so, with that, let me turn it offense -- over to my colleague, david chu, who has been a real partner in this effort. [applause] >> i had a san francisco experience this morning, my first interview with my son, 2 years old, for nursery school, i'm sorry about that. but i know today is in part a celebration for john. and i want to congratulate you for what we just learned, but we're here because there are still thousands of san franciscans, men, women, children, families. there are hundreds of thousands of californians who are suffering every day on the streets of our golden state. there is so much more that we need to do to address this. phil referred to the fact this is not just a crisis in san francisco, it's a crisis in california. when i went to the legislature in 2014, we had the highest rates of homelessness in the country here in california. 20% of america's homeless here in our state. today, that statistic is 25%. in 2014, one out of three, chronically homeless americans live in california. today that statistic is 42%. the crisis that has been here in our city is now all over

i want to acknowledge david chu for his commitment to tackling california's issues up in sacramento and homeless issues as well. we're honored to have great leaders just as tinge and chu up in sacramento representing the members of san francisco. we're all here because we understand that our city like our cities across the state of california, is undergoing a homelessness crisis. our streets and sidewalks are filled with people who are struggling with mental health challenge, drug addiction and poverty. this cannot be the status quo. it cannot be the new normal and it is not something we're going to accept here in san francisco. homelessness is a complex issue that requires a full gamut of solutions. we have to prevent people from losing their homes and we're doing such great work as a city, when you think about the move assistance programs, the eviction prevention programs and the grants we have that remove barriers to housing. we're doing that work here in san francisco. in the unfortunate circumstances where people do lose their homes, we have to pursue measures that are successful a

. >>> let's get over to dominick chu and check out the european close. >> david, while we've been seeingome volatility in the u.s. trading session ourselves, those european stocks have pretty much been in the red the entire day they're now on track for the ninth negative session in the past ten and the worst weekly performance over the past two years. the german dax is now fallen into correction territory. down by more than 10% from its recent highs reached 2 1/2 weeks ago. over that same period, the yield on german ten year bonds, the government bonds, up 30% in that time pulling back a little bit today. on thursday, that yield hit 8.8% 80 basis points for the first time since 2015. for the week, both the german dax and the paris cac 40 down more than 5% meantime, london's ft-se is in the midst of a four week losing streak for the first time since june of last year despite a decline in the currency, the uk pound. as of now this week's losses on the europe stocks 600 are not as steep as those on the s&p 500 here but we'll have to see how things shake out in the rest of the u.s. trading s

california the by the chu side boosters touching down perfectly on twin landing pads less than ten minutes after launch be. judged for the cargo space x. imagine the piece of david bowie inspired fear itself which could have come straight out of the james bond playbook musk's cherry red tesla piloted by a mannequin in its. spacesuits blurring the lines between dreams reality and p.r. the company streams the speedier of the car how stunning through space following the launch. if all goes to plan attacks that will be thrust into a save the old bridge which will take it. now to some other stories making news around the world the influential sister of north korean leader kim jong un is to attend friday's opening ceremony of the winter olympics in pyung chang kim jong il here with other official seeing off north korean athletes will be the first member of the kim family to visit south korea. u.s. vice president mike pence has announced new sanctions against north korea meeting with japanese iran minister shinzo abi in tokyo penn said they'll be quote the toughest and most aggressive measures yet in response to the north failure to abandon its nuclear weapons program.

david. back to you. >> okay. thank you very much, dom chus annual shareholder meeting set to start in hours from now, at&t will be the first company offering a buy one get one free deal for the iphone 10. customer wloz buy two of the phones on at&t's next installment plan will get the second device for free the plan splits payments over 24 or 30 months of course, the equipment installment plans are the way things go these days that's not a bad deal though >> considering the price, a lot of people have to pay in installments when you talk about a price point of more than $1,000 to get a second one for free is good. >> not bad >> i wonder if we'll see the other brands do that, have to meet that. >> see if that comes into play >> she said wishingly. >> we come back. we'll have more on the markets of course, the global economy and the former chairman of morgue an stanley'sation business stephen roach is us with next. your brain changes as you get older. but prevagen helps your brain with an ingredient originally discovered... in jellyfish. in cl

chu at hq. let's stay there and go to sue herrera who has a news update. >>> thank you, david good morning oncein, everybody. here's what's happening at this hour defense secretary jim mat is arriving in germany for a global security conference. it comes as strains between the u.s. and nato grow over the syria and ukraine conflicts. >>> meanwhile, secretary of state rex tillerson is in turkey to try to ease tensions there. he's meeting with the turkish foreign minister on washington's plan to continue providing assistance to kurdish militants. turkey has been objecting to that plan. >>> a developing story here at home in pennsylvania where strong storms may have unleashed a tornado about an hour south of pittsburgh homes are missing roofs as you can see. utility poles and trees are down >>> and take a look at that. astronauts wrapping up this live video, take a look from space. they're wrapping up months of repair work on the space station's 59 foot robot arm. the space walk expected to last until 1:30 p.m. eastern time believe it or not, the old mechanical hands are original space station part

about 1.25% higher just before the report so david, we are seeing a little bit of a movement here in those gas prices back over to you >> okay. thank you, dom chuare under pressure this morning, even as fears of aggressive fed tightening weigh on volatile equity markets analyzing the road ahead for stocks and the economy is former dallas fed president richard fisher always nice to have you. let's start off on the deficit, richard. are you concerned about where we may end up this year we had a tax cut that's obviously going to generate some say as much as a trillion-dollar deficit. this budget deal doesn't seem to be helping concerned about the fed being out of the market, qe no longer the case are withe going to watch rates up >> i think some of it's being discounted right now if you look at the ten year. it's pushing up to 2.90. it's moved quickly from the 2.60 level over just a matter of weeks. we do have an increased supply in treasuries. more is expected the market is discounting that by readjusting the price if you look at the ten-year auction, for example, it wasn't quite at the same level as the quoted rate. so i just think it's a minor

chu. >> some stocks have had a nice comeback, there are plentythat are off their highs. where are the value plays in this volatility. let's bring in davidof rdm financial group. ron, i'll start it off with you. you point off in your notes that you didn't sell a single stock in the last selloff, but did you buy anything in the last selloff? >> no, we were fully invested through all of our different clients. we didn't see anything fundamentally that changed in fact, we were on our way to about 20% or 25% foreign, but after tax reform, we actually stopped at 15% because all of a sudden we saw u.s. stocks being cheaper on a pe basis because of tax reform i'm not saying it's great for the economy. but this tax reform was good for stocks so we stayed where we were and no, we certainly, we nibble around the edges, but fundamentally, we don't see anything that's really changed except it's gotten better in the u.s. though statistically, foreign is cheaper, we'll stay here for a little while longer. >> i get the fundamentals have not changed when we take a look at economic growth and you take a look at earnings growth. david, at the same time, th