just how real is the threat of a u.s. debt default? most say it's morphicion than fact. we'll show you what the market is saying. drill baby drill, how about ship baby ship. is it time for america to think about exporting our oil? plus, the surprise sector that is up more than 60% year to date and the blame game over the health care rollout, rolls on a little better than the health care rollout, mandy. >> hello, brian, everybody.

good morning. well good afternoon. tell you what the good news first, off the lows of the day, the dow was down 151 points below the not so good news the dow and s&p are down for the tenth time in 13 sessions and the dow has given back about half of its september gains already this month. in terms of where we are, though, from the record highs, back on september 18th and 19th, the dow is off by about 4.5%, the s&p is off by about 2.6%. that kind of puts it in perspective for you straight down to the trading floors and more perspective, bob pisani at the nyse and rick santelli at the cms. bob, one thing we know stocks are getting cheaper because there's a lot out there politically we do not know. >> i was talking to some traders about this over the weekend an a lot of the guys i know are value guys and they said we don't think this is such a bad thing. put it up here. stocks are cheaper. so far this year, buy in on a 3% dip is not a bad idea. so 2.8% i had from the record high, but still 3% is about the

average pullback we had. the worst one is only 5% this year. i asked a lot of my friends over the weekend what's the worst you see happening going into the shutdown it could drift another 5% and they're not necessarily unhappy about that. by the way, of course we know the impact of the government shutdown has been mitigated. the pentagon has called a lot of people back and i think we're he going to see clearly the impact on the gdp is not going to be as great as people anticipated. sideways most of the day here after we came off of the lows. important thing, 1674 was the low and mandy, 1670 was our low last week. so we're not even close to the lows of the prior week. back to you. >> indeed that is the perspective we were looking for. rick santelli, bob has been underscoring for the past week, you know, the ten-year yield is pretty rock solid at the 2.6 market. as bob said tell graphing perhaps there will be no default, bond holders being paid. what do traders think will happen if we go to october 17th with no debt ceiling hike? >> i'll answer it in two ways.

most traders i talk to believe john boehner that they're not going to default and not going to miss interest payments. one trader had just such a colorful response when asked this question. he said he looks at the current debt ceiling issues, a lot like climate change. a lot of horrible outcomes advertised everywhere with few facts and high emotions. >> horrible outcomes advertised. we'll try to work through some of them in a moment's time. >> certainly. i want to ask in a bit if we know for sure that stocks are falling because of the government shutdown. why don't we say it like it's an assumption. may not be true. >> could be uncertainties about the earnings season that come down, estimates come down by about half, concerns about that. >> could be technical. >> yeah. >> could be a lot of things. all right. little more than a week to go until the october 17th debt deadline. jack lew the treasury secretary warning the risk of default is real. but is it? joining us, mike vogel, president of boston advisors and

our own mcc who covers greece and knows what she speaks about defaults. mike to you, deep and extremely wonk owe. if you don't like wonk look away. five-year credit default swap on u.s. debt. reflect the cost to insure debt and still low overall. the cost of cdss has been rising a bit the last few days. do you see any chance at all, the u.s. government actually does not pay up on its obligations? >> of course there is. that's what the whole debate is about. there's a chance. it's a small one and the market is looking through it at the moment. there's a chance. i think it's extremely long shot. it's very hard to put odds on something like this. the cds does the best job of translating that expectation into market price. so we've been watching it. the fact of the matter is, if this ends up -- if this ends up getting worse, right, if you start to get more intraj gents from both sides, it could get ugly and you could see the cds

move up a bit. i don't think there's much practical concern ta we're going to see a douefault. >> there's data rather than speculation about this. mike to my point to mandy briefly, can you address that? why do we say, maybe this is our fault, we just assume stocks are going down because of the government shutdown. do we know that's the only reason? >> we never do. i always feel badly for guys who -- folks who have to make up reasons why the markets are falling or rising in any given day. the fact of the matter is there's a lot going on. clearly this is create something concern. clearly this is creating more concern because the market has been up so much this past year. we were up 16% last year as well. we've had two good, strong solid years now, '12 and '13. for people to take chips off the table when the seas get a little stormy is not an unreasonable thing. there's plenty of stuff going on and this is just a good headline to talk about. >> and certain, michele, even if the chance of default is small, only small, china certainly

