from negative. that is grade news. a great move for it. [closing bell ringing] david: bells are ringing on wall street. a record day. the best day of the year. it is a terrific market day. there are questions what is happening in ukraine may not be over yet, not affecting traders today. they tout the market yesterday was way oversold. they were buying today, a busy market day right here on "after the bell" which starts right now. david: stocks rallying today to rebound from yesterday's losses. let's break down the action with our panel. condition croft will tell investors what entry tolook for. jamie cox, will tell us where investors may want to look to get higher returns in the u.s. equity market. dan test system from the cme.

dan we have very important numbers coming up, the crown is the jobs numbers on friday. what do you expect? >> absolutely. we look for institute of manufacturing. this is important, to the 60 to 70% of our economy is consumer driven. big question, friday we're looking for unemployment around 175,000. will we get it? i don't know of the this market seems to be ignoring bad numbers there but i'm heaping we have a good one. i think we might have one in there. overall the market is looking good. putin's move was designed primarily for show and he realized financial impact market didn't believe it and he saw what happened. sandra: dan, i'm curious of your take on inflation picture. today we saw a lot of commodity prices come down as concerns in the ukraine ease ad bit.

we have gold prices, oil prices. evening a cull ral markets going up steadily. s inflation starting to rear its ugly head? >> even before we saw commodity price moves you saw inflation coming into the numbers. it is something to worry about. of however there is caveat here. i will not worry about oil and gold. that is primary function what went on in ukraine. that will fade out. as long as it fades out it will come off. as far as rest of the foodstuffs we've had low prices. i wouldn't be surprised to see some creep in there. david: jamie, sandy brings up a great point n fact a lot of people, only people i ever had a fight with richard fisher about the dallas fed president is on inflation. he says there is none. i say it's a concern to people, particularly middle class folks but are folks discounting its significance, the significance much inflation at their own peril? >> i think so. if you're an average person you go to the grocery store, things cost more. you buy a car, it costs more.

so definitely a strain on budgets. inflation rears its ugly head in different places for different people. people that represent the consumer base of the united states, inflation is a problem, both on health care and things that they spend on everyday. i think that will be a theme for 2014. inflation is definitely acceleratings, albeit slowly. people pay attention to the wrong metrics, like the previous guest said. oil and gold, they are looking in wrong places. they need consumption side to see inflation. that is coming up in our client base. people spend more and more of their income on regular things like, you know, their energy bill and things like that. something to be concerned about for all of us. >> kent, you have a longer term approach to looking at the market. you look particularly longer-term investments. what do you see as a good place to be right now while the equity markets are skyrocketing, commodity prices are quite volatile, what do you like? >> well i think you know, valuations are still, they're not crazy especially for the

highs of a market making new highs, trading at 15 times earnings or what have you. you're still finding specific names reasonably valued with good long-term prospects like, i will bring up one i think was actually down today. maybe i put my contrarian hat on and is trading near its lows is plum creek tim before. it has millions of acrers of best in class timber type assets. buy it at its lows. it is yielding 4%. it is a growing asset class and has a lot of great growth drivers, especially long-term wit as an inflation hedge when you, if you're worried about inflation too. general motors trades at very, very reasonable valuation, less than 10 times earnings. out of government bankruptcy. good financial shape. just institute ad 3.5%, or 3.3% dividend yield. it has got sort of its best years, financially sound now.

