if you look at minimum wage in the states can if you look at percentage, the same results apply. i did the next chapter which was all mine which is the metric chapter. that one i dare you to read. it bores you but what i did do in the chapter is a dead-end bibliography pages of articles in academic journals, all of them with the same results across the board. then looked at give unto caesar. with irs data on states from 1992, the earned income year of 1992, reported 93 on the 2010-2011. if you look at where people are moving and where they are moving to, and what their income levels are, it's astounding. we use one of these variables i didn't include which we didn't include in this book which is on the estate tax or the death tax in states. tennessee has an estate tax, and florida of course doesn't. what i did in the state tax because i look at the number of states of the federal state tax filings in florida per 100,000 population, compared to the number of the states, federal and state tax filings in tennessee for 100,000, and the size of the estate. florida has twice as many fil

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so you should not look at them in the same way. >> thank you. other questions? yes, please, sir, over there. >> lauren heresy. i was a scholar in 1968 in india and i continue to read the india story. it's hard to formulate a good question for a panel like this because you're brilliant and that's a compliment. i want to ask you to give me a scenario for the retaking of the large city of mosul in northern ra iraq. vietnam, lebanon, cambodia, israel, et cetera, we had a civil war in the united states that lasted four years. this is civil war territory. mosul is an iraqi city but it's in the hands of another self declared state authority. so, each of the four of you or five, if you will, mr. moderator, give us a scenario how long will it take before mosul is maybe like the city of atlanta, georgia, part of a union again? >> somebody want to answer that? >> yeah, please, please. >> loogs k, as this new york ti article brilliantly highlighted, we're dealing with a military in iraq the most effective combat forces on the ground are -- for mosul to be liberated it has t

brian, what are you looking at? >> i'm looking at a long-term chart of oil. this goes back to 1996. but what i wanted to point out is this is your 2004 breakout point. so that's $56. you have to be careful with these oil contracts because they are adjusted but at $56, just about where we are in wti, you have major support going back about ten years. the other place we could find support if we just draw a trick trend line here, if we break through this 56 level, now we're talking about oil down in the 0s. for me to get sbiel the 40s, that would mean we're having a severe economic contraction which i'm not in the camp yet. so as tim said about potential supply going to china, i think around the $56 range you'll be looking at support in oil. remember, this is a game of probabilities. technicals are always kind of suggested turning levels but at the very least you need to start looking out for that turn in oil. >> brian, does that make you think about some of those names that have been absolutely crushed in the oil space and look to those names as the best opportunities to trade? and i'm

how do you look at that gap? >> i didn't articulate that very well. >> you remember congress isn't simply about legislation, it's about communicating. you've got to be anyone to communicate what you've worked on. there has to be a constant repetition. >> all right. it is time to wrap up our conversation. thank you for talking with us this afternoon and thank you to everyone who attended today and from watching us on the live stream and a big thank you to cvs health for parter inning with us on this important event. and the whole series we've done a whole two or three years now. have a great day and we look forward to seeing you at the next political event. [ applause ] >>> mr. chairman, in committee, when i consider these issues, i bring the respect to far beyond an nfl executive. domestic violence was a way of my life at home growing up. my brother and i waped helplessly numerous times as my mother was beaten and knocked unconscious. we saw how she struggled to seek help and find the courage to say no more. in ad

and if you think about that and look at some of these levered miners, you think about the -- if you'reay a miner for a bounce, you may want to think about the gdx, the etf on the miners. and here's a chart over the last five years of newmont. they traded about the same price. look how correlated they are. there was a little outperformance on the single stock level. in the gdx. but down here, they basically traded one for one. and the only reason i'd mention this, newmont makes up about 8% of the gdx. if you're looking to actually get some, you know, less single stock risk and maybe some broad exposure to a bounce, i think you play gdx, that's a way to play from here. >> would you agree with dan? and what do you make of the gold move given the vote in switzerland? >> yeah, obviously, a huge reversal today. i think that's very encouraging. you could put in a short-term bottom, no question. we had randy smallwood a couple weeks ago when the stock was trading 18, traded up, trading 21 and change. i like the space. i think there's tremendous opportunity in names like silver wheaton. >> the

i haven't heard you mention like that social media angle to it. so i've lookedt a stock, garmin, obviously not as sexy as, that up 15% yooer to date. it doesn't have the whole nuance that gopro has. but after you get this camera, apple was able to deliver on the product. is this going to be a hardware company that can't really follow through once you get the first product? >> i think that's an excellent point and one of the great selling points on garmin is the interface is really good and they're integrated. so you get the -- if you get the watch, the camera hooks on the handlebars, everything seamlessly works together. i think gopro has to work on user interface. the social media angle is probably overdone right now. what matters more on social media is not that they're going to monetize it but that they get free marketing. and try to remember all those gopro ads you saw during "monday night football," because you didn't see any. we know what gopro is without any advertising and this's because of the social media angle. i think that's worth $500 million a year

