farr: mr. chairman, i'd like to yield five minutes to the ranking member of the full committee, nita lowey from new york. the chair: the gentlelady from new york is recognized for five minutes. mrs. lowey: thank you, mr. speaker. i appreciate the efforts of the chairman and the ranking member in putting together this bill. while many of the funding decisions are appropriate, i do oppose this bill because i have team objections to controversial riders. first, this bill would begin to back away from much-needed efforts to make school meals healthier. according to the c.d.c., as of 2012 more than 1/3 of children anded a less on thes were obese -- adolescents were obesed. they are at a much greater risk of developing heart diseases, type 2 diabetes, stroke and forms of cancer. schools should support and teach healthy eating habits. instead of providing waivers, this bill should help the districts meet this higher standard by providing the technical assistance and training to become compliant. addit

, president of farr miller. gentlemen, let me begin with you, you are saying we have a medium growth in the economy, actually, we have had mediocre growth for a couple of years now. why the sudden worry about the economy? what has changed? >> well, i'll give you the quick fundamental concerns i have with the trigger. like you say, a mediocre economy, two and a half percent at best, not the sustainable that people hope for going into the year. the profit margins are at historic peak, rolling over, and will impact the valuations, looking at price, the sales, the market cap to gdp, the shiller ratio that takes into account the profit margins are all at historic highs. small cap stocks are beginning to lag. investors intelligence had the highest level of bulls above august 1987 and october 2007. and the catalyst is the fed ending qe, this is a trillion dollar stimulus program that is going to zero by october. after q 1 and 2 ends, the s&p fell 50% and the economy rolled over, i don't think this time will be any diff

. >> michael farr. >> i think the market's telling you it's a little bit tired.ng run and we're building and think we're setting a limit and level where investors, i hope, are going to find a new comfortable level. >> what great time to be a corporate finance investment banker. not dwrounl have all of these ipos but one of the things that hasn't been there, on daily basis, plus the debt market and m & a. it goes on and on and on. >> a lot of people are saying this market is only going higher because companies are buying back so much stock. that's true. look at mon santo today. there are a number of shares being issued. >> they give with one hand, take with the other, right? they're issuing -- there are so many companies issuing it because the market will suck it up right now. i feel like every time i'm on this show, kelly, i bring up the ten-year yield. bullard if he has his trusters, he would bring up the interest rate. luckily he doesn't so he can't vote. we have junky -- >> junky? >> i'm trying to be kind. >> then you have someone say i might raise rates. then

farr: thank you very much. i respect the gentleman's desire to cut, squeeze, and trim and be deficit hawk, but i think you're really cutting the wrong area. this is -- there are a lot of statistical departments in the department of agriculture because it's involved with a lot of different issues. sort of the rule, the whole -- the rural, the whole rural economics of america, the trade issues. and you've got two departments. one does the big data and one that does small data. you're a doctor of medicine, it would be like comparing an m.r.i. to a thermometer. they both are diagnostic tools but they don't do the same things. neither does e.r.s. or n.a.s. as you stated, they seem like they duplicate. no, they're both involved in economic research, and that is -- i don't know how to explain it all but it's the underlying data that drives everything, drives the marks, drives decision making that is always, you know, the growers are private sector, capitalists, if you will, having to borrow from a banking system. they

bke] farrs,w ke wfor insud drers? t corage [bl ris] [rot] oh. k[pf. bke] lk tfarms t corage [bl ris] d gesmarr abt yo surae. ♪e arfarms bu- pa dum m - m - m - m♪ d gesmarr abt yo surae. heat shields are compromised. weare those thrusters burning? that's a negative. what's that alarm? fuel cell two is down. i'm going to have to guide her in manually. this is very exciting. but i'm at my stop. come again? i'm watching this on the train. it's so hard to leave. good luck with everything. with the u-verse tv app, the u-verse revolves around you the u-verse revolves around you [ male announcer ] if you can clear a table [ sneezes without lifting a finger, you may be muddling through allergies try zyrtec® for powerful allergy relief and zyrtec® is different than clarit® because it starts working faste on the first day you take it. ♪ zyrte® muddle no mor™ [ female announcer ] and now introducin children's zyrte® dissolve tab for full 24 hou allergy relie children's zyrte® dissolve tab bulldog: i can't wait to get to imattress discounters because the tempur-pe