it's a better company than it was. there is not much expected of it. so i think you can still find those deals. david: dan, i want to go back to the jobs number. we're getting to december, excuse me, february jobs numbers out on friday. what happens if those numbers are soft, how will the market react? >> it won't react favorably that's for sure but the question how long will it be down? will they attribute it weather. they will look for an excuse. if it is systemic, something chronically wrong with it, then the market might be under a little pressure. david: how do you judge that? how do you judge whether the number is systemic or not? is there particular number? if it is below 100,000 or what? >> you have to look what drove the number. we could say 100,000, or 50,000, the raw number down mean much. if it was something other than weather. it looks like companies, firms are not employing people that is problem we have to deal with. that is the type of thing i want to look for, take longer to pan

out than just the numbers. sandra: jamie, i want to look at some of your stock picks, particularly bank of america. a lot of people i've been talking to focus on the fact you can't just buy banks as a whole right now. it is more of a stock-pickers market. would you agree with that? >> well, in the bank channel definitely. i meep if you look at stock like jpmorgan, i mean it's at all-time highs really whereas bank of america, they have been embroiled with all the controversy and countrywide and merrill lynch acquisitions so people have been afraid of that stock for years. what is happening this stock, the company is trying to manage its way out of it and it is a good opportunity to buy the stock. it was $50 company before 2007 and they didn't own merrill lynch back then. something to look at looking at bank of america. federal reserve will release its capital plan results in next couple weeks. what you will find this company is in better shape than what people think. they will probably not get, people want bank of america to

be dividend paying it was a couple years ago. that will not happen quickly. for most part the fed won't let it. second reason i think bank of america will use a lot of capital to reduce the float by buying back a lot of its shares. as a investor in that company i really believe, that is really good opportunity. i liked regional banks for a long time. i think regionals are the best place to be in the banking sector because they're sort of disconnected from that sifi problem and they also are connected to real estate. if you want to own banks you can fall in the united states, bb&t, suntrust, those are great organizations to buy. you can go further down, i'm a big financial believer. i think banks are in a great place. interest rates are going to rise at some point. that will really, really base bank earnings. i think there is lot of opportunity and they're underowned. david: ken, let me get back to energy for a second because one. people are suggesting that putin pulled back a little bit in ukraine, he doesn't have the

leverage with oil and natural gas he used to. they have had a mild winter over there, unlike us over here but beyond that there is so much supply out there that demand has decreased a little bit, giving him less leverage with his oil and gas. what about the energy sector? there is no question we have a revolution going on in the united states how do we make the best of it in terms of investments? >> there's a lot of different things to think about here. one, that we have the wonderful gift of low-priced energy right now in the u.s. so. foreign companies, u.s. companies are scrambling to build plants to take advantage of it. we should benefit are that. one company from that standpoint is quantum services. david: tell us what qantas services does exactly, ken. >> it is really a dominant construction-type company that.

it builds out transmission lines for utilities and other part of the business is building pipelines across the u.s. and they're the largest in it. anybody who needs to hook up a pipeline to take advantage of the gas or get it to ports where there will be lng and get it eventually on the global market where it is higher priced. quantity at that will build these things -- quanta. that is decade long or longer type phenomenon and they should participate. sandra: dan, i want to bring you back in. i haven't been on the floor for a while and i haven't gotten the color i get from you guys so much and i'm looking at inflation and looking at dollar which i know you want. the dollar index, for example, down 6% over the past year. continues to weaken even though the fed announced this regular tapering program. why don't you think we're starting to see the greenback shore up and strengthen? >> you know, i'm a bit surprised. i guess it has to do more with, more than anything with just all

these little issues that happened, like ukraine and whatever. we're not able to gain any traction. i think over the course of the year this will be the year it will happen. as you say we have tapering going. that might end up quicker than we anticipate. if so the dollar will gain strength. by the way, we do miss you down here. david: you can't have her. we missed her when she was down here. that is why she is back here jamie, what about that? ey note with regard to currency plays, how the geopolitics moves out whether that should involve our investment strategies? >> i have a trip to europe coming up. i'm personally invested in the dollar boeing up. i -- going up. i don't that understand it. it makes no sense to moo why the dollar is decreasing -- interest rates are low on 10-year bond. that doesn't make any sense given that we're dialing back purchases from the fed.

