western economies and we just haven't heard much about it chris whalen senior managing director of capital partners is here with an answer and to analyze impending threats and could housing be the antidote to the fiscal cliff it has been suggested as more and more seem to believe us housing is in a recovery our guest is here for a reality check and bloated bureaucracy we complain about it when it comes to the government but does the problems bill over to public universities the numbers seem to say yes and some professors are revolting we'll tell you about at least change let's get to today's capital account. as you well know everyone is obsessing over the fiscal cliff from the press to politicians working on a deal to this seventy three percent of conference participants at the wall street journal's c.e.o. council in washington who reportedly said it is their primary concern now while everyone is focusing on how to avert a recession and had their eyes on president obama's press conference today for clues about averting the proverbial cliff was there another hearing on capitol hill that was far more

dangerous thing from our new york studio is chris wailin senior managing director at tangent capital partners and author of the book you see here inflated and as always chris whalen thank you so much for being on the show i really appreciate you being on my pleasure lauren ok so basil three as the man in the hearing said the stronger capital standards proposed under these rules would significantly lower the probability of a banking crisis and their associated economic losses i would tend to listen to him and say yeah sounds great sounds and sounds right last week regulators delayed the timeline for basil three a you say this is because they realize that this was going to put the western economies into a prolonged recession how so how does how does making banking safer equal love recession recession or prolonged one at that well i think the chief fallacy of the basel three process is that a lack of capital caused the crisis in fact the issuance of bed fraudulent securities and really disintegration of investor confidence is what caused the crisis no amount of capital would have helped us in tw

dan niles from alpha one capital partners, former pc analyst partner.an, good to speak with you. >> nice to be on. >> what's your take on hp? at what point would you consider investing in hewlett-packard at this point? it reaches a low and at some point there is value there. no? not at all? >> here's the thing. how many guests have you had on the show telling you to buy hp because it's a good value? the stock just keeps going lower. you could have said this about nokia, rim. the problem people confuse is the valuation, quote/unquote, is based on future earnings. if future earnings are worse than people think then the value can continue to erode. at some point, you know, could a company get bought out? sure, if you're small like a rim or something like that. but with the hewlett-packard you're still talking about tens of billions in market cap. to buy a company praying for something is just not a good investment strategy. that's why you have seen the stock get hammered again today. you have people there thinking how much worse could it get and the proble

western economies and we just haven't heard much about it chris whalen senior managing director of capital partners is here with that answer and to analyze impending threats and could housing be the antidote to the fiscal cliff it has been suggested as more and more seem to believe u.s. housing. as in a recovery our guest is here for a reality check and bloated bureaucracy we complain about it when it comes to the government but does the problems bill over to public universities the numbers seem to say yes and some professors are revolting we'll tell you about in loose change let's get to today's capital account.

capital partners i spoke to him a little earlier not to he says it's not even that we don't have a two party system we have the illusion of a two party system currently we have a one party system because if you look at the two major parties and look at the two major candidates look at who's contributing the money to the money is the most important because ninety six percent of the time the candidate with the most money wins that's a sad fact in america we need to have some form in this country about how our electoral process is conducted because if we do not have reform and have a very soon i fear this country sworn in to have great civil unrest let's just say that. well just to remind you we're hosting the third party candidate debate here on r.t. at nine pm. or two am g.m.t. . will two parties keep us politics a one way street. or will new voices disrupt the power of power. what is america changes. this election please god monday november fifth on r.t.e. . at least fifty syrian soldiers have reportedly been killed in a suicide bombing in the flashpoint come a province while civilians

capital partners another third party candidates they they have ideas radically different from the two mainstream parties do americans really show a readiness to embrace such change. now is not merely a readiness americans are clamoring for such change and let me correct a statement you made we don't have a two party system we have the illusion of a two party system currently we have a one party system because if you look at the two major parties and look at the two major candidates to look at who is contributing the money to them if you look at their top ten contributors the same on both sides so you no matter who wins the corporations and the major contributors always wears that's the bottom line it's not two party system it merely an illusion but isn't it hard for the electorate to break that illusion after all for generations the scene has been dominated by the republicans and democrats so it's very difficult isn't it to overcome the cultural traditional barriers perhaps. well it is it is very difficult and that's one of the obstacles that the alternative candidates have is that th

