and welcome to "street signs," everybody. a special edition. we are live on the floor of the chicago mercantile exchange. the markets close tomorrow. the payroll number is out on a rare closed day for the markets for good friday. but we're here today. and we're going to set you up. we're talking fed, we're talking interest rates, dollar, gold, we've got some of the brightest minds in the market here with us. jim bianco and jim reynolds join us in a moment. we'll also introduce you to the fastest growing company in chicago. it's private but may not soon be. and one of the fastest growing small cap public companies in chicago. we have a huge day. welcome to "street signs"

everybody. and breaking news right at the top, facebook a big win for the nasdaq. facebook saying it will list on the nasdaq. a big loss maybe for the new york stock exchange, but the ticker even on the nasdaq will still be fb. where could they have gotten that? either way let us bring in the man of the house, rick santelli. he has allowed us to be in his house. >> i tell you, talk about all these growing companies, i wish i was doing a little growing. >> i'm just growing out, not up, rick. thanks for having us in your home. it's fantastic. this week obviously with the fed minutes felt like there was a bit of a shift. the day afterwards people said you're overdoing it, sullivan. this is not a fundamental shift. we're here every day. did we get a shift from the fed or not? >> i think we had a short-term shift. but like a tide it occurs pretty much on a cyclical nature. should things deteriorate too quickly, i think it will be back on the table. i think it gives us a glimpse into one of the few times that the market's really trying to test the waters of trading and assuming that some of these programs are done. and i think the clock's ticking

with that notion because i think the political landscape after november could change. it could impact a lot of these programs. >> okay. we hear a lot about the so-called bond vigilantes. basically the collective sort of psyche of the bond market. and there's been talk that if ben bernanke's not going to raise rates, the bond market is going to do it for him. but we have never been in this type of environment where the fed has thrown so much money. do you believe the collective bond market, if it wants to, can go against ben bernanke and raise rates on its own ahead of the fed, effectively? >> i think they can. but i think it's a lot more complicated than in the past. first of all, the federal reserve's balance sheet owns a lot of securities. >> yep. >> think about it from a stock perspective. we have a boat load of tradeable stock now locked up. it's not going to be in the marketplace. so what's left is going to have a bigger i ner sha to make a difference. when the world becomes a better place and europe's problems ease off, you could see rates moving higher no matter where the fed

is. >> we'll get more from you later, rick. we have breaking news right now on facebook. let's get now to kayla tausche. kayla. >> brian, yeah. we just announced moments ago we were the first to have it that facebook is listing on the nasdaq. a big coup for what is largely an electronic exchange. big coup for bob. big loss for the new york stock exchain. hope to get color from bob pisani in a minute. if you know anything about the company and read mark's letter to potential shareholders in the s 1 this probably doesn't come as a surprise. a lot of companies really look forward to the moment at the new york stock exchange where they're standing on the balcony ringing the opening bell feeling a culmination of the entire ipo process and that's not what founder and ceo mark zuckerberg has been about. this is not a company. it's a social utility. it's no surprise that the company would choose to be among the ranks of some of the more storied tech stories and to save money in the act as far as trading goes as far as choosing the nasdaq goes.

this has been an ongoing pitch for several years of course with the facebook ipo in the pipeline. both exchanges are doing whatever they could pulling out all stops to woo facebook, but we do have news now that they will go to the nasdaq. brian. >> all right. kayla tausche, thank you very much. in fact, let us bring in bob pisani. bob, this has to be a big loss for the new york stock exchange. 800 million users, expected valuation around $100 million. not to mention all the media attention that's going to go with this facebook listing. what do you think the reaction should be? will be, from the new york stock exchange? >> they have no comment. i've already contacted them. that's officially where they're at right now. i agree with kayla's point about this. in terms of like whether you're here ringing the opening bell or there ringing the opening bell, i don't think that was that important to them. i also don't think the concept of listing fees are necessarily going to be that important. whether you spend x amount here or x amount at the nasdaq. that's not what's going to matter. what mattered to a company like this is the kind of

