tv MONEY With Melissa Francis FOX Business April 9, 2014 2:00pm-3:01pm EDT
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you hear all about. charlie gasparino just walked in the door. he will have everything on that. >> >> speaking of being afraid, massive security flaw that is taking over the internet. talking google, amazon, i can't ha, facebook and hackers being able to access everything. 100,000 doll lemon. attorney going after tesla. even when they say it is not it is always about money. breaking news from the federal reserve. let's grow to peter barnes in washington with that. peter. >> melissa, the fed actually held two meetings in march to discuss changing its so guard forward guidance it might begin to raise short-term interest rates. the federal fund rate. the minutes show that in addition to their regular meeting in mid-march, fed members held a videoconference meeting on this issue on march fourth. the minutes show a lot of debate what the fed should do next on forward guidance. some of the doves wanted to keep
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quantitative easing guidelines numbers in the policy statement and signal a commitment to low interest rates if the fed did not hit its unemployment or inflation target. quote, one participant favored retaining the existing threshold language on the ground that removing it before the unemployment rate reached 6.5% could be misinterpreted. another participant favored introducing new quantitative thresholds including five 1/2% one for the unemployment rate. and a few participants proposed adding new language all together on the rate guidance in case the fed ran below its 2% longer-run inflation target. fed members as you know, voted to drop these quantitative guidelines in favor of more qualitative, general descriptions of economic performance that could trigger increasing rates. melissa? melissa: peter barnes, thanks so of. coming out of the shadows, goldman sachs is considering shuts down one of its largest
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private stock trading ventures where trade something anonymous. is goldman afraid the big bad michael lewis. charlie gasparino, james freeman from the "wall street journal" and jonathan hoenig. charlie, they tried to give you run around on this. >> this is why i don't trust anybody on wall street, particularly goldman sachs. melissa: anyone on wall street. this is why. >> they told me they didn't need bailout but took 100 cents on dollar from aig. doesn't short the market up to the housing crisis. which we know they did. lo and behold i asked david wells, used to be a journalist. i said, david i understand you may close down your dark pool? this is three days best michael lewis book came not. melissa: dark pool is a way to trade without transparency. not like trading at the exchange. >> listen, let's be a little more clear about this. in 2005 the securities & exchange commission changed the laws involving exchanges. it instead of two exchanges,
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new york stock exchange and nasdaq, they said anybody with a computer and a brain -- melissa: can match people together and create an exchange. >> and you have all these other changes. they're known derisively as dark pools because they're less transparent to the new york stock exchange. melissa: how is this connected to the new york stock exchange. >> what they do, dark pool is rough nail, but what allow people to avoid the problem michael lewis writes b it avoids front run, it means a hedge fund and mutual fund and go into dark pool and transact -- >> michael lewis, i think he is full of you know what. i've read the book. i think, i don't think, listen a great read. just duplicitous. you have to know a little bit about the market and figure it out. what michael lewis would say if he was here, you can use the dark pools, an algorithm could figure out if you trade in one dark pool what you might do in the other dark pool and front-run that order. that does happen. the question is, is that, is that really bad? does it mean that much.
