maybe you have half the country, maybe not -- you have at least half the country shaking their head in wonderment which seems like absolute delusional thinking. anyway, john, i'm going to have to end it there. make sure you join us. "squawk on the street" is coming up next. good tuesday morning. welcome to "squawk on the street." i'm carl quintanilla along with jim cramer and david faber. a lot of data coming in from around the world. pmis have the world in a pretty good decision. we'll watch auto sales coming in in about 15 minutes. consens

consensus, 18.2, 18.2. meantime we're watching the month of december and stocks heading into the premarket. a month of gains, of course, for the first time since the month of may. year to date the s&p up in positive territory while the russell and the dow are in the red. interestingly, jim, down for the first time in the past ten years. >> that's surprising. i would think the people trying to make contributions for the 401(k) would get started. i find that someone who regularly contributed soon has to start taking out. >> whoa. whoa. >> it's a natural thing. so i find that to be somewhat unnerving given the fact that when are people going to put their money in? >> yeah. people are going to start playing the year-end target game. >> there i love. >> there are a few sessions to

go. >> i love this period because there are anointed stocks. i talked about this last night. i've been trying to flush out my list. you've got to own this stock. a great piece this morning by paul vogel at barclays who talked about fang and he said cramer -- oh, left my name out, but that's okay. he talks about will investors keep their fangs out. the answer is absolutely. this is where they're going go. they're going to go to facebook, they're going to go amazon and netflix. otherwise they'll look like victims if they don't. >> you're looking at a year that's relatively flat. >> i thank you who also thanks -- >> the next year was pretty good. >> i thought that was so interesting. i looked at how election year versus pre-election year. there are so many pieces of

cross-data. but i love the fact that the market -- you can come up with a narrative that is everybody's worried that the fed is going to move, so they don't do anything. that's your one. your two, the fed moves and goes, okay. it wasn't that bad. >> yeah. well that's the key question, though, isn't it, as we head now four days away from the employment number on friday that conceivably will be the final piece of data they get that confirms lit go in december. obviously thursday we're going to hear from mr. draghi and what they're going to be doing with the ecb. >> thank goodness it's a little weaker. >> it is a little weaker. it's going to move in a different direction conceivably if they keep the reserves from the banks and get more money to the flow in europe. and i just wonder whether we're downplaying the fact that the rate increase is not going have an impact. >> it's interesting. autos are the ones that could impact. i keep questions is this the one

that will peak. >> obviously 25 basis points, you would not expect would make a difference really in a buying position but perhaps the view being that it will go from 25 to -- >> yeah, i like that. when you speak to executives offline, it's a question of whether it's going to be three or four. you know, maybe i deal with a lot of people in banks and they need it. so maybe they're talking. >> they need it. savers could certainly use it. anybody on a fixed income could use it. that said, so much of corporate america has completely changed the composition of their balance sheet to take advantage of the low rates that have been a part of our life for seven, eight years. i mean we know that from the bond market. incredible years we've had year after year after year now. >> maybe it's over. i don't know. i know what carl said about december could certainly play out here because we do have some winners.

>> yeah. a lot of discussion this morning about policy divergence. b of a says it could be the first time since 1984 that we had a european rate hike and a rate cut. it's happened in 1994, 1997 -- >> those are all bad. '37, we got tight because a lot of people came on tv on "squawk box" and kept saying we've got to title in '37. no, but that was certainly the ethos. they felt the government had missed it. we could have been thrown back into something. we had a recession. obviously, '29, not good. look. the difference is our rates are so low that it's not like we're going from 4 to 7. remember, i've gotten a little

more sanguine because i'm not worried about china. i was very worried about china because we started looking at the chinese opening. remember for a little while we stopped watching the third quarter of the nfl games, stopped worrying about block kicks and whatever happened with fantasy and we were focusing on the opening of china. now, china turned out to be in the bull market mode. i got much less worried about china. as it is, china has pretty much stopped ordering everything. >> there was a bit of a rally in the asian markets as a result of the fact that there may be more stimulus measures. >> they certainly have a lot do with it. pictures today of what b bicyclists not being able to see the road. if they want money, they can clean up paris. the paris, i think it's underrated as a discussion.

climate change -- i have jeff immelt on for g.e. >> you do. >> yeah. >> sanders -- >> anyone else? >> i've got henry ford? i've got edison. >> edison? >> yes. not tesla. i have booking people who make calls. i wanted to ask jeff immelt. you know, i this i this is the next ten years, companies that can do more to try to stop climate change and global warming are going to be winners. >> it's interesting. some people made the point as the president was saying you've got to get the market to start pricing in climate risk. what is energy today or coal overall saying? exactly that. >> coal is still very big in our country. i know there's a move west virginia has been hurt. >> you said more than once coal is completely dead.

>> it's did. y you're not going to build a tracktry, but it's cistill goin. jimmy carter said we were the saudi arabia of coal for the past 47 years. 1977 -- 40 years. it's all come due. if it comes due under president clinton if we get that, there's going to be no extension. look. we have cut back dramatically. but remember natural gas in this country is literally the same as it was in 1998. same price as in 1998. that's incredible. >> i think you could argue that some electronics -- >> maybe a tv. >> maybe a television. >> a tv, you're right. i was walking out of my house

and almost got hit by a samsung, 52-incher that target was sending. >> rye. the same price for your tv in 1998. >> how did everyone decide that that's what they were going to give away? the big screen tv? >> because that's what people like. it brings us much enjoyment of putting that big screen on the wall it's a big screen tv christmas -- holiday season. i don't want to get in trouble. >> they're coming down in price the same way oil or copper or nickel. i ask that question as we end our broad discussion here, jim, as we head into this last month because some see commodity prices as a leading indicator and some see it as lagging. what do you see it as? >> i think that if you look at alcoa and the decline in aluminum, what it says is it's an industrial use.

i mean that's one of the reasons. he says it means deficit. i happen to think alcoa means a great buyer. he said, listen, don't give up on alcoa. a lot of people have given up on alcoa. >> not elliott. >> not elliott. >> last week, right. and the stock did react positively. >> i think that's one of the a great stories because that's the one that will tell you whether there's any hope for the metals. it's so amazing -- namg me -- i know when you look at the housing companies, i know lennar is a beneficiary company. there is so much going on right now. this is december. we really should be just focused on, i don't know -- >> holidays? eggnogs? >> holidays, yeah. >> drones?

