>> i'm tracy byrnes in for gerri willis. headline today, job growth jumps as unemployment rate plunges to 6.3%. there is way more important number to look at here. it is 806,000. that is a staggering number of people who dropped out of the labor force entirely. the new job engine, believe it or not is part-time work. joining to us talk about all this much more, john lonski, chief economist at moody's, david nelson, small business expert, susan salovich. jonas max ferries, my friend and founder of maxfund.com. was anyone jumping up and down about this number today or do we

all rip it apart? john, i will start with. >> you look at headlines, you jump up and down. but upon closer inspection it bass meaningless. >> 62.8% labor force participation rate, lowest since 1978. does that blow your mind? >> yes i am. despite the deep drop of unemployment rate month, year to year we're not getting same type of real income growth and spending growth we got in the past. for instance, suppose we go back, 10, 20, 30 years, this type of drop of unemployment rate would be associated with real income growth, real consumer spending growth, 3 to 4%. instead both of those metrics are struggling to grow by something just over 2%. >> i mean, susan, the numbers, i struggle with them. you can fudge them. >> right, exactly. >> they're revised. we all took a statistics class. we know we can make the numbers look as pretty as we want of the. >> my mother used to have a great saying.

figures lie and lie liars figure. that is really simple. what is alarming to that number since i'm an entrepreneur, instead of dropping out of labor force, go create your own job. they did a study that entrepeneural activity is taking a nosedive except for baby boomers. you're seeing a spike. people with established careers. with some success, i'm not giving in. i will go out and create my own job. >> that is interesting, jonas. does that mean everyone would rather take the unemployment check? i mean as a matter of fact, we have a sound here from labor secretary thomas perez i want everyone to listen to. he has a plan to solve the future. by the way, it means more handouts. take a listen. >> we've got work to do. there is no getting around it. and the way we do that work is investing in infrastructure, passing immigration reform, putting money in people's pockets by raising minimum wage. and, helping long-term unemployed by extending

unemployment benefits. >> i'm sorry, extend unemployment benefits will help jobs? >> you know, i can't think after better time in this country's history to start your own business, both from fund-raising, amount of capital available, amount of money you can make quickly. there has never been a time where you could just become a millionaire, a few years, in history. the temptation to be in the workforce is low. why i think this whole figure is really useless because it is gauging things that don't necessarily -- in fact this is the worst since the '70s? the highest growth rate in this labor force was in the carter administration. that wasn't a great economy. it was in the '50s, way lower than it is now during the eisenhower administration which was a great time for workers in america. and peaked in 2,000. i think it will decline for a while and doesn't necessarily mean the world is falling apart. like pay raise is more important than unemployment rate but actual participation rate i don't think it is meaningful anymore. >> but just to jonas's point,

average hourly and weekly earnings are completely flat. year-over-year david, they're only up 1.9%. that is anemic at best. >> those are poor numbers for sure but jonas makes a good point. there is secular dynamic we need to explore. we've been exploiting jobs for decades. the sad fact is, big muscle jobs go to where big muscle jobs are cheap and that is simply not in the united states. as we exports, our competitors, china, south korea, all around the world that is competition for us. we don't have that leg up that we had years ago we were superior in education. so those are some of the dynamics we have to deal with. we have to compete on a global scale. that means pro-growth policies will have to be put in place to get around this dynamic. >> good luck with that, right? >> you know where we have to start? we have start with the overregulation of business especially pertains to small business. i think that is a big problem. that's why we're not sighing

more startups. it is too much after headache to get a business going with all of the these clients and -- idiotic. you don't know how much time corporations today have to devote towards adhering to compliance regulations. this wasn't true five or 10 years ago. >> susan, you're in this. >> right. well, just to your point about regulations and things. >> impact of regulations from the federal government alone is significantly more hurtful to small businesses than it is to big companies. but the other point is, there are more than 27 million small businesses in the united states. they right now employ almost 2/3 of the entire workforce. if we had an administration that was supporting free enterprise and capitalism, helping small business instead of just spending rhetoric on it and he have one of those small business owners would hire one person, think about the dent we make in unemployment instead of extending unemployment benefits. >> the administration says if we spend on infrastructure and immigration reform we'll create