burger king was purchased by 3d capital partners for $3.3 billion.continue count down to the closing bell with liz claman. >> charlie gasparino comes rolling down the fence, dumps six points. charlie: i have been talking up this market forever. liz: one fast-food company may have been off more it can chew in china but lauren simonetti at the stock exchange. >> yum brands warning of a drop in sales in chhna, their biggest market this quarter, but the reaction down 10% at 6684 for the owner of taco bell, pizza hut and kfc. as one person is saying the stock is oversold because yesterday they were at the highest level ever. the research firm says the media is creating a china scare, yum brands of our diverse and it is a good pick for the long term but nonetheless second biggest loser on the s&p 500. liz: we like the leadership there. thank you very much. the battle over night trading, beaten down brokerage continues with two names, virtue and get co continuing their fight for the brokerage firm and this matter to the viewer why? charlie: it would be nice

the managing director at capital alpha partners. he seems pretty relaxed, sanguine about the fiscal cliff discussions. >> if you look at defense stocks, they've been rallying lately, which would point toward a resolution here, even as we don't see one materializing. some investors do. but we've got to go. >> we have. coming up, an hour early today, a special edition of "squawk box," live, of course, from across the nation as they also evaluate the presidential election. >> that's right. we'll see you back here tomorrow.

start-ups, business acquisitions, real estate purchases with ti's, working capital, a partner buyouts, business expansion. when i am looking at a potential loan, i use the standard five c's of credit. the first one is character. what we are looking for is a minimum score around 640. we would like to say no recent bankruptcy foreclosures, bankruptcies, tax liens. if we see a loan that has been modified, we would like to see a reason it was modified, what ever reason it may be. it cannot be, i did not want to pay that payment any more. the second c, conditions. basically, how precise will the money be used? we are looking at a business plan. when you look at a business plan, that is just a start up. we are looking to see where there will be the need for lending. if you are an existing business, we want to see the money that we give you goes to the growth of your business. the third c is capital itself. basically, how much of yourself had the-- how much capital haveu invested? if you are a startup, and generally, 30%. if you are an expansion, you are looking to expand your restaurant, th

dollar and its role let's bring back in chris called managing partner of artemis capital management fund to help us discern that so chris now i know that you're not a credit in currency x. very not expecting you to be but my question is for the average investor that with this increase correlation if they weren't sophisticated and they didn't want to get into complex derivatives or something could they just buy the u.s. dollar index if they wanted to hedge against volatility you know that's a really excellent point i mean you can get really creative in the way that you're looking at hedging your portfolio nowadays so in some ways if you're looking to get exposure to volatility just by increasing your exposure to the dollar index that might be one way to actually. create a synthetic hedge for an equity portfolio absolutely how do you know there we go and our viewers can see that chart again because it was an interesting one and now you're saying also that the role that the japanese yen used to play in this regard so now that the dollar is more in this role what does that mean for the japan

. >> also joining us, porter bib of media tech capital partners and we try to figure out where apple here. porter, how about that? is apple as mr. gunlach says an over-believed stock? >> i think he could not be more incorrect and i think all of you guys and i've been listening intently and stephanie keeps wanting to put a good word in for technology and we're at an inflexion point and apple invented some of this market with the ipad and they dominate the market with their iphones and smartphones around the world in the third quarter increased 50% over 2011 so this market and only half of americans who had cell phones have smartphones. it's just the beginning of boom market for these portable devices and ipad itself is just going through the roof. the ipad mini sold 3 million units in the first three days it went on sale. >> why is the stock down 20% since september, porter? >> something's changed. >> it's a reflection of the overall macro economic situation around the country and around the world? and also, you made a lot of play around the management shuffles and you say margins are

that's dan niles of aftlpha one capital partners. dan, welcome to "halftime." >> thanks for having me on, scott. >> what's happening at microsoft? is this the most damning evidence yet that the pc is dead? >> well, it is another data point, i guess i would say. the biggest data point that the pc has got some issues is the fact that pc units this year will be down, year over year, for the first time since the tech bubble burst in 2000. so if you want the clearest evidence, that is it, right there. >> is there any reason, if you're an investor, to buy a microsoft? to buy a dell, to buy in hp, or any company that makines its living in the pc space? >> no, there isn't. it's not as if we're not going to use pcs going forward, but what you need to think about is, how many of your viewers now are using smartphones to access the internet or look at videos. how many of them have bought either a kindle or an ipad oryog or a nook? and so the way people are viewing content, the way they're consuming data, it's vastly different than it was just a

