see it there. another 2 plus percent today. any number of people all around us still say we need a few days to let things calm down if we're going to get to the finish line on this dale. one key question, geno longer considers nbc universal a core company. it does beg the larger question as to whether the comcast dale that's currently being worked on is the best way to maximize value for all of nbc universal and, of course, ge. are there tax ram if i occasi-- ramifications? i'm trying to get those questions answered. we'll bring you up to date on any developments that occur with regard to our employer. >> exactly. so we have keen interest in this

story, certainly. time warner has already said it's not interested. let's say comcast dale doesn't come to fruition is there another party out there >> there might be. hard to know. time warner has the studio issue and trust. msnbc would have to be spun. there's a lot of hair on that kind of dale. maybe other parties can pull it off. every banker is trying to figure it out. >> david, thanks. >> okay. now to "the call." have a great weekend. >> good morning and welcome to "the call." i'm trish regan. we're 90 minutes into trading. we're watching a market that's slightly lower. the one employment rate hitting a 25 year high yet. equities are pairing their losses right now. we'll talk about this exactly what is next, for the stocks and economy amid an environment of a weak dollar. larry? >> i'm larry kudlow. lots of pronouncements coming

out of the federal reserve. in the "call of the wild" we'll debate whether bernanke and company is confusing the market. >> i'm melissa francis. the talks between ge and comcast over nbc universal will continue. we'll discuss the changing landscape of the media industry and how you can be affected. this is "the call" on cnbc. looks like it's going to be a bad day for the bulls after another 263,000 americans lost their jobs in september. the unemployment rate hit 9.8%. it's the highest level since june of 1983. that's a rough start. stocks paired their losses and turned higher when dollars originally rose. then started to sell off. the dow is down 25 points. not too bad considering the data. the s&p right now is down about a third of a percentage point. the nasdaq is trading to the

down side as well, down about a quarter of a percentage point, 2052. look how treasuries are faring. >> gold is up. >> the dollar taking a little bit of a hit there. down below 77 right now. you know, 7690. trish, what's happening on the floor? >> it's something that we often see, right? this weakness in the dollar which then translate into a little bit more strength in the equities market. it's something we're certainly seeing today as you just pointed out and you can see on that chart there was a big selloff initially on the jobs report. we started to regain some ground. still down 28. i want to bring in bob pisani who is watching this for us. we see this over and over again where the dollar gets weaker and the market gets stronger. >> the dollar stabilized

quickly. the market is moving sideways. that's very important. we've seen a number of groups come off the bottom. the important thing is the damage is pretty limited. you have your consumer groups, knee jerk reaction, let's buy pepsi and proctor and gamble and all those stocks did better. if you look at the ones that would get the hurt the most, the financial stocks as well as some of the big material stocks, those stocks were done but not much. so there's your consumer stocks. roll to the financials and you'll see, 2% to the down side is what most of these stores. whether you're looking at the big guys, bank of america, zions, brokerage stocks down 1% to 2%. on a normal day dollar weakness would be a little bit stronger. alcoa has gone positive. all these stocks were down 2% at the open. the dollar weakness has commodity stocks. you can see the move here.

i would say that this is a pretty limited damage today. >> let's talk a little bit about what's next? we got some data points coming out next week in terms of the economy. what's the most important thing for investors? >> retail sales next week. thursday. july was better than august. they show that august is better than september on the retailers and the consumer has not disappeared as some of the bears are arguing. now you have somewhat of a counter weight to the floor news we had on the jobs front. >> thanks so much. we want to head up town to mike at the nasdaq. >> good morning. even though the nasdaq as you can see did peak on the upside just twin last hour or so and it's now gone back down, it's holding its own and there's a couple of reasons for that. the nasdaq took the biggest hit yesterday down 3%. the biggest percentage and point loss for the nasdaq in months. number two we got an up grade on friday, three of which are work, shares of apple, intel and