i think is backloaded. will see it zoom up towards the summertime when data come back to what people think it should be. david: don't feel so bad. the smartest central bank presidents i talked says they don't understand why money does what it does either. if they don't get it, we don't either. sometimes it has a mind of its own. jamie and kent, good to see both of you. dan, we'll go to you as soon as s&p futures close. thank you very much. >> oil demand in the u.s. has been slowing in recent years and is the well drying up for big oil stocks? that becomes the question. is there a better way to play the energy space. david: you can answer that question, sandy. sandra: that is a great question. david: you don't want to miss that segment coming up. the president claiming battling income inequality is his primary objective. we have a guest that says ineye quality is not the issue as much as inadequacy. we're not growing hard and fast enough.

he has a way to fix it. mort zuckerman, "u.s. news & world report" chairman, joining us in an interview you don't want to miss. sandra: tell us what you think. is today's relief rally, is it justified or is there more bad news to come from ukraine? tweet us @fbnatb. your answers later this hour. of the ♪ [ male announcer ] what if a small company became big business overnight? ♪ like, really big... then expanded? ♪ or their new product tanked? ♪

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david: s&p futures closing just right about now. let's head back to dan stesich in the pits of the cme. what does it look like tomorrow, dan? >> tomorrow we went out where we left off. tomorrow pay attention to the economic data. institute of supply management. we'll get clues to the economy and possibly clues as to payroll on friday. that's what you watch. david: okay, dan ses system, cme. thanks very much. >> the tech sector bounce being back with yahoo!, facebook and microsoft all leading this rally today. david: let's head back to nicole petallides on the floor of the nyse with more details. >> david, this is such exciting sector with names on the move. let's take a look here. i can't up 3%, facebook up 2%, with microsoft a gain of 1 1/2%. there were drivers for these individual companies. for example, yahoo!, well there was a bank of america merrill lynch note out and this, they think that yahoo! could

bout perform. don't forget as everybody how this alibaba ipo could help yahoo! going forward because they have a large stake in alibaba. facebook, there were talks today they are reportedly interested in buying a solar drone company, titan aerospace. and so we'll see whether or not this comes to fruition. this is about now, expanding internet to underdeveloped nation that is don't have that. that really has been the premise of facebook and one of their goals. there is microsoft. we have a new ceo there. satya nadella and shifting things around. that was up 63 cents. david: stuart varney's stock, microsoft. i always think of stuart because of his holding in that. thanks very much, nicole, appreciate it. sandra: big oil stocks are up today with the broader stock market but crude oil falling from a five-month high on speculation that tension between ukraine and russia won't actually disrupt supplies. david: despite recent gains in oil we have someone bearish on

big oil. he says the well is running dry for major energy stocks at least in the near term. joining us jeff reeves, investorplace.com editor. jeff, cuff to see you. supply and demand on oil specifically. start with the demand side. demand is dropping. i didn't realize how much until you sent your notes. tell us about it. >> yeah. i mean it shouldn't be much of a surprise to us here in the west, energy efficiency is a focus. specifically to big oil, if you look at some of the energy sources we have, a lot of frack something for natural gas. it is cheap. it is clean. it is preferable. telling to look at oil specifically because fuel oil has been on the decline as a heating source since the 1970s. energy efficiency and mpgs in cars are more efficient. there is less demand domestically. there is still demand in emerging markets, the drop we see in the west results in not that much growth. forecast in 2014, imf increased its forecast for demand worldwide, up 1% on bullishness.

that should tell you everything you need to know. sandra: jeff, i i want to pull p the oil consumption that is right accident the united states. we were showing it while you were talking. oil consumption over the course of decades has steadily been rising. we're looking back to 1980. we're well above where we were in 1980. but this recent dip in u.s. oil consumption that has you concerned about everyday investors owning big oil companies. am i putting that correctly? >> yeah you are. next step, not just the consumption decline but margins have been really pinched because if you look at oil taken out of the ground right now, all the easy oil has been pretty much taken care of. the big project, rosneft and exxon are embarking in the arctic, that is expensive to drill deepwaterrer in the arctic to access oil. gulf of mexico, even if you don't have disasters of the deepwater horizon, the risk and intense operations required to bring that out of ground are tar sands. there aren't the margins there.

