the head of caterpillar made bad investment decisions that hurt caterpillar and all of us in illinois. he should be held accountable for that. we believe in caterpillar, john deere tractors in our state, we have ford, chrysler, mitsubishi, all of them growing. when i became governor, chrysler had 200 jobs, now they have 4,700 jobs in belvedere, illinois. ford has three shifts. when i became governor they had one shift. we're very grateful to president barack obama for saving the american auto industry. we worked with him. we believe in organizing and uaw's organized mitsubishi, ford and chrysler. a good way to get good wages and fair working conditions for everyday people. and i still haven't heard from rick about the minimum wage. how about it? >> i don't think it's government's business to be setting the minimum wage out there. the cbo said if you want to get rid of 500,000 jobs between now and 2016 raise the minimum wage. here's the issue, pat, you got to believe this, at a time when jobs are at a premium in this country, the last thing you want to be doing is putting policies into

among industrials, caterpillar, boeing, ford, beat analysts. exxon fell short. markets weren't thrilled with the taper. on second glance maybe it wasn't so bad? how strong is america's economy what does it mean to your port folio. joining me a former federal reserve governor. randy, thank you for being here today. we watched what the fed did last week. and there were a lot of concerns. there have been questions about what happened to the economy. there have been question as but what happened to the economy. was this the right decision to continue the taper? >> well, i think it makes sense for them to continue, given the data that they had. certainly the economy was still along okay. little weaker employment report at the beginning of the month. but basically what they're doing they're still providing stimulus to the economy. they're just, reducing the pace at which they're providing the stimulus. i think there is a bit of confusion the punch bowl is being take any way. they're buying a lot of assets every month. >> i heard some one describe it, if you are a kid

stock pickers win if they had picked caterpillar. one more industry just for good measure, health care services. one company up 9%, the other down 3% year to date. big discrepancy. this one here, headquartered in san francisco. this one, valley forge, pennsylvania. here's another clue. this guy here just bought a german drug distribution company -- >> is that amgen? >> it is not. this one here is a merger back in 2001, two names coming together. check this out. this is mckesson, and this one here, amerisource bergen. a stock picker's market means that you can make a difference in picking the right stocks in an overall -- >> i think if you had given me a letter or two, i might have gotten it. >> or maybe a ticker. >> maybe. dom, thank you very much. >>> ali mcgraw said it best when she told ryan o'neill that love means never have to say i'm sorry. for some wall street analysts, love means never having to say the word downgrade. will that leave investors brokenhearted? let's ask sheilla dharmarajan. >> it is all about love, love, love

think of caterpillar. that is a big company.oing extremely well globally and think of general electric. the bignd i agree is companies which account for most of the trade because the fixed cost of doing trade in another country are very high. unless you have a lot of volume, you cannot cover those costs. that is reality. if you listen to robert and people of his views, you think the money goes into the new multinational corporations and it all goes to the shareholders. that is not so. , the moreations successful multinational corporations, may keep 10% of revenue as profits. the rest is paid out to workers, employees of all kinds. this notion that you've got this money bag sitting there and is removed from the rest of the economy, that is the wrong image. host: let's go back to our viewers, mississippi, republican caller. caller: good morning and thanks for taking my call. i have my own views about trade agreements. it should be a fair trade. not free trade. host: what do you think fair trade looks like? what does that mean to y

that is a tiny caterpillar that he didn't quite deep or smartphone or thinking about all that i could have died. we pray the book offer potential best of the three passengers and drivers. the drivers we have monthly revenue of four thousand u n force under fifteen dollars. the three ws three hundred thirty double today comes from the start of the welcome me back. they often use more than one to read toward the boat at. now time for development debate we dig deeper to the question shaping the future empress of china today we got to thinking give moral of the state owned enterprises. lack of effort on the most important economic and political the third plenary session. it is your body to market the stock allocation of resources. the primary the bill to open a unified market would order the petition. it's all been repeatedly mentioned in many economic meetings this year the fourteen time entrepreneurs forum the market oriented policies in the uk were brought up many entrepreneurs to attend the forum. the question of what i think the only enterprise that can easily get loans from banks th