costco. these are big stocks being updated. the analysts citing a specific turn around in the p.c. market. so you think there's some group for the semiconductor index but at the moment not so much. wells fargo and comcast, but as david farber pointed out, watch that. the stock jumped 11% when the nasdaq was down 3% and it's rallying another 3.5% today. back to you. >> deep faith mike. that's all i can say. thank you for your great report. employers cut more jobs than expected in september. today's job reports showed 262,000 lost jobs in september. the unemployment rate rising to 9.8%. what does this tell us about economic recovery? let's bring in former commerce

secretary carlos gutierrez and robert rice, both cnbc contributors. never had we had so much talent since thomas jefferson dined alone. it's quite extraordinary. robert rice, let me begin with you, my friend, is there a silver lining in this report anywhere? >> well, larry, i'm looking for it. i've had a hard time finding it. this is the 21st consecutive month of job loss. we've not seen 21 months of job losses in the last 70 years. if it weren't for the stimulus package the job losses would be substantially higher. we're seeing job losses in every level, every industry and all of the happy talk about wall street, i'll tell you something, consumers are just about tapped out. >> carlos, we're looking at the numbers. if you look at the employment within the government that fell significantly as well, kind of surprising given what robert just said given the stimulus

money is the only thing propping things up. what does it mean? >> i agree. that was the only positive part in previous reports and, you know, the fact that it's falling suggests either stimulus has gone through or not getting through. let's just say if the stimulus package is working and it's hard to know whether things will be worse without it, the key thing here is that a stimulus package is not a long term strategy. it is a short term tactical effort. >> that's right. >> looking ahead, i don't see what the long term growth strategy is. if you think about what we have in front of us, we have health care reform, which people are extremely nervous about because it's all very confusing to businesses and the average consumer. and then after we get that hurdle, we can look forward to cap and trade and i'm not sure what that will do spur economic growth. so, you know, there's a tremendous amount of uncertainty

and i think the government needs to provide certainty so that businesses will create jobs. >> let me tell you where the government job cuts are coming. they are coming at the state and local level. one of the most disturbing facts i saw this morning is that 56,000 teachers were laid off in september. 56,000 teachers who did not go into classrooms in september. that means larger class citizens. students are maybe not learning quite as much as otherwise. we're making -- you know, the state and local governments over these two years, that is 2008, 2009 are actually creating a fiscal drag of something on the order of $330 billion. that has to be subtracted from the stimulus package. >> let me put some charts up on the board. nonfarm payrolls. you're seeing some progress, although it's kind of stalled around 250 to 300,000. september lost 263. august lost 201.

july lost 304. so we're not losing ground but we're not gaining ground either. i want to go to carlos gutierrez point with the next chart, household employment. this worries me. this is where the unemployment figure comes from. it's not doing well and, in fact, this month, household employment dropped 785,000. following a 392,000 loss in august and 155,000 loss in july. now, robert rice, carlos gutierrez point. a, has small businesses that's whatcom prices house halds they can't get credit. great meredith whitney article in today's "wall street journal" and b, all these governmental programs may be stopping small businesses from hiring, they are worried about taxes and regulations. what's your take? >> well my take is the opposite, not surprisingly. the big banks are not lending. t.a.r.p., in my view, has bean

failure. they are not lending to small businesses and small businesses are the life blood of the economy. rather than worry about government spending too much i worry quite frankly about government spending too little. as i said before the stimulus package is the thing that's keeping the economy up, keeping people employed. without government spending, without the stimulus package i'm afraid as the commerce secretary said we'll be in trouble. if we talk about health care reform, i'll tell you we got to get those costs under control. >> look at all the taxes. there are ten separate taxes. >> i can hear you. you talked right over me. >> i'm sorry, robert. there are ten separate tax hikes in the baucus package for health care. a lot of those will hit small businesses including the fact that if it's too expensive for them to sign up they will have to take an 8% payroll tax. so doesn't that go to carlos gutierrez point, why would a small business hire if they know -- >> i disagree with that. >> mr. gutierrez, if the small

businesses know that the cost of hiring, the extra jobs at the margin on an after tax basis goes up doesn't that impede them, done that stop them dead in their tracks? >> absolutely, larry. many of the small business people with whom i speak are terrified. they don't know what's coming. tax, they look at the deficit. they know that deficit needs to be addressed with higher taxes. health care will mean either penalties or tax. cap and trade has the whole business community terrified. so, unless they have some certainty, they are not going to hire. here's the thing. 50% of all new jobs during normal time, 50% of all new jobs are created by companies that are less than five years old. so our pipeline of growth isn't being filled. >> before we go i want to bring it full circle. what does today's unemployment number mean as a whole? what do you think? >> i think we are stuck. i think we are stuck, it's like

