[closing bell ringing] david: on downside, world wrestling entertainment. down 44%. this stock was on a role for the past year. worldwide wrestling, some people thought it would be positive news, that they were expanding but, no, investors not liking it, down big-time almost half. bells ringing on wall street. as liz said quite a turn around for everything but world wrestling entertainment. green arrows across the board. biggest gainer, small and mid-sized stocks that is good sign when they lead the way up. we have inversed pyramid. base at the bottom, russell up almost a half a percentage point. dow, almost 15 point gain. "after the bell" starts right now. liz: there's a collective for

the bulls certainly because as we break down this week's market action which ended slightly to the upside for at least today's session, we have ceo that says it is bond market, not the stock market that is in a bubble. pete lang, lang capital president will tell us why he be playing defense. he will explain how he is doing that. phil streible down in the pits of cme. look, the 10-year went back above 2.45ers. suddenly equities picked up bit. what about last hour of the markets where suddenly we went from all red to green, phil? >> oh, sorry. i didn't hear you there. a lot of the commentary was out of fed president bullard. we saw him come out and they reiterated some of their inflation targets were not that far a way. the employment situation was improving and a lot of economic data we've recently seen has been quite encouraging. it was really that commentary

drove it up. we have expiration with stock options. market was trying to target the 1875 level. get back up to there. that's where we saw a lot of puts and calls. options expiration drove it for a target and i think the commentary pushed it on up. david: cathy, do you think the move on bond will change? do you think we'll see a move out of bond next week into stocks more? >> yes. i actually think this week the bond market was driven by fear. people looked at ppi inflation rate up 10%. bond market rally, everyone was short duration so they all scrambled back in why the bond market is going and i think the bond market is way overdown. liz: okay, the bond market is way overdone. let's get to that more completely. treasury land where you would be, cathy. >> no, i would be shifting much more into equities.

i would have told you that two or three or four years ago as well which has been correct but the bond market has done pretty well during that time as well. so, right now though i would much prefer equities than bonds. david: pete lang, you believe in the power of cash but if you're holding on to cash, you're losing money because of inflation, right? >> there's no doubt about it. now we remain invested but we have a lot of concerns in the equity markets. for example, when you look at corporate earnings growth over the last three to four months, we're just not seeing enough of it. what does that do? that is really inflating the risk of the overall market. when it comes to the individual investors, i really believe that they need to take a risk-off position. a couple of ways to do this really question, dave, number of one, you can rotate to bond, which i think is wise right now. liz: which part the bonds? cathy says she doesn't like them, so make your case for bonds. >> absolutely. i love high-yield bond. i don't like interest sensitive bond because the 10-year yield

is bouncing a little bit. so let's use high-yield bond, specifically let's use bond that we can use tactical asset allocation at the institutional level. another theory here is, to use equity invest, also tactical in nature right now. with that you can reduce your overall portfolio risk of beta down to 50 or 60, as opposed to maybe an 80 or a 90. david: i want to go back to phil for a second. seems kind of old hat to talk about gold. didn't do much of anything. it ended down about a dollar. a lot of people are looking at gold saying maybe now the time to buy low. anytime you get below 1300 level investors start nibbling at it. you have underlying backdrop theme. very weak dollar. it has been quite, battered down and beat up. i think it's a cheap investment. you're not getting much yield there on the bonds. you will have to really hunt to

be tactical if looking at them whatsoever. so i think equities, they are susceptible to continue that correction. we've seen about a two-week selloff here and there. if we get a nice push down, you could see gold push back through the 30 teen 20 level and could being a breakout to the up side -- 1320 level. liz: could be breakout to upside. cathy, we put your position up, athena, lumina. i like to talk about tesla because it has been one of the momentum stocks that pulled back. when did you start piling in on this. >> tesla we bought on the ipo and held it as it bounced around. liz: remind people how much the ipo was? >> i believe it was in the 20s but i can't even remember right now. liz: wow, unbelievable. >> so all of these, the three stocks are momentum stocks. they have been hurt very badly since march fourth when momentum stocks gave way more towards cyclical stocks, as the economy

