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tv   After the Bell  FOX Business  May 29, 2015 4:00pm-5:01pm EDT

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15,000 handle let's go to nicole petallides at new york stock exchange. trading has been halted. [closing bell ringing] >> that's right. they're talking about a potential buyer. liz: the final trading session of the month of may. otherwise some action. we don't think people will leave at this point because we have dow jones industrial average down 14 points but it was more earlier. david: is started with the gdp figure contracting in the first quarter. not expecting to be that bad but it leaves good news for the market. >> after the bell starts right now.
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david: right into today's session investors will have a promising picture one of the biggest growth sectors over technology. saying investors are still skittish and that is good for the market to leave more room for individuals. jason expects one sector to continue to improve as a time for you to get an? and we will start at the chicago mercantile exchange with the gdp figures. how many folks are wondering if the fed raising rates is hurting real economic growth? >> it probably is bet you hit the nail on the head when you said it is bad news good news or bad news bad news.
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but today is a different picture. it is starting to affect the economy and what we see. we did have an increase of volume. but investors are on the sidelines. but we have that move we have not seen in quite a while. liz: i will begin with ron. we're used to gore surprised or neither? >> neither. the u.s. economy is growing it is sluggish but it is still doing okay. we are now worried about a quarter and we also think
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wife fight the dollar? and by some emerging markets they have been terrible for a couple of years. they will be at of their minds to raise aggressively so i think it is non issue to stop with earnings. david: were you buying today? more than selling? >> we were adding to the portfolio because said gdp number was not entirely unexpected we looking to percent gdp growth. david: what refocusing on? >> what we buy regularly with upside potential and we think janet yellen was very clear.
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and if we get moderate growth out of the second quarter we're looking at 2550. basis points. liz: as we look at all of this do you take a step back to take some profits were the market was slightly down? what do you feel are good opportunities? >> i am not buying today. isn't the market that we have to wait we have a job reports number coming one week from now i went to see where we know that that number will make job reports look bad. shrugged off because if not you could get that correction never betty is looking for.
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i am sitting on that pile of cash when the time is right. and i am a bull. david: what happens if it befits the gdp number? >> i have to be completely honest. when the number comes out the question will we is it bad or good because the fed will stay off the of raise rates? then never has to be out of the park for number to see any type of sell-off. the market is set right now you could look from the volatility standpoint or the dicks index. but it is in a tight range
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and unless we have a circumstance to go all the way over the top of the jobs number ruble trade at a minor rate. liz: the market is bumping along there are always breakout names. give us some of those what is the name that will be better than the rest of the market? >> first we own the etf called pak cybersecurity industry 30 names if there is any growth industry is cybersecurity. so we have the basket that has done tremendously well that will continue to grow. second we added that a little while ago to the portfolio. great numbers.
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great acquisitions the merger and acquisition has added a lot of cash flow they will be on the lookout for more companies. on top of that i will add one more thing we're not market timers we think the nervousness is good that people cannot time whole cycles of the market but a two-time that we think it is tough. >> but looking at technology you have a very weak approach where the first person is not always the winner? >> that's right you don't want to be the first person to create back in 1998
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nobody remembers cosmos. but look at grubb of -- hub. but will that the sport -- destroy competitors. we had restaurant delivery services over 20 years but grubhub will take it to the next level. they are treating all entreprenuers to create food then distribute those meals through the electronic platform just like apple gave scoters the ability to create maps. you have to have the integration. and then if uber delivers food and that is great fear of another place to deliver that because the valuations keep it for your were money manager our asset class but with technology will they
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create entreprenuers? liz: we have breaking news. thank you very much. david: general motors and subaru have models that are recall because of those takata air bags. subaru is adding 60,000 cars. we have posted the entire list of models on facebook.com/afterthebell be sure to go there if you have any doubts. heavy rain drenching north texas causing major flooding on raised but submerged vehicles prompting multiple high water rescues. amazing responders throughout the state are struggling with another round of storms. liz: we are live with the latest.
