fine. >> they're super tough but if you think that we could see salt shortages again then compass minerals is the purest play on the salt miners. >> thank you very much. appreciate that. shout out to the people in buffalo, by the way. keep digging. we are with you here. thank you so much for watching. "closing bell" is next. yes. welcome to "the closing bell." i'm kelly evans at the new york stock exchange. >> i'm bill griffith and so am i. stock market seesawing right now. we would have thought that the minutes from the federal reserve es's most recent meeting would move the market one way or the other. >> sort of did. sometimes this is what's so interesting. tend the move the market more the day before or within the week or so after as people figure out what they might have really meant. right now the dow as you mentioned off about 27 points. >> guys standing by to help us figure out all of that including james grant, the author of

course of grant's interest rate observer, noted fed critic with his take on what the fed is hinting at these days and sounding the alarm on the petrabras scandal. >> he's coming right up. also a closer look at the red hot commercial real estate market here in this country and whether it's already becoming too hot. leading towards a dangerous bubble. that could and might sound familiar wreck havoc on the economy if it pops. investment of china, russia and now canada. a special report of where things stand in this space and what it means for every investor out there. >> this is so surreal to me. making a bet on high-end marijuana. high end, right? got that? bob marley's family is now lending his name to a new brand of premium cannabis. aimed at the discernible pot

smoker. now, i mean -- >> discerning? >> i guess it's discerning but not after a couple of doobies. >> not much to discern. >> i came of age in the '70s in california. do the math. that is whole new world and frontier. we'll talk with the private equity investor working with the marley family and putting an awful lot of money into this. >> i think jane wells is right. there's an east coast, west coast mentality split on this. >> this does not compute for you? >> i just -- no -- >> i hear you. >> the dow off 19 points as we mentioned after the federal reserve minutes hit about 2:00 eastern time. the s&p off 5. nasdaq off to the tune of 25 and the japanese yen to talk about, as well. hitting a new recent high. 118. here the real focal point today

even into 2015 as the outlooks come out is the u.s. dollar. >> let's get to the panel. margie patel, keith fitzgerald, jack barusian and we have rick santelli. that's steve liesman. we'll did to him first and was going to mention him less. rick santelli of chicago will be joining us shortly, as well. steve, how about hits, runs and errors, back story to the fed's rather hawkish statement of last meeting? >> you know, i was really interested, bill, in how the market responded. first it rallied and then it sold off. i think that's 'em bemblem atti stuff going on. i think the fed wants to raise interest rates next year and whether global economic weakness or inflation too low than they expect is something to keep them from their appointed task of

raising rates is unclear to the markets and you could see in the minutes the fed is struggling with the language of how to communicate to the markets about the next steps. remember, we have enormously low volatility. what the fed was going to do over a long period of time ending qe is dialed in. the market understood. tapering down. then going to end. more uncertain where we go from here. making changes to the statement. the way i think about it, pilots on the tarmac. they're ready to take off. that's the direction. but a lot of talk about the clouds on the whorizon, the wins and whether or not they should delay that. >> back to goldman and the view thinking that, frankly, the markets aren't priced for the fed's -- for the fed to raise interest rates. margie, what do you think? what impact will it have? >> i think it's going or the very hard for the fed to raise interest rates as much as they would like to find a reason and ability to do so.

i think rates are going to stay in the same very, very low levels. i would say for at least through the balance of '15 and i don't see a way out of predicament to raise short rates. >> you don't think they're raising rates next year? >> i don't think they are not able to based on inflation. economic growth is modest. i think the dollar so strong if you raised rates the value would go through the roof and really compound the problems of the world's financial systems. >> keith, do you agree? >> i'm absolutely of that school of thought. i think they boxed themselves into a corner. they're danged if they, danged if they don't. there's discussion and indecision around the table. and this to me is not only pilots looking at the clouds on the horizwho vhorizon. somebody asked for a map and nobody knows who has it. >> isn't the angst right now, steve, let me ask you this, as they wrangle with what to say in the communications that they send out, isn't it just mostly

about finding ways to communicate that they're going to raise rates without being too disruptive to the markets? >> i think that's right, bill. i think what the fed struggled with for a very long time is notion of starting to raise rates, believing that the economy should have a rate of "x" at the moment without the market going further out and pricing in where the fed is going? pulling forward when what they call the terminal rate. >> but, steve, they don't believe the fed today. the market doesn't believe the fed today. >> that's the point. >> i'm surprised the market -- the fed hasn't dealt more with that. there's a big gap of the market and where the fed is andly tell you that they're talking about -- this is a technical thing but it would be a very important innovation going to what they're calling a consensus forecast around unemployment -- >> right. >> gdp and the fed funds rate. the funds rate basing what the fed thinks is a by-product of 17 different averages. they're discussing should there be a consensus rate that tells

the market more specifically where it's going? >> maybe, rick, it's a simple watching inflation expectations. the fed itself said this. we saw the numbers in university of michigan survey down to 2.6% for the 1-year, 5 to 10-year and longer at the lowest we have seen in this survey. so, that by the way hit after the fed's meeting and perhaps that's why the market's not reacting more hawkishly. >> listen. i personally think that 99% of america benefits in a low inflation environment. okay? i'm not going into that. we don't have a deflation problem. okay? we have certain financial assets that can't hold where they're supposed to, potentially more in europe and japan makes sense pumping them up to areas they shouldn't be in the first place. in terms of the fed and pricing it out, listen. i don't agree necessarily with every aspect of the two pillars of the fed but inherent in that strategy or that dynamic is that it's what's best for the economy. with regard to pricing issues,

with regard to employment issues. but nowhere do i see an interpretation that it's about market issues, about whether investors make or lose money. i understand it's better they make than lose but i think that it's much more simple than that. there's a subsidy in the marketplace that's worked out definitely to those that are holding equities. and to remove it -- >> why do you think there's a gap -- i'm curious why the market doesn't believe the fed's current forecast of where interest rates are going next year. >> none of the forecasts like a lot of street have been accurate and i say to mr. hasias saying he doesn't think it's pricing right, if the fed hasn't made up its mind what to do, how can we price it in? this is a childish argument. i feel like i'm on a cartoon here. truly. you know? >> i'm going to jump in here, guys. >> somebody asked me if i wanted to price the fact of where kelly is going to live, if you haven't decided that you're going to

move, it's a stupid discussion to have. >> let's bring jack in. >> i want to agree with rick, bill. >> no, no. >> okay. >> wait a second. >> you're a big fan of the fed. do they have a credibility gap here? >> not at all! i got to tell you something. >> jack! >> this is doing what they should be doing. if anything, she's come out and said exactly what she should have said. in the statement today, if you read it, she said something that was very, very important. >> it was minutes. >> what is taking -- what is going on around the world is not going to affect or might not affect what is happening here. do you know how big that is, rick? >> as big as -- >> she's making it up as she goes, jack. >> as big as chamberlain's tombstone. >> the market is going up to steal a line of larry kudlow, profits are the mother's milk. they're making money. >> corporations -- >> that's fine, jack. >> that doesn't -- >> sweeter, jack!