>> probably not. >> we should focus on drones. where are they going to land them? in your backyard? what are the dogs going to do. >> i don't want a package on my head. >> no. >> there used to be a big farm i owned that you could drop zone s all over the place. when we come back, the world's most valuable bancht coming up, exclusive june stump f. we'll take another look at the premarket as we kick off december, and we'll get auto sales in just a few minutes. don't go away.

hi watson. annabelle, your birthday is tomorrow. i'm turning seven. what did you ask for? a princess. and a pony. you like things that begin with p. i like pink frosting too. will you have a cake? yeah. i was too sick to have one last year. the data your doctor shared shows you are healthy. are you a doctor? no. i help doctors identify cancer treatments. i want to be a doctor someday. i can help with that too. watson, i like you.

auto sales have been coming in all morning long. we've gotten pretty decent numbers. france coming in at 11. >> they're saying the dollar is not as strong. at what point have they said that? i have found auto sales has been most reactive to q.e. geez, auto sales put a lot of

expectations to work. >> if we get above $18 million, first time we've had months of $18 million ever. the supply of small trucks down five days. >> that's an alcoa story, obviously. carmax. >> and here comes ford. let's get to phil lebeau with that. hey, phil. >> hey, carl. we've got numbers coming in with 0.4% last month. that's an increase of 2.3. to your point, truck sales last month for ford, up 18.3% and earlier today on "squawk box," you heard from joe hip ricks. he expects the sales rate for the industry to be above 18 frl november and if that happens, it will be the first time f it's happened in the u.s. where the sales rate is above $18 million.

we'll have g.m. numbers in a few minutes. back to you. >> sounds good. why do you raise rates? people who get jobs buy cars. people who get jobs by homes, get out of apartments. it's okay. volkswagen has been well off its lows. amazingly sew. given the fact that they're not anywhere out of the woods in terms of u.s. regulators or in terms of any number of lawsuits coming their way or the doj or europeans. >> but they've done a lot of good will with their commerce. some got $500 gift certificates. billions and billions. >> i just wonder, whatever the number is that they need simply to make the fixes and deal with the recalls, forgetting what feigns and penalties and

everything else, that's got to come from somewhere. doesn't that delay their ability the anything to have new automobiles? to actually make technological breakthroughs on a diesel engine that they thought they were making and really hadn't made? >> the new audi. >> it's coming out, the q-7. >> it's priced very reasonable. the tesla competitor. i know that people don't want to -- i mean tesla's a cold stock, so i hesitate to say anyone can make anything like tesla. >> seeing that stock had been at 100, it's over 140 now. >> well, i've got to tell you, you know. they're back. they have a different shareholder base, david, as you know. >> they do. >> virtually a country. remember that one province or state. >> yeah. lower saxony and qatar.

>> they're high-frequency traders? >> no. speaking of families, a california judge rejects a request from the california viacom's former live-in -- she was a girlfriend at one point -- request for an examination. she wanted to have him declared mentally incompetent. the judge said he does not find any urgency for evaluation but he has allowed it to proceed. it's going at a slower speed than requested. what i find somewhat interesting here is you have the ceo of one of the companies he controls, philippe dauman. he's going to make the decision whether or not he is competent. she had been. he replaces manuela herzer.

that's the question. he's the chairman of the company and ceo is the health care agent for him. i think that's really interesting. frankly the market doesn't seem particularly interested or excited about the whole prospect of whatever's going occur here at some point down the road as much as they're focused on viacom's ability to earn money in the face of advertising market and your all trends. >> that's a fascinating story. i did not know that. i mean that to me is a -- i mean not that les moonves should be in there making a decision, but obviously you do a lot better if you declare him incompetent if you're a viacom ceo. >> i don't know. he's his biggest supporter. >> he can say he's competent until -- i don't know. i'm just saying that's a great

fact. >> that's why i brought it up. >> that's a great fact and i didn't know that. i should have known that. >> well, it just happened. >> it did? >> yeah. you were busy and it was thanksgiving. you gave yourself a couple hours off. >> that stupid turkey, family. >> when we come back, we'll get cramer's mad dash, opening bell. be sure to stay tuned with wells fargo's ceo and chairman john stumpf. in the meantime we'll talk about pmi. we'll be right back. but i keep it growing by making every dollar count. that's why i have the spark cash card from capital one. i earn unlimited 2% cash back on everything i buy for my studio. ♪ and that unlimited 2% cash back from spark means thousands of dollars each year going back into my business... that's huge for my bottom line.

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opening bell. where are we going to head? industrial america. >> one of the things you don't want to see if you own stock is a very good firm going from a buy rating to an outright sell rating for a company, and they do that for one of the a greatest manufacturers in the world. cummins, cmi. they're talking about components feeling vulnerable. they've been buying back stock. it's got a great yield but if you own cummins they're says basically it's a recession. take a look at where the stock's come from to where it's going. >> it's not a pretty chart. you message thad before in talking about industrial america. >> cummins stands to be a being loser with a strong ballot. they're a big loser with a slowdown in china. and what's really -- i have to tell you having met with management, these guys are the

best there is. so if the best there is having trouble, you can only imagine what's going on at joy which also got a sell today. you can imagine what's going on at caterpillar. this piece made me feel like there are two markets. there's fang. there's facebook, amazon, net flooks, google. and there's an industrial markup. i don't know. this cummins piece, it sent fear through me because to go from buy to sell says that things have really deteriorated just in the last few weeks. >> of course, the landscape is littered with the navistars of the world. this has been a rough business going on 20, 30 years now. >> some of these companies like titan. i was looking at titan the other day. if they're involved in anything that's machinery, they're just done. u.s. steel. u.s. steel is down. these are a great american

countries. a great american countries. >> okay. if you say so. >> "forbes" says they're worth so much. do the math. >> they were a great american companies. >> they were. >> they were. >> past tense. >> yeah, i think, right? >> remember when we used to think that steel was important for defense? that we had to have our own steel? >> let's g toteet to g.m. >> gm is down. don't get too caught up for percentages being up a few or down a few. what's most important is to focus on what's t sales rate is going to be for the month of november. their estimate will be 18.2 million vehicles sold last month. earlier jim hinrichs says it was. of course, it's trucks and suvs

