or excuse me capital partners author of currency wars the book you see there and really the man to talk about the fed with on a day like today so jim rickards thanks so much for being here thank you are great to be here yet so let's just talk about this fed decision today because the fed now operation twist ending operation twist didn't change the balance sheet in terms of the size it just changed the composition right now they're saying they're just going out right by forty five billion dollars in treasuries and continue that forty billion dollars in mortgage backed security buying so continuing bond purchases but at this point is this just the fed now trying to fight the addiction verse is fighting the treatment there excuse me versus giving out the treatment to the disease it was originally meant to fight what the feds really for the use of depression that they won't use that word we've been a depression since two thousand and seven we've had zero interest rates since two thousand they will probably have them until two thousand and fifteen so we're there for the use deflation and do.

or excuse me capital partners author of currency wars the book you see there and really the man to talk about the fed with on a day like today so jim rickards thanks so much for being here thank you are great to be here yet so let's just talk about this fed decision today because the fed now operation twist ending operation twist didn't change the balance sheet in terms of the size it just changed the composition right now they're saying they're just going out right by forty five below.

all right let's just bring jim records right back in a tangent capital partners author of currency wars on this fed decision day we're talking about the currency wars and i want to actually continue on the fed's decision that they announced just earlier because i want to ask about what they said about inflation so they're saying that they're giving they're near zero fed funds rate guidance as long as inflation projected one or two years out doesn't exceed two and a half percent what kind of leeway does that give them that now they're just saying we just need to be careful of our inflation targets projected two years out well it's a good question and they give themselves leeway in two respects one is you know what what's the meaning of inflation what's the definition of inflation well you have c.p.i. you have p.c. prices deflate as you have a private service with the fed says inflation is what we say this we're going to collectively come up with their own forward projections so you could have a situation where the actual c.p.i. inflation is three percent but the fed saying well long term

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

managing partner with media tep capital partners.orter, let's start with a new york post headline. i love to read "the new york post." >> you can't live without the post. >> you can't live without the post. it says that instagram, which was bought by facebook for a billion earlier this year, has lost nearly 1/4 of its users because of privacy concerns. two questions here, number one, was that instagram deal a good one for facebook and, number two, do you think privacy is going to be a bigger issue for social media come 2013? >> well, i'll take the privacy issue first because that is already on the table with facebook and instagram. there were two class action suits last week launched in california against instagram for the breach of privacy, whether they announced that they were going to sell to advertisers the photographs that people posted on instagram. >> what were they thinking, porter? i mean, they've tried to back from that and say, well, it wasn't what it's being portrayed to be, but by any measure that's a bone headed move. >

. >> let's bring in chris whelan, a new firm, you were with tangent capital partners before. you probably stand exact opposite of meredith whitney. no? >> well, i think you were making exactly the right point. people don't understand that the game has changed. look at me. i've just gone to work for a large nonbank officer lender. we have a completely -- >> that sounds awful. i'm kidding. >> but looks this is the feature. we're sitting here two years from now talking about the top four money center banks, mortgages is not going to be the driver of volumes or earnings. when you talk about bank of america, you're going to be talking about a company with a bigger dividend and probably going to think about meryl lynch first. now, think about what a radical change that is, if you've been following the stock for the last ten years and gain on sale for mortgages has been the number one driver of volumes. >> right. okay, but bank of america at $11, given these new circumstances, is it worth a bite here? >> it's worth a buy, if you go to the franchise value story, you like that story,

will be taxed at 30%, or would you started in china or india where the capital gains tax rate is zero? many of our major partnersave zero capital gains tax rates. if you are an entrepreneur or an investment and growth company, you would rather put your money there than ithe united states in the future, which is really unfortunate. gerri: okay, let's talk about companies a ttle bit here. these tax rates are critical to growing companies. >> that's absolutely right. apple and microsoft, for example, befited early on from high income individuals pumping and a few hundred thousand dollars to help those companies get started and grow. those high income people could alternatively put their money in and say tax-free muni bonds. if we raise the capital gains tax rates, which people are going to say, i'd rather put my money in state muni bos. i'm not i am not going to fund these risky growth companies, which would be terrible for the overall economy. gerri: i think you best argument is lower capital gains means more jobs. i think that is appealing everybody. but i have to ask you one final question. it seems like we real

