that they they they -- effect quickly all right so what will hold it up and drag it out longer do you think which we really be concerned about here and says now we enter the the litigation stage.
Well the big issue dad is that is the suppliers because it only takes one -- to prevent.
The you know prevent the vehicle from being built when you've got right now is that the the suppliers will build out until Alicia -- is Germany's suppliers are all intertwined the -- to -- for GM and other manufacturers so right.
They've already got the GM shut down some now with the -- -- -- on top of that is they build out and and finish production.
And then get paid over the next 3060 days that's one thing but then the crank up production again in June -- July.
-- to bring all those people back and buy raw materials and all that with the prospects of not being paid till September October for that work.
Where's the money gonna come from there are the end tough grounds with their bankers and lenders -- you're trying give the capital -- working capital to come back up.
This summer when they want or we're start plants again that's going to be the big issues so yeah never -- how many of those suppliers -- survived to that point in time and those that KM.
How many can afford to come back up so it's -- that's really the concern that they all have sounds like.
You are legitimately concerned about this.
Ripple effect things getting much worse than people realize and you know this this wider economic ripple effect of an -- bankruptcy and what might that look like.
That's correct and and it's not just a GM Chrysler thing is remember again because the the suppliers that the Detroit for use you know eighty or 90% of those are common -- after the Honda Nissan BMW Mercedes and also -- -- fair chunk of those suppliers.
So they are concerned that if that supplier and then shuts down seventy or 80% of their business that's Chrysler and GM.
What does it mean for them will they be able to continue to deliver to them.
And deliver the quality that's necessary.
Wars are gonna push them over the -- where they're then out of business and then -- ought to -- -- -- -- -- -- -- quickly resource somewhere else.
So you threaten production across the entire base of of automotive manufacturers North America.
That said was there another choice.
The way you read in -- all this.
No there wasn't because in order to get rid of that debt.
You really had to go through this because it was never get paid otherwise.
And Fiat you know they they've been very quiet about it to -- working a walk into a situation where they have both the assets and liabilities.
All they had to do is wait for this and now they can take the best of the assets.
Not have to deal with the liabilities.
And really come into a situation where they can launch Fiat into this market -- probably the lowest cost scenario that you could ever -- Just think if Fiat you know this is this industry well.
What about this idea Fiat coming in.
To the US market and actually succeeding with these small cars they make in Europe and what have you our friend Neil Cavuto did a funny -- slots on his show on Fox Business Network -- would.
You know the idea of these smitten with the are -- -- I guess to put it mildly are our full size Americans really gonna drive these Fiat cars.
Well I had a lot depends on what happens -- gas prices and any kind of national energy policy but that's a little bit of a misunderstood company because they've quietly been improving and I would tell you that in Europe they've probably been the most improved company in the last two to three years particularly on the operations side.
They've come out with some really nice new product.
-- that's sad they've been anxious to get back in this -- for a long time and look for.
-- distribution system and dealers that would be low -- and since that's ready made there for Chrysler they've got the ability to do that.
But both of their cars what we call in besides cars they have a vehicle called the 500 of this thing quick tempo in Italian.
From which is actually built in Poland today but the discussions I'm hearing is that bill.
Start to build that car in crisis planned to look at Mexico.
That's a very small -- almost bill Volkswagen Beetle type size.
But if they can bring that over and gas prices -- high it could take off -- get a higher volume -- If gas prices don't go through the roof again I mean what if they kind of there at a manageable level will we as Americans ever choose to drive a car like that we like big cars although.
It's kind of ironic that I'm saying that at the same time Roberts is told us an expedition sales for Ford were down 72%.
So that that was a huge drop in these SUV -- I don't know -- to -- where -- -- -- office.
Well I think no matter what happens -- third gas prices because of the federal regulations that are going in and fuel economy and emissions every company will have to have a mix of small cars to -- of the meet those standards.
So Chrysler can't do that with their current fleet and wouldn't be able to do it in the time between now and when all those regulations are -- so.
The Fiat deal gives them a ready made line up of small vehicles in order to meet those standards.
Whether we want them or not essentially the government is pretty much forcing -- -- us.
Well that's the thing and this that makes a you know car companies obviously -- are struggling financially if we got us in this whole thing in the first place.
Is that they just have run their businesses well for a number of years for whatever reason and unions -- in -- for all the issues that we've talked about.
Into the mix but now in his situation where they need to get their costs in line to be more competitive with there.
With their competitors from outside of the country the government as you say is forcing them to do their business in a different way won't that it would is not.