isn't taking chances and thijs there is the possibility out there because they put out a warning to the united states. they said we are inseparable. the biggest holders of our treasuries and do not want to see the value of those treasury goss down and they are out there saying get your act together. >> $1.2 trillion is what they own, 8% of all u.s. debt. you know what, they should be happy. the value of all their holdings has been going up. yields falling. and the price of bonds has actually been going up because people are nervous we're going to have a weak economy and the fed will be easier than expected and what does that mean for interest rates? usually goes lower. we keep talking about default, default, default. let me tell you what default is. default is when you don't pay interest on some kind of bond and you're never going to pay it because you don't have the money. guess what, the sus has the money. it just doesn't have the right to borrow. say there's something called a technical default. the chances of which i think are extremely remote but if treasury for some reason was late by more than three days on a t bill, a

three month, something, whatever, that would be a technical default. okay. if you own treasuries all over the world, are you going to sell them all? what are you going to buy? do you really believe the u.s. isn't going to pay you? no. it's absurd. we're not on a great path with our debt. i'm not defending it. when it comes to the possibility of us paying late, which i think is close to zero, even if it does happen, look at the one-month yield, the t bill. this is the one place where we see a rise in interest rates because people are calculating that maybe if there were technical default, in other words, we were late, we might see a rise. oh, oh, look at that. .07. that is catastrophic. i mean that's just driving interest rates through the roof. this is the reaction to a possible default. >> easy, susan lucci. we get your point. >> i mean -- >> but -- i get the point. >> but guys --

>> hold on. i hear your sarcasm. i agree with you and sort of love your reporting because you know more about defaults than anybody else. if it is that light, okay, mike, what do we worry about next? this too shall pass. when it passes as we expect it to, what's the next worry? >> well, look, i think -- i think that the worry here is that market hasn't begun to pay attention here as much. i'm talking about the stock market and the bond market to some extent. but when everyone's thinking the same way michele is, hey, it's effectively a zero or remote chance of a default, what happens if the rhetoric gets worse? what happens if both sides become more entrenchnd and we see no progress and not a week, two weeks, what's going to happen to the markets? we've been burned. last year when we had the same problem, two years ago, we've gotten through it an everybody realized the market sold off and it wasn't necessary for the market to sell off. >> would you be buying on the way down?

>> it's going to be facts and circumstances dependent. what tone is. if this market starts to fall because they keep getting deeper and deeper more deeply entrenched into their own positions and political out seems to be less likely i'm going to hold off. why would you be buying in front of that. only until you see some level of clarity does it make sense to commit a lot of new capital in the equity markets. >> last question to you, michele. i know you're right. to paraphrase your book title. like how i threw that in right there. >> right. >> to mike and mandy's point if nobody thought the government shutdown and it did, everybody thought the fed would taper, it didn't, there are some chance that stupidity will reign. >> yeah. i think that's absolutely possible. we've talked about that. what if there is a technical default. i think it will set the worm in the brain of people all around the world like wow, the u.s. cannot be depended on. that is problematic. it hurts us in the medium and

long term. but in the short term when jack lew talks about a lehman-like apocalyptic event he's bluffing. the market is telling him he's bluffing. when you hit the debt ceiling it's simple, the government must balance its budget overnight in one night, that's going to suck a lot of u.s. government dollars out of the economy. that could be recessionary, yes. that will be painful. yes. but is it a default? no. it's not. >> michele -- >> thank you. mike thank you as well. >> meantime we do have a new development happening in the stalemate. to john harwood in washington, d.c. in the newsroom. what is said development? >> brian, i want to bring you up to date with something that occurred, an exchange that occurred in the white house briefing where jay carney seemed to leave the door open to a -- some sort of a process understanding with republicans in that would happen at the same time that the debt ceiling is raised. he was pressed by our colleague major garret of cbs about whether or not the january model in which the house republicans