growth partners have outperformed the s & p retail index the last year and ken lum board of capri capital partnersoticing that and become more interested in those stocks for the first name two to three years. simon? >> are you going to be participating in the ugly sweat competition on air today, courtney? >> maybe she has it on under her coat, simon? >> you know, i would have, had i known, i really wish i would have gotten on board with jane to do that a great idea. >> i will look for appearances throughout the day. thank you very much, courtney reagan there, setting the power of the outlets. >>> speaker of the house john boehner set to make remarks on the latest developments, if there are any, in the fiscal cliff negotiations, we will bring that to you live in exactly half an hour, 11:15 eastern. >>> first, rick san telly is working on his next slot. what are we looking forward to, rick? >> the pledge over allegiance, simon, a line in there a "and to the republic for which it sta s stands" and not to the democracy for which it stands, not to the absolute monarchy for which it stands, not to the c

. >> looking at the outlook for gas and oil prices, we turn to an oil analyst, founding partner at again capital. >> you know, john, i was thinking looking over these numbers a few weeks ago here in the northeast we were paying close to $5 a gallonor gasoline, of course it was because of hurricane sandy and standing in line, gas lines, and now this. i know it is a special situation, but what is going on here? >> well, that was a special situation, it was incredible disruption of the supply chain to the northeast, if you recall, only northern new jersey had to endure the odd, even rationing it shows you how isolated that was, but what is going on here, suze is that the united states is in the process of becoming energy independent, it is in the processof spassing saudi arabia as the world's number one producer of oil. because of the shale drilling that going on, mostly in the middle of the country. there is also a massive expansion of a big refinery down in texas, that the saudis are working on with royal dutch shell and the industry is refiguring the infrastructure zero to get more of that mid c

even if you didn't have capital, you could share in a deal with the partner who did have capital: a trading nation in the guy who didn't have capital, but he raced his life took a share of the profits. this really was the reason you have this huge market title vicar and both of venice. but then, in the 14th century, as dennis is getting going, the guys at the top realize that happiness open economy was a bit uncomfortable because new guys kept on coming up. you had your capital. you were hanging out at home, but she didn't feel it going to china and possibly dying anymore. you guys are coming up in pushing you out of the elite. so introduce them being, the official book of the political oligarchy of venice. and if you were an economy you are one of the ruling oligarchs and if you weren't, you weren't. it's not just historians today who say well, this is the moment they close their society. at the time, the nations immediately thought this was the closing of their political and economic systems and give it a name. they called it the closure. it's an important story because what it says is ec

scheming i was joined earlier by carl harrington kyle harrington that is founder and managing partner of harrington capital management i first asked him what are the companies in atlanta suing for and what is really going to come out of all of this. well i think the following right any predatory or one tone approach to lending practices associated with individuals you know has to it cannot go without punishment and i know that we're all responsible for reading our documents and and putting together our financial statements in a way and making sure we've read all of the footnotes as well as dotting all the i's and crossing the t.'s but if in any way there was a macchiavelli an approach or deceptive approach to these lending practices and these counties in atlanta then you know there is there is a case to make that this was done by the bank and let's face it you just outlined this h.s.b.c. has had a reputational. situation over the over the last few years with the mexican cartels and with this al-qaeda situation so it would not surprise me that the bank would go down this path and if in fact they did then th

leaving office and becoming a partner in investment firm venture a guess is when they have their own capital on the line unknown to you lisey's the firm's other partner was stealing investors' money in an eight hundred eighty four the firm and grant both went bankrupt he started to write his memoir in order to pay off its debt which is pretty amusing and thomas jefferson let's just get to him he faced personal bankruptcy several times at one time jefferson applied to the virginia legislature to grant him a lottery to help pay off his debt so dimitri sorry we don't have much time to talk about this one but i want to get through that very fancy and illustrative graphic to show that presidents went bankrupt probably not going to happen again today with all those speaker fees they can rack up after they leave office but to leave it there though thank you so much for watching be sure to come back tomorrow and in the meantime you know you can follow me on twitter at lauren lyster you can like us at our facebook page right there you can give us feedback on this show or catch any you missed you tube

