Skip to main content

tv   CNBC Reports  CNBC  August 7, 2009 8:00pm-9:00pm EDT

8:00 pm
coverry is in full force, "cnbc reports" starts right now. you don't want to miss a minute. >> good evening. i'm dennis kneale. you know what guys? it's time to celebrate. i'll be getting to that in just a minute. that huge 140-year-old water main that ruptured manhattan today, it hassled thousands of commuters but gave me a great metaphor for opening the show tonight. a symbol of emerging america, a symbol of the american worker who works hard to build something and may have started the time of you lulysses s. grat leads right up to the white house for the first black american president of the united states. i have no doubt we are still that america, capable of building new things that can last for generations to come, new things such as rebuilding our economy. let me explain in the real deal with dennis kneale. tonight, we're going to w
8:01 pm
celebrate, as i said, we're going to break out the bubbly tw celebrate not just the market's extraordinary rise today on neww surprising surprisingly -- surprising drop in job losses in july, we celebrate more than just a 15% surge in stocks in 20 days of trading since july 10th, tonight, we celebrate something more fundamental than that and more spectacular, we are uncorking the crystal to toast the end of a year of fear and pain, rising layoffs and plunging hope. we salute the end of the year of economic collapse and worries it will get even worse and the end of a year of unrelenting pessimism and defeatism and ant anti-capitalism and recrimination.w tonight, we celebrate the beginning of the great recovery. beside, it's friday. it's been a great week for the w markets and a wonderful weekend lies just ahead. let's get giddy with it. ♪
8:02 pm
>> he was getting gigi but i w believe in getting giddy. the ga is june 25th. thursday night.w the second quarter hasn't yet ended, expectations bleak, s&p 500 index is below 880 and earnings expected to fall 95% or more. it was that night june 25th i w make a fearless and crazy call prodded by a wild eye'd producer and emboldened by reams of research i opened the show with this declaration. >> this horrible frightening w recession is ending now! >> i understand, maybe it doesn't sound so bold right now but suddenly it's conventional w wisdom, of course, the recession is ending, we knew it all along. at that time, it was rather daring and entirely daunting. market experts on the show humored me that night. we hope you're right, dennis but clearly you don't understand. the next day my colleagues
8:03 pm
didn't even want to look me in the eye. and the bloggers, how dare i call an end to the recession. an old mentor of mine at the "wall street journal" used to say bare ass out on a limb. then a report came in from one of the biggest brokerage firms in the world, merrill lynch declared recession is over. then a cover story in "newsweek" magazine, head line "the recession is over." since june 25th, even though stocks were up 38% from lows in march, since june 25th. watch what happened?w since my recession over proclamation, the dow closed 113 points today, up 13% during that time. nasdaq breaks the thousand mark and s&p 500 is up 13 points today and ends the week above 1,000 and up 12% since my june
8:04 pm
25th declaration. look at the jobs picture.w the unemployment rate was at 9.5%. everyone expected it to rise gw another tick on the way up to 10%. instead, the rate today fell a 10th of a point, 9.4.gw take a look at that chart with that lovely v. look where job losses started in july of '08, how much worse they got by january 7th. 40,000, today, less than 250,000 and counting. it's painful, today's number but way less painful than it was inw january. look at this lovely v, i'm telling you, looks like the worst of the layoffs, they could be over. almost no one expected that.w now, to the journalists called the to be sure preparing, to be sure, most forecasters say the rebound from the recession will be the worst on record, poky and punk. to be sure, the obama posse
8:05 pm
could kill the recovery with its bonus bashing agenda and health care taxes and new regulation and threats about a jobless recovery and not alone the lovely v i showed you on they worry about tight credit and consumers and save rather than spend, to be sure, toxic assets still loom large, mortgage defaults could go up. dozens more small banks could belly flop, lastly, to be sure, woe is me, the end is near, we're all going to darks kind of li lik like igor would say. i'm afraid they're too fraidy-cats. even if a lot of these to be sures are right, they're manageable obstacles and can be dealt with. look all we have overcome just in recent months the threat of a
8:06 pm
