tv Street Signs CNBC September 16, 2014 2:00pm-3:01pm EDT
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today. that is influencing a lot of the commodities. >> the dow and investors have priced in the possibilities of this fed two-day meeting the results of which we will get tomorrow. that will do it for this eidation of "power lunch." >> "street signs" begins right now. and welcome to "street signs" everybody where we are exactly 24 hours away from this week's biggest event on wall street, the fed statement. >> is the stock market jumping the gun. let's get to steve. question for you, sir. is this less about the fed and what they might take out as what they might leave in? >> i think there are two
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statements that are of questionable prominence in terms of will they stay and remain after this meeting. considerable time it's a very close call. 41% of our respondents in the fed survey thinks it leaves in september but the majority do not. the other one is significantly the market under utilization. some talk of the word significant could be gone after this meeting. i think the considerable time period very close call. >> if they believe in significant time period phrase there to what extent would they be boxing themselves in in terms of a timeframe. they would want to keep flexibility. >> they do not have complete flexibility if they leave that time indicator in there. just so you know as we reporter both hawks and doves are
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uncomfortable with a date dependent and may change it to be more data dependent. as long as that phrase is in there i don't think they are free to raise rates. if they want the flexibility they have to get rid of it. the market will take that signal. >> absolutely. we have the results from the latest fed survey. it looks like wall street is putting more faith in janet yellin. >> i was very surprised by the results. 37 people we surveyed and asked about fed communication. let's see what we got here first. let's see. do we have any of it? let me tell you what it said. it said will it end badly or well. 44% now think it will end smoothly up from 34% in the prior whereas we asked badly is 34% and now down to 17%. is communication clear and credible? 73% say fed communication is
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somewhat or very clear and credible. that is more than bernanke ever had. she will need this if she is going to negotiate this type of change in interest rates. 49% believe the fed is -- there is the chart. 73% say clear and credible. 22% say not clear and credible. next one the same thing. >> clear and credible because they never varied from what they said they were going to do. >> you could have responded to my survey. we had john copter -- can you go to the first quote that we had stacked up there. brian was not prompted on this. says i give the fed high marks for transparency. they keep repeating they will do something and then they do it. count me as a believer. i guess we count brian sullivan. does point out the harder part is yet to come.
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the fed completed an orderly exit but markets are likely to be less tolerant of rate hikes. >> also third topic let's get your reaction to a story we came across which is basically that some of the federal reserve banks came up with the conclusion that the president's health care plan is stifling hiring at small businesses. >> so it is one in five say there is some issue. we have been following this since it appeared about a year ago. in part it has to do with part-time workers rather than full-time workers. i will say we looked at the evidence at other places and we have not seen it. it is anecdotal. if it is a problem it needs to be fixed. >> it is not really cutting jobs but moving jobs from full time to part time. >> to get underneath the 29 hour. they should never make a rule that has a cliff effect. it should always phase in more gradually so that 29 is not
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drastically different from 30 or 31. >> which is ironic because we just praised the federal reserve for lack of being ultraspecific and leaving it up to data going forward and yet the president's health care plan has specifics which we would no doubt cheer or jeer from the federal reserve. >> when you graduate something and do not create cliff effect you remove the incentive to stop at 29. >> tough on small businesses. responsible for most of their job creation in the country. stay right there. i want to get back to the fed. and what investors expect to hear tomorrow. let's flip this on its head here and say what does the market absolutely not want to hear tomorrow? >> i think the market doesn't want to see a shock. you have been talking about the investors have been getting comfortable with the notion that there will be adjustment of the fed language and accept the fact
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it will be time dependent. people don't want to see where we are six months away from a hike regardless. basically it comes down to language on the timing and language about how much are the structural factors affecting the fed's thinking. that is also going to be critical. >> let's talk about thursday. little country or maybe a country scotland, do you care? what is your client recommendation either way the scottish independence vote goes. >> this is a fascinating topic for a couple of reasons. it was on no one's radar screen in hundreds of meetings this topic never came up and clearly took everyone by surprise. i think a yes vote will be disruptive for financial markets and clearly put pressure on sterling assets but -- >> which financial markets? it can't be all financial markets. maybe it will be back for the uk
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but wouldn't that be good for us? >> they think what will happen is you start asking the question who is next. people are going to worry about the northern part of italy. you are going to see concern about contagion and redu-introde worries about the euro. >> it might also raise the probability that the uk could exit from the eu which could increase in instability and the u.s. would not want. >> absolutely. it does raise the question scotland is more pro euro. does that raise the odds of a referendum and an exit vote from the eu from the uk. i don't think that is a positive for financial assets if we get a yes vote come friday morning. >> can i push back a second on