a car that's stuck in a mud puddle, and we're going to be stuck up down a couple of thousand or maybe even down to 100,000. but there isn't a catalyst to get us out of this. >> robert, real quick. >> let me just say, first of all, every single one of those health care bills exempts small business. what is the measure going to be? secondly to your point, i agree with the commerce secretary. this is a tremendous problem for the economy and it's not clear where the aggregate demand is going to come from if it doesn't come from consumers. >> why can't we have a jobless recovery at 3%. the last two business cycles have been jobless -- >> that's a rhetorical question. nobody is responding. thank you for joining us. >> one way to get out of that. a quick break and stock market reaction to weak jobs report. why it may not be the time to position for a pull back.

>> talks continue between comcast and general electric. we'll discuss how the sale of nbc universal can affect the entire media sector. it's not just us.

. welcome back. what do you know? when the employment report is good, the president says a few words, comes out and speaks.

but when the employment report is bad, like today, guess who the white house trots out? >> we don't think less bad is good. less bad is not our measure of success. one job lost is one job too many and it's still too much pain. there's still too many hard-working americans without a paycheck. still too many families struggling to get by. >> i guess that's the role of the vice president. you talk about the bad news. what does this employment report mean for the stock market going forward? we want to ask our market strategists. great to see you guys. so, jordan, you're a bull. you think this stock market going higher despite the fact we're looking at one of the highest unemployment rates we've seen in a couple of decades. why are you so convinced there's upside on the way?

>> don't confuse the economy with the stock market. that's the major question. larry has been asking a couple of times what about a jobless recovery? each iteration of technology makes companies more productive and they can do more with less. one of the commentators said this is the worse number since 1983 without making a connection of what 1983 represented. it was a one year into the launch of a secular bull market that followed a period of no returns for ten years. we're just coming off the worst ten year period in history and we're six months out of that period. we're in the beginning avenue bull market and you can't confuse backward looking jobless numbers with the stock market. >> look how far the market has already come. could we have already seen that bull market, maybe it's just going peter along from here or peter out? what's the chance we would see additional run up on top of what we've already gotten?

>> what you've had is a market that reached no valuation level and got stretched on a whole number of levels including from a technical value level. at that point then because you have a fully synchronized market any sort of pull back you get would be expected to be reasonably modest. in a 3% variety range. the day high of 1080 brings you to 1026, a 5% pull back. that's where this market is right now. i don't think that this is the pull back. i think that the next move up is going to be the telling sign that will determine whether we're going to get a major correction, or not. i think we'll likely get that because there are certain technical indicators like divergences between and among the major indices and the second tier issues that i think will then develop into a nonconfirmation high and that will give you the 10% to 15%

market correction. >> jordan, let me go back to your point. it may be kru else hardened capitalism. aren't businesses continuing to pair costs, including job expenses along with inventory. isn't that good for business profits and might that be good for the stock market? >> clearly that's the point. we're in a world of specialization and you have to be special. so, it is a cruel world out there if you don't have something special, if you're looking to work a cash register. you have to bring something. but to your point it's good for companies and i think when you get back to vinny's point, i don't ever point myself a bull or bear. you have to let the markets talk to you. we saw down side leadership disappear. new breakthroughs in technology, health care technology. so what i think is when you look

at fundamentals the market is trading at one of the best valuations to cash flow that you've seen in years, it's also about 35% below the book value it's been running for the last 15 years on the s&p. if you're willing to look at individual companies, you find even better opportunities. >> vinny, just to be perverse about this, let me ask you. if and when we get 200, 300 job increase on a monthly basis doesn't mean that the fed will tighten money. there's a perverse logic here i'm raising. >> i don't disgray. the timing will be really important. i think you're really talking about a period that puts you out into the latter part of 2010 and 2011. in 2010 there are some major congressional elections that will take place. i don't know how the fed is going to go about raising interest rates at that time and i don't think you'll be getting, you're the economist, but you

