utive prerogative this was not essential it was not helpful, you don't do that. lou: you don't do that, juddy miller said that thank you very much. >> good night from new york. neil: where were you 15 year ago tonight? bill clinton was president, al gore seemed locked to be next president. if you were a tech investor, you were looking for your next hit you were on a roll, when it came to your stocks you were seeing nothing but net as in the internet and they didn't have to make money, but you sure were tech heavy nasdaq hit highest level ever, ever, as in never before. little did we know then that the air was starting to come out.

by time of meltdown in 2008, nasdaq was little more than fifth a fifth of its bubbleishous self. the federal reserve comes in for forever trying to keep parties getting out of hand, it on that tight rope that fed finds itself again. trying to balance an economy and a bubble, at the same time. here is what has everyone in this historic funk. not just the date and 15 years thing. but the possibility that's fed is poised to put a damp or another party by raising interesting and perhaps two bubbles one in bonds where rate are said to be low and one in stocks where enthusiasm is high. history suggestions it, it does not play out well.

economist dave manny said investors have reason to be nervous. and security researcher said maybe not. >> i think that fed is doing what they are supposed to do, warning the market about fed tightening, but only reason they should consider any tightening cycle, to suppress inflation. don't take the fed's word for it look at the bond market, last time they started a tightening cycle was june 2004. last year they were 3%, look at gdp, it was 6%, now 2.5 if that. look at cpi in june 2004, 3.3%, okay people say it is okay but right now it is negative, to me fed is doing what they have to

do, but they are stuck they know they helped to create that bubble. neil: they have a bubble, they feel they have to dress it, they feel they have gotten out of hands. didthey have got to correct that. >> i don't think if they have to correct it, it behinds me of watching andre the giant playing jenga, building a tall tower. >> we have 9 years since they raised interest rates created a thing that where it is priced as if everyone is going to go right. there is no major fault no

mayor danger apprised in to that market in my opinion there is nowhere for it to go, but watch that building come apart. lou: weapart. neil: we know what happens toingss tonasdaq 15 years ago. do you see any possible that's we have a slow. nasdaq did not crash. per saw. how do you envision it? >> i try to put myself in future look back. how we tell story in 2015, partly will depend on did the nasdaq sustain above 5,000 did the fed start tightening, only way they can defend tightening, is if nasdaq stays above and does well. that is the dream fed is leaving the dream of the old days. >> you envision them hiking

rates. >> oh, i think they misfire. i don't think they should. market -- neil: i don't think they will be one and done? >> i think that is a misfire. neil: okay, what what happens here fed over plays its hand, and maybe gets us in deeper too doodoo. >> if you imagine one piece of bad news hitting this market at same time they are trying to be the delicate elephant dancing you could see things going bad in a hurry we might remember that night you were talking about 15 years ago. neil: i was only 10 at the time, but i heard it was a big deal, thank you. >> let's say when it comes to this young are not restless, they don't care when it comes to stock, most want nothing to to with the dow they are not keen

on housing more than 9 out of 10 don't trust any of the investments or investing mo matter money watcher dan shafer is worried. does that mean that young are not thinking about investment that is a valuable base of potential participant that not going to be there. >> this is a serious situation the millennialians have experienceed their parents losing value in home, and twin toyerstowers were hit market went down and in 90s they are uneducated because they don't have interest in asset they feel they could lose 50% of their value overnight. neil: have we ever seen numbers this loy of low of any demographic.

young would be drawn to nasdaq hot internet stock not a fraction of that today. >> well, that is not true if we go back to what happened after 1929 through 30s that depression if took many, many years, decades for people to come back to the stock market. so much money of the lost. >> you say it will take decades? >> i think so, i think that experience of volatility that we have in market today it will take them a long time to be convinced there is sta billy that is what federal reserve new man date circumstance look at japanese market that collapsed from 40,000 to about 5,000 and it is still taken so long to get to 19,000 level the young people don't have interest in, that they are more interested in their ipods and social media than making money in the stock market the cycle of interested in stocks is dying it will come back but particular take 10 to

20 years. neil: i was having dinner the other night with a seasoned wall street pro older than me, if you can believe it, he was saying referring to fulchino condown -- this millennial conundrum, who needs them. >> i don't know, if that makes sense, there are some analyst and market watchers that look at population and population you need population support to keep the market going. and right now we have a declining population in bulk of where investors have been historically it with the fear on top of, that i think we need millennials, they need to wake up and realize well is opportunity but to tell them to put money in market, where that is drop 50% you just talking about nasdaq, this scary stuff for them. >> you are right.