>> no. but doesn't change the fact -- >> wait a minute. hang on, everybody. hang on one second. hang on. hang on one second. jack, let's start to you and then get peter in real quick here. listen. same question. we heard what rick had to say. why do you think the market here if the conditions are as good as you say and the fed told us it's going to raise rates or sees interest rates moving up next year, why doesn't the market believe it? >> kelly, i don't know if you've noticed, one out of every five sessions is a new all-time highs this year. >> i'm talking about where the market -- >> a move a day. >> today and yesterday is all about friday's expiration. >> i'm not talking about the stock market, jack. i'm talking about the expectations of interest rates. there's a wide gap of the pricing and the fed told us. >> kelly, there's a huge problem and a disconnect of bond markets and the stock market. the bond market has been sending the wrong message now for a

year, at least. and it's -- >> that the credibility gap? >> no, no, no, no. >> the fed plays with academic mod els. traders play with real money. go with the guys making the decisions on real money a reflection of risk. interest rates are a reflection of what somebody thinks risk ought to be and priced very, very differently. >> keith -- >> do you then buy in this notion we're going to have no inflation over what's essentially a five-year period or a ten-year period, that the appropriate level for 10-year is 2.35% today? and by the way -- >> what i think about the appropriate level is irrelevant. >> because the other question is, the market is priced -- guys, put up the fed funds future thing. rick, 50 or 60 basis points? and the fed is at 1.4. so there's a big gap here -- >> exactly what we're talking about. >> that's what kelly is talking about. >> compared to what baseline, steve? what's the baseline?

>> well, you can look at any baseline. put an up chart of the 1-year. >> there's no baseline. janet yellen's brain is the base loin. >> no, no, no. where the market is. >> it doesn't matter. >> why doesn't it matter? of course it does. >> the fed is nowhere. >> has the power and telling us one thing for the path of the rates next year, why then, keith, market traders in the m seeing they see little move and why do they tell us this? >> because they do not have the certainty that they need to make the investments and take the foot off the gas. they have got to have protection above all else because the fed missed the crisis in formation and taken a couple of potshot that is's lucky and inflated equity markets and beyond that you have treasury problems, the world floating in debt, 25% of the world flat line economic data so they are simply uncertain as to what's coming out of the fed or any other central bank for that matter and they're trying.

and this is the picture we're drawing. they might adds well be printing monopoly money. >> you mugs stand aside a minute. margie, you are rolled over here on this one. your view of the treasury market is they don't expect a big inflation, do they? >> why don't you believe the fed? >> because i think the fed is looking at academic models and not a changed world. >> thank you. >> i think very little ability to make rates go up and i think the market recognized and a lest activist fed, less disruptive for the market is a driver for the equity market and the corporate bond markets. lower volatility, better returns and i think that's going to draw the -- >> what's that mean a less activist fed? a fed and doesn't raise rates or a fed that goes back towards what will be considered a mor longer term normal rate?

what do you mean by less activist? >> the fed doesn't have the power to raise rates like they did in previous cycles and doing nothing because they can't do anything. >> well said. >> thank you for an energetic conversation, everybody. >> on this big day watching markets here grappling with exactly this gap between the market pricing, what the fed is telling us. dow off 25. small declines across the other indexes, too. jim grant, founder, editor of a news letter of his name, joins us exclusive. that will be coming up in just a moment here a. so, too, the weekly beat the street segment. how a fund manager is unperforming the benchmark and what he's buying these days. act i. scene 3. open port twenty-two-oh-one-seven on the firewall for customer db access.

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welcome back. >> new book is called "forgotten

depression: 1921 the crash that cured itself when there was no quantitative easing." which we'll talk about in a moment here. the minutes. of the fed. they're struggling with what to tell the world about when they think it's time to start to raise interestempathize. it's hard to be a central planner. doesn't work. one thing that we have seen at grants reading speeches and minutes over the past several months an s a reference to the world outside. the fed read is purely domestic. they have legally no mandate to look beyond the 50 states but what increasingly we have read and my colleague evan especially caught this, what we have read is more and more allusion to difficulties outside and to currencies. so i think that the fed is going to be -- telling us that it is contemplating falling back on the world's difficulties as a reason or pretext not to be so aggressive next year.

perhaps that's what the market is thinking about it it's a form of tightening policy and in a way reacting to that very -- >> yes. but something rather new for them. i think that beyond next quarter, next year, is the fact that, you know, with this qe, with this 0% rates, this is a radical unprecedented set of policies and this virus of radical monetary intervention is in the body politic. one of the things in the back of the mind of the market might be what next time? there will be a bear market. a recession. what do they do in response? not nothing. >> right. >> and there's nothing in what they believe, nothing in the policies they espouse to do something, they might have, every time they've intervened it is louder, higher, heavier handed. >> now the complicating factor the bank of japan and the european central bank in the

opposite direction essentially. >> yes. and, and these various minutes, excheckers and various central banks pressing the currencies down. the swiss of all people promise to print cars full of francs in response to the euro. the japanese made no secret of the fact they want the yen cheaper. koreans gagging on. ditto the chinese. quite out of the mainstream of fed discussion is this drama with currency manipulation. and interest rate manipulation from the world outside. >> your dissatisfaction with the way that monetary policy has gone is one of the reasons you wrote this book about what happened in 1921. >> yes. in 2008, the great depegs of the 1930s monopolized the market. ben bernanke could not get through the press conference without invoking the pea 30s and no way that he would suffer us

to go through that again. so, more intervention. more so-called stimulus. more spending. more borrowing. story here is one of non-intervention. the depression was 18 months. >> beginning of 1920 to middle of 1921. >> it was brutal. commodity prices the steepest and fastest decline from the beginning of the republic to that day and from that day to this stock market down 45%. coca-cola at the bottom selling for one times 1923 earnings. 1921. >> why didn't the government do anything about it? >> first of all, nobody invented the concept of macroeconomics. really. there were no economic data of much consequence. a great deal of inspector general forns. it was like hong kong in the 1960s when a man on principle refused to let them gather economic data lest they try to do something with them. the government was in a fog of ignorance.

a constructive fog. and they balanced the budget and the fed raised interest rates. >> so i mean, your premise in this book which i think as i said i think folks out there who are not fans of the fed as you are not will find this appealing because this is a time frame where there was a sharp, quick recession, very deep and but it led to the roaring '20s and we know. >> the hero is price mechanism. >> adam smith. >> but here's the question that will never be -- never be able to answer. what would happen if ben bernanke did nothing? >> we can't know that. >> right. >> the answer depends very largely on the politics and predelictions. i think it would have been fine or more than fine. we can't know. because of decades worth of over regulation and of support through the greenspan put and other things, financial system was excretreme leveraged. nothing like this happened before the advent of so-called

central bank puts. so, you know, morgan stanley went into 2007 on a statement day leveraged 40 to 1. who knows what was happening between statement dates? that's a statement on the financial markets and might just have been that the thfanaticismo jury rigged. seven years later, bill. you know, when does it end? >> trying to figure out how to get out of it. >> jim grant, thank you so much. >> thank you, kelly. thank you, bill. >> he's too modest to hold it up so i will. there's the book. i think you will enjoy it. thank you. >> good to see you. the dow's turned positive. the s&p under pressure. nasdaq, as well here. we're keeping a close eye on the u.s. dollar on that jap needs yen and that's all i have to say. >> that's what you got say. david faber with top brass at liberty media's investor day and the president and ceo speaking

with david momentarily. stay tuned for that. and the man behind the official bob marley brand of marijuana. being advertised of high-end pot. we want to know whether you think it's a good investment. your chance to weigh in coming up. stay tuned. [ male announcer ] your love for trading never stops. so if you get a trade idea about, say, organic food stocks, schwab can help. with a trading specialist just a tap away. what's on your mind, lisa? i'd like to talk about a trade idea. let's hear it. [ male announcer ] see how schwab can help light a way forward. so you can make your move, wherever you are. and start working on your next big idea. ♪

dow is virtually unchanged. there's movers out there, aren't there? >> there are. target better than expected quarterly profit. same store sales rose in a year and currently trading up more than 6.5%. revenue also coming in above consensus views. that's up almost 10% right now. a different story, however, for tesla falling after morgan stanley slashed the 2015 earnings estimates on reduced delivery estimates on the model x and trading down 4%. jet blue gaining ground after baggage fees and cut leg room to i prove the bottom line. investors liked that. that stock soaring 4% right now. we end with qualcomm losing ground after the mobile chipmaker gave a conservative five-year outlook facing an anti-trust probe in china and more consumers there and other developing countries buy lower priced smartphones.