won't be getting 200 to 300,000 new jobs per month coming in any time, you know, soon. >> before 2010. >> exactly. can i add to what jordan said? when it comes to the markets, jordan and i are buy stock. we'll go long, we'll go short, we'll do whatever we have to do. >> new one. that's a new one. >> all right guys. jordan, do you have something you want to say? >> if we have another point, the key is that we're afraid of raising interest rates. slaer bringing that up. interest rates are currently zero. if they start raising them a quarter point, half a point that's not what we're worried about. we won't get to a point where they take the punch bowl away. >> slow and steady. thanks guys. >> comcast and ge universal continue talks.

>> on a day when it's all about the labor market we have new holiday jobs forecast and you'll have the details. that's coming up right here on "the call." to redefine air travel for a new generation. to ensure our forces are safer and stronger. to take the world we share to tomorrow and beyond. announcer: around the globe, the people of boeing are working together-- to make a difference. that's why we're here. what's on the minds of independent investors? let's ask. when you're trading a stock, every penny counts. i hate when the trade is done and you find out you paid more than the quote price. i want it at the price i expect... or better. td ameritrade's unique trading platform uses multiple market centers to help you find

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. okay. you're looking live at copenhagen and also chicago right now. residents are awaiting word from the ioc who will host the 2016 summer games. we'll have a live report of the decision as soon as it's made. we'll bring it to you live. the talks between comcast and general electric over nbc universal the parent of this network are continuing. david farber reporting yesterday the two are skaugs complicated deal that will give comcast a 51% interest in the nbc universal. comcast trading lower, parent general electric also trading lower by 2.5%. let's bring in -- we have michael wolfe to discuss what this means. michael, you say and, makes me sad to hear this, distribution is an idea whose time has passed. how come? >> this is deja vu all over again. we've done this. this is what the media world did

for about 15 years before it then suddenly decided hell this hasn't worked at all, hasn't created value for anyone. time warner unwound its interest in distribution. news corps which acquired directv has jettisoned that. this is -- i'm actually stunned. >> why do you think they are doing it, then? >> because they don't know what they are doing, i would suppose is the answer that is -- that's the answer that works most of the time. i think that they have always wanted the guys, the brian roberts at comcast has always wanted a content play. why? because he feels insecure with cable, because cable is boring. because -- >> come on, cable is boring? >> of course. well there are no stars in

cable, there are only stars on our side of the divide here. but, i think it's very hard to come up with a rationale that says this adds value because. >> michael, can comcast and brian roberts and his whole gang manage these cable tv content providers including cnbc? can they manage. >> it's >> i think management, the most important thing about management is having experience. and they have none. they know nothing about this. they know nothing about the process and complicated process of companies that actually create content not distribute it. so, again, i'm just looking at this and my mouth is wide-open. >> they would know more about creating contend than a company that makes jet engines and like bulbs and -- no? >> well, i think you might have -- you might well have a

good point there. but this is, i think, the finer point is that they don't know any more than the people at ge would have known. >> michael, i'm sorry we have to interrupt you for a second. as you're swreerg learning chicago has been eliminated from the 2016 olympics consideration. okay. we'll go chicago right now. phil are you with us? >> i am. >> they are stunned here at daly plaza. we've been watching this the darrin, i don't think anybody expect this? >> this is an absolute shocker in terms of the book makers had chicago as the favorite. when you look at the money, the tv rights, the u.s. tv rights are ten times more valuable than anything else, that was up for bid. there's probably $250 million lost, it's not chicago over rio.

this is the biggest shocker in olympic voting. >> darrin said the first-round, this is the one that if chicago was going to get knocked out we thought this would be the surprised one. that's what happened. clearly for a lot of people here, when they leave daly plaza, nobody expected this at all. >> obviously you had what's at stake for obama. people will talk about that. he made trip. what does that mean for obama? i'm just thinking about the advertisers as well. you have mcdonald's which has a deal with the ioc through 2012. you know, they are based here and they would have spent a lot more money had it been chicago. i was told by tony ventura, he told me he thought there was 30 to 50% more advertising if it was a u.s. city. the favorite is rio. one hour time difference to u.s. time. you got to go with that u.s. tv reits.

