thousand and four two thousand and five and it started in texas around dallas fort worth with the barnett play and you know it seemed like a magical thing that we had these new techniques for drilling and you could go down horizontally and shoot a bunch of water in there and break up some some tight rock as they call it and you'd have a manufacturing process rather than a drilling process for gas it would just more or less continually reliably come out at a great rate. and what happened was they discovered that in this form of gas drilling that after the initial production the flows fell off very dramatic way up to eighty five percent in the first year and. they used the initial production figures to raise tremendous amounts of cash and to get to sell shares and to get borrowed money you know most of these companies were running at two hundred to four hundred percent of their of their costs for doing what they do anyway they sort of front loaded the shale gas plays with high expectations and they played upon the american public's wish that we would have endless energy and when the barnett

barnett has been measured and thoughtful. other opposition from special interest groups and the media has ranged from disbelief to rage and hysteria. let me make it clear today that i remain convinced that these hearings must go forward and they will. to back down would be a surrender to political correctness and abdication of our responsibility to protect america from a terrorist attack. despite what passes for conventional wisdom in certain circles there's nothing radical or un-american in holding these hearings. indeed congressional investigation of muslim american radicalization is a logical response to the repeated and urgent warnings the obama administration has been making in recent months. just this past sunday the deputy national security adviser to president obama made a major speech on radicalization stating, quote, al qaeda and its adherents have increasingly turned to another troubling -- attempting to recruit and radicalize people to terrorism in the united states. for long time many in the u.s. thought we were

he's marshall front, chairman and chief investment officer at front barnett associates. he joins us tonight from the cme group in chicago. marshall, welcome back. nice to see you again. >> thank you, tom. >> tom: so with this kind of volatility, do you think common stocks are still appropriate for individual investors? >> i think they are appropriate, but clearly the uncertainties are almost unprecedented, economic uncertainties in this country, lack of political leadership and will to get things done, but, you know, there's an overlay, tom, that's disturbing, and that is the fact that we've got markets that are run amok an really create very, very high risk over the short term for investors. so special care really needs to be taken. >> with that in mind, is the current environment, our trading markets broken, should you invest only with a duration of say a couple years at least? >> people seem to be investing with a duration of an hour. i don't call it "duration," i think it's renting sciewrtsz of one kind of another. and part of this has to do with this high frequency

our friday market monitor is marshall front, chairman of front barnett associates. also next week, the july reports on existing home sales, and a check on consumer and producer prices. on monday, we kick off a weeklong series looking at ways to fix the economy. our focus: solutions for europe debt crisis, the u.s. housing market, and businesses both big and small. federal investigators say mortgage fraud is still widespread, despite modest improvements in the economy. an f.b.i. report released today says schemes are prevalent and often difficult to discover. the scams range from short sale fraud, illegal flipping of houses, and outright house stealing. perpetrators range from members of the mortgage industry to organized crime groups from overseas. a former managing director of the nasdaq exchange was sentenced today to three-and-a- half years in jail for insider trading. donald l. johnson had pleaded guilty to charges of insider trading back in may. johnson bought and sold shares of five nasdaq-listed companies based on inside information between 2006 and 2009. he

he's chief investment officer at front barnett associates. one upside to the sour economy-- super-low interest rates, if you can qualify for a mortgage. the average rate on a 30-year fixed rate mortgage has fallen to its lowest level on record, 4.15%. and freddie mac says the rate on a 15-year fixed loan is 3.36%, also a record low. still, the rock-bottom rates have done little to attract home buyers. >> tom: research in motion reportedly is getting into the music streaming business. according to reuters, the company behind the blackberry mobile device plans to roll out its own service to play music across its smart phones and tablets. the move would compete with apple's itunes and google's android. reuters says r.i.m. is negotiating with major music labels. the new service is expected to be announced by labor day, but the company has not commented. >> susie: as the u.s. continues to leave its manufacturing roots behind, tonight's commentator has some thoughts on what jobs will look like in the future. he's justin fox, editorial director at "