seemed to be picking up. i do think the economy is is picking up. i think revenue growth is going to be very strong. i'm just getting back to the stock market in general. revenue growth is going to be strong. earnings growth i think will be much stronger than expected. so we think we'll continue to see the equity market move forward. these stocks, many of them, athenahealth has been cut in half. tesla hasn't been cut in half but has had a significant correction. tesla will be helped of course by a good auto market. athenahealth we think is the, we know is the only electronic health record company, actually health management company that is completely in the cloud. jonathan bush has done an amazing job there. really has no competition. david: pete, you're going for the blue-chips. you're staying away from volatility stocks. dow chemical and dupont. is that primarily because of the dividend? >> absolutely, dave. you see me move into safety

here. and that's what investors should be doing. i'd love to see them reduce their risk at least by 50%. again, i want to be fair with everybody. i'm using these dividend stocks but only doing so under guidance of an institutional manager. what does that mean? that means they have strong sell disciplines. if the markets start to proceed down at any given exponential factor they will move to cash. i think that is the most important thing, is having a good defense when it comes to the market. liz: can you define the amount of the move, the stretch of the move that people should be watching for to then do exactly that, move to cash? >> i love that question, liz. that for that one. -- thank you for that one. to me i really want to evaluate risk and i'm looking for risk-adjusted returns as opposed to returns in general. so i want to insure that my beta in a portfolio is running at about 20, 30, to 40 as opposed

to 70s, 80s and 90s. what is happening right now, a lot of retirees, a lot of investors are colling into advisers's office and pushing 80, 90% of their portfolios into stocks. this is a danger zone and they should retract. again a great ways to do that, rotate, hey, let's put 20% more of your portfolio into bond. let's find a find a great institutional investor that wants to preserve capital as opposed to get rich quick. liz: two different perspectives. we love it, plus our trader. cathy wood, pete lang. phil, we'll come back to you in a few minutes when the s&p futures close. david: folks have, a good weekend. phil, we'll see you. liz: good versus bad when it comes to housing data creating a murky picture for investors. how do you make sense of it? we're talking to a portfolio manager of a five-star rated real estate fund.

where is he putting his money to work? >> a lot of central banks all over the world currently have what they call quote, extremely accommodative policy to stimulate growth in their point of view but is all this a accommodating stifling growth? we'll talk to steve forbes, forbes media chairman who just came out with a book on moye? liz: investors hitting the gap on shares of true car on its baidu. we'll talk to the -- baidu boo. what -- debut. what trend he sees in the car buying market. david: we'll talk to steve forbes about money. join us in the conversation. what do you think about dumping central banks and heading back to a gold standard? would that solve some problems? liz is laughing. some people take it very seriously. @fbnatb. your answers coming up. ♪. ♪

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my mom works at ge. so i can reach ally bank 24/7, but there ar24/7.branches? i'm sorry, i'm just really reluctant to try new things. really? what's wrong with trying new things? look! mommy's new vacuum! (cat screech) you feel that in your muscles? i do... drink ter. it's a long story. well, not having branches let's us give you great rates d service. i'd like that. a new way to bank. a better way to save. ally bank. liz: in-flight wi-fi provider gogo wireless pushed into positive territory. the stock closed up 5%, i love this company. liz: can't live without it. david: lauren simonetti on floor of nyse. what is going on there? >> superfast internet on two thousand planes in gogo's case. why wouldn't you love that.

ceo and some other directors, increasing the amount of shares in gogo's shares that they own suggesting that they have confidence in this stock. confidence despite the fact that their much bigger rival, at&t might get into this space as well. so, certainly a good week for yo-yo, tired. it is friday. certainly a good week forgo go. the other good thing, when they ipodate $17, at 13 and change they're still considerably below that. liz: again. at&t wants in on this they announced their deal. we'll see which airlines take them. i like delta. they have wi-fi a lot with gogo. david: thanks, lauren. this past week has been crazy. we started out great. two up days in the beginning. then looked like it would go down and down and it ended up. see what it will do over the weaken heading into monday. let's go back to phillip streible in the pits of the cme. what is it shaping up to be like last week? >> if you look where we're at