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that? with all due respect i do disagree a bit. when we have seen instability we have seen the u.s. benefit and going back to our previous discussion would not greater instability then reduce any chance at all that the federal reserves of the world, ecb, bank of japan, whatever will do anything to keep us on a low rate cycle for longer and thus continue path of higher asset prices due to easy money? >> i think it is a fair question. if you look at the last five years every time there was a crisis there was a buy to dip reaction. if you see the yes vote it will change the calculus for the bank of england and creates a lot of instability and may push out the date of an early fed tightening but not changing the basic trajectory. it will not push a hike out by another year. the fed will be driven by domestic considerations so you
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are facing a tighten skair and uncertainty about europe. >> i was going to say i don't think it is all that much consequence in the longer run and the short term i think it is a lot of volatility. the idea that maybe this is about eu and euro membership that scotland wants to join the euro is interesting because that leaves britain alone with a much smaller pound universe than previously and may heighten the pressure on england. >> even if there is a break away it will not be an instantaneous reaction. there will be a transition period of 18 mont is that a fair comment? >> i think it is fair but i think it actually cuts both ways. this will pak at least 18 months, targeted for the fall of 2016. that creates a lot of uncertainty. during that period there is a
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question of about how the debt will be divided so i think it puts pressure on uk assets. the dow set a new record high literally minutes ago. >> which is ironic given we have talked about poll after poll that stocks may go for independence so we have just contradicted ourselves. >> one quick point. if we don't lose considerable time in tomorrow's meeting it is not very long for this world. the market will lose it eventually. i'm not sure you make a much more bullish stance on stocks if considerable time is staying in tomorrow because if you are looking over a longer horizon the day is coming the fed will be raising the tropical storm rates. considerab
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-- raising the interest rates. >> i like that. not in my lifetime will i see higher rates. >> be sure to catch a very special coverage of the fed's decision following janet yellen's news conference tomorrow at 2:00 p.m. eastern here on "street signs." >> here is a confluence of conferences. in a little more than two hours from the president expected to announce that 3,000 u.s. troops heading to africa to help spread the fight of the deadly ebola virus. the total cost of the project is estimated at $763 million. right now we have a very serious fight brewing over an alzheimer's drug. pay pal taking a swipe at
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there is a serious fight brewing over alzheimer's drug. >> this is about nomenda, a $1.5 billion revenue drug. they make a two a day pill that brought in $1.5 billion last year. the patent expires next year on the drug. now they are making a one a day pill. the new york attorney general's office is taking issue saying this is manipulative to patients and basically taking away the other potentially generic copy and trying to switch them to a more expensive product which they will have no choice to because they are stopping manufacturing the first product. the stock is not reacting poorly
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to this. there is the lawsuit on this and the stock is up today. >> i am only asking this question because i know people with alzheimer's and people whose parents have alzheimer's. they all say nothing works. does namenda work? >> folks say this could work on some symptoms of alzheimer's but there is controversy in the medical system. >> why is the stock up today? >> it is interesting. >> i presume that is what you were looking for. >> i appreciate you taking my hint there. there has been speculation that this is a potential takeover offer for pfizer. what is being said is people should be paying more attention to the lawsuit because it is not just about actavis. if this turns out badly for actavis this could have implications throughout the
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pharma industry. pay pal taking a swipe at apple pay with a new ad campaign out today saying we the people want our money safer their our selfies. the campaign an apparent dig at nude photo hack that impacted some celebrity accounts but thankfully not all. let's bring in like the gang is all back together. isn't pay pal validating apple pay? >> first thing i thought -- >> a lion does not concert itself to the opinion of sheep. >> they have taken and given apple pay great visibility bigger than perhaps it had. people say i didn't know about this. i think they basically acknowledging they have a new competitor in the space. >> they might have been validating at but i have been
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hearing pay pal or ebay shouldn't be immediately terrified because it is not available on the older iphone but only on the iphone 6. obviously adoption of apple pay is only predicated on adoption or those buying the apple iphone 6. >> you are talking about the future, too. they are trying to discredit it going out. whether you can really discredit a new competitor like that is really rolled we will see what happens. >> will apple pay succeed where others have failed? it has not had the wide spread adoption. >> i think square is a success. >> will it succeed? >> it will have a level of success. >> that is a modifier. we want to get your take on i think some people are outraged by this because apple gave away
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the new u 2 album to the users but the fact that some people are like what if i don't like u 2? >> when this thing first came out i was watching the live apple feed. i went to my itunes thinking i could download the thing. i couldn't find my apple library on my itunes. so i don't know if it is there, no idea. >> i guess the good news would be if this is what we find to be outraged about in america then we got it pretty good. >> we do have it pretty good. >> if this is dominating societal discussion this is a pretty good problem to have, that free album. the album is okay. it is average. >> it has gotten below average scores by people. >> if they would have downloaded "the unforgettable fire" for free that would be something. >> maybe when you say average or
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below average they had to give it away for free. are you ready to be shocked? could silicon valley turn red plitcally. a new report shows republicans are gaining. one former u.s. labor secretary is calling college a giant waste of money. big statement. he is joining us to explain his take when we return. when change is in the air you see things in a whole new way. it's in this spirit that ing u.s. is becoming a new kind of company. one that helps you think differently about what's ahead, and what's possible when you get things organized.