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>> researches on for 14 people earlier this week the dallas-fort worth area was up through 7 inches of rain that they received more than 100 calls for rescue from flash floods and submerged cars and washed out roads. >> i knew it would get really bad. we used sandbags but they were pushing through. >> buster -- the search is still on with eight people unaccounted for in texas and across the state fourteener missing. more bad weather is on the way in houston there is a flood watch the governor declares a state disaster for 24 counters know 70 are under under disaster from the rio grande through the red river to the north.
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liz: the timing of the federal reserve hikes continues the more important question isn't when but how to deal with it. we have ideas. next. liz: america's violent crime rates going sky-high. the economic toll is huge. the panel will weigh in. >> we told you about using robots today we thought get the actual robot maker. call the product is taking off and buy companies loved it. we have the founder and ceo.
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some say buy gold. others say buy soybeans. i say, buy comcast business internet. unlike internet providers that slow down when traffic picks up, you get speed you can rely on. it's a safe bet. like a gold-plated soybean. reliably fast internet starts at $69.95 a month. comcast business. built for business. david: amazon will look to save you a trip to the grocery store with private label brand of food. with diapers and baby wipes now pushing the everyday items to sell milk and cereal. the new products only be available to the amazon
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prime subscribers. liz: san francisco president john williams is the latest number -- member to warn about a rate hike coming this year '' we will be likely raising interest rates this year gradually over the next few years. so should you be worried? you cannot say you have not been warned we have been talking about this for ever is it something to fear or to play? i would imagine you are preparing. >> exactly this has been coming for a long time you need to position in your portfolio for that we don't 10 industries for every one the economy on its own feet you want the fed out of the picture to invest in focus on investing in earnings. liz: whether you doing for your clients? >> we're looking at
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financial to want to be in those large capitals and in the regional banks with the reason being over the last few weeks when it went up with the regional banks it had a nice move higher. oh wait to hedge your portfolio. >> for those that are in within the etf. the let me be clear. once interest-rate start to rise they get a better spread when they lend people money. they will take in the form of a deposit and lending it out to people who need the money. since 2008 with the low interest-rate or zero interest rate environment
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there is very little threats liz: if i am more interested to but own one stock or to really come depot and starbucks? >> great names with great management we have been invested long time, although we have seen some weak economic data we have seen strong housing data. whether new home construction or existing homes or rentals. we will go to home depot to pick up regardless. liz: we remember the day in 2008 where we are closing 600 stores. the stock was $8 to date is 51. paul much more upside is there? >> remember it just came off of flip. there is so much upside and
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really betting on management how were shultz is a great management and leader but i tell them don't look at it as coffee but technology because you can take out your telephone press the button to order your drink have been waiting for you know more line you walk again and walked out in under 20 seconds. they can increase productivity without opening new stores or product they can increase over 20 percent that is a huge upside. then they will roll out alcohol in a lot of stores they are testing it with a huge market. liz: wine bar action don't panic just playing it. good to see it. david: rising violent crime all over the country having a huge impact on american
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business. how can we stop it? our panel is your next. robots working in the office? google and twitter the ceo of double robotics telling us how big this trend will be. coming up. if you're an adult with type 2 diabetes and your a1c is not at goal with certain diabetes pills or daily insulin, your doctor may be talking about adding medication to help lower your a1c. ask your doctor if adding once-a-week tanzeum is right for you. once-a-week tanzeum is an injectable prescription medicine that may improve blood sugar in adults with type 2 diabetes, along with diet and exercise. once-a-week tanzeum works by helping your body release its own natural insulin when it's needed.
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liz: a report shows the irs paid billions not millions but billions of dollars of refunds on potentially fakes -- state tax returns they are finding much worse than expected the inspector general report finding the irs paid refunds on hundreds of thousands of fraudulent returns sending checks around the globe sometimes multiple checks to a single address not even in the country. but the irs paid billions less in fraudulent returns
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than in previous years ago it was 2.2 billion in 2012 down from years earlier the report comes after the irs admitted a data breach of 100 u.s. taxpayers. david: is there any good news out there? if there is our panel can find them. "forbes" publisher and matt welch. >> capitalism is awesome pulling people out of poverty every year. 36% of the world is living on $1 a day. now we talk about maybe to eradicate by 2030. not because of a or loans but markets and capitalism.