1875. so looks like they drove it up there for the option expiration. since it was driven up there i'm fairly confident on monday we'll start monday a little softer and work back down to the 1860s where we were trading most of the day. we have very little economic data coming out on monday. very little support for anything positive at all. keep an eye on the lookout. look for a little bit after slide down. david: phil streible, good to see you. have a good weekend, thanks. liz: housing starts. yesterday we got terrible housing sentiment. david: up and down. liz: amazing house numbers soaring 13% in the month of april as building permits jumped to a near six-year high. this is echoing from some industries biggest players. here is steve hilton, meritage ceo and what he had to say about yesterday's disappointings home sales number. >> i have no idea where they got the number. certainly not how we're feeling

out here. our business is pretty good. david: how do you make sense of the housing markets mixed signals? let's ask steve brown, head of five star global fund, american century real estate. there are some different indices that you can look at of the let me focus on some negative news from some people's standpoint. the multiple family homes did spectacularly well, up 40% year-over-year but the single family units were only up .8%. so that focus on the multifamily homes is that, a negative thing as far as you could see it or perhaps a positive? >> well that's a good point. our fund is overweight multifamily reits or apartment receipts. david: so you like that news. >> yeah. >> what about housing sector in general? >> i think we're in housing recovery in single family homes sales are still improving and construction activity is fine. the prices went up a lot last year. they're up 13%. i think there is a little sticker shock. so the rate of increase in

housing sales this year is not as great as people expect. that is the main issue. the second one is, that we haven't seen a return of the first-time homebuyer yet because of either lack of jobs, lack of income growth or still difficulty underwriting standard for the first-time homebuyers that would be sort of the modest cloud impacting the housing industry. liz: let's get to what is in your fund because people would like to know which names are really providing the opportunity for an investor? >> okay. well our global fund is for instance, overweight the u.s. we own a company like simon property group which is indianapolis-based owner of mall reits. it is up 15% year-to-date. it is benefiting more demand than supply of class a malls. credit market is very favorable to real estate investment trusts this year. that has been a winner for the fund. another one not a reit is merit international. they are washington based owner-operator of hotels. more demand than supply of

hotels. secondarily what we're seeing this year is improvement in group business for hotels. businesses are sponsoring conventions or groups going to various hotels. they're feeling better about spending, business spending. so we're see that in the hotel business. in marriott and owes e owner of and manager of hotels is one of the prime minister beneficiaries of up tick in business. david: should investors, no question affordability is difficult for the middle class. the rich end they're not having problem. a lot of them are paying cash for properties. talking about multifamily homes. >> yeah. david: should investors stay away from reits or construction companies that focus on single family unnts? >> we follow them very closely. david: but you're not buying into them. >> that's correct. we don't own any today. i think if there is changes in government policy to make underwriting standards more lenient for first-time homebuyers that would be a bullish signal. david: do you see that coming? >> they're talking about it this week. mr. law was talking about

altering standards for first-time home buyers. liz: worried that will get us back to the same bad habits that caused trouble in the first place with the housing market? >> it could. we're really in first or second inning of the entry level recovery in the house being market. i don't think standards being lowered yet. we have position in u.k. homebuilders because they changed their government policy last year to make it easier for first-time home piers to qualify for down payment to buy a home. that stimulated new home sales in the u.k. this year. we made a lot of money in u.k. homebuilders last six to 12 months. that worked. in u.s. we owned homebuilders in '11 and '12. last year was a good because they reflect ad lot of good news. you mentioned this at beginning of show, comps comparisons are getting difficult because we're in the third or fourth inning of housing recovery. there has been a lot of activity