that are driving those sales. jim, back to you. >> good margins on that stuff. good margins. wow. this is what happens when you have job creation, which is really -- i hope we get a good number on friday. these are very impressive numbers for companies that employ a lot of people. good news. look. i'm not going bad news, good news. good news? consumer's going to have more money. they're going to do more shopping. maybe not shopping or macy's -- macy's is too cheap. >> you've been warming up to macy's? >> i am. that company is a better company than the stock price. >> we'll get a lot more on the stock price. when we come back, opening bell. just a few moments away. youk

on the street" as the opening bell gets ready. auto sales in the u.s., we're going to get i.s.m. at the top of the hour and a lot more after november. yes, indeed. closing out at one point, 1.05 points, just barely avoiding a negative bell. in recognition of world aids day. they're tipping off black does to encourage philanthropic giving. >> we need to see the widening of a couple of drops. it's at 598 plus 14. this is up very nicely over the past few weeks. again, if you want to see things broader, you have to worry about brazil or what's happening. bhp t terrible accident they had there. you need to see the industrial pick-off why i mentioned

cummins. you need to see retail doing better. that could be because of the weather. these are all the things that must happen in order to put the january we're looking for. >> certainly the chinese pm hawaii, you've got four months of contraction. that's a three-year low. they're not showing any signs, jim. it's all talk of stimulus and lowering property taxes. >> i still think that the consumer in china is spending. the consumer in china is buying nike. they're buying starbucks. you get -- you can get regular updates from starbucks. it's doing so well over there. i think they could have known about it. yum out this morning. i think it's important to recognize that yum is going to be a fantastic way to play a turn in chinese consumers. don't forget apple. if they get their hands on the new ipad pro, that thing is addictive. it's addictive. it's "homeland" season wrchlt

have i been. have you heard the new iphone 7 will do way with the headphone jack making it thinner. instead you'll plug it into the lightning end. flatter, thinner. it continues. >> i know you guys may not like the watch but i was able to turn on my cell phone listening to bo bono who i'll see tonight -- by mistake. >> what is it? you played with your watch. >> next thing you know, i turned on bono. >> yeah. >> and miley cyrus. i've about got to get her on. can you -- >> flank thankfully it was u2 a miley cyrus. >> jim cramer and his dead pets.

>> yes. p ddpg. >> this takes us well beyond that for the foreseeable future and so the deep line or the global footprint and ecology and vaccines makes this a powerhouse in biopharmaceuticals. >> what did you learn last night? >> i think what's really going on is when they put the two companies together, they'll be able to split off without the patent expiration. i think that it's going to be brilliant. i think it gets you to far further than 400. i am a brent fan. playing with an open hand, but

when i heard about this split, which was not talked about initially, i recognized this is what adviser was trying to do. it will occur later than otherwise. now they're talking 2018, 2019 for splitting as you say let's call it the established drugs and the innovator. >> giving them patience. >> i don't know. they probably will. they did not have a great job getting out of the gate as we said many times in terms of pfizer's stock price. it stabilized, no doubt about that. >> brent has been out. >> right. >> brent is the one who has to have a conversation with his shareholders. i would expect he'll keep doing that. >> i thought it was very convincing. >> so many of them said exactly what he said, which is by the time this deal closes, we would have expected the stock to be where you're selling it.

>> right. >> a lot of fundamentals. >> right. but there's a lot of problems. i don't know if they've got to keep buying companies. i think, david, you're familiar with pfizer more than i am. i think the tax generation story, the tax change story obviously there are -- this company has really analyzed how much more flexibility they've had to buy back stock. >> the key word is flexibility, jim. there's a lot of word on it. andrew sorkin has written on it. >> is he john malone, david? >> i don't know. not really. i mean malone is singularly incapable of having him do a tax bill. why not reinvest tax freedom. >> but -- and as far as

executives away from cable. i think flexibility is the key, jim. it's not necessarily about lower rate. it's about access to the cash overseas. that will give pfizer the ability to do so many things about where it invests. so many different things that will benefit it versus the j & j, lily, bristol-myers. >> i was unsure about the tremendous profile that allergan has in certain areas of medical. dermatological, g.i. >> ophthalmology franchise around the world. >> these where i was going. brazil you could do it. they would have to gear up japan and china. it's going to cost them a fortune. now they just add the stuff to the bag of pfizer.

it does cost a fortune but pfizer has a worldwide sales force. powerful come bin nachlgs i am a believe. i wouldn't leavalerge al elerga tried. who is that? ♪ and then i followed her face >> it's ten seconds. >> sometimes the song is not there. >> people still love the mr. wolf thing. >> he can play "name ta tune" any day, by the way. >> on twitter i have been able to convince my kids because i'm remotely cool because i follow you. they say, dwlou know that? i keep my ear to the ground. i'm on carl's twitter feed. >> i thought the calls on lulu yet were interested. >> wasn't that interesting. >> and citi and credit suisse.

>> they tell us not to worry. you know what? this is a true battleground. i'm going have to do some work on this. the lily was the stock that they bought it on the big dip. how fabulous is it that diabetes is on a decline? isn't that fabulous? >> it is on a major trend. >> they did attribute it to food, obvious. >> and diet and exercise. >> right. >> it gets back to the stockmarket, of course, and coca-cola. >> they talk about the price rationing in north america. then you want to buy pepsico because pepsico also has frito-lay which is a monster good source of really good tasting food.

>> finally yum!. you mentioned it briefly. you mentioned the china spin-off will focus on taco bell. >> taco bell. i don't know. has it not gotten its due? i think yum! brand is a fabulous stock. >> they've got representation. keith meister. >> kfc is coming back. they're better. can i say for the record they should build a kfc at least within five miles from my house. i had a jones for fried chicken on friday -- i'm sorry -- wednesday. >> really? in anticipation of turkey on thursday. >> nothing within my house. kfc, bo jangle's, popeye's, it didn't matter.

i had to settle for thin gruel. >> be careful. if you ask for it, they might do it. >> i told my wife, do i have the wrong zip code? how is it possible that within five miles there ee no fried chicken, no kfc, no popeyes. >> it's un-american. crazy town. thank you. dupont in the red. let's get to bob pisani. good morning, bob. >> good morning. everybody knows december is a strong month. what's kind of odd is there are some sectors that do better. it's not the ones you think. we asked the ones at ken show what sectors do best. the s&p historically is up an average of 1.8. that's one of the best months ever. industrials, another sector i wouldn't have guessed is a number one sector gain up 3% up