private equity firm sun capital partners according to "fortune" wants to buy hostess out of bankruptcy. if you haven't followed this story before, they'd expressed interest in getting involved in hostess earlier but were rebuffed by the bakery as they tried to go in a different direction. obvious tla other direction failed. we will find out if they were approved to liquidate and see what kind of management will be taken up. sun capital may be in the mix to buy hostess. a lot of people went out and bought some because they don't know when they can get some. we'll see if we see a deal soon. >> thank you very much. >>> demolition texas style. this 88-year-old building in downtown dallas was imploded yesterday. no, it's not jerry jones' reaction to the cowboys' play against the browns yesterday. they did win. demolition experts attached 300 pounds of dynamite in strategic places and there it went. built in the 1920s, that building, by a cotton tycoon. >>> we talk a lot about how the fiscal cliff will hurt the u.s. but that obscures the pain that will be felt at the state and local levels.

joining me is the tangent capital partners senior managing director. election day is a bad databanks. >> this delusion said romney would win and it would all be ok and we would rollback basel iii -- melissa: a lot worse, not only is president obama in office which is not great for the banks but they're looking for the legislative change but you have people like elizabeth warren gaining power so altogether racemes what is your outlook? >> elizabeth ward is only one of 100 senators. she is an angry calvinist. she is a wonderful lady. i loved her books but i don't know her prescription for regulation is what we need right now. it reminds me of when sheila bair asked me about capital. my answer is no. we are delivering our financial system. the market is disappearing, doesn't exist anymore, $20 trillion of gray market financing outside the traditional banking industry. we need to be focused on this. that is how you get jobs. melissa: what does it mean from a practical point? bank stocks in a better position than others? would you avoid the group as a whole

capital. the leaders of six regional partners including japan, china, and india joined them at the summit. they issued a joint kmun ka that said they hope to reach agreement by the end of 2015. leader from japan, china, and south korea agreed to start talking on a free trade agreement of their own. they said they would put aside the territorial disputes between japan and the two other nations. japanese officials want to ease restrictions to give them more access to their neighbor's economies. chinese and south korean officials have already begun talks on a free trade deal between their countries. now negotiators involved in discussions for another free trade zone in the asia pacific say they hope to conclude an agreement by the end of next year. they're trying to strike a deal for what's known as the trance pacific partnership or tpp. leaders of seven of the 11 countries discussing the u.s. life led on the sidelines of the east asia summit. the negotiators wanted to conclude a deal by the end of this year, but they couldn't agree on how to eliminate tariffs and they're still divided on oth

tracy: let's get to today's action with david steinburg of capital managing partner and ron weiner, president of ibm financial group. you seem to think the global markets emerging markets in particular are still going to continue to rise. to rise. we've been hearing otherwise. why do you think that? >> good news this morning from china that their gdp is up a little bit, but exports were up a lot, but it didn't come from europe so it looks like asia and the e emerging markets hold their own. this is about 800 million people on the planet at 2020. more people, need food, more -- wellier than they've been, ever. they will eat better. they are going to buy smart phones. i think the global economy's -- the emerging market economy will pick us all up if we do get picked up. david: they hope the fed picks them up more than they've already done so. there's worry signs there's no end to the printing. john williams in which he told the journal, quote, "in terms of how far you can go, i don't think we're anywhere near that kind of limit." it seems like they are going the whole distance. >> absolutely. l

in the boardroom of old beds in singapore and try to figure out where and how to invest the partners capital and every day it gets harder and harder to do i'm curious in singapore where your base how does u.s. policy both fiscal and fed policy including zur factor into that view of yours. well i mean service is not a us policy it's a global phenomenon that we get we have this really look around the world the concept of easily. a recent study in japan finance minister said recently that they were falling behind in cuba as some kind of rice might not bones about europe's going to have to it's own sake the only way out is to either let this things fall apart or create copious amounts of money and they're trying to find a mechanism by which to do that and this is the same governments manipulating markets to try and try and push investors further out the risk but given the no return at all having cash in the bank is a very dangerous thing to do so i mean you know we said we talk to investors all around the world who are who assists trying to some way to find some kind of yield when you've got a t