about it twenty years so we've already hit peak fracking well we certainly hit peak fracking in in barnett and we're getting there in louisiana and arkansas and you know we'll get there soon enough in the marcellus but you know it's unfortunately it's a dodge it's just another thing that allows americans to not pay attention to the changes that we have to make in the way we live and you know i'm not suggesting that we have to become socialists or were communists or we all have to move into you know one big house together but what it does mean is that we're going to have to pretty. severely reorganize the things that we do with american life the way we do transportation the way we do farming the way we inhabit the landscape you know and setter and we're not prepared to think about this at all right well it sounds as though without capital you can't have capitalism and with all this tragic kind of middle aged type crusades going on seems like a reverting back to the dark ages politically and economically because we simply don't have the capital to spark capitalism anymore but anyway james ho

ok and i could start off again with martin barnett look at the interesting thing in jackson hall the informal meeting that was extremely formal it looks to me and i think it is a lot of evidence to burn and he is saying don't look at me any more ok it's not my job it's you people in washington in your gridlock politics this is why we have this problem and on top of that we have an election cycle going on right now is for nancy passing the ball and say look it's a fiscal problem too not just a monetary one. well it is by very clearly the federal reserve is the is to blame for quite a bit of it you know that i mean there isn't there isn't a great difference between a different federal reserve. and if you look at alan greenspan he clearly caused the housing bubble. inflating the economy by keeping rates artificially low and i don't think this entertained us have done a lot of gods since inception of the federal reserve as a matter of fact in the united states or clearly a lot of the blame. should be going for them on the other end zone now or as we are already seeing this very high debt

all the forces of eastland, barnett, wallace and thurmond will not stop this revolution if we do not get meaningful legislation out of this congress the time will come when we will not confine our marching to washington. we will march through the south through the streets of jackson through the streets of danville through the streets of cambridge through the streets of birmingham. and at this point he had to stop as the crowd responded to his calling of the roll of the civil rights battlefields from the summer of 1963. but we will march with the spirit of love and with the spirit of dignity that we have shown here today. by the force of our demands, our determination, and our numbers we shall splinter the segregated south into 1,000 pieces and put them back together in the image of god and democracy. we must say wake up america wake up for we cannot stop and we will not and cannot be patient. when john lewis finished, the 250,000 people listening cheered louder than they had for anyone all day. on the speakers platform every black speaker rushed up to lewis to shake his hand and poun

part of the feature is steve barnett. when you publish something inside, they have a communications department that used to be in the gestapo. they completely control you. we planned it this event, we had arrangements under way. they told us we could not tell anybody that there was even an article in science that was in any way involved in this event until wednesday at 2:00. -- i am sorry, thursday at 2:00. then they would not let us give the members of the panel a copy of the article until friday morning. i spent part of this weekend writing a letter to the c i a highly recommending that they send somebody over to science so they can learn how to truly guarded their secrets. these guys are amazing. they did help us in some ways. it was a struggle. let me start by apologizing to the panelists, especially to steve. i know exactly how to make sure that this event gets zero coverage. the way to do it is emphasized that this is a very positive story. about a $7 billion program that unrolls 9 million preschoolers. in washingto

bob barnett. >> bob barnett?and ben bradly. >> do you think he gets 10% of bradley's birthday cake? he's a lawyer. for those of you following at home. okay. mike, you have more details on what's in former vice president dick cheney's memoir, right? >> yes. this gentleman from wyoming is having his last blast, "in my time." one is that on election night 2000, he says the bush team was irritated and frustrated with al gore. listen to this. vice president cheney rights that he says who retracts a concession? he flashes back to 1976 when he was gerald ford's chief of staff. he says we waited and i slept on it before conceding to carter. if gore had any kind of professional operation, they would have seen it and never would have conceded in the first place. but the conceit is amateur hour. >> what is your sense of washington of what the political establishment thinks of the vice president's book and what's been released so far? >> this is four decades of washington intrigue. he starts, he talks about the ford election