including boeing, lockheed martin, honeywell, general electric and caterpillar.t has also been a busy day at the white house. earlier today, president obama met for the first time since the end of 2012 with house speaker john boehner. a pretty broad and somewhat vague -- they met for an hour in ae oval office and covered range of issues coming clean manufacturing, trade promotion authority, and here to discuss with us that meeting, we can see if we can get any more details of it yet we have national economic council director james sperling who is -- director gene sperling who is joining us. us.k you for joining we are told that the president and house speaker boehner discussed trade authority. >> obviously, that can be an issue of legislative strategy. mac focuses on making sure we can get it done, get it done right in a way that is good for workers, good for jobs, supports the president's vision of an promotion that meets our larger goals. but i am not going to speculate on the exact timing. the core thing for us is is it going to begin for jobs? is it going to

the top of the hour, trading down 20 points and down 1/4%, the biggest drag procter and gamble, caterpillar the opposite direction. you cds and the turning negative as well slightly lower. tech is trading higher. just barely. taking the bond future wages some folks out there are so sure of their earnings potential they are promising investors a piece of the pie. if the investors pay off their student debt now our next guest is that. and an interesting that at the end of the day it is all about money. ♪ [ indistinct shouting ] [ male announcer ] time and sales data. spt-second stats. [ indistincthouting ] ♪ it's so close to the options floor... [ indistincthouting, bell dinging ] ...you'll bust your brain box. ♪ all on thinkorsm from td ameritrade. ♪ ashley: i am ashley webster with your fox business brief. disney announcing a star of the accelerator program. the media giant will select week and early stage companies with $120,000 each and provide mental support for top executives. disney says the goal is to fund innovation in immediate and entertainment products. 130 one key executive offic

this is a company -- >> is there a look-through to caterpillar or not?> i think they are foreseeing residential construction staying strong and we know that from the housing numbers. i think we'll see nonresidential come on. and nonresidential construction is a huge employer, david and so even though it's the winner, let me give you a real simplistic one, have you driven lately? >> yeah, i have. >> do you see how many axles are broken and how many potholes we have to fix in this country? owens corning with an insulation number, the insulation, you know who that is? >> yes. >> pink panther. i wanted to shoot the pink panther, not the shooting of the giraffe thing. >> denmark. >> theoretical and not literally. pink panther are in endanger. they are in danger. >> and the black ones, too. >> but the profits were in danger and not this quarter. insuflation is back and it's bigger than ever. >> bigger than plastics in "the graduate"? >> yes. it's cold around the country. there's a ton of downside to the cold, the mall traffic, houses and roofs break down, poth

so he had just little stumps, caterpillar-like stumps for eyebrows.hat did you do to your eyebrows? >> i mean -- everything has a meaning to it, you know? and this means i'm a homosexual. >> what does? >> just to let everybody know that i just -- i didn't have it just to have it. >> i didn't know that. >> i told you that. >> no, but i didn't know that it has a meaning. >> oh. for me it does. >> for you it has a meaning. so you classify yourself as a gbg? a gay boy? >> all day. >> all day. >> i can't deny it. >> then we got this really interesting candid moment where wicked was trying to explain the tv thing to angel. >> they're going to follow us for a little bit. our lives together. >> all right. >> yeah? >> hopefully we'll sell. i mean, that's what i got to say. >> it will will be why wouldn't it? >> i'm just saying. >> tomorrow hopefully you are -- i know for sure you're going to move in. and so we'll be cellies and then we'll go from there. >> this is when things started to get a little strange. it was odd enough to learn about the gay boy gangste

i like the diversification they have, just like caterpillar.t just a mining company, though people try to pigeon hole them as well. >> the reason i don't want to buy deere -- i would actually short deere here. cyclical trends within construction and within ag. phenomenal. >> i know what he has done now with the cat -- >> it's got to change your perspective domestically and globally. you have to look at ag, rising soybean, corn inventories. going forward next year, engine regulation going into place on farm equipment, reduce farming income 10% to 15%. that's going to impact capex going forward. deere is an ag play. >> oh, it is. >> you can't ignore that. >> i don't. but -- >> more to the fact that going forward both in the u.s. and brazil, that farming income is going to decelerate in 2014. >> i agree, but construction will more than make up for it. construction, earth moving and what they talked about was forestry. that's what deere was so bullish on the call about. they see that more than accounting for the losses or dip they'll get from farm.