allowed the debt ceiling not to be enforced for a period of months, in return for an agreement that the senate pass the budget, it was no budget, no pay, if the senate doesn't pass a budget they're not going to get paid and the question was even if you're not willing to negotiate substantive terms would you be willing to accept a process deal that would move in tandem with the debt limit and jay carney did not rule that out. he said we've said clean, we're supporting the senate democrats on clean, and however, we are -- our principle interest is that the debt ceiling be raised without drama or delay and he said we won't make ideological concessions in order for that to be done. there's a distinction between ideological connecticessions on substantive agreement and some sort of process concessions about setting up a framework for getting things done. members have been hinting for a few days that a process agreement might be the way out of this situation. the republicans have not seized on that yet, although some

republican members of congress have talked about that. but i think this is an indication there is some possibility that discussion will grow over the next few days. >> john harwood in washington, d.c., the process solution, a new phrase as well, thank you very much. still ahead on "street signs," the obama care blame game. who is really at fault? here's a hint, just look north. >> and later on in the show, the united states of energy, why ship baby ship is the new american mantra. [ male announcer ] once, there was a man

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jute obama care website which had technical issues all week because of too much web traffic. you can't campaign on the fact that millions don't have health care and be surprised that millions don't have health care. how could you not be ready if that's like 1-800-flowers getting caught off guard by valentine's day. >> okay. that was "saturday night live" making fun of the glitches that seem to be plaguing the obama care website. a new week brings new issues. bertha coombs following the story. lots of glitches and finger pointing going on. >> the obama administration promising that the federal exchange will get better, but after taking down parts of the site over the weekend officials admit they have a lot to fix. so far users like josh and emily austin are patiently trying again and again to get in and after six days, still getting error messages. new jersey is one of 34 states operated off of the federal exchange. the austins are losing their company insurance in january so they're anxious to find a new

plan and they'll keep trying as long as it takes. >> we were able to start an account, but unable to finish it, we were able to finish an account one time and told us our user name was incorrect or password was incorrect so we were never able to see the different options. >> they are not alone. health department officials have blamed the problems on overwhelming volume, more than the system was designed to handle. i.t. experts say that volume is exacerbating deet signed flaws. one said it's akin to rearranging rooms in a house, an architecture problem that takes time. still, the obama administration says it will get done. >> folks are working on it 24/7. tomorrow will be better than today was and last week and we'll continue to make that progress. >> they really have to get that progress going efficiently by

november. that's the crunch time for people to enroll for january. contractors involved in the building of the federal exchange include cgi group the main one and experian which has a subcontract to support the i.t. services. they've not returned calls for comment but that's a $94 million contract for cgi for two years. >> a canadian company. >> u.s. subsidiary. >> it's not being outsourced. they're here in the u.s. >> it's based in canada, the main company. >> just as ge builds things for the government of india or ibm for other governments in other places they try to go to people who have experience in this and cgi does have experience in health care but this is a brand new complicated ball game. >> a system architecture problem. thank you very much, bertha comes. >> zap. let us bring in howard dean, former governor of vermont, cnbc contributor. governor dean, before we get into the blame game, knitty gritty of obama care should we go to war with canada over the

cgi thing sp. >>? >> i think this is standard for tech rollouts no matter whether it's the tax department or private sector stuff, electronic medical records most of the hospitals are putting in. a lot of reasons this happens and happens in almost every tech rollout i've ever seen over a long period of time. from a political point of view the debt fight and the government shutdown fight helps obama because people are focusing on that. i think this is going to take two or three weeks to get it straptsnd out. it's par for the course. >> brian tried to get on the site, i fritried, we couldn'tin bigger issue for those who have got on to the site i'm hearing reports about people who say there's not enough information, big basic lack of information about what is going to be covered in the various plans, whether you've got an in network doctor, out of network doctor, basically a lot of confusion out there. >> well there is, but there's also a lot of satisfaction.