job, jonas. does that make sense? >> immigration reform on technology workers it possibly would. i think we have the back wind of having the best, even though the -- easy to get started any small business. it is -- it is not easy to start a business. >> go to kick-starter. >> all you have to do is -- you don't have to be -- exactly. you don't have to be in hangs absolute terms awesome but have to be better than every other country. we have that advantage than the politicians do. we're one step better than europe. why more startups happen here. >> jonas, don't you think the regulatory environment is peer. it affects the financial industry. maybe we should have gotten our hand slapped but so burden some, it is very difficult for us to hire because compliance issues are so see norm news. i know at love financial firms fold up shop and fold into larger firms because they simply could not handle the cost of

dealing with all these new regulations. >> you're chomping at the bit here. >> yeah. you also want to consider, the low rate of wage growth. as long as that, you will have a hard time getting the political impetus behind immigration reform. people are going to look at this say, no way. if you want to let more immigrants in, i don't care if they're high-tech workers. that will have effect making it all more difficult to realize an increase in wages to keep up with inflation. >> a lot of workers would like to come to this country. >> a lot would want to come but people already here -- >> we give it out for here. >> low wages, isn't that from point of view starting a business isn't that awesome? that is your biggest labor cost, biggest cost in most businesses if that is low it makes it easier to be profitable. you can overcome the red tape because i can pay people hardly anything. >> that would put you out of business. that is the problem. >> labor costs is more expensive

than regulatory costs. that is your cost. >> i don't agree with that. >> a lot of startups happened recently, if there was such high wages for taxi drivers, would have uber would have got off the ground and profitable. >> to viewer at home why do i care about the number? jonas if your point, entrepreneurs are not counted in this number. they revise it all the time. we have the parties friday, what who, jobs number. should we celebrate something else instead? >> look at reaction of financial markets. >> big buzzkill. >> oddly enough, hearhere we have 288,000 new jobs created. looking at that number, right away i thought to myself, well that 10-year treasury yield is heading up to 2.57% today. instead it closes under 2.6%. >> 288,000 was not a surprise. it is payback for -- >> no, no i'm sorry. most people on buy side were looking for higher number. this is simply catch-up for the poor numbers that we had.

focus right now, weather was a big part of it in those numbers. >> creating jobs but for the most part these are lower-quality jobs. >> okay. >> last word. >> adam smith did not write a book called the jobs of nation. the job of economy is to create wealth. job is indication of wealth creation. if your economy is creating wealth faster than other economies and this one is, jobs aside. it just doesn't matter. >> we've got to go. our panel is on fire and that is really, real cool. they're not going anywhere. here for the whole show. that is great. we'll talk about, believe it or not somebody out there is calling for $15 minimum wage. what does that do for the economy? we'll tell you. don't go anywhere. we'll be right back. it's the little things in life that make me smile.

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while taking or after stopping chantix. if you notice any of these, stop chantix and call your doctor right away. tell your doctor about any history of mental health problems, which uld get worse while taking chantix. don't take chantix if you've had a seris allergic or skineaction to it. if you develop these, stop antix and see your doctor right away, as some coue life threatening. tell your docto if you have a history of heart or blood vessel problems, r if you develop new or worse symptoms. get medical help right away if you have mptoms of a heart attack or stroke. use caution when driving or opating machinery. common side effectslude nausea, trouble sleeping and unusual dreams. i had to qt smoking to keep up with this guy. [ male announcer ] ask your doctor if chanti is right for you. tracy: welcome back, our panel is here all fired up. join has, susan, david and john. let's talk about earnings. 2/3 of the s&p 500 reported. earnings are booed. we get the berkshire hathaway numbers as we speak. profit down for first quarter.