global armageddon is no more. chrysler on the mend and out of chapter 11 and housing prices on the way up and housing sales stabilized and we will emerge better and stronger than ever before as in the latin, baby, pax americana. american peace it means literally. translated into dennis speak, it means america the kick-ass which brings me back to that busted water pipe in manhattan this morning. think about it. 12 inches high and made of cast iron. imagine the strong hard hands of the men who laid that pipe in lower manhattan in the year 1870, 139 years ago. did the workers who put that pipe in the ground that day a few years after the end of the civil war, did they have any idea it would still be in use in the 21st century? i think maybe they did.w my hope is the obama administration $787 billion stimulus package has some money
8:07 pm
lying around to help build a new water main for lower manhattan. i'll make a bet that i bet that replacement pipe lasts beyond 100 years. america is built to last and the american worker is built to last, too. emotionally drained yet? a little of me goes a long way, i know that. that might be a little more of me than anyone should have to endure except my mom and grand-mom who turned 91 last week, happy birthday, grandma. i promise less of me and a lot more from our experts. look at that a 16 box. bulls and bears. we have a herd of bears, we will debate, the great recovery, is it under way and might it be w better than most experts expect and eventually, i have to get back to the gleaming bottle. undefeated professional boxer floyd "money" mayweather
8:08 pm
has the fastest hands boxing has ever seen. so i've come to this ring to see who's faster...
8:09 pm
on the internet. i'll be using the 3g at&t laptopconnect card. he won't. so i can browse the web faster, email business plans faster. all on the go. i'm bill kurtis and i'm faster than floyd mayweather. (announcer) switch to the nation's fastest 3g network and get the at&t laptopconnect card for free.
8:10 pm
8:11 pm
wire doing a little celebrating tonight on "cnbc reports," nice market today, dow up 1.2%, big market for the bulls, maybe uncork a little if you stick with us, s&p up 3% or so. bob pisani watched it happen from the floor. take it over. >> look what's happening. money is now coming out of the safe haven areas and to higher risk areas like the bond and
8:12 pm
particularly the stock market. and particularly, is there a floor under the stock market. bulls say is there. and market will drop in september-october. if it does, there will be plenty of people willing to buy just below the market. that's the floor the market is exhibiting. leading sectors is simple, financials, and industrials, consumer discretionary and materials. did see a weakness in financials after the last hour, clearly a bit of profit taking after the big week. >> a big day for the market. let's bring in the first group of bulls and bears, matt shapiro and jay, and jim eurio, sounds like it's nabisco and the tycoon report bear and j.t. smith funding another bear. matt shapiro, why don't we start with you. nice run-up today, is it over?
8:13 pm
>> i don't think so. we didn't get that super dream number we talked about minus 150 but minus 247 is really gchltd up 10 is where i thought we would be. we want even higher dent get in that 1025 high air beyond traded back with profit taking in the financials. everything was really strong. look this week at s.l. realty and boston property and the like went up 10 to 15% a lot of healthy fundamentals. >> you're a little bearish guy, aren't you? a little nervous. >> here's the deal. the market is up 50%. at the very minimum, at the very minimum, we have to see a 10% pullback. you look at '03, we looked at 10% off the lows and pulled back
8:14 pm
10%. it wasn't until 2006 we significantly took out the '03 high. i think you have to be cautious here. >> but teeke, it's matter of when that 10% correction comes, monday or another month of running up and you're left out of the game? >> i think we're a lot closer. i think people right now are in a mad panic to buy stocks because they moved up so much, because they missed so much of this move, i think there's a lot more risk here. >> wonderful animal spirit. john, what do you see on the etf end of things. >> i really like the fact we're up 50% and still waiting for 10% pullback. if we go up 70, you get your 10% pullback you get another -- >> you're way up. >> gave up another 20% waiting for 10. we saw a good move in transport today, a lot of cyclical doings well, basic materials. we even saw good opportunity in retail stocks, on fire this week. we saw a lot of money moving
8:15 pm