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>> even though we put the figures around the neck a little bit. liz: what is the good news? >> eventually people get sick and tired of being sick and tired. it reminds me with political dysfunction. people got sick and tired of that. david: but there were individuals or leaders like reagan who had the will and the conviction and the arts to put that passage through i don't see that type of leadership. >> with ronald reagan as the governor of california he ran unsuccessfully among those republicans maybe one or to have that potential. >> that a wave of 2010 were those that were very serious
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>> it isn't just ronald reagan but it is proposition 13. we still have grass roots in the country. david: that was a long time ago. all police bashing the past two months is paying off in the worst way. murder rates are way at like baltimore your candid denver. they are haltingly crime prevention policy that worked. >> this is the case of snatching defeat from the jaws of victory from aggravated assaults and crime and then to reverse said in a major way. it is pretty simple. david: pullback on policies you get more crime.
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the murder rate 25 years ago look at this. last year's 333. thousands of people are alive today because of those crime prevention policies. >> criminologist cannot put their finger on a single thing precisely why it grows everywhere. between world war i and roads were too. david: i just saw that ray kelly saw with the predecessor credit bus stop and frisk policy that was put in place is in the york -- new york. >> we should also have had a peace dividend that was from
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the '90s instead of saying we don't have to do this but they quadruple down then building resentment in the community. >> when you stop people who have guns from committing crimes that is what is stopping and frisking is all about. >> she bakes an issue that the gains were captured it is not to either zero or but all the good things all the time. but to do with empathy or knowledge of the local jurisdiction. david: we have the winners and losers section from every friday. >> the users? the obama administration economic policy that has down the revision of gdp is abysmal. >> that is truly abysmal but this week goes to the presidents of fifa who is
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drinking a big class of i don't care with corruption. david: i cannot afford to make fun of somebody else's name with a name like mine. he is shameless. [laughter] but with other organizations like that. >> mine is saudi arabia that made a strong effort a couple months ago to kill shale oil in the united states. they have failed now we have data showing from north dakota the average break-even point is now in the low 40's. oriole is low but they still make a profit. congratulations to north dakota. go-ahead. >> i think carly fiorina had a great week she one out of all the contenders she is the merging with the ability to define policy to cut down
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the opposition in a way that surprises me. david: a full disclosure you went to school with hour. >> at the stanford campus. >> i did not go to school with her but not a consensus rand paul initiated a very interesting argument that was long over due this week. a lot of the establishment republicans say he lost that debate with national security and don't forget both omitted data surveillance might end. >> i also was going to choose carly fiorina to heckle hillary clinton but i will pick your second pick my buddy who owns the golden state warriors also he is
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part owner of though los angeles dodgers. >> and also a venture capitalist's give credit to you day and gilbert of quicken loans founder and those will win. david: catch us every saturday at 11:00 a.m.. tomorrow is 12:00 p.m. eastern because of breaking news. be sure to set your clock tomorrow "forbes" on fox. liz: can make it to work one day but cannot miss an important meeting that same day? we will talk to the maker of robot that lets you have a physical presence when you cannot be there. the fox business expo say has thousands of air controllers up in arms demanding an investigation
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of the faa hiring practices and adam shapiro has the story next. if you suffer from a dry mouth,
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liz: just yesterday we were telling u about an mit sloan school of management experiment -- those guys are so intelligent, right? -- that lets employees work remotely. and it uses a program that involves robots that were made