a lot of people have gone on-line and found out their premiums will be dropped dramatically, they will be able to have health insurance for the first time because they have preexisting conditions they can't be defied for anymore. a lot of anecdotal evidence throughout. this is going to work. it's going to take some time and as i said, electronic medical records systems that the private sector has put in that has to be started all over again. hopefully that won't happen here. >> i've tweeted a few times over the last couple days governor that america may not have a health insurance problem, may not have a disability problem, it's got a health problem, right? instead of asking how do we handle all the problems? why not try to solve the problem. why not try to get to the heart of matter about why there's so many on disability and we have soaring health care costs and one in three americans is on a long-term prescription drug if. >> that actually was not addressed in obama care. >> no one wants to talk about the problem. they want to talk about the effect, not the cause. >> or romney, wasn't addressed in romney care either. the problem is you to do something radical.

you have to get rid of fee for service medicine if you want costs to be under control and pay providers to keep people healthy. right now providers get paid when you get sick. so our whole system is based around sickness. kaiser, for example, or the cleveland clinic mostly gets paid by the patient, not by the procedure. the incentive in those systems is to keep you as healthy as possible. that everybody was afraid to tackle because the interest groups in washington are so powerful that want to avoid that. >> which pushes up the costs for everybody. we should get rid of the pay per service. you go to the doctor, say i have an ear infection and you find yourself having a blood test, ear test and all kinds of things you don't need because doctors are getting paid for everything they prescribe. when is that system going to be tackled? is there any hope on that front? >> actually, interestingly enough, although i don't think that people who support it or wrote obama care intended this, there is a lot of stuff in the private -- remember this is a private sector bill. the vote that was taken in congress four years ago

essentially decided we were going to have universal health care in this country done through the private sector like the swiss or dutch not like the british or canadians. and so i think the private sector is going to figure out a way to do it. they can do it through the huge vertically integrated systems. once those systems are vertically integrated they can go on the exchange and compete with the insurance companies and they'll do it, basically by getting rid of fee for service and deciding internally what the best cost allocation is. that will transform the health care system. it won't be done by government. it will be done by the private sector in response to this bill. >> do you believe anybody will have -- and politically it's unsavory governor, never hear a politician say listen america, one in four americans are obese, more in some states, 30% more people on disability for mood disorders, other 30% for lower back pain which is probably largely related to obesity because the strain on the

vertebrae from the stomach. at what point does somebody say, americans you've got to take better care of yourself? it's not a political dialog, not republican or democrat? >> right. well, actually there are some good signs here. the first is that the fortune 500 already have pretty good wellness programs because they're mostly self-insured and to their advantage to do that. secondly, the system that i think is going to evolve under obama care, once they get rid of fee for service medicine and stop paying doctors and hospitals when people get sick and start paying them to keep people healthy you're going to see a lot of focusing on the kinds of things that are problematic and that cause owes beesty and diabetes and renal failure and heart disease because it's easier to take care of healthy 20 years and keep them from getting diabetes than to try diabetes when you're 50. >> telling americans be healthy, australians, be healthy, it's not going to work. thank you for joining us as always. >> thanks for having me. >> still ahead, $50 for the new

iphone. it really does sound too good to be true but actually it is not. we're going to tell you where to get your hands on it next. >> and twitter's ceo calling one of his critics the carrot top of academic sources. that's a good way to start a twitter fight. it's as simple as this. at bny mellon, our business is investments. managing them, moving them, making them work. we oversee 20% of the world's financial assets. and that gives us scale and insight no one else has. investment management combined with investment servicing. bringing the power of investments to people's lives. invested in the world. bny mellon.

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wadhwawadhwa. apple's stock is getting love today not so far away from the 500 mark again. it has a positive note. couple notes from a couple firms. jeffreys upgrading the stock and increasing its price target to $600. says the 5s is the number one phone in all u.s. carriers. walmart cut the price of the iphone 5c to $45 with a two-year contract. best buy announced last week that customers who buy the phone will get a $50 best buy gift card to apply to the purchase of a phone. the 5c by the way is the cheaper of the iphone which costs about $99 if purchased through apple with a two-year contract or $549 without. call now. twitter fights are nothing new but this particular fight got our attention because it involves twitter's ceo dick

costolo and a university professor that are engaged in a war of words after a "new york times" report questioned twitter's lack of diversity on its board. duke processor vivek wadhwa is quoted in the article saying, quote, this is the elite arrogance of the silicon valley twitter maf fa. it's the same male chauvinistic thinking. the ftc that they went to the ipo without a single woman on the board, how dare they? twitter's costolo had a lot to say about that on twitter and the two of them got into it. one of costolo's responses, quote, vivek wadhwa is the carrot top of academic sources referencing that comedian from the '80s and '90s. ouch. let us bring in julia boorstin, twitter fights nothing new, generally involve drunk men in their mother's basements or athletes. ceo inand a highly respected profess professor. >> dick costolo used to be a comedian before we got into business.