so are there any names on those lists that you would take a look at? farms, in the meat space, but the reason why this is most shorted is because you had high cattle chicken, piggy prices. peopler betting the farmer will produce more, the supply goes up, price goes down. sanderson farms is one you can short. you can still short it. >>> time for pops and drops. big movers of the day. green mountain up 4%. >> the stock year to date is up 83% right around $143. >> i would weight. it has a habit of bouncing right through that. i would wait. >> a drop for goldman sachs. karen? >> yeah, you know, anything in the trading business yesterday after the comments from citi and bank of america, probably not a great thing to have for this coming quarter. pop to yum brands. >> it was a disappointing quarter. if you look at what people are expecting, this is how this stock will trade. again, the food contamination concerns on this company. it was also a kay where this stock had rallied off the last quarter, back up to the 77, 78 level. for nour it's not a broking comp

you are looking at a live shot of the city of london. equities are set to open this way there you go -- this way. there you go. the stocks are declining across asia and fell in the u.s. yesterday. it is 14 minutes until the start of the tuesday equity session. after the break, manus on oil. he is going to go live. >> we will take a break. >> welcome back to countdown. taking a stance. prices and said prices lower. let's take a look. thank you for joining us. how significant is it when we see iraq and saudi arabia cutting prices for customers in asia. this is all going to market share. >> exactly. it is not surprising. they are talking about cutting production and upholding the target level in asia. and the only growing market. theire them pursuing discounts to levels we have not seen in the past nine years. >> 11 year lows and pricing for some of these countries. howre looking at prices and hedge funds are positioned for oil prices. what does it tell us about what you think of oil prices. rising and longs that was the most in 20 months. -

you have to look at everything in totality. this is a conversation you and i were having, it is covering a lot of ground. and a lot of the media is not educating everyone as to what the duties of the police officers are, and unfortunately this led to a death of eric garner. not to put any blame on any one individual, but in accordance with law, he was given a lawful order that he didn't comply with. i think in the very big picture, when you look at eric garner's mom, you have to have sympathy for a mother who loses their son, regardless how it happens. so this whole issue goes to a much larger picture. it goes to education. and what we need is cooler minds and brilliant minds from both sides of the aisle to come to some type of conclusion that will help make this nation a better place for all people. i think we are missing the point and the opportunity to capitalize on that now. >> sergeant ed mullins, thank you for your time. i greatly appreciate you joining me today. thank you again, sir. >> thank you, have a good day. >> we

when you look at the cadillac escalade sales up 32.6%. that is a vehicle you are spending at least $75,000 for. it is up 32%. when you look at shares of general motors. i know people want to focus on what a tough year it has been in terms of recalls and charges the company has taken. when you look at what they are doing on the high end particularly with suvs that has been a bright spot for general motors this year. $50,000 is no longer considered really pie in the sky expensive cars. for a lot of people it is the new norm. >> it is the new norm and i'm sure they don't worry so much about the gas mileage with gas averaging $2.67 a gallon. thank you. >>> goldman sachs making big calls today. the firm is neutral on the restaurant sector as a whole but rating starbucks as a conviction buy. putting a buy on burger king and chipotle. it has a sell on panera bread. goldman also upgrading the airlines to buy from neutral saying fundamentals remain favorable. southwest stock up 120% this year alone. >>> tiz the season for giving and also the season

you want to look for signs like that that wages will be increasing. but i mean you do raise an interesting point, but i am not sure how to answer that. host: to the earlier point from one of our viewers: no one is going to shop until they have a living wage, affordable college, and reliable retirement: the basics. guest: it's the american dream. right? it's this idea you should be able to live well. you should be able to put your kids through school and they should be able to go out and do whatever they want. i think that's been a source of frustration for soo many americans, especially coming out of this recession, you know, college, tuition keeps increasing much faster than the overall pace of the inflation and when a lot of these kids do come out of college, they can't find jobs and, you know, they are stuck in maybe lower paying or skilled jobs that they feel that they are over qualified for. i do think that's been a huge, huge tension points for many americans. host: which is what he hadwin says: my wages have not changed for years. however, price

you want to watch that spread. let's look15 chart that's about the last time we closed at these levels. and the last chart this is a one-month chart of barclays. you can see energy taking a toll on some that have used energy as collateral but overall it is a far cry from its widest over the last several years. >> straight ahead steve liesman's exclusive one-on-one interview with william dudley. rate hikes ahead, economy, fallen oil prices. you will hear it all right here only on "power lunch" next. look, i love the way he controls abthe lightsbutler. and unlocks the door when i forget my keys... it's just that... i feel like he's always watching us. yes, that is why we should use wink. ...look, it can monitor and manage our house but it won't start to develop human emotions. hey buddy. control your entire home with one simple app introducing wink it's like a robot butler, but not as awkward. this guy could take down your entire company.h? stay with me. on thursday a hamster video goes online. on friday it goes viral - a netwo