i'll see you later in the show thank you. >> okay. neil: recovery might be real, but if young people are not feeling it, should democrats be worried about it. what if young people say that democrats are off base. robert. >> good to see you. neil: what do you make of this. >> i'm not surprised it is tough out there unemployment 5.5% sounds great from a top line, but participation rate is low 62.5% lowest it has been in god knows how long, and there is no wage inflation people do not feel like they have the a -- neil: democrats that go, say come down all market metrics that we have used, they have it people are not feeling it, then, further more young get

frustrated when they keep talking about it. >> i think they should look at the president's policy infrastructure almost most bipartisan thing our country does. you can have union supportism chamber of commerce, republican, democrats private epublic. and we are right now applauding that infrastructure grade has gone from a dminus to a d plus. it is greatest multibleier of multiplier of job growth. neil: does it bug you he never finds a way to pay for this. >> that is not fully accurate they can move the budget. neil: i know that. where is he getting money. >> he has to go through congress. he does not have executive capability -- neil: oh, he has all but done

that. >> if he could he would. i think -- neil: debt has filed up on his watch. >> deficit has come down. neil: you might feel it is worth to brag about half trillion. >> i am not bragging just saying it has come down. >> piling up, a guy like you worry that chickens are coming home to roost? >> i am not worried about where our debt is today. it is -- where net debt is, there is 4 trillion on fed's balance sight. neil: like talking to bankers earning a million dollars and saying that bills are manageable. it is a percentage of his

salary until he losing his dog job then it is a huge deal. >> if we continue to have des sive reduce -- deficit reduceed. where it guess goes -- neil: we're losing viewer, mill hillary clinton,. >> yes. neil: is she in deep problems with this whole thing. >> no. to be clear this is big news on beltway, big news in kaple shows but you know -- this is. i am not -- i would not be all over either side, this is not where i spend my time. neil: new york time made a deal, all press you think better now? >> i think better now and certainly, it was is a very surprise it people. neil: is she your candidate. >> yes. neil: no one else. >> i have not seen anyone else, i don't think she will implode no different from you know governor walker makes a comment

that unions are similar to isis, people do and say things. the real thing will be is she best candidate for the economy and foreign policy, same two book ends that we've been arguing about for every election these things in between are news but they are more news, when you are under a microscope 24-7 these things pop up. neil: have you been golfing with president's lately. >> i would like to. neil: does he call you and say bob, let's go golfing. >> who the tech? a smart -- that warms your feet, what what else is does? consider me a sole man.

the real question that needs to be asked is "what is it that we can do that is impactful?" what the cloud enables is computing to empower cancer researchers. it used to take two weeks to sequence and analyze a genome; with the microsoft cloud we can analyze 100 per day. whatever i can do to help compute a cure for cancer, that's what i'd like to do.

bring us your baffling. bring us your audacious. we want your daydreams your ah-has, your easier-said-than-dones. we want your sticky notes, sketchbooks, and scribbles. let's pin 'em to the wall. kick 'em around. kick 'em around, see what happens. bring us your need-it-done-yesterdays. your impracticals, your how-do-we-do-thats, impossibles, your what-do-we-do-nows, downright inaccessibles. bring us those things you're not sure how to pull off - and you're even less sure who to ask. because we're in the pushing- what's-possible business. the how-do-i-get-this-startup- off-the-ground business. the taking-your-business- global-business. we're in the problem-solving business. more than 400,000 people around the world ready to help you solve problems while they're still called opportunities. from figuring it out to getting it done we're here to help.

neil: we connection the a pen digius you decide if they warp your investment, they are connected. what the tech. high-tech get to you on basic cable, tech tidbits we sprinkle out. tech watcher kasi helping us with crumbs, how about a smart insold it tracks distance and calories burned. this i am told is the start. >> i think that and i a gray concept -- a great concept, but they are $200, they last about 7

hours, you have to recharge them. neil: they slip inside? >> they do, and recharged with asb -- uspw*rpbgs. usb, they control your temperature and stet. neil: is blueing too going to ing tooth going to the sole that could be like a get smart thing. they have all kinds of -- >> practical? >> i don't know, how practical you can get a 3 heat warmer you put in your shoe, that lasts 9 hours, they could get smelly. neil: yeah that is a good point. >> i don't know. neil: apple might want to watch samsung, ready to do battle,

phones, but this time said galaxy s6 and edge smartphones are cool and hot they have taken 20 million orders, apple might want to protect radio. >> remember these 20 million orders to wireless carriers. not consumers yet they predict it will do really well, samsung their profitability has not been great, they are banking on this phone, it will be a big win for samsung they upgraded their model now to glass from plastic they added wireless charging technology. they updated -- >> how does that work? >> it has a technology, you put it on something that is also using that technology, you can wirelessly charge the smartphone, a lot of smartphones have it now. neil: they move ahead of iphone 6 with this? >> yes they have. they have.