at trade-up market level and refinancing of people who qualify can refinance mortgages. that slowed down. what we're not seeing is follow-through of first-time homebuyer. buy as home for 150, $200,000 and requires a 10 to 20% down payment. what is missing ability to put that down that much money to buy a home or qualify. david: we've got to go. i'm getting a wrap. i have to ask quickly. we've seen interest rates go down to unbelievably low levels. that is not motivating people as much as whether they have a job or cash for buying a place? >> do they have the cash to put ddwn the 10 or 20% to buy a house. that is the issue. david: steve brown. thank you very much. good to see you. liz: american century invests. thank you. david: three big billionaire hedge fund managers all jumping in one stock last quarter helping its share rally today. we'll tell what you that stock is and who is betting on it. liz: try and guess. online car-buying tool, true car, they have been on the

though before, rallying 12%. what are the company's growth plans? should you get in? what will keep investors coming? yeah, nasdaq got that listing. don't count nasdaq out. we're talking to ceo next. ♪.

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david: time for a quick speed read of some of the day's other headlines, five stories in a minute. first up, president obama's assets could be worth up to

$7 million. according to a financial disclosure form released this week, largest holdings are u.s. treasury notes valued between one and $5 million. pinterest is one of the most valuable venture capital-backed startups in the world. the scrapbook site valued at $5 billion. game consoles like xbox one and playstation 4 could be energy hogs according to recent report. dollar cost not turning off the console, 75 buck as year, nearly doubled the cost leaving a computer turned on. darden selling red lobster for $2.1 billion. liz is being showed. the orlando-based company plans to use one billion dollars to pay off debt and the rest to buy back shares. switzerland will decide whether the country's workforce should have minimum wage. introduce a minimum wage, get this, 25 bucks a hour, the level that would be highest in the world. that is today's "speed read." [buzzer] liz: by all costs save the

cheddar biscuits at red lobster. so good. on lying car buying service truecar making its debut. the investors believe in the company's future. the stock surged nearly 12%. what is ahead for this fast-growing company, joining me after quite the day, the ceo, scott painter. what was that like you? didn't know what might happen. it's a weird ipo market right now. how do you feel about today? >> a pretty choppy market for sure. a lot of great companies didn't get out. definition of success was to get out and bring in really long-term shareholders and we were able to do that. liz: i applaud you for the guts to do this because the market is so volatile. this week we have record highs and pretty ugly lows. your stomach must have been in knots in certain points. you went ahead and did it and it was a win even though you were priced below.

what do you want investors no know about the company. >> we're not focused in terms of stock price. liz: of course. >> we're focused in on long-term shareholder value. we want to solve more of the problem. being a public company, with us to get other resources to get into not just price discover but getting in real loans to get the car deal done. liz: speaking of in knots that's what some people want to buy aca. you changed all that with your business model. for people who don't know give a snapshot what truecar does and hhw it helps the consumer. >> you go to the app or website and you see what everyone else paid for the car. that is based on transaction data from all over the country and knowing what others paid make you an expert in under 60 seconds. >> you get a comp, comparison what others paid for specific make and model. go to the lowest one and come to dealer, look what this buy got for the same exact car? >> once you register for the program, you're introduced to three dealers.

you're introduced to the lowest price in market, irrespective distance, closest to you, irrespective of price and most recommended based on historical close rate or satisfaction. those three tradeoffs give people the ability to really understand whether it is convenience or price that matters most to them. liz: initially when you first started were dealers wary of you? now they're partnering with you. i bet you made them better business people. >> we have 8,000 dealers on truecar dealer program. that is one out of every four franchise dealers in u.s. they're believing in transparency at this point. it is terrifying at the beginning idea that everybody will be expert and totally informed is scary thought. liz: you're a totally disruptive force which is great. making it better for consumer. people are jumping and as using you. talk about numbers. you're not profitable yet but q1 revenues jumped 75%. for the full year up 68%. talk about how many cars you've been participants in the actual

sale or leasing of. 3.2% of all sales. >> that's correct. liz: are truecar sales. people might look at that only 3.2%, but to me i say that is long runway you have ahead of you. >> 50,000 transactions last month. we have a big market ahead of us. we want to get into more of the problem overall. 1.2 million customers to date bought a customer car using truecar and 120,000 last quarter alone. >> you do leases correct. >> all the certified dealers do loans and leases. liz: i find it fascinating. who hates you? >> there is lot of emotion around this and one of the things everybody seems to get truecar, the power of information can help to you save money and save time. i think what people misunderstand at times this is really important for car dealers. it is harder to be a car dealer today than it has ever been. most consumers think dealers make 20%. they make 2 to 4%. they lose money one out of every four transactions.

