. >>> joining us via skype is bern schell, with the red cross in the philippines. he joins us from manilla, the capitol. thank you for giving us your time. so, right now, what parts of the country are being hardest hit? >> well, of course, we have seen the ty off and on make landfall this morning on the western part of the country and hit by the typhoon. it went over parts. it's now in e the liolio, moving out of the country probably later in two or three hours, hitting the island later today. it has gone quickly through the country quicker than expected. it has left a lot of damage especially in the area that it made landfall. >> that's a relief that is moving quickly. do you have people from your organization on the ground in those parts? >> staff and volunteers at the red cross on the ground in all parts affected by the disaster. we have started with those people to go out to lifesaving activities, people who have threats or first aid for those people and, of course, we are now starting in those areas getting more clear start, our assessments. >> what kind of da

bern stein advisors. you should but that in your name. he's also a cnbc contributor.&p 500 anymore? >> not anymore. >> do you think s&p 500 is able to consolidate and move higher next year? >> i'm not smart enough to tell you if we're going to have a short term correction or not. i don't know. fundamentals argue for above average returns. when you look at evaluation, sentiment, profits growth compared to what you get around the rest of the world. it argues we're still in the low market. >> rates might be going up. >> that's exactly right. >> you need growth and earnings. the only thing to hurt that would be a recession. he says the yield curve isn't indicating recession. there's no inflation overheating. then again, it's been five years. you never know. >> you don't. i think everybody is in agreement there's going to be multiple compressions as rates go up. i don't think anybody argues against that. the thing is, most say the only way you get multiple compression is p of pe going down. it's inperceivable e could go up. why would interest rates go up unless the economy

janet yellen, barack obama's pick to lead the reserve when ben bern angie steps down, fielded questions. senator gave her a bit of a grilling over the fed's multibillion bond-buying program working to keep interest rates low. a chance of a history of monetary speak. language that most find hard to understand. janet yellen is clearer than most. >> i believe it could be costly to withdraw accommodation or to fail to provide adequate accommodation. on the other hand it will be important for us also, as the recovering proceeds, to make sure that we do withdraw accommodation when the time has come. >> in plain english, and janet yellen is saying, "yes, eventually we'll stop donating $85 billion to the economy. when we do, it could hurt." you better get comfortable with the idea. >> when explaining why the fed continues to put mun into the system, she got not be more clean. >> the objective of the policy is to benefit all americans, especially those who were sealing harm come to them and their families from high unemployment in a recovery that has taken a long time and been, frankly, disappoi

authorities say the car is owned by a bern a boot moored at the harbor. they're looking into how it ended up in the water. investigators expect it was an sdevenlt a third student at uc santa barbara has been diagnosed with meningitis. 300 students who may have had close contact have been given antibiotics. >> a record day on wall street. dow closed above 16,000 for the first time ever. investors liked hearing that benefits dropped to the lowest levels since september. analysts say it's another sign of a strong economy. the economy may be on a rebound but thousands are pressuring to keep doors closed this thanksgiving. nearly 200,000 people have signed petitions to save thanksgiving this year. stores like walmart and best buy are opening doors on thursday night. not waiting until black friday. target opening earlier than last year in response to demands others say they will remain closed on thanksgiving day. >> a homeless michigan man whose video make overwent viral admits he has started drinking gevenlt the 54-year-old james wolf arrested inside of a burg

i spoke with ken berns who is a documentary filmmaker.e called it the most important speech in american history. i would say most people would probably agree with that. today a number of ceremonies right here. wreath laying, speeches, invocations and talk also of the divisions in the country. of course very divided politically, the reverend said give us the courage to heal our divisions. speaking for the administration was interior secretarial salary jewel. she said his words are chiseled in our hearts. they tell us what it means to be an american. and that's what a lot of americans talked about this morning. as ken burns told me, lincoln was doubling down on the constitution. he really did mean equality for all men, not just white men. there will be other ceremonies throughout the day, but the main event is wrapping up. it also included a recitation of the speech by someone dressed as president lincoln. and a number of women shows up in hoop skirts and men dressed in civil war military guard. >> the president did not attend. what was the

and -- unless the bern proved i built it, but it was someone else's property. it is between the property owners and not part of the city requirement in any way. easements, by the way, where there are big retaining walls, often you will find recordation between the property owners at the city assessor-recorder's office. it should go to the assessor-recorder's office and look at your -- anything recorded against your property, and also look at what is recorded against your neighbor's property to make sure that you understand the whole picture of this thing. so both of the attorneys i talked to said the same thing. and they both said -- they said the same thing here, but tell the neighbors 0 to work it out. it costs so much money to litigate these things. so here's a large wall, we have the fence on top, the wall cracking. we said everything is settling, everything is in permanent. this is in permanent, a strong wall. i'm sure it will be there for a while. okay. so here is somebody building a new retaining wall. and i have another slide in a second. what we can se

