competes against microsoft, google, citrix systems, they held it off for better conditions. david: hats off to box, but our hat is not off to the markets in general. again, the dow is close to session low, just off the session lose, down about 141 points. the low for the day 146 points. nasdaq managed to eke out a slight gain into the green. that is the only index in the green today. a busy day. people not wanting to get too heavily invested because of what's happening again over in europe. we got it all covered, including patrick byrne, founder of overstock.com in just a minute. "after the bell" starts right now. . david: we have a big hour coming up, as i said. ceo patrick m. byrne from overstock.com is here. lauren thick is joining us with test drive of the new land

rover in iceland. let's head back to davos for a look what liz has in store for us. liz: keeping with "after the bell" daily theme showing you the local newspapers. ecb buys bonds. big portrait of mario draghi and decision to implement stimulus. but guess what, coming up this hour, new zealand's prime minister john key why he's not looking to mario draghi but janet yellen and the u.s. federal reserve bank, waiting for them to make a move. he believes his country should pause on rate tightening and wait until the u.s. starts. plus one thing you don't see a lot of here in davos. that's women participants. orit gadiesh and laura d'andrea tyson business school professor on forcing a change, and it's the most exciting davos in years, why cisco's john

chambers is breathless about business in 2015. i'll see you in a minute. david: look forward to it, liz. this was an up week, today was down, a lot of volatility there. a lot of conviction too on the updays. bring it down with jason pride, he's going to tell us where to find the biggest discounts. chuck sell says the sector is bullish and calling for stocks to hit new highs this quarter. and mark sebastian, let's talk about what happened at about 2:30 as i suggested, when polls came in from greece, not looking good, looking great for the candidate who wants to pull out of the euro, but that's not good for the markets. >> yeah, you know, i've been talking to a few people overseas all week and thought that had been a little underpriced in the market, and i thought we got ahead of ourselves on thursday. there's a real shot that we come in on monday morning and the greeks have elected a lot of communists to the parliament which could be all kinds of

problems for their future in the euro. and i think that would send the european markets lower and send us a lot lower on monday. so i was actually -- relieved to see that action because that thoughs that there are some people positioning themselves properly into the weekend where there is a lot of rest. david: jason, it was a down day but an up week. i wonder if the market is going to end the year flat, with big up days but in the end, flat. what do you think? >> valuations in the u.s. are a little bit richer than where you'd want to see them longer term. that's going to hold back returns in the u.s. markets, internationally we've got the discounts, it's a question if you have the stomach to buy on them and wait through the periods with greece. i'm talking about internationally developed markets and emerging markets. great long-term values we had, but boy a lot of volatility to deal with along the way, and

the picture's just not fixed there. net net, we will end up positive on the year, definitely a bit of a grinder. david: one person who has no doubts about bullishness in the markets is chuck. chuck, what makes you so bullish right now? >> well, again, earnings reports for the most part have been positive. yes, the oil patch is having problems and multinationals may have problems and of course like ups. the fourth quarter reports are overwhelmingly above consensus. once we get past the greek election, the fed next week and with lower interest rates, the stock market is still the place to be for u.s. investors. lori: still focusing on the interest rates. mark, let me focus for a minute on oil. seems to have found a rate. it was down today, refiners were up. the range is found between 45 and 50, am i right?

>> yeah, it seems to have found itself a floor, and is really starting to form a nice bottom. we're starting to see refiners come off-line, less exploration. so i think we're more likely to see a 50 handle than a 30 handle at this point. and as i said a couple weeks ago, we're within a couple of bucks of any low. if we haven't already put the low in oil. i would be bullish oil. now our friend said something about international markets. i want to warn people against getting into some of the ewg or some of the european international markets, because if you don't get it currency adjusted, even if the market rallies a dollar, it rallies against the currency. it washes out the win. we saw people get burned on that on ewj, which is the japan currency. traders and investors need to be very careful of that approach and go with a dollar hedge on it. david: jason, looking at your picks, accenture, avid and