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melissa: jonathan hoenig, you want to get in here? >> i'm sorry a to see that goldman sachs is thinking about closing their dark pool, melissa. that is trading venue. you know what, trade is good. no matter where it is. whether anonymous or not anonymous or dark pool or electronic message board. whether on an exchange. those type of trades made the market more efficient since they have begun. look at spreads on large cap stock before dark pools and high frequency trading. it was 15 or 25 cents. it is penny or less. >> i think jonathan is half right. i don't think he gets whole notion what the markets have become since 2005 and 2007. >> more efficient, charlie. >> i agree with you on the, with the notion that you know, the electronic trading and high frequency trading has helped reduce commissions and spreads. that is good for liquidity in the market. here's the problem, when there were two exchange we didn't have "flash crashes." >> i predict they won't close
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the dark pool. >> we had real crashes, charlie. we had real crashes not two in one day. melissa: go ahead, jonathan. finish your point and we're done. >> melissa, to suggest somehow dark pools and high frequency traders are wild west of unregulated stocks exchanges, stock exchanges are one of the most highly regulated. >> no, dark pools are not highly regulated. >> every element is highly regulated. melissa: we'll get into a fight later. i want to draw your attention back to the markets. stocks are extending gain after fomc meeting minutes are released. right now oil prices are pumping higher for a second day. let's head to james romelli at chicago mercantile exchange. why is oil rocketing higher today? >> we're seeing oil break through some key resistance levels at 101 and trading highest level in a month. reason behind this is elevating tensions in the ukraine. the u.s. is blaming moscow for protesting east ukraine. we're seeing a bit of a fear
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premium built into oil prices. recent highs past few months are 105. seems like crude could test the high if these tensions continue to persist. traders need to be careful getting long at this level, all of the risk in oil is tied to headlines. melissa: we had problems with cme with open outcry yesterday. how did that get resolved and what is going on now. >> cme had the halt -- melissa: electronic. the problems were electronic trading, not open outcry, pardon me, go ahead. >> yes they had a halt in electronic trading platform across two dozen different contracts. luckily for the cme it wasn't in any of more popular interest rate and equity index future contracts. most of it was commodities and more obscure weather derivatives. this is bad timing for cme. investors don't seem to care. the stock closed higher. with electronic markets coming under more and more scrutiny in the past month with release of michael lewis's book, this is not good for the cme or for the
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industry. as these things keep happening, we had several incidents last year just like this it will raise questions how safe and secure these institutions and exchanges are. melissa: james, thanks so much. i want to point out to everybody that we are seeing stocks really move higher. we showed you the board before james came on. we're up 121 points on the dow. traders really liking the data or minutes from the fomc. >> high frequency trading? melissa: charlie is still here spouting off next to me. look at that move in the dow. >> that is high frequency trading, i guaranty it. melissa: that's right. nasdaq up 1.2%. all right. 6th graderses straight up schooling college business students on the stocks market. their secrets are revealed. plus what your mother's line of work means for your future around your paycheck. our favorite princeton mom is back to weigh in on this one. more "money" coming up. ♪ se asked people a simple question:
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melissa: markets jumping on the release of the fed minutes. we've seen in past 10 minutes or so. dow is is up, triple-digit gain, up 134 points. nasdaq up 1.3%. basically the minutes they released said they had a conference call early ahead of time and talked about the fact that they have dropped their targets. makes it feel like money printing will continue forever. that is why you see traders here rejoicing. more bad news for automakers today. nicole petallides is here with the latest on that one. >> we're looking at both volkswagen and also toyota motor. we're talking about recalls, during very obviously tough time we've been focusing on general motors which is obviously receiving some fines because they are not giving up their news fast enough pertaining to their issues. this is toyota motor announcing five recalls. that will equate about the 6.4 million automobiles worldwide. it include the after 4, the corolla, the highlander. it talks mostly about the fact they're having to do this,
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they're being more proactive. don't forget, we all remember the unintended acceleration issues that toyota motor had back in the day. they just finished paying 1.2 about dollars criminal penalty to settle that because they continued to produce those cars without even knowing that there were issues. so i think a lot of the automakers, melissa, are really under scrutiny with the safety regulators. back to you. melissa: nicole, did a cheer bo off on the floor when the fed were released? you were right there. >> we did. market is running on the fed minutes. and i chatted with arthur cashin from ubs he said, market is running up, accommodative fed. higher rates will come later. the bond market is reacting. bond market is 2.69%, melissa. you see it right under 2.7%. back to you. melissa: nicole, thank you so much. if your mom or daughter is staying out of the workforce might be the best thing you can do for their financial future. i know. a new study by the pew research