relationships that you have. the corporate partnerships that matter. and for whatever reason and we'd like to know the details of the deals that were offered by the nasdaq as well as the details offered by the nyse. they appear to -- we haven't confirmed this, so let's be careful on this, to have gone with the nasdaq. i would like to hear about the details though. >> yeah. certainly a lot more to this story. again, folks, if you're just joining us, facebook will list on the nasdaq. a two-letter ticker symbol fb. much more all day long on cnbc on facebook. now let's go back to the markets. while we're live in chicago and maybe facebook listed at the cme an index options future on facebook, you never know. bringing in a couple smart geen e guys, jim reynolds, jim bianco. thanks for joining us here. >> pleasure. >> happy to be in your city by the way. >> welcome to chicago. >> jim reynolds, i want to talk first about these markets. you kind of heard what rick santelli had to say. you're one of the largest financial services firms in

chicago. you're big in the corporate bond market. used to trade muni bonds, what do you see happening with interest rates? where do you see the bond market headed? >> one, we've seen so far this year a great appetite and a great acceptance of bond yields by the investors. the question that you asked rick in terms of bond vigilantes sort of pushing these interest rates in a way that's different from the fed -- from the way the fed wants them to go, i agree with them they could. not necessarily likely to happen right now. >> why not? >> the view on the economy right now from the investment community is probably a gradual getting better. we see some gradual improvement in the jobs market. we see some concern in the housing market. we probably see 2% to 3% growth in gdp, which is the range. those are manageable numbers. those are numbers that signify manageable improvement but not a spike up. so i think they're very comfortable owning fixed income. >> if we pulled facebook's 800

million users and said where are interest rates going on the treasury bonds. let's just be facetious, you say they're wrong, why? >> they've been wrong on that because a lot of people have been saying 90% plus say rates are going up. what they're missing is who is the buyer of treasuries? three people buy treasuries. bank of japan, bank of china and the federal reserve. >> not mom and pop. and that's the basis of your thesis. >> right. mom and pop have been buying corporate bonds, high yield bonds, they don't buy treasuries. that's the domain of those three players and maybe some large banks and dealers that would do a carry trade. they're not going to exit that trade any time soon. so you're not at a risk of rates shooting higher. the fed -- maybe the fed stops qe-3, maybe doesn't. maybe the bank of japan changes policy, maybe it doesn't. that's not going to happen right away. >> let's say you're right, the boj, u.s. government, bank of china, continue to buy u.s. treasury funds.

are you saying we should see a sub-2.5% bond yield through the rest of this year? >> i think if they continue to play, yeah. sure. if you wanted well above 250, i think one would have to back off. 2.50 might be the ceiling on the bond for the rest of the year. >> corporate bonds, huge amount of issuance again. is there a corporate bond bubble? is credit too easy on the corporate bond side? >> i think that's a very good question. what we saw in the first quarter was a huge appetite for corporate debt. i think it was a part of the risk-off trade that we began to see as we came out of the fourth quarter last year. what we're starting to see now though are the buyers starting to extract a little more premium to absorb the new issues. it's quite a bit different than it was a month ago. >> so risk is growing a bit in the corporate bond market? >> it's definitely growing a bit and holding a few deals up right now. investors are asking for a little more. let me share something with you that i think is a concern that's going to crop upcoming up.

and we haven't seen it yet. that's the secondary trading market in corporate bonds. there's been and you've heard me talk before about dodd frank and the volcker rule. we're seeing inventories at the lowest level i've seen in maybe my 30 years of business. and there's no activity in the corporate bond market. there's going to have to be some provision for these buyers to be able to sell them. if they don't feel they can sell them and there's no buyers for them -- >> and very quickly detroit getting a pseudo bailout. i'm going to take you back to muni bond. >> that's my home turf. >> do you agree there will be more than 80 bond defaults? >> i don't agree with much of anything whitney has to say in munis. been out of munis for a very long time. i think that the muni bond market is solid, stable, defaults will be one-off but nothing like she predicted. >> jim, jim, great way to start the show.

thank you very much. have a great weekend. go cubs. by the way opening day today. and we'll leave you as we go to break the rose garden of the white house, the president set to sign the jobs act. many say, hey, this is going to really help entrepreneurs and start-ups. others including our own herb greenberg say this is an act that will make it easier to commit fraud for start-up companies. a big debate. we're going to tape the president, we'll watch the signing, we'll get reaction. we have barny frank. we have more to do here in chicago and we're back with a special second city "street signs" after this.