medtronics, all have foreign exposure. are you at all concerned about what's happening with the dollar, the strengthening of the dollar, and that may get harder to sell our goods abroad? >> i actually agree a lot with what your other guest said. david: mark, yeah. >> hedging the inexposure, very, very smart and definitely part of our approach. when we go international we are using specific managers as opposed to picking the individual stocks ourselves. domestically they are meant to represent whether it's abbott labs, accenture or medtronic, global brands that have a big amount of protection from stability, dividends and steady eddie approach. we're trying to grind out higher return with a lot of stability in the u.s. and take some of that risk externally, outside the u.s. when we can pick it up at reasonable values and putting in place the proper currency hedges. david: chuck, this was not a good week for financials.

we had earnings reports that were completely negative, if not at best, just rolling along there. and you have gsv capital as one of your picks. aren't you afraid there appears to be a slowdown in financials? >> well, gsv capital is a fund that owns high-tech pre-ipo companies, private companies. it's really mainly exposed to the technology business. gsv has -- was a pre-ipo owner of both facebook and twitter and, in fact, twitter is 22% of the portfolio in the fund, and so it currently owns drop box, spotify, lyft and other names that could go public. so really this is a play on the technology that it is at a big discount to the $14 nav, and

kind of an easy way to own twitter and have the ability to profit if any of their portfolio companies go public. david: good stuff, guys, thank you very much, have a great weekend. jason pride, chuck chef and mark. good to see you. >> good to see you. david: overstock is chugging along most recently with online sales, pushing up 60% over the past six months but the competition is fierce. how does the online retailer plan to beat out competitors and increase market share? joining us, he's come to new york city, patrick byrne, overstock.com founder and ceo. you were in the news because of a streaming service. >> you never know what news is going to get. i was just down on tuesday, and we are going to be announcing streaming digital media, books, movies. david: to compete with amazon and the rest of them?

>> tied into our loyalty program, club o, the most generous loyalty program on the net. but i didn't mean it to be a great big announcement. we were disclosing, go down to the conference negotiating with people. david: you cast a big shadow my friend, not just because you are tall but what you've done with the business. how were holiday sales? >> they were good. they were quite solid. >> were they as good, better than, worse than expected? >> a little better than expected. we had a top line and had a hickey when texas went wrong against us. david: was it a frivolous lawsuit? >> a patent lawsuit, people say they patented using a mouse, they didn't have a mouse. it got into an east texas court. david: what do you think is happening with the economy in

general? >> i don't believe it's recovering. they were explicit, to create a wealth effect. when they flood the market with liquidity, turning a rio stat, the fed can raise the stock market, this is driven by the fed. when the stock market goes up, there is plenty of people who make, say, $80,000 but 401(k) goes from 300 to 400 and they start thinking they made 180,000. they spend that way, that creates an extra level of foam in the economy. it's what happened from house refinancings in 06 and 07. david: so you think the stock market is a bubble just like the subprime housing was a bubble? >> driven by janet yellen turning a dial at the fed. david: it's not hurting overstock. you were up 60% over the past six months? >> well, you asked me about the market. i don't care about the stock price. what's gone on is we're patient with a bad root canal and we have a dentist giving us bigger and bigger doses of novocaine,

and novocaine is okay, you want it but you want someone to dig out and fix the problem and there is nothing fixed. david: they're not getting to heart of the problem, i assume you don't think the european plan to buy up government bonds, the european central bank just came out on is going to do good over there. >> it will do good. it is novocaine. it will do good in the short run. i support the greek left. you are my friend, milton friedman. he used to describe the european union as intrinsically unworkable. it's a fiscal unification, it's a monetary union but not a fiscal or political union, so it doesn't have the mechanisms where you can have internal adjustment like you do in the united states, he thought it was doomed to failure, the greek left figured that out. they got the joke first. david: think about it, as difficult as it is for the federal reserve to tinker and deal with the economy and with the monetary policy and