when you have this one-two punch of a drop in consumption and then the margins are also pinched too, not that i think exxon is going away. it is a $420 billion company. it has 42 billion bucks in the bank. it is not going away but important to look at the secular trends weighing on the company. david: jeff. david: given all you've described it is strange to me you're bullish on oil drillers, why, at least couple of them? >> it is more expensive to take oil out of the ground. people have to access by necessity these deepwater finds. rather than play integrated oil company like exxon and refining and downstream all that, maybe not a bad idea to go for deepwater drilling companies like sea drill and transocean that specifically focus on this area of the more importantly their dividend are huge. exxon is dividend mizeer when you look at it. yield is worse than 10-year treasury but payouts are 25% annually of total profits. you can get dividend --

david: put a fine point on it. dividend of these companies, sea brill and transocean, double that of big oil companies? >> yeah. if i recall correctly on today's pricing, five to 10% respectively for dividend on these companies. i don't think there is lot of growth there i think there is stability, not a lot of growth. if you invest in a company like this you certainly want dividend coming from that what is the point of investing in tobacco company with a 2 1/2% yield, right? sandra: jeff, i think the to be sure i think is the global picture for oil. while our demand is waning last couple years because we've gone to alternative sources, globally the iea, international energy agency i'm seeing here is boosting 2014 global oil demand picture. exxon, chevron, may i remind everybody, they're u.s.-based companies and they operate globally and their margins largely come from outside the united states and demand we see

from outside this country. >> true, a fair point. but important to note i think margins are being pinched not just from deepwater and tar sands but geopolitical unrest in places like russia and ukraine, not to mention sub-saharan africa, makes it more expensive to get oil out of the ground. margins do pinch. while china is energy hungry, if they want to go dirty and cheap go coal. there is a don't confuse emerging markets demand for energy for emerging market demand for oil. david: transocean and sea drill. remember those games, according to jeff reeves. thank you very much. >> good to be here, thanks. david: secretary of state john kerry talking tough about the crisis overukraine, well, kind of. is anyone in moscow listening? sandra: hello? david: we'll go to correspondent in the ukraine capitol of kiev to find out who is winning this high-stakes poker game. sandra: remember this hilarious radioshack commercial from the

super billion last month? it may not have been enough to turn the embattled electronics retailer around. you saw all the cam most. you saw it, david? david: yeah, i did. sandra: radioshack's latest recovery plan after this. ♪

sandra: time for a quick speed read of some of the day's other headlines, five stories, one minute of the first up, facebook in negotiations to buy drone manufacturer titan aerospace. according to reports the social

networking giant is aiming to use the drones to beam internet connections to isolated regions in developing countries. radioshack closing 1100 stores after sluggish holiday sales. sales at stores open for at least one year fell 19% in the fourth quarter due to weak customer traffic. zynga planning to launch three new games before the enof this month as part of its efforts to remake itself as a mobile gaming company. the new games are farmville ii, zynga, poker and words with friends. jack war is planning to roll out a new xe sports sedan to compete with the bmw 3 series and mercedes-benz c-class. the new jaguar is expected to arrive in europe next year and make its debut in the u.s. by 2016. intel buying smart watchmaker basis science between 100 million and $150 million according to reports. [buzzer] google, apple, microsoft and samsung were also interested in buying the company.