on sunday temperatures are expected to top 35 degrees celsius, 95 degrees farr ep height in parts of the count riff. >> a study claims venezuela are the world's most miserable people, examining the virs economic -- various economic factors of each country. we have this report. >> reporter: the line outside the supermarket starts at around 8am. no one knows what the food truck will bring, it's a lottery. >> translation: sometimes i come for rice, but i can't get it. sometimes we spend all day waiting. if the supermarket doesn't bring the things we need, we go back to the house with nothing. >> after a 2.5 hour wait, and 100 in the queue, the truck arrives. it's big with basics, including flower, sugar and chicken. supplies are rationed. each person is only allow to buy up to two of each product. >> translation: over the past year the lines are longer. food shortages are critical. the government must solve the situation. people are furious. >> according to the world's index, venezuela is the most miserable country in the world. it's calculated using g.d.p. and other factors. the food o

bke] farrs,w lievwhatou d't kw ke wfor insud drers? t corage [rot] oh. k[pf.ke] lk tfarms t corage d gesmarr abt yo surae. ♪e arfarms bu- pa dum m - m - m - m♪ d gesmarr abt yo surae. sofa... desk... you know what? why don't you go get some frozen yogurt. i got this. you're so sweet. you got this, right? i do got this. from the shelf, and to your home. starting at $99. welcome back the chp is attending to a few minor fender benders around the bay area but nothing to slow you down here at the san mateo bridge. the traffic is pretty thick on the right- hand side of your screen drive time unaffected it will take about 40 minutes between 80 and highway 1 01. >>: >>darya: several east bay law-enforcement agencies are warning the public about wilding. the and what that is 3 it's this growing trend in crime. were young groups of people commit where hundreds of people you can take a look at this on you to permit here's the thing. but impose this because there's so many teams that do this it's hard to track the police find who did it. and others like safety permit a de

bke] farrs,w ke wfor insud drers? t corage [bl ris] [rot] oh. k[pf. bke] lk tfarms t corage [bl ris] d gesmarr abt yo surae. ♪e arfarms bu- pa dum m - m - m - m♪ work and back to the kron4 morning news there's a traffic updates for you from the bay bridge toll plaza it is already backing up were talking transit renounce and of course the big news is bart backed up muni backed up to normal muni has no delays happening now. san jose police are investigating the death of a man. police found the man on the ground in the 500 block of piercy street around 1:30 this morning. he was found unconscious with multiple injuries. kron four's mike pelton is on the scene, we'll have an update with him later in the newscast. and new video in this morning out of southern california, where a marine jet crashed into a neighborhood. the harrier jet. out of yuma, arizona. exploded on impact and set two homes on fire. this happened in the town of imperial. east of san diego. and near the mexican of imperial. east of san diego. and near the mexican border. who are you? [whis

joining us now is john manley, also, michael farr. gentlemen, welcome. let's start out talking about the jobs report. that number was better than expected. do you read this as a sign that the economy is improving? >> i don't think there's any question. why shouldn't it improve? we've put a lot of money in it. it's just perfect. if the fed stays what they're doing. >> michael, how about you? have you been pleased with what you've seen? >> i've been relatively pleased. i think this job growth was pretty good. these numbers have been pretty good and we're moving in the right direction. we're moving still in that kirnd of 2% range, but i'll take it. >> answer me this, michael. why is this such an unloved stock market rally at this point? >> you know, we've had the, i guess the longest predicted correction that just won't happen in as many years as i can remember. it is kind of expensive and you can take a look at the profit margins and take a look at the schiller ratio and all of this data that suggests stocks are high. they are, they were high in '97. highe

john manley, chief equity strategist at wells fargo and michael farr, welcome to both of you. let's start out this morning talking about the jobs report. john, that number was better than expected. do you read this as a sign that the economy is truly improving? >> i think it is. i don't think there's any question. it should be spectacular. i think it's perfect. if the fed stays doing what they are doing, what they are doing is fine for the market. >> have you been pleased for what you've seen? i've been relatively pleased. the job numbers have been pretty good. and we're moving in the right direction. we're moving still in that kind of 2% range but all in all i'll take it pretty much any day particularly considering where we've been. >> answer me this, michael, why is this such an unloved stock market rally? >> we've had the longest predicted correction that just won't happen in as many years as i can remember. it is kind of expensive and you can take a look at the profit margins and shiller ratio and all of this data that suggests stocks are high. they are. they were high in