you look around in technology. are a small cap high valuation thing, it is not a great time. >> i thought everybody in asia were buying gopros. >> i think najarian bought all of them. >> i have owned these for over a year, different devices from them. the latest one, giddy-up, that's on the christmas list as well in the najarian household. it is phenomenal. i think there is up side here. i think this quarter, very similar to apple. it really shocks people. >> you buy it in front of the lockup. >> i already own it. >> so are you buying it because you like the cameras and the sales or because they have ambitions to are more of a content, media company? >> the content, i this i they are going to capitalize on that. all of the above. you look at the content they put up, it is an attracts, something that's addictive. people love it. it goes after the right generation, people with money in their pocket. >> these are popular. >> what happens to the stock in the first quarter after your entire family is done buying the cam

i think you are looking at it wrong. if you don't have those high priced coaches, think about how many programs are funded by sports programs. a lot of them. the uk basketball program brings in a ton of money. alabama funds other programs. it's ludicrous to think if you can't get the high priced coaches to bring in the high prized recruits, students that aren't on scholarships want to go there because of the camaraderie and college programs. numerous people afford to go to university of florida versus georgetown. >> andrew, i can talk to it. my college, virginia tech, applications soared when the school got better. andrew, would you support this? >> you guys are misrepresenting all of the scholarship on this issue. the scholarship on this issue does not say when you have a good football team and a good basketball team that it raises the quality of the student body. it does not say that. >> how does it not? >> because the people who apply to a school because they have a good football team on in the bottom of the academic s

so to the hiring, right, you guys are looking for a new c.f.o. your chief financial officer quit or left to pursue another opportunity. i wonder will you change the way you address the community, the cash flow for your company it's sizable because of the acquisition you just made. i imagine when you look to the long term, make you make change and adjustments because the opportunity is so big and you want to get more traction there or stay with the plan as it is right now and hope you get profits? >> we're come at the tent in the cash that we raised in regards to going public, we said within two to three years we would break open for the company. targeting 20 to 25% with three to five years. we're consistent in the way we are communicating with the street in our expectations. we continue to be excited about the growth of our company. >> great to have you back here on the show. we will be watching as you guys try to solve this very, very important problem. >> thanks, emily and cory. >> an employee exodus at the new republic could the co-founder chri

that makes you look more sinister. can you get this on camera, my zombie look? >> how am i doing?practice the zombie look. we are going to practice the fed. higher wages for high skilled workers. in atlanta even, that is a quote, pressure for lower skilled jobs. michael shaoul from marketfield asset management believes he has been reading it more closely than the fed. he says it is not a knockout blow, but he does see, and diane quoting him, "a gap between policy and economic reality." what are you seeing that they are missing? >> i would hate to read it as closely as the fed. into a this is turning really good employment market. we are not there yet, but we are on the way to getting there, and there is a range of senior labor metrics, back in boom territory. payroll gains, the last 12 months of payroll gains have been greater than any other period since late 2000. i am not sure what else you need to see in order to declare victory over the labor market. >> let's talk about what you need to see. can you bring up that chart we talked about? looking at the labor market conditions in

you definitely have to look at it and in some cases hedge it out. u have to make sure you make it on a company by company basis. if a company is exporting, a week currency is great. they are going to be doing very well. we have seen that in a number of companies in asia, where the currencies were weak or getting weaker and these exporters were doing well. it is a two-sided coin. if you are buying the general market and the currency is deteriorating, then you've got to watch out. but we like to look at it on an individual company basis. there was a time, not too long ago, when the emerging market currencies were getting very strong, almost too strong. you saw that in brazil. it is an opportunity. this volatility presents many opportunities and many dangers. >> mark, thanks so much. we will talk about china next. >> also coming up, europe puts the brakes on uber. the company waits to hear whether it faces a ban and france. we will look at the regulatory roadblocks with the head of europe. that is coming up. ♪ "> welcome back to "the pulse live on bloom

and i think the easy conclusion is to say, looking at that level it's political. but i think you have to broaden out and look at the bigger picture. the number of big tigers that is taken out is a little bit vague. exactly what institutes a big tiger in terms of rank, in terms of importance i think is partly in the eyes of beholder. so the numbers vary depending on who you listen to. between about five dozen and maybe 120, 130. whether it's 60 or whether it's 130, i don't think is actually as important as you -- as might appear on the surface. when you broaden out and look at the bigger picture, this campaign formerly began two years ago in november of 2012. the numbers are incomplete and unfortunately the chinese only give us numbers in year incriminates not in months. so we don't know how many people got taken out during the first two months of 2012. we don't know how many people will be taken out this year because the year isn't over and you get part year statistics which having looked at these as i told robert 18 years, i know the part year statistics often are largely meanin