david. david: that's all right. intel is important to mention. remember tomorrow -- sandra: all great stories. david: tomorrow you will see the ceo of intel right here. liz has interview with him. 3:00 hour. through to 4:00 hour eastern time. markets recovered, crisis in ukraine remains tense. war of words between russia's president vladmir putin and secretary of state john kerry. he visited kiev and strongly criticized russia. sandra: with us from kiev is fox news's amy kellogg. amy? >> hi sandra, hi david. yes an awful lot of words today, and strong words from secretary of state john kerry here in kiev and president vladmir putin in moscow. it is not clear if it did anything to deescalate the situation but certainly both side got their points across very, very strongly today. what happened in morning in crimea at a military base that

russia took over the weekend was just an example of how things could easily spiral out of control under the circumstances. rue crainian soldiers were just flying to get back to their base today -- ukrainian of the russian soldiers who had taken it over warned them not to come any further or they would shoot, instead fired warning shots into the air. about president putin, it is significant, what he said today, given the first time he has spoken publicly since all of this began. he referred to the new acting president of eye crain as an illegitimate president. he said this new government is replaying some cheats with others. he complained of quote, armed masked militants marauding around kiev and blames the west for incubating these protest that is led to the overthrow of the government saying, quote, i have a feeling they sit somewhere in a lab in america over a big puddle and conduct experiments as with rats without understanding the consequences of what they are doing. now, when it comes to secretary

of state john kerry he today in kiev said he was incredibly moved by all of the memorials that are out in the main square to the 88 people who died in a terrible bloodbath two weeks ago when snipers took out many of the protesters. he says that he is incredulous that president putin denied that russian troops are surrounding all of those military facilities in crimea. putin today said they were just self-defense units. he also said, quote, the russian government would have you believe that the common, friendly streets in kiev, which i john kerry, walked around are dangerous. ignoring reality that there is no spike in courtroom, looting or political retribution since all of this began. one thing that served to deescalate the situation a bit today, david and sandra, the military exercises on the border between ukraine and russia involved 150,000 russian troops, those have wrapped up. at least that took away a little bit of the edginess in this tense region. david: amy kellogg, thank you

very much. amy reporting from kiev. really has the rhetoric of, you know the 19th, 20th century, perhaps. what stalin and hitler uses. >> thank you, amy kellogg for bringing that story to us. russian intervention in ukraine overshadowed global invests. there are some under the radar names that might surprise you. we'll have those. david: as the president focuses his attention on income inequality in america, we have someone who says the government is missing the real issue and he has a long-term solution to the problem. mort zuckerman, "u.s. news & world report" chairman, here with his fix coming next. ♪ (announcer) scottrade knows our clients trade and invest their own way. with scottrade's smart text, i can quickly understand my charts, and spend more time trading.

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david: president obama calls income inequality as the defining challenge of our time but is he taking the right steps to fight it? not according to our next guest. mort zuckerman, "u.s. news & world report" chairman and chief executive with what he wrote in the "wall street journal" thanks for coming in, mort? >> thank you for having me. david: you can have income inequality. they had it in cuba and soviet union but everybody was equally poor. if that is your goal do we necessarily want it? isn't the president shooting at the wrong target?

>> i happen to think the focus of the president and government should be on jobs, that is the real problem face this is country. affecting millions of people in this country. because we have a very weak economy. if he saw the cbo numbers that were just published just a couple of days ago, they are prowrecking a -- growth rate of 2% which is way too low to deal with our problem of inadequate jobs. david: a lot of props began with the great recession of 2008 and 2009 but the president complains about income inequality. that has grown since he has been in office. that doesn't say much more his policies to address it. >> as i say i think real issue is that we haven't created enough jobs, particularly good jobs that is the problem. we have 13 million people in this country unemployed or shall we say, just sort of, wandering around in the economy. they're giving up looking for a job. we have another 28 million people who are working in