the carrot top reference was intended to be a joke and you can tell by reading his later tweets he totally shifts his it tone. as we know it's hard to tell a joke on twitter. never know how it will be communicated. he basically says he doesn't want to hire a woman for the board or appoint a woman to the board just to check a box. he goes back and forth with various people on twitter talking about the importance of finding someone who's right for the job. but brian, for years we've been talking about the risks of having ceos tweet their risks, there are advantages. i think dick costolo realized based on his later tweets that tweet the tone wasn't communicated. >> that's a difficult thing to communicate over twitter. i mean i believe that vivek wadhwa actually thinks that nonetheless, because of all the focus on this right now, that within about 60 days there is probably going to be a woman on the twitter board as a result of this. >> vivek wadhwa said how dare they. we have to remember that facebook went public without a woman on its board. it was a couple weeks after facebook's ipo that facebook

appointed cheryl sandberg to its board and then just this past spring if april that they appointed another female to the board. so there have been plenty of high profile ipos in the internet and tech space where there have not been women on the board. it is a problem not just at twitter, but across the silicon valley area. >> julia boorstin, great reporting. thank you for joining us. >> carrot top have to say about this? has he weighed in? you're the twitter ceo of ceos. >> here's our official invitation for him to come on. >> tomorrow's guest host, carrot top. >> up next, stun guns and snack foods, not just talking about mandy's weekend. today street talk stocks. >> growing calls for america to ship baby ship. weekdays are for rising to the challenge. they're the days to take care of business. when possibilities become reality. with centurylink as your trusted partner, our visionary cloud infrastructure

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it is street talk time. let's look at al coya, a downgrade at morgan stanley. >> stock is down 1.4%. morgan stanley cutting the metals producer from an equal weight from overweight based on aluminum prices. the former dow component has always been maybe the first dow

component to report still a big company but no longer a dow component and earnings tomorrow night, the stock down 3%. >> a look at invensense. nice gain there from comments from craig calllum and evercore. >> commenting positively about three new design winds. evercore saying the company's rampant could begin a role in one of motion sensors. what is this company? they make motion sensors and motion tracking devices. one of those apple halo plays is up 76% year to date. >> hain, talking of halos. >> stock up 2.2% and piper sees 3 positive catalyst in the next few quarters. a launch at walmart and improvements in the uk operations that could prove major influences raising their target price to 94 from 80, the

stock is basically at 80 already. they had to raise the target price if they remain optimistic on the name. >> how do you launch a woman is what i like to know. >> taser international, also moving higher on unexpected order volume. >> the stun gun comment we made in our tease. former short seller favorite here. they sold the new camera or cut the price of the flex security camera and sold it to three police forces. albuquerque, spokane, washington and brookfield, wisconsin, among othersp this stock has been hef yi shorted, up 150% over the past 20 months. >> am i allowed to say a stunning return? >> can't say that. >> move along. >> bioteches by the way are booming. big names like reagain ron, cell gene some of the best performser this year. not just the names you know. some of the little guys, ones you may never have heard have been on fire. you've heard of them if you paid

attention to "street signs" and check out a name we talked about recently, pharmacyclics up more than 130% this year. talk more about it and bring in joel who covers the company. joel, quickly, a primmer on them, who are they, what do they do and why are they doing so well? >> they are an amazing story. the analogy i like to use, they've been around almost 20 years, they've been in -- a drug like brutenick, amazing contender and people are paying attention. >> only a hold on them. does that reflect the fact that you feel that success of the drug is already priced into the stock? >> i think that's a good way to look at it. i don't want to take anything away from this amazing drug. it shows unprecedented efficacy, 99% response rate in leukemia, hard to treat mantle cell lymphoma, 68% response rate. it's not a surprise. a lot of people or was a