one of those companies is sun capital partners.g over the brand and they have also said that if they did take over twinkie, they would reopen hostess factories, they would keep hostess workers and the unions, those other companies who say they have an interest, they may do things slightly different, which may not include keeping those hostess workers. suzanne? >> all right, renee, thank you. appreciate it. >>> the man who was a long time voice of elmo has resigned from sesame street. a man accused kevin clash of an underaged sexual relationship but later recanted. but the allegation led to a clash coming out as a gay man, something he says he never tried to hide. in a statement, sesame workshop says unfortunately the controversy surrounding kevin's personal life has become a distraction that none of us wants. and he has concluded that he can no longer be effective in his job and has resigned from sesame street. this is a sad day for sesame street. that statement coming out. "cnn newsroom" continues now with deb feyerick. hey, deb.

-based sanford capital had a lot of vacant apartments. they partnered with the housing authority to help themselves and the vets. >> we don't see it as a risk. we see it as an opportunity and that opportunity is to assist and freeway a veteran who served our country and give them the resources and kind of the jump start to provide housing for them. >> reporter: 33% of homeless males are veterans. >> the people that serve in our country i don't think understand because we should come home and shouldn't have to go through this. we should come home when you get out of the military and get liveable job. >> reporter: albert strong was in the army 10 years including serving in vietnam. never wanted to rely on family for help. >> i wanted to be a man and stand on my own two feet. >> reporter: these vets remain optimistic. ella stays with a woman from her church and applies for five jobs a day. >> hopefully very soon i'll have a place of my own to lay my head. >>> the news tonight is far from over. >> the news edge starts right now. >> this is fox 5 news edge a

unusually, if you were a person willing to take on risk, even if you didn't have capital you could share in a deal with a partner who did have capital got a trading mission and the guy didn't have capital the risk his life took a share of the profits. this really was the reason you had a huge mercantile figure and wealth of venice. but in the fourteenth century, as venice was getting going, the guys at the top realized having this open economy was a little bit uncomfortable because you guys have to coming up. you had your capital and were hanging out at home but didn't feel like going to china and possibly dying anymore. you guys who did were coming up and pushing you out of the elite. so they introduced the official book of the political oligarchy and if you were in it you were one of the ruling oligarchs and if you weren't you weren't. this was seen as not just historians today who say this was the moment they close their society comment at the time phoenician's immediately felt this was the closing of their political and economic system and they call that the closure. it is an important story because what it

particular form of contract system if you would take on risk if he did not have capital you could share in the deal with a partner did and go on a mission the guy who did not have capital to risk his life but share of the profits. this was the reason you had the wealth of that is. but in the 14th century the guise of the top realized this is a little uncomfortable you had your capital hague out at home but you did not want to go to china the do guys for coming up pushing you out of the elite sedate introduced the official book of the oligarchy if you were in it you were ruling a oligarch not just historians today this is the moment they closed their society but at the time the nation's felt it was a closing of the system calling the closure. is an important story it says economies that are robust to have a mayor credit rest that can make money the guy who gets to the top of not have that incentive and they might be tempted to tilted in their own favor. when i was writing my book i talk to economic historians and we all agreed the economic transformation is similar to the industrial revolution the same vigorous ec

and bain capital was born. early partneras a lot of long hours, a lot of late nights and a lot of learning but a lot of success. >> so what kind of a leader was mitt romney during those early years? >> i would say in the early years mitt was a lead-by-example kind of leader. he -- you know, he dug in, you know, did analysis side by side with us. >> and it paid off. bain capital invested in more than 100 companies, nearly doubling its returns for clients annually. >> how you doing? >> romney made a lot of money, and he would later claim created a lot of jobs. but a former bank colleague, who talked off camera about whether the company's emphasis was on job creation told cnn, quote, we were in the business of creating value for investors. >> was job creation or making money the goal? >> well, every business is organized to create a return for the people who invest in the business. and as businesses are successful and profitable, they're able to hire people. and they can hire more people the more successful they are. businesses