berkshire of course mainly insurance, rails. he basically owned things he knows, right? no tech. john, start with you. 2/3 of the s&p 500 beat this kind of like, what happens every quarter if you ask me. we set barlow enough that 2/3 can beat it. >> this is very strange recovery. thus far profits are 30% higher than peak of prior recovery. nevertheless, payrolls have yet to return to their peak of the previous recovery. in past upturns, payrolls were 4 million jobs higher by the 58th month of the recovery, which was april, was, positioning in the cycle, prior to that. prior to that eight million. under reagan we had created more than 11 million jobs during the first 58 months of the recovery. under obama, we're still down 100,000. tracy: doesn't say much, susan, does it? >> no, it doesn't. i really think, this recovery is what they keep calling,

recovery, is very weak. your point, tracy is well-taken, the bar is so low, expectations are so low now, than any little up tick, we're celebrating like you were saying earlier. i do think that, you know, investors have become very savvy in that they don't really flinch quite as much as they used to. tracy: right. >> we're watching people, come back into the stock market, that may have been bouncing out years ago. so i think that is good sign, that people are, leveling out. but we've certainly, got a situation where we set expectations. we are setting them low that we can overdeliver and underpromise. tracy: david, i think that is interesting, what we're seeing this trend, retirement money particular is coming back to the market, coming back to stocks. old school, 60/40, 60% equity, 40% bonds portfolio is coming back. >> i don't think it is surprising market is hovering near all-time highs.

tracy: is that bad they're coming in at the wrong time? >> i don't think so. what does bother me, let me put a caveat to that, a lot of retirees, people actually in retirement are putting too much money into stocks. that's probably a bad sign because in the end, stocks are risky assets. high-yield bond are risky assets. they're called junk for a reason. a lot of retirees are putting money there. i find that kind of concerning. tracy: jonas, we'll hear from, our very own liz claman going to be talking to warren buffett. she has been there all day, at the event. probably got a dilly bar by now. we'll talk and hear sound from that later. jonas what do you think about what is happening during earnings season? >> specifically to berkshire hathaway, although earnings are so-so, next year insurance is general will be profitable. they're sticking to high premium increases across the northeast. they're all doing it and not be able to price shop out of it because of all the storm settlements. they reassessessed whole area. they're raising them to levels

way higher than they will settle out over next few years, et cetera. i think insurance in general will have rising profits over the next, two, three years, perhaps. perhaps longer. >> i think you've got to love warren buffett. i've been, i'm sorry, i have been a fan of his. i read one up on wall street. i think took intimidation of investing out for people like me. >> you don't think he had a really big stumble this past couple weeks with the coke issue? >> no. >> i thought that was abominable. >> i was actually -- tracy: he is warren buffett. he can kind of do what he wants. >> he is also a shareholder, tracy. he has a fiduciary responsibility and he failed. tracy: why did he fail? >> no, he did not vote his shares even though he said on air in competing network that he felt the pay package was excessive. he should have voted shares and said something. his son is on the board of directors. i think that had a lot to do with it. tracy: we'll hear from him in a bit. hopefully we'll get to defend that jonas, your finger is in the air.

>> peter lynch, magellan fund. just to correct. i will say to buffett, whenever he falls out of favor it is time to get out of tech stocks into value stocks because, he has fallen out of favor this year. you brought up one point. bitcoin is mirage. he doesn't get, whenever he doesn't get it, get out of tech stocks. it happened in 2000. his stock was lagging. >> berkshire's stock has been up 66,000% since 1980. however in the last decade, only modestly outperformed. good times and bad times. >> last five years it actually underperformed the s&p. >> just like '99. just like 2000 my friend. >> big-time. >> if you invested one dollar -- >> that was 34 years ago. we're way beyond that! tracy: talk about a dollar today. john, if i have a dollar today, retiree they're flooding back into this market. whether or not they should or shouldn't be where they are, where should they go. >> if you're value, retiree,

look at municipal bond. there might be bargains out there, at relatively low duration that you're not facing above average interest rate risk. tracy: you would stay out of the stock market? >> i think the stock market is still perhaps going to go higher. i believe that that interest rates will remain low for extended period of time. i don't see the first fed rate hike until the summer of 2015. if then. we, outlook for corporate credit is pretty good. the default rate may move higher. but only gradually. profits as long as profits grow, you're not going to have extended slide by stocks. i, but i would approach increasing my exposure to equities in a measured, conservative manner and on the debt side, take a look at some possibly undervalued state and local government bond. >> that is the thing, jonas, fundamentals are in place for this market to keep going. should they all be getting in right now? >> fundamentals look pretty good in 2002.