part-time jobs. unemployment numbers or employment numbers count, those 28 million people as if they were full-time jobs. david: right. >> that goes to show how weak economy is. when you add two of them together, 40 million people have either low-paying jobs or have no jobs at all. david: specifically to your point, that jobs is the key, from 1983 to about 1990, so-called seven fat years during rage ban administration, we had 20 million new jobs in this country and look what happened to income equality. we had about the same growth in income for the bottom 20% as can he did for the top 20%. almost equal. so when you have this huge increase in job growth in the nights, because of a huge increase in the kind of job that is are available, you can have a more, a better income distribution. >> no doubt about that. that is in fact one of the real problems that this country is facing not just today, not just tomorrow, but for the last several years, okay? we had a very, very weak, very,

very moderate economic growth, not nearly enough to give the economy the kind of energy that it takes to create all the jobs. david: and why? why has growth been so slow? >> well, look, there are certain problems that the president and his administration inherited. david: we hear about that ad infinitum. >> but i think their response to it was, completely, in my judgment, inadequate and wrongly focused. david: where should it have been focused? >> it should have been focused much more on infrastructure which is huge multiplier and education which we have -- david: he wants to spend $300 billion pouring concrete. he may be, what happens you have to deal with the problems very early on. then they get deeply embedded into the economy. if you let a recession stay around for a long time, it affects what we call the animal spirit. affects confidence of people in the future so they stop investing. we're getting very low rate in the corporate investment in the economy because they have no confidence. david: i'm no rocket scientist but it is not really rocket

science. e expensive to start a business in thames of regulation and in terms of taxes you will have less business. hasn't the incredible increase in the number of regulation, whether it is through financial regulations or all the regulation that is come with obamacare, made it more difficult and more expensive for people to do business? >> yes, to some extent. i have to say i don't think that is the major issue. part of the overall issue. there is no confidence in the future economy in the sense that people are comfortable enough to make the kind of invests, start the kind of businesses. startups is most important part of our economy. that is what creates most of the jobs. if you look through, eliminated startups from the economy, we would have virtually no job creation. we don't have that confidence. david: we have a economist from the fed of chicago coming in and he will be talking specifically about that but when you look at the reagan years, when you look at this incredible 20 million jobs he specifically focused, and a lot of jobs were with new companies, apples, qualcomms, fedex was started in the '70s.

exactly what you say, new underbrush grew up after the malaise of the late '70s and early '80s that happened because mr. reagan lowered regulation tremendously, lowered tax rates tremendously, simplified the tax code. didn't have that have to do with it? >> i think that was part of but not all of it. we're in the mid after revolution, the online world. it has changed everything. between the new technologies and international trade, it has put a lot of pressure on the job market. that is not the only thing of the it is not only government that has done it. you see amount of jobs being replaced by technology today. if you think we're suffering today, it will be even greater as we go forward. that is something that is just a major innovation that is come into the economy. so it is not entirely the fault of the administration. not i think as you know i've been very critical of the administration. in my judgment not even critical enough. every time i look what they do i -- david: word from the white house they think you have been

critical enough, mort. they want you to lay off. >> i get the message. david: we have to leave it at that wonderful to see you again. mort zuckerman. thanks very much for being here. sandy? >> sandra: it has been said over and over again, small businesses are the driving force behind job creation. is that true? one fed economist says no and he test us why and where you can really find jobs in america right now. we all remember the fight for the magical ring in "lord of the rings." we'll tell you about a new high-tech ring that won't possess you but will let you control appliances. open apps, and even make payments with the flick of a finger. >> change engineering in duba, aluminum production in south africa, and the aerospace industry in the u.s.? at t. rowe price, we understand the connections of a complex, global economy. it's just one reason over 75% of our mutual funds beat their 10-year lipper average. t. rowe price. invest with confidence.