everyone is shocked here and i don't think anybody expected it. >> phil, twhafs reaction there when you heard the news? >> i think people were beyond stunned, melissa. it wasn't oh, it was silence. it was total silence. people expected that chicago would at least get to the final two cities, chicago and rio and not be knocked out in the first-round of voting. everybody is going why not? there's nothing now. it's over. it wasn't even a gasp. >> phil, we had some advanced warnings of this. some of the ioc people and commentators were talking about chicago political corruption. which i think may have played a role in this. now let me ask you, if you read the papers this morning that's what was in there. this is a crushing below for president obama. what bothers me is is it's a crushing below for the united states and that's what really

annoys me and that's an issue here. >> what do you mean president obama? does it take a knock at his prestige >> this is an absolute killer. in political terms, this is a killer. >> right now it looks like the next round is between rio and madrid. those are the two cities under consideration. larry -- >> breaking news. trish. breaking news. tokyo has also been eliminated. >> tokyo has been eliminated. >> this is a below to the u.s. a below to chicago. darrin, phil, what was chicago counting on, really, in terms of revenue, in terms of what could it have done for the economy to have the olympics there? >> in terms of an economic impact, trish, chicago of banking somewhere in the neighborhood of $4.6 to $4.7. some of that coming in terms of infrastructure projects. the rest come during that two

week period of the olympics themselves. to put it into perspective why the olympics are the grand enchilad whampb it comes to the type of the event you want, it's worth 14 super bowls. that's one estimate we received from a consulting firm. it's the one event that can you look to at your city and say here's a huge economic pop. chicago won't get that. >> if i can say one thing -- let me say one thing on the cities that are left. rio de janeiro, madrid. i mean people just never thought madrid was in this. of course they have the former president of the ioc from 1980 to 2001. he just made an emotional plea. if this is about presentations it's really hard for us to say after all of this, it's hard to say that madrid would ever have a chance. this is about the 106th ioc delegates and the relationships they have. it's not only about obama showing up this morning in the

presentation. it's all about the relationships that these people have. it's not about the city or the budgets. >> you look at some of these cities and rio, for example, they have a lot of issues. just in terms of crime in that area, in that part of the world. it would make it very much unattractive place to hold this. they have a lot of work cut out for them. >> you're right. i will say on rio de janeiro, you got to remember that south america has never had an olympic and this is about -- they use the word legacy. so he jacque said he'll be presiding over the first south american olympic. they made the point there's 30 olympics in europe, eight in the united states and none here. they did address in their presentation this morning, the crime issue and they said they thank god they have everything

under control. that's them saying what they need to say. it worked in the final round. >> to be fair to president obama, i hear larry's point, isn't there a standard for all these leaders from the nations to go the city where the ioc is voting. he wasn't the only guy there. >> it is expected now, i think, in any type of olympic bid that the leader of the country shows up. it was not it was just the president showing up, it's that it was barack obama, his wife michele obama. they are a very powerful combination and if you listen to their speeches this morning herp the best part of the chicago presentation. the rest of the presentation, fairly stiff. a lot of people in chicago said is that the best we can come up with? >> darrin's point, the ioc's composition of membership has changed a lot and you have a developing world group in there and i think putting it down there in brazil as the first time is a very important point. i agree with you darrin. i just want to say.

it troubles me. okay. look. mr. obama will get slammed on this today in all the political pundits. but i don't like it from the standpoint of the united states prestige. we never had our president go over and make a direct pitch and we lost. it's not good. that's all i'll say. it's not good. this country is a great country. what just happened is not good. there may be hundreds of reasons for it. i understand politics, ioc, chicago, corruption, it's not good. that's the only point i want to make. >> let's see what the reaction is. it's out there. let's see what the reaction is if it's on obama or not. it has become standard and yes it's the first time a u.s. president has showed up but, king carlos was there, president of brazil was there. you know, i just think that the united states felt like they had to do this because when you're talking about the u.s., there's been city support. basically a city. and it seems like every other

