tv City of Tomorrow CNN October 11, 2014 11:30am-12:01pm PDT
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i'm deborah feyerick. "cnn money" starts right now with christine roman. ebola arrived in america by plane. can authorities stop it from happening again without crippling the global travel industry? i'm christine romans. this is "cnn money." stopping ebola at the gate. more aggressive screening coming to five u.s. airports. >> we're able to target these measures specifically to individuals who are traveling from these three countries. >> reporter: but as the first case diagnosed on u.s. soil becomes america's first ebola death more calls to ban flights from diseased-ravaged african nations. >> we stop travel to the united states. >> reporter: america's public health machines insists lockdown is not the answer. >> that isolates the countries to the point where it makes it very difficult for them to control the epidemic. >> reporter: but european
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airlines are canceling flights to west african countries. the u.s. government says it is protecting the flying public but there are no guarantees. >> whatever we do can't get the risk to zero here. >> reporter: ebola fears are growing. could they ground global travel? ma mary, so nice to see you today. five airports now implementing new screening measures for passengers arriving from west africa. they are taking their temperature. they're asking more questions. is that enough or does the u.s. need to start banning flights? >> well, it's not going to be enough in the long run. for now there are about 150 people a day coming to the united states from those three countries and this is with free, you know, an open travel. but, remember, there are about a billion passengers in the united states a year. almost a billion, not quite. so this is a very small
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percentage, but we've seen from two crises in the past the affect the concern has not the travel ban but the worry about it. remember september 11, 2001, crippled the economy because people would not travel and then the sars crisis, they say it was a $40 billion loss and it's very difficult for the airlines because they are now in their 15th consecutive quarter of profitable work. >> right. >> this will have an effect whether or not they do this. so the screening will help. they will have a lot of false positives which will increase the fear which is why simply banning these 150 travelers per day might
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hit this week u.s. airline shares have been sliding for weeks now. how badly is ebola going to hurt the travel industry? >> we just don't know at this moment and that's the unknown. it's the same issue for the travel industry that it is for the general economy. you have a worse case scenario, the world bank put world case scenario at losses globally at
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$32 billion in the immediate future and you have a lower -- a smaller, narrow case scenario where it's $9 billion and it's the same for the travel industry. >> you talked about the world bank. the world bank talked about aversion behavior, meaning close inge borders and stopping air routes and all of that makes it worse and makes it very hard on africa. >> oh, yes. and that's exactly the point that they keep saying at the world bank and the imf and the world tourism organization. they keep telling people at the airlines don't cancel routes. they tell countries, don't close borders. they tell people keep traveling, the chances of you catching this are very small. the biggest fear is that somebody who contracts ebola decides their best hope is to get as far away from west africa as possible. get on a plane, go to europe. come to the united states for treatment.
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in that scenario you do see airlines being ultracautious. you see a slowdown in economies and long term, christine, when the world bank president says africa's facing a catastrophe, you have to take him seariously. >> yes, indeed. you certainly do. richard quest, thank you so much. thank you so much for your expertise on this, richard. all right, if you check your 401(k) every day, you might be feeling a little queasy. a sleepy summer has given way to a volatile fall in the stock market. what is going on and what you should do about it next. and get a new iphone free at verizon. did you say something, paul? huh? no. can i route our trip? i love our trips. oh, me too. but no i'm good i know where i'm headed. how about music? nah i don't really feel like- ♪ just the two of us ♪ we can make it if we-- what a fun drive. we always have so much fun. remember that one time we- okay. sure you loved your old iphone. but you'll love your free new iphone
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i take prilosec otc each morning for my frequent heartburn. because it gives me... zero heartburn! prilosec otc. the number 1 doctor-recommended frequent heartburn medicine for 9 straight years. one pill each morning. 24 hours. zero heartburn. volatility anyone, we haven't seen swings this wild in the stock market for 2 1/2 years that leads our cnnmoney top four this week. our panel is here. guys, so much for complacency. a few months ago the federal reserve was worried investors were so calm they might be
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taking on too much risk and suddenly that calm, tranquil, steady stock market giving everyone whiplash. raise your hand, raise your hand, if you think this market is due for a 10% correction. >> totally. >> i know. and here's what's crazy to me is that so many people are surprised by it. paul, there's a lot of rorns why the stock market should fall. >> we haven't had a correction in three years. that's an abnormally long amount of time without going through a 10% pullback and we're only 4% off the highs and these are all-time highs, not 52-week highs. this is the best that stocks have ever been at. people shouldn't really be freaking out. remember how great things were last year a 4% pullback and people are crying and running for the hills, come on. >> let's talk about the macroreasons they are pulling back. europe is slowing. china is not doing so great. you know? >> that's exactly it. you have all of these elements that have kind of been out there for a while now but now what is getting a lot of attention is china the next financial bubble, right? that's because the chinese -- the chinese economy is a great