that stock's down about 2%. just a programming note, steve mollenkopf on "the closing bell" in the next hour here on cnbc. >> thank you for now. also liberty media with the annual it was or the meeting today in new york city. >> david faber is there and joins us with greg faffei. it's all yourls. >> thanks a lot, bill. wrapping things up here with the ceo of liberty media, greg maffei. we're up out of time. we have to go to a board meeting. can we start with liberty ventures? i mean, you know, people are always -- you're reintroducing yourself in some ways because the company changes a lot in various tracking stocks but liberty ventures, you have a lot of cash there and i wonder, when are you going to put it to work? if so, in what areas? >> well, we have been building a pile of cash partly because our

belief is that larger deals, ability to write a larger check, have the cash on hand to write that check are more attractive but we don't feel compelled to swing the bat any given day. we'll wait for the pitch that we like. in general before the pitches we have liked, you know, as a history of liberty is we have liked a lot of subscription businesses, starz or directv or charter or sirius xm and more expensive than they used to be and we wait. >> do you have a timeline for a return of capital of some kind on this money? >> yes but we don't yet have a time line, thank goodness. >> talking about a return on capital, almost infinite on the original investment on sirius but you get the question, you got it inside. you guys are where, 57% ownership? >> probably closer to 58%. >> they buy back stock, you don't participate in that. you tried to bring it in once

and that went away. >> yep. >> are you going to try again? >> well, we don't have a current plan or intent. to your point, it becomes less relevant. as our percentage goes up, you know, we're either making it easier to bring it in or looking more like each other every day and the difference of merging and coexist for an exile with the share being sodom nant, it's not that huge a difference. >> right. what should i buy to invest in sirius, liberty media or sirius? you have the atlanta braves, not saying third're not significant. >> live nation, as well. we have some other assets but, you know, a lot of people think that liberty media is more attractive lower priced way to buy sirius. >> exactly. is it ever a conceivable to go the other way? >> sirius buys liberty media? >> i'm not sure. you'd have to ask that management team and that board of directors. the independents who would want to make a bid for our stock and why. >> you're the chairman of that

board. >> but i would be conflicted of their bid for liberty media. >> worrying about conflicts now? okay. we talked to jim meyer earlier about that business. we don't need detail about that. >> far more articulate than i am. >> you expect the buyback to continue at the same pace? >> they have the benefit of a huge free cash flow generation. you know? something like a billion two this year. plus a lot of leveraged ka pass tony the balance sheet. so that combination is giving them a lot of opportunity to return capital to shareholders. >> i spoke to tom rutledge and runs charter of which liberty broadband owns 27%. >> very good. >> thank you. we were talking about the bundle, of course, as you often do and also about their opportunities or whether or not actually the distributors may have more power over the content providers. here's what he said and i want

your reaction. >> anybody who sells their content over the top and also expects to exist inside a bundle of services sold to cable or satellite providers i think is reallidy lutding themselves. >> why? fly's no reason to pay for it. from an operator's perspective. anybody who sort of pushes that envelope and sells their content in netflix is sewing their own seeds of destruction. >> sewing their own seeds of destruction. that's pretty sharp words there from the ceo of a larger cable company in the country. >> that's a fine image. tom's point is right. a lot of the content companies are trying to both keep the benefit of being in the bundle, getting pushed by the cable company, the cable operator, receive that benefit, get paid in full or increasing rates and

yet also generate incremental revenue on the side going over the top and competing with that bundle. you know, i use the analogy someone the other day, you're did butcher slicing the bologna and slicing it thinner and thinner and want to sell the same. >> you chose to start with a jab at viacom it would seem pointing out they're dropped by cable one and sudden link. why did you do that? >> we had to have fun with somebody. >> you d. finally, starz. you're the chairman of that company. >> yes. >> john malone and i talked about consolidation of content providers. that's been a lot of speculation involving starz. is it conceivable it will find a merger partner or be bought? >> sure. we talked about consolidation both on the mso, the operator side an consolidation on the content side. you have seen attempts at that like the fox time warner deal and other ones. starz is in an enviable

position. chris is about as good as they are in that business of doing that and i think it creates lots of opportunity, as well, by increasing amounts of channels that they can distribute that content through. john talked about it. we talked about it in the meeting. opportunity to invert the bundle and sell it to cable operators and other ways to partner on with cable operators on a tv everywhere kind of situation. they're attractive for starz. >> we have the leave it there. thank you for being with us. thank you for letting us interview the ceos of other companies with liberty. >> liberty family. >> ah, yes. such a nice family. greg maffei, chairman of too many companies to name. >> try. >> that almost sounded -- >> thank you, david. >> almost sounded swarmy, david. >> great interviews all day. if you haven't seen the one with john malone, go back and watch it. the dow fighting to stay

positive and struggling to do so and the s&p off 3, the nasdaq off 23. when we come back, the new weekly beat the street segment. we'll talk to the fund management beating the benchmark by a big, wide margin. wait you hear what he's buying to rack up the gains, too. later surprising findings or maybe not so much in a new study on millennials and the dependency on mom and dad. sharon epperson with the details. ameriprise asked people a simple question: in retirement, will you have enough money to live life on your terms? i sure hope so. with healthcare costs, who knows. umm... everyone has retirement questions.

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we continue with what i think is a cool series. weekly beat the street with the actively managed fund managers that outperform the benchmark over the last 12 months. >> the brandy wine credit fund ahead of the benchmark more than 50% in the past 12 months. >> 50%, that's big. >> oh yeah. brian foss joins us now. brian, tell us about it. look, credit especially of a high yield piece of this lately is a tough space. >> thank you for having us on today. what we're really trying to do is be a credit manager focused on the cheapest asset class we can find and little different

than the managers you think about because we're going to be more concentrated so this fund holds probably about 55 names in it today. as we look about it and identify using the macro research process here at brandywine with a mispricing of assets and today finding that mispricing in europe and talk about a two standard deviation to the intrinsic value and those are the european residential mortgage backed securities today. prior to that it was actually in the u.s. >> spanish and portuguese residential mortgage backed securities. i mean, you're right. these are investments a lot of people are not going to be thinking about looking for income. what kind of income can you get from those? >> the income is modest on it. what we're really looking for total returns with significant margin of safety and buy the securities at a deep discounted price and a current yield somewhere south of 3% that the point in time but the total

return that's been north of 10.5% year to date. >> wow. >> brian, you own the stuff that everybody associates with the last crash. the clos and the alphabet soups. tell us why the asset classes are some back the way they have and why you think that they're a good investment longer term. >> why they're a good investment is because of the price that we're buying themality. it's as close to a recovery rate as you can. that's going to protect you on the downside and allows you to as these economies heal, recover and what we're seeing is we're seeing the leadership coming out of europe. we are seeing draghi lead the way. it's going to be a long and slow slog through europe. but spain, portugal, they have taken the hard steps that you need to take. seeing fiscal and monetary adjustments being -- taking hold and made the hard decisions with labor rates and productivity. and starting to look at it, they're starting to take share