and welcome back to "street signs" chicago style today. a full deep dish of guests. believe me, we have a big hour for you. what you're seeing right now is the white house where the president in moments is supposed to sign the jump start our business start-ups act. also known as the jobs act designed in principle to help entrepreneurs and particularly technology start-ups get off the ground. though some are saying this could make start-ups and the web rife with fraud. i know herb has a view on that. we'll get the president as soon as he comes out. for now, let's go to another hot button issue, especially one here in chicago. that is regulation of derivatives. we're joined by the ranking member of the house financial services committee, congressman barney frank, who is going to join us because he is upset with the proproposed rules for the

gop that would dilute some of the regulations he intended of the derivatives market. congressman frank, thank you for joining us. you are aware if the president is on we'll have to jump out and go to the president. for now, what is your gripe with the two proposed rules for the gop as they relate to derivatives? >> they do away with one very important principle, with regard to derivatives, we are the pro market ones. we believe in competition. one of the problems with derivatives is they've been done literally in the dark. you get these transactions and people didn't know the price being charged. we have one simple rule as a pro-market sentity, our company so people who think they can commit the end user a cheaper price can publish it. that's been the law since we passed it. the republican -- >> okay -- >> -- yes. >> i was going to say in your statement you issued you did agree that yourself and other

democrats are willing to fine-tune the legislation somewhat. what changes would you be willing to -- >> excuse me. i'm sorry. but you asked me a question i was in the middle of answering. i don't understand why you didn't want me to answer it. >> well, because i'm waiting on the president. we're not going to have time -- [ overlapping speakers ] >> well, then we can do it some other time. >> no. i don't want to -- congressman, i don't want to do it some other time. >> you asked me a question as to what i was upset about. i didn't get to tell you is that they would allow these prices to continue to be secret. they would say that the regulators cannot require prices to be opened. now, there was some question about whether or not the law banned voice option. we were willing to make it clear. we think it already says it, you said what are we willing to change, we want to reassure people you can do it by voice, but the voice vote has to be

printed somewhere so it can be transparent. having a lack of transparency in derivatives is a step backwards. the other one is this, the republican bill says that if you have an american institution's foreign subsidiary doing derivatives in a foreign country, under no circumstance can that be regulated by the s.e.c. and the cftc. we say the general rule should be that we won't regulate that if it's being well-regulated in another country and isn't effecting us. but we insist there has to be some safeguard so that if the american institution is doing things that could cause us some trouble, the s.e.c. and cftc can step in. we're to reassure people what we intended as the norm, but they want to do away with the possibility of regulatory stepping in in case of trouble. >> i think i speak for some of the folks here at the chicago mercantile exchange. this is one of the most regulated markets in the world, but the most regulation we impose, the more likely it is

we'll see derivative business lost to hong kong, singapore, dubai, wherever it might be. how do you address those concerns? there's a lot of jobs here in chicago, congressman. >> well, in the first place, this notion that the more we regulate the worse off we'll be. no, in fact, the less we regulate, the worse off we'll be. tell me they're for regulation, but to be honest, i don't remember hearing as a member of the committee from people in chicago, hey, you better be careful about what aig is doing. in fact, there was a lack of regulation of derivatives in many respects. and i did not hear from people, the responsible ones, that we should do it. as to the jobs we are very careful about this. what we say in the bill, as i just said to you, is if there is an activity overseas in an area where it's being reasonably well-regulated, we don't want to interfere. but if you have an american institution -- we only deal with american institutions here, if their subsidiaries are engaged in activity in a totally unregulated jurisdiction that could be causing problems, yeah,

we want to step in and say they can't do that. we also say and frankly i think we do a better job of protecting american employment, we say in our bill that if they are moving things overseas solely for the purpose of -- or primarily for the purpose of evading regulation, we can step in and say no. and these are american institutions. similarly with regard to price transparency, we're taking the pro-market position. if you are someone trying to use these derivatives, require you get to know the price of a competitor off a lower price is a good thing. >> okay. i want to talk about another issue here because jamie dimon, man you know well i'm sure, the head of jpmorgan, came out about debit card transaction caps. what he said in a letter to shareholders yesterday, effectively, congressman, was one of the unintended consequences of any kind of a cap on debit card transaction fees, which he called effectively "price fixing by the government" is millions of people mostly on the lower end of the credit spectrum will