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there is only one stock down in dow -- now there is two. that's what happens. goldman sachs ticked down two cents. the other 28 are higher. the numbers don't lie. in the last presidential election voters in silicon valley chose president obama over mitt romney by a better margin than 7 to 3. the governor's race in 2010 showed similar margin for democrat jerry brown. a recent survey shows more techies may be willing to change sides. joining us now americans for tax
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reform president grover norquist. just because a few are going that way does it mean more red than blue? >> i think we are looking at a long term trend. if you are from silicon valley or austin or high tech areas there is a republican party that wants to cut your taxes that supports free trade and wants less regulation and supports uber over taxis and a democrat party owned in terms by labor unions, trial lawyers and spending interests and people who don't like international trade. how can you be in favor of economic growth and innovation if the trial lawyers get to veto on anything the democrats do? we saw that on patent reform which is very important to silicon valley and democrats in the senate said we don't care what innovators think, we have trial lawyers to feed. we feed them first.
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>> which companies in particular in silicon valley or on the west coast hoping to bank roll intere interests. >> a lot of people to support candidate as well as political efforts. the two parties are moving in very different directions. this is not like thenton days where bill clinton supported at least at the beginning of the term moves towards free trade. we have seen the opposite happen here. organized labor can say no to more open trade. trial lawyers say no to patent reform. all of the challenges that we have for silicon valley why could we not have education reform in this country? because the teacher's union kill it in california and each other state. school choice has been fought for parental choice. charter schools fought for by republican governors and
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republican mayors and killed by democratic governors and in washington, d.c. it was obama's first official to kill school choice for poor kids because teacher's union wanted them to. if there is a veto over fixing education and they will as long as democrats are in charge silicon valley can never get the talent it needs. if our immigration policy is run by barack obama -- >> i am going to push back on the tax issue. i find it hard that taxes are an issue. they are for people in california. for those in silicon valley they pay in capital gains below ordinary income taxes and hedgefunds may use carried interest. is the real issue perhaps over privacy? >> privacy is also another important project line. you would have thought that the democrats would have been more sympathetic to this. that is not true with obama and
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harry reid and nancy pelosi. taxes have been raised by obama. cut by the republicans and raised by obama on cap gains and dividends. there has been a significant hit to the ability of innovateers to raise resources to invest because of obama and the democrats' tax policy. they made it clear they want the taxes to go higher, not lower. >> good discussion, by the way. before we let you go i have to ask you about one thing. burning man, man, what were you doing there? we have a picture of you at that crazy picture in nevada. >> it was wonderful. it was great fun. that is larry harvey, gentleman who got the whole thing rolling. it is a city that comes to life for one week a year in the middle of the desert. and there are very few rules and there are a lot of people who don't know each other who come
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together and create a community. i think it is what silicon valley is about. it is what america at its best is about. a few rules and the rest of us figure it out, not top down but organically bottom up. >> you get the political message in the burning man. thank you. >> good to be with you. are you one of those people who thinks of the old big retail names are dead? stop the funeral, one of mandy's favorite companies in the world has done surprisingly well. >> no sarcasm there whatsoever. today's mystery stock is the best performance since 2008. it is up. we have the answer for you when "street signs" returns. so ally bank really has no hidden fees on savings accounts?