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david: steve mule len calm has become ceo of qualcomm incorporated. steve is an insider. he has been at qualcomm for about 2010 years. now it is official. he has become the ceo of qualcomm. dr. paul jacobs has become the executive chairman of the board. those two announcements just made by qualcomm. as you can see after-hours, not that much of a change. a little bit to the downside. probably unrelated. you want to know which cities are the most expensive to live in in the whole world? economist intelligence unit did a study of 131 cities. the results are in. with score of 130, singapore took the cake thanks to currency appreciation rand price inflation in the city.

cost of live anything singapore, 30% higher than in plan hat tan, right here in new york city. -- manhattan. singapore is the most expensive place in the world to buy clothes. armani suit costs two times the same price than in italy. a bottombottle of table wine is nearly doubled of the same wine in tokyo. ranking high in the list paris, france, which assumed number two spot. third most expensive city is oslo, norway. who knew. >> jobs data for the month of february, it could be released friday and has some economists already bracing for another weak report. so the question here becomes, how do we create jobs in this country, david? david: our next guest says the key may not be small business. joining us is federal reserve bank of chicago senior economist. jason, great to see you. thank you very much for being here. we talked to mort zuckerman about the issue. not so much jobs that are small that are important. they are the lifeblood in

america in many ways but new businesses coming out of the 1980 recession, in the early '80s. we had all the new business that is started up like apple, qualcomm we mentioned and fedex that started in the '70s. they really blossomed in the '80s. we're not seeing a lot of that now, are we? >> no, we're not we're not. we're seeing longer trend in decrease and i and other academics is decrease in dynamism. decline of rate of new start-ups we've had. that is part of an ongoing trend. the trend picked up starting in 2000 and new business creation has just been in the tank ever since the great recession into the recovery. david: why? >> i don't think we have a very good answer. there are definitely, there are definitely some culprits we think are big contributors. number one, just overall, perhaps hesitancy to take on new risk. starting up a new business is

risky endeavor. hesitancy in the labor mark in terms of hiring. in addition to that, i think bigger issue is the great recession in many ways with the financial crisis. our financial markets took a big hit. one of the big sources of growing jobs in a new business is access to credit. entrepeneurs really need credit to build on their new ideas. once they have a startup, they need the credit to let a successful business grow. sandra: jason when you start to say it is these young businesses, less than four years old, that would really be the job creators, regulations come to mind. obviously a big problem we continue to hear from business leaders and entrepreneurs in this country there is so much red tape it is difficult to, you know, to even have a business, let alone start a business. do you think that there should be a change in washington perhaps regulationwise to promote these jobs? >> no. the regulation issue, is a good

point and definitely lots of, lots of businesses point out regulation is one of the main barriers. and it varies quite a bit between different states and localities. some are more business-friendly than others. really bigger issue i think, at least what i have seen in, particularly research of others that i have studied entrepreneur extensively, and also anecdotal evidence i've seem, really access to credit again and again. especially entrepreneurs or potential entrepeneurs since the end of the great recession keep harping on. not so much regulation. but really making sure they have the tools they need to be risk-takers, to go out there and try to build on the new idea and hopefully create jobs from it. david: but you look at all of the programs, not only monetary programs that you guys have been involved in by keeping interest rates down to zero and qe,

et cetera, but also policies that president obama points to that he has to try to give special credits to people and make it easier for them to get credit. have these programs not worked at all? if not, why not? >> i think, i mean i think some programs are more successful than others. this is something research has shown. people looked, for example the effectiveness of industry clusters, innovation centers, so on, so forth, incubators. a lot of different approach that is localities even the federal government have tried to kind of spur innovation and entrepreneurship. and, the research has shown, these approaches really had mixed results. at the end of the day, what they found is, those have access to credit, for example, like sba loans, have been much more effective tool. some sense because they're not necessarily throwing money, at a particular location, or institution or so on in the hopes something will grow, they're actually directing funds that hopefully will be paid back