capital, damascus. jeremy bowen, with our bbc partners, is there tonight and reports assad's forces are waging a fierce defense. >> throughout the day and after dark, when i'm speaking to you, there are quite steady explosions of shell fire, outgoing artillery fire, going into the suburbs around the center of the city, where i am. >> reporter: residents are caught in a worsening cross fire. >> people who came from areas that are being shelled, they are on the streets, many children, sometimes you see them crying, old people are sleeping on the ground. >> reporter: but nothing is this horrific war has gotten the attention of u.s. officials more than this chemical weapons threat. >> these reports may mean that the united states and our allies are facing the prospect of an imminent use of weapons of mass destruction in syria. this may be the last warning we get. >> reporter: i can tell you planning for all sorts of con tin jen sips is already well under way. but military action would not be easy. it could take upwards of 75,000 troops to secure those chemical weapons, which no one is eager to provide. but

for more, let's bring in edward kenard, former partner of bain capital and perhaps the most famous private equity firm in history. also the author of "unintended consequences," why everything you've been told about the economy is wrong. and columnist for "harper's" magazine and author of "the age of greed," thank you both for joining me tonight. look ed, i want to quote from an article you wrote just a couple of days ago that was published on bloomberg. first sentence was the u.s. is holding a debate critical to its future, whether it is a tax redistribute and consume income that would otherwise be invested. i disagree with that statement. that premise. please explain why the trade-off is being made. do it quickly because i want him to respond. >> the top 5 pg&e of households save about 40% of their income. and so that's really the income that would be invested so when you tax that -- those households, you're really taxing the households that produce the equity, invest the equity and hold the equity in our economy. that underwrites the risk. that is one of two binding constraints on our ec

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

capital, and had been a partner at ernst & young.and was questioned by authorities. but is not under any suspicious. the mother who lived here on this street, was -- had some connection to the school, we're told. but the superintendent said this morning that she was not officially employed there. she may have volunteered in some way. as for the father, they're divorced. he doesn't live here. he lives in stanford. and he apparently found out about the killing from a reporter who was in his driveway when he came home and informed him. >> thank you so much. >>> the question goes to what would make a person do something like this? something so terrific to children so little. let's bring in psychiatrist dr. janet taylor to talk about the mind of the shooter. clearly, everybody understands this young man was mentally ill. but to pick children, young, young children, as his victims. i mean, that is about the worst thing you could do. what does that tell you about his motivation? about his stability or instability, obviously? >> certainly, t

capital nairobi. the certificates are sold from here through a partner company and this man, tom morton. morton sells the certificates mainly to businesses in europe and the us -- companies that want to offset their own carbon emissions. he passes on most of the money about 10 million euros in the past year. tom morton considers the water filter project highly sustainable because it's stringently controlled. >> carbon finance is about being paid for outcomes. and if you get it wrong then you are not paid. and so there is a much greater incentive to have a very robust system in place. >> back to western kenya -- to a sporting field. vestergaard frandsen's employees are spreading good cheer. they've organized a football tournament. football is very popular, especially with young people. the occasion is used to acquaint them with the water filter. vestergaard frandsen wants to expand the project in africa. janet, his instructor, is prepared to go abroad if she's needed. >> as long as i am going to do the same thing, as long as i am going to change peoples lives, to save a life, to save the

was a dollars a generous underwriters, bank of america, raytheon, boston capital, the boston foundation, and our media partners "the boston globe" and w. b. you are. tonight's forum is special for those who work at the presidential library and use the and it is a testimony to the hard work and dedication for those employs to work hard to preserve the nation's history and of president kennedy. this secret recordings of jfk which is now on sale sale, would not have been impossible if not for the incredible skills, talent, professional ism, dedication of our library staff in the. government employees. one person in particular rely to a knowledge its which is then archivist of these white house recording as the archivist who knows more about these taped conversations and any of the american. please join us to acknowledge all of our colleagues work here at the kennedy library. [applause] and we have a wonderful panel with us tonight. joining us is presidential historian, ted widmer has selected the most compelling and important recordings then wrote annotations to put them into context. also ellen fitzpatrick profe

focus on the tax part of the equation and joining us is todd shownen berger, managing partner at land colt capital. todd, many people will be hit with the alternative minimum tax if no deal is struck. what exactly is is that and how will it affect me, you, everybody across the country? >> the amt, alternative minimum tax was put in place by congress, actually meant for the very wealthy of america, the very wealthy tax filers so that they were not taking full advantage of too many deductions and credits. the problem is there was never indexed for inflation so each year, congress those pass an exemption so therefore it protects middle class families. but it's part of the entire fiscal cliff negotiation, nothing has been passed. so we are looking at maybe 30 million americans, 30 million to 100 americans that could be deeply impacted by the time springtime rolls around. >> what about other tax cities in understand there's three other taxes we could get hit with. what are they? >> talking to steven moore about t you clearly -- the federal income tax, your going to see a -- we are going to revert back