remain unbanked. do you agree with jamie dimon? >> i was against that provision. i think it might have that effect. i don't agree that they'll remain unbanked because we are making some serious efforts to get people into banks. it's clearly in the interest of the consumer to either be in a credit union or in a bank. and we've done other things to try and encourage that. but that particular provision you're talking about, the cap on the debit card fees, that came out of the senate. it wasn't in the bill that came out of the house. i was not personally for it. unfortunately that was the only way to get an overall bill through the senate. this year i supported an effort to amend it and give the federal reserve the ability to do it better. and it lost. so i think we would be better off without that. but i wouldn't go as far as mr. dimon saying they're going to remain unbanked. i think that's giving up. there are other things we are doing to encourage people to get into the banks. >> and, congressman, i'm not trying to interrupt you, but the president is late. so he can come out at any time. so i am under time pressure here. do you think there's a chance that that will get -- that the

debit card transaction cap will go away? or is it here to stay? >> i'm afraid it's here to stay. we had a major effort that i supported to amend it so that the federal reserve in fact could say, okay, we'll set a cap, but it will be a realistic one that represented true economic value. and it got a majority in the senate but they have this foolish rule in the senate that it takes 60 votes to do anything. the other thing i would say about being unbanked, there are advantages to being in a bank other than having a debit card. when he says it will be on banks, we think people should have checking accounts. and there's one other thing we did in the financial reform bill. we had a lot of these competitors of banks that were totally unregulated. and a lot of the consumers went to payday lenders and check cashers, we now regulate them. one of the effects we think of that kind of regulation is to get people into the banks. i was opposed to the debit card piece. i'm sorry we were unable to repeal it. but i don't think that means that people will be unbanked. partly because there are other advantages to banking. i hope jamie would reconsider

this. i don't want people to think the only reason to get into a bank is to get a debit card. i think there are other reasons for them to open a banking account or credit union account. >> congressman barney frank, i hope you were able to get in what you could get in? do you feel that way, congressman? i'm waiting on the president. you have to understand why i jump in on you. >> i don't know why you keep raising it. i was willing to let it go. let me say this. you asked me a question and i never got to the specific answer i wanted to give you. >> do you feel like you got it out? do you feel something else you want to say about it at the top with regards to your -- >> no. i raised it once. i haven't continued to raise it. the first question you asked me i believe you cut me off before i could answer it. i don't know why you're so defensive about it. i was ready to move on. i guess the president's taking longer than we thought because instead of talking substance, we can keep talking about the nature of the interview. >> i'm going to miss you. i have to say, congressman frank, always a great interview. sorry to interrupt. trying to manage time as well.

>> don't obsess. >> i'm not. >> don't obsess on it. we had that one conversation. it's over. move on. >> i am moving on. and i will say good-bye. congressman barney frank, thank you very much. live tv is often interesting, right, rick santelli? >> absolutely. is barney still here? >> no. he had to go. i didn't think i was tough on him. >> i was begging to get in on that. i have one question. >> what would the question be? >> how could something be that long and not filled in and after all this time dod frank still have so many blanks and have mr. frank look at us with a straight face and say this is going to accomplish preventing the next credit crisis. >> we know your views. >> as the cftc appointed by the dodd frank have they done anything to address it? has any of this been addressed? >> no. >> that really probably is the one thing in dodd frank that may make a difference the next time. it's not about how much regulation you have, it's about

good regulation. 20 or 30 pages to think that we have 1,700 pages, it's ridiculous. >> it is. >> the supreme court justice -- >> who even read it? >> the supreme court justice talked about dimensions, just the sheer girth of the health care plan, it is really beyond reproach. this isn't to make it so americans can understand the rules or that congress writes the rule, it's an intricacy. what's the biggest problem with the tax plan is nobody can understand it. they keep putting band-aids on it. >> well-said. the congressman gave me some advice. i'm going to give you advice. we bring the show back, you got something to say, you jump in. >> what did he say at the end? >> me obsessing. >> obsessing? we better obsess. glass see gal worked for how many years? i will obsess on this. dodd frank is too much. too long. too confusing. end of story. how's that for obsessing? >> we got to go. by the way, one of the reasons we had to jump in, we're waiting

on the president. we're still waiting on the president. expected to sign the jobs act. we'll take you to the white house when he does. we're about 15 minutes behind schedule on that. a lot more to do on "street signs." i'm going to have penance and then i'll be back after this two minutes. stick around. >> i'm not going to take penance. auto-bliss. with rent2buy from hertz car sales,