honestly, when you look at ferguson i recommend the "washington post" story. it is not clear at all what happened and if --. >> with one exception there is in dispute that michael brown went into the police car and attacked officer wilson and there was a struggle for a gun. we know that. >> right and we have evidence that shows. look, what joe scarborough was saying is standing up to his own network and saying, look, police officers have a very difficult job. they go out every day and put their live online. i have been critical the police in the case of the garner incident and rightly so. but do not bash the police universally. >> here is the thing and i respect the rule of law and what police officers do but you cannot look at ferguson base or the eric banner case in a advantage -- vacuum. next we will be talking about the 12-year-old shot in cleveland. you look at this in a larger vacuum there is a problem to the point where the next is weighing in. >> is that problem reflected adequately in the media coverage? with the continues between majority white boule

you look in the memos -- waterboarding does not cause long-term injury. you are not violating the outlaw. how do we try and figure this out? this is a hard question. can i point out that the statute, which you accurately quoted, that's all it says -- it does not contain any examples of what is prohibited, or what is permitted. in fact, i'm sure we all know, in 2005, congress passed an act that start to draw clear lines. one thing we did, we went out had thereto find out ever been medical issues with our soldiers and officers who have undergone waterboarding. i will say, we did this for waterboarding and not for other enhanced interrogation techniques -- we felt they fell well short of waterboarding, like solitary confinement, or sleep deprivation, only allowing someone to sleep five or six hours per day. that we did not do because we , felt waterboarding came closest to the line which you just pointed out. the other thing -- it doesn't just strike most americans as being tortured. either the message that we proved, or the report -- i'd say that's a hard qu

i'm saying you tell me where to look to get the rally. maybe we get it in technology. ll apple hasn't traded all that well in the last several day. >> why not go with the obvious beneficiaries. you get opportunity in the casual dining concept because yum missed and has been missing. go to airlines. go to retail. retail is going to be very strong. but you don't buy markets. you got to buy stocks. maybe you want to buy sectors. but i'm not looking to buy the market. never have. i also think the ten year can go to 2%. >> jeffrey lugundlach was sayin yesterday it could go -- >> france, 1%, that's crazy. >> the downgrade of goldman sachs. first since june on concerns the energy selloff will hit the bank's business. we're sitting here trying to figure out what the ripple effects are in the drop in oil. this downgrade seems to be to be about problems in the high yield market. which people are starting to pay more attention to. and how those problems specifically at goldman could hit key parts of their business, correct. >> caller: effectively just to put it out we've had a str

if you look at retailers we have seen underperformance. tail is up 7% versus 12% year to date. what is interesting is, you might be getting bargains in the store but you are not getting them in stocks. price to earnings ratio on the s&p retailers near the highest we've seen in more than a decade. >> critically on december 22, of whatgive us a window we will see at the end of january when they and their quarter and february when they report? is there any sense where the margin will be? >> because of what leslie said we are expecting margins to scrimp a decent amount. >> is this because of nominal gdp? animal spirit is not there and there are too many retailers chasing too few -- >> getting back to the fact that we have young people who want to save more. they are saving more than they used to. they know that they have got to be ready for the future. a lot of that confidence is based on what is going to come down the road. >> we are looking at confidence rising, don't we expect that to turn into retail sales? directly.essarily it is not a 1-1

>> you look at it, up. had put money across all of the ipo costs you would have made good money. taking an interest in ipos in the way they have not any a while. >> u.s. investors see the valuation cap. what we saw at the beginning of the year was european equities trading and we put money into europe. europe is a part of diversification and it was a good return. >> talk to me about equity capital markets. in terms of activity, i was shocked to see some of the numbers that you sent to me for europe versus the united states. i looked a record and at the last 10 years and have not seen it with more equity raise. they key across the ipos that we saw was a capital flight issue before, thered are some american investors playing it and it is increasing activity. >> what is driving people to do this. we talk about a year that is struggling and is in a slow grind in the cusp of another recession. what is driving it? supporting thet ecb and you may see a strategy in europe. equitiesded european are popular. >> i look