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lots of green. the dow hitting a new record. earlier on today part of the rally here is that there was "wall street journal" report suggesting the fed may have been more hawkish and considerable time statement may stay in. >> bad news is good news. it is economics 101. >> been that way for five years. retailers have been rocking the s&p 500 this month. best buy and even staples, mandy's favorite company leading the way up by about 8% and 11% respectively. u.s. banks pattia edwards joining us now from the west coast. let's talk about retail stocks.
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>> good morning to you. >> why have retailers done well? retailers have done well because consumer is feeling better. you have people who have 401 ks that are improving. housing prices are up. that tends to make people feel better about spending money. in particular with the two retailers that you mentioned and others in those categories you are looking at technology spent and seeing technology spent for back to school in a way that we haven't seen it in the past. i think the number was somewhere north of $1,000 that parents were spending on their kid for back to school and almost half of that was technology. these types of companies will do better as you get kindergarteners, first graders, fifth graders getting tablets, cell phones. >> staples with the speculation that maybe it will merge will office depot.
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getting back into retailers doing well, all retailers are not created equal. which are not doing so well and why? >> it's interesting that back to school has been so good for technology and office superstores but teenagers, they are just not spending the way they did. if you look at teen retailers they are struggling. those folks in addition to some of the larger department stores, discounter stores so if you are talking off mall any of those guys they are struggling, too. the consumer is not coming back if you are dealing with the demographics who are middle class and lower. >> what your conclusion is that phones are the new pants when it comes to back to school shopping. if that is the case how are your buddies at nordstrom doing? i can't talk specific stocks but upper end demographics are doing better than those that are
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catering to folks who are going paycheck to paycheck. the upper end is not going paycheck to paycheck so there are people spending. >> thank you so much for joining us. >> my pleasure. it is time now for "street talk." so -- >> now i'm nervous. >> why are you nervous? >> i didn't realize all of that in such a short period of time. >> we have beer brewer. >> big news yesterday, by the way. at least one analyst likes the talk of a potential deal. upping about 20% upside. they said the odds the deal could get done about 50/50. always a good day for chocolate. we have given the goods to our viewers today. this is hershey. >> sounds like a german town. >> citi group saying shares
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poised for returns and came away with we think sales will be pretty good in the second half of the year. >> terexcorporation. >> their target is $40. you are about 20% down year to date but saying expectations have been reset. >> let's move on to oil. this is kiepd of a bit of an under the radar name getting an upgrade. >> bank of america doing the upgrade. stocks up 2.8% and boosting from $60 a share from $54. >> let's move on. our under the radar, real under the radar name is ultratech. what do they do? >> they are a semi conductor equipment company based in california where pretty much they are all. $700 million market cap and started with an outperforming
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rating. their target on ultratech is $30, about 20% upside. >> in a little over two hours the president will officially announce a u.s. response to the west african ebola outbreak. we are sending money and troops. why do we need troops to fight a disease? there is a good reason. >> what is behind this afternoon's sudden spike in copper prices? as you can see up by about 2.1%. stay with us. ♪ eenie. meenie. miney. go. more adventures await in the seven-passenger
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centurylink your link to what's next. we could have a major break through. a new study from researchers at five different universities find that it is faulty wells that are largely responsible for the contamination of underground drinking water rather than the act of deep underground fracking itself. meggane gas contamination has grown with a boom in fracking. one author concludes that good wells are the west bay to protect drinking water. >> very interesting discovery. let's take a look at the natural
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gas futures today. crude is getting a real lift today up by about 2% sitting at 94.85. i think one of the reasons for that is there is the prospect put out by a possible cup. gasoline moving higher. all this talk yesterday with gasoline getting cheaper and cheaper and cheaper who knows from here? copper prices spiking today. what is moving those prices higher? let's bring in mike. what is your take on what is happening with copper? >> i think you have heard a little bit of news today about copper and speculation that the fed might not be tightening soon. we have additional fiscal stimulus from china. overall it is still down about 7% which i find a bit disconcerting if you look at the trend in copper it has been down somewhat of an indication that
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economic growth might not be as strong. trend in silver is down. trend in treasure yields has been down. what we are seeing overall in some of the metals is a sign that maybe the economic growth we have been hoping for and expecting in china is less than expected. a metal that i have been more excited about is palladium which is up 17%. >> because of russia being a major producer? >> that is a big part of it. >> the number one producer is russia. and the number two is south africa. we had issues with strikes in south africa. the demand site is entirely different. copper is industrial metal and use it for infrastructure. palladium is used for catalytic converters. you look at pictures of people in china where they can't breathe they know they have to reduce smog so they are adding
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more palladium to vehicles. if you look at supply and demand trends the supply and demand trends in platinum and palladium are in deficit. so entirely different and how you invest is different. >> talk about the investable tradeable action here. if you wanted to make a bark in the metals department what would you do? >> first of all, when you invest in a metal they are different. precious metals invest directly into that physical metal and have no difference between the spot price of that metal and your performance. precious metals are cheap and the only difference is usually the cost of the product. you invest in something like copper or corn that might have an issue we have to use futures. and there is a lot of nuances so