84% of the time. you see that in the right hand side. that's how the percentage of times in the last 25 years has traded to the upside. the laggard here interestingly is technology stocks and maybe this is because people think capital spending isn't going to be as strong. that's the weakest sector up only 0.6%. everything else like the consumer discretionary and retail is all here. meantime energy was lagging earlier. if you put up oil about an hour ago there was a dip in oil toward the $40 level. you know there's a big opec meeting beginning on friday. there were people quoted in reuters that said prices could fall $35 a barrel. it's come back here and oil is now trading positive and energy stocks are now in positive territory after trading negative earlier in the day. there's a fun page about how capital spending is very weak. that's got everybody's

attention. it's not surprising. but jim was talking about cummins. cummins a very good example about climate spending. but cummins made comments recently that their decline in capital spending wherever across the board, they own data center operators in north america. they were hurt by their power generation business that they have there. that's a problem. there was weaker demands that slowed sales of equipment to construction companies as well. they're a real victim of slower capital spending. and, of course, this has been a horrible year for cummins. that's down 35%. it wasn't all bad news. did you see the nikkei? it's the highest level since august. it's over 20,000 again. there was very good comments from the government there. got japanese companies to raise spending on equipment and factories. 11% year over year between july and september.

that was positive capital spending and that's a nice little chart from the nikkei coming back from the october lows. if you take a look back at china, they were fractionally positive. there were comments on the mccal gaining figures. 32 dropped so companies like wynn are down. there's wynn. look at that. las vegas sands not doing well either. hope you listened to phil. what we haven't had this year is really good returns on the stocks of these companies. g.m. is only up 3%. toyota is down. ford is down overall, and that's really kind of disappointing. that's not expensive. none of them are. 8 to 9 times multiples.

there's not a lot of enthusiasm. right now the dow up 118 points. let's get back to you. >> let's check in with rick santelli in chicago. good morning, rick zbhood moric. >> good morning, carl. the word "data points" all throughout the globe whether it was china or the eurozone. but to be true, it has been the area we've been drifting from a 235 level. it was a highwater mark not long after the last employment report as we look at the next one. maybe data dependent isn't the strategy many believe the fed is truly following. but at least those data points do seem to fit in with the notion of how much emphasis is placed on strong or weak reports

of late. if you look at the yield spread, 10s minus 2 still a bit flattening. the rest of the curve has taken as bit of a pause. it seems to have subsided a bit. not too different than tens minus fives. but if we consider some of the data points that came out today, we're looking at what? 6.2, 6 president 3 unemployment in germany? 10.7 in the rest of the eurozone. let's look at october 31st. it's a pretty aggressive chart. that's german equity. put the dollar index to the same point and you can see something there. i could have put the euro. it could have been correlated. the point of the matter is that the weakening euro is best for the kma but some of it might be getting mopped up.

thank q.e. one final thought, as we get closer to the big day, they spread significantly anticipating the fed will deliver a normalization rate hike in december. carl, back to you. >> rick santelli, thank you very much. when we come back, an exclusive with ceo john stumpf who runs the largest bank in the world based on market cap. meantime on the biggest trading day of december which has not been historically positive up 127. we're back in just a second.

three days go. tweet us. the lucky winner receives a nice prize just in time for the holidays. a cnbc ornament signed by the "squawk on the street" gang. good luck. actually the first one to

correct closest is the winner. >> other than, you know, the fed numbers still strong. still strong. i think it could be high. >> we'll see. it will have big implications no matter what it does. >> this is ecumenical? >> yes. >> hanging onto whatever you need to. attach it to a menorah. why not. does that work? >> i don't know. >> i don't know either. >> one minute until the jobs report on friday to tweet us the predictions. best of luck on that. dow is up. don't go away. that updates to all your devices. and you can share it with one click. wow. how do you find the time to do all this? easy. we combined every birthday and holiday into one celebration. (different holidays being shouted)

back to work, guys! i love this times of year. for all the confidence you need. td ameritrade. you got this.

time now for cramer and stock training. >> intel. even though hewlett-packard said now hp things are not going so good. things are starting to go higher. look at svago.

if they come back, you're going to have a nice rally in tech. someone analyst is going to get behind this. even argus representing campbell. campbell's goes up. there's an era of good feeling in starts in december where you don't get in the way of buy recommendations. you don't like it when analysts downgrade in december. you call them and say, are you kidding me? are you trying to hurt my year? it doesn't pay to down grade in december. david, remember that. >> okay. i will. along with a lot of other things i'm trying to remember including a lot of different consolidations taking place this year. >> it's been the key driver. racing numbers and xpi. i'm racing them right now.

>> you've got them all. >> this could be a leadership group. wow. blowout numbers. this is a place of strength. keep it in mind. i know you will. >> yes, i will. >> what's tonight, jim? >> skechers. skechers is up 60%. but everyone's so mad because it hasn't been up lately. this is a what have you done for me lately business. i'll tell you. we go right to the showroom. i've got sketchers on. >> you have two guys on. >> two heads are better than one. these guys have game. and i love my skechers. i will tell you, i'm in that age group. >> you are. you're the demo. >> i'm the demo. i like that. >> you can't wear them on the floor here but we'd love to see you some time. >> when i go to the club, my

wife says, jim, put the sketchers on. they look a little better than the wing tips. >> when we come back, hmi, construction spending and wells fargo ceo john stumpf with an exclusive inl ter view and david cause tin as we get close to the year end. keep it right here. take a pill? or stop to find a bathroom? cialis for daily use is approved to treat both erectile dysfunction and the urinary symptoms of bph, like needing to go frequently, day or night. 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, as it may cause an unsafe drop in blood pressure. do not drink alcohol in excess. side effects may include headache, upset stomach, delayed backache or muscle ache. to avoid long-term injury, get medical help right away for an erection lasting more than four hours. if you have any sudden decrease or loss in hearing or vision, or any symptoms of an allergic reaction, stop taking cialis and get medical help right away.