of germany in the eu and healing the economy and as the economy heals, these markets start to recovery and house prices appreciate and it's a self fulfilling prophesy. >> where are you on the risk scale? i mean, who's going to invest in your fund? i'm thinking if you're invested in a relatively small number of investments, highly concentrated, you're going to be a pretty volatile fund and doing very well this year and are there years you don't do so well at all? >> historically, this fund is going to be five years old next year and looking at the analyzed return it's over 20%. it's really about allocating the capital. we are in mortgages in europe today. last year we were in cmbs and lower quality u.s. mortgages. and then prior to that we were in the high quality u.s. residential mortgage backed securities. i could envision we could be in corporate credit in two years in the u.s. and maybe in even

european corporate credit. it just depend on where the valuation levels are and need to be thoughtful of the spreads and paying and where the recovery rate coming out. >> before you go, a question which i don't know if you want to give an answer but from a credit cycle point of view, what ending do you think that we're in here? >> at brandywine, we think of the credit cycle in different markets and looking across the globe. so when we think about it, we're getting closer to the late innings in the u.s. whereas we think europe is probably two years behind that and asia's somewhere in between and if you want to stick with the u.s. for this conversation, we're definitely towards the later innings and we're up in quality within corporate credit and looking to european mortgages as a margin of safety because the default cycle happens again and we believe it will, we don't think that the central banks repeal that, these mortgages should be able to hold up. >> it's such a fascinating case.

brian kloss, thank you again. portfolio for the alternative credit -- i'm speech -- >> highly ek lengthic. it's a long name. successful fund so far. 18 minutes left here. we did not get much of a response to the fed's minutes out at 2:00 eastern time today. the dow was down about 6 points. and now 12 points right now. is smescommercial real esta heading far bubble? diana olick is here for a look with a couple of real estate pros. stay tuned. ♪ there's confidence... then there's trusting your vehicle maintenance to ford service confidence. our expertise, technology, and high quality parts means your peace of mind.

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powered by active trader pro. another way fidelity gives you a more powerful investing experience. call our specialists today to get up and running. welcome back. your money, your future. new study on the financial situation of the millennial generation is out. >> and it turned up some interesting findings. sharon epperson with the highlights for us. sharon? >> bill, there's major disconnect of how optimistic millennials are about the financial future and what they're doing to achieve their goals. in a bank of u.s./"usa today" survey the majority of millennials say they're good

living within their means and more than half admit living pay to paycheck and many living with or off their parents. more than one third still depend on the bank of mom and dad for financial support of regular expenses of phone bils, groceries, clothing and health insurance and, sure, it's tough to save when you have student debt and a third said they're saving far vacation more than we're saving for a house. stashing cash for emergency may be a goal but it's not a reality. 37% of them have less than $5,000 saved and 2 out of 10 have no savings at all. now, despite all of this, 80% of millennials surveyed said they think they'll be at least as well off if not more so than their parents. maybe they will. more than a third of those who are 55 years old and older have less than $10,000 in savings and investments. after all the bar isn't really all that high. >> no it's not.

>> nope. >> sharon -- >> any comment on this? >> well, look. we didn't save either at that age so, you know, i don't know why we're -- >> i was trying to think, i had a child before i thought about putting money away for a house. >> right. >> i mean, it is not really that surprising. and the fact that they say that they're going to do better than their parents, they have watched the mistakes of their parents. they may be living with the parents with less than $10,000 in savings and so they're not there. they're already halfway there many of them already so i do think that there are some nuggets in here and what is important to see is that how many of them think that they're okay because probably they're okay because mom and dad are paying the bills. >> that was my point. but, sharon, thank you. >> sure. >> it is an important discussion to have. i wonder sometimes of if it contributes to inequality. if you can draw on the parent's wealth as opposed to an even footing. >> absolutely. that's happened before in the

past. that kind of intergenerational living environment. we're not making that up. we aren't the first. >> back to the future. so it is with the markets here. >> you figure it out eventually. it's okay. we are still figuring it out. 12 moneys left here as you were saying the dow virtually unchanged right now. >> see what happens in the close. next hour of the show, only on "closing bell" qualcomm ceo and the man that created "all in the family." >> can't wait for that. 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. ing u.s. is now voya.

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welcome back. we got about eight minutes left. the dow up a point. it's within of those days. art cashin telling us the buy and sell orders pairing off here. joining me larry mcdonald and mark girdler with us. welcome back. the lemon of the fed right now, wrestling with how to begin the process of raising interest ratds and when to tell the world

without being too disruptive. >> i think the problem is getting mixed signals. some improvement in the labor market in the unemployment rate gone down. but the employment to pop ration ratio is still low and the inflation rate is under target which is a sign of weakness. >> they haven't hit their bogies yet? >> the problem is they can't measure with any being of certainty how far they are of unemployment. given inflation's low, they're going to wait. >> so in the meantime, larry, this seems to be the perfect environment for equities. we are near all-time highs again, right? >> too many people are buying into that. people look at the bank of japan, that they're going to increase the equity ownership. the u.s. don't fight the fed. a lot of people piled into the trade and some point, some point the market loses confidence in the central bankers. when's happening in japan is quite scary if you're at the fed.

1.5 trilli$1.5 trillion dollaat $19.5 trillion at the u.s. since lehman and not really, really -- just treading water. >> you sound like you're worried about the u.s. market then. are we too extended in your view? >> sophisticated accounts that i speak to at new edge are starting -- some of them starting to say, some point we might lose -- the markets might lose confidence in central bankers. >> if they haven't already. >> i think -- >> bond market has much confidence? >> i think the fed's only player in the game. we wouldn't be as well off as we are if it wasn't for accommodative fed policy and the fed's done about as much as they can. it's up to the private sector and congress now. >> is it start to time to pull in rates now? let the markets -- >> no, no. >> what would happen if they did raise rates now? >> a slowdown in the market. we see a slowdown of investment related activity.

slowdown in growth. >> do you agree? >> i think -- yes, i do. they should have just i think now they're too deep in it. david eihorn said they should just hike and now look at the s&p. at least 200 handles in the s&p baked in counting on the fed accommodating. >> actually, it just striked this strategy of hiking in this environment and proved to be a disaster. >> i have to go. but when do you think they'll start raising rates? >> probably given condition on the economy but latter half of next year. >> good to see you both. >> i'm in the albert edwards camp. at least 2016. >> we have heard that from other analysts investing in this market, as well. thank you. good to see you. thank you for joining us. we'll come back with the closing countdown here and a flurry of earnings after the bell tonight. we have sales force.com. williams sonoma leading the pack. the number s the instant they ht the tape. honey, we need to talk about robot butler.