unemployment, imagine trying to do it for 12 or 13 different countries? >> right, and imagine being germany and asked to foot, to write the check for all of them. just this week, germany has struck a deal. they're saying if each country does its own mini qe, as long as they're not footing the bill, they can live with it, at the end of the day, it's inherent -- milton friedman used to point out it's inherently unworkable design. david: okay, how do we treat the cause of the problem rather than the symptom? >> overzealous government. overzealous government. there was a great economist in the london school of economics who described these people as tinkerers, they see them as a massive engine and workmen with screwdrivers and think they can tune and fine tune and they're nuts. the fatal conceit is how i put it. limited government, limited nonzealous government is the way to go, not a government

that believes they can centrally place. david: is anybody doing that? a lot of republicans believe in tinkering with the government? >> we have two parties, socialist party one and two. yogi berra said something that can't go on forever won't. this bad business model which we have increasingly adopted over the last seven decades and in the last three, four decades, the bad business model of central planning. central planning the monetary society. it will take care itself and people will start looking around. david: other businessmen recognized the problems with policies, gone into politics, thank you gary johnson and herman cain, might doubt same? >> when it is scientifically proven that hell has frozen over, i might. david: patrick byrne, thank you very much, appreciate it. land rover is unveiling 2015 land rover discovery this month. what better way to test

capabilities than try to do it in iceland. look at this. the car coach, that's her behind the wheel. what it was like? plus wasn't the president supposed to be helping the middle class? why is he trying to take away one of the few tax breaks for hard working americans, the 529 college saving plan. we'll debate that. and we want to hear on that issue. is the president helping or hurting the middle class with his new proposals? send us a message on facebook or tweet us. your answers coming up.

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. david: it is an iconic brand that goes back generations, can a new land rover stand up to the test and reputation? favorite auto expert and car coach lauren fix took the new land rover models with all-terrain test drive event in iceland. that was you behind the wheel of the car, right? >> yes, it was, it was an amazing experience. david: let me ask in general what it was like? the land rover, i used to do anthropology, that's what i got

my degree. in every anthropologist says get me a land rover. this is more of a family car, does it hold up to the test that anthropologists look for in africa and asia? >> third row seating and electronics, fold the seats down powerwise. david: is it still a land rover? >> it is. we drove on feet of snow and ice and constant changing conditions and this vehicle performed with snow tires, you name it, sheer ice, i'm talking about ice, i'm not going to take my vehicle. compared to competition it really performed. in deep water, we were in two feet deep water, on the edge of volcano. with five hours of sunlight, you have to rely on the vehicle being at utmost. david: how high did the water go? >> two feet of water. it was a blast doing it. david: really? how do you keep the water out of the engine itself? >> that's the key thing, land rover seals out the water.

you're not like driving water on a roadway. whereas the competitors, you might have water entering the vehicle. land rover is designed for this. this is designed for off-road, they have hill descent. this is in snow mode. you take it slow, get the front wheels in, rear wheels and drive directly across the water. david: that is not you but you did what the driver is doing. you didn't stall out? >> that's my driving partner brian, he's in chicago. the undercarriage is completely covered. this vehicle performed in deep snow. ten feet deep, we couldn't believe the off-road capabilities. still a mountain goat, a crossover. david: you did inclines, driving on the side of a cliff. >> on a volcano. it was wild. david: how steep an incline can it take? >> 45 degrees, it has the ability. think of a mountain goat, if

any land rover can do it, this can. we had defenders leading the path and proved it could be done, and i was impressed with the vehicle. starts at $37,000. david: the price point of this is much less than a mercedes, it's about what you would pay for an audi, right? >> compares with the audi q 5 or bmw, they compared the car to a kia sorrento. wow, that says a lot for kia but says a lot for land rover. david: people say land rovers have the reputation of breaking down. my producer asked me about that. do they still have that reputation? >> that was then, this is now. jd power show the them top rated. david: india took over. >> look at jaguar with the f-type and all-we'll dry. in two years we'll see diesel coming in for this vehicle. david: that's a negative. right now they don't have a

diesel. >> i couldn't think of too many negatives. they have more storage, 2 liter automatic transmission. not bad. david: what fun. >> it was a blast. david: the president is looking to take away the tax break with the 529 college save little account. is this a saving plan? what could he go after next? the ira? we head to liz claman at the world economic forum. liz? liz: when it comes to the world central bankers it's not waiting for gudeau, new zealand on why it's interested now. how could a luminous protein