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good tuesday morning. welcome back to "squawk on the street." i'm carl quintanilla along with sara eisen, david faber. positive 75% of the time for the second time since 1950s. auto sales coming in here. seeing some leadership. in a few moments we'll get to the interview with john stumpf and we'll get to imf

manufacturing in a few moments. overall, auto sales, guys, pretty much in line. still that run rate above $18 million for the third consecutive month. let's get to rick santelli and get to breaking news and construction spending. rick? >> yes. we're looking for october construction spending. the consensus is a little bit over a half a percent. okay. here it is. up 1% on construction spending. 1% is pretty solid. that's since may when it was 2.3. the highwater mark was 3.8 for april. now we have 4.86. yes, that's a miss. we're looking for a number over 50. how does that compare? well, 48.6 brings us obviously under 50. the last time we were under 50 was 48.9 in november of 2012. and to get a number as low as

this at 48.6, i'm really going to have to do some deciphering and it's not an easy task. here we go. it looks like somewhere around june of '09 to find a smaller number. my assistant leslie gave me a bunch of statistics, 51.3 on the employment in lieu of it. that's versus our last look at 47.6. there's an uptick. 48.9 on new orders. big downtick there. so the employment index is a bit better. yields now dipping under 220. that would make sense. 220, 221. and the dow jones industrial average, of course, still having a pretty decent session all things considered. maybe there's a fed dynamic. i dodge know if it reaches high enough to make a difference at this point. back to you. >> santelli, we'll come back to you in a little bit. thank you very much. it's the first day of the last

traiting day of the month. david kostin joins us at post 9. d.k., nice to have you back. >> nice to see you. >> what did you see for year end '15? >> so it's a fair question as a strategist. so there were a couple of things, three things we looked at for this year. the first was low returns, the second, low dispersion, basically a narrow separation of returns and the third was the path of the parkt that was up in the first half of the year and then fade toward the end of the year. that was the target. and if you looked at the report karkd we've had a narrow return market basically. up 1% or so year to date with that narrow dispersion and the market hit 2131 in may and then it sold off. next thing we focused was the selloff as you know in the late summer, august 25th. we put a strong buy

recommendation on the market so that it was an 11% rally to the end of the year. we had a big rally. to be fair, i was not looking for a clean budget resolution and did not expect speaker boehner to resign. so we had expected a slight fade to around 2,000. and basically from now to the end of the year, more cautious than not. but that's basically the forecast. >> i was looking at your 2016 play book in terms of sectors and themes to watch. consumer strength versus industrial weakness. domestic sales versus international sales. the impact of the strong dollar and the other is growth versus value. it does sound very similar to the 2015 playbook. >> you know, one of the a great people who passed away this year was yogi berra and deja vu all over again was one of his yogiisms. i think that's what we're

likingly to sliking likely to see this coming year. the lower multiple will be the result of a higher rate and that leaves you a market that's around 2 rkds,100 and that's important for fund managers. you have growth versus value where economic growth is more modest. that's where you want equity growth. that would be one. the second would be domestic revenues. that's a theme that's been going on. a stronger dollar. that will be consistent with more consistent revenues. it would be another characterization. >> have you thought about retiring at all, going out on a high note? i kid when i say that. i do wonder, did they give you the memo at goldman sachs? they're supposed to be bullish, don't you know that? the last couple of years they

haven't been. >> the goal was to be accurate. it's not the forecast i would like to have but it's the forecast i would like to have. i'd like to tell you it's gone up 20% but we're at the 96 percenti percentile. that's very expensive. that doesn't mean we can't hang out here a little bit but with a higher rate environment. >> you see multiples contracting. >> it's one of the a great, you know, observations in the market analytically is that if you look at from the trough of the market in 2009 till today, you've had a big margin expansion. 50% of the margin expansion comes from tech and 20% of the whole margin for the market comes from apple. now, that's a great. >> 20% comes from apple. >> apple alone, which is a great. now, the margins for the market have been basically static for the last four years. they had a big rally, but they've been flat and tech

margins are at 18%, twice as high. so if wi look forward, what is the probability that you get a margin expansion when you've been basically flat for the last four years. so finding companies with margin expansion opportunities is a key focus, one of our key strategies. and so there's a few companies, google, starbucks, visa, companies that are likely to working with likely to have expanding margins. that's a scarcity right now. >> are markets going decline? and if so, is that going to affect it? >> it's about 9%. you have higher interest expanse that will be coming for some companies and you've got medical inflation. there's different parts of inflation in the market. not rampant but certainly moving higher. markets would be a key

differentiation. >> can we talk about what we saw? 48 on i.s.m. manufacturing. >> i this i if you look at the underlying consumer which is the bulk of the used economy, it's actually pretty strong. >> so you're not worried about it. you don't think the fed will be worried about itsome. >> well, the forecast is that the fed will hike in december and i think it's important to distinguish between the goldman view that there's four interest rate hikes in the coming year and the market is around 2. that's one of the reasons when the market in my view, the equity investors embrace the view that there's likely to be more interest rate hikes. that's more support for why the multiple fades from a very high level to a very high level. >> you're still at 16 times, 17. >> how are you modeling in the probability of some unforeseen geopolitical risk, things we

don't know, we don't know in '16. >> it's always a risk. you mean more this year than in the past? i think the likelihood of the market rising a lot is limited. it's a strategy, you know, taking some preemous for that. it's only a risk. >> and you've talked capex repeatedly at this desk. >> right. >> today, journal page 1 echos exactly that, right? the idea that companies are not investing in their own companies. >> remember. the number one use of cass is reinvesting in their own business. it's reinvesting their business. the second is buybacks. it's a high quality problem in the sense that there's still high margins but the capacity is still a long-term average. there's not a lot of reasons for them to inb investing. so it's not that we're against that but from a use of cash, that is -- buybacks remain a key strategy.

frankly they have had a long history of outperforming for five years. >> are we going see more splits? we receive some recently. >> it's part of the idea of how do you find margin expansion. one is to separate and find the piece. >> good to see you, david. >> thank you. >> david kostin of goldman sa s sachs. >> with the dow up, let's get to mary thompson from the business news roundtable. good morning you do. >> good morning to you, simon. we have the numbers from the roundtable fourth quarter survey. the look at the economic growth. they're expecting the economy to grow by 2.4%. what's important here is the ceo outlook did drop for the third straight quart fehr to a

three-year low of 67.5. moderating in the fourth quarter from the third quarter. although their hiring plans remain unchanged. among their top concerns, their top cost pressure, regulation. that is the top cost pressure. that's followed by labor costs as well as health care costs. sarah, back to you. >> interesting results. up next. wells fargo sits down for an exclusive. don't miss it. it's on the other side of the break.