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right here, you know, we usually will get a fireworks here. got a very modest gain. we were down about 6 points and then up and now finishing here virtually unchanged. any positive close for the dow is a new all-time high.

same thing for the s&p. what about the 10-year yield? down after the announcement came out and still going lower here. this is a longer term trend and looking now at yield of 2.35% and holding right at the level we have been at for a couple of weeks now on the 10-year. earnings after the bell tonight. we were mentioning them earlier. you can see all of them are trading lower. no response today. >> well, they talked about deflation. the fmoc. there was no sense of immediacy from the minutes there. i think that was the issue there. overnight, flash pmi, manufacturing numbers for europe and china. important thing is expectations are so low right now for growth overseas, any positive numbers will help. europe's had a great week. >> stock market did well. >> up 3%. we have up half a percent and that's really nice and looking like we're trying to bottom in

oil. geld's been up recently. gold trying to struggle for a bottom about $74. at least that's stabilizing. >> thank you, bob. see you later. going without minus signs. doesn't look like all-time highs. earnings. ceo of qualcomm and the legendary norman lear. see you tomorrow, kel. >> thank you, bill. welcome to "the closing bell," everybody. i'm kelly evans. bill mentioned, not going to finish in positive territory but impressive performance of the indexes holding up after the fed minutes were out and maybe they weren't as hawkish as initially interpreted and talking about it with the panel in a moment. let's introduce the panel now. stephanie link is here. so's john and our very own sarah eizen. "fast money" trader brian kelly stopping by this afternoon.

stephanie, markets today after the fed minutes, when's that dell us? >> well, i think the fed said what we were expecting. the comments of the labor force and the slack diminishing was interesting but kind of confirms that the u.s. economy is on the mend. right? that the taper, ending of taper was the right thing to do and that now the discussion is, when do they tighten? does the communication change? sounds like it's going to start to change as they prep us for the first rate hike. >> what a debate in the beginning of last hour. if you missed it, it really missed out but gets at the idea of one hand thinking the fed won't raise interest rates at all and then others saying you better believe them. they're really going to do this and going to happen and the market's not there yet. >> yeah. i mean, right now the guys in the pit talk about saying out a lot of tightening a couple of weeks ago so i think right now debating are we going to keep

this period of time in the statement? the fed wants to move to data dependency. and anybody watching right now, the unemployment rate is totally misguided. don't watch the unemployment rate. it is all about inflation expectations that are falling around the globe. so if our inflation expectations pick up, that will help the rest of the globe hopefully but you can't tighten and when germany is at 80 basis points, 75. japan is in the fourth recession and the last, you know, four years late c s basically. >> sarah? >> it's how they communicate and having a thoughtful conversation about that, when to remove considerable period and whether to include more guidance of how to increase interest rates. goldman sachs with the big macro themes for next year and called it low-flation.

they have to increase rates and maintaining the labor market and steadily improving. >> let's say, you know, how concerned should we and the fed be about this if the u.s. business cycle is entering the next phase, perhaps a little bit of a pickup phase? >> i'm not sure if there's necessarily a pick-up phase but for market participant what is they need to watch are inflationary expectations and simply stip. that's the 0 to 5-year inflation bond etf. if you see that going down, it means inflation expectations are going down. that's led stock markets. also led the federal reserve. to me, based on where that's going, based on where inflation expectations are, i think zero shot that the fed raises in 2015. 2016 at best. and i would watch the dollar, too. if it breaks through 90, at least the dollar index, dxy, then you have again a

deflationray pressures around the world. >> hold that thought for a second. hang on. we'll get out the keirig green mountain with morgan brennan. >> we have a beat on the top and bottom line. earnings adjusted 90 cents a share and beat street expectations on revenue of $1.2 billion for fiscal fourth quarter versus estimates of $1.16 billion and notice that their ceo will be stepping down in fiscal 2015. there's more in this report. we're going to continue to dig through it. the stock down 2% in after hours. >> thank you, morgan. sarah, what do you think? >> cfo stepping down. brian kelly at the helm. this is the best performing stock in the s&p for 2014. >> brian's running keurig making trades? >> another brian kelly. two famous. seriously, steering this company of new technology, looking ahead. there's catalysts into next year

including the cold machine and this is a solid earnings report and domestic company and don't face pressures from outside and why investors like them long term and they have potential to grow internationally. >> will they get this right with the cold machine? >> i have no idea. it's not coming out until the end of 2015. we can analyze and obsess about it. they kind of preannounced and gave us the guidance back in august an they talked a lot about margins and sg&a. a beat is a beat. >> obviously, the pods, starbucks, international is big, right? last night i was watching qvc for some reason but -- >> why? >> they had the keurig at $143 and sold out in two seconds and they're -- giving the machine away to buy the pods. long term, the biggest holders were adding to positions.

not cutting it. that's a good sign. the coke thing -- >> i still want to why you were watching qvc. >> no football. cnbc was boring. so i had to wait for the profit. that was on at 10:00. >> there you go. >> that's my guy. >> always engaging. >> i'm talking to trader brian kelly and not the ceo. >> sorry. >> gmcr or back to the conversation about the dollar. >> i think in gmcr specifically trading it right now, just be careful because you want to find out when's going on with the management change. things can be -- be really whippy in the after hours and not panic out of it and not necessarily diving into it. wait for the conference call. >> brian, the move today in gold, as well. especially that $20 gap on what the swiss may or may not be doing. what is your read here on how that's trading? >> stunning. actually that's where the action was. you didn't see the stock markets move that much but prior to the

fmoc saw the gold down almost $20. let's call it. on the fact that the swiss may not pass the gold referendum and back completely and this is all despite having a relatively strong dollar so to me what it says are physical buyers in gold. we know that russia was the largest buyer of central banks. probably buying more. i think gold's a fantastic trade here and i would play it via the miners. gdx. that's how you get the physical. the paper gold and the gld, a little risky at this point if you start to have this rush towards grabbing gold. >> what about the other commodities here? gold is such a specific case coming to this demand. talking about from the central banks. for everybody else, more people starting to talk about, well, maybe a scenario of the u.s. dollar's been on too much of a run and corrects bag and then you do see a floor for commodities here. would you buy that or no? >> u.s. dollar's probably fairly extended. verse the yen.

118 today. i think closer to 120 you're probably extended. that doesn't mean that you go in a complete reversal and not surprise me one more leg higher here and then weaker. >> let's send it back to morgan brennan here. sales force.com with results. what can you tell us? >> okay. right now earnings per share non gap 14 cents per share, a one penny beat. revenue $1.348 billion. that's slightly better than $1.37 billion that was expected. also, q-4 outlook is in line with analyst expectations. we'll continue to dig through that report, as well. down 3% in the half hours. back to you. >> thank you. a quick reaction to the sales force numbers? >> looks like adjusting the number slightly downward and so i think what you really have to get your hands on, though, i don't know the numbers yet, but the billings number and what they trade on and where that number is.

this company is conservative in materials of guidance. i like the story. mid-50s i think it's an absolute buy. they're the leader in cloud and that's a powerful trend going forward so watch and see the organic underlying numbers but an eye on to buy it. >> i believe the ceo on with jim "mad money" tonight. will you watch that? >> last night i was doing research. crm was not on with qvc last nightment nightme night. it's good support of the lookin. >> we have seen in quite sometime this year and in fact that's contributing to why so many active managers are underperforming benchmarks. >> 1,000, you know, the russell 1000 up and the 2000 is down and

almost saw a butterfly there. >> i imagine the names in the space are overrun. would you go fishing in the small caps here? play around with it at all? >> i think it is early. only middle of november and once we get into december, see rotation and guys start overweighting the small and then, you know, leveraging down and then rebalancing the large. i think they will have to do this. >> leave it there for the time being. thank you so much. stick around and catch brian kelly at 5:00 p.m. talking to the ceo of the last airline that won't charge you a single bag fee. that's southwest airlines. don't miss that and head here, the commercial real estate industry on fire right now. is it a bubble set to burst? diana olick with a special report for us and two experts join us next. also, a bob marley brand of marijuana products and it's backed by the marley family. they're saying this premium cannab cannabis, good stuff. you don't want to miss that. ♪

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commercial real estate has almost never been hotter. now asking whether it's overheating. diana olick is talking to some of the biggest names in new york real i state. diana, welcome.