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contributor to global economic growth. >> right. >> and they've been pumping trillions of dollars to support that growth. now people are asking, how long can that continue. >> and if it's not china, it's europe and let's look at the numbers in germany and the imf saying germany needs to spend more and do what obama did, public investment, no matter what obama did here it's companies exposed to the other worries where the real fear is in europe. >> women underrepresented in tech. they are paid less in virtually every industry. they shouldn't ask for a raise. they should wait for karma to kick in. >> it's not really about asking for the raise but knowing and having faith that the system will actually give you the right raises as you go along. and that i think might be one of the additional superpowers that quite frankly women who don't ask for a raise have because that's good karma. it will come back. >> those unbelievable comments this week from microsoft's new
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ceo at a women's tech conference. okay, so he walked it back. he later tweeted he was inarticulate and that tech needs to close the gender pay gap. he is going to be on the top ten list of dumb things to say about women in business for a very long time until nine other people say dumber things. christina, can he walk it back? >> this is not about poor word choice. you do not say that women shouldn't ask for a raise and they should just trust the system if you truly don't believe that you wouldn't have said something like that. and i haven't seen anything from him to indicate that there's a real clear explanation that he fumbled in some sort of way. >> this is not just dumb advice for women, it's wrong advice for women and for men. nobody in business thinks you should just sit back and let it happen to you. everybody knows you have to lean in no matter what your jenlder is. >> when a boss tells you to trust the system that's the last thing you should be doing! >> people around him are saying he trusts that women step back
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or step aside for child rearing and they go sideways on the jungle gym and not up the ladder. that doesn't work. the philosophy doesn't work. >> it would be one thing if he said it about all microsoft employees but he said it explicitly about women and it is perpetuate the stereotype that women being bossy are not go getters but men are. >> women should do it in a different way than men do. wait a minute, why is it that i have to speak differently because i'm a woman asking the same person for a raise? >> this is a tech ceo. the tech industry has faced so much heat for the fact that it does not treat women equally. this couldn't have been a worse person to say this kind of thing, right? because wall street has even adjusted its practices and the way it treats women. and tech is taking on a lot of the heat. now you have a tech ceo basically affirming everybody's fear. >> the people trying to roll him out to public the new ceo of a
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company that was led by, you know, legendary steve balmer and then on his first big appearance he makes this gaffe. >> it's really i think just -- people are going to be looking fondly back at balmer and -- >> i know. >> he wasn't offending half of america's population he was just crazy. >> the people close to him are saying, look, he's a guy that does not see gender differences at the very top. but i think what we're talking about is not the very top. not the rarefied air if you didn't ask the whole raise the whole time by the time you get to marissa myers level, but that's not fair. >> you don't think he's negotiating his own salary. you have comedians like sarah silverman calling it the vagina tax. it's not about the tax. it's about the mentality that we have. the sociology behind all the differences between men and women. >> karma will not close the gap. women ask for a raise. men ask for a raise, too. but women need some more help with the raise because 77 cents to the dollar is not fair.
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speaking of asking for a raise talk about not being shy. a wells fargo employee reportedly e-mailed the bank ceo to ask for a raise and he copied 200,000 fellow workers. he says wells fargo should use its profit and give everyone a $10,000 raise to show big corporations have a heart. that's leaning in, paul. >> yeah, question. >> and cc'ing the whole company. >> it's a ballsy move if i may say that and he think his job may be safe and good for him he's pointing out what everyone i think that is a middle-class american knows that there is this income inequality out there. how much is john stump making compared to everyone tell me? >> 433 times the median salary at this bank, at wells fargo. >> i think this guy realizes he doesn't have that much to lose. >> good point. >> that's where people are right now that they feel comfortable making this kind of bold move and you don't want people not invested in the system. >> if he got fired we would be
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talking about him next week on the show. >> his supervisors have said his job is safe. >> i hope they take a really good hard look at that because there's a public relations angle to it great profit and stock buybacks and workers who say they can't live on what they are making. no self-driving car from tesla yet, elon musk unveiled the model-d last night. he raised the speculation about whether "d" stood for driverless. it doesn't. but tesla "d" has all-wheel drive. it's so fast it has an insane mode and it has some self-driving features like automatic lane changing. it's pretty cool technology. >> no, it's not actually. at least the ones that i tested, it wasn't completely autopilot, it had features. >> why? >> it's the scariest thing i have done in my life. we almost hit a car. the cameraman from cnn behind me. it's not a tesla nor have i test driven this one and i won't test drive others for a very long time because it was so scary. >> thanks, guys.
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and what you save can be used for speed. for efficiency. or just for fun. this is the human element at work. dow. video games have moved from the couch to the stadium. the e-sports industry is growing and gamers have sponsors devoted fans and they've got big paydays. laurie siegel reports. >> reporter: meet holt, stardom, photo shoots and sponsors.