into financials, as you know, good news out of -- >> john, how much of this is because people are saying stocks are undervalued versus people saying, show, i'm afraid i'm missing out on something? >> the economy is feeling basically the easing that happened 6 to 12 months ago now, and the market is already looking 6 to 12 months. there's a lot of pipeline easing and monetary imstimulus that hasn't been felt. we're ready to rock'n roll. >> jim, where are we going to go from here? keep going up or a big correction like teeke is hoping for? >> i think we actually started the correction in the last hour of the day. a lot of analysts say we're seeing credit taking, i'm not sure that was. a credit analyst number came out fairly disastrous for june and old news and we saw july numbers really, and i thought i was a bull honestly, compared to you, i guess i will sound like a
8:16 pm
bear, the guy you don't want. i think the correction started already, market extended too far and due for a 10% correction like teeke said. >> i think 10% is reasonable. >> it is reasonable. the nice thing, teeke, even after it correcting 10%, i'm still way up. but bears, you have to wish them well. >> michael and harry dent, author of "the depression ahead and scott barbie and jerry bowyer of bowyer media. where to begin. michael, you're such a doubter of the american economy, i think we ought to start with you. >> i hate to turn off your supply of night tremendous oxide because it sounds like you're really enjoying yourself over there. we lost 128,000 goods producing jobs. i don't know the last time you ever created a job that produced
8:17 pm
anything in this country. we have 6.3 million continuing claims. people are not getting hired. this will be a jobless recovery just like we had coming out of the last two recessions. i'll tell you the reason why, because our job creation has been pregnant predicated on bui asset bubbles. >> i'm sorry, you couldn't get any kristol. >> i will hook up to your nitrous oxide. >> did you see that job chart where you saw job losses go peak at 740,000 and getting less and less, you're expecting it to go right back down. how about you? unemployment right back up. >> we've been predicting recovery in the economy and bear market rally even when our book was written in 2008. we're saying it won't last. there's been major shocks to the u.s. consumer, even bigger shocks to the u.s. banking
8:18 pm
system and all this stimulus will only last so long. we think things are going back down. we think between now and early september we will see the end of a bear market rally. >> jerry buowyer, they're prayig it won't last. >> we had a jobless recovery in 1993 and went on to have the most fabulous bull market in american history had a jobless recovery in 2002 and had another bull market. just because it's a jobless recovery doesn't mean it's not a recovery. with 90% of the people working are hard, you can produce a lot. >> the work force is starting to decline. as i said before, this is predicated on the building offer assets bulbs so we can service that. when you're talking about a jobless recovery, jerry, didn't we have a huge bubble in housing?
8:19 pm
we had to wait a few years after 2001. >> he's talking 1993. scott, where are you in the middle. just because there is a bubble in an economy doesn't mean the whole economy is a bubble. >> michael! >> cease and desist. i need to let him get a point in. >> it seems as many names on the watch-list we've seen in 10, 15 years with the exception of the last six months, i don't know exactly what happens the next three months, it certainly looks from a bottoms up perspective there are a lot of interesting names around for good investment. >> i'm sorry to show my stupid here what do you mean by bottoms up sounds like your rear is in the air and head is in the sand. >> we screen hard for good companies trading cheaply on the
8:20 pm
metrics of book value and we're seeing a lot of those still on our list. we're finding the best -- some of the best opportunities we've ever seen. >> jerry bowyer, i want to end this segment with a bull because i am entirely biased. can the rally continue. >> yeah. by the way the bottoms up refers to the cristol. enjoy yourself. >> we may or may not get a correction. how many on your show have said wait for the next correction before you get in. that next correction is like shooting the gun off. that's a start. you get another correction, that pulls all these waders into the market and get a better bull after that. >> that's right. who knows. all i know, forgive invest over the long term, in 100 years, someone, one of my investors will do great. next, who gets the credit for the start of the recovery. president obama grabbing a chunk of it today. maybe the credit really goes to
8:21 pm
say ben bernanke. we have a whole new slate of players lined up real deal. only two minutes away and only 36 minutes until we get to the cri, ol! there it is he ran off with his secretary! she's 23 years old!
