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in discussions with fire department, there is no 3m exterior-grade product. so if they want to take off the fire protection, to make the duct down to 17, then they have to wrap it with a product that i'm not aware of any exterior-grade product. the problem then is that the noise will come through the duct, because i have hired a number of times for duct. >> if i may? >> sure. >> the other issue is that every light well is of a different size and this is a substandard size. we have an old wood frame building. you can get it through a light well if it's big enough and provides enough room. not this one. this is an old building with a substandard light well. the housing inspector was out there and saw it and that is why he issued the citation he did. >> thank you, i have nothing further for now. thank you. >> we can hear from the permit-holder, three minutes ' of rebuttal. >> well, i think almost everything has been said. if you listen carefully to what has been said, most of the people are in favor of the restaurant. what bothers them is their safety. whether w

the tax implications, just don't by 3m or ibm.into high every yield strurmts so -- higher yield instruments so after -- liz: spreads relative to treasuries narrow the, -- narrowed, which they have, is this the trade picked over too much? >> i think it has, but this is the next three to four months, nothing to model your ported folio on for two years. liz: it's a trade? >> it's a trade for the next three or four months to be stable, get the returns you're used to, and you have to see how it shakes out. look at everything. okay, i understand the tax consequences, what we're looking at, and now i can plan ahead, and then by may or june, it's that turn around where you're going to be starting to get out of the products back into the growth names. liz: what do you say to friends who i'm just scared i'm going into treasuries? >> i just laugh at them. i really don't have any friends that act like that. liz: i say you're not my friend. thank you so much. >> thank you. liz: scott, happy, happy holidays. >> you too. liz: good to see you, sc

toughest talking judge on daytime tv todayóy÷qs at >>> low to mid 50s with increasing cloudse1lm and.f.3m. if you are traveling about, doppler radar storm system moving faster to thepdof north already@q-y: little light rain (r' snow where going to stay until the afternoon when it stars making that push through our neighborhood, tahoe today scattered snow shower possible better chance tomorrow, temperatures hanging around 30° in the afternoon showers around los angeles only for saturday, mid 60s if you are heading that way. safe travels. >>> new year's eve is this monday, bottles will be popping when the clock strikes midnight.]5jwb >> michael finney and our partners at consumer reports test taste sparkling wines to find out if you have8 a lot to get a great bottle. >> reporter: are you looking for a festive drink to serve over the holidays champagne can fill the bill but they can be pricey. sparkling wines with and without french pedigree to see if you can indulge without splurging at the register. it turns out++iñ there is cause for 4-#÷'j5áion.. wine experts at consumer reports tested 1

dupont and 3m are the biggest draggers on the dow.arly stocks rising out of the gate out of some good news out of china over the night. hitting a seven month high, but then the u.s. isf number hit at 10:00 a.m. eastern and a wave of selling. manufacturing activity contracted in november. they say the factory index came in at 49.5 in november. down from almost 52 and october. keep in mind, any number below 50 means contraction. above 50 equals expansion. investors are still worried about tax treatment and dead deals. exelon, the worst of the bunch our first guest has seen it all. the u.s. economy they fall into a recession next year even if congress strikes a budget deal by year end. joining us from stanford, california, martin feldstein. thank you for being with us. the republicans now responding. negotiations well underway to avoid a fiscal cliff. to your point, you recently said, even if we reach a deal, the economy is still at series risk of a recession. >> that is right. we are looking at and economy that is very weak. growth was

what are we going to be sitting here talking about when 3m reaffirmed, dupont bought back stock -- >> $1 billion share buyback. >> and how the multiples were compressed because of the fiscal cliff. now people should pay more for earnings. we go back and do what we used to do. >> we will. one way or the other, we will. >> remember when we used to talk about spain? italy? >> the good old days. spain was borrowing at 7%. >> germany went to the five-year high. we could have that, too. unlike them, our economy is not in tatters. they go five-year high on tatters. audi, good car. >> yes. good car. >> meantime, shares of costco this morning up in the premarket. warehouse retailer earned 95 cents a share in the first fiscal quarter. revenue, profit margins beating forecasts helped by rising sales. those higher membership fees did hike fees a year ago november, which doesn't happen very often. the journal today says, model looks great. the business is great. the stock is just -- people want to pay a lot of money for it, jim. >> oh, yeah, costco, those are remarkable numbers. i know you did an

the forward 2013 pe, estimates of a 3g or 3m. >> apple could potentially look rich and the double top, failure rate is 11% after being confirmed to. me that's a very strong pattern. i really think that you downside to the 331 level but probably below 400 >> i hate to interrupt. this is so much fun. pencils down, everybody. i hate to be the guy to end it all, but i have to at this point. out of time. good stuff. thank you both for joining us. >> thank you. happy new year. >> that was great. >> that was good. >> okay. the dow is only down by 34 points now, and it was down below 13,000 earlier on today, but here's the thing. can he rise above? maryland representative andy harris on his vote to vote against any measure that raiss s revenue without ten times spending cuts as well and what kay bailey hutchison has to say about the ever closer, ever creeping fiscal cliff. you're watching cnbc, first in business worldwide. tdd#: 1-800-345-2550 this morning, i'm going to trade in hong kong. tdd#: 1-800-345-2550 after that, it's on to germany. tdd#: 1-800-345-2550 then tonight, i'm trading 9500

companies as diverse as corning, 3m, ppg march to the beat of the asian drummer. you're not going to see it in the release. it's all in the pestering by analysts. pretty simple. listen to the call. and don't hang up until you've heard the last questions. you can read the transcript, so you can tell how worried the analysts are about the market that's didn't move the needle a few years ago. one final piece of the earnings puzle which is incredible. this is the earnings seasons that you have to weather something that i never talked about before, okay. we got to do it this before we're done for the night. one that's become obvious to anyone who watches regularly. can't believe i have to do this. i'm a fundamentalist, but i'm going to say. you have to know the chart of a stock ahead of the quarter. so often we have charters that are off-the-charts segment that trace out where a pattern might be, where a stock could break down or break out if it hits a certain level. why is this so important? you got to recognize that the chart is the expectation game in picket graph f