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liz: refusing to take their feet out of the mud when it comes to raising interest, one country has been on a tightening ebola. new zealand lost four separate times and now slowing inflation could stop the central bank of new zealand in its tracks. we are joined by john key. thank you so much for joining us. what is going on a map the central bank tightened rates and now we may not see it here. >> it has been a good news story. but the economy has grown and we have been writing on this, reforming the economy,

unemployment falling at 5.1%. eighteenth period of economic expansion. but the central bank thought that they would start typing in that area. and so i think that it that is part of it. liz: am i hearing you correctly that janet yellen and company is being watched very closely and we want to slow down until they start to tighten the reins? >> obviously, this was driving it up. so we look at it that we got to this and that's quite a lot of pressure. so we are in equally trade driven nation. and then we still have interest

rates at about 2.5%, you would say most of it would be that this still you're at zero and a half precent, isn't it interesting that that was the reaction in new zealand, but you are a former banker. he worked at merrill lynch for many years. as a business individual, you have the intelligence. but you just mentioned china, what a blooming relationship with china. what kind of trade you expect in the year 2020? >> well, when i first became prime minister back in 2008, primarily we bought things from china, we sold them 2 billion today, today 20 billion, then we so $12 billion and by 2020 we have a sort of informal agreement with chinese and there's a lot of demand.

liz: they are drinking a lot of your milk. what else? >> they buy beef and also services from new zealand, education, tourism, and we are seeing a big change in the chinese economy, and i think you're going to see quite a change. liz: i talk to people here on the ground and they are pessimistic mainly because of the terrorism that is sweeping the globe. he recently sent a team of your military to the middle east to do what? this an offense that move so that you were ready for anything? because your neighbor -- this was just horrifying. >> it was horrifying. and what we are trying to do is play the role of the good citizen. we are in an intelligent sharing agreement with the. so i think what we saw in paris

and what we have seen in australia before christmas, unfortunately it is going to be repeated and there is no question about that. and i think what it does do is have an defeat on global citizens. liz: well, as we finish up, i must bring up the flag. he wants to change the new zealand flag. the current flag, i think, as their union junket and a few stars thrown into it. as we change it to what you want to change it to come a sprig of leaf that looks really cool, how are they embracing this? >> we are having a national referendum. but this is sort of a national

symbol. [inaudible] and so people recognize that this looks totally like the australian flag. so there's a terrible confusion. so we are a growing country in the world is changing. liz: let us know. can you imagine that, david? happening in the u.s.? he has a bunch of people on his side, we will see what happens. the prime minister of new zealand, thank you so much. send it back to you in new york. stay three coming up next, the president wants to get tax breaks, it's supposed to benefit the middle class. isn't he supposed to be helping the middle class? how about your ira? and the cisco chairman saying the company is back, also ready to take advantage of the digital

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david: it is time for a look at today's market, all three industries leading the week

higher, telecom industrials were this week's best performers, after the new team said the country's oil production will not change. that means that they are going to keep on pumping and ended the week down 7% as its lowest level in five years, and existing home sales rose. climbing 2.4% to an annual rate of 5.04 million units. and the most contentious part i 350 billion is a plan to get rid of tax breaks for college savings known as the 529 plan. so how does this jibe with the president's plan that he's for the middle class, joining me now is sabrina schaeffer, and patrick gleason, so thank you for joining us. he says middle-class economics, i am for middle-class economics,

then he tries to kill one of the very few tax breaks. the folks get all kinds of tax breaks, they can afford the lawyers and accountants. but it is the middle class that is really squeezing by and this is one of the few tax rates that we have and now he wants to get rid of it. >> it maritimes is a long tradition of self-improvement. as part of this, you know, the president trying to raise more money again, after the american dream, i really try to understand. david: there is a dispute about how this benefits people. i know people who solidly take advantage of it. but the white house claims that 75% are held by folks with household incomes over $200,000 and one could argue that that is on the upper end.

