megacap stock. >> david: morgan, you like it? lly like it but if you want more criminal or flexibility, check out the vanguard eps. vdig. >> david: good advice. thank you. that is it for "forbes on fox." have a great weekend. number one business block continues with eric bolling and "cashin' in." ♪ ♪ >> eric: it's the makers versus the takers this labor day weekend. as we kick back and enjoy the first of our waiver, some are feasting on government hand hand-out. >> awesome. >> taxpayers. >> so are all the hand-outs killing what made america great? good old fashioned hardwork? plus selling us out. government agencies making money off the private and the personal info. you won't believe what we found. and the opener of america's oldest brewery taking on big labor in a big way. and the reason job seekers on this holida

policy are reporting for us there now journalist david morgan believes the latest massacre of kurds should be a signal for the bankers of regime change in syria to stop war monger. the rebels are all new for a faction and all the other groups have been trying have been trying to provoke you know the kurds into into conflict since it will be quite some time when there's been incursions there quite some time. and it looks like there was a massacre of some kind the numbers are not certain and the save the children and children with him over them and civilians light rail even been killed is a war cry but if it's true true for it should be investigated and i would say that the international powers the e.u. and america are in that un they should literally be a block without school in going into it he's willing to solve the suit the syrian conflict is the route that's being pursued at the moment is not going to lead to any democratic syria the things will get worse turkey has found itself trying to balance two seemingly contradictory roles backing the syrian rebels while at the same time trying t

iraqi kurdistan is said that his forces could intervene now let's go live to london that jenna's david morgan's way to speak to us he's written extensively on the kurdish issue hi david thanks for taking the time to pan out international. hollow let's talk about. al qaeda apparently wants to set up this all autonomous state in syria and now they. what can take he do about that bearing in mind it so also a nato member to. well basically turkey being supplying. phones and to different groups of the rebel among the rebels including some of the ones who are very involved in the current. conflict and i read yesterday that cia the cia said you know through through libya to to you know to the rebel. the troops as well if there's no monitor and where they are on the go in on the phones you know there's money circulating because i mean i've heard reports that foreign fighters are in there and they're getting phone from and from the gulf states and strong logistical support from from so you know this area well what are you maybe one of the radicals chosen valère be. their particular children the kurdish

kurds on the periphery of the conflict increasingly we've seen them in the line of fire journalist david morgan told me he believes the latest massacre occurred should be a signal for the backers of regime change in syria to stop. the rebels are all those reflection and all the other groups have been trying to provoke you know the kurds into into conflict since real quite profound has been the real incursions though. it looks like there was a ruckus massacre of some kind of the numbers of. children or children with more than civilians like they live in been killed for is a war crime if it's true for it should be investigated and i would say that the international powers the e.u. and america and the un there's a little be a block on our going going into the weeds we're going to solve the suit the syrian conflict is the route that's being pursued at the moment it's not going to lead to any democratic syria the things that will get worse. what turkey's found is solved trying to balance to see really contradictory roles backing the syrian rebels on one side one of the same time trying to mend its h

increasingly we're seeing them in the line of fire a middle east correspondent there a photojournalist david morgan he believes the latest massacre of kurds should be a signal for the backers of regime change in syria to stop. the rebels are looking for a faction and all the other groups have been trying been trying to provoke you know the kurds into into conflict since it will be quite profound going to be incursions there quite some time. and it looks like there was a massacre of some kind of the numbers are not certain and it does say that children or children with him or those of. civilians light rail have been been killed is a war crime if it's true for it should be investigated and i would say that the international powers the e.u. and america are in the u.n. let's listen to a block we're going to be willing to solve the suit the syrian conflict is the route that's being pursued at the moment is not going to lead to any democratic syria the things will get worse next tonight is the cold war truly dead and buried it seems that suddenly moscow and washington can't quite agree on these days russ

. >> all right, david, morgan stanley, private wealth management will joan us.e comes with a list of three things to watch to find out whether this sell-off is getting started or an august-buying opportunity. we'll get you to close on this tough market day. back in a moment. before their gift helped preserve the point... before a credit solution was used to expand their business... before trusts were created for their grandkids' educations... they chose a partner to help manage their wealth... one whose insights, solutions, and approach have been relied on for over 200 years. that's the value of trusted connections. that's u.s. trust. . >> welcome back. it was impressive to see the home builders trade higher on a valuation call there. >> miners have gone high with gold skyrocketing as well. the broad markets are under pressure. joining us to break down this day, david, it's always good to see you. >> good to see you. >> to what do you adistribute the sell-off today? >> exhaustion, i think people are squaring off their books as they get ready to go into the holid