they have -- done this. it working with gear virtual reality stuff if people want that. neil: can it talk to the sole of your shoe. >> that would be cool. hold on a got a call from my foot. analysts are upping manufacturing estimates. neil: they are cool. >> very cool. neil: talk about mind games reality game that can read your thoughts if you play, and see video affair you can think ice it will turn to ice and fire goes out that means if i use one of these, i can be watching bill ao'reilly and either light him on fire or cover him in ice. >> this is an interesting technology it was used in the

medical field it was developed to help people with newer logical deficits -- neurological deficits they are trying to use it for gaming, it connects to your forehead and measures brain and muscle activity. neil: what what if your head on huge. >> your head. neil: it is huge. >> maybe you need an extension strap on her head. neil: a little conden sending but i love you just the same. >> like google glass everyone thought it is the next big thing. you know, and nobody really liked it. neil: a better look, this because note look like you could freeze bill o'reilly up. >> a lot of people would like to freeze him or set him on fire. >> or both. this technology, the gift that keeps giving, kasi thank you. >> you know she had such serious answers, and i am debasing that

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neil: as soon as i heard the word make it easier for students to file for bankruptcy, that is all i needed to reach into my medicine cab let, white house awaying bankruptcy options for students deep in college debt. we're not told what second treatment. kids with 20 grand in debt, 30 grand, 50 grand. philosophy majors who will never get a job, medical students under obamacare not getting paid as much as they thought.

what? who? where? all i know, that everyone watching college student bill of rights you are the one who will pay that bill. and political insider is right he always is, plan on a big bill. that is what worries me. like old twilight zone episode we're here to serve man and you realize it is a cookbook, and we're all on the plate. >> i am a numbers guy if you look at numbers could fewer than 1,000 people annually apply for student loans this is a small group of people, i am sorry apply for bankruptcy for student loans, a small group that are applying for bankruptcy,. neil: their argument, is those numbers are growing exponentialy. >> they are growing. if they are growing if is because of the amount of people that are graduateing with

college debt, i am in halls of congress every day interviews folks, and fed chair janet yellen exists this is not comparable to other housing financial the capital or even wall street in 2008. but anyway luke at it, millennials if particular delay major life decisions like buying cars and houses, getting married because of this debt, we need to have i frank conversation about financial literallitratty and how much -- lit lit rat -- literacy. neil: you know what worries me, when people know that a band-aid is coming they cut themselves. i can see a lot of kids running to get whatever loins they -- loans they can before deadline,

they know there is a good chance of them or a lot of them will be forgiven. >> you know i think that is why we need a conversation in particular with our young people who are just geting into this system. teenage irs in irers who are deciding what college to go to. a pwaeurp proposal by senator mark warn or, warner, and marco rubeo called know before you go, it would force young teenagers to find out more information about their debt, they are going to take on, about starting salrys for schooling they are proposed to these are the conversations they need to have. neil: you are right kevin very good thank you. >> thank you. neil: well 28 out pay -- tweet out pay up, the judge how you could be fined for what you say on-line. >> does this guy have a case? a man scammed out of his

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neil: for scott walker the hits keep right oncoming. walker saying he is giving workers a choice. pay union dues if you want to be a part of the union don't if you don't want to be, judge napolitano said this is about first amendment. >> supreme court said this is about first amendment. also all about states rights, if a state legislator decides it wants a union shopping like in new york, you must join the union, it can do so, if a state

wants a nonunion shop as they now have in wisconsin, have you a choice. that is also constructional, this lawsuit challenging this legislation that governor walker signs is a frivolous lawsuit unions will lose, and pay state legal bill, to defend the lawsuit. neil: what about their argument, find for folks who don't' to pay union dues but they are in position they are getting salary they are because of dealing that were extracted by unions on their behalf. >> that argument was rejected, saying that individual choice, is -- neil: i don't understand that but i am outraged. >> that is the law of the land. neil: anyone that is trying to