help consumers be more educated and buyers 100% of the time is really essential. liz: scott, congratulations to you and team. are you hiring? >> we are. we're growing. liz: good to see you. thanks so much. scott painter, truecar founder, ceo, by the way jumping 12%. great ipo. david: who could hate them? who could hate them? i love that question. who hates you? easy money policy is supposed to spur growth but is it doing the opposite? we'll talk to forbes chairman steve forbes next. plus debate raising minimum wage rages on with thousands of fast-food workers rallying this week for higher pay but could they actually be losing their jobs if they get what they want? we'll tell what you businesses are really saying and doing. three big hedge fund managers all snatched up one stock last quarter. we'll tell you which stock and who it was, coming next. ♪.

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thank you! happy memorial day weekend! liz: the stock that billionaires love right now. take a look at shares of, verizon today. closing up 2.3%. one of the most active stocks on the new york stock exchange. the cause of all the activity? big bets from big billionaires. warren buffett's berkshire hathaway just bought a new stake of 11 million shares in verizon in the first quarter. daniel lobe's third point buying

3.5 million shares worth about 166 million. and john paul son's hedge fund buying up more than 8.7 million shares. that is about a stake of 415.9 million. there is decent dividend here. but they're believers, david. david: very interesting. note that. right now central banks around the world seee more intent to grow their money supply than grow their economies. in fact some central bankers actually expressed fear that too much economic growth could cause inflation, denying their own role in causing prices to go up. so are central banks condemning all of us to lower growth? steve forbes has been thinking a lot about central banks, inflation and money. he coauthored a book called, money, appropriately enough. how the destruction of the dollar threatens the global economy and what we can do about it. steve there, is no question when you print more of dollars or yen or euros or whatever it is, each one is worth less, right? >> it is and what the federal reserve is perversely done all

the money-printing they have done is actually hurt small and new businesses because what it does allocate credit to big companies, to the federal government, to mortgage-backed securities. means less money for businesses that create jobs which is one reason why you have had punk job creation. they don't even know how to inflate the economy anymore. david: everything is relative in terms of the economy because we have a lot of different currencies competing with each other. one of the reason interest rates came down this week because the europeans are even threatening to do more qe than we're doing and that makes our treasurys look better, correct. >> it is. it a haven even though unsafe may be and better than what is out there and what they ignore countries like great britain which stop the monetary easing or quantitative easing way we did it back late 2012 and their economy is starting to show real signs of life. japan has been doing crazy things. so people ignore what works and continue to do what doesn't work. david: exactly how does money

printing, i understand how it eventually could lead to inflation but how does money printing stunt growth? >> what it does affect, make it easier for governments to borrow and therefore not make the structural changes they need to make to get their economies growing. so they're suffocating with high taxes. france finally went through with their 75% tax. huge antigrowth regulations, especially in the labor market. so instead of making structural reforms that allow these economies to breathe again, their version of austerity, crush the private sector. so when spain get as little bit of growth, we'll reduce the unemployment rate from 27 to 25%. big deal. david: that is very interesting. richard fisher, the dallas fed president, says the same thing. he says that central banks have done everything they possibly could to spur growth. it hasn't really worked. it is up to the politicians to do things that will make it cheaper for businesses to do things. >> and central banks allowed real credits market again, we know rent control hurt the