surprise but not a secret anymore. a lot of people know this. i think the valuation is pretty high, baking in significant sales. and between those two things, is i think the risk/reward isn't as good as it used to be. >> any major pharmaceutical players that may want to compete with them or already do or would be interested in buying them? >> brian, that's an excellent point. roche just revealed its strategy in an analyst meeting last week where they have a competitive drug, g a-101 in combination with another next generation therapy, that could be a formidable competitor. the issue it's a couple years behind e" brutenick. as far as a take out, they've partnered with j&j and unlikely they would get a take out bid from anywhere else. . >> at lot of problem with the smaller plays is they basically relying on one blockbuster product, right? if something goes wrong like doesn't get approval or late

stage trials something goes wrong, bad side effects or whatever suddenly they don't have anything to fall back on. does this company have anything to fall back on? >> sure. they have other drugs in their pipeline but nothing anywhere near with the potential of abrutenib so we don't include anything in our evaluation right now. could they buy something in or develop something from their pipeline to make a second play? they could do that but there's nothing right there now that i can put a lot of valation in? >> thank you for coming on "street signs." appreciate it. >> thanks a lot. >> all this week because we've seen a number of these names on "street signs" we're going to be bringing new new names and that guy is coming on thursday actually, he is the ceo of nps pharma, that stock up 218% this year. we'll ask why and get his outlook and if he thinks traders have played the name too high. >> still ahead on the show, the battle of the home builders. >> the absolute biggest bright spot in the economy right now and yes, virginia, there is one.

we'll tell you what it is. bill griffeth, tell us what's coming up on the closing bell. >> i shall do that. thank you. coming up stocks selling off again but we're well off the lows. all the uncertainty in the markets and in washington. we'll find out if legendary investor julien robertson thinks this pullback is a buying opportunity and you will not believe the critical things julian has to say about steve jobs of all people. and a man who knows a thing or two about tough negotiations weighs in on what it will take to get a deal on the debt ceiling and government shutdown. shark tank star and investor kevin o'leary joining us on "closing bell." we look forward to seeing you at the top of the hour for the final most important hour of the trading day. we'll see you then. in the meantime more "street signs" coming your way after this. of grad school. 20 years with the company. thousands of presentations. and one hard earned partnership. it took a lot of work to get this far.

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we enable you to reach global markets and drive forward with broader possibilities. cme group: how the world advances. shares of toll brothers flat despite goldman sachs downgrading the home builder from a neutral to buy. it's not flat tall. it's up a hars a percent. so, is this sell-off a buying opportunity? let us begin talking numbers on the technicals, jimmy with tj institutional services and pat

dorsey, pat, start with you on the fundamentals. first off toll brothers, goldman sachs downgrade, but what's your feeling on that? they weren't exa actually pasty on the name. they said we think we've made all we'll make. >> generally speaking the home builders have had a huge run and home building is not a very good business. you spend a lot of money to buy houses and hope like hell somebody buys them. that's the business model. i would rather if i'm bullish on housing own like home depot or fortune brands that have some kind of competitive advantage. as you saw those businesses held up much better in '08/ '09 than the home builders. >> okay. jim on the technicals what is your take as a group? >> i think goldman is late to the game. as a group i like plus because of where interest rates are going which is lower. from a technical standpoint i'm long hov, the $5 level seems to be. if it breaks down and settles below it maybe i'll change my

mind. until that point no. toll brothers 30 is the same sort of level. i think it's worth a shot at 30. it's come down a long way. i think they're late to the party on the downgrade. >> late it to the party on the downgrade. >> a little bit. >> well now we have the triple box. i feel like greg on top. peter and bobby thank you for joining us to talk numbers. we'll see you soon. >> thank you. and check out the on-line edition of talking numbers at talking numbers.cnbc.com. >> go check it out. >> slash, dash, like they slashed my ears off. >> okay. only 85 days left in the year, that's a little sobering isn't it? what should you be doing financially to prepare for 2014? sharon joins us with a few money moves to make right now. sharon? >> well, a lot of folks right now are reviewing their portfolios and as you're repositioning assets towards the end of the year one of the many things advisors and investors are concerned about is the direction of interest rates. robert who is the president of black rock the largest asset