8:22 pm
- oh, come on. - enough! you get half. and you get half. ( chirp ) team three, boathouse? ( chirp ) oh yeah. his and hers. - ( crowd gasps ) - ( chirp ) van gogh? ( chirp ) even steven. - ( chirp ) mansion? - ( chirp ) good to go. ( grunts ) timber! ( chirp ) boss? what do we do with the shih-tzu? - ( chirp ) joint custody. - dog: phew... announcer: get work done now. communicate in less than a second with nextel direct connect. only on the now network. announcer: get work done now. communicate in less deaf, hard, hearing and peopith speech disabilitiesit . announcer: some people buy a car based on the deal they get. others buy the car of their dreams. during the lexus golden opportunity sales event,
8:23 pm
you can do both. it's an opportunity today. it's a lexus forever. special lease offers now available on the 2009 is 250. most people try to get rid of algae, and we're trying to grow it. the algae are very beautiful. they come in blue or red, golden, green. algae could be converted into biofuels... that we could someday run our cars on. in using algae to form biofuels, we're not competing with the food supply. and they absorb co2, so they help solve the greenhouse problem, as well. we're making a big commitment to finding out... just how much algae can help to meet... the fuel demands of the world.
8:24 pm
cristal. the great recovery is here, babe, we are celebrating tonight on "cnbc reports." you know what, today, there was some celebrating going on at the white house. today in the rose garden, president obama touted his $787 billion system pack as the stimulater. he says it pulled the financial system back from the brink of near depression, adds i'm convinced we can see the light
8:25 pm
at the end of the tunnel. earlier tonight, larry kudlow, listed his economic heros to people who deserved the real credit. ben bernanke, hank paulson, president bush and the american retailer, the wal-mart greeter. real dealers, let's debate it. joining us julie raginsky, ben ferguson, radio show host. i understand the temptation to hand obama praise here but larry kudlow had an entirely different view says instead ben bernanke and hank paulson deserves more credit than obama does. >> i'm willing to give them some of the credit but willing to give barack obama and tim geithner some of the credit. look at these numbers. unemployment, stocks, cars and banks. on those four issues, everyone thought the obama was screwing everything up.
8:26 pm
unemployment down, stock market up, auto sales are up. guess what? the banks are repaying t.a.r.p. money and making record profits all this happened despite people on the right saying obama policies will fail and lead us to a great depression. >> there's no cause and effect. no president -- no president in u.s. history, dennis, has done more to harm the u.s. economy in so short a period of time than barack obama. >> why are we rebounding so well, jack. >> there's no cause and effect. it has nothing to do with the actions of the government. the recession wasn't as bad as people thought. unemployment never hit the 82 level. here we wasted trillions of dollars and created this government motors to go out and hurt healthy car companies. >> julie, sounds like jack is writing recent history. >> is jack hitting the krisscri early? the job growth has been
8:27 pm
one-100ths. >> what does that mean. >> one -100ths was job growth, there was virtually no job growth. >> what does that have to do with obama taking credit. >> just once let me finish without interrupting me. there were no private sector jobs created. barack obama had to contend with an economy 20 times worse -- >> he's been in office how long. >> he's been in office six months, give him time. >> let's talk about the stimulus as reality. how much of the 787 has actually been spent? does anybody want to say? less than 20%. >> that's what you -- >> let me finish. don't claim it had an effect when most hasn't been spent. the american people decided they're willing to do it themselves. i know that's shocking. >> the government shouldn't be stimulating anything.
8:28 pm
everybody's missing the point, even ben. the government shouldn't be in the business of creating, stimulating, buying old cars or helping wall street. >> that's a philosophical issue. >> jack, pipe down. i even talk to capitalists on wall street and said some type of government stimulus was needed. they needed the government to provide liquidity when banks would not loan even to each other. i want to stop having an i ideological debate and have facts. and very little of that 787 system has been spent so what are you claiming all the credit for. >> look when lehman brothers failed, the financial industry was in crisis, we were facing the collapse on the stock market. we have made dramatic progress since then in part because of the policy of hank paulson and george bush and also because of continued policy of barack obama. it didn't happen in six months.