housing market, suppresses housing creation. when the fed does same thing and other central banks do same thing with the price of credit, what it means is to safe to put it into big entities so it actually hurts small entities. the less central bankers do the better. david: let's talk about inflation because strangely it's weird, i grew up thinking inflation is a bad thing. you listen to janet yellen sound like she wants 2.5% inflation. >> this is where politicians don't show they don't know the first thing about money, much less central banks. why hasn't anyone asked janet yellen, why is raising prices to people, family making $40,000 a year, an effective 1,000-dollar tax, why does that stimulate economic growth. somebody should ask her that. david: why should she answer? >> i think she would be flustered. >> in the new book you said things will deter rate to such

an extent devaluation of various currencies you have to go back to the gold standard. you have to convince my partner liz because i heard her snicker when we suggested that possibility. explain it to liz. >> in fact we've been brainwashed since the great depression gold is somehow is bad. properly done a gold standard and the u.s. does not know how to run one today, that is one reason we wrote the book to show how it is done, stable value of money but very flexible in money supply. david: can you have real growth with a gold standard? people say you're stuck with certain small level of growth? >> history is best teacher. 180 years we had gold standard since the but since the 1970s we haven't. if we had the same growth rates our economy today would be 50% larger than it is. david: all right. >> case closed. david: i'm buying. i don't think liz is. liz: gold is so unreliable in limited supply. it is not a reliable function of

world currencies. that is my thought. david: all right. we've got to move on. should come on "forbes on fox" sometime, liz. you can debate. liz: invite me. david: speaking of "forbes on fox," this weekend we have a terrific edition planned for you. saturdays 11:00 a.m., that's eastern time on the fox news channel, don't forget to tune in. by the way, join the conversation, should we dump central banks and go back to a gold standard like steve forbes says? send us a message, facebook.com/afterthebell. your answers coming up. liz? liz: okay, steve and i will take each other on "forbes on fox" one day. unemployment rate 6.3%. which means many americans are still having a very hard time finding work but our next guest says thousands of positions he has got, he is unable to fill. up next we'll ask him all about what type of jobs they are and much more. gm being required by the department of transportation to pay a penalty for failing to recall cars with deadly

defaults. sooner we'll go to jeff flock for the very latest. we'll tell you what luxury item one hotel will deliver to your suite by drone. you need to see this when we take you off the desk. ♪. (mother vo when i was pregnant...

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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. the numbers are impressive. over 400,000 new private sector jobs. making n york state number two in the nation in new private sector job creation... with 10 regial development strategies to fit your businesseeds. and now it's even better because they've introduced startup new york... with the state creating dozens of tax-free zones where businesses pay no taxes for ten years. become the next business to discover the new new york. [ male announcer ] see if your business qualifies. david: so we've been asking you on facebook if we should go back to the gold standard and you've been writing in. some agree. some disagree like burt who

says, gold standard is great if you have gold. it is horrible for everybody else. we already found this out back in the 1890s. liz? liz: okay, the minimum wage debate rages on today. walmart saying it would not oppose an increase in the federal minimum wage. we're seeing more states passing legislation to raise the minimum wage. but the big question is what kind of impact will a wage hike have on job growth and hiring? david: bingo. that is the big question. bob funk, professional employment services and ceo, a leading privately-held staffing firm. bob, there is this incredible survey where you ask the people on the front lines how it would affect their hiring behavior, if in fact it went up, the minimum wage to 10.10 an hour. you found if it does go up, there is a lot of reasons it will. looks like some republicans are coming on board with the democrats, 38% of those surveyed would let employees go. do you think that number will stick? >> i'm sure the number will stick. i've been through about five or

six of these wage increases and we often time lose somewhere between 500,000 and 2 million jobs in america when the minimum wage goes up. and basically affects those who are, less skilled or semiskilled because the jobs aren't available for them if the minimum wage does go up because businesses have to of course, make a profit, drop to the bottom line and the more expenses they have, the more overhead they have in labor, less profitable they are, which consequently they hire less people. so, yes it will affect us to a large degree. we've got to be careful what we ask for because it may hurt the individuals who are out of work and those are unemployed. we really want to find jobs for them. liz: what about the nearry, if you pay people a bit more they will have more discretionary income in their product to go byproducts and in a way will help businesses? i heard this articulated on jack hough and melissa francis's show