>> thank you for having me. amazing conference this morning by nyu. i spoke with two -- tallest residere residential tower and listing the penthouse at a record $130 million. now, what they both said about the international buyer in new york was truly surprising. >> more than 50% of our buyers are actually domestic. but the location, the architecture and the interior finishes of the building found by the market to be extremely attractive. >> based on the past success, the buildings like 15 central park west roughly three quarters of the buyers are domestic. 25% overseas and hoping one of the two groups buying next year. >> now, neither of the two seem particularly concerned about the market overheating despite the

sky high prices. one is building to demand and he will not see any quote dark windows at 432 park. that's what he claims. heads west, the epic $120 million project, the story is also about demand of rez didn't shl and detail and office. >> so much money out there that's chasing real estate that prices are probably at an all-time high. and the decision is when's the future look like or should i take the money now and run? >> and the answer? >> depends where you are with the tax situation and long-term plans are. >> i was still looking for the answer but what was interesting is they all talked about the resiliency of new york after everything that's happened here. superstorm sandy, financial markets, everything else. but they interestingly stephen ross, disagreed and thought that the market for the luxury markets is frothy. >> even he sees it?

>> he did. but the others didn't but they're billing them. >> amazing domestic demand. surprising, as well. stay right there. we want to talk about the state of play with gregory sakenzia and jacob friedman. welcome to you both. gregory, how would you describe the commercial real estate space in new york right now? >> well, i think commercial real estate very high levels because the market is doing so well and businesses, demand for it's there. and there's a lot of cheap money. and when there's cheap money there's a lot of buying but i think as we see interest rates rise, i think we may see commercial real estate cool off a little bit. >> jacob, talk about cap rates or the financing out there and compare it to prior peaks. we have been through cycles like these before in this area. >> sure. well, you know, as interest rates rise, we see rising capitalization rates and one

sector of the market, i think that sector is triple net leases with no rent increases and a huge amount of those leases out there, long-term, losing money sold and bought at a lower cap rate and investors have to be cautious of what kind of investment assets they're looking at. >> steph? >> i'm curious for both gentlemen, where do you think rates have to go before we start to see the tightening of this market? like, what are the levels that you guys start to get really nervous about in terms of interest rates? we are not expecting interest rates to skyrocket next year. >> exactly. gregory? >> i think as interest rates go up even, you know, a few basis points and lending becomes tighter, you're going do see i think less activity in the commercial real estate space. and the returns that a lot of these reits are payingr tempere

and reduce demand. >> john? >> the financial mechanism of the rez didn't shl market is broken, right? there's no fan nie, freddie, the banks aren't lending. the mortgage securers aren't doing a good job and see five plus very good below that not so good and going forward hopefully see more of that money ease up and i think just in terms of the commercial, you know, we were talking about that putback rule to the banks have those real estate assets on the books and the period starting to come to the end and not putting them -- i want to know how that supply will affect what they think -- >> jacob? >> well, you know, the height of the market in '06 and '07 we originated about $600 billion of cems loans in the u.s. and contrast to last year of 65

billion. that's coming into play in 2016 and 2017. and of that, there's probably about $150 billion of debt that's simply not refinanceable. so, you know, you are going to be opportunities as a result of that and seeing interest rates rise, you know, even small movements impact it. once interest rates hit what we call normalized rates and 6.5% to 7%, the historical rate and not over the last 5 years and unprecedented declines -- >> it makes me chuckle that everybody's talking about, reminds me of talking about the insurance industry, diana. every conversation is predicated on when interest rates rise and we're seeing a massive boom. >> we're talking about interest rates ad nauseam. residential and commercial and there's commercial lending going on and not to the residential homebuilders. >> only people that could boar

reoi freddie mac is doing tremendous business and seeing a lot going into office now and more even retail and a scary space. >> i have a question of foreign investors. we talk about as a driver of demand. seeing more and more chinese deals on the commercial side, as well. is that going to stay consistent as china slows down here a little bit? >> seeing trophy deals. whether it's a waldorf and we did a story of a chinese deal going on with lenar across the river looking back over at manhattan. but those are the trophy properties and what they were telling me today is it's domestic buyers of these properties. i was, i was shocked myself because we talk about china, the european buyer. they said this is not london. we are not building these luxury towers. these condos for the international buyer. they said it's new york and it's california. >> do you put much credence in the billings index and the numbers quite strong. 17 of last 22 months have been

an expansion mode and it's supposedly a leading indicator. >> it is. >> what are your thoughts of that? >> 9 to 12-month out leading indicator but a commercial index and very little residential in the billings index an it's one of the kind of strange ones we don't report as much as the other ones and a great look ahead of commercial real estate and we have been seeing it going higher meaning we see more production a year out, a year and a half. >> the point now and we have to leave it there but that this is a story about a sector that's still taking off even as we're starting to talk about overvaluation and some frothiness. the activity is still happening. interest rates aren't rising. what else is coming down? thank you for now, though. >> thank you. good to be here. >> thank you, to gregory an jacob, as well here. we have morgan brennan back here on a quick earnings alert. >> check out williams and sonoma higher in the after hours. home products specialty retailer better than expected third quarter results.

fourth quarter outlook a bit below street forecast. that stock is trading up more than 7.5% right now. back to you. >> wow. nice pop. thank you, morgan. up next, first on cnbc interview with qualcomm ceo steve mollenkopf and seeing big opportunities in the server market. later, tv producer norman lear here at the new york stock exchange. you may want to find out why the man that created "all in the family," the jeffersons" and other hits can't get a network to touch a comedy he's pitching. we'll be right back.

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welcome back. qualcomm holding meetings today in new york. the company just completing the fiscal 2014 at the end of september which it described as a strong year despite challenges in china. now our own jon fortt is joined by steve mollenkopf at the nasdaq for more. take it away, jon. >> thank you, kelly. thanks for sitting down with us first on cnbc. china, the issue that really rocked investors last quarter. particularly on the licensing side, a lot of folks in china just not paying up to qualcomm and you gave a wide variance in top line based on that. do you still think that in the next couple of years you'll mostly figure this out? to me this time seems different. >> i think it's -- it is

something we think we'll resolve in that time frame. we have been very careful to make sure we're telling people what's going on and in this situation, it's difficult to say what we're doing but we're actively involved with talking to the chinese government and what we're happy about, however, the product business is doing quite well in china. the partnership with the operators is going quite well and we think long term we should be able to get through this. >> one of the big headlines out of your meeting today and that's servers. you're saying that you are going to move into servers by 2020. you see it being a $15 billion adjustable market at that point. now, do you think, and you showed video of facebook saying that they think that your approach here is a good idea. facebook, google, microsoft, some of the big cloud scale providers are the way into this market to disrupt intel? >> well i think what you have is two things. our ability and our ip road map, what we're building with what

we're doing in phones enables us to go into a bunch of new markets and one is the server and that's what happening is that the software is changing dra mamatically and many server made by the end user tending to be cloud providers. the names you mentioned and looking for different types of architectures and more alternatives in terms of supply of chip sets and that's an interesting opportunity. >> great. kelly evans has questions? >> jon, thank you. i'm just wondering as people start to move or think about moving from mobile technologies and devices to smart watches, if you will, where you want to be in terms of being a player in that space. >> well, we're going to continue to be a strong player in mobile but what's great about that is it's an opportunity to go into a number of new markets. i talked today at the analyst day, adding up the markets trying to figure out how to use some aspect of smartphone technology, it ends up being about a $5 billion unit market

in 2018. it is a multiple of the number of smartphones sold a year right now and we think there's opportunity there to grow. >> are you moving into the smart watch category as it moves away from the smartphone into the wearables and follow that? >> wearables, health care, servers. it's the car. it's the home. a number of new devices connected to the internet over the next decade and we think leverage an aspect of smartphone technology. >> planning 2015, are there one or two big macro things that you're looking at to determine from a big picture point of view how things go and what are those? >> we are focused on china. getting through china. how we extend our business model into china. that's the key that's driving our business right now. on the product side, i think things are going quite well. we had a strong '14. '15 we think continues to be a similar strategic and competitive environment so it's really all about china for us. >> all right.