overturn him or make it difficult for him and he is ain'tantiworker. >> they will lose. big picture federal courts do not interfere with state legislator when they decide union shop, or nonunion shot. neil: right-to-work states do better. >> this is a liberal state. >> swing state allon views. judge, before you sign the line on that lease you might want to check what it says about doing anything on-line about the lease, a florida complex -- apartment complex is forcing new tenantss to sign they will be fined if they give the place a bad rating. >> if they sign it, and landlord

believes they will follow it land lord would never find a force to enforce it. no court would punish you in exercising free speech, but if you sign a mast irlease master lease purchasing a condo as part of deed you agreed that is different. than when you are a 10 tenent in somebody else's property, you give that right up when you purchase property, there are states by states in our home state of new jersey free speech prevails no matter what you agree, to florida courts will enforce the agreement you signed. neil: if you sign that lease. >> as a tenant there is not a court in ut country ut -- in the country that would silence you. >> you are so good at this, you might have a future talking about legal issues.

>> it has only been 17 years think i am ready. neil: amazing. not one umor um-- um, or a h*rpbgs. h . >> sometimes you lose higher wage and the job that goes with it

neil: forget higher wages target can barely hire, announcing 1700 layoffs as welcome's group ultra violet is running ads to get target to pay higher wages. welcome. jamie, you think that now is not time in particularly in target case to lecture anyone on higher wages. >> it would increase labor cost, one of the effects is considering laying off more

people long-term consider to increase automation in the store. i have a cvs below my building, a lot of the employees are no longer there to check you out they have a machine that does it now. 1 you increase labor cost that is force to incentive. >> every time in history you raise minimum wage, the economy benefits. you put money into the economy. people off government programs or government welfare that is a good thing. neil: i never called it government welfare, but i believe the higher minimum wage should be up to the individual companies to decide if they think afford it. walmart thought about it they raiseed it. target could not did not and

now we see why. >> i hear you overall as a country we should consider raising minimum wage. we have lowest. and we also have -- >> but in seattle one of the world's highest, you can't universal sesay it is -- >> whole idea is -- richard first. >> whole idea, you want to raise wages of all of the people, the whole community benefits, all of the economists say that. neil: but look at target, my -- i am okay with you know raising raise if market can bear it, if the employer can bear it, if the local pizza guy with bear it but if local government cannot. >> this is nonsense to say all economists agree with what richard said, but this is where legislators are punting ball, not dealing with the issue what

minimum wage is a tax on companies that hire low skilled workers if congress wants to increase the minimum wage they should increase taxes on middle class and upper class they don't want have to have debate, that i want to push this issue to companies and say they are the ones thats that are the bad guys. other than address the issue. >> that is washington speak for we don't want to see minimum wage raised for working family, you go to places like nebraska, and birmingham, alabama i have been there all families want to do is make ends meet. >> what do you you say to those who once you raise minimum wage those workers who are fired as a

result route -- who do not have a wage now. >> they got -- you had more purchasing power. it trickleed up. that means more -- neil: two years later we had a recession and a meltdown, don't say that was a lock on the economic boom, thank you both. >> euro, smeuro, who cares if this damn thing goes on zero? what if i tell you you should, because all of your investments? they could follow. plan so why pause to take a pill? and why stop what you're doing to find a bathroom? with cialis for daily use, you don't have to plan around either. it's the only daily tablet

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neil: in biz blitz if the french are fried they cannot be that bad well, if they are so fried and beaten down, it affects us, the stronger our american dollars get the worse american companies see their sales get because it gets tough to sell your sales overseas. to mean guys, they argue that our buck keeps booming we could potentially get by, a couple of things have to fall into place. >> well, first off if it is prolonged it will have a real effect this lasted when 8 months there is no end in sight. euro cracking again today profits for corporation that do a ton of business overseas will make less money because of the

euro verse the dollar, other part tourism people not coming over here because it costs a lot more and third people buying asset over here with euros and yen, they will have less money to spend. >> i see these as short lived. >> problem today companies are not doing their jobs, if you are a global corporation currency fluctuation should not affect you if you are hedgeed roperly. -- properly. >> a lot -- keep policy? >> keep the money where it is, so much money abroad.