so with that, steven barnett. >> thank you, ron. good morning. it's a pleasure to see you all here.o, knowing that ron and his gang are ruthless timekeepers i'm going to start with my conclusions. [laughter] spirit we are not that bad. [laughter] >> and i think the first one and you hear this over and over, is that the administration's proposed reforms for head start are vital, and they should be fully supported by the early childhood field, and that we ought to recognize that early head start is part of this and needs to be fully included in the reforms. second, that the early learning challenge act on and the state councils that each state has on early childhood now should focus on raising quality and effectiveness, not on increasing coverage. i think increasing coverage on to come after we raise the quality and effectiveness. and third is that there's a serious need for deregulation of head start, and that deregulation are to take place in the context of a new experiment, a new program of experimental research that will provide better information about what impact is the most eff

reviewed the home health sanitation initiative that i drafted, and he passed it along to governor barnett i gave it to you a month ago. would you please stand? >> i'll have it in there real soon. >> great. >> that's a scene from the movie "the help" which is out this week. the book has been on the new york times best seller for 26 weeks. you play a really evil woman. i can't imagine a woman less suited to play evil than you, miss sugar addiction. >> there's something really freeing about playing a character that isn't even like remotely likeable whatsoever, and there were a lot of very, very fun scenes that you know as a result of this playing this kind of horrible woman but of course, you know the backdrop of the movie is the civil rights movement and i play a character lily holbrook who is very prejudiced. there were scenes i would never want to go back to do again because i had to get into that ignorant psychology that isn't fun. >> are you worried about any controversy that this role will bring you? >> i haven't really thought about that, i mean because it was a book first, and becaus

joining you mike the barnett director of the hbo documentariary super heroes" debuts this evening.rt of super powers are you able to document in this particular project? >> yeah. well, i think the project ended up documenteding their lack of super powers. with great intentions. >> elaborate a little bit. what sort of intent were you able to document, even if the powers themselves came up short? >> yeah. i mean, this is -- it's a vast community nationwide community that exists, and in every major city in america, about ordinary citizen whose take on superhero personas and go out and try to make their communities a better place. had we started the film we looking at it in a little bit more of a two-dimensional way, where i thought we going to document this sort of pop culture movement, but i think we found something of hue manlt and a little more profound than that. >> a little of what you captured in that regard. 134 of your shooting in brooklyn. take a look at this. >> this is me acting out a need i feel, and i feel something needs to be done, whatever it may be. i'm just looking a

barnett, where the state cannot require students to salute the flag. he said the whole purpose of individual rights of the constitution is to take the most precious liberties and out of the vicissitudes of popular, majoritarian will. that is all casey was saying, roe v. wade takes the issue of abortion prior to viability of the fetus outside of the constitutional majority, because it is deemed to be right. >> erwin says in his book more clearly than any scholar i have seen that the key question with regard to abortion context -- "who should determine whether the fetus before viability is a human person, each woman for herself or the state legislature?" i think that is the rub of the question. if you accept the premise that we get to define away prison guard, who qualifies as a person and who does not, -- define away personhood, who qualifies as a person and it does not come at you are making the same argument about slaves that the south made. a legislative judgment, not what the courts to decide for us, reminds us of libbin's at inaugural address, and

with that, steve barnett. -- arnett. >> good morning. a pleasure to see you all here. knowing that ron and his game are ruthless timekeepers, i am going to start with my conclusions. i think the first one, and you will hear this over and over again, is set the reforms are vital and they should be fully supported, and we ought to recognize that early headstart is part of this and needs to be fully included in the reforms. second is reform should focus on raising quality and effectiveness, not on increasing coverage. increasing coverage ought to come after we raise quality and effectiveness, and third, there is a serious need for the regulation region -- need for deregulation, and it ought to take place in the context of experimental research that will provide better information about what in fact is the most effective approach to providing early education for young children and working at the zero to three range with their families, not that is not imported from 3 until 5, but i think it is important from birth until 3. i got here by asking a question. this is really th