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center, daughters of stay-at-home moms grow up to have higher household incomes than their peers and that is because they tend to pick wealthier spouses. let that marinate for a second. here to break it down, charlie gasparino and james freeman are back. and the princeton mom herself, susan patton. she is the author of "mary smart." no coincidence there. i want to say out of the gate we're bound to offend everyone with this conversation. no way to do it. i apologize ahead of time. i thought this was staggering the research they found. so if they didn't work, their parents didn't work, mom didn't work, daughter had higher income. >> didn't work outside of the home. melissa: see, look, i already did it. >> you are politically correct. melissa: i'm growing to shut up. you guys go ahead. >> can't even call them what they are, they are stay-at-home moms. call them that. embrace that we don't have to say, come on. melissa: let your daughters
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picking their richer husbands? >> let's be clear to we're not -- melissa: i wantcan't wait for charlie to clarify this. >> everybody thinks we're on a ivy tower. some moms like my mom, my wife's mom, didn't have a choice. they had to work. no offense -- melissa: do you think this is rich person problem? >> very much is. you know what is good about watching my mom work and my dad worked two jobs, i learned to work hard. by the way, i did get good. my wife has mba from nyu. we live a decent wife. melissa: charlie gasparino, the feminist. >> i'm just saying -- melissa: feminist. >> this is not about feminism. my mom had to work. my father didn't make enough money. we needed to pay the rent. same with my wife's family. this is rich person's problem. melissa: that is good point. >> i don't think it is a rich person's problem. melissa: i think they married rich guys, probably surrounded them. >> my mother didn't work. my father worked in a grocery store. there was no affluence in my
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family. >> did he own the grocery store. >> it was a tiny little -- >> he owned the -- >> in the bronx where i grew up, charlie. it was the bronx. >> i grew up in brooklyn heights new york. >> owned a tiny little dairy on kings bridge road. >> but he owned it? >> yes he did. >> i'm not saying that is -- melissa: hang on. let mere make her point. >> my mother didn't work. neither of my parents even finished high school. >> okay. >> but i grew up thinking you know what? , one i certainly want to earn a few bucks because i want to live bigger and better than this. >> your dad -- melissa: hang on. >> it is critical. >> your dad could afford your mom not working. let's be clear. >> no, no that is not correct. that is not correct. >> want everybody to make the choice, right? >> i have no problem with that. >> charlie is saying his parents don't have a choice. you also make a choice to different live differently if you only have one income. you make a choice to live differently. >> housing project, versus the crappy little house we grew up
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in. >> crappy little house -- >> that is better choice. melissa: let james freeman have one word here. i hope it's a good one. >> everyone can agree the government shouldn't tell people you have to stay at home or ought to go to the work place. >> they are not. >> they are telling you that with the tax code. basically you get a child care tax credit if you go to work and someone else takes care of the kids but i don't if you're, if the mom or dad is at home. >> i agree. melissa: why are you more likely to choose a husband who makes more money. >> i couldn't tell you that. melissa: come on. that is what the discussion is about. >> i thought the discussion was about how what we've seen is this increase in stay-at-home moms and why is it happening? the good news -- >> doesn't that defy logic. if you're poor you want to mary marry poor person, another poor person? melissa: i don't understand that. >> just because your mom stays at home and you have enough money, how does that determine that you want to marry a rich guy? melissa: it is statistical.
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this is exactly what the study is saying and we're trying to figure it out. >> why would you want to marry somebody with a lot of money if your parents work? melissa: trying to figure out why it is happening. >> maybe if you grew up in a household where the mother din work, maybe, if you saw your own mother, having the time and having the nextability to stay home with you, maybe you think to yourself as a woman, maybe you think to yourself as a woman i also would like to have the wherewithal in terms of my household income to allow me to be home with my children which means i have two -- melissa: continue this on another day. i will leave it there. out with the trash. painting worth tens of millions disappears in auction in hong kong. police are searching a landfill? seriously? plus we're back with too cool for school. you won't believe how brainy college students are being completely schooled by sixth graders when it comes to all things investment. do you ever have too much money? ♪ ♪
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♪ [ male announcer ] you're watching one of the biggest financial services cpanies in the country at work. hey. thanks for coming over. hey. [ male annouer ] how did it come to be? yours? ah. not anymore. it's a very short story. come on in. [ male announcer ] by meeting you more than halfway. it's how edward jones makesense of investing.