steve, thank you for joining us here on cnbc. kelly, take it away. >> jon and steve, our thanks very much this afternoon. he created some of the most famous comedy shows of all time so why can't norman lear get a show today? the family of bob marley teaming up to launch a high-end line of marijuana products. we want to know whether you think bob marley spot a good investment. weigh in right now at cnbc.com/vote. blan blank they're still after me. get to the terminal across town. are all the green lights you? no. it's called grid iq. the 4:51 is leaving at 4:51. ♪ they cut the power. it'll fix itself. power's back on. quick thinking traffic lights and self correcting power grids

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. fordecades bob marley is more than an icon. now they have a chance to buy cannabis linked to him. his family teaming up with a private equity firm to launch the world's first cannabis brand of marley natural. we want to know what you think of bob marley marijuana. a good investment? go to cnbc.com/vote and with us is brandon kennedy, ceo of privateer holdings. >> thank you for having me.

>> launching when? >> made the announcement yesterday and a project we're working on for 18 months and launching in 2015. >> only the states where it's legalized or what? >> so we look at this as a global opportunity. there's no human that's ever walked the face of the earth that's better known for cannabis than bob marley and it's a global brand. >> who's buying? >> i want the know how you'll be paid in terms of money transfers, stuff like that. i mean, that's pretty mch -- >> sure. so, you know, currently can nis and medical cannabis are legal in netherlands and israel and emerging in spain and also really -- a very tightly regulated program in canada and we have invested in a company in and uruguay. we internationally and a number of u.s. states, a lot of products will be able to be sold in all 50 states so things like accessories and cannabis and hemp infused products. >> what about the lotions and the creams?

they're proven to be beneficial? i mean, is that -- i don't really know. >> sure, steph. >> sorry. >> sure. >> i've heard it for other uses and not for lotions and creams and competition actually in the space. >> sure. there is. there's a lot of anecdotal research of arthritis and sore muscles that's pretty outstanding in terms of favorability and then things like skin repair cream for aging in the sun. >> is it hard to do business of a scale in the marijuana business? it's so far just been in cash and hard to get financing. >> it is really difficult. you know, it's an emerging industry and we are in the transition from an elicit market to a legal market and all of the infrastructure isn't quite there yet. >> that's why i bring up the fact that the irs apparently seeking to protect tax preparers working for state recognized legalized marijuana businesses and another move forward of acknowledging that this activity

goes forward and still criminal at the federal level. >> that's right. our premise is berlin wall of marijuana prohibition is past the tipping point and only time and inertia to topple off. each state and each irs announcement is a move towards legalization and then the industry in the u.s. at $50 billion worldwide $150 billion to $200 billion, it will be legal and that's inevitable. >> a piece on the website in all of this, bob marley, the marlboro man of marijuana. is that how you see it? >> i see bob marley as someone that started the movement 50 years ago and this announcement yesterday is an announcement by his family that it's time for prohibition to end and this is a brand that's going to help end it. >> so the big -- phillip morris -- >> until everybody else gets in on the space. >> there will be a company traded here and will be a fortune 500 company. i don't think it's actually

tobacco myself and i think most likely pharmaceuticals or alcohols to enter the industry. >> and manufacturing is in the states? >> for this product, we have looked at a number of different countries so there's a uk based facility that produces hemp products and looking at jamaica for some of the botanicals. >> by a 2 to 1 margin, the viewers think that bob marley marijuana makes a good investment. you have the brand name for what was it like working with the family on this? >> it was great. i got to know them over the last 18 months. i would say our investors certainly agree with your viewers. i got to know the family and they have been great. they really have enabled us to learn about bob and learn about his spiritual connection to this plant. >> they're very entrepreneurial and there's marley coffee. they have been making other businesses. any insight of how they're doing using the marley name for the industries? >> you know, those businesses are doing really well. they're continuing to expand

globally but this is a product that obviously many people yesterday said it was obvious and so this is such a product that's so connected to him. >> just a final question before you go. you are willingingly entering a pace of litigation and children getting the products. whether or not it takes years to figure out the kind of effect it has on people. are you sure -- i mean, it just seems like it's still quite risky and do you have any concerns ethically about making this move? >> you know, ethically, i had a lot of questions four and a half years ago and now i feel like i have a moral imperative to end prohibition and that's how i think about it. we approach it carefully, methodically and we have raised over $50 million to invest in the industry. we have great legal counsel. >> what inning in this country of marijuana use and acceptance and legality? >> i think it's a point where, you know, gallup says between

52% and 58% believe it should be legal. 88% of americans believe it should be legal for medical purposes. 8 out of 10, you can't get 8 out of 10 americans to agree on anything but they do on this. >> brandon, thank you for being here. >> thank you. president obama expected to issue an executive order not on legalized pot but immigration reform. is it heating up the hot list? we'll find out next. also, tv producer norman lear is here. what does he think about the end of appointment viewing and rides of tv on demand and on the go? he'll join us live from new york stock exchange straight ahead. ♪ there's confidence... then there's trusting your vehicle maintenance to

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with just a few simple clicks, with optionsxpress. for a one hundred fifty dollar amazon.com gift card when you open an account, call 1-888-980-5745 today. optionsxpress by charles schwab. welcome back. morgan brennan with another earnings alert. morgan? >> check out l brands lower in the after hours after the company issued fourth quarter guidance below street forecasts and reported third quarter estimates beating with sales in line but the stock is down about 1% in after hours. back to you. >> thank you for now. scammers misuse of the walmart getting major clicks. hi, allen. >> hey, kelly. that story is burning up for us. last night got us half a million readers believe it or not.

today the continuing coverage by sarah and kelly, taking us close to a million readers on this and got a statement of walmart. the scam was people going in to walmart, you know, saying, whoa, you got to match the price. right? they had mock pages of the amazon.com retail space they mocked up saying playstation for 90 bucks. match it. it was all fake. walmart says, hey, we are wise the you and not doing that third party matching stuff anymore. there we go. been a great story. number two, also burning it up. apple announcing that's it's going to start bundling beats with the next ios release last year and coming on the iphone and ipod. also big with the tech crowd. third one, the future of energy, energy harvesting. all the technology going into it. that's like the wristwatch and winds itself. the thing of major scale with sidewalks, waste dumps, things like that. that's appealing to the tech geeks in the crowd of which we have a few.

>> i'm one of them. that sounds fascinating. energy harvesting. i hadn't thought of it that way. thank you. i'll be pedaling to power the show or something. he made soum of the funniest and controversial tv shows of all time but does legendary tv producer norman lear think it's welcomed on network television today? i doubt it. we'll ask him next. there he is! ♪ for tapping into a wealth of experience... for access to one of the top wealth management firms in the country... for a team of financial professionals who provide customized solutions... for all of your wealth management and retirement goals, discover how pnc wealth management can help you achieve. visit pnc.com/wealthsolutions to find out more. i research. i dig. and dig some (trader more. search.