to particularly ideas and particular entrepreneurs who already shown some potential for success and success and growth. sandra: jason, i recently, believe it or not asked this question of president clinton. i saw him at function in the city. whether or not we have business-friendly environment in this country. coming from a guy deep the in numbers, senior economist for federal bank of chicago, do you see a business-friendly environment in this country right now? >> that is another good question. in terms of business-friendly there is regulatory side and i think there is a general sense of uncertainty and hesitancy that, that potential entrepreneurs or even workers looking to move from job to job might face or feel like they face in terms of kind of pulling the trigger, whether moving to another job or generating growth at their company. i think in terms of the business

climate, i've been concerned for a few years now about the hesitancy. so, one example i give in some research i've done with coauthors, looking how firms higher and -- hire and how much effort they put into the recruiting effort. if we look at recent data from john openings and labor statistics survey, we see vacancy rate, job vacancy rate, firms are posting recovered pretty well. it is still not where it was but recovered pretty well since the end of the recession but the overall hire rate is not. what that points to, firms are posting vacancies but reluctancy to fill the say cans is. there is hesitancy maybe not on regulatory side but something is holding back firms and workers, if you talk about workers quitting for another job. david: we need a supplyside jolt in this country. we haven't seen one of those in a long time. we need another one. we have to leave it, jason. thank you very much. federal reserve bank of chicago

senior economist. >> thank you for having me. david: russia playing down the threat of overall invasion of ukraine but 16,000 troops, don't forget are still on the ground in crimea. we'll tell you which global companies are most at risk as the crisis worsens. sandra: is this the high-tech future of the restaurant business? coming up we look at a way technology can transform the way you're ordering your pizza. david: wow, that is cool. ♪

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sandra: the confrontation between ukraine and russia moving financial markets around the world this week. david: when most people think about russia they think about oil and gas companies but there are a lot of other companies could take hits in all of the other companies. ashley webster is taking a look at this. ashley. >> economic turmoil, hike in interest rates and much weaker ruble spell trouble for any company that generates profits in russia. it is not just energy and resource stocks getting hurt. pepsico for instance, has billions of dollars at stake in russia. the second largest market by revenue by the way after the united states. the beverage giant's property, plants and equipment in russia, all 15% of its global assets.

atlanta-based coca-cola meantime has much smaller exposure but still russia has been an important focus for coke of the company spent a lot of money as a sponsor of winter olympics in sochi. from soft drinks to alcohol, how about carlsberg? the company already suffering from sluggish sales in russia despite having the country's number one beer. carlsberg, also the number two brewer in ukraine. the unrest caused carlsberg's stock biggest fall in more than a year. today recovered some of that stock today but not all by any means. russian banks with ukrainian exposure struggled to regain yesterday's losses. italy unicredit and also french bank societe generale has $11 billion worth of loans in russia alone -- $18 billion. archer daniels mid lan has a grain crushing plant in ukraine

and adm is the second biggest base in eastern europe. if sanctions are imposed on russia some companies could stand to benefit, among those the big potash producers, guys. david: thank you very much. ashley. see you tomorrow. >> thanks for having me. david: absolutely. >> "willis report -- because selling thfunds makes them more money. which makes you wonder. isn't at a conflict? search "proprietary mutual funds". yikes!! then go to e*trade. we've got over 8,000 mutual funds and not one of them has our name on it. we're in the business of finding the right investments for u. e*trade. less for us, more for you. the fund's prospectus contains its investment objectives, risks, chargesexpenses and other importt information and should be re and considered carefully befo investing. for a current prospectus visit www.etrade.com/mutualfunds. coach calls her a team player.

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gerri: hello, everybody, i'm gerri willis. right now on "the willis report", the new push for smartphone kill switches, stirring up much debate. will it put a stop to cell phone crime? what this means for users across the country next. and president obama unveiling a $4 trillion budget plan today. >> a road map for creating jobs, with good wages and expanding opportunity for all americans. gerri: but will a plan that involves more government spending and taxing really get anything done? also will criminals feast on atms come aprilth? find out why your identity may not be safe next time you make a cash withdrawal. we're watching out for you on "the willis report."