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by a california-based company called double robotics. it turns out, they supply google and coca-cola, they're signing contracts right and left to allow people to avoid horrible commutes and terrible traffic and weather to work from home, but in a way still be there. joining us now is the ceo and cofounder, david kim, we thought we'll get him in. he made thing, it's incredible. talk about how you came up with this idea. i believe it was 2011, 2012, sort of emerging from the recession you said let's do a robotic start-up company? how does that work? >> absolutely. we were actually working on a different product before, and we had to have it made really inexpensively overseas, and there was a lot of travel involved, and we thought, this is crazy, we can't afford this as a start-up. so we weren't happy with the solutions, they were very expensive, and so we said, hey, the ipad 2, has a front-facing
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camera, let's put it on a stick. got a huge response on youtube, and it grew from there. liz: how did the brains get linked up to move it to where it needs to be, in front of perhaps an employee in the office and the person on that tablet is somewhere else remote, maybe at their home, as i said yesterday, wearing pajama pants, but still computer and laptop in hand and trying to work. >> yeah. as part of the design process, we wanted to make sure it could be lightweight, have adjustable height, and that's why we chose the balancing technology you see. it moves very, very smoothly and is very easy to accept in an office environment, looks professional. people like to personalize the robot as well, they'll put hats on it, a little sticker, something like that. [laughter] like your iphone, you might put a nice case on to personalize it. it makes it feel like it's just joe rather than a robot. liz: yeah. we heard people were putting shirts and outfits and things like that on some of these which
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is hilarious, and what isn't hilarious is the contracts you guys have landed. as i understand it, people are lining up to get this into their companies. is it so you can allow night owls to stay ott home and work -- at home and work when it's best for them? listen, flexible work hours are very important here. >> yeah. we started at some of these innovation centers in these big companies and they were fast tracked out. the individual contributors and managers are where we're seeing the most growth right now because you want to retain those employees when they need to move away or hire new people, you can't find people many your area, we're out here in silicon valley in the san francisco area. it's very, very difficult to hire people here, rents are extremely expensive. what if you could live on a farm in idaho and still worked add linkedin here in silicon valley? liz: yeah, there's great engineers in nebraska who don't want to move because it's too
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expensive. david cann of double robotics. david: well, congress demanding answers from the faa in light of fox business' exclusive report called trouble in the skies. liz: adam shapiro joins us now, and there are brand new developments. >> yeah. within the last 30 minutes, congress has sent a letter to the administrator faa, michael huerta assigning them a deadline to respond. here are some quotes from the letter sent to chairman huerta. he says in the letter first in regards to the fox business report and what they want from the faa: >> r eporter: and then they get to the issue that fox busies closed, the shocking evidence of cheating on the hiring tests:
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>> the faa has until june 26th to respond, and we'll see how they do, because they will not respond to fox. we've been waiting for them to respond since may 8th. they will not respond to other news organizations which we know are calling. their press office is closed down. you've got to respond to congress. david: well, they responded to you anyway, and hopefully the faa will respond now to them. >> it's a pretty big scandal, and it gets to the issue of national security because you've got hundreds of potential air traffic controllers who have already been brought into the system. they're not actually operating on their own, but about 540 of them who may have cheated and who may have gotten in with less qualifications than they used to expect. david: ouch. >> people say you still have to get through the faa training.