it is a tough call because the bonds and cash side will not deliver. everyone knows that every 10 or 20 years, no way you will beat stocks. but to at this point to start saying okay, it will be 100% stocks over 20 years i will do better, it's a tough way to do it after the big increase. would say continue with the bonds. i would go even further, forget low duration, what everyone is saying for years. take risk of long duration. stocks tank and other stuff won't. >> my dad is 89 years old. he was in bonds and we recently adjusted portfolio and put more back into stocks. good quality stocks. the kinds that, you go for a long-term investment. tracy: might as well be a bond because they give you dividend like coupons. >> to be fair, look, i'm a confirmed bull in stocks, for sure. i said it many times on this very program. one of the things that is driving this market because business managers, ceo's, cfos are taking low-hanging fruit.

the low-hanging fruit is actually buybacks, is simple pay the debt markets are friendly. you buy back stocks an increase earnings. you put nothing into cap-ex. tracy: buybacks are accounting trickery if you ask me. does nothing for -- >> does nothing, but, that low-hanging fruit is gone now. now they will have to do something. they will have to spend capital and cash on balance sheet. >> in jonas's support, the 10-year treasury bond made two recent attempts. last fall and, earlier this year to reach 3% and failed. it failed in part because the equity market didn't like that. and moreover, what we're discovering is that middle class american households are withdrawing from the housing market. it is incredible to stop and think that ever since that 30-year mortgage yield broke above 4%, the only buyers that are keeping housing market afloat are the cash-only buyers. >> that again, we come back to what we talked about earlier.

administrative regulation. you can't get a mortgage these days without having to mortgage your first kid. >> other important thing, this economy is getting older at a rapid rate. over the next 10 years, the number of americans 65 and older, the baby boomers are going to be growing by 3 1/2% annually. the rest of the population one-half of 1%. [all talking at once] >> there never will be a time where long-term rates will ever go high. there is too much pent-up demand for bonds over next 30, 40 years. >> japan, 1997. >> very few people at the table have been at bear bond market. it can really get very ugly very quickly. >> not inflation with aging population and in all likelihood our test base case here with control group is japan. september, 1997, 10-year japanese government bond yields

first breaks under 2%. nobody in their right mind in september of 1997 was predicting that the -- >> bond yield was going to stay under 2%. indefinitely. >> go out and buy long-term treasurys? is that what we're telling them. >> i wouldn't do it. i think it is risky manuever. >> i think it is a really risky manuever! tracy: what your option, david, when the headline says, that 20-year-old needs a million dollars for retirement? >> i rather own an industrial company with 2 1/2% yield than a 10-year treasury with a 2 1d. tracy: like caterpillar. that is up 20% over the last year. >> exactly. >> if you need $7 million to retire, think about it. when my parents were getting to retirement age, they needed certain amount of money, when i get to retirement age which is coming around the corner i will need so much. that move, my parents paid

$19,000 for my first house. it moves. tracy: we have to go. my kids need to know i will be living with them. i don't have $7 million saved, you guys. we'll be back with the panel and talking about more. warren buffett and liz claman co this allergy season, will you be a sound sleeper, or... mouth breather? well, put on a breathe right strip and instantly open your nose up to 38% more than allergy medicines alone. so you can breathe and sleep. shut your mouth and sleep right. breathe right. we are thinkers. the job jugglers. the up all-nhts. and the ones who turn ideas into action. we've made our passions our life's work. we strive for the moments where we can s, "i did it!" ♪ we are entrepreneurs who started it all... with a signature. legalzoom has helped start over 1 million businesses, turning dreamers into business owners. and we're here to help start yours.