new highs, rite aid, caterpillar, consol energy and lockheed martin. >>> u.s.s plummeted in january, the biggest drop in almost three years but some say that may not be an accurate snapshot of the economy as cold snowy weather actually skewed the data? joining us the chairman of dduglas development jeff levine and fox news's cheryl casone. jeff, let me start with you, is this anomaly because of bad winter weather? >> no question if you lived one east coast the past four months the weather is a factor. people have been homebound, cabin fever and difficult to get out to look for a new home. i think that is masking the general problem, the general problem being we experienced huge increase in housing prices since the recovery began approximately two years ago. for five years we built no housing. all of sudden we're betting back into the market. i believe to some degree we're starting to meet demand with the supply so we're starting to see a balance struck again. not at the two million new housing starts a year we experienced prior to the great recession but at a n

otherwise caterpillar would've quoted about it in the report recently.ged mattell, although the slowing in their key categories, dolls, underperformed their u.s. categories. mattell at least had a demographic comeback to any slowdown in china which is the relaxation of the one-child policy which could spur growth among infants. kimberly clark is feeling the same way as diaper sales are growing. how about last thursday when diagio the worldwide liquor conglomerate crushed its own stock when it talked about the spirits clampdown going on in china where the communist party has done the best of late to temper the party. not everybody had negative things to say about the prc. wind stocks soared. when management said macau was performing. perhaps driven more chinese to the macau tables. it's a great quandary to me that honeywell and united technologies cited terrific development for the climate control. the 30% growth in china was exceptional, called out specifically saying the world was slightly improved when he came on the show last week. boeing ceo and his

when a multinational company like caterpillar invests in mexico, the peterson institute for international economics has done a wonderful study to show that for a-- the foreign investment affiliate in a foreign country, i didn't say that correctly, an american company that invests in a foreign facility actually creates jobs at home it creates employment at home, increase in research and development, capital equipment at home. so we should look at this as-- we shouldn't look at this as a negative. >> brown: let me try to move it up to date now because as i mentioned in our set up there are new potential agreement. when you look at something like a transpacific partnership, what lessons specifically do you think should be learned from nafta in thinking about whether to proceed with something like that? >> well, the heartbreak is that the tpp is basically nafta on steroids with nine more countries. so the u.s., mexico and canada are in it. but then so is, for instance, 28 cents an hour minimum wage, vietnam. so is malaysia. and if you look at that whole bloc, all of the rules that were in naf

caterpillar was one when it was down underneath 90. pushing up closer to 100 it's no longer one of those. you can look at the industrial space and see where you can get the great returns. the u.s. is still the best place to invest. >> josh brown, what about pete's point? where is the best place, the best bang for your puck right now is where? >> well, i think that faber and pete are both excellent examples of why you want to be global in general. why went you're doing asset allocati allocation, it would be insane to try to decide one instead of the other when you can do both. in this day and age you can build a global portfolio and spend less than 25 basis points to getting a cess to all of these asset classes and do your tilts and you can add to some areas where they get cheaper and take profits to some areas where they get more expensive. that's the appropriate way to invest if you're looking behaviorally at what's worked over decades. so what i would argue is, you can be in the u.s. but you don't have to exclusively be in the u.s. a