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the problem at one hand is that they had only a third of the people they hired even qualify after training. so these people are already from the pool they're hiring deficient. that's faa numbers. that's when they stopped talking to us. liz: adam shapiro, he'll keep talking and searching. david: thank you, adam, very much. well, digging deeper into the global soccer scandal, why was an unethical organization giving so much money to the clinton foundation? byron york is here next. liz: and trish regan walking down the hall, coming to tell us about her brand new show, it's called "the intelligence report," it debuts monday. she is going to give us a hint on some of the amazing guests she's got. you can't miss her or it. life begins with a howl, we scream shout, shriek with joy. until, inhibition creeps in,
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liz: a strong dollar, harsh weather from the winter and a cautious consumer pushing gdp, that's output of all goods and services, into negative territory for the first quarter. david: some say bad economic policies also had something to do with it. trish regan, host of "the intelligence report," monday at 2 p.m. eastern. i wonder if anybody at the fed would realize their policies aren't helping the economy that
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much? >> i don't think they would was, you know what? -- because, you know what? at heart all of these folks are central bank planners. they think that they really and will affect the economy. and on the margins, i'd say that they can. but at this point you start to have to ask the question, have they actually hurt us by keeping rates at these record lows for so long? i mean, a lot of concerns right now about an asset bubble, for sure. and then i've always asked this question, what if you were to be counterintuitive, and you were janet yellen and said, you know what? i may, in fact, definitely raise rates next month or, in this case, coming up on june, this month, would that, in fact, encourage people to go out and, say, invest in that new home or that new car? if you're a ceo, do you invest in a new plant because money's not going to be so cheap six months from now? david: right. >> so there might be something to that, that the fed has sort of told us all, you know, rates are just going to be low seemingly forever, and so you
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have no reason to go out and borrow. liz: but here we are the last trading day of the month of may. we're going into june. summer months tend to be sleepy, but we know that the question still comes up, will the fed tighten in june, or will it be september? and a lot can happen over the summer. talk about your new show, 2 p.m. eastern, "the intelligence report," and the focus it will have. >> my hunch is the fed's not going to do anything. we're going to be in this low interest rate environment for quite a while. but the new show is going to talk a lot about news of the day, and we're going to be looking through all of this news through an economic and business lens. a lot of questions right now about a our overall economy be, you just mentioned the g,dp report, liz, and it's clear we're not doing so great. we're not adding the kinds of jobs, we need to be adding 200,000 plus a month. great, sounds really good on paper. when you dig down into those numbers, you find wages are now. so, great, you've got a new job. if you can't feed your family
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with it, it's not going to do a whole lot of good. david: who have you got on? >> bill gross, bond king bill gross, carl icahn, legendary activist investor -- david: you're not holding back, are you? [laughter] >> a lot of concerns about an asset bubble right now, so we will talk to carl about that. also coming up later in the week, senator mccain, dave cody, ceo of honeywell, really interesting guy. and he's being called the new jack welch, 2.0. what he's done with that company is pretty amazing. jack actually passed hip over for the -- him over for the top job at ge, anyway, he'll be on. and general keith al sand freres the nsa. david: we will be watching, 2 p.m. on monday. >> i'll see you then. david: meanwhile, true to their shamelessly corrupt form, soccer's international governing body reelected the man whose four-term reign has been clouded by scandal. so why was such a corrupt
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institution sending money to the clinton foundation, and what about qatar's soccer-related contributions? with us now, byron york, washington examiner political correspondent and fox news contributor. what's the connection between the clinton foundation and fifa? >> well, the clinton foundation, supporters would say, nothing out of the ordinary. they would say that the foundation has connections with so many entities around globe that, well, if there's some corruption problem, that's not really -- don't touch the foundation. on the other hand, what we know now is this has to do with the awarding of the world cup. remember in 2010 bill clinton was on part of the team trying to bring the world cup to the united states. afterwards the winning team for 2022, the winning country, qatar. basically, the government gave at least a million, maybe as much as five million to the clinton foundation -- david: so let me just stop you there, was that kind of like a
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consolation prize? sorry, bill, we took the world cup, but, here, we're going to give you a couple of million? >> we don't know. and the olympic committee, the committee -- excuse me, the world cup committee, trying to get the tournament for qatar tar, gave the clinton foundation a ton of money. and fifa gave the foundation a ton of money. so you have to wonder as with so many of these clinton foundation stories, what were they getting for this? certainly, from what we know now, fifa was very familiar with the concept of pay for play. that certainly seemed to be an animating ideas inside the clinton foundation. david: what is the clinton foundation? this leads me to wonder, it looks more like a lobbying organization than a nonprofit. >> well, i mean, here again supporters would say they put together people who give money and people who do good works. in this case the qatar -- david: well, fifa doesn't do good works. granted, they may help with some water programs around the world,