farr: thank you, mr. chairman. look, let's be very practical about this. you have to put in context what's happened. passed the doved-frank bill because of a financial disaster and the regulators weren't regulating. they couldn't regulate because they didn't have regulations or any provisions about all these derivative swaps. they were inventing new things that weren't even in law. commodity eral futures trading commission is right at the heart of all these new instruments and all these derivative swaps and so on. in fact, we learned from the director ginsler and came before the committee and talked about the massive amount of trading that goes on. $300 trillion. we couldn't even figure out in the committee how to explain how many millions trillions were. it is so much. and it is scary. we've got to have people on the job to do this. and technology to do it. what do we do? it's just to make sure that people are carrying out the law. you have to have people to review that process. in fact my colleagues on the other side of the aisle have been because the in

bke] farrs,w lievwhatou d't kw ke wfor insud drers? t corage [rot] oh. k[pf.bke] lk tfarms t corage d gesmarr abt yo surae. ♪e arfarms bu- pa dum m - m - m - m♪ is 7 and 9 a live look from the webers toll plaza not much of a back up their and it looks like art graphics are showing their effect a change #three is actually delayed by about 10 minutes this morning instilling what freight traffic. i saw had wafers culture in which had priority. bart and muni have no problems. the ball ministration one state couples to be a with a take leave to us care for their spouse regardless of the state recognizes their marriage. they make it clear that the family medical leave act doesn't apply to same-sex couples. settles a police serbian stall the they have to work overtime to help the department do occur in the city. the fast moving fire caused in the united states? but first, president obama looking to make it legal for gay recognizes their marriage. president obama is directing the drafting rules that make it same-sex couples too. this would allow gay employees to take

bke] farrs,w lievwhatou d't kw ke wfor insud drers? t corage [rot] oh. k[pf.surae. ♪e arfarms bu- pa dum m - m - m - m♪ williams crashed a wedding and miami beach over the weekend. here's arena standing among the wedding gowns and tuxedos sees easy to spot and the leopard print leotards on a suit she posed several shots of her self at the wedding with the caption wedding crashers congrats. a look at this nasa is preparing to launch a saucer shape of the a call into earth's atmosphere it's an experimental flights a designed to drop heavy load on mars. what carried the test vehicle today to 23 mi. over the pacific where it can be dropped and then the vehicle will fire its rocket and climb to 34 mi. the environment at this altitude is similar to mars' atmosphere so that's why they're doing that as the video files about bow as a released their latest version if the dedication to michael jackson's the leading three of them of the video was made in a church. ahead at 7:00 more ♪ ♪ get 5% cash back at lowe's this quarter so you can score more cash. activate your 5% c

farr as is playing with his friend much for known with stereotypes about life in gaza, have a listen to this: [ ♪ music ] . >> mahamud on the karhoon, suraj on the hu, d, abdul on the karhoon, ramsay on the tabla. and farras. >>> palestine strings ensemble toured the u.s. in 2011. >>> facebook and federal prosecutors are locked in a battle over the government's demand tore user -- for user data. prosecutors in new york demanded that facebook turn over data on 400 users connected to a benefit fraud trial. facebook argued that the move vil aid users -- violated users fourth amendment right. a judge rejected the claim and ordered facebook to hand over the data without informing users first. >>> an iphone app is causing issues in san francisco. it's called monkey app and allows people to buy and sell parks spots without city involvement. city officials say it's illegal and issued an order for the company to shut down the application. >> reporter: as if trying to find parking on the streets of san francisco was not already a challenge, city officials are pught the brakes on -- putting the

bke] farrs,w lievwhatou d't kw ke wfor insud drers? t corage [rot] oh. k[pf.lk tfarms t corage d gesmarr abt yo m - m - m - m♪ pa dum but for over 60,000 california foster children, it's a challenge to replace clothes that are too small or worn out. i grew 3 inches last year. i don't need anything fancy. i never had much to begin with. when i look nice on the outside, i feel better on the inside. to help, sleep train is collecting new clothes for kids big and small. bring your gift to any sleep train, and help make a foster child's day a little brighter. not everyone can be a foster parent, but anyone can help a foster child. career up oakland to mayor jean quan getting in trouble behind the wheel again. this time she was involved in a car crash for two days after we confronted her about two different photographs showing her to different times. on text and one driving while holding a cell phone. kron4's family roberts takes a look at these events >>: won the in-shore. >>: the mayor was going across the park with the hat. and the girl, went into the intersectio