edward connor, former partner at bain capital. molly, great to have you.ng a good sport. i want to have you back, i really do. i enjoy arguing with you. ♪ [ male announcer ] the way it moves. the way it cleans. everything about the oral-b power brush is simply revolutionary. oral-b power brushes oscillate, rotate and even pulsate to gently loosen and break up that sticky plaque with more brush movements than manual brushes and even up to 50% more than leading sonic technology brushes for a superior clean. oral-b power brushes. go to oralb.com for the latest offers. >>> one of the top headlines out of this election, the first found to citizens united has been a few very wealthy people spent a lot of money without a lot of results. the man who is responsible for getting people to part with their cash is karl rove. the master mind behind the cross roads organization. on tuesday night, he sat on fox news in a state of disbelief as the nurks called the ohio for president. >> i'm going to ask you a straight-out question. you went through it in 2000. almost in 20

partner into this. and strong debt. so, because of that and the rent, we can draw the capital needed. it's managing the costs is going to be the challenge here, but we think we have the skills and the partner to move forward. as i said, this is the term sheet. this is laying out the framework that we dive into next is really digging into all the costs. really working through the engineering. and when we're back here next year, we're going to know more on answering that and showing you exactly where the numbers are coming from and how we're going to verify and control the costs. and then the last piece i'm about to step to is the structure of the deal here. this is a partnership deal. the port gets no revenue from these buildings now. in fact, we are a liability. we have problems out there. we could possibly document the loss of capital we've had from metal theft. but we are not asking for a guaranteed rent from these buildings until 20 years out. so, because of that it puts the developer in a situation they can bring more debt into the project, lowering the average cost of capital beca

-based sanford capital had a lot of vacant apartments. they've partnered with the housing authority to help themselves and the vets. >> we don't see it as a risk. we see it as an opportunity and that opportunity is to assist and provide a veteran who served our country and give them the resources and kind of the jump start to provide housing for them. >> reporter: 33% of homeless males are veterans. >> i think that the people that we served in our country let us down because we should come home and shouldn't have to go through this. we should come home and be able to get out of the military and get liveable job. >> reporter: albert strong was in the army for 10 years including serving in vietnam. he never wanted to rely on family for help. >> i wanted to be a man and stand on my own two feet. >> reporter: these vets remain optimistic. ella stays with a woman from her church and applies for five jobs a day. >> hopefully very soon i'll have a place of my own to lay my head. >>> nearly half a million suvs have been recalled for a dangerous defect. is yours on

he was investing a lot of his own capital with president obama was in this new partner in egypt. pete: speaking of key players, can you tell us about secretary clinton's role in all this and how that's played out? >> they were on their last buddy-buddy trip, president obama and secretary clinton and in bangkok together and visiting the reclining buddha. they were making jokes about the 2016. and joe biden's head was exploding back here. and suddenly she's on a plane zipping out of phnom penh to say we're on our way and directly involve ourselves in this. she has not played this shuttle diplomacy role in the middle east quite the way that some of her predecessors had, right? obviously kissinger and jim baker and condi rice to various stents have been these -- back and forth missions. this is her first one in her own twilight days as secretary of state. she's getting ready to step down come inauguration in january. >> and what do you think the relationship between obama and morsi tells us about the future for the region? >> well, they see this as a possible key to beginning to unlo

and bain capital was born. early partner>> well, it was a lot of long hours, a lot of late nights and a lot of learning but a lot of success. >> so what kind of a leader was mitt romney during those early years? >> i would say in the early years mitt was a lead-by-example kind of leader. he -- you know, he dug in, you know, did analysis side by side with us. >> and it paid off. bain capital invested in more than 100 companies, nearly doubling its returns for clients annually. >> how you doing? >> romney made a lot of money, and he would later claim created a lot of jobs. but a former bank colleague, who talked off camera about whether the company's emphasis was on job creation told cnn, quote, we were in the business of creating value for investors. >> was job creation or making money the goal? >> well, every business is organized to create a return for the people who invest in the business. and as businesses are successful and profitable, they're able to hire people. and they can hire more people the more successful they ar