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all right. welcome back to "street signs" from the cme. thanks very much for joining us. dow down 37 points. gold actually trading higher right now by about $15 an ounce. it's rebounding a bit. and just a reminder, just for all guests in the future, we are awaiting the president. that's a live look at the rose garden, expected to sign the jobs act. one of the reasons we are here today not only because it's a great city is to introduce you to companies you might not have heard of but are absolutely killing it. crane chicago business says alpha metrics is the single fastest growing company in chicago. it is private. at least for now. and their 5-year revenue growth

rate is a staggering 8,000%. we're joined by the head of alpha metrics. you describe yourself as a hedge fund marketplace provide realtime information to clients. what does that mean? >> first of all, brian, thanks for having me. good to be back on the cme floor. this is actually where i started my career. i promise i will not get upset with you if you interrupt me. >> we are awaiting the president. >> thanks. alpha met rix is a company that was set up to try and solve some of the regulatory issues we see in transparency issues in hedge funds. hedge funds very fragmented industry. and we've used technology to create the centralized marketplace so investors can basically go online and have tools to see their portfolio, pricing in realtime, updating and even getting to the point, click, invest capability. >> they get to peek under the hood. >> precisely. they don't get to see every trade but have performance atrix. >> one of the reasons i was so

interested -- not only the fastest growing in chicago, but i'm thinking there's so much criticism with the hedge fund industry and all these pension funds, you know, a schoolteacher in california may be invested in the hedge fund through calpers. this gives them maybe the ability to understand and manage their retirement portfolios a little bit better. >> precisely. you're spot-on. that's the question we get a lot. is this just a solution for the 1%? but what people don't understand is that of the $2 trillion in assets in hedge funds, over $1 trillion is coming from pension funds. so teachers, policeman, firemen and so forth. basically, historically, the investors would get a monthly statement either the hedge fund or administrator. now they can get streaming near realtime information. it limits the possibility of a fraud like madoff from ever happening. >> good news too for the engineers calpers would have the ability to go, oh my gosh, we're

underperforming, we need to make changes. we don't want an annual statement and say by the way we missed our target by 8%. some people will be struggling to get paid. >> precisely. onced data is there you can create analytics never created. without the data, you don't have any idea what's going on really. >> you have over 120 employee sns. >> we have officers in chicago and new york. >> are you hiring? >> we are hiring. >> you are a job creator. >> what about the taxes we're hearing about? >> they're a killer in businesses like start-up businesses like us. we're seven years old. as we grow all these issues are top concern to small businesses. >> if obama care is vuled invalid at least in part or as a whole, is that going to help a business like you? not a critic of obama care, just wondering the criticisms placed on obama care. >> it's the uncertainty that's so difficult.

as a ceo of a business growing rapidly, you're trying to plan. and with that kind of uncertainty as the total cost to hit your bottom line, it's hard to do. >> alex, ceo of alphametrix, you're right now but probably won't be forever. >> we'll see. appreciate it. >> just a reminder, still waiting on the president to sign the jobs act. about 20 minutes late. hopefully we'll get that signed during the show. coming up, we're going to introduce you to another one of the fastest growing companies in chicago. this one is public. inner workings, you may not be familiar with them but you will be after our interview. we have a walgreens executive, a lot more to do here from the chicago mercantile exchange. and it's a beautiful city. if you live here, it's a sweet home. go cubs. back after this.

you know, those farmers, those foragers, those fishermen.... for me, it's really about building this extraordinary community. american express is passionate about the same thing. they're one of those partners that i would really rely on whether it's finding new customers, or, a new location for my next restaurant. when we all come together, my restaurants, my partners, and the community amazing things happen. to me, that's the membership effect. for a hot dog cart. my mother said, "well, maybe we ought to buy this hot dog cart and set it up someplace." so my parents went to bank of america. they met with the branch manager and they said, "look, we've got this little hot dog cart, and it's on a really good corner. let's see if we can buy the property." and the branch manager said, "all right,

i will take a chance with the two of you." and we've been loyal to bank of america for the last 71 years.