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it is amazing if you look at the ratio of the s&p 500 on the upward trajectory. ces have been on that kind of trajectory as well. why do you think we will slow down? is it because we have hit the historical threshold? >> we certainly could. there's no telling what animal spirits will do. i'm civilly saying that it is not a bet that is prudent to make to make expectations on. in terms of your planning and your expectations, i think keeping those filed down to about the rate of corporate earnings growth, which is historically been 7% nominal, that makes a lot more sense to me. >> everybody is trying to figure out how to make money off the falling price of oil and whether they will buy back into energy stocks could we did a story about how steve schwarzman and david rubenstein are licking their chops looking to buy energy stocks. i know you like colfax is an oil services play. tell us why you think investing in these fracking services companies -- you said they are like manufacturers, not like oil companies. what do you mean by that? >> the business of fracking. hist

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we are standing in a steady drizzle and as you look at highway 101 you can see how wet the roads are all told nothing too dramatic. we have been out and about up and down the peninsula and checking on spots that are known to flood. it looks like things are holding steady tonight. just a trickle here and a puddle there. heavy traffic and wet roads. this is eastbound interstate 80 at seventh strait in san francisco. for the most part the rain came without too much trouble. but for the business owners on the peninsula who have suffered flooding twice in as many weeks every drop can be dangerous. >> when it rains we get worried. >> they are surrounded by sandbags and they only help so much during tuesday's downpour. >> we look out and it is like a lake outside. the storm drain we can't even see it. if you put a towel or something it would be swimming. that's how high it was starting to raise inside. >> fortunately that's not the case now. in the brief break, it gave san mateo firefighters a chance to do this. >> would you like one? >> old saint nick going door-to-door. hopefully santa wil

and you can look at various measures of this in terms of, you know, number of exports expanding between this period, manufacturers goods as part of exports and becoming very, very important sort of proportion of the exports by the early 1920s. and what else do we have here? japanese population expanding quite rapidly, as well. by 1925 the japanese are basically the fifth largest country in the world in terms of population. so this is all happening because of the economic boost of the first world war. on the one hand they are very much involved in concrete military action with the allies. on the other hand they are making out like gang busters because they are helping to supply and sell various things including shipping, textiles, et cetera. very important part of the global story of the first world war. this is not all. the degree to which -- i'm always struck by the more you look, the degree to which both the ally powers and central powers are interested in getting the japanese engaged from the get go is quite astonishing. of course, no one after the fact wants to admit that we were gr

you can look to that. overall i'm not bullish on the home builders. that's one data point that's positive recently. >> glass half full. b.k.? >> not for me. no. you have a couple of things going on. think about it. if rates go up homes will be more ex-pen sieve. if rates go lower that's signalling that potentially the economy is weaker. home builders are in a tough spot. plus a 20% rise is not something b.k. buys. >> more options action on the live show on friday at 5:30 p.m. eastern time on cnbc. meantime your first tomorrow when we come back. time for the final trades. >> global spirits. time to take profits. stz. >> dr. j. >> best buy. i intend to hold it for several weeks. >> gordon johnson. >> first solar. the 2015 guidance day will be a catalyst, negative. we are shorting it. >> thanks to gordon for sitting on the desk tonight. brian kelly. >> i talked about copper at the top of the show. continue to short copper. jjc, that's the etf. that's your trade for 2015. >> all right. i'm melissa leement thanks for watching. catch us tomorrow at 5:00 for

so with ge, very simply, i think you look out to the new year changing, you look out to first quarter -- q4 earnings report, on january 23rd and look at implied volatility, it is cheap in ge. and really, you know, the trade is very simple. i was looking at february when the stock was 26 today. you could buy the february 26 calls for 55 cents. 2.5% of the underlying stock price. you think about it that way, you have two months, a catalyst, you have the change of the new year this is a pretty simple strategy but i think it makes sense when you think about where i think the u.s. market could be going early in the new year. >> this is a short-term bet. usually it plays out over a longer period of time. >> he's looking at an option that is pretty inexpensive. make this bet without taking a lot of risk. the vix below 12, this is a situation where you think about maybe i'm going to do relatively simple trades. you get a lot of leverage and not take significant risk. generally speaking, going into the end of the year, though, calendar spreads can set up in a fairly attractive way because you'

one chart you need to look at. straight over to you guys. >> thanks, kelly. "fast money" starts right now. i'm melissa lee. tim, dan, steve, and guy. a wild day for stocks today. and the volatility may not be over. the s&p, dow, and nasdaq all closing in the red. the vix closing up more than 15%. oil actually closing higher today. breaking a four-day losing streak. but tomorrow will bring a federal reserve decision. investors are expecting the fed to stick with the course of raising rates. could that drive the dollar higher, oil lower and spell more bad news for stocks? >> it may, absolutely. it looks like we're down 17 handles. if you're going to stretch it out and look at it, bouncing the lows, about 50 handles, a selloff. to me, the price action was as bad today as we've seen in some time. 1950 is the 50% correction of the october 16th low. i think we tested tomorrow. we'll see what happens when we get there. >> we had about six other times that we tested, counting the last test of the 200, seven times that we broke that 100-day moving average. the 50-day