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melissa: from the u.s. to every corner of the globe money is flying around the world starting with greece which is returning to the bond market for the first time in four years. officials there confirmed today that it will soon be launching nearly $3 billion worth of five-year debt of the yield on greek bond today fell below 6% for the first time since 2010. over to hong kong where police are searching through landfills to find a lost painting worth nearly $4 million. an expensive art piece called, snowy mountain, was sold at auction at a grand hyatt hotel
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in the city on monday. cleaners came in after the event and accidentally threw the piece away in the garbage. does it look like garbage to you? landing in italy where former prime minister silvio berlusconi may be about to serve a one-year sentence to tax fraud by working in a old folks home. italian officials think the 77-year-old could be more use by doing good for his fellow senior citizens and could even see his time reduced to nine months if he is on good behavior. i guess that means all those parties are out for him. couldn't help it. all right time for another edition of too cool for school. this same sixth grade style. fargo math teacher, dave carlson wanted to teach his students a little something about investing. he set up a friendly competition between his classes. turns out his sixth graders were schooling college students in a similar competition. they blew away the winning university. dave karlsson and sixth grade investor superstar jake long,
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join me now. wow, so this is, one of the winning guys right here? we love it. everyone has been talking about this story. dave, were you surprised by how they did? >> well, you know, it was kind of surprised. i was kind of surprised they didn't want to change all the time. they didn't want to change their companies and they just stuck with it. we weren't following colleges at all. we were competing against our own class. we didn't realize when we were up 20%, that that was really good. we thought it was, we were doing well but didn't really understand how well we were really doing so. melissa: it is amazing. you chose a platform called motif and locked in your trades. like you were saying you didn't allow them to change their stocks which is one of the reasons why they did better because they weren't able to be impulsive. and they were allowed to change later on and they chose not to. jake, let me ask you what was your favorite pick and how did you decide which stocks were like?
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>> i thought facebook was our top supporter because, it was up about 225% and it was taking us all the way. how we defined, we went on to google and kind of searched and google is my stock and we looked and we just picked on in may. melissa: wow. dave, i understand though they did fall into one of the traps that a lot of investors do, where you pick the things that you like and they may or may not be the most profitable companies. for example, netflix. >> right. melissa: it was one of the ones that didn't work out necessarily so great. what did you say to them about that? >> i think sometimes the best learning opportunities to learn is when you don't do well and what you do with that. netflix was doing very well. for the year we could look at the on the screen through motif investing we look at year screen
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and they were up like 90 something percent. it decided to fall off. we had 16% of our investments in netflix. then we gave them the opportunity to just rebalance which meant, we could just take some of that percentage away from that and put it into our other companies that were maybe doing better. so we did give them that opportunity to change. melissa: jake, what do you think about a career on wall street when you grow up? is that what you want to do? >> i was looking toward entrepreneur but, it was, i don't even know what wall street is to be honest with you. melissa: perfect. that is why you're such a good investor. that is why you did so well. you don't even know what wall street is. that is the way to pick stocks, my friend. congratulations to you. always great to have kids out there learning about math and science. great way to get them interested. thanks to both of you for coming on. >> you bet. , thank you very much. >> thank you. melissa: update, behold the future of travel. a team in switzerland are planning the first around the
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world flight with a solar powered plane next year. today they unveiled the newest version of their very special aircraft. the solar impulse ii is even more equipped to fly between continents through the night. it has 7,000 solar cells across the wing which soak and store up energy from the sun. the wings are longer than a jumbo jet but weighs as much as a large car. their world trip next year is expected to take 20 days. san francisco turned upside down. the car tipping trend getting out of control. what you need to know about a terrifying security flaw taking over the internet. we're talking g mail, facebook, everything is at risk right now. it's crazy. i can't wait to hear from you on this one. tweet me, melissaafrancis. "piles of money" coming up. ♪
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regarding the fed statement, jason weisberg at the new york stock exchange. it is all about dropping those targets and making it seem they will keep the money coming. >> yes, they have proven they are adaptive to what they will do. telegraph what they will do and stay the course and they believe the weather had an actual impact on the jobs and overall economy. melissa: sounds like you are doubtful. >> i am not but you hear a lot of news that people don't want to hear the story but it is a good story but because you are board does not mean it is not true. prior to the fed minutes i was looking at the social media stocks rebound the and biotech stocks rebounding, when the fed
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minutes came out that superseded anything else. now we will wait and focus on earnings. melissa: is a powerful enough? we saw real loss of confidence and momentum through the weekend and the beginning of the week. we stabilize a little bit. does this put all that in the rearview mirror? >> not sure it puts that in the rearview mirror. a lot of frost was taken out of these very inflated sectors, biotech and momentum name is certainly on the fringes of the technology sector. i don't want to say was a case of the baby thrown out with the bathwater but some of that money was shifting into more traditional stocks, large cap stocks. and it is okay if people like taking money off the table and reinvesting back into the equity market. taking the entirely out of the equity market that is a cause for concern. melissa: thank you so much.