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he makes six figures a year doing what many kids would dream of. he's south korean but has a u.s. visa for american athletes. his sport? star craft ii. he's a professional video game player. >> you look more muscular in the photo. >> reporter: this year he's competing in washington, d.c., eight gamers fighting for a top prize of 20 grand. he's a champion in the growing world of e-sports. he practices six to eight hours a day for competitions like this one. >> it's really glorious for players to play on the stage because not many players can have that chance. >> reporter: as the video game industry explodes, live video game tournaments are selling out theaters. even stadiums. the number of live tournaments has increased from 9,000 just
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three years ago to more than 47,000 this year. and a small group gets paid annual salaries to practice and compete in tournaments with big prize money. we're talking millions. star craft ii is a real-time strategy game. players react to each other's rising armies. none of the superstars in this game are american but polt lives in the states. >> i've been called captain wrecker. captain wrecker is my favorite hero. >> reporter: when played in front of thousands of live fans, not to mention millions watching online, the game is almost performance art. lights on, cameras rolling and polt's army suffers a defeat but he rallies to win his next match and comes in third. >> congratulations to roinle. another top three finish this year. >> reporter: he walks away with six grand. into a line of devoted fans
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waiting for autographs. >> i guess that's just another day at the office for them, right? coming up, the world's richest man thinks you are working too much. why carlos slim says a three-day workweek is coming. ♪ [ male announcer ] when you see everyone in america almost every day, you notice a few things. like the fact that you're pretty attached to these. ok, really attached. and that's alright. because we'll text you when your package is on the way. we're even expanding sunday package delivery. yes, sunday. at the u.s. postal service, our priority is...was... and always will be...you. so ally bank really has no hidden fethat's right. accounts? it's just that i'm worried about you know "hidden things..." ok, why's that? no hidden fees, from the bank where no branches equals great rates.
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hhe's psyched. ready for the knockout? you don't know "aarp." he's staying in shape by keeping his brain healthy and focused with aarp's staying sharp. with online mind sharpening exercises developed by the top minds in brain science. and exercise and stress reduction tips that can impact brain health. so he's ready for the real possibilities ahead. if you don't think top of my game when you think aarp, then you don't know "aarp". find more surprisng possibilities and get to know us at aarp.org/possibilities.
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employees take time off whenever they want and then there's carlos slim the richest man in the world thinks you should have a four-day weekend every week. and he just told me it's a matter of time. >> i'm sure it will happen. >> you think so? >> yes, i am. i think it will happen. i don't know when. but i believe that people shall work like it has been during the development of technology. the increase of productivity, there's another way. i think we shall work, the people shall work three days. >> three days? >> maybe 11 hours. but not 60 or 65, you retire at 75. i think machines will work 24 hours. will work as much as possible. everything should work more. but you should have more time for you during all your life not when you are 65 and you retire but since you are in the market
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force you will have more time for entertainment, for family, for quality of your life, and also to train, to find a better job. and if not you will have a lot of possibilities for that. and you will make stronger, the economy stronger, the markets stronger, everything. >> are you worried about valuations in markets, tech in particular? >> well, the interest rate is so low. >> i know. >> and moved from not having negative reviews to other investments and sometimes they make had the prices to be beyond what they should be. >> does it feel like that now? >> well, always when you have low interest rates the prices of the other assets -- >> money goes somewhere. >> somewhere. and that's what is happening. but what is clear is that this low interest rate is a big opportunity for investment. but the issue is that this money
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shall go for real economy not to the financial economy. and it is going mainly to the financial economy. but it will take part into the real tomorrow marks the beginning of a remarkable journey never seen before on cnn. 13 of our networks hosted anchors including me took an emotional trip across several continents to discover our family histories.
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be sure to check out "roots." our journey home is happening next week. here's a preview. >> it's going to be a journey of surprises. ♪ i can't tell where the journey will end but i know where to start ♪ >> the story of how they came to be. >> i had a great, great, great grandfather come over to paraguay around the 1850s. >> my grand parents died here. >> the story of their ancestors. >> this is where my great grandmother was given up for adoption. >> their history. >> the records go back 40 generations. ♪ didn't know i was lost >> when we found out that there's people here related to us that's when it felt real to me. >> and now they share those stories with you. >> it's like going back in time. >> my colonial ancestors were on the wrong side. >> it's like going home.
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>> as they trace their roots all next week starting sunday on cnn. turning the cameras on ourselves for once. thanks for watching cnn money, we're here every saturday at 2:00 p.m. eastern so set your dvr. have a great weekend, everybody. good afternoon. you are in the cnn newsroom. i'm ana cabrera. thank you so much for joining us. witnesses say at least three bombs went off today in baghdad. dozens of people are reportedly dead or injured and we're working our sources there in baghdad for more details. in the meantime we do know cnn teams are on the outskirts of the city say iraqi forces have beefed up their defenses in light of isis attacks on the capital. so far isis militants have not made it inside baghdad in significant numbers. but elsewhere in iraq, just west of baghdad, leaders there want u.s. troops, boots on the ground, and they want them immediately. theires
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