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welcome back. my next guest is a television ico in producing classic and groundbreaking sitcoms like "all in the family." now he's reflecting on his career in a new book called "even this i get to experience." norman lear joins us now. welcome. >> thank you. >> 92 years old. what took you so long. >> who said that? >> i said it. people have written about you before. why did you feel like you had to tell your story now? >> nobody wrote my story before and i didn't know my story before. i learned an awful lot about who i was through the years i lived those years writing the book. >> you're a guy who represents for a lot of people not only

some of the most popular television programs that we have ever had as a country and most progressive. do you have any regrets about "all in the family" with the fullness of time looking back on it. >> it's very hard to enjoy the moment and have regret. so it took every single second i lived and everything i lived through to get to this moment and even this i get to experience. it's really the way i feel. with all -- obviously my book is full of hardships. but it took all of that to get to here with you guys. when's wrong with this? >> is there anything wrong with the landscape today the way that tv is fragmented and something that people pick and choose and might watch 15 episodes at a time and instead of once a week? >> i think the net result of all of it is that we are a nation of consumers first, citizen -- i

don't know second and third and fourth. citizens somewhere the bottom of the top ten. nobody helps us understand, really understand what we're living through. and we are a culture supposedly a democracy that depends on an informed citizenry. we don't have media and other help to help us understand who we are. >> i was going to ask what shows you do watch today. what show you like. >> i'm -- i'm not -- i've never been an appointment television watcher so -- but i watch what i hear about. i'm utterly taken with "transparent." if you haven't seen "transparent" yet, there's a performance by jeffrey tambor that walks a line of heartbreak and hilarity that's altogether stunning. >> do you have any thoughts about netflix?

more towards kelly's commentary of the state of the tv industry and how it is evolving and how it's changing. netflix really is certainly changing a lot of things and so i'm curious if you have any opinions on that. >> well, it's -- we're america. you know? we overdo everything. and so there's -- i hear about more shows i should be watching and i don't say -- i mean, from good friends who are watching good shows and i trust them but time doesn't exist to watch them all. >> yeah. >> would you rather put your new project on netflix i think is more the line of the questions or rather than put netflix rather than network or cable? >> it sort of kills the appointment viewing thing. >> i think the best things are the most interesting new fresh things i'm seeing are on cable so i would guess -- this is not a studied thought but i would say cable. yeah. >> i want to shift and ask you about something that's quite

difficult and i feel we have to. it's some of the allegations made about bill cosby and his long career in television. i'm sure you overlapped many times. he was quite critical of your work in the past. but was it something his character -- something that people had discussed in the industry? >> i've never been in a discussion about bill cosby in that sense in the industry. it's at fresh news to me. >> is it a surprise to you? >> well, it would be a surprise to anybody. i mean, that kind of behavior is always a surprise. assuming it is that kind of behavior. i have no knowledge of the truth of any of it. >> i simply wanted to ask, especially because when i spent time recently in the uk, there were a series of revelations about former tv stars along these lines. you do start to wonder, going back to the question about the impact that television and

culture has, if there's something endemic to the industry. >> would there be something endemic illustrated by that kind of behavior? it's -- can i say it's a ridiculous question? >> you absolutely can. i hope it's a ridiculous question. still an important one to ask. >> there's nothing in the industry i know that would suggest that kind of behavior is endemic. but it's endemic, i would say, like every other subject, to the american family, because we're living in a time when this kind of behavior is taking -- is present. reading about it in schools and high schools, colleges, so it's obviously a behavior we should be talking about. >> you mentioned this idea towards the ends of the book or maybe when you're thanking people, you talk about how all good creative work comes from having a backboard.

in many ways your progressive work was against the backboard of a conservative american society. do you think your impulse would have taken you in a more cone serve tiff direction giving how progressive some say our society is. >> it's amazing. are we investing? >> you may be. >> would your creative impulse go in a more conservative direction today, do you think? >> no. i'm utterly the more i live, the more i see, the more progressive i am. and care to be, and think the world should follow. no, not follow me, but follow that train. >> they're doing both, by the way. >> what actor or actress you ever worked with? you worked with so many great actors in your time? who was the best?

>> the one that affected me the most keenly, i think, is beatrice arthur as maude. she in a sense -- i think what i say in the book, she spoke for me. she was a reflexive progressive, who didn't know everything she was talking about, just like me. i don't know everything i'm talking about. i have great, strong feelings. i wouldn't change them for anything, but do i have all of the backup? no, there are smarter people that have that. >> we do have to go, but i want to ask about the series in the works right now and where it might be going? >> no, there has been some conversation. i've been asked, would i like to see an "all in the family 2015"? and if i would like to see it, whether or not i can do it, and i'm thinking about it. it seems like a great -- i wouldn't be at all what it was. i wouldn't think of trying to replicate that, but a version

that could be 2015, it's an interesting idea. >> norman hear, please keep us posted. we hope to be watching. >> thank you. >> the book is called "even this i get to experience." up next the rise of the social entrepreneur, how students are launching startups. we'll be right back. sheila! you see this ball control? you see this right? it's 80% confidence and 64% knee brace. that's more... shh... i know that's more than 100%. but that's what winners give. now bicycle kick your old 401(k) into an ira. i know, i know. listen, just get td ameritrade's rollover consultants on the horn. they'll guide you through the whole process.

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six years ago, he founded an organization to help young entrepreneurs around the world that also tackled big world issues. welcome, and give us some examples of your work. >> hey, kelly, it's good to meet you. so for the last six years, what we've been looking at is how has the next gen investigation solving some of our biggest problems in the world. not just creating the -- you know, i don't know if you saw the piece we did earlier, but some of stuff guys are coming up

with at the age of 18 and 19, are mind-blowing. >> we would love a couple examples. >> the ear day i met as interest preneurowhose grandmother got sick in the hospital, the one place she expected to be healthy. the way she tackled the problem want trying to rebuild the infrastructure, but she developed light bulbs that emit a certain ray of light that actually disinfects the suranalysises in the area. they're now replacing the lights in the hospital across the country so that you can have sanitary surfaces. >> i love that. how are you kind of incube baiting these projects, if you will? >> what's exciting, the model has shifted from just traditional venture investments, which are typically put only in very high growth low-cost businesses, and a lot of the

capital is coming from these strategic partners, whether it's angels like g.e., or -- or others who have an -- >> what do you guys think of it? >> i think it's a great idea. with you four ts -- technology, time, taxes -- that's going forward. the president wants to give the h 1 visas to spur the people getting engineering degrees to stay here to incubate them and -- >> i assume they're going to the programs at stanford and otherwise. >> it's actually all over the world. the entrepreneurs are from 55 countries around the world. what's interesting, the point you just made a second ago, my biggest fear is a lot of this talent used to come to the united states to start these companies, but now frankly they're just staying abroad, because staying in this country after college is such a pain that we've got all these

under-25 entrepreneurs starting companies back in india, mexico or china, right? >> that's a point. great to hear your thoughts, especially in light of the president's announcement. that does it for us on "closing bell." my thanks to the entire panel. now over to "fast money" with melissa lee and the gandy. thank you so much. live from new york city's times square, this is "fast money." tim seemo, pete najarian, guy adami, and we have the ceo from southwest airlines. it's a cnbc exclusive. we start with breaking news. kelly has the details in washington, d.c. kate? >> melissa, an influential senate panel just out with a 400-page report accusing goldman sachs and jpmorgan of engaging in manipulative practices, also saying that morgan stanley