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a massive security fraud putting internet traffic at risk. the bug is called heart bleed and it is enabling attackers to gain access to data stored from years ago. let's break it down with jo lin king and and mark have for a strategic wealth partners. tell me how this works exactly. pardon my throat. >> basically there is a vulnerability as the signals came back and forth. your personal information can be at stake, we are talking credit card numbers, personal information, all kinds of things. melissa: the things they couldn't curb your information and data they have broken into that. >> the most important thing at stake is the secret key. that is vulnerable alongside credit card number and social security information and so even if they have that information sometimes they can't, a hacker could get through. they can impersonate you. melissa: this is a big deal. >> it is, it is a huge deal.
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i know tech guru but as a financial adviser one of our primary goals is to watch out for the well-being of our clients and the big issue is potentially identity theft. when you look at identity theft, consumer's cost can be enormous. talking about potentially losing hundreds of thousands, millions of dollars and devastating someone's financial plan. melissa: alan to bring in samantha murphy. the scope of this seems to be beyond what we have seen before. >> sort of a different level and a lot of people are worried what exactly they should be doing and the main take away, not much they can do. they have to wait for the internet companies to upgrade the software before they can change passwords. melissa: it knows your new password. >> some companies have coming
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and upgraded cubit and yahoo! and flicker and tumbler under the umbrella but we are still waiting to hear what other sites have been affected or the vulnerability and we can change the password. melissa: nothing we can do can be safer on the internet, your identity is going to get stolen. people watching this throw up their hands and say what can i do? >> we're talking taxpayers, canadian version of the irs recently its shutdown there defiling and we heard the irs hearing in the u.s. -- would you do that with your taxes in spite of everything going on? >> pitt don't do anything from a couple of these. >> what does that mean don't do anything for the next couple
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days, buying more shoes? >> you probably shouldn't. unfortunately one of the issues a lot of people have is we may have a lot ins and passwords from 20 different websites and nobody really has the ability to remember 20 different unique password so we tend to use the same user name, the same password over and over again and as you mentioned i don't know if they are vulnerable or not but if they are and somebody has access to that log in and pass words they might use that one of your financial institutions for one of the other places that hold confidential information. melissa: thanks to all three of you. life throws you lemons you might get a tesla. that is what one wisconsin lawyer is saying, taking them to court over problematic models, exclusive interview coming the. at the end of the day it is all about money.
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business selling it to nearly $3 billion in cash. that includes brands like -- they already own various pet brands like category. and washington to approve time warner cable. representatives from both companies are putting cases before the senate's today and to convince lawmakers their deal will be good for consumers. that is the latest from the fox business network giving you the power to prosper. (dad) well, we've been thinking about it and we're just not sure.
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(agent) i understand. (dad) we've never sold a house before. (agent) i'll walk you guys through every step. (dad) so if we sell, do you think we can swing it? (agent) i have the numbers right here and based on the comps that i've found, the timing is perfect. ...there's a lot of buyers for a house like yours. (dad) that's good to know.