the government accounting office says that these are held by people under $150,000 which is the middle class. who is right and who is telling the truth? the white house or the gao? >> when they say that this is a tax relief, this is point of fact, 95% of the household that have these college savings plans make less than $250,000 and that has always then president obama's definition of the middle class. also pointing out this would tax earnings from these plans at rates as high as 339.6%. attacks would the tax would be owed by the student. to make matters worse just to add on, this is the height of hypocrisy. in 2007 senator obama and michelle obama talked about the savings account. so what they are saying is that this is basically tax leaf for me and not for everyone. but other americans need to talk

about this as well. >> is even worse than that because what the president and his wife dead is that they wanted to get in under this and they tried it with all the tricks of the trade and they frontloaded the benefits of the plan. in other words even if the president gets rid of the benefit, once you withdraw the plan they frontloaded this so they knew that he was going to do this. >> you know how many parents and grandparents have members of their own family as part of this. i cannot stand this idea that you suddenly shouldn't be allowed to do this. presumably people have worked their way into those income brackets and i have put away money because of things like college, but then they are able to earn more. we want to grow this for everyone and this is not a zero-sum game.

david: i thought it made a mistake because this is such a popular thing. but if he can go after this, which most americans clearly love, what is to stop them from going against this ira account or something like that. >> it is so important to fight this. i don't regret them for using these vehicles, i would just say that it should be allowed for all americans, especially middle-class americans, another thing is how this might affect the able act that creates savings plans and it remains to be seen if this would take away the benefit for them and if it did, it is just the latest example of this white house is arrogant, out of touch attitude. >> this hypocrisy reminds me of all the people arriving in davos. there were over a thousand private jet. there was a disparity between the rich and poor.

>> yes, and this president has been out of touch so many times especially on the issue of education. it was early on when the president had said that he was wrong to cut this opportunity scholarship program from the budget, just as he send his daughters to one of the wealthiest private schools in washington. he has a record on taking great education for his family and rejecting that possibility for many other americans. david: we have to leave it at that. patrick gleason and sabrina schaeffer. you can see more of sabrina and myself tomorrow and every saturday on the fox news channel at 11:00 a.m. eastern time. we have a great show planned for you on this saturday. and we asked of the president is hurting or helping with this new proposal. mark says hurting. she says this is a disincentive for parents or grandparents to save for and pay for one's own family college expenses.

you've got it. join the conversation and send us a message on facebook or send us a tweet more of your answers are coming out. also the cisco cto ceo, why he thinks that 2015 will be the year of global digitization. all of that and more from liz claman at davos. liz: 70% of this for women. how to change the tune, we have to power women tackling the issue next. startup-ny.

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liberty mutual won't raise your rates due to your first accident. switch to liberty mutual insurance and you could save up to $423 dollars. call liberty mutual for a free quote today at see car insurance in a whole new light. liberty mutual insurance. liz: one of the criticisms that i consistently hear every year at the forum is that they are just are not enough women attendees. last year the number of females actually dropped. what is going on? we brought them to power women to talk about this. the ceo of avon company and a professor at uc berkeley school of business. what is going on? what has happened here? why don't we see more women

participants to . >> we don't see more because we don't see more women in senior positions. most of the participants here are senior positions, even people like you. liz: you have been coming to davos since the 80s. you must've been one of the original few. >> i often say that yes, i have been here a long time. [laughter] and i think that one of the things that the gender gap finds is that there has been improvement in the pace of improvement is really slow. so actually what you say is 70% this year, that is the largest percentage that we have had. liz: that is 70%. >> we have done stuff with the strategic community partners saying yes, we are making some progress. it is exactly as was said, this is a senior level place until