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>> $700 billion, that is how much money companies will say much money companies will say

the performance review. much money companies will say that corporate trial by fire when every slacker gets his due. and yet, there's someone around the office who hasn't had a performance review in a while. someone whose poor performance is slowing down the entire organization. i'm looking at you phone company dsl. check your speed. see how fast your internet can be. switch now and add voice and tv for $34.90. comcast business built for business. ♪ >> welcome back. more companies are likely to dump employee health benefits thanks to obamacare. not have a big incentive to do so. saving $700 billion in the next decade according to a new report.

our boisterous panel is back with david. $700 billion is really incisive, i might as well save it and not offer it. spiegel if you are the chief financial officer and you see a figure like that, you do the math, you will margin the ceos office and say we have to dump this thing. it was kind of an implied perk going back many decades as far back as the 40s. it will go the same way as the defined benefit plan, it will go out the door. >> ou are companies legally obligated to provide health care? >> they are obligated depending on the size, et cetera. it is an archaic throwback to a tax loophole where you basically gets to pay out salaries tax-free if you do it through health care. a very strange system where you can't leave jobs because you

have health care here, jobs there. where is a good idea to have companies provide health care? it seems like a drag, you want to pay money and do the job. all this other junk is just a hassle. >> isn't that what you need to entice people? >> the rising costs of health care had been really hurting small businesses. affordable healt health care han number one concern for small businesses. this is not a surprise to me. what we're seeing is a trend employees already starting to pull back. they have higher deductibles, they moved to hsa. now if they don't eliminate the plans completely, what they may do is go to the health exchange and see what kind of plan that is an lower the quality of the plan they are offering their

employees to save money. or they would rather pay the penalty because that will be cheaper than paying health care costs. >> we heard health care costs went up 10%. up about 5.4%, so they are going up exponentially. people signed on, but they didn't pay. what happens? >> it is very chaotic to say the least. what is going on over time is cost of health care will increasingly be borne by the consumer, the employee, and as a result i would think consumers would use, consume services more wisely, more efficiently than they did previously. meanwhile government payments for health care can only rise given this explosion into the growth of retirees. on the government cited they will be facing some hard questions as to how they will

fund medicare for these baby boomers that are about to retire. as a result this strengthens the case for the government to perhaps start taxing those activities, those forms of consumption that are detriment detrimental. >> if employers are not having to absorb the health care, wages may increase. some plays may have the benefit of more money in their pocket. >> it will hurt the market very effectively because a lot of small businesses, you will see the numbers go down because if you are a small business you may bring them in but in a different capacity, 1099 them. >> the 1099 for a small business is a big irs red flag. we have to be very careful. >> everybody is doing it. >> i know they are doing it, but if you do not meet the criteria

for 1099 employee, your subject and audit and you can go back and pay all those taxes and penalties. i tell small businesses to be very careful. >> that is one of the reasons that have been stagnant is because they pay you through the rising health care. look, you get $20,000 health care package as part of your compensation, you will use it. what if your company paid your car insurance and it was tax-deductible? i will drive a 9/11 to work. the point is they are incentivizing the consumption of health care, health care breeds more health care consumption. they just did a study you will actually eat more because that is what you are likely health care. i drive a scooter because i have health insurance.

>> i get it now. >> a lot of employers have introduced wellness programs to incentivize their employees. a penalty or a perk for participating. cvs had this thing about their weight. busily trying to find ways to reduce the health care costs. tracy: it will get worse and worse. could you give up anything with a screen? for a day? how about a week? could your kids? mine could not. the new push for kids to go screen free for a week. our panel will weigh in on that [ male announcer ] if you suffer from a dry mouth then you'll know how uncomfortable it can be. [ crickets chirping ] but did you know that the lack of saliva can also lead to tooth decay and bad breath? [ exhales deeply ] [ male announcer ] well there is biotene. specially formulated with moisturizers and lubricants,

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tracy: imagine going the whole week without your smart phone or laptop, could you do it?

one group is calling on parent to tear their kids away from gadgets for a screen free week. starting this monday. but our screens all that bad to begin with? our panel will weigh in on this in a second. look, i am a single working mother with a river between me and my kids all day long, if it were not for these gadgets, i don't know that i could do this. i wouldn't know they are safe all the time. >> we have become really used to it, tracy. you grew up and i grew up in a time where the parents communicated to me all the time without all of these gadgets. preschoolers under the age of six are sending over 32 hours per week with her gadgets. eight to 18 spinning between seven and a half to eight and a half hours per day on her gadgets and a lot of them are multitasking adding up to 10 or 11 hours online. that is getting pretty scary.