Could let me shoot yourself in the foot with that whole method of forcing her to make these smaller cars are now.
-- right this is the problem first of all let me straighten out that the fact is that.
The pressure GM's -- of the world's our cost competitive right now the problem they have is.
That the legacy costs from the -- -- made with the unions and dealers from the past.
Our ball and chain around their feet if you could rid them of that expense.
They're -- day running of the business from an operations standpoint they can't compete there so that's that we -- -- The problem is is the mix changes from small.
To small cars from larger cars suvs and pickup trucks those of the vehicles that they make money -- so the more you go to smaller.
More fuel efficient cars and particularly when you start adding the cost of hybrids and that kind of thing.
Both of the vehicles that make the least amount of money in fact in most cases they lose money.
So the more we move to that mix that's how does this make any sense any manufacturer to make money you that that's that's that the dilemma right now.
Because even the best of companies in the world don't make money on small cars.
So you can talk about pushing the industry to -- kind of model.
But that's a model fraught with danger because if you think -- in tough financial shape now.
Whale that scenario plays out.
Yeah exactly right and then between now and then you know what that's gonna look like as -- to completely separate issue the Harbour report dot com right that's that's the web -- run that we should be looking at.
Well it's they are firm is Oliver Wyman and then the publication is is that our report.
-- -- Good enough this is gonna talk about our next guest there for a moment but Ron thank you.
Very much for coming on him kind of got into the key issues there and and we appreciate that's been busy -- -- -- for you and for.
And for all of us so we'll see what happens from here on out thanks -- on our pattern.
At -- Detroit today -- let's it's we got about fifty minutes left here it in the show just to reset with the markets are doing in general to back it was 12 we're down by seven points.
The Dow Jones Industrial Average at 81 61 so that's where the the markets are today on this Friday the first day today.
You can sell in May and go away or do whatever you want but that's the idea we've had this great run up in April that's for sure the best month in nine years before the S&P 500 and you know are looking at some of the charts here.
Of the Dow Jones Industrial Average was obviously had a huge run to and we talked earlier about whether it's a bear trap -- -- real rally or what that it is but.
Whatever the case may be the markets are down a little bit today kind of -- I guess is that is the bottom line.
All right Rick Newman is with the chief business correspondent US news and world report or Dustin -- from fox the system comes to you right there is here as well into the back from the -- -- comfortable really come to get.
This week has sent up entirely.
See I can see you guys always conceived of -- experience thanks for coming and we really close in the show we really appreciate it it last -- Perhaps you won't talk to you know.
-- just keep talking and a lot of guys are definitely -- just got off this conversation you don't and it's interesting isn't it this this whole idea.
The smaller cars with the Fiat would -- -- -- joke about the -- -- this season or whether or not.
Full size Americans are gonna drive you -- cars.
And then you had -- -- them -- -- exactly half and didn't have this issue of having the smaller cars had jammed down your throat by the government this tell you what kind of cars -- -- -- -- makers.
There's kind of a canard here about the small cars look CDs that TV's the -- really -- magical cars.
That arrive in America within eighteen months -- two years you know it's not as if we don't have any compelling small -- she already so what are Toyota on immunity to step aside and and step aside and well we didn't like a couple of -- -- Years ago.
So it's so -- -- -- a lot of small and large we're gonna help a lot worse small cars and you Ali and cybercash except let me -- I don't look like Beckham but he's got a that the yeah yeah so.
What you know what's the big deal -- -- is the concept to bring their technology here that's one rather yet some maybe you can apply.
There are more economical technology to some of the bigger cars that Chrysler is famous for.
There suvs and their trucks is that part of the idea is it simply.
Yeah it's gonna -- with these tiny little cars and Americans are gonna immediately adapt.
But your point is look at it over to a little car you can get a little coherent -- these are just efficient cars and this is not magic technology that doesn't exist any place else and I'm still I'm still asking myself.
What makes Chrysler a competitive car company right and I -- where.
-- when we and we can talk all you want about the creditors and the bankruptcy where are the cars what did she tell you succeed.
Off government now eyes yeah no belief is that really Smart -- -- I don't know listen again -- a lot of well whatever anyway.
Jeep right and nothing else at that point you've already got T yeah that's a -- alone usually don't though they've had they have they have a minivan which is fairly appealing for that market that'll that that alone -- ten years ago and women MRI's 1015 years ago.
What what we debate -- it's gonna take some time either going to be in bankruptcy court for -- while this is not gonna have to work -- that you mention it could be eighteen months you know twenty minutes before we actually see if -- -- come over and start being sold in the way that.