country that's involved is about the country. when you look around chicago there's very little besides o'hare airport let friendship shine which is their motto. very little olympic 2016 teams. i challenge you to go tokyo, the other cities marks drid and rio. there was a challenge he had to go. >> i accept that point. it's a good point. the opinion polling in chicago was very mixed. almost an even split. so i think that's a v very good point. >> we're down here to rio de janeiro versus madrid. we continue to follow it. good to see you phil and darrin. >> thanks. a quick break and then seems like the exit signs are pointing in opposite directions within the federal reserve. we'll debate the real exit strategy. >> much more on this surprise, on the olympics, elimination of chicago. we'll actually head out to copenhagen live for more developments on this.

stay with us. we'll be right back on the other side of this commercial break. we'll have more of "the call." an axa equitable annuity could give you... guaranteed income for life. i'd call them, but what do i know? i'm just the 800-pound gorilla in the room. don't worry. i'm here. want guaranteed income for life? axa equitable is redefining what you expect from annuities. ooh, peanuts.

recent pronoins coming out of the fed that interest rates could rise faster sooner and stronger than we thought. a recent fed statement said rates will stay low for an extended period of time. is the fed sending mixed messages. we'll ask the former fed director and cnbc correspondent.

vince, i'll kick it out to you. is this a mixed message? >> they are always mixed messages coming from the fed. chairman bernanke runs a more democratic institution than some of his predecessor. he's not the imperial chairman. what we're hearing is a bigger range of views. also, remember, that two main speakers we're talking about, they sit at the cool kids table. they send the important messages. >> is there a cool kids table? >> that's the point. >> vince, that's really the point, it's not that it's a different message from say the one from the statement. you're right. happen all time. the fact it came from kevin and it raises two questions, is the cool kids' table have they come up with a new thing that's cool or is kevin no longer at the table? >> the reason you stay at the cool kids table you never go rogue. i think --

>> mixed message? >> they want to underscore that they are willing to go fast if that's what's necessary. so, i see vice chairman trying to pull back the message that kevin sent. >> i don't agree. i'll tell you why. i didn't know i was going disagree with you on this. i'll tell you why. if kevin is at the cool kids' table and that's the message, then he doesn't have to come back and redirect back to the statement. there's no reason for that. and/or he picks up on the statement but he didn't. he went back to the statement. >> he's at the adult table. vince, what is today's job report mean for fed policy in your judgment? >> last time chairman bernanke talked about the outlook he said unemployment will stay high for a while. that's consistent with that. that's why they have sent a signal rates will be low.

>> they are not going to tighten with unemployment rising and disappointing jobs. >> they never did before. >> they haven't tightened in my lifetime. snoop what does it mean for the markets. are we seeing confusion in the markets as a result of these mixed signals? steve, i'll throw that one to you. >> it's interesting, when i see what the market has done in light of the fed commentary it's followed the statement and they have taken about 20 basis points off of say the one year outlook from where they think fed funds will be. it's caused the curve to take a step down and eased off the timing for rate hikes. >> just quickly. vince, is kevin going to retire from the board? i don't know what his term is left, how many years. is he getting ready for parting shots? >> i don't think so. i think he likes his job. i don't know about his

employment prospects, but i think he basically is trying to get some markets to lean a little more towards sooner tightening because if they have to do it he wants to be able to say. >> then why didn't the statement say that? if they wanted more tightening, priced in than the statement could have been more honest than it was. >> we have to end on that. they have a reason to party in rio de janeiro. >> we have a live picture of rio de janeiro coming your way. they are still in the running for the 2016 olympics. we'll head to copenhagen for next on the surprise elimination. we'll be right back.