8:29 pm
people criticizing barack obama have been criticizing everything wrong but don't want to give him credit for everything right. >> we're bringing you back and more time to bicker. we have to bail now. thank you very much. sorry you're not in the studio here with you tonight. maybe i can give you a taste of that world class champagne we have chilling. the bull is back, markets big across the board. technicians say we're breaking through key levels. retail investor is getting back in the game. the dollar is changing course. coming up, how to profit from it. want to get auctionable? no problem. get the real deal from dennis kneale.
8:30 pm
the gold delta skymiles credit card... from american express... it's the official card... of the world's largest airline. and it's the only credit card... that earns miles on delta. miles that take you... to more places than ever before. over 350 destinations worldwide. so switch today. get up to 25,000 bonus miles-- good for a free flight. call now to apply. there's no annual fee for the first year... and you can redeem... with no blackout dates or seat restrictions.
8:31 pm
these are just a few of the benefits... of carrying the official card of delta air lines. switch now and you can earn miles... on delta with your purchases: groceries, gas, entertainment, and more. get up to 25,000 bonus miles... with the gold delta skymiles credit card. call 1-800-skymiles to apply. this is the official card...
8:32 pm
thank you, frank sinatra. the recovery train is here. we need to tackle two issues, the dollar and retail investor. for the bears, michael pinto and
8:33 pm
harry are back and two bulls, scott bar bee and jerry bowyer. scott, start us off. i hear larry kudlow worrying about it economically, i feel it may be a matter of national pride. there's all kinds of upsides to weaker dollar and down sides to a stronger dollar. >> i think actually the dollar will get a bit weaker going forward with the fed giving a lot of monetary accommodation running the printing press hard, buying a lot of assets, debt. the chinese will let their currency revalue upwards and put a lot of it in the chinese made goods and the dollar will weak an bit and hurt the consumer and lead to inflation. >> let's go to michael pinto because he's pouting. >> what is the upside of a weaker dollar. >> if i may answer your
8:34 pm
question, sir, the one upside would our exports end up being cheaper? >> no. why, everything priced in dollars is more expensive. >> higher earnings in this country. >> that's ridiculous, completely ridiculous. i'll tell you something nobody's talking about. come october, the year-over-year inflation data will look very very ugly because commodity prices have doubled thanks to your weaker dollar. it makes all americans more poor. >> in october you say inflation rears its ugly head. >> yes. year-over-year inflation data gets ugly. look what happened. in october, the price of oil was $30 a barrel, now up over 70. the head line will be ugly and force bernanke off the bench. >> the u.s. dollar is like weather for retailers. they have good or bad, the weather was too cold, the weather was too warm, the dollar is too strong and too weak,
8:35 pm
somehow we keep building business. >> you want a stable dollar. want a stable dollar. >> pinto might be right about inflation. >> hang on, jerry, i have to interrupt you here. we want to bring in the real deal squad, we will cross pollenate. who wants to take on these real dealers. jer hold on, we have a sound problem. keith, can you hear me. >> go. >> i hate to say this. i kind of agree with jerry bowyer. i don't think you want a strong dollar or weak dollar. you want a stable dollar. i think the fiscal policies being pursued will help encourage that. i'm not sure i understand what michael pinto's philosophies are but i think the obama administration is working hard to make sure we have stability. >> he asked me a question, let me answer it there. are sabers in this country,
8:36 pm