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first day of trading for december. we're up. for a big interview, let's send it out to kayla sow she. >> thank you. we're here with the chairman and ceo of wells fargo john stumpf. nice to have you. >> thank you. >> you get 9% of your revenues here in the u state so you're largely a barometer for the u.s. economy. what's your read? >> it's actually pretty good. the economy is really growing at a 2%, 2.5% range. it's becoming more regional. for example, here in san francisco, the bay area, it's

booming. times like back in the late 1990s or the time frame when a lot of social media and so forth, the energy sector and our texas business would be, you know, less active and less good, but as a general statement, things are pretty good. the economy will be largely dependent on what happens outside the u.s. that's the biggest risk. and within the u.s., probably consumer spending. how much of that happens. >> outside of the u.s. we obviously have a new risk from the geopolitical layer in our global economy, but then there's the stronger dollar. how does that all affect a company that's largely u.s.-centric? >> i think the strong dollar and the lack of skportss probably takes a point off the growth. if we're growing at 2.5% gdp, it's probably normal. for our customers, you know, we're largely on main street. we do business with large corporations, but they're less affected by that.

it's much more about jobs for them on main street, about the price of gas has been a big, you know, benefit to consumers some of from the consumer perspective, not that big a deal. >> but we're not seeing consumers spend the money that they're saving on gasoline elsewhere in the economy. what needs to trigger that and what needs to be seen? >> isn't that interesting. consumers are seeing 7%, 8% of their money. they're keeping it in their pocket, paying down debts. >> we're looking at december reserves. what is your outlook at interest rates? we've heard wells fargo predicting to be lower for longer. >> correct. >> what do you think the path will be? >> i think it will move. in fact, today the debate has become bigger than the rate. there's a 75% confidence or whatever or probability that they'll raise. i think they will.

i think after that it will be much more data-dependent. but when we say lower for longer, that's probably more on the long-term side, long-term right side, which has much more of a global impact. >> how are you repositioning your assets. you have to make some real adjustments when your outlook changes that quickly. >> yeah. but we take a long-term view of the business. we've been through lots of different rate cycles, expansions, contractions. we're today the largest lender in the country. i mean our first call on our low qu quitty is to make calls. we take a along-term view of this. >> what does the consumer do? is 25 basis points enough to put a chill in the market or the auto loan market? >> no, no. in fact, the short rates have a little influence of mortgage rates. most are longer rated data term

assets. frankly -- when i got my first mornl was 8.5%. my second was 11.5%. if you're you're age, under 40, you think 4% or 5% is average. they're a great rates. >> they're low by historical standards but we're seeing a shift in the energy market which you alluded to. that is expected to be lower for longer, the price of oil. how confident are you that your partnersh portfolio can with stand these prices? >> let's talk about generally. we're still a net importer of energy, so this is a great thing for consumers. and, sure, it's hard for those in the energy patch that are tied directly to the business. but secondly, these companies are figuring out not all will survive and only 2% of our outstandings are related to energy and only about half of those are in e & p.

so we have large companies. i'm not trying to understate it but we're much more affected by what's happening with real estate, for example, which is 30% of our portfolio. >> but you withheld reserve releases for the first time. you have to expect there will be some cracks in the credit cycle. >> absolutely. there's no question about that. but we didn't with hold reserve releases for that issue specifically. we just had released for so long and now we're seeing, you know, a more normalization in that area. >> what about capital? having hundreds of billions of dollars in capital as a buffer. does that make you more confident against potential defaults? >> well, the industry has like more than doubled its capital. we surely have in the last seven years. so that's one of the strengths of america is the very strong deep transparent financial services industry. that's a huge benefit. and our capital -- our levels today plus our liquidity makes

us so strong and that's really helpful for america. we have money available to lend, we can help consumers, businesses, farmers, and ranchers. >> will an additional $60 billion in total losses of capital make an even safer view? >> now, you're getting under my neck a little bit, but i don't think that's something we really needed, but we're a large company. it's what we've been asked to do. i think that we have enough capital the way it is, but if the law requires capital through debt, we're going to be able to raise it, manage it, but i can't tell you sitting here that i thought that was necessary. >> where are you feeling pressure from washington? certainly some of the anti-bank rhetoric has shifted a little bit, but on either side of the aisle, there seems to be different tackts.

on one side and the other. >> there's a lot of a great views. that's the a great thing about america. people can share their views. both sides of the i'll have their differing views. the best thing we can do, kayla is help them financially and the rest will take care of itself. >> we hat thoud wells fargo had dodged much of the enforcement actions that were coming out of the doj but now we're hearing about intentional enforcement from the occ and san francisco fed about cross-selling which has been a strong point, bright spot for wells fargo. i know you can't talk about the case specifically, but talk about the culture at the bank and whether you think there needs to be more done to solve that issue. >> first of all, i'm proud of that culture, that people. our business motto is to help them succeed financially. when they do well, we do well. and everything that we do every

morning is lined up to make that happen. so what's good for our customer is good for us. we draw bright lines about that. >> talk about deals. you've added more and more partnership 411s. is there anything more you want that you think would be a good fit? >> we have a lot to say grace over right now. we never say never, but our first line of business, our first call on capital and call liquidity is helping our customers. we love what we do with gdp and the organic growth. >> what about c.i.t.? >> of course, there's no comment. think about organic growth. we love it. today we're the largest gathering, more retail deposits, more core. we love that. >> it's interesting that wells fargo is the only big bank that's based here in the bay area as we're talk about the

potential for a talent andre, andre brain. what does recruitment look like right now? >> it's actually quite goochld people want to work for wells fargo. when we open up a job, we get tons of applicant. this is a great place to work and a great place to build a career. i started out as a repo person, you know, 35 years ago. my average -- our average tenure -- my report was 28 years with the company. last year we promoted 40,000 team members to new jobs with more responsibility, more compensation, and more opportunity to grow. >> one of the people you have promoted that's gotten a lot of press recently for good reason is tim sloane. >> for good reason. >> who is your coo and president, largely a successor to you when you decide you would like to step down. what is the path? what is the strategy for success at wells fargo? >> we tend to think about talent

wholist wholistically. so every year we do a bottoms-up talent. i present it to our hrc board and then with respect to tim's situation, he is a terrific leader and is now a chief operating officer. i still have three years left before i'm the able limit of 65. i'm fully engaged. i've never been so excited and it's wonderful to work with him. he's a great market. >> in nine years you've nearly doubled the market cap and the assets and maintained a pretty good reputation. >> it's a team sport. thanks for the accolade. >> thanks for being here. >> nice to be here. >> john stumpf, ceo of wells fargo. when we come back, we'll go live to paris and get the latest on that and what he said about the ongoing situation in syria. dow has come well off the highs.