tracy: i grew up in a neighborhood we did not lock our doors and mom for generally home during the day and did not work. my kids doubt don't even bring textbooks everything is online. the other day my daughter was doing her homework taking a test online. they have no choice but to be on these screens. >> screen free week is not about getting rid of the advantages of technology. you can still go online to do your work and do your homework or take a test. what i is really trying to encourage, tracy, is setting down your screens, tv, internet, everything as a means of socially communicating or reading, although sort of things because we depend on that too much these days to talk to people when somebody sitting across the table from us and we are texting each other. that doesn't make sense anymore. tracy: fair enough. i will say this, i think i find

my kids and i have nice conversations via text sometimes. maybe they say things they wouldn't say if we are in the room if we were actually talking to each other. it allows anonymity good or bad. >> i think you are right. i do have patients who texting all the time it can text me when things are actually happening. somebody is being mean to me, what do i do. it does have its advantages. issues become our lives become too dependent on it. think about the last time he went on vacation or sunday evening did you answer an e-mail you didn't need to when you could be relaxing or spending time playing a game or going for a walk or doing things that create that connection with your kids that is really important so they do text you when they are in trouble or they need you for something they can't immediately talk to you about. tracy: i understand where you're

coming from with this. i have played games of my kids and we were all in the same room. it is the way the world is now, no? >> i can disprove all of this. do you remember when marcia brady get hit with the football in the nose and was broken? we have all filled our brain without garbage before the internet. how is this replacing that use of time somehow worse? kids watched garbage television all the time. the internet is a world of useful information and learning. some people are just text and their bodies but the potential is so much greater. tracy: it is certainly better than watching the maury povich show all day long. you are learning stuff. >sure, but it dulls creativity.

>> why do you have to go ahead and play the game they surprise you with on the internet? tracy: i don't think mark zuckerberg mind is dull. >> we are having in this economy. but me tell you about a little known statistic. for the current recovery today, beginning in june of 2009, the number of americans aged at least 55 years have increased the number of jobs employment has increased by 15 to 16%. for americans aged less than 55, increase in employment is less than 1%, six-tenths of a percent. that is a shocking statistic. they didn't have all this garbage. >> because they didn't know how

to use it. >> i think young people are not getting jobs because they don't shower before the interview. i think on that note we are going to go. we have to talk about this because we could debate this the rest of the show, unfortunately we can't. thank you for getting everybody all riled up. you guys are awesome. i am telling you, young people are not getting jobs because they are showing up too shoveled. liz claman talks exclusively to warren buffett and his family. and here what he is saying about his successor. you don't want to miss it because it is short and sweet. and a new lawsuit slamming the brakes on the shuttle buses. but is it legal? but is it legal? illegal panel debating [ laughter ] smoke? nah, i'm good. [ male announcer ] celebrate every win with nicoderm cq, the unique patch with time release smartcontrol technology

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tracy: we are back with another hot topic. totally heating up the web. the new lawsuit says google shuttle buses should be kicked to the curb because they are bringing in too many rich people in the city. are you kidding me? the court is now in session. so, on backgrounds, these buses supplied by google that pick up all the employees, i'm sure there are drinks and movies, they bring everyone to kansas and all they're paying right now is a dollar and the city says you should pay us a heck of a lot more because you are using our roads, bus stops and bringing all of these rich people, we cannot afford it anymore. do they have a case? >> yes, i think they do. the issue is not so much the

paying of the dollar, these are areas where people would not be commuting down to silicon valley to google or whatever, they would be basically living there as low income workers as they are down. the buses being used to bring them down, you're pushing people out, the way they went about it they did not follow the proper environmental impact studies they wanted to do. they also unfortunately did not even look at the ordinance that requires the pay a fine if you use a city bus stop. there are definitely likes to this. this is somewhat of a test case that could play with this kind of activity. tracy: one of the seven deadly sins are ended.

ricwhich people come with money. that is why they're rich, they spend. >> one is the environmental, i don't understand how 35,000 cars, talking 35,000 people, is it better to have 35,000 cars using gas, clogging all the roads, obviously the pollution. environmentally do we need to spend 18 months and money trying to figure out if it is bad? everybody says please but for people in a car. how about 35,000 people into buses. that makes more sense for the environment. the other thing is the financial side of it. the economy. these people would not be coming if it were not for google. yes, they are techies bringing in income.