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(mom) i'm so excited. melissa: whether on wall street and main street who's making money today? anyone with a piece of caesar's entertainment, despite a credit downgrade s&p. the company's capital structure was unsustainable. investors not losing face, talking 10%. gary loveman pocketing extra cash, a round 360,000 shares meaning he is making more than $600,000. must be nice. all to make you money. anyone who invests in art, art sales across the world topped a whopping $64 billion last year. that is a record amount. 84% increase from the year before. more than $20 billion came from
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the u.s.. speaking of sotheby's you know who else is making money? the former owner of this fifteenth century chicken cup from china. just three inches wide. wait for it, $36 million. and features a rooster alongside. $36 million. elon musk is not going to be happy with this one, to as low finding itself in the cross hairs claiming the electric wonder, is nothing more than a lemon. a disgruntled model-s owner is demanding a refund the implications go way beyond that. the first true test of tesla at direct sales, attorney vince magnus filed this lawsuit, and how do you find a lemon. >> lemon is defined in each
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state differently, but your car has been in for the same problem for more times unqualified under state lemon laws or if it has been out of service for 30 days it will qualify for a lemon. that is usually within one year of purchase. melissa: in this case in particular what happened with this tesla? how do you know -- does it have to be more than this one? >> there are more tests. i received one call a day since the first video aired on tesla, one from seattle, two from california who all three have major problems and they are wondering what they can do but my guy was in the shop 66 days, the wisconsin consumer for repairs, the car wouldn't start. the batteries wouldn't hold the charge, the doors wouldn't let him out. wiring harnesses were replaced, electra glide toward going on all the time.
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he was told four times to chicago because there is no service center in wisconsin. melissa: why is this a test of the direct sales model? what does it have to do with that? >> tesla is a difficult company to sue. they are dictator. in their sales contracts they say you must use california law, you must go to california to arbitrate, you have to arbitrate in their backyard in the district they have their corporate headquarters. we are seeing that we can file this lawsuit in wisconsin and other consumers across the country don't all have to take a trip to california just because elon musk wants them to. we are challenging a lot of things in that contract. the confidentiality that is required in buying the purchase. purchasing a car, they require you to agree to confidentiality and binding arbitration. melissa: we reached out to tesla and asked them to respond, they
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said they don't comment on pending litigation. what has been there response? i would think with the one gentleman you were talking about in particular why not just trade it out and give them a new car? >> they haven't responded to anything. it started in november. he sent out his first lemon law demand and sent two others. this is six months later. they have never responded. not a phone call, not an e-mail, not a tweet from the a owner, nothing, not a word. once we sued them they will not respond to pending litigation. they respond to nothing. melissa: that have a confidentiality agreement when you buy the car? does anyone else have that? what does it mean? >> it means you will have a very difficult time. you are agreeing to not talk about certain things, you are agreeing to ask an arbitrator or court to put anything you get
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from tesla under seal. totally unacceptable. no company does that. melissa: it is definitely unusual. i those lemons on your tie? do you read it into court? do people take you seriously? >> i am not in court right now. so i don't -- i usually wear it in court but people did take me seriously. melissa: thank you so much. we will follow this closely before we head to our countdown tease let's turn to twitter where the trending topic is heartbreak. a new study finds active social media users are more likely to suffer through romantic woes that could lead to infidelity and divorce, that doesn't mean all tweeters are cheaters but it is probably worth dialing back the hash tag, spending more time with your significant other. closing bell is coming up. what do you have? you tweet a lot. >> weing about the markets. look at this run up. when we got the federal reserve
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minutes from the most recent meeting dow jones industrials were up 79 points. look where it is now. why the double in here of 147 points at the moment, 16,403? because the fed appears to have dropped its 6.5% unemployment level, there was a secret meeting. and labor secretary how he feels this. that came out for february. this number in six years. we will talk to thomas perez, labor secretary of the labor force, how looks at this, what he needs to do, what the administration needs to do to improve what looks like a decent number. melissa: thanks so much. the dow up 147 points. turning a dream to reality with a mobile phone and useto.
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how this video, of the of a tow truck hauling lockhart turned into this. meet the 23-year-old who turned his love of fancy rides into one of his very own comments and out the 48. you can never have too much money. [ male announcer ] when fixed income experts... ♪ ...work with equity experts... who work with regional experts... that's when expertise happens. mfs. because there is no expertise without collaboration.