management company, nearly $4 trillion under management, he's advising clients to add dividend paying stocks right now. >> by getting a return in good companies, and the dividends, clients can double or triple the income that they're currently receiving. another area, high yield. so high yield bonds, again, companies that are growing, that needed to pay a little bit more it interest, those companies will give you a lot more cushion in case interest rates do rise. and give you a good income throughout that period of time. >> now in addition to dividend paying stocks and high yield bonds, had he also likes emerging market securities. keep in mind while this may reduce your interest rates sensitive, you could be seeing more volatility in your portfolio adding some of these securities. the other thing to keep in mind for this time of year a lot of advisors are paying attention to tax planning, this is important if you are a high income earner

because you're now going to be paying the 20% on your dividends and capital gains as well as a new 3.8% medical sur tax on that investment income. dump your losing stocks and mutual funds and use capital losses to offset those capital gains. but you got to do it before december 31st. now we have a lot more information on really great advice from financial advisors on the fa playbook.cnbc.com. go there now and find out a lot more. >> sharon epperson, thank you very much for that indeed. we'll check it out. up next -- >> what are you shuffling over there? >> very important. when you -- the more you shuffle. >> fake news anchor shuffle here. >> let me just get myself sorted. up next, ship baby ship. the growing rally cry for the u.s. to export more oil and gas. >> plus, inside the billionaire land grab. we'll tell you more about the billionaire land grab. (announcer) at scottrade, our clients trade and invest

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we talked about greece today and made fun of them because they defaulted a year ago. national bank of greece the stock is up 15%, nbg, that is a 70 cent move on a 5.25 stock.

lot of optimism in the greek economy may have turned the corner which is great to see. lot of optimism about the eurozone. still nbg up 15%. viva greece today. >> viva greece. how do you say viva if greek. it would be the wrong lang wang. >> i can say thanks. the biggest bright spot in the economy right now. perhaps the only one. gas prices seeing their biggest two-week dip since november. national average for a gallon of unleaded gas at $3.38. that is down nearly 14 cents from two weeks ago and according to the lundberg survey st. louis has the least expensive gas at $3.01 per gallon, san francisco paying the most at $3.88 a gallon. in new jersey, right here, our crews even found sub $3 gas. new jersey has the most expensive everything except for gas. >> $2.99 when was that taken. >> just recently? five years ago. >> i saw it, i was in san

francisco most of the weekend and i saw the high prices and thought, doesn't matter, everybody is driving a prius or a bike or go-cart powered by their own sense of satisfaction. >> a california pump prices are typically the highest in the nation even though the state is sitting >> we're looking at a typical drilling rig until california. >> reporter: joe williams drills wells thousands of feet down sew they can frac an area. it's proving tough to get to. it just got tougher. the state passed the most stringent fracing laws in the nation.

>> it can slow down the process, certainly. and, you know, for a small company like mine, you know, us waiting, being delayed, doing the work, it impacts us negatively. >> one of the big differences i think we'll see with this law as opposed to some other states is more extensive pre and post testing of well integrity. we haven't seen a lot coming out of the shale so the jury is out on that. >> what we know is the oil is there. no question about it. 15 billion barrels, potentially. the question s how do we get it economically. >> an operation like this, depending on what they're doing at that particular point in the well could be anywhere from 200,000 to 300,000 a day. >> reporter: a day? >> a day. >> reporter: now, in places like kings county, they were hoping to see more jobs by now. the government can't offer federal permits. >> i had expected there would be

a little bit more activity, you know, with the securing of all the mineral rights, literally, throughout the valley. we're just not seeing the kind of activity we had anticipated yet. >> reporter: of course, environmentalists say the new law doesn't go far enough. they wanted a moratorium, but that was shot down in the new law. guys? >> jane wells, thank you very much. appreciate it. i love the, there will be blood deco anyway. this got us thinking, is it time to start exporting black gold? dan dickerson, senior contributor for oilprice.com. we have to be clear here. in 1993 americad 1.5 million gallons from opec. last year we imported 1.5 million gallons of oil from opec. we can't confuse energy from