>> they can keep it where it, make sure when they translate foreign currency sales to u.s. dollars they have a hedge on them. >> let me say one thing what we're seeing right now, you outlying an even with currency this a major meltdown in euro and yen to a certain extent, if it continues there will be problems. >> they said same thing about crude oil and about gold, you know markets are going to move abruptly and you can't trust the foreign currency market now. >> okay. >> all right. >> to issue two housing kick in the fannie? iing is you thank fannie mae lendlender that got its own get out of jail card, repeating some very familiar meltdown -- watch dog warning they are pushing

near no money down lone, widening applicant net gary, you are in ground zero for a lot of this, florida. what do we make of this. >> neil, it is amazeing to watch, we talked about it through 05, and 06 they would give out money to anybody with a pulse. we're starting to see a lot of low money no money down again, that scares the living willies out of me, that is going on in an environment for interest rate rigged and manipulated down, this can explode again, i think it can and i worry very much going forward. neil: are are we revisiting this. >> absolutely, i am on the same page with gary, they are so desperate to get anybody to buy i house 18 year low in homeownership, what happened to

this package that stimulate the economy? desperate to give out mortgages like they used to is back on the table. they want to push housing housing drives an economy they know that. neil: all right last issue maybe that last one. got you in a fighting mood, manny pacquiao, and mayweather set to fight. meeting face-to-face. >> worst seat in house is $5,000. and best 15 to 100 grand they expect to beat the pay-per-view. >> overdone? >> absolutely. but it fits the economic cycle.

rank-and-file in america loves people fighting. >> but theying it weigh my left arm, anyway, i am an idiot and i am president's best asset one of the kinder things than e-mailer wrote after this. plan what the cloud enables is computing to empower cancer researchers. it used to take two weeks to sequence and analyze a genome; with the microsoft cloud we can analyze 100 per day. whatever i can do to help compute a cure for cancer, that's what i'd like to do. bring us your baffling. bring us your audacious. we want your sticky notes, sketchbooks, and scribbles. let's pin 'em to the wall. kick 'em around. kick 'em around, see what happens. because we're in the how-do-i-get-this-startup- off-the-ground business.

the taking-your-business- global-business. we're in the problem-solving business. 400,000 people - ready to help you solve problems while they're still called opportunities. from figuring it out to getting it done we're here to help.

neil: what is deal with millions of people, who are dead, social security numbers popping up? peter in new york thought 1 you died your social security number too dr. too. this is really disturbing. how many of the social security numbers are useed by criminals and why are not irs and fbi working together. be careful what you wish for. targeting conservatives comes to

mind. >> and i will volunteer for my state to hand deliver social security checks to all recipients over 100 years of age, verify the address and person. good for you. >> and you used to be able to research to see social security numbers and names and birth dates, and et cetera, but now it is fillers with less information, social security number are gone. but don't let anyone tell you that data is not maintained to this day it is not public any more. >> fascinating i would not doubt you for a second, data is out there praofr in proof is in the latest debacle. >> i use social security index all of the time on ancestry.com, they will give you number for dead people, numbers in 30s should be red flagged for

scrutiny. >> about french republican senator -- 47 republican senator go too far writing a leter to iran. one of those signees how he would feel if democrats pulled something like that with a republican president. how would you feel, to be part of a administration where opposition party did that to you? >> i think foreign policy is something all presidents hole deer the -- hold dear, congress has a role. >> ann in ohio did not like my line of questioning, i know you have to ask challenging questions but you appear to be sympathetic on to eye president that lies, and deserves, and ignores constitution and the rule of law. >> i am not sympathetic the question is, do we over do it, it is improper to go over a

president's head to write a letter to those who is negotiating that is just far poor form. >> why is it so hard to understand constitution. all treaties must be ratifyed by 2/3 of the senate that means first having a treat to ratify. >> and portman is so full of it, irkit did not happen. >> robert in south carolina, finallyu congress is standing tall legally exper sizeing their powers. you would feel the same if a democratic president did it to a republican president or congress. think about that. >> marie letter signed by french senators trying to -- 47 senators trying to undermine negotsaying is a clear violation of logan act. any citizen in u.s., wherever he

may become monthss or carrys on any correspondent with any foreign government or office or agent, with intent to influence measures are conduct of any -- if relation to any dispute or -- with u.s. or -- measure of united states, shall be fined under the -- i edited that. i am kidding but to make a points, i don't know if this fits that bill, all i know is that it makes us look like a laughingstock to outside world. republicans say that president has already made us look like a joke. let meing is they not add to the laugh. and in san diego unimpressed with my argument or me, you are a idiot. one of the best assets that obama has.

>> i am not. "strange inheritance" starts right now. >> go real-estate mogul ahead of his time. >> they jumped on a. and when he is gone there isn't for the surprise of a lifetime.