merck and the surprising caterpillar really the only two significant gainers this year on the dow. >>the country's largest drugstore chain, cvs, trading lower today not by a huge amount but just by about 1%. there is some news that it will stop selling all tobacco products come this fall. nbc's tom costello broke the news this morning. what exactly is the motivation here, tom? >> good afternoon. two things. first of all, i think a lot of people have been pressuring the pharmaceutical retailers for a long time saying listen, it is antithetical for you to be operating in the health care space, trying to help people improve their health and at the same time selling tobacco products. they have been hearing it for years. they have had their own pharmacists association on their backs about this. the ama, the american heart association, lung association, you name it. they are all on them about this. second of all, they have really been attempting at cvs to migrate more into an aggressive posture in the health care sector. they don't want to just be a pharmacy. they want to have a bigger foot

not many worries, caterpillar, microsoft, ibm, some of your best performers and commodities looking good. gold is up $4. dagen: after narrowly passing in the house the senate could vote on a clean debt ceiling bill this afternoon. connell: rich edson live from washington with the latest. phil: peter: they are trying to reach a deal on the debt ceiling, the senate is known for its procedure and one senator can force days of deliberation on any bill. indications now are islamist supporters can muster 60 votes, senators will allow a fast-track vote this afternoon. ted cruz vows just that, he will acquire 60 votes though he will pass on delaying so senators can get out of washington ahead of the storm. senate majority leader harry reid blasted that tactic. >> we have republican senators saying they are going to filibuster the debt ceiling. we can't default on our obligations. too bad that a few senate republicans would threaten filibuster in this critical legislation. it is critical and it is crucial. connell: senate aides say likely 60 votes needed to get through the senate to the president

boeing, caterpillar, cisco. they all the stop. i know i went through them quickly. them on twitter. those are your 12 buyback stocks. >> thank you adam. coming up, bitcoin is down. the story behind the double whammy. any band that has nothing but hits. we will show you some never before seen photos of the beatles. ♪ >> bitcoin plunged today after a major tokyo exchange halted sales of the currency for technical issues. bitcoin himself is here. >> i think the high on mt. g ox-850. they came down. it was a big draw. -- rob. -- drop. it was a big, big drop. for good reason. they stopped allowing withdrawals in the exchange. to get an idea of how much volume they cancel, we have a high chart. over 50% of all the global trade go through them. if you cannot get your money out , it is a serious issue. >> all they said was that it was a technical issue. repetitive statement in the worst english i read in a long time. they said that there were technical problems. they needed a cause on withdrawals. it sounded like they were stuffing money in a suitcase and running off. when

if you have a caterpillar headquarters, big banks will help them internationally.the smaller and regional banks, their employees -- it all holds together. big banksr, aren't too big? one group says they have to be big internationally and the other group says they are to back. are they to dig? >> of the top 10 banks in the world there are two in the united states. >> they are not big enough? >> what i am saying to compete internationally yesterday strong enough and muscular enough. but obviously we have to have better underwriting and regulation, which i think has come since 2008. i am not a great fan of dodd-frank. it was the regulators, in my judgment, at the time that did not do the underwriting sufficiently to satisfy the needs of safety and soundness. but they are hard on it now. i think they are very professional in their approach. that obviously access and expense chills. >> i suggest you still have a huge sales job. >> no question. >> you talk about competing overseas and a lot of u.s. companies compete overseas and they get most of their revenue, it's not a

go back to caterpillar. everybody thought it was going to be doom and loom.y are talking about a bottoming in the truck cycle. look at disney, cbs. there are pockets and companies that are delivering, should go higher, and they should serve a higher premium. >> what i'm wonder something where are the jobs? if the earnings are so good and things are turning around why are we seeing the flat jobs report. >> can we talk about stock buybacks before or was it my imagination? >> is that -- >> they're nut putting the resources -- >> companies are running more efficient -- >> you give them a to do list and when they lay them off, they're more productive. i understand how that works. that doesn't create more jobs. >> janet yellen said she was surprised to see jobs were so flat. >> the corporations job to create jobs or earnings? >> you would think the jobs would follow earnings. i'm not saying anybody has moral responsibility -- >> let me -- guys, hold -- time-out, time-out. but there's a very interesting point in this actually which people are starting to talk about