and in the russian city of bern in two thousand a phone seven three seven exploded in midair. one km above ground killing eighty eight people the iata says one global airline seat continues to improve accident rates and russia are still going up jean's house cctv. foreign aid continues to pour into the philippines to handle the devastating off to mop of super typhoon hijab. i am from japan to ride in cars who attacked london city on monday while thailand said it was preparing to send relief supplies and food to areas ravaged by the typhoon. from sunday's several planes carrying supplies landed at mac town international airport and say boo. they included made from new zealand sweden australia and the united kingdom. about four thousand people living confirmed dead so if i am knitting on selected candidates easy yet to receive a filipino is an international aid agencies place a mounting humanitarian crisis with a number of people displaced by the catastrophe estimated at four million. each of our eyes each day. we are overcoming the challenges here. i'm getting the eighties that

a number of flights have bern cancelled. this is a big storm. entire eastern seaboard. tornado concerns down in florida until 10:00 p.m. we're watching the snow across interior sections but quickly turn over to rain. much warmer air will filter in across parts of the eastern seaboard. watch those temperatures climb into the 50s overnight into washington, d.c. and to boston. snow stays far inside buffalo towards pittsburgh but you'll notice snow in the deep south. no real accumulation but maybe north georgia mountains. tomorrow afternoon we're still dealing with this. it's gone by the time we get to thursday. just talking about a cold and windy day. precipitation will be over for everybody. if you can drive on thursday do it instead of wednesday. >> rick, i love the weather. >> i know you do. >> thanks so much. something caught my eye earlier today. i want to kick it off with this. can we talk about the travel delays and the reasons for all the travel and the concern. could it be what the head of aaa said earlier today? >> there's also been the issue of the government sh

. >> the dream city architect bern am built was an architect turl marvel. 200 buildings built on a 2-year schedule by 40,000 workers, costing dozens their lives. >> the first year 17 were killed. there were other world fairs, this was industrial, and success. . drawing 77 million visitors. chicago's world fair was improbably big. whole villages from across the globe and inhabitants were shipped to the city of big shoulders. the emblem a massive wheel. 250 feet high, carrying 2,000 people, soaring 100 fooet higher than the ferris wheel there now. people came under fear to look at the future. it was short lived. a city built on a swamp and torn down as soon as the fair ended. the world fair re made chicago. it's hard to find a lasting remnant. this is one of the few. it's in the museum of science and industry. it was a palace of fine arts. they needed a pant structure to safeguard the masterpieces of the day. what was left behind was is that - metre items, fossils used to recreate the world fair. >> time for your sport. here is robin. >> arsenal put themselves only the verge of qualifyi

. >> she's disturbed as a clone of ben bern angie is that fair. >> i don't think it is fair. she has the capacity to about an independent thinker. she's a vice chair of the fed, the president of the san francisco fed. i don't see that. i think that's too easy a common statement that you hear a lot. and it's because the policy of yellen and bernanke and others have been aligned. i believe janet yellen will be her own person, leading the fed in the direction she things it should go. >> what's the biggest challenge? >> they have to taper. they are in the process of buying treasury mortgages. it's been going on for a while - quantitative easing is the name given to it. it has to stop, slow, get to a baseline, stablilize. it has to happen. she's the one who will have to face them. >> there's a danger for the economy. there are all sorts of people talking about a bubble, what is happening with the stock market over the last year. how do you see it? >> i think that tapering has to be gradual. i think janet yellen will see it that way. i think her colleagues on the federal market com

. >> bern y how do you see this market on a day where we're once again at all-time highs? >> the market is still positive. across the world, we do favor emerging markets, principally because of valuation. there will be a lot of volatility when qe hits but we think that makes the case for putting new money to work there. >> the valuations are certainly improved. what about the growth levels there. do you worry that, in fact, the growth isn't holding up to expectations? >> well, the growth rates have come down a bit, but they're still quite a bit higher than the developed world. and you have valuation levels four, five times cheaper than the u.s. the u.s. has been the cleanest shirt in the dirty laundry for a while. we think that leadership changes. >> david, where are you on this? >> still look over the next 6 to 12 months, it's a market you want to be participate paer to in. that's valuation, that's cash flow and i think it's profit margins. all three are flashing a green light. valuation is still quite positive. i'm finding great opportunities in names like lowe's, ford,