do you think the era of $100-barrel oil is over? >> look. i think you have to look at the long-term cost of production. production in north america has risen dramatically as you know and when you look at the long-term cost it's come down dramatically. so i think a longer-term number around $80 to $85 is probably where the marginal cost settles out. >> steph? >> my question to both of you is let's just say we bottom to around 52, 53, 55, how do we get back to the level we talked about or the $100 barrel. unless you see real demand -- and maybe it's the monetary policies that are going to help with that side of the equation. it doesn't sound like from both of you that it will get going. what gets it higher? >> look. i have never seen it go this low except when an economy is in entire recession. i don't see that right now. again, we're seeing every year -- it's not leak it used to be. there would be 1 or 2 billion barrels added on. now it's down. it still continues to increase. if you see oil production drops and production curtails, you're goin

we know you've been looking into digital currencies. now youty threat at big financial institutions. what have you found? >> it's an enormous, i would argue existential threat to our system. it's one of the things we'll focus on at the department of financial services. a major attack on our financial system that is coordinated, hits multiple institutions at once, could disrupt trading could be incredibly destructive to our system? it's incumbent upon us as regulators. do everything we can to make sure our institutions are as protected as possible. >> could you impose rules on financial institutions to prevent tack attacks? >> one of the main things we do is examine our institutions and make sure they are doing everything they need to do to stay sound. they are typically. when it comes to cyber, we'll issue new guidance over the next few days we've been working on for a while now. we know exactly what examiners will be coming in and looking for. there are other things we can do. we have to coordinate with federal regulators and international reg

say no more, joe. >> you know, the lighting is good down there. he looksoung. >> i wish you could see a view of this whole thing. i don't think i'll be able to focus on the interviews. >> because of jessica alba. >> that too, but -- >> i can see behind you. >> you can see the statue of liberty. it's a very special thing for us. should be a fun day. >> what a head trip for you. i mean, it's his thing. and treasury secretary is there. just don't -- just keep it in perspective. all right? you still put your pants on is it one leg at a time? >> one leg at a time. >> you still have to come back and sit next to joe tomorrow. >> i feel like we're sitting next to each other right now. all in the family. >> andrew, we're really excited about this and we will see you in just a little bit. >> thank you. >> adam silver, ken chanault. >>> let's talk markets this morning. jack avalon, it's great to see you. >> nice seeing you. >> okay so we got a lot of things going on. oil prices keep dropping. we don't know where the bottom is for that. you've got the dollar that keep

and that's what a lot of analysts are looking towards. when you at the sales numbers to get double-digit sales growth, you're going to need that overseas growth. this is a challenge for apple. it doesn't 19 the story is over, but it is a challenge. especially if you get margin compression or margin expansion, however you want to look at it where apple doesn't earn as many dollars per dollar put in. that's going to be a problem for an. you're starting to see that in the market. yesterday's crack was a very big move there is probably something going on there. that's probably the first signs of it. if i were an apple shareholder, which i am not, would be getting out 1/3 of it here. >> how big of a threat is xiaomi? earlier i pointed out if you look at the articles that have been written about xiaomi, it's often called the smartphone manufacturer. it's got a tablet. it's got a fitness band. it's investing a billion dollars in acquiring tv content. it's invested $300 million in a video streaming platform which is backed. it's got its tentabcles in a lo

second point, if you look at who is most effected, we just mentioned russia. you have to think about iran clearly. think closer to home venezuela. and not the smaller ones like nigeria for instance. that will be affected as a result of what is happening. third point, if the imf was called upon to help not only ukraine as we do and have to the at moment, but many of the other countries, i would seriously need help from this country so that our quota and our volume of capital to be engaged as loans from those countries would be engaged, so i need your help. >> let's go around the world and see, again, this much of the world is helped by this -- >> yes. >> let's look at the global economy, global hot spot, starting first in europe. it looks like, it is either in or very close to its third recession in five years. this is a continent that seems to be reliving japan's experience for the last 20 years. it seems not to be getting any bet are any time soon. what's the outlook for europe? what needs to be done? >> this is what i call the risk of the new mediocre. new me

you look around the u.s. and you can he be need. it is evidenced everywhere.rts or roads, whatever. >> these investors can afford to make investments in illiquid assets. but what we're hearing consistently here, if we are going to sacrifice liquidity, we want to get paid for it. are these returns going to exceed the market returns for five or seven years in private equity, or 10 to 15 plus? >> no. the yield, you're absolutely right, is very important. allocationditional rules have proven to be wanting. they are going to have to look at how they rebalance the portfolio not just to get the right amount of yield, but also the right majorities on the asset allocation curve. that is why real assets have become very attractive. i think the projects you are looking for -- here in the u.s., we have a lot of capital to go and sobuilding sites, forth, which tells you we are willing to take the risk to put the money to work, but to your earlier point, we need to find the right product. >> how do you measure the blackrock asset business? >> we put our funds and hedge fund