you're looking live at rio de janeiro, brazil. they are still in the running for the 2016 olympics. chicago, in case you haven't heard, is out. let's head right out to copenhagen for more. ross, we're all stunned. who do you think is the favorite now? is it rio? >> well, you would have to say that. once again, what's been proven you don't know which way an ioc

member will vote. there's not a single person here in copenhagen who thought chicago was going to go out in the first-round. what's interesting, when you look at those votes, chicago and tokyo, they went out in the second round, they both have the lowest local polling in terms of support for the olympics out of the four candidate cities. i don't know if that was a factor, the fact is they had the lowest polling amongst the locals. what we've also seen with madrid getting to the finals, your can't discount the old network, political network amongst the ioc. the former ioc head, king carlos, king ever spain embedded inside the madrid presentation. they were bridesmaids the last time around. if you're a commercial supporter of the olympics you want rio to win. same time zone as the u.s. fast growing economy. by 2016 the world's fifth

biggest economy and emerging market, commercial sponsor you want access to. we've been wrong so far, so who knows. the votes have been cast. >> it certainly turning out to be more exciting than a lot of people anticipated. not the way people from chicago wanted. not a single person there thought chicago would go out in the first-round. what are some of the theories about what happened. i hear what you're saying about the local people not supporting it. was there a coup by another country. some last minute arm twisting? what do you think? >> well, you know, it's always a secret ballot. you never get the full story. what we do know there's a spat over the distribution over the media income since the 1984 olympics since the ioc needed money. u.s. said we'll help you out. there's been a spat. that should be distributed more evenly now particularly to emerging markets. there's a little bit of

resentment on that. also the fact as phil mentioned chicago is a city that can't be really supported by the federal government. all the other bid cities are supported by the government. the president of brazil, got the prime minister of japan was here. king juan carlos, president of brazil are embedded within the bidding teams within the presentation teams and have been for quite some time. i think that perhaps makes a difference as well. >> you mentioned this, chicago. there wasn't much enthusiasm. there was some rioting on the street. the polling data showed a slight majority was opposed to the olympics coming to chicago. is that the kind of thing the ioc would have looked at? >> absolutely. they would have looked at that. remember most of the ioc members that are voting are ex-olympic athletes. so they are are looking at it through their eyes. they want a game where everything is being celebrated.

it's the culture. the sport. where they know the venues will be well attended. where they will feel a warm welcome. i got to tell you in that respect, rio no doubt in their passion. they have been passionate from day one. i was with the presentation team last night. the passion oozes out of every important of that team. with the u.s. presentation, it was very slick, very well done. the passion came from michele obama herself, the first lady and the president. not much within the team itself snoop you're not the first one to say that. thank you so much for joining us. >> coming up next, is the retail sector ready to give a season joal boost to the economy? we just talked about how next thursday's retail numbers will be. >> on the heels of today's job numbers we'll look at seasonal hiring? is it a trick or treat or a big

turkey or lump of coal. we talk to ceos and job applicants after the break. esess

market is fighting it's way back. the market sank quite a bit. at one point they fought their way back to positive territory. right now down 18 on the session. >> believe it or not we're eight weeks away from black friday,

the official start of the holiday shopping season. as this economy continues to go down some are looking to the retail sector for a seasonal boost in job creation. we go to california with the holiday jobs forecast. >> this is not looking like christmas but there are some bright spots. last year when things were so bad, seasonal hiring dropped by more than half. this year some firms plan to cutback even more. half will hire about the same amount of seasonal workers, 40% will hire fewer. they expect fewer sales and have less inventory. and another important reason. >> turnover for full time permanent employees is down. so when your turnover goes down your need to hire temporary seasonal staff goes down too. >> that's exactly what target

says as it projects fewer seasonal workers. we experienced less turnover in general and our stores are looking at opportunities for current employees to take on additional hours. this is tough news for people busy filling out applications hoping for any work during the holiday shopping season snoop you know, they are not hiring. what they are telling you. a lot of times like a run around. they don't want to flat out tell you no is what i find. >> on the other hand, toys "r" us are getting ready to hire 35,000 seasonal employees. the same amount hired in the last two years. there are plenty of applicants. >> we're thrilled that we have more choice as we hire this year than years past and, you know, we think it's a great opportunity. people get into toys "r" us and grow with us for years to come. >> positive news from best buy. best buy plans to increase the number of seasonal workers. in a half hour, i'll tell you

how maybe you can have fewer workers and still maintain customer service. >> thanks so much. we're going to take a quick break and when we come back we'll talk about this olympic bid and exactly which city might actually get it. it's now between rio de janeiro and madrid, spain. we'll be right back.