retirees who have money in the bank, don't you think they deserve a real interest rate for their savings? that's where i'm coming from. >> inflation is not really a threat. >> no. >> of course not. you were talking about oil prices doubled, they go up every summer. that's not a big issue. >> they double every summer? does copper go up 80%. >> what we will see in the fall oil prices will come down again and have more stability and the oil market will help the rest of the market and have a lot more stability and have a period of growth. i think we need to calm down and take some perspective. >> let me return the favor and come to keith's defense k.s go up in the beginning of a recovery and doesn't automatically mean inflation. let me say something else, keith, you'll probably appreciate. i will give obama really big credit for the recovery we have going on now, particularly in the financial sector. >> why? >> it was the obama administration that got rid of that awful mark to market
8:37 pm
accounting rule. bush wouldn't touch it. all the free market guys said get rid of mark to market. we had to wait for a liberal democrat to council and actually put mary shapiro there who really knows what she's doing a whole lot more than kris cox the republican did and that has a big responsibility for the republican. >> i will disagree with your agreement because i didn't like the idea of getting rid of mark to market recovery. >> good for you, keith. >> it think it was accounting. >> talk to mary shapiro. >> jack berkman, where are you on the strength of the dollar and how important it is or isn't. >> i don't want to frighten your audience by opining on currency or international finance, i don't want to scare away half your audience. the dollar is stronger than people think, when you say the euro is 1.1, people don't realize the euro trading zone has grown over the years. it's very big. 1.41 to 1 is really even when you consider that the gdp of the
8:38 pm
european zone is now much biller than the u.s. there's no reason the u.s. dollar is on par with the euro because that is a bigger economic zone. >> why are you measuring the dollar against another flawed currency? why don't you measure it against gold. >> oh. >> it's gone from 35 cents and ounce to almost $1,000 an ounce. thank you to the federal reserve. >> michael, even with gold nearing a thousand, you as you caught me, it's still at half the price of its peak in 1980 when you adjust for inflation. >> why do you pick 1980? the bubble year? >> the other -- >> right? >> was that your evidence for strengthening the u.s. dollar? $1,000 an ounce. >> am i the only person that looks at a chart and see it going down. >> can i step in and defend michael. i agree with him. i'm shocked.
8:39 pm
we have that commodity inflation. not because it's the summer months, oil has drastically gone up. look at last year during the midst of the recession, oil already went up when it came to commodities and gold. yeah, i'm not concerned about inflation now, i am concerned once inflation does hit. >> you should be concerned about inflation. you should not not be concerned about. >> it i have no concerns about inflation, frightening your audience by venturing into economic speculation, one of the things the economists missed when the global market expanded, you talk about pumping out dollars and inflation you have bigger numbers than before. people talk about inflation over and over again but it never happens. >> with all due respect we had inflation over the last ten years, we had inflation in the housing market and energy.
8:40 pm
>> stop talking. next, we move on to this single critical question will i be able to go the entire show without opening up that $320 bottle of cristal champagne? and we'll tell you how to grab the horns of this bull run. having the right tools is crucial
8:41 pm
to being able to manage your diabetes properly. it's very important for me to uh check my blood sugar before i go on stage. being on when i'm feeling low
8:42 pm
can be like a rollercoaster. it does at times feel like my body is telling me to do one thing... and, my mind, my heart is telling me to do something else. managing my highs and lows is super important. with my contour meter i can personalize my high/lo settings so it really does micromanage where my blood sugar needs to be. i'm nick jonas and never slowing down is my simple win. mr. evans? this is janice from onstar. i have received an automatic signal you've been in a front-end crash. do you need help? yeah. i'll contact emergency services and stay with you. you okay? yeah. onstar. standard for one year on 14 chevy models.
8:43 pm
we are back. let's figure out, is it too late to get in? we have lots of bulls and bears.