and looking at valuation and i say no, it is a bubble, as has been mentioned here, mentioned in the bernsrticle as you -- baron's article, a bubble in specific stocks. >> right. >> but, but it's also a bubble right now because it adds to it in ipos and many of these are ipos coming through the jobs act, not companies that normally would have gone public. >> but my point is, matt, if we grow at 4% next year, and i hope we do, i doubt we will but the market is probably undervalued. if we grow at 13rs next year the market is overvalued. >> no way we're growing at 4%. you're drinking too much eggnog, brian. >> that's later. >> it's still very much i think getting better but not off to the races yet. i agree with david when you look at the netflixs of the world or amazon, any way you want to cut it that's expensive. i like companies with dividend growth. take risk off the table if these expensive names go to an intel trading with a 4% yield. go with companies that are needs not wants that haven't had the fed ion to used euphoria since january of 2012 it that have reasonable valuations that are

speaking in washington, ben bern

bern det was diagnosed -- bernadette was diagnosed with alzheimer's at 57. he left his job to lovingly take care of her. for every person with alzheimer's there are approximately two or three others that generously give unpaid care. als him sers a disease that disproportionately impacts women. nearly 2/3 of those with the disease are women and that number is growing. today, five million people in this country suffer from the disease and it will likely be an estimated 15 million by 2025. this disease not only exacts a tremendous physical and emotional toll but a financial one as well. in 2013, the estimated direct cost just to take care of those with alzheimer's were $203 billion. mr. speaker for the holbrookes and millions who suffer from alzheimer's disease we must dedicate ourselves toward curing and preventing this disease. thank you. the speaker pro tempore: for what purpose does the gentleman from texas seek recognition? >> unanimous consent to address the house for one minute. the speaker pro tempore: wobs the gentleman is recognized for one minute. >>

. >> comments by ben bern angie may help stocks. he told an audience that the central banks maintained a policies for as long as it's needed. later today we'll get a glimpse of what federal officials said. the bages will release the minutes from its october meeting. >> not much reaction to bernanke's comments overseas. >> wall street will digest economic reports. we'll see how the housing market is doing the the commerce department will tell us if retailers are getting busy. the labour department is releasing the consumer price index. jc penny will reveal how it's turn around efforts are going the it took steps to revive its business, such as bridging back coupon discounts. analysts say it faces an uphill battle. >> the external excitement is not a gauge of what is going. they are not terribly aggressive in the advertising space. they are aggressive in the online face r spa -- online spa which is nice to see. in in, lowes - sales at 6%. it foers cast continued -- forecast continued growth to end the year. a state senator stabbed by

joining us now from manila is bern shell with the international red cross. your current assessment of how many have been affected by this storm and how wide the devastation is? >> we are talking about at least five, 6 million people affected on the track of the storm. of course the intensity of the storm is different with its huge periphery. it's raining heavily in manila and we see some flooding here. the hardest hit area is the eastern part of the philippines where the storm hit this morning. also, we have lost contact to our people on the ground, the red cross volunteers and staff on the ground. we don't know exactly the situation. we hear it's massive destruction especially in those areas. we get reports in, even people can't go really out to do an assessment, because the trees are down, power lines are down, so it's very difficult to move around, and of course now we have night, so we have to wait to see the scope of the damage and fatalities. >> you were talking about the eastern parts of the philippines here. isn't that the poor effort section of the

we will berning talking to just republicans on a question as well. we will go to john from utah.ood morning everybody in the country. the bestoing to be thing for democrats in 2016. especially when they really start getting into how much the insurance companies are robbing us. they have 25% of our premiums how manyn't use, people have been hurt in high school playing sports that could never be covered? i can finally get coverage now. i had workers comp. that is all the republican's argument is. we are not giving the insurance companies that profit. runou think democrats can on this issue in 2016. who do you think will run on this issue? caller: i think hillary is going to run. you never know in politics. cory booker is sitting in the back right now. especially with hillary, she tried to campaign health care before and was cut down beyond belief, which was ridiculous. out,the stories come everybody is worried about a website. it is absolutely ridiculous. all of these insurance companies come up with crappy plans on so when the law took effect they could cancel it and it will make

helping us to break it down is alexander bern. he is the senior political reporter.hank you for joining us. people about tell these two races -- why or why not they are important -- what would you say? caller: the new jersey race is very important for one reason and one reason only. that is chris christie's national future. if he wins this election by the margin that the polls show, that is a big feather in his cap. he is a potential candidate that will be able to say he was a conservative and up loose date -- in a blue state. complicated.ore there's not a dominant personality involved. there are two candidates -- both are very flawed. this is an important race is that we have seen over the last few years in the state of virginia that it has gone from a predominantly republican state to a real swing state. is thatcould see today virginia may be leaning to the democrats. this is an off year election. virginia has historically elected a governor from the opposite party. like the trend will break tonight. host: talk about the significance in the virginia race -- there i