and welcome back to chicago "street signs." very appropriate music. we've got a dow down about 37 points. here's the setup. remember, folks, we get the payroll number, the monthly number out tomorrow. but the stock market is closed.

this has only happened a few times over the last couple of decades. cnbc will be live tomorrow morning, but no equity trades. we'll set you up today as well. also, if you're just joining us, big loss for the new york stock exchange. facebook has decided it will choose the nasdaq as its listing exchange. the ticker will be fb, but facebook is going to the nasdaq. all right. let us check the oil trade as well. we have brian shactman at the nymex. from one exchange to the other, but brian to another. what's the oil trade, brian? >> optimism with jobs and retail sales, sully, along with short covering, we have a bit in oil. after all we've been through this week, we're still basically flat for the week. that's why we are near the highs of the session today right now. nat gas is the opposite. we have so much supply, not a lot of demand. the inventory number out today. and we are looking at maybe losing that two handle going into the ones here as we get into the warm season. and there's just no need for all of that natural gas. the last thing i want to touch on is similar. in metals, sully, up across the board. this whole concept of short

covering into a long weekend to short here, but unlike oil, still down about 2% for the week in gold. and everyone's trying to figure out where the entry point is to go long again because long-term a lot of people are telling me the fed minutes maybe no qe-3 but still looking at a month pretty accommodative for something like gold. >> all right. brian shactman, thank you very much. let's continue to talk about energy. in fact, maybe some oil bottlenecks that could impact where we are in chicago. but it's actually in texas. bertha coombs is there. all right -- bertha, my apologies. the president is walking out right now in the rose garden of the white house. he is signing the jobs act. let's go to washington, d.c. >> good afternoon. i want to thank all of you for coming. and in particular i want to thank the members of congress who are here today from both parties whose leadership and hard work made this bill a reality. one of the great things about

america is that we are a nation of doers. not just talkers but doers. we think big. we take risks. and we believe that anyone with a solid plan and a willingness to work hard can turn even the most improbable idea into a successful business. so ours is a legacy of edisons and graham bells, fords and b boeings and twitters, and goog l ls. america has always had the most daring entrepreneurs in the world. some of them are standing with me today. when their ideas take root, we get inventions that can change the way we live. and when their businesses take off, more people become employed because overall new businesses account for almost every new job that's created in america.

now, because we're still recovering from one of the worst recessions in our history, the last few years have been pretty tough on entrepreneurs. credit's been tight. and no matter how good the ideas are, if an entrepreneur can't get a loan from a bank or banking from investors, it's almost impossible to get their businesses off the ground. and that's why back in september and again in my state of the union i called on congress to remove a number of barriers that were preventing aspiring entrepreneurs from getting funding. and this is one useful and important step along that journey. here's what's going to happen because of this bill. for business owners who want to take their companies to the next level, this bill will make it easier for you to go public. and that's a big deal because going public is a major step towards expanding and hiring more workers. it's a big deal for investors as well because public companies operate with greater oversight

and greater transparency. and for start-ups and small businesses, this bill is a potential game changer. right now you can only turn to a limited group of investors including banks and wealthy individuals to get funding. laws that are nearly eight decades old make it impossible for others to invest. but a lot's changed in 80 years. and it's time our laws did as well. because of this bill, start-ups and small business will now have access to a big new pool of potential investors, namely the american people. for the first time ordinary americans will be able to go online and invest in entrepreneurs that they believe in. of course, to make sure americans don't get taken advantage of, the websites where folks will go to fund all these start-ups and small businesses will be subject to rigorous oversight. the s.e.c.'s going to play an important role in implementing

this bill. and i've directed my administration to keep a close eye as this law goes into effect and to provide me with regular updates. it also means that to all the members of congress who are here today, i want to say publicly before i sign this bill, it's going to be important that we continue to make sure that the s.e.c. is properly funded just like all our other regulatory agencies so they can do the job and make sure that our investors get adequate protections. this bill represents exactly the kind of bipartisan action we should be taking in washington to help our economy. i've always said that the true engine of job creation in this country is the private sector. not the government. our job is to help our companies grow and hire. that's why i pushed for this bill. that's why i know that bipartisan group here pledged for this bill. that's why i've cut taxes for small businesses over 17 times.