you get that pipeline pushing through to the top, it is very hard to find women in all of the partners of the organizations who would be represented. liz: when you talk about this for five years ago, this is not specifically a problem, it's a microcosm of all that is going on in the world, really we don't have many senior women and even a middle management level or look at that issue. how do we solve that problem? >> let me tell you what we did. there's a lot that is happening and yet we are at this glacier level. and so women are leaving more on the verdict and that doesn't seem to solve the problem. liz: women are the ones that have to step up. >> welcome i think that conversation has a lot of

interesting conversations and i think that the psychological intrigue is coming in about these numbers, there is an overconfidence and men tend to be a little overconfident relative to their performance, women tend to be more neutral. and the confidence falloff, you know come you create this, there is an atmosphere in which you really matter and sometimes if a female says no to a promotion, she is not -- but the man is like you are so important you have to be here. so what is falling off is the atmosphere it helps keep up the confidence level and competence is not just internal, you build it by changing the organization. liz: would it surprise you to tell you that you are the first women that we have had sitting in the series and it's not for

lack of trying. >> it wouldn't surprise me. >> women don't feel that they get meaningful support and affirmation from their direct managers. we are not talking about what the ceo say, but her representative supervisors, most of whom are a man and most have been told that this is an important part of their job. everyone needs that support. but men tend to get more because they are talked to enter a lot of studies about the way that they are comfortable about career trajectory and so forth. women tend to give less of that and that is one of the most critical things. liz: has anyone ever said are you a wife or a spouse instead of a participant? >> may be worse. my husband and i -- he was the

chairman and i was a spouse and in the picture book this happen. [inaudible] and so i talked about it. >> i do want to say when i came with my husband, the only time i came in 1994, he was given a flower bag and told to take a sleigh ride and i was told to go to the governor officials meeting. liz: we will end on a good note. it's great to have you guys. keep resting and keep pushing both of you. back to you in new york. david: day three and the davos coverage. john chambers, the cisco systems chairman and ceo interview straight ahead. ♪

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david: the world economic forum wrapping up, but not before liz claman met up with the tech giant of the cisco. systems

corporation. >> technologies back in vogue, every country and city and home, every car, every wearable is going to be digitized that will change everything. and cisco is that the sweet spot. it is happening big time. liz: which country are you betting upon? >> that's a good question. he has talked about this, we are betting on the uk, really a great environment going on there, and a wildcard is welcome i think the president, the prime minister is there, we understand what digitizing the country could mean and another is on the

emerging market. liz: what is the single most interesting conversation you have had this time around remapped. >> i'm going to expand and say angela merkel and what digitization could mean to our country. that's going to make her the leader in this revolution, transferring over with tremendous capability. and then they just understand how do you transform the country, how we work together on education and health care. and so i think leaders are becoming more and more common. liz: at the ziff davos is really back, the heart of it is really back two yes, it is coming your member what it was like with every business group and they understand digitization and the

companies have to do this, we are in every major technology transition from ability to security and we know how to focus on outcomes. we change them to allowing us to move fast. david: john chambers and our own liz claman. this claim and will be back on monday. we have been asking if you think the president's new proposal, the take away of the tax breaks on these college plans, whether it is good or bad, spencer says that this is how most parents go about it, it is definitely going to affect the population of the middle-class, wayne says the best thing he can do is cut capital gains taxes and even bill clinton did that. and our good old buddy over in chicago talks about the president and the fed killing the middle class, suffering while the rich get richer and the entitled get a lot titled.

it was at down they today and in a week this week. a lot of questions about what is going to happen in europe, we have the fed statement on wednesday, next week will be a critical week for the markets and we hope you will join us. meanwhile "the willis report" and tracy byrnes is next. tracy: hello, everyone, i am in for gerri willis and this is "the willis report", where consumers are our business. tax season is in full swing. what do you need to note to keep your money safe? >> and it's round two at the box office for american sniper. but with so many taking aim, can it pull out another victory? and in our user's guide to retirement, we asked wayne rogers why he chose not to retire. and a georgia man getting age ticket for eating a cheeseburger behind the wheel. and we have headed back to davos