8:44 pm
i will dispense with the introduction. too late to get in? jim, you're buying, you're a bull. >> i'm a bull. i think we will have a correction. things like consumer staples things people need over things they want. >> consumer staples, you sound like the start of the recession, i've been hearing consumer staples. >> it's not a v shaped recovery, more like an l and people will realize that. i will go to things that were in favor. things like mcdonald's, wal-mart, smith & wesson, things that were doing well before. and i don't think people are worried about talking about your neighbor as a redneck. >> and l is a sign for loser and the stocks are up so hugely, what are you buying, john? >> i think the basic fact, the harder we go down the stronger we bounce back, history, '81 me
8:45 pm
of '82. '90s. >> where are you going now. >> we go to discretionary names, retailers, like home builders, a lot of flow and financials, long with financials some time. >> teeke, you're a bear, are you buying xhurp staples like jim? >> i'm not buying consumer staples. i believe in the pullback, i'll be going financial services, china. >> we have an oh from john. >> why are you saying oh? >> i don't know how long you can wait for the pullback and still buying. either buying treasuries for 1 or 2% or in the s&p. no two ways about it. >> you look back at '03, we rallied 50% off the lows and came in 10% and then basically
8:46 pm
went sideways. >> a 10% correction was about a month ago. >> matt shapiro. here's the thing, matt shapiro. we just heard the bear, teeke say he weighs waiting for 10% then he's going in. even the bears are starting to lose faith in their bearishness. >> you got to buy something. >> you have to look at the facts. you have to really invest. take a look. one thing he might like even as a bear is making money in the car market recovery. one thing i've been buying a lot of gm bonds i bought 10 cents on the dollar, now about 15 a big position for my clients. i think they will go higher, just came out in a regulatory filing tonight they will issue new shares in about a year, i'm putting things away and i think it will do great. >> let's talk with j.c. he pent me something in march saying, you watch, the s&p might
8:47 pm
be at 660, it's going down even farther. so far it happened j.t. >> that wasn't the memo, dennis. it had to do with unemployment. i will take michael pinto's side most of this, peel back the layers of the onion, unemployment went up last month. i don't care what the headlines say, u 5 went from 168 to 1695 you mean people really unemployed you add up all people who stopped looking. so what are you buying, j.t. >> right now, i would stick to the high end not effective with nordstrom, strayed down in wal-mart and watch the big pullback and jump in the financials, bank of america. tremendous changes. >> don't you think the dow is going way way down yet you would still buy some of these stocks. >> the people insulated, high
8:48 pm
end. >> the bears are confused, dennis. >> you're losing your face. jimmy, losing your face. >> you asked me a question. >> the fact there's a rise in oil commodities and inflation, but yet we're going into depression and we should be buying consumer staples. it doesn't make sense. >> i'm not saying, i don't think anybody's here saying we're going into depression unless i'm completely misunderstanding folks here but we have come so far so quickly. it would be unreasonable not to imagine you get at least some type of a breather hoop. >> but i cannot play that surfing game, in and out. i've got to place my chips and let them ride. i think studies show that when you put money in and let it ride forever, even despite these major corrections over the last 100 years that's the right way to go. julie, can you see the bears, they're beginning to lose their nerve? >> dennis, i was with you, listen, i called my broker in march and told them to put money in the market because i knew it would bounce back eventually and
8:49 pm
i'm buying long and staying in. >> go ahead, j.t. >> let's get this right. i mean, national incomes dropped by, there's a $300 billion swing, all right, from may to june. >> yes. >> all right, that's 2.6% swing there. unemployment is up. you ask me if i had to make a play what it would be, it would still be the tradedown. things are not getting better. >> things are not getting better, my friend? you guys are so far inside the circle, so swamped by data you don't see things are getting better. michael pinto, i realize you're incredibly right probably about the longer term and those challenges. the difference in where we divide michael, i think we're equipped to beat them, to overcome them. where is your faith, michael, in our ability to overcome? oh, i lost pinto. >> dennis, let me say the market is a leading indicator and it's
8:50 pm
telling us something when the stock market goes up 50% it doesn't mean things are getting worse. things are getting better. by the time the economy feels things are getting better the stock will be up another 50%. >> we're not going up another 50% without the consumer being a part of it. >> let me offer some -- >> no one's offered anything because i'm in charge and actually they're in charge and told me to wrap. the bottom line, market's up, job losses down, holding higher hopes, i am. sorry you can't be here, what a great country and what a great bottle of champagne, a great recovery is on. it is time to celebrate and i am back in two minutes. this is humiliating. stand still so we can get an accurate reading. okay...um...eighteen pounds and a smidge. a smidge? y'know, there's really no need to weigh packages under 70 pounds. with priority mail flat rate boxes from the postal service, if it fits, it ships
8:51 pm
anywhere in the country for a low flat rate. cool. you know this scale is off by a good 7, 8 pounds. maybe five. priority mail flat rate boxes only from the postal service. a simpler way to ship. has the fastest serve in the history of professional tennis. so i've come to this court to challenge his speed. ...on the internet. i'll be using the 3g at&t laptopconnect card.