that's why every day i'm fighting to make sure america is the best place on earth to do business. our economy's begun to turn a corner, but we've still got a long way to go. we've still got a lot of americans out there looking for a job or looking for a job that pays better than the one that they've got. and we're going to have to keep working together so that we can keep moving the economy forward. i've never been more confident about our future and the reason is because of the american people. some of the folks beside me here today are testimony to that. day after day they're pitching investors, some meetings go well. some meetings don't go so well. that's true for me, too. [ laughter ] but no matter what, they keep at it. and who knows, maybe one of them or one of the folks in the audience here today will be the next bill gates or steve jobs or mark zuckerberg. and one of them may be the next

entrepreneur to turn a big idea into an entire new industry. that's the promise of america. that's what this country's all about. so if these entrepreneurs are willing to keep giving their all, the least washington can do is to help them succeed. i plan to do that now by proudly signing this bill. thank you very much everybody. [ applause ] >> the president in washington, d.c. with the jobs act. jump start our business start-ups. but while the goal of the jobs act certainly is to promote entrepreneurship and give companies time to breathe and grow, some folks like our own herb greenberg say there may be an unintended consequence from the job act and that could be the increased incident of fraud. let's bring in herb back in

englewood cliffs. you wrote about this this morning. others have been out as well. why do you think that this act could help jobs but also help fraud? >> you're rolling back regulations. you're basically becoming less transparent for some of these emerging companies which by the way when you go back to the '90s and the hayday of a lot of the growth companies, this is where we had so many great quote unquote stories. this is going to be great news for financial journalists. this will be the gift that just keeps on giving because we're going to end up having, you know, obviously human nature's human nature, the regulators can only do so much. and it's going to end up being the press, probably, that will start shining the light on where these problems are. and there will be problems. >> yep. you know what, i got to leave it there. you're usually right, herb. i hope you're wrong. a lot of people do. but there's a lot of holes here. we'll get more on this throughout the day and throughout next week. herb, thank you very much.

now let's go to bertha coombs. she is in texas. she's talking, what else, oil. bertha coombs, to you. >> reporter: oil and jobs. the shale boom has produced a lot of jobs. now comes phase two, the infrastructure boom. that's producing jobs. here at enterprise's echo terminal here in houston, the ceo says construction on the first phase will stop -- or end in july, be completed. they'll have about 750,000 barrels worth of storage. but this is a long-term project that is going to create a lot of jobs. the stretch capacity eventually will reach about 6 million barrels. that's going to make this a major gulf coast oil hub. they also have projects going on, the reversal of the seaway pipeline. that is going to be doubled in capacity, bring owl down from cushing. and also their eagle ford pipeline as well that's going to bring capacity in from the eagle ford and perm yum base here in texas. all of that is creating a big

boom in construction jobs. ken simonson of the agency for general contractors says that that is the one bright spot right now. it's energy. that's what we're seeing all of the job creation. but not just when it comes to infrastructure building. it's having ripple effects in that we're also seeing the petrol chemical coming back. nat gas play is also fueling that. for more on what's going on here at enterprise, check out my interview with mike on cnbc.com. brian. >> bertha. thank you. if we could get more pipelines built, that could be the real jobs act. larry, hope you're listening. we're going to be back after the break with a man that runs the pharmacy business at walgreens, one of the biggest employers in chicago, one of the biggest employers in the united states. they've got some new store looks. we'll ask him if it's working. we'll introduce you to one of the fastest growing public companies in chicago. we've got a lot more to do.