oil. we still need other people's oil. >> we're still importing 1.6 billion a day, so it doesn't make us oil-sufficient. there's not an oil sufficiency to say we need to export what we're making. but there is a market analysis to kind of talk about exporting oil because there is a $6.50 differential between the price oil producers here in this country are getting compared to what the global benchmark is. >> what about the prestrikzs? isn't there a huge question about whether or not the president would lift restrictions on -- >> a huge question. you might ask the question because it's a natural security issue. do you want your resources, particularly shale resources, that from a frenzy of drilling go on, open to the free market. it will drain them quicker, that's for sure, but it will create a greater frenzy into shale assets, which we could debate would be better or worse,

but it also creates -- there is an advantage, for example, in refining in this country because we have a cheaper crude price. you would get higher gas prices on the back of opening up crude for export. all of these things have to be measured. >> there's a lot of payoffs. >> there are some payoffs. you do get, for example, increased drilling you would obviously get to capture that huge differential, that $6.50 differential, will spur quite a lot of jobs. if think there's a frenzy in the balkans, you ain't seeing nothing yet. >> we have breaking news coming in from jpmorgan. >> cnbc learned jpmorgan is preparing to fight charges from the cftc as part of the london whale trades in 2012 is essentially manipulated certain corporate derivatives notice. they filed a notice on september 16th, wells is likely to bring charges, in this case, potential manipulation charges over the

london whale trades. jpmorgan had 14 calendar days to either respond in some way or to settle the case or risk being sued. i've learned jpmorgan opted to respond to this. they have denied they manipulated markets and are essentially laying the groundwork to fight this case if they need to. however, a settlement is still possible, mandy and brian, we'll see what the next move is. whether it ends up being a settlement or if they take a hard line and decide to sue. >> thanks for the breaking news. jpmorgan is kicking off the banking earning season this friday with wells fargo. coming up next, the billionaire land grab. don't go away. checked bag with my united mileageplus explorer card. i've saved $75 in checked bag fees. [ delavane ] priority boarding is really important to us. you can just get on the plane and relax. [ julian ] having a card that doesn't charge you foreign transaction fees saves me a ton of money. [ delavane ] we can go to any country and spend money the way we would in the u.s. when i spend money on this card, i can see brazil in my future.

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how's that for an encore? with xerox, you're ready for real business. very quickly get you up to date what's happening in the markets. the dow is down by 75 point. the good news here, though, guys is that the market cut its losses in half. at the beginning of the day would he were down as much as 151 points at the low of the day. of course, we're continuing what was a negative week last week. brian? >> it is the billionaire land grab, the wealthy are snapping up huge properties and ranch. robert frank is here with that story. >> ranches and farms have become a huge asset class for the wealthy. if you look at the top 100 land owners in america, they now own 33 million acres a cording to land report 100. that's up 18% since 2008. these top 100 land owners now own 2% of the entire land mass in the united states.

a huge number. the number one landowner is jon meloan with 12.2 acres. he added with a purchase. ted turner with 12 million acres. next is emerson family. some of the names on this list may surprise you, jeff bezos is the sixth. louis bacon owns 215,000 acres. he just put 20,000 acres in conservation in colorado. and the koch family, many of their ranches in texas. >> it's trendy, isn't it, for them to be ranch owners. when do they have time to ride horses and do whatever they do? >> they do love to fish. the prices are just going up very steadily. it's a good investment. >> it's an asset class. >> that you can enjoy. >> and one you can see from

above as you stream over. see, i own that. why don't i own that? >> tomorrow we'll be talking about stocks, bonds, commodities and ranches. thanks for watching "street signs". >> and jolly ranchers, as well. "closing bell" begins right now. biggest julian robertson. starts right now. >> hi, everybody, good afternoon. welcome to the "closing bell." i'm maria bartiromo at the new york stock exchange. >> this just feels right. >> we're back. back together. >> i'm bill griffeth. seems to be the question the stock market is asking today, was john boehner bluffing? which john boehner do we believe? the one last week who was telling republicans, we are told, that he would not let the government default but he was talking very tough over the weekend on the political talk shows. so, which way do we go here? >> feels like the market is, in fact, worried at this point. we're looking at thiske