you shouldn't be looking at production. every time we get the production signals you should rally the stock. to me the way you trade the stock is look at it at 2.40. everyone is falling in line. this is a company with remarkable technology. the ev world is something they'll share with the rest of the auto sector. good for them. >> what do you think of that level, 180? the low is -- >> that's something, you go back and look at that level back in may. that seems to be supported in the stock. we talked about the other day, you could have played it against the 200 level as a bounce. i wouldn't have so i wouldn't have caught this bounce. i need to see it above 233 which is the moving average. he has a price target 2630 on it. that's where you see a little congestion in the target. >> skeptics. this is a stock you put in your drawer? >> yes. absolutely. >> that's true. i actually think, listen, you're buying this because you think it will transform the electric grid. like tim said, you can't look at monthly or quarterly projection

we are standing in a steady drizzle and as you look at highway 101 you can see how wet the roads are right now. all told nothing too dramatic. we he been out and about up and down the peninsula and checking on spots that are known to flood. it looks like things are holding steady tonight. just a trickle here and a puddle there. heavy traffic and wet roads. this is eastbound interstate 80 at seventh strait in san francisco. for the most part the rain came without too much trouble. but for the business owners on the peninsula who have suffered flooding twice in as many weeks every drop can be dangerous. >> when it rains we get worried. >> they are surrounded by sandbags and they only help so much during tuesday's downpour. >> we look out and it is like a lake outside. the storm drain we can't even see it. if you put a towel or something it would be swimming. that's how high it was starting to raise inside. >> fortunately that's not the case now. in the brief break, it gave san mateo firefighters a chance to do this. >> would you like one? >> old saint nick going door-to-door. hopefully

this is professional safety analysis you look at and you look at every little item. with experience like his, you follow that through and you'll find something quickly. >> you can't look at a crystal ball at this point because we're all looking for information. as we look back at the other flight that's been missing and has not ever been found the other case of malaysian airline the families we see, we see images now of families waiting and worried and crying and on the phone. this is different terrain where this flight went missing. do you expect -- we're going to hear something soon right? do you think so? >> i think there's no doubt about it. it's bad weather. we're going to find something. i don't think this is another malaysian 370 kind of incident. this is something where we're going to find something. we pray that we'll find something with survivors. we don't know. >> all right. thank you so much, mike. it's always good to have you here. appreciate your expertise today. >> we'll continue on this top story about this missing airliner. it's just after 10:20 p.m.

you look at that monthly, weekly, all of the volume is panic selling. have we seen, peter, we had this argument on the 4:00 last friday, have we seen enough panic? you know, our oil expert, eric bolling, who traded for many, many years says we're not quite there. you'll really start to see some hyper-hysterical behavior in the last death throes of really low oil, and we haven't seen that yet. >> well, in 2009 we pulled back to $33 without north american shale. so you have to keep that this mind. liz: without the shale boom that we've had. very important point. i'm glad you made that. gary kozlowski, what else are you looking at with the markets here? it just seems equities might, perhaps, simply be tired. >> well, everybody is stressed out because of the oil that you've been talking about and talking about, and it has really taken the headlines. but another situation, too, keep an eye on, okay, prime minister abe, he's got more of his way into the japanese government. and we're going to continue to see them pulling back. and you're going to see the doll

>> because you have to keep in mind what your silhouette looks like and draw attention to the stuff that is really great about your body and maybe take attention away from the things that are not ideal? >> what do you mean by silhouette? >> the shape of your body. bigger hips, longer, skinnier legs. we are all built so differently. some basic guidelines you can keep in mind when you're trying on different jeans. >> some of the worst things i've seen are the low riding jeans on someone who has got very big hips and who should really be wearing a pair that cover her back side. >> the design gods this season have taken pity on us and higher waisted jeans in general are trending, as opposed to the stuff that sit on the hip, which gives you that muffin top. >> you have to be thin to wear those low riding jeans. >> you do, but most people forget that. >> straight leg, i mean, it seems this year straight, next year bells and then you're losing the bells that you loved last year and -- >> that's always the sad thing. you should always keep in mind you have to dress for your body type and take no