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all right. welcome back to "street signs." one of the biggest employers in the chicagoland area is walgreens. of course you know them. it's the biggest pharmacy chain in the united states. we're joined by the man that runs the pharmacy part of that business, mr. crawford, you're the president of pharmacy health and wellness service solutions. i wanted to get that right. >> absolutely. >> before i get into the new stores and whatever, there's some news. the dea serving warrants on six walgreens pharmacy locations to look for oxycotton sales. >> we'll be working with the fda and cooperating. >> this is something sort of standard. thank you for commenting on that. now let's get to why you're here. >> that's right. >> you're doing something excites. for our new york viewers, they see the dwaine reid stories, to be fair down trod. now you have the beautiful new stores.

you're doing with many that are walgreens branded as well. it's expensive to do that, i imagine. are they helping drive sales? >> absolutely, brian. we're excited about the acquisition took place about two years ago. really reed that took place two years ago. we have about 200 of those stores out now. they have an increased selection of food and fresh vegetables. they also have in a large and beauty cosmetic department, we brought our pharmacists out from behind the counter where we have access to customers, both private and semiprivate areas where they can consult and provide flu shots, i am nye zagss and health situations. >> those stores are driving increased sales? >> it's a combination of both. our private brand, our increased beauty, as well as our food for immediate consumption as well as

fill-in grocery. we're excited about it. >> okay. so you've rolled out the duane reade in new york. >> 130 stores here in chicago and indianapolis. >> that is a tiny fraction of your overall store count. what is the thousands of stores because that's out of the remodel. >> absolutely. people are asking us about this. they are asking for us the format, all of the payers and patients love it. we brought in all of the major payers in our business. they love this new format. we can't tell you how excited we are about rolling it out. >> mr. crawford, our own herb greenberg a couple weeks ago wants to ask you a question. herb, we've got an executive from walgreens coming on. herb, ask mr. crawford a question, if you can. >> when we talk about walgreens, we lost -- you ended your deal

with express scripts. medco you have a relationship with. how do you make money on the pharmacy side of the business if these deals are falling by the wayside? >> well, herb, you probably are aware that back in december we made a significant offer to express scripts and at that time we had a time where it would allow us to provide service to the men and women of the country through the department of defense and express scripts decided not to accept that offer. we have a great relationship with medco. we've made it publicly known that we plan to honor that contract and we're excited that express scripts has also decided to honor that medco contract. we're working with all of the different payers and this is one of the most exciting selling

seasons. we're really excited about the opportunities that we're going to have for new customers. >> we're excited to be this chicago. thank you very much for coming downtown. >> absolutely. we're going to introduce you to one of the fastest growing places in america. the ceo is next.

welcome back. names that you may not know but probably should but don't have time to look up yourself and when we travel, we try to find local companies that meet that and certainly one of those is inner workings, inwk is the ticker. it was named as the 15th growing fastest company and forbes named it one of the most trusted companies. eric, congratulations. 20 percent year over year,

introducing to printing, document management t sounds like you're going after xerox. is that accurate? >> i wouldn't say that you're going after xerox. what it does is we help corporations serve their print and print-related materials. packaging, labels, we have a proprietary technology system that allows us to source with intelligence. here we've got with the printing industry end users of pribt watch corporations for the most part and then tens and thousands of print manufacturers all trying to find one another and match the right time at the right place. historically that's been done through relationships and through what one print buyer might be able to put inside. in our world we use data and technology to do that better. >> it sounds to me, my untrained ear in your business, that would be a relatively low margin business. >> it is a relatively low margin business. we're transparent with our

clients so our fees are exposed. >> who are your biggest competitors? >> the way in which the supply chain has been working for centuries, meaning it's internal print departments with limited resources and knowledge doing the buying. so we recommend that any company that doesn't claim their core competency in print-related materials. >> who have you been taking business from. >> regional manufacturers who we believe is the ultimate middle man. we're taking it from print departments so, again, for us we have a massive growth opportunity. >> your stock has done well, your stocks have done well. investors when they buy a name like you, they want growth. they want to know that eric

belcher is going to give them the growth that they want. >> we expect to continue these growth rates for quite some time. we're an $800 million company. that's the top end of our guidance range with a $400 billion eligible global market. we're just getting started. >> 1100 employees, how fast are you guys adding jobs? we love adding jobs on cnbc. >> we love it, too. we've added 300 jobs last year. we expect to have more last year. we started in just ten countries. >> yep. >> this year we're in 44 countries. we're also expanding globally in addition to the dochl mess stick market. >> thank you very much. thank you all for joining us on this special chicago street signs. we love companies that are adding jobs. we like talking about the markets as well. dow jones industrial average, still down but not