. >> david: all right. morgan, hasn't the president already set out the parameters by which he would approve or disapprove of it? now from this report we find ouby his own parameters it should be improved? >> i would agree. it should be. but he has been putting out a lot of mixed messages here. if the president wanted to pi a bone with a keystone pipeline, the argument is it will drive up prices as the infrastrucre makes the price of wti go through the roof, which is sometng we're starting to see. that said, this oil is going to leave those one way or another. it will create jobs. we have seen it create 4,000 construction jobs. these construction jobs in the industry not seeing work, unlike residential construction side. >> david: emac, the president says it only creates 50 permanent jobs. >> totally wrong. talk about noise pollution. the president. there is a lot of noise pollution from the white house. it won't raise or lower prices. even the president's own energy department said 167,000 jobs have been created

i have stephanie link here from the street, and you have david from morgan stanley wealth management.'ll talk amongst ourselves here and see if we can make sense of this. we had a slight change of leadership in the markets this week, and, as i said before, we may have found a little bip we could buy here. >> i think we're in a transition here in the u.s., because we are digesting higher interest rates, very mixed macro data. very mixed at best. >> right. >> and we're waiting for the fed. so next data point, september 6th, that's the nonfarm payroll numbers, right? that will be the big one. we'll slosh around. you buy some of the dips. we like aerospace. we like auto. i also like international. i think the data this week of all of the good stuff that came out this week, china data, europe data. >> now, look, david darce, you said the same thing, china, europe, you're buying. citigroup saying the second half of the year, a tougher slog for markets. why are they wrong? >> we think the underlying strength of the economy, europe, china, and in the united states, you've got the new jobless

david: j. p. morgan has disclosed its bases eight civil and criminal investigation. looking at the efforts to sell mortgage-backed securities. 2005-2007. liz: according to a person close to the matter, soros fund management has withdrawn all of its money from the pershing square company. the fund had less than 250 million with the firm. of course they will battle over dillon the sec. david: the family that owns the new york times is declaring that the newspaper is not for sale. the chairman and publisher added that they were stunned by the announcement of the washington post sale to amazon ceo. liz: cbs confirming that the network has resumed talks with time warner cable. cbs has been blacked out for more than 3 million time warner cable customers for a whole week david: the president of the fed reserve bank of cleveland announcing that she will retire early next year. also joins that the cleveland fed has led the bank since 2003. right now in a nonvoting member, but there will mr. there. "after the bell" starts right now. ♪ liz: we begin with earnings news from lion

david: j. p. morgan has disclosed its bases

david, thank you very much for being with us. chief global strategist at jp morgan. >>> for more, log on nbr.com and you can read my blog about it. >>> you're golder years may have lost a lot of luster after a troubling report about under funded pensions at some of the nation's biggest companiecompan. the report out today shows a record amount of underfunded pensions for the 2012 fiscal year at s&p 500 firms. data shows a combined short fall of more than $450 billion, that's nearly $100 billion less than a year ago despite mass sir gains in the stock market. >>> a staggering 1.2 trillion in corporate profits from america's biggest companies being held in offshore accounts to avoid taxes. a study from the watchdog research group that analyzes regulatory filings of the top 100 publicly traded companies found 82 of them have subsid yardries in shelters like hong kong. topping the list general electric, apple, microsoft. >>> with all that money parked overseas, it looks like investors are putting more money into bond funds. a new report from the investment company insti

>> we've got david joining us from morgan stanley wealth management.hris wolfe is with merrill lyn lynch. good to see you both. >> hello. >> i've been saying this all hour. >> goldilocks, not too cold, not too hot. the big factors are still clicking. secondly, housing. 38% up on the new home sales. 15% up in terms of the volume on existing home sales. number three. consumer. consumer credit. consumer spending and consumer confidence and fourth is production. philly fed, chicago. and empire. enjoy the ride. as prince said, party like it's 1999. chris, what are you hearing? are they risk aversed? putting money into this thing? what are they doing? >> finaling markets that are global. good valuation and lot of discounted fear on the kind of premiums based into those. that's first. secondly, we like the u.s. story. the domestic story works very well, particularly if you talk about a small caps recovery. >> they're at the highs. you're not buying cheap. >> all they need is revenue growth. the last thing they're doing is really thinking about about that bond

. >>> this week on well track morgan stanley's asset allocation king david meets up with global discovery fund to look for hidden treasures in world markets. where are they finding buried bargains? that's next on consuelo max well wealthtrack. >>> new york life along with mainstay's family of mutual funds offers investmentan

the author, and dean of the school of business at columbia university, and david kelly, he is the chief strategist with j.p. morganfund. let's talk about the jobs report, the economy created 162,000 jobs for the month of july. below expectations even though the rate went down a bit. what does the report tell you where we are? >> we have a slug recovery, we are not growing facht. i think we are learning if we want to change, we have to give the economy a jolt. >> a jolt in what regard? >> a jolt meaning better long-term policy, real clarity of where we are going that gives business people a chance to say yeah, we want to invest again, and we are missing that. >> we are missing that for sure and david, i want though talk to you about the theory of people reaching 65 and what they are doing. >> the most interesting part of we had a mediocre jobs report and the unemployment came down, and the reason for that is labor force is growing that much more subtly, it's grown by that half a percent, so many people are reaching 65, and when you are hitting 65, you are eligible for medicare and people are stopping working. we ha