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president obama holding a press conference earlier in paris. steve there live. steve, the president connecting with both issues. >> yeah, being careful, of course, because the people back home are upset when hi tries to get climate change and terror issues as one issue but he said if we don't address the climate issues now, it's going to cost us later. he also spoke with the turkish president earlier today trying to de-escalate the problems with

russia. he was also, i thought, throwing out an olive branch being noncritical of president putin and his actions in the middle east. let's listen in to what the president had to say. >> i think it's an indication that mr. putin recognizes that there's not going to be a military resolution to the situation in syria. the russians now have been there for several weeks. i think mr. putin understands that with afghanistan fresh in the memory, for him to simply get bogged down in an inconclusive and paralyzing civil conflict, is not the outcome that he's looking for. >> i thithe last think the pres wants. some of the language against putin in ukraine was more

critical. the other big issue, of course, and he was asked this in questions was about if the gop was to overturn his measures here in paris on climate as well. he was trying to isolate them, i thought, as well saying if bill gates gets it, if 180 countries get it and opposition leaders get it and the scientists, taking a look at the weather saying who is the gop leadership. i thought it was very interesting when asked about it if congress would overturn what he was try dog. he was very measures on the geopolitical situation and the climate stuff. back to you, simon. >> thainch you. steve sedgwick live in paris. straight ahead, nasdaq is the clear winner so far. so what is in store for december. our cash-in will weigh in after this break.

good morning, everyone. i'm sue herera. here is your cnbc news update at this hour. they're showing attacks in fallujah. a coalition led by the u.s. conducted 12 strikes against isis in iraq on monday. another major snowstorm hitting the upper midwest. treacherous snow-konked streets in minneapolis. minnesota state patrol

reporting nearly 47 crashes. and while world leaders meet in paris to discuss climate change, beijing continues to suffer from horrible air pollution. it's extremely high levels for several days now. visibility was cut to just several hundred yards. and egypt's pyramids going green last night in a show of solidarity with activists and politicians looking to cut emissions. you're up to date. that's the cnbc news update at this hour. back to you. >> it's an easy request if dwroimt ha you don't have to foot the bill, sue. >> i think that's very, very true. meantime auto makes are out. phil lebeau joins us now with the details.

the sales are going to peak, that's the word. are you seeing any sign of that yet? >> we're not seeing it yet but we're pretty close to the top. november sales, they were strong. when you look at the percentages, you say, wow, they're only up a few percentages. but keep in mind these are in comparison to a year ago. it's quite strong. when you take a look at nissan, ford, g.m., fiat chrysler, they're all up half a percent to 3%. maybe a smidge below in some cases and what was selling last month is the same thing that's been selling for some time. trucks and suvs. if you look at increases, jeep up 20% last month. ford trucks up 18%. nissan, trucks, suvs, crossovers, that's bigger. that's only pickups up by 4%. i want to show you this chart. we're going back looking all the way back to 2000 in terms of annual auto sales. look at the rise in 2009.

oh, by the way, the estimated sales pace, $18.2 million according to general motors. that would make the fourth quarter above $18 million and yet when you look at the major auto stocks, they really haven't done a whole lot in the last year. they're starting to get some momentum in the last couple of months but generally speaking they've been trending in this area in part because of what simon brought up, the perception that we're at the top of the market, that things aren't going to get much better. 're going to get toyota's numbers and a few others in the next couple of hours and the sales rate for thement of november a little later on this afternoon. back to you. >> do you thinkite goengs be a record year, phil? >> yes. i do think we eclipse 17 preside17.4 from a year ago. >> thank you very much. it's the first trading day of the month of december t last month of the year, of course.

joining us now, we're kicking off in december, rally mode. december is usually kind to investors, right? strong seasonal pattern? >> we must have had hundreds of people with blog sites and letters today talking about the seasonal history of december and how important it was. it's a little bit of a self-fulfilling prophesy so far. you get up to 208er 98. the other thing is that i.s.m. was disappointing. it's going to be very interesting to see if yellen and fisher give themselves some wiggle room here. >> also happening this week is mario draghi on thursday. the setup is pretty stunning. the dax up 17% in the last two

months, the iuorio coyu year eu. >> also that the dax is being led by auto. >> what ee priced in at this point? >> i would think that that would be stunning. you've had not only draghi but several other people kind of backing him up. the big problem is not knowing what to buy. they're running out of standard government bonds so they may have to move to some place else. that is where the real surprise could come. >> let me come back to the main point you're making. december is usually kind to investors. we don't usually have the first rate rise for eight years just before christmas, if that is really going to come through on december 16th. as you look out at the landscape of what people would normally do

to create a santa claus rally, how does that timetable shift? what do they have to do physically to get around the 16th and low vacuums aft volume? >> again, i want to see if she gives some wiggle room here. the market, that's where the fed fund futures are. >> 75%. >> let's stay with that. how do you think that will change for the month? >> i think it may actually follow what is almost a standard pattern. that's very early strength, first couple of days, and then go down in the middle of the month. >> the market will fall. >> get back most of that strength. and then when everybody thinks you've got to put santa's image on a milk carton, you get a rally late in the month. >> a lot being written about when you have diverging policy

paths, going back to the years in which it's happened, it's not been good. >> you know, i'm waiting to see if christine lagarde coming out and says global markets aren't stable enough to take this. everybody talks about the credit will have a credibility problem if they don't do it. what kind of credibility problem will they have and they don't do it or a negative incident follows. >> on that note, art, and you mentioned i.s.m. we were at the highs before. the last time the fed hiked was august 1985 apparently. >> yes. do you think this changes the equation at all? >> the evidence is building. if they're data dependent -- >> but isn't the recession or the problem in manufacturing that it's strong dollar on

expectations on interest rates? it's sort of a vicious psych >> but whether it ee currency related or not, if you lose your job, you lose your job. >> the issue is if you don't go now -- you can argue a lot of the industrial sectors are in recession. if they don't move now, they're locked out. >> absolutely correct. >> we'll see what jobs also shows on friday. that's going to be important. >> i think that may be less than what people are expecting. i think i have to do more research. it will not add as much as last month. >> as much as 2,000. we've got to to leash it there. >> okay. >> that's art cashin. >> coming up on cnbc, the ceo of

foursquare dennis crowley live on the big holiday spending season. we're back after this break.