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415. and that was supported by the move in treasury. right now you can see the 10 year bond 2.69%. you did see the yield dropped and equities jam. that was telling of the market. they continue to hear that the fed will be accommodative. melissa: thank you so much. use of the tube is in the fast lane. paul wallace joins me now. you started a channel that had become wildly popular. you can make $3,000 a month based on people just viewing your channel? what is on it? >> basically cars filmed on public streets in london and recently getting in contact with companies and using some of
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their cars and getting access through that and putting it on youtube for car lovers to watch. melissa: this basically cost you absolutely nothing. i have a 7-year-old son who wants to create a channel and put whatever on there. there are people who just post anything. you have one video that has been viewed more than 11 million times. i got to tell you i watched a bunch of videos, not much going on in them. you just sort of shoot really expensive cars. there's more action in the one we're watching now. most of them--one is like a convertible -- this is a ferrari, right? just driving around the streets in london and for whatever reason 11 million people have watched this video and you made a bunch of money off of it. why would 11 million people watch this? >> i have no idea. i get asked every single day what is the contents, people watch it.
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i was standing in the pouring rain in filming a lamborghini, the guy had left his roof back home and came to london for the summer and was expecting sunshine and got caught in a downpour. melissa: i am three seconds from offering you the job producing this show because you have 65 million people in come by and watch these videos. i would like a fraction of that watching this show. it blows my mind. how do you pick the videos that you are going to put up? they all seem sort of nonsensical. >> i normally travel to london and a fair bit on my travels, sort of what i think is going to be most enjoyable to car fans and what i would enjoy most to see on youtube and that is about it. time-a few clips together and it goes from there. melissa: you were able to buy
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$84,000 car for yourself. you obviously have your finger on the polls. thank you, congratulations. you heard of cow tipping. now car tipping is hitting the streets of san francisco it. some members of the city turn against the tech delete. you have to see this. we are live in the city next. you can never have too much money or too many car videos. mine was earned in korea in 1953.
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we're in the business of up. everyday delta flies a quarter of million people while investing billions improving everything from booking to baggage claim. we're raising the bar on flying and tomorrow we will up it yet again. melissa: the simmering food between san franciscans have and have not been maybe reaching a boiling point with smart cars taking the brunt of the punishment good live in san francisco with the story. are you hearing there was an eyewitness to this?
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>> well, there was an eyewitness to the rash of smar smart car fp over that happened monday morning but police did not have any suspects in custody and no motive. until they can question people about the crime, they will not have a motive. a lot of people saying this was probably a stupid prank, but this is really no laughing matter when you take a look at this video, vandals tipping over four smart cars leaving two of them on their side, one on the roof and another on the back bumper. all of them vandaliz vandalized0 blocks of each other. they have seen rent skyrocket as highly paid tech workers displaced thousands of middle income families. along with rallies, we have seen protest against the private buses using bus stops to shuttle google employees to work in
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silicon valley and some say the attacks on the progressive smart cars might be an extension of that and an indication the tensions are boiling over. >> the technology has been given tax breaks, given options to come in to san francisco so people are upset how they have gotten all these giveaways, yet the people who live here have gotten nothing. >> again, no known motive in the rash of car vandalism's, but i can tell you, melissa, the owner of these damaged vehicles are banding together to make their streets safer. they want to form a neighborhood watch program and add lights and motion sensors to prevent this thing from happening again. melissa: thank you so much. what do you think of this? charles: police looking for clues may want to look at your video.
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if you look for motive, maybe they are protesting the subsidies green car drivers get. melissa: maybe they are annoyed. that is all we have for you, hope you are making money today. "countdown" with liz claman starts right now. liz: behind closed doors minutes by minutes. what do they tell us about the fed view of the economy and the jobs picture which will affect the pace of the taper. a fox business exclusive with u.s. labor secretary. and gm some company in the recall nightmare. just when toyota problems appear to be in the rearview mirror the japanese automaker recalls 6 million cars. we will tell you which models and if investors should now think twice about toyota. and hotel room price gouging. has the oracle of omaha fuming.
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