people are being pushed out. the techies are not even able to afford this area if they are not supplemented by google who want to help by saying you don't have to pay gas, you do have to buy heyour own place to live and i know it costs a lot of money. they will bring a in income and spend their salary, they will pay taxes. >> anybody from new york remembers chelsea from the way it was before now. even so how is not the so how it is now. which people make things really pretty. why is this so bad? >> as a resident of new york, so how is the box store place, high-end stores. but just to address the point of the environmental peace, these people should be living closer to google, not being busted

down. the company is essentially using their muscle by allowing them to live further away because they'rtheyare subsidizing their transportation. realize this is moving a foot to push people out, but where are they going? tracy: i cannot imagine anybody wants as a woman who commutes every day over an hour, cannot imagine anybody chooses to live far from their job. i'm sorry, we have to cut this short, it is a great, great story and it will be continuing. thank you both. coming up it is the shareholder meeting unlike any other on the planet. it is the craziest thing ever. the shareholder's meeting in omaha. liz claman gives us an inside

peek. we will be back, don't go anywhere.

tracy: still to come, liz claman is in omaha, nebraska, speaking

tracy: this week in the center the universe moved to omaha, nebraska, for warren buffett holds the berkshire hathaway meeting. liz claman live in the center of the action spoke to the oracle himself. with: i know you are wine drinker. i have a power and a prosper

cocktail. we're having a meet and greet for any fox business fan. get in there. this is bourbon and honey syrup. anybody who wants to can ask warren buffett a question through me. we have been so busy, we were shooting video all over omaha, last night we caught up with warren buffett and his three grown children. they have never done an interview altogether. fox business was able to do the first to do that. we talk to them about being buffett, growing up with a lot of privilege. most of the money came much later on. i also asked warren buffett about what the meeting is going to be like. is that in 38,000 people to show up for the meeting tomorrow,

sells out, bruno mars concert, the eagles, there is no standing room even for warren buffett shareholder meetings. nothing like it. everybody wants to know all kinds of questions, but one of the most important things is who is going to take over. he has not named his successor. here is what he says. >> people are wondering will this be the year you announc ang your successor is -- >> no. >> why not? >> because it could change between now and when that person succeeds me. there is just no reason to. it may be next year or two years from now, nobody can tell. their age or enter into who the successor would be because i believe anybody who takes my job will have a long run at it. they will do better if they do.

liz: so who are the names? i am thinking greg able, possibly jeep jane, and burlington northern. my money is on this crowd here. the power to prosper. i will say this one for you, but coming up on monday, 9:30 a.m. eastern, this is something fox business we are the only ones to have it. warren buffett, charlie munger and bill gates. they sit with us the first hour of trade for the market. a big exclusive to have them in the first hour of trading. their opinions definitely matter and move the market.

send me a question. tracy: that is awesome. i'm loving interview in the school also. school also. thank you. my dad has aor afib.brillation, he has the most common kind... ...it's not caused by a heart valve problem. dad, it says your afib puts you at 5 times greater risk of a stroke. that's why i take my warfarin every day. but it looks like maybe we should ask your doctor about pradaxa. in a clinical trial, pradaxa® (dabigatran etexilate mesylate)... ...was proven superior to warfarin at reducing the risk of stroke. and unlike warfarin, with no regular blood tests or dietary restrictions. hey thanks for calling my doctor. sure. pradaxa is not for people with artificial heart valves. don't stop taking pradaxa without talking to your doctor. stopping increases your risk of stroke. ask your doctor if you need to stop pradaxa before surgery or a medical or dental procedure. pradaxa can cause serious, sometimes fatal, bleeding. don't take pradaxa if you have abnormal bleeding or have had a heart valve replaced. seek immediate medical care for unexpected signs of bleeding,

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bring your medical and health care skills to va. america's heroes need you. visit vacareers.va.gov >> what a week. first, we learn that china taking over as number one economic power in the world, then we learned that the administration may have misled us about benghazi. only 67% of obamacare envoys have actually paid for coverage. tonight, if the white house thinks this job report is going to erase all that company may have another think thing coming. i am david asman and four neil cavuto. all they we have been hearing everyone celebrated new jobs numbers. bu