david jackson is on the ground in lebanon. thank you for joining us. what's the reaction in the middle east to the supreme leader's statement this morning? >> morganacross the board, it's all about strength of response, everybody wondering exactly what the strike will consist of. it has gone down to really nuts and bolts, how many missiles, how much time, what's the duration. i mean it really is a very, very distinct military maneuver being talked about by everybody here. it's also suggestive. people are looking at this trying to determine is it going to be too strong, too larynglarge. what constitutes too strong. hezbollah said if it is deemed to be too strong a military response to the chemical attacks, then they will attack israel. that's been their statement. israel has said they will respond ferociously should something like that occur. that has led to the united states obviously having to rethink exactly what would transpire because they have to walk this delicate line. it has to be strong enough to make the point, it has to be if you want to call it weak enough to not rail everybody in the other directions, including iran. everybody, the ru

david: let's switch gears a little bit to the energy market. you have one thing here, candor morgan, you look at oil at over $100. it looks like it will stay there. is that why you are fork tender morgan? >> we lack the infrastructure piece of the energy space. the companies are building and operating the pipelines which are very much at sites growth business model. oil flowing to the pipelines. you are collecting the toll. a tremendous energy renaissance in the u.s. more infrastructure that has to take place. liz: all right. it looks like an opportunity, but you use u.s. large caps. make products here and sell them elsewhere. the companies to you have talked about. >> absolutely. apple, the perfect example. a position to have a company we have seen that caused -- context evaluations, fundamentals. seeing a large investor japan. obviously a lot of sales and the u.s. a lot of sales are overseas. liz: it see it samara at the open. david: both of those will be interesting to see if his days. we will see. great to see you, bruno. we will check in with you in just a few minutes when the

david's right. it would make sense for them to file an s-1. they have hired a manager of corporate development, a former morgan stanley banker who worked on a numbers in the past, including selling zappos to amazon. i think, though, it's not a given. i think the guys want to keep control long term. if they did go public, you'd be looking at a dual class stock. and i just think a sale to a big player like maybe an apple is just something not to dismiss entirely. >> yeah, but in terms of the amazing success that this company has had, carl, to what do you attribute such incredible popularity and really a massive takeoff? >> well, i think -- i think, for one thing, you got big players on board, for one, right? getting the pope to have a twitter account, that moves -- that moves the needle. >> yeah. >> it gets a lot of people who ordinarily wouldn't follow justin bieber to maybe think this thing is serious. i also think the way our media is moving faster in realtime, the way it's converging with television. you watch tv, you tweet quickly. it just makes it a little more easy to use than facebook. and i also think some of the cultural issues, the ads, t

morgan stanley thinks it will be 100 million. not as big as 200 million on the sci-fi big flop, john carter. that hundred million doll lar charge would come in this quarter. davide to have one grand stinker every year. we have only time for one more question. franchises, with the exception of "the lone ranger," clearly that is a franchise that is dead and gone, they do, their franchises are extremely, probably priceless more than valuable, are they not, matthew? >> i think they really have fixed the studio at this point albeit at great cost. you have lucas film with "star wars" in there. you have pixar and marvel which is amazing deal for disney. don't forget it is not just recognized at movie studios, it is mid-ing and parks attraction globally. it extraordinarily intellectual property for the company. david: that is for sure. dennis kneale, matthew, thanks very much. don't miss dennis kneale's interview with disney chairman, bob iger on markets now in the 12:00 hour. bob iger right here. liz: dennis, that will be the best one. that will be a fascinating interview. >>> detroit ace bankruptcy just last month made it the largest u.s. city to go bust but that wil

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morgan was the three feet bigger. the engine were put in a special part of the yacht so the sound wouldn't reach him. one of the most daring writers that worked for davidphilip. a famous novelist later assassinated. wrote a note that said your problems are not the kind you flee geographically. he was an impossible man to live with. once his daughter had a minor operation. very common place for kids. it involved bleeding. the household would be in a advertisey. and pulitzer stands up and the dining room table and a waiter written it down and what about me? i'm suffering here. so his self-centeredness, his egomania, his social issues makes him absolutely -- the thing i love best about the book his wife understand him better than any of us. she loved him in a way that no one else could love him. she took a locket of the painting of had his mother and we would gone to enlarge it. she had a painter enlarge it. before he lost his sight he could see his mother. i portray it. at one point she has an affair. the sense readers have is you go, girl. he was so impossible. people say you know what is joseph pulitzer's legacy? his legacy has two parts to it. he gave