yesterday. some people believe that, initial companies certain to absorb the change and let people go but once they figure it out and see demand come back there may be upside or net-net, positive. >> it puts upward pressure on all wages of company. minimum wage raise it and others want theirs raised as well. its have inflationary pressure. we're concerned about inflationary pressure of our economy. liz: if walmart is not worried, they're the nation's largest employer, if walmart is not worried, there must be something to the fact it wouldn't be that harmful? >> we're out here in main street america. we deal basically with companies of 100 or less employees across it country. liz: okay. >> our survey of 1500 companies basically said they would not hire people and probably lay some people off if the minimum wage goes up. it hurts employee factor. last year we had 400,000

employees. we hope to increase this that this year. if minimum wage goes up, chances are they will not hire as many as they have in the past. david: bob, minority youth, unemployment rate for african-american teens is 31.5%. the national average is 21.4%. minority youth are going to be hit the hardest. they're the ones most likely to fill those minimum wage jobs, working at mcdonald's and such. the people who can afford it least are likely to be hurt the most, aren't they. >> absolutely. that's what we have to be concerned about. those who need training. many companies of course can hire people at minimum wage to train them on a skill or semiskilled job so they can move up exponentially in their companies. and i think if you look at someone like mcdonald's, at one time anyway, 4040% of their executives started out flipping hamburgers in one of their stores. liz: worked their way up. >> they probably started at minimum wage.

they worked their way up the chain and channel. liz: recently, maria bartiromo, one of our anchors had a chance to talk hank greenburg of aig. he hired and fired a few people. cbo said there might be layoffs. people want to know where they stand. he said that data point shouldn't stop people from raising minimum wage. >> if we have business climate conducive to growth we'll create new jobs. i wouldn't worry too much about it. liz: so we've got a business climate where you have some open jobs. talk about where you can't fill these jobs and what the problem is. >> well, the business climate is not as good as it is anticipated. unemployment rate is much higher than 6.3. and as of the jobs become available we're looking for skilled and semiskilled jobs. and we just don't have the training and retraining in those fields that we really need. we have about 20,000 open jobs on any given week but they're

semiskid and skilled jobs. we need to retrain our people on those jobs that are available, not for just jobs in general of the minimum wage of course helps trade because many companies will hire and train themselves. so you have the educational community that trains and then you have the companies that are willing to spend the money to train individuals themselves at lesser wage until they get skilled and raise their wages to what are normal. it could impact us immensely i believe. david: bob we have to go, i have to ask, are you hiring anybody? >> we have hired a couple of people at headquarters. of course we have 689 franchises. so they're small businesses. yes they have been hiring. they have been hiring salespeople to go out and try to marketplace and we'veilable in been very successful doing that. david: bob funk, express employment professionals. bob, thank you very much. chairman and ceo. >> you're very welcome. thanks for having us. liz: the government slapped gm

with what some would consider to be hefty fine for not recalling millions of defective cars sooner. jeff flock puts it into perspective. we'll tell you what the government investigation found out about the ignition problem. david: jeff on the story as usual. stay in a exclusive 10,000 dollar a night hotel and order a very special drone delivery. that looks like fun. america's newest real estate brand

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liberty mutual insurance -- responsibility. what's your policy? liz: general motors having yet another bad day. gm agreeing to pay $35 million to settle a federal probe into the 10-year delay into the ignition switch recall. that happened this afternoon. david: this happened after the automaker issued another recall today, boosting total number of vehicles recalled today to 11.1 million. our own jeff flock has more. they have never seen numbers like this ever. >> on terms for all-time record. this was on pace for 2004, but they're on pace to top that. this isn't about $35 million n addition the d.o.t. found this was, a, delay in reporting the recall, or recalling the cars and reporting a problem to the

government, they found today that the knowledge of it went back to 2001. so that goes way back there. and $35 million to put that in perspective, take a look what toyota had to pay. you know for the unintended acceleration, remember that? take a look, two different fines to the department of transportation for toyota. $16 million the first fine. $32 million the second fine. this may top that in terms of individual fines but keep in mind. this is not the department of justice probe that will come or that is coming now. they had to pay at toyota $1.2 billion. that is still sitting out there. i only wage arer that fine may be greater than the one toyota had to pay. in terms of impact of $35 million, we've been talking about this all today. >> i was talking to one dealer who said, 35 million. that's nothing. they will make 35 million from my dealership alone this year. they made $416 million a day last quarter in revenues.