8:52 pm
he won't so i can book travel plans faster, check my account balances faster. all on the go. i'm bill kurtis and i'm faster than andy roddick. (announcer) "switch to the nations fastest 3g network"
8:53 pm
♪ i won't pay, i won't pay you no way ♪ ♪ no, no way a sweet 16, we want to thank all of the bulls, bears and real dealers for taking part in the show tonight. look at that. is that beautiful or what? thanks a lot, guys. to a parting shot that bottle of kristol is calling to me. i can run to extremes, i feel things too deeply, take things too personally. i argue things too passionately. i get a little too giddy or too down and when stocks rise, they lift my spirits right along with
8:54 pm
them and then i start seeing the possibility, and the promise that maybe things won't be so bad after all, that maybe all the doubters, all the economic experts are just plain wrong, too beaten down, too filled with fear, too stung from the fall of last fall, or maybe just too knowledgeable, too far inside the circle and steeped in data. i got plenty of facts to bolster my case that this horrible recession is over and the great recovery is begun, higher stock prices, improving earnings, better job numbers, reviving car sales, lower consumer debt, higher consumer savings, stabilizing home prices, but for every fact i cite -- >> yeah! >> -- a bear can have some counterpoint and so nevermind. so we are going to never mind all those facts, how we feel is what counts and we feel better! so have a great night and a great weekend while we toast the great recovery. ♪ never felt that strong, like a rock ♪
8:55 pm
♪ i was 18, didn't have a care ♪ working for peanuts, not a dime to spare ♪ my biggest pain's really in my lower back. feels kind of like knives. aleve works all day on my back pain. only two aleve liquid gels can stop pain all day. that would take twice as many advil or ibuprofen. aleve allows me to get through my work day. you must be looking for motorcycle insurance. you're good. thanks. so is our bike insurance. all the coverage you need at a great price. hold on, cowboy. cool. i'm not done -- for less than a dollar a month, you also get 24/7 roadside assistance.
8:56 pm
right on. yeah, vroom-vroom! sounds like you ran a 500. more like a 900 v-twin. excuse me. well, you're excused. the right insurance for your ride. now, that's progressive. call or click today. the gold delta skymiles credit card... from american express... it's the official card... of the world's largest airline. and it's the only credit card... that earns miles on delta. miles that take you... to more places than ever before.
8:57 pm
over 350 destinations worldwide. so switch today. get up to 25,000 bonus miles-- good for a free flight. call now to apply. there's no annual fee for the first year... and you can redeem... with no blackout dates or seat restrictions. these are just a few of the benefits... of carrying the official card of delta air lines. switch now and you can earn miles... on delta with your purchases: groceries, gas, entertainment, and more. get up to 25,000 bonus miles... with the gold delta skymiles credit card. call 1-800-skymiles to apply. this is the official card... of the world's largest airline.
8:58 pm
welcome to "face the ace." i'm steve schirripa. most people have played a little bit of poker before. tonight our qualifiers will get a chance to do what most people haven't done, play texas hold 'em for $1 million.
8:59 pm
from jonestown, pennsylvania, we have a man who served in both the marines and the navy. he's cool under fire, and he can prove it because he was shot while serving, and he might show us where. let's meet mr. jonathan nygard. jonathan, how are you, man? >> whassup, man? >> good to see you, big guy. >> all right. >> how are you feeling? >> feeling good. >> you're from joanstown. >> yep. >> obviously you didn't drink the kool-aid. it's a little joke. stay close. are you a red sox fan, is that why you're wearing a boston hat which i assume? >> i really just hate the yankees. >> you hate the yankees so you're wearing a red sox hat and you're from pennsylvania. >> right. >> what team do you like? >> i like the phillies. >> you like the phillies but wearing a red sox hat. >> right. >> that makes absolutely no sense to me but hey what do i know. so if you win the $1 million what are you going to do with it? >> give some

289 Views

info Stream Only

Uploaded by TV Archive on