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rally? welcome back to "squawk on the street." all ten s&p sectors very much in the green with health care leading the way higher. it's third best performing sector behind this consumer discretionary stocks. powering, names like aetna and universal health. it's important. they're the three biggest sectors in the s&p financials. back to you, sara.

>> don, thank you. let's get over to rick santelli, good morning, rick. >> good morning, sara. i'd like to welcome matt ridley. matt ridley has written several books. one i found fascinating "the evolution of everything: how new ideas emerge." matt, it's so obvious that the world we live in is self-organizing. it creates its own rules on the fly. maybe you can tell me some of the highlights of that dynamic and why it is that the time we live in we see more government and various groups trying to take control of what seems to be self-organizing. is that a good thing? >> well, i don't think it is because i think actually there are wonderful things going on in the world that don't need human design, don't need command and control. think of the english language,

for example. or the internet. the internet emerged. it's involved. it came out of the way people interact with each other, and it didn't need somebody to design it and to plan it. and so my argument is not that we never need government or design or control. of course, we sometimes do. but that we tend to overassume that we do. we tend to assume we need to plan things when actually we should let solutions emerge to problems. >> you know, in paris there's a lot of people meeting on the notion of climate change, and i can't help but they you're going to probably in your new book include something on climate challen change because it seems to fit in the idea of self-organizing and all of a sudden everyone wants to put their fingerprint on the change. how do you explain change in terms of what you look at in terms of society in our world? >> i think we're much to quick

to assume we understand how climate change is controlled and how we control it. what is the control mode. emissions by industrial countries to control climate change. it's not that easy. there's natural climate change, emergent properties. it's going to come from technology. not from a group of world leaders meeting and signing a treaty. that won't be able to develop how people develop their economies and energy systems so i guess merging is going to solve the problem. >> matt, in the half a minute we have left, when we see the collision of self-organizing with those who want to take control, is there anything we can do to go back to what seems to be a better process? >> i think we do have to learn to step back and let things emerge, let things evolve. we have some wonderful examples of that with free trade in the 19th century, with free markets in the second half of the 20th

century. there were things that were done that enlabled solutions to em e emerge. a lot of technology has come about without deciding what needs to be done. >> matt, thank you so much. so fascinating. i recommend our listeners and viewers take a glance at your book if they have a chance. hobbs, simon hobbs, back to you. >> thank you very much. up next, soccer popularity in this country is clearly on the rise, but will it ever compete with the likes of nba or the nfl? we'll have more after this break.

>> fans of major league soccer in this country have nearly doubled over the last ten years. this year's mls cup final is being played on sunday, and the league's 20th season will end in its first soccer specific stadium in columbus, ohio. joining us now mls commissioner. welcome back to the program, don. >> thank you for having me. >> i was trying to think of a major sport in this country that is growing as fast as you are.

>> i don't think there is. in our 20th season we've gone from or founding ten teams to 20 teams. we went from a team value of $5 million to an average value of $150 million. we went from having less than 10,000 fans a game to 21,500 fans a game. there's been enormous growth, but, you know, our best days are still ahead. demographics are in our favor. there are so many things that really are driving the growth of soccer in america. >> in many senses, obviously both teams have worked very hard to be on the pitch on sunday and somebody walks away a victor. it's arguably a local sport. any supporter could assume that their own team will make it through the playoffs, will be there at the final next year. that's very different from, say, nfl. >> well, that is really the beauty of our system. i think it's not just a beautiful system for the u.s. leagues, but compare it to the italian league or the spanish league. we want every fan in every market to believe that they have

a chance to get into the final regardless of market size regardless of capacity to spend on players. we have the portland timbers and portland cougar. they are small markets, and they'll be in a -- it will be on sunday at a4:00. this is a great statement for our league and the system that we really very much believe in. we should mention that comcast is, of course, paid near $1 billion for the english premier league for the next five years. we have to an extent an interest there. the bigger question will be whether it will be as big as nfl. you worked at ffl nfl for 16 years, no? >> i did. the nfl is a juggernaut and has 100 years of history and it really has become the true american pastime. >> we have a fan base following

our league than follow the nfl or follow the nba or major league baseball. the demographics are moving in our favor. you have globalization, which is having fans around the world that really -- >> globalization. >> it's what it's all about. >> i guess -- i guess the biggest star would be david beckham. is it correct to say you have a meeting with him on sunday about what he is trying to do in miami? we've got conflicting reports at the moment as to whether or not he is capable of buying the property to set up a stadium there. can you give us any color on what is going on at the moment? >> sure. it's very timely. i mean, david had an option to have an mls expansion team. in theory that could be our 24th mls team. he wants to do it in miami. they've been working hard for years to try to get a proper stadium location, and they're making progress there. it's really real-time. they're trying to solidify their site. we'll be meeting with their ownership group, if not in the next couple of days, certainly in the next few weeks, to try to

see if we can put a stake in the ground and hopefully finalize having david beckham and his partners be owners in our league, which we're excited about. >> to just briefly on this subject, don, what is the decision you have to make when you meet them? what is your call? >> well, you know, we need to finalize their stadium site and insure that it's a proper location. you know, soccer stadiums -- we now have 15. we'll soon have 20. columbus crew stadium was our first one in 1998. dade needs to have a great building. a place where fans can call it their own, where they can assemble and march to the match. right now they don't have that plan finalized. they will come to us and ask us possibly to approve a location as early as this weekend at our mls board meeting in columbus. if that should happen over the next few days, you know, we could at least take one step closer to finalizing a deal with him and hopefully having a team in miami. >> don, as you know, the paris stayed wrum in paris, the soccer stadium was a target of the recent terror attacks. what have you done in this country after that to improve

security? >> you know, it starts with our homeland security here in our country is very engaged with all the pro leagues to insure that every fan, every guest is going to be safe, and not just our fans, but our players and our administrators. we have stepped up our security after the terrorist attacks in paris. >> we're going to do everything we can with local authorities, regional and state authority and the department of homeland security to insure the safety of everybody associated with this cup final. >> it's a difficult judgment call in many senses. don, it's good to see you. >> great to see you. >> any idea who is going to win on sunday? >> you know, i wish i could give you a prediction there, but, you know, with all of the issues with gambling and the like, i'm going to stay far away from that one. >> my god, the plot thickens. nice to see you. >> soccer's commissioner in this country. thank you, sir. >> let's send it over to jon

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