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generally you have to pay for the stores. it is much different in how you invest in it. when you invest in commodities be aware of how you are doing it. the best simplest are the precious metals is you basically get the precious metal and don't have to worry about the derivative as much. >> a lot of information into a short space of time. thank you very much. president expected to announce that 3,000 u.s. troops will be going to west africa to help in the fight against ebola. the total cost estimated at about $763 million over six months. here to weigh in on it is dr. sullivan. everybody's first thought is why do we need troops, armed forces to go fight a disease outbreak? >> the reason for the armed forces really is logistics support. they are well trained to erect
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the facilities, the mobile hospitals for that. they are used to working under adverse conditions so they mobilized to do that kind of thing. they have the expertise. they will be accompanied by workers from cdc and other parts of the public health service. >> i understand one of the reasons we are sending the mission over is to prevent instability in the countries. and so i'm just guessing here, i don't know, but would the troops also maybe have a stability keeper or peace keeping role? >> i don't believe so. that would really require another kind of mandate. i think it is really primarily because of their capability of erecting very quickly structures that will be useful such as these hospitals for ebola centers there. but certainly the fact that they are used to working in teams gives them the strength.
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they will be supplemented by the public health workers from cdc and other parts of the public health service. >> pandemics are people and people are pandemics and that is how it is transferred. this is some of the most densely populated areas of the world in some cases. give us your best and worst possible outcomes. >> this clearly is a major emergency. i happen to have been in liberia in may of last year and met with president johnson. they have a weak health infrastructure. at that time there were only 175 physicians in a country of 4 million people. >> how many of those doctors are doctors that may leave for their own safety? >> a number of left because they were there, not trained as infectious disease specialists. the doctors going in now have that kind of training. so liberia and these other countries are really very sususpectable to this kind of
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epidemic because they don't have the health infrastructure, the facilities, the health personnel, the equipment, all of those things are being brought in. clearly we as a country and the rest of the world need to be better prepared in the future to prevent something like this and not let it get out of hand as it has in west africa. >> i think the numbers might be quite hard to count exactly in the situation. the latest number i have seen is at least 2,400 dead from ebola. it went from tens to hundreds. what is your most educated guess on how bad it could get? >> talking with health professionals who have been there they believe the figures we have are an under estimate. there have been difficulties getting into some of the villages and getting accurate information. a lot of confusion and distropical storm. the figures we have really probably are the low end. it is going to be worse and continuing to spread. i am pleased that finally the
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u.s. and other countries are being mobilized. should have happened sooner but at least we are there now. >> it is a pleasure to have you on. >> thank you. last chance to guess our mystery chart. there are no cheesy puns with the name. it is the best performing stock since the feds started in 2008. >> is college just a gigantic waste of time and money? that is what a former u.s. secretary of labor is saying. college sure was a big waste for this guy. >> you finally graduate td. >> a lot of people go to college for seven years. >> they are called doctors.
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that corporate trial by fire when every slacker gets his due. and yet, there's someone around the office who hasn't had a performance review in a while. someone whose poor performance is slowing down the entire organization. i'm looking at you phone company dsl. go to comcastbusiness.com/ checkyourspeed. if we can't offer faster speeds or save you money we'll give you $150. comcast business built for business. we have posed this riddle. what is the single best performing stock in the s&p 500 since the fed's quantitative easing program was announced in 2008. our smart viewers guessed priceline, go to hell, sullivan,
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domi domino's. it's not a correct answer. >> not even go to hell, sullivan? >> that's the answer to another question. regeneron pharmaceutical. it was a wee $14 stock back then. >> i got so many different guesses. yum, ua, domino 's. none of them said go to hell, sullivan. you work hard in school. sweat over college applications and test scores. is graduating from high school and heading a you have to college and the big bill that comes with it the golden ticket? our next guest says it might be ludicrous as a waste of time and money. joining us robert reich, author of "aftershock." and a new movie coming out based on that. good to see you again. we appreciate your time but i'll push back and say this. can we make a blanket statement
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like that or does it really depend on what you study in college and also maybe where you go? >> it also depends on who you are, brian. there are a lot of young people who get a lot of a liberal arts four-year degree but what's happened in the society particularly over the last 30 years is a four-year college degree is really the only gateway to the middle class and that should not be the case. other countries, particularly germany, have a vocational and technical education world class. many of the young people should be able to have other routes to the middle class that are alternatives to a four-year liberal arts degree. >> i can't agree more. i can't. as someone that did a liberal arts degree and came away with no skills for the real world whatsoever but how do you change the mind-set i absolutely need to have this? >> mandy, part of it is changing the mind-set of employers, as well. i mean, we have got to -- this is a kault ral problem we have. and it's a class problem.