so, in terms of the hit on this, the 35 million is really a nothing figure today. it is going to be more than that when the tale is told at the end. david: more to come. liz: jeff, thank you so much. by the way, coming up on gerri willis, "the willis report," gerri will tell us what the latest is on exactly what the settlement means for consumers or anybody thinking of buying a gm or owns one. david: meanwhile, are you tired of spilling hot coffee on your hand? there is a brand new product designed to solve this painful new problem. we'll give you details coming up. liz: one posh hotel offering bottle service by drone. it's a special delivery with a very hefty price tag. don't drop it. we have the story when we take you "off the desk." how much monk you'll need when you retire? then we gave each person a ribbon to show how many years that amount might last. i was trying to, like, pull it a little further. [ woman ] got me to 70 years old. i'm going have to rethink this thing.

it's hard to imagin how much we'll need for a tirement that could last 3years or mor so maybe we need to approach things dferently, if we want to be ready for a longer retirement. ♪ if we want to be ready for a longer retirement. all stations come over to mithis is for real this time. step seven point two one two. verify and lock. command is locked. three, two, one. standing by for capture. the most innovative software on the planet... dragon is captured. is connecting today's leading companies to places beyond it. siemens. answers. but with less ergy, moodiness, i had to do something. i saw mdoctor. a blood test showed it was low testosterone, not age. we talked about axir the onlynderarm low t treaent that can restore t vels to rmal in about two weeks in most men.

axiron is not for use in women or anyone younger than 18 or men with prostate or breast cancer. women, especlly the who are or who may bece pregnant, and children should avoidt women, especlly the who are or who may bece pregnant, where axirons applied as unexpected signs of puberty in children or changes in body hair or incased acne in women may occur. report these symptoms to your doctor. tell your doctorbout all medical conditions and medications. serious side effects could include incread sk of prostate cancer, worsening prostate symptoms, decreased sperm count, ankle, feet or body swelling, problems breathing enlargewhile sleepingreasts, and blood clots in the legs. common side effects include skin redness or irritation where applied, increased red blood cell count, common side effects include skin redness headache, diarea, vomiting, and increase in psa. ask your doctor about axiron. david: time to go "off the desk." we've all been there. buy a three buck coffee and spill it on the way to work and hurts like hell.

seattle based company develop ad to go coffee lid. enlarged the mouth hole, placed it further back as well as angle which enhances drinking experience and prevents spillage. the lid is available for purchase online. liz: i love that. also "off the desk," a hotel in sausalito, california, announce its brand new 5,000 square foot suite which comes with panoramic views and private chef and constant flow of champagne delivered by drone. david: no. >> it will cost you. suite is 10,000 a night. you can reserve the entire capacity hotel mansion for 25,000. david: i wouldn't trust champagne flying over my head. we asked twitter and facebook should we dump central banks and go back to the gold standard. james on facebook said, absolutely. liz: no reason. bob thinks gold standard, money in weight of metal not made up dollar amount. david: not made up by central

banks. central banks don't allow efficiency in the economy. only true measure of economics and wealth can be obtain in money backed by gold. liz: i will be up earlier than usual. that will be on monday, anchoring "opening bell" -- gerri: i'm gerri willis. right now on "the willis report," summer is almost here and going to be one of the most busiest ever on roads. we have latest on gas prices and it is good news. also a surprise for consumers on obamacare. a new pricing rule that could cost all of us dearly. >> love it or list it. essential tips when you want to sell or renovate. we're watching out for you on "the willis report". gerri: bombshell from the national highway traffic safety