this is really looking at 12-hour reports and as you take a look here, you will see what kind of reports we have had. nine reports of flooding and nonthunderstorm wind damage. it has been a messy one. rainfall tote tails more than an inch in half moon bay and half an inch san francisco, oakland and you take a look at this computer animation and showers will continue into the morning commute. storm number three is coming later on. i will let you know when this week and when you will get the break. >> and with all of the rain it seems the north bay just can't catch a break. residents are getting drenched again just hours after another big downpour brought mudslides and flooding to marin county. cornell bernard is live with the details. cornell? >> wow, ama, so much rain over the past 24 hours has brought, well, so much water to marin county. take a look. this is an an sell mow creek which look likes a river. all of the water has taken its toll. it has declared a state of emergency. meanwhile another storm rolled through tonight. the storm blasted into marin county making the afternoon comm

for production, finishing, you know, when you look at waret. when you look at bass. social standards and as well, as car bon footprint. we have to create a new fashion sthri. so we started with whole foods with my economy just to connect those dows. you don't have to give up style. comfort. we leveraged the first one for target. so my mantra has been break every stigma of fashion. it's not about this or that. it's about this and that. so when we look at positive consumerism we have to look at good business and better product, ethical products. we have to vote with our dollars as consumers. and we no longer going to support the companies that are depleeth and destroying but they're actually building a better tomorrow. even the hotel strip and everyone here who travels you can see tim packet on text tiles in that industry and then using organic cotton over can make a significant difference. we are very big on collaboration and education and inspiration and innovation. these are ways that question shift the paradigm. so educating the media about why organic and sustaina

you watch all of the charts. tech was a real standout today looking real good. do you think as we go into 2015, where should we be overweight? >> i agree with jeff, technology should be a key sector to focus on. it has started to ramp up last few weeks. continues to be key area. look at financials. as interest rates ramp up, this has underperformed last couple years. my thinking it eventually need to play catch-up. this also looks very interesting to me. energy is a short-term buy agree with. i'm skeptical that, we stablized too much in oil just yet to put a lot of confidence in energy on intermediate term basis. for value players, looks certainly oversold technically, it should at least have a decent bounce in the months ahead. liz: adam, correct me if i'm wrong. seems like there is optimism. we have tailwind. >> right. liz: fed that is involved and better economic data for 2015. >> absolutely. i was going to say, this is why i don't manage anyone's money, i was going to say utilities because i think they're undervalued. here is another reason i don't manage pe

if you look at that -- and obviously the grand jurors disagreed as well. because they saw that video. they saw more than one video. they didn't look at just one snippet on the tv of a couple of seconds. they w56atched the entire video. and they analyzed that. they also brought into consideration the m.e.'s report. if he died of choking, it would have been asphyxiation. that's not what the medical examiner's report says. he did not die from choking. >> it says compression of the neck as well as dm compression of the chest -- >> he did not say asphyxiation, which is that you would die from. and they also brought into consideration his other health factors as well. so it's not as cut and die as a protest -- >> he said it was compression of the neck, compression of the chest. >> compression of the neblg is not a chokehold. compression of the neck is different. asphyxiation, if he choked -- if he died from choking, it would have been asphyxiation. >> but the medical examiner did say chokehold. >> in his preliminary public relations released report. >> so you're

and when you look at what's selling right now, it is not just mercedes, bmws. ling here. big suvs. in the 46,000 to 63,000, gmc yukon, sales up almost 50%. and escalade sales up 32%. that's why when you take a look at general motors, a lot of people want to focus on the recalls and the problems of this company this year. but you look at the higher end, kelly, they have had great sales up there whether it's with these two suvs or the corvette. that's really where they have made a lot of money this year so for general motors, pushing the vfl higher paid off. >> boy has it. thank you. stay right there. what this report says about the wealth gap in america is a looming question. is this an issue on corporate america's radar? let's bring in fred hassem, welcome. >> great to be here, kelly. >> what do you think when you hear phil's report? >> this is very good news. people are moving upscale. people are going up. seems like the middle class is getting more confidence. and they're making purchases and i think it's also the cheap cost of debt which is driving this whole

and when you look at it, companies are making a ton of money. the consumer and companies are both going to benefit from lower oil prices and energy prices. i mean, if you really look at it, this is just a buying opportunity. >> okay. >> but you have a selloff that people are panicking saying get me out once again. it's stupid in my opinion. >> does this mean you would buy some of the oil stocks taking it on the chin, boeing to the downside and pays a pretty good dividend. are those the kind of stocks you're talking about? >> starting to lock at how we invest, one of the criteria is we're looking for positive relative strength in the companies that we buy at the end of our formula driven like the focused mid cap 30 and so essentially they all have a negative relative strength so they're not going to make it into the portfolio and some point in time, you know, bill, it will stabilize. 60, 55, 70. wherever it stabilizes and then see the companies and stocks catch back up. >> do you think it's stupid, rick, when's going on in the market here? >> i th