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there are a lot of jobs out there that are technical job. technicians are paid a lot. not just electricians and plumbers but install and upgrade and monitor all of the electronic and digital machinery going into hospitals and laboratories and even offices. these jobs pay quite well and there is a scarcity of good people to do them. community colleges are themselves doing a terrific job training some of these people but businesses have got to be more involved. we all have got to get out of the mind-set that a four-year liberal arts degree is somehow a prerequisite to doing well in the community. >> how do we change that mind-set? >> well, one way to change the mind-set is talk about what
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other countries like germany are doing. also, to present examples of very successful people who have not necessarily completed a four-year college degree and thirdly to talk about all of the numbers we know. the people who should not go to a four-year liberal arts college. not prepared for it. they won't get very much out of it and who could thrive in a top-notch, not saying that we already have a top-notch, a world class technical and vocational education system who could thrive in it. we have to also get to parents. many parents assume and they have every right to assume right now that a four-year liberal arts degree is the only route. but parents are sort of putting a brake on young people who would rather have a good vocational and technical education. >> my dad used to say, my plumber arrives in a mercedes benz. my daughter drives an old beaten upholden from 1973. thank you very much. >> still? >> back in the day. before i got my start.
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thank you, robert reich. we can look out for the documentary "inequality for all" available now. let's send it over to dom chu with a market flash and not the interceptions of your 49 quarterback this weekend, dom. >> i don't want to talk about it. >> sorry. >> a sore spot. let's talk about when's happening with the gaming industry. wynn resorts off the low and bleeped positive briefly. the massachusetts gaming commission gave a license just outside for boston, everett, massachusetts. beat out mohecian suns. wynn trading down marginally. over to you. >> dom, lick the wounds. check out the amazing video of a creature on the ocean floor. what is it? we'll try to tell you if we know. it's the barbarian queen.
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wait, wait, wait, wait, wait, wait...whoa, does she have special powers when she has the shroud? no. guys? it's the woven one the woven one. oh, oh that gives her invincibility. guys? no, no, no... the scarlet king is lord victor's son!! no don't. i told you! you guys are gonna be so surprised when you watch the finale!!! you're so lucky your car has wi-fi. yeah...i am. equinox from chevrolet... the first and only car company to bring built-in 4g lte wi-fi to cars, trucks and crossovers. and cialis for daily use helps you be ready anytime the moment is right. cialis is also the only daily ed tablet approved to treat symptoms of bph, like needing to go frequently. tell your doctor about all your medical conditions and medicines, and ask if your heart is healthy enough for sex. do not take cialis if you take nitrates for chest pain,
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i have $40,ney do you have in your pocket right now?use $21. could something that small make an impact on something as big as your retirement? i don't think so. well if you start putting that towards your retirement every week and let it grow over time, for twenty to thirty years, that retirement challenge might not seem so big after all. ♪ this might be the weirdest and coolest thing to see in a long time. it was spotted by researchers in the gulf of california. apparently called an siphonophore and a collection of thousands of independent original michls working together to create a perhaps ugly but productive product like tv news. >> it is. >> most common is the portuguese
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man of war. >> really? >> i just learned that. >> how come you're an expert? >> landed on a -- tongue by a portuguese man of war and hurt like you know what. >> i can believe it. >> lucky to be alive. >> i come from a nation of jellyfish. thank you for watching, everybody. we'll hand you over to "the closing bell" and hope to see you tomorrow. make sure you join us. welcome to the closing bell on this tuesday. >> you'll have to hurry to catch up with us. we started long ago. i mean, this is one of those days we can't wait to think of what's going on. a wild trading day. why are stocks rallying? depends on who you ask. one side reports from our friend that the fed is not likely to do anything different tomorrow. even leaving in that key phras
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