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but basically they're lining their own pockets. >> they would be the donors in this case. and you put them together with some company that wants to or a nonprofit that wants to, you know, develop water facilities in the middle east or something like that. on the other hand, i think some wag today said, you know, the ford foundation gave away henry ford's money, and the gates foundation gives away bill gates' money, and the clinton foundation gives the clintons' money. david: yeah. >> so it is, it does not work on the same philanthropic model that many of us are familiar with. david: final question. i know it's hard to find anybody that's willing to investigate, let alone prosecute the clintons in any way, shape or form, but shouldn't the irs be investigating the clinton foundation, what it is, whether it's extended beyond the bounds that a nonprofit should be allowed? >> yeah, you would think. remember, we've had these reports about how much money went to the administration and upkeep of the clinton foundation, just alarmingly high percentages of their revenues
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went to that. this is something, obviously, the clinton foundation has a 501(c)(3) charitable, tax-exempt status, something the irs would look into. they keep an eye on foundations to see how much they're being used for their actual philanthropic purpose versus, you know, enriching the people who are involved in it. you know, we just learned the other day that sidney blumenthal had gotten a stipend for years, $10,000 a month, from the clinton foundation. kind of acting as, like, an administration in exile. is that really a philanthropic purpose? david: i'm sure that's not all of the money he made, that was just chump change. >> that was just his part from the foundation, yes. david: washington examiner chief political correspondent, byron york. thank you very much. >> thank you, dave. liz: back on top of the world, the visitors' center at 1 world trade center finally opens, a forever-changed new york city. we're going to give you a live look inside. that's next. ♪ ♪
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gerri: hi, everybody, i'm gerri willis. coming up on my show at the top of the hour, the best advice you'll ever hear. we've assembled the best experts around to tackle some of the most frequently-asked personal finance questions from real estate to health care and college to retirement. please, join us on a final edition of the willis report in just a few minutes. ravings hit, all i can think about is getting relief. only nicorette mini has a patented fast-dissolving formula. it starts to relieve sudden cravings fast. i never know when i'll need relief. that's why i only choose nicorette mini. to breathe with copd?ow hard it can be it can feel like this. copd includes chronic bronchitis and emphysema.
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. >> the one world trade center
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observatory officially opening to the public today, offering views of the city from 1250 feet up in the air. >> we sent the indevelopid fox news's rick leventhal up there. how is the view? it changes every hour. >> the sun's obviously shifting and coming towards us from the west, and can you look to the west and the south and see lady liberty and ellis island. cool thing about this is we're actually so high up. 1250 feet in the air, we're above the helicopters and small planes flying around manhattan. people paying a lot of money for that ride and can you get it up here for a little less. this area is for rent for an event space, 102nd floor of one world trade and below us are three restaurants and the observatory on the 100th floor.
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the view from every floor is the same, it is this, incredible. we can do traffic reports looking at the westside highway and the rest of manhattan. it's a stunning vista. no question about it, 360 degree panoramas, 50 miles of visibility on a clear day. we showed you the elevator ride up earlier, the ride down called sky pods, floor to ceiling l.e.d. scenes and a helicopter ride, you fly in a cork view around the tower. they have day and night versions, each takes just 47 seconds to travel 102 floors. one of the fastest elevators in the world, guys. >> unbelievable. there was a plane when you were looking outside that was below where you are. so we could see that going on. rick leventhal, great stuff, thank you very much. liz, you didn't want me to say it, i'm going to say it anyway. for 7 years it's been my privilege to be working with a tv legend, liz claman.
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unfortunately that won't happen beginning monday. i'll have melissa francis next to me. you'll see liz every day at 3:00 p.m. eastern time. but it really has been a privilege. >> check out the brand-new fox business lineup. it's the best. >> see you on monday. . gerri: hello, everybody. i'm gerri willis. welcome to the final edition of "the willis report." for five years we've given you the best in financial advice, tips, information, and tonight our best advice ever. for that we're bringing in some of our favorite guests, president of the american action forum, greg mcbride, the chief financial analyst for bankrate.com, and larry winget. and we have a personal finance expert. we're going to start with the big picture, the economy, doug to you, news today, gdp didn't grow in the first quarter, it fell. the economy shrunk by 7

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