and the locomotive providers, emd which is a caterpillar division and general electric as well, are getting a lo doing a f research on it. but it's -- it's not something you can just look at it automatically and say this is a no-brainer and we need to do it. the reason i say that is if you look at the price on the differential between a gallon of diesel and a similar amount of natural gas, it is a no-brainer. i forget what the price is right now and it moves substantially with the price of gas but there is a lot of capital that's required in terms of the local mode of -- local locomotives. remember right now if we were to call a cryogenic of natural gas around under the safety requirements it would have to be at least six cars kind of the engine in the key train so there are regulatory issues involved. when you think about infrastructure and locomotives and all those things, what you are essentially making a bet on is what is the spread between lail and natural gas ten, 15, 20 years from now. it looks compelling if we can get the technology sorted out, which we well into the regulatory, whi

which is the caterpillar division and general electric as well are doing a lot of research on it. it's not something where you can look at it automatically and say this is a no brainer and we need to do it. the reason i say that is if you look at a price on a b.t.u. difficult ferble between a gallon of diesel and a similar amount of natural gas, it is a no brainer. i forget what "the price is right" now and it moves substantially but there is a lot of capital that is required in erms of new locomotives or modified. remember right now if we were to hall a tank of liquid natural gas around under the f.r.a. safety requirements it would have to be six cars behind the engine in what is called a key train. so there are regulatory issues involved. when you think about all of those things, what you are essentially making a bet on is at is the spread between oil and natural gas 10, 15, 20 years from now? so right now it looks fairly compelling if we can get the technology sorted out, which we will. get the regulatory issues sorted out which i think we will. but you are making a particularl

. >> reporter: analysts say kellogg is holding out for a similar result as caterpillar and are reducingker compensation packages and in the end they won. they are speeding up "the stream"ing service and will connect to broad ban and allowing them to go to netflix customers but did not have to pay for the connections and could put pressure on verizon and at&t to follow suit. samsung is expected to unveil the latest galaxy smartphone at the world congress in barcelona today. the devices have surged in popularity and the s 4 topped 40 million in global sales and that's just six months after launching last april. samsung also took the wraps off of two watches with fitness features. on wall street they are reluctant to make moves and the dow is down one point and the dow opened at 16103, s&p 500, 1836 and nasdaq is 4263. asian markets were in the red after chinese home prices fell for the first time in more than a year and european stocks are mostly lower at this time. consumers are paying more at the pump. the average price of gas jumping 12 cents a gallon in two weeks and the average natio

that thing you need a caterpillar equipment guy to come in and help with that. >> he has to take thee complaint stop it. >> i read that. barry knapp and jack ablin will join us and head back to sochi for an update. tall the building is, or how ornate the halls are. it doesn't matter if there are granite statues, or big mahogany desks. when working with an investment firm, what's really important is whether the people behind the desks actually stand behind what they say. introducing the schwab accountability guarantee. if you're not happy with one of our participating investment advisory services, we'll refund your program fee from the previous quarter. it's no guarantee against loss and other fees and expenses may still apply. chuck vo: standing by your word, that's what matters the most. phone: your account is already paid in full. oh, well in that case, back to vacation mode. ♪boots and pants and boots and pants♪ ♪and boots and pants and boots and pants♪ ♪and boots and pants... voice-enabled bill pay. just a tap away on the geico app. ♪ huh, 15 minutes could save you 15% or more on

. >> barry, if you're right, if cap x is the one you want to zero in on, i'm looking at caterpillar aboveponent i think for the year, is this all about cyclicals now for the near-term? >> i think it should be. i mean, if you think about where we were at the beginning of the year, anything leveraged to u.s. growth or generally most things leveraged to u.s. growth were by no means cheap. the best performer last year, the discretionary sector, to us looked outright rich. so we didn't think that this business cycle would really be about the consumer and releveraging, although the deleveraging apparently has ended, we thought this cycle would be more about rebuilding our capital stock. and so that's the theme we think will be most durable through the business cycle. and it looks like all those waves of public policy uncertainty we had in '10, '11 and '12 have really dissipated. and it's just set the stage for much less corporate risk aversion putting some of that cash that tom referred to to work. so we really think that's probably the sweet spot for investing this year. and it may very well e