Would be at a new company so.
That's my story for the week that there's been so many different stories this week that.
Haven't gotten a lot of attention and fenced in and what do you think is that the story that we have overlooked as we've been -- at Swine Flu and well Fiat and have yeah.
Something that got completely overlooked I think in my estimation a little might open because I covered made off from the time you was arrested until the timing with the jail and I'm still taking a look at it.
But sort of more bad news for Madoff investors this week in that Madoff victims Madoff -- same difference.
The market making firm.
-- the legitimate arm of Madoff business where he -- his his I mean in the business was sold on to this day sold Monday actually.
For 25 point five million dollars and -- the good news is that with ten million dollars.
More than it was originally going to be sold for at auction.
The bad news is it's about.
To a 300 million less than what it would have been worth hadn't been sold -- player -- yeah.
Yeah it's just a bankruptcy practice you know more and more bad news piled on top of these Middleton and -- I just don't think that there's anything.
-- for these folks coming in and any time soon and this was something that did not.
Really get a lot of attention because of Swine Flu and Chrysler and here.
On and on and on.
But maybe a couple weeks ago it would have been well covered.
And but again does no good news.
Medical story tonight I'm -- -- learn more about for -- -- we heard about Chrysler financial.
-- basically being booted.
Now Chrysler financial snow -- now if I forgot the story right Chrysler financial turn down bailout money because they didn't -- to have to deal of scrutiny of executive -- in other -- -- top guys are making a lot of money right southern Alberta and look what's happening here in this deal.
GM AC a huge bailout recipient five billion dollars.
He's taking over -- for Chrysler that's actually profitable business they're displacing -- -- that turn -- bailout money.
We've also got.
Lenders like JPMorgan and Chrysler deal making these big concessions and were -- non bail out.
Creditors to Christ are the ones that did not make concessions to be very interesting to learn how is the government -- on these firms can pick from a point in there that I that I think.
-- to your point.
These folks who backed away from the deal is gonna backfire.
I think that as as as time goes on.
And the folks who didn't back away and didn't negotiate with the government more of that story -- scrutinized by folks like us.
But come out looking better and better because they may get a better do it.
Fulfilling especially their fiduciary responsibility right they feel that they may be getting a better whose responsibility is not just to rich guys on -- yeah it's the pension funds retirement.
That -- not going well for GM.
-- -- -- If they come out looking better people a little bit more -- shed on them they civil war.
The folks who didn't do for why should we do with Virginia.
Right -- you -- I'm saying -- it's so that if the bankruptcy judge would simply validate their client exactly precisely reasonable playing here so we could be looking at.
As to how this could affect the GM deal I think they are not doing it could be pointing GM towards bankruptcy -- it's my my little point that's going to be very uninteresting to see how that all plays out with different kind of debt though right I mean this it -- -- about secured bank debt in the streets of the -- situation we saw yesterday where a lot of the GM.
Is on unsecured.
Bond holders that are the doubters at stake here right or wrong I don't know the details my understanding is there's a quite a mix of all a mix of all that that has to be figured out.
And we showed how difficult those Chrysler -- CNET and move through the conversations we've had on the show over the last couple days Anderson see that the viewers say.
You know sure he remind you lose some of our bailout money for Chrysler but we wish this happen sooner yet and they -- it couldn't make the same case for and for GM but.
-- -- -- When you look at these business stories -- tough is to make them relevant because they've been.
All over the news that we become immune to them to the point but we don't want to hear about it anymore.
The -- that really mean.
For consumers which again it will keep -- recycling that fact that consumers are the biggest part of -- economy.
By means we've got bailout fatigue.
I should have and it another story we haven't been talking about much this week is the bank stress tests which have now been delayed until next week in what's what's likely to happen further with the banks.
And one of the things it's probably going on there is the Treasury Department Obama administration are trying to figure out every way they can.
To serve kick that problem down the road so they don't have to go back to congress and say we need more money for Citigroup more money in the Bank of -- -- there is just no appetite for now.
Fulfilling that -- Quebec we understand that you're cheating on assistive irony is that with -- -- -- go -- an hour right now plans haven't and yes some double dealing big.
Yeah we're pretty -- -- but we're gonna have to let go back you know -- might help them.
If it's not a problem however ultimately I think it's okay.
-- -- -- -- -- If anything we can see them back and let you unhappy what happens tonight as you know an understanding as a fancy accents -- -- -- -- -- your very your little one he's like yeah.