. >> reporter: ted's group is one of 700 partner agencies working with the capital area food bank toed hungry families in the d.c. region. daniel heinz is here with five volunteers from premier dental care. >> it's a lot of needs in the community and everywhere. so for those of us who have been fortunate enough to have time or energy or money to give back, you know, there's a lot of needs to be fulfilled. >> reporter: that need continues to grow. the food bank says they have seen a 100% increase in the number of people looking for food assistance. they say that increase is due to job loss, the economy, high cost of housing and a number of other issues. the agency says volunteers are essential in helping them fill those needs. >> different members of our organization are used to giving back mentoring. we just wanted to do something as a collective group to show we care about the community. >> reporter: the food bank distributes 500,000 pounds of each a week. they say they couldn't help the thousands in need if they didn't get the help they need from the volunteers. >> to be able to gi

in all, the capital area food bank says there are 700 partner agencies involved in the effort to feed the hungry. >> to be able to give something of our time to help people who are in need is critical. you see it every day as you are driving to work. you see people as you are going to work. you need to take the time to volunteer and give something to the community. >> very a lot of needs in the community. there are a lot of needs everywhere. for those of us who have been fortunate enough to have time or energy or money to give back, you know, there is a lot of needs to be fulfilled. >> reporter: each volunteer donating time and effort to make sure those who are in need have food to eat. >> it warms my heart to see that some people really, really appreciate this. >> we invite you to join us tomorrow at the following giant food locations brentwood, montrose crossing, greenbury arrest, hyattsville. >> tomorrow, you will also be able to donate money to the capital area food bank over the phone and online. why not head out to one of the locations, maybe brentwood in the morning to see wisd

capital. it would include silver lake partners and credit suisse. it's vying with getgo. been ig the company since august after bad trades informationed it to seek emergency capital investments. and in germany, angela merkel is officially launching her campaign for re-election. she's said to be wlauded for her solid leadership. the result is expected to set the stage for the federal poll national elections which take place in september. we'll talk about oracle returning cash to shareholders. plus it's just about time to break out your skis and head to the mountains. we'll find out what the financial forecast for the skiing results will be as full as they hope the slopes will be. people really love snapshot from progressive, but don't just listen to me. listen to these happy progressive customers. i plugged in snapshot, and 30 days later, i was saving big on car insurance. with snapshot, i knew what i could save before i switched to progressive. the better i drive, the more i save. i wish our company had something this cool. you're not filming this, are you? aw! camera shy.

capital damascus. jeremy bowen with our bbc partners is there and reports assad's forces are waging a fierce defense. >ns of shell fire, outgoing artillery fire, going into the -- the suburbs around the center of the city where i am. >> reporter: residents are caught in a worsening cross fire. >> people who come from areas that are being shelled, they are on the street. many children. some times you see them crying. old people are sleeping on the ground. >> reporter: but nothing in this horrific war has gotten the attention of u.s. officials more than this chemical weapons threat. >> thee reports may mean that the united states and our allies are facing the prospect of an imminent use of weapons of mass destruction in syria. and this may be the last warning we get. >> plenty for all sort of contingencies is well under way. but military action would not be easy. it could take upward of 75,000 troops to secure those chemical weapons which no one is eager to provide. but president obama has warned that using those weapons is a red line. martha raddatz, abc new, washington. >>> if any folks are questioning

joining us now, the analyst an evercore partners and an analyst at barclays capital. ron, to you first. which one is it. >> for me it is easy. i would buy apple. i just think apple is the best position. they own hardware through software through services and i think their vertical integration across all of that is really their corps strength. >> no matter how much this stock rises or even falls, rob, it is almost impossible to find an analyst that does not like apple. can this stock do absolutely no wrong? >> well, the stock's been doing lots of wrong recently. so there are ebbs and flows in sentiment. right now people are starting to worry that maybe things just can't get any better for apple. but i think these are the kind of opportunities you have to take advantage of. i'm not saying apple's always going to be perfect but when i look at how they're executing, how they are still coming out with i believe the best products and again ownership of that whole hardware through software chain, i just think they continue to be the best positioned company. >> anthony, you b