But since I don't worry that thanks glad you're in the accident and there I got nothing else to -- and we don't -- I don't -- anything not look them in in Israel is he's always with -- So if it doesn't accident you know it's interesting to see.
The first bombing just -- -- what what we're we're taking that conversation bailout fatigue -- It's Harry even -- the looking continues -- -- -- -- would have relied.
And business cycles well let's look what I look at the stress tests.
There's sort of two approaches you can take me because we're talking with the MarketWatch fellow earlier and everything sort of a cynical approach and I think that's an easy approach to take.
They take a step further purely.
If you -- to take a cynical approach routes in May -- to set up.
You know that what they're doing is they may -- stress test is very easy.
And that all the banks will pass -- with flying colors and that will instill confidence back in this sector and people start pouring money back into the on the banking.
But I noticed I don't know what's it mean these results but no I read the journal of the that you know didn't seem like flying colors to -- -- -- if they need money and maybe even -- -- -- -- that that a hypothetical is cynicism is once willful -- -- -- less cynical is that.
Doesn't Wall Street.
-- uncertainty and knowledge so if we can take the beat results of these stress test at face value.
Then at least a certainty even you know I support the fear when -- result these when we release the results of these things because it'll put a score the letter.
On the banks that don't pass and they'll get create -- -- Wall Street like certainty so at least we know what we're dealing with here Wall Street.
Let's knowledge whether it's -- -- it's bad you can then trade need.
On that knowledge whether it's -- -- it's bad the uncertainty.
Is something that we've been talking about for months and it's been -- the markets if they don't know what's gonna happen tendency is to not do anything with a -- But at least if you know what's gonna happen.
Happenings -- -- while his bank didn't pass for these reasons doesn't have the capital needs to sustain this we can figure out what to do.
But certainty in my estimation is a good thing that's a less cynical approach to what's gonna happen next week.
Get what is gonna happen next week and -- to illustrate a specific -- on Thursday -- we're all kind of you -- kind of it just.
Have a mindset about the -- now -- say we have to kind of get our mind -- back on that and then you wonder what's gonna -- -- -- you'll be right about next week.
Obviously stress tests and I will probably wind up doing.
A couple of items based on the stuff and I was just talking about how is Wall Street.
Gonna respond in an even more let's take it one step out further what you guys talking to some viewers who said that if they hate.
I really want to do stories like that where you glad you talked actual people it's so easy to call people who can prognosticate what Wall Street's -- -- these analysts types there was with the Internet and all the rest is so much easier to get suits us -- quote unquote real people and asked them what do you do if you have money in -- small regional bank.
In the southwest.
And the results come out that this bank.
Did not pass the stress tests we've got to do you know Joseph.
Q public are you gonna pull your money out of that.
-- can put it into -- and they did they say yeah.
Yeah sign -- and so that's the kind of thing I'd like to be doing next week I really like to be forecasting.
Are gonna respond to this sort of thing and it really could be very important to where we're headed -- people in value through our website you don't even asking where they can find your writing you're saying that don't -- dot trial.
And -- I'm easy -- easy to find.
Get emails it's Tuesday.
And it's Tuesday it's Tuesday up I was gonna say gladly pay you Tuesday for a hamburger today it's Friday -- -- -- -- for that I don't think she.
Friday and thank you but did -- for.
I still deployed I was gonna make is that it's 401K Friday I don't know.
I it's my one point -- and basically I -- all 15 on Friday morning on -- 401K -- so if you wanna emails and you don't -- you know -- and as you probably won't respond passions and unpleasant day for having you wanna live camera as.
Yeah are so you 401K Friday as you know your questions into with date was claimant in the investment there at 2 o'clock today they're taken some.
Questions and your 41 case so what's there you know -- was David foxbusiness.com that he got I know it's not tasted -- It's Friday.
-- -- a horrible thing that went.
It is listen -- they're just listen Dave at fund the system consecrated address those like -- last night when I was -- he was the funny about the the I think -- any thought he was he was offended some Fiat.
You know people like the -- It's and he says that Vietnamese and -- and he knows you can -- -- whose -- -- Bill O'Reilly of fox.
That it etiquette that it would.
Only -- -- -- guys big weekend ahead it was -- this claim is going to be doing average for that weekend.
And she still wants your video to -- video questions for Warren Buffett.
You can actually just log onto our website and see that you're idiots like -- -- really -- -- -- -- here.
The government I mean how would you -- today's Tuesday.
I'll see you tomorrow.
And the question Monday I -- -- get a guy come object of the content.
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