bke] farrs,w lievwhatou d't kw ke wfor insud drers? t corage [rot] oh. k[pf. bke] lk tfarms t corage d gesmarr abt yo surae. ♪e arfarms bu- pa dum m - m - m - m♪ d gesmarr abt yo surae. [socr crd chting use ad fceflex, its diamd teure retcs to prent . ki it,t cataket. nature valley crunchy granola bars contain 1/3 of your daily whole grains, so 1/3 of this commercial is dedicated to what you could do with all that energy. 1/3 of your daily whole grains means energy to make some new ocean friends. nature valley crunchy granola bars. bulldog: i can't wait to get to imattress discounters because the tempur-pedic bonus event is ending soon. i'll have first pick from the huge selection of tempur-pedic mattresses. then, i'll get to choose $300 in pillows, sheets, and other free gifts. on top of that, up to 48 months interest-free financing. it's a beautiful day for mattress discounters' tempur-pedic bonus event. mmm, some alarm clock you turned out to be. ♪ mattress discounters ♪ is fher'day, let'turnur ho into suphero let'giveim t pow. nsulwithis sekic and eqp hiwi

. >>> there there is a liquid farr to be converted into crist cal meth. agents removed it from the house. two adults were detained. two kids were also in the home during the raid. they are now in protective custody. >>> happening today, there will be a memorial service for a san leandro teenager who was killed by a train. 18-year-old brittney was hit by an amtrak train as she was crossing the tracks near spring lake drive on may 19th. witnesses say she was wearing earbuds as she was walking and didn't hear people shouting warnings. the memorial service gets underway at 10:00 at union city apostolic church in union city. >>> an ultramodern futuristic knew microhotel could be coming to san francisco. the hotel is knotting yankees but the rooms are. sergio quintana as the story. >> it's market and 7th street building has been boarded up since 2011 after a failed attempt by the former owner to turn it into a nightclub. according to the san francisco chronicle, finesse capital has purchased the building and will work with a london based company to convert the

let us bring in michael farr and zach karabell. as a money manager, i understand the headlines are all stocks are down because of mancantor's def. what do you ascribe to the market's decline today? so many serious stories. it's hard to figure out which ones will have greater gravitas. you better get further to the extreme and get away from the middle if you want to win elections. that's a very tough message for legislation that's pending on a lot of different issues. it's going to make for a very tough debt ceiling debate and battle so i think wall street sees a shake-up and wall street doesn't like these surprises. iraq is the next one looming, and it seems to be gaining in volume. so we have several concerns today. >> there are a number of concerns today. on that point about the potential for lack of compromise, some people saying maybe, zach, the potential for another government shutdown with the cantor defeat. is it a possibility that the credit agency will not therefore restore the top rating for the united states? remember la

bke] farrs,w lievwhatou d't kw ke wfor insud drers? t corage [rot] oh. k[pf.k tfarms t corage d gesmarr abt yo surae. ♪e arfarms bu- pa dum m - m - m - m♪ the time is 741 as we monitor lighter than usual ride around the bay area where somebody vocation and school vacations now our deficit impact on the ride. no backups or delays currently through the san remo valley the drive time to dublin from walnut creek is just 16 minutes. >>: as a 3.5 earthquake this morning in hitting, southern california around 630 this morning. no reports of damage but a lot of people felt the shaking in their several aftershocks. >>: but owner roughhouse catering over a cliff there decide, to burn the house down. this could be burned this morning at 8:00 with, is hanging over the edge more more of the cliff keeps coming away. the 4,000 ft. house overlooks whitney just sell the forward is been crumbling into the lake of their cliff. will find of care is watching it will talk about the long lead croatia and the contra recalls against brazil yesterday. >>: happy friday everyone headed o

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bke] farrs,w lievwhatou d't kwbrant®. ke wfor insud drers? t corage [rot] oh. k[pf.farms t corage d gesmarr abt yo surae. ♪e arfarms bu- pa dum m - m - m - m♪ " we're not checking in a hot spot let's look at the desert freeway. >>: the seven and adding gas prices are holding steady. if they get bejabbers here in the bay are still paying more than the average. at the moment be averages $3 as of 68¢ a gallon and a san francisco and defend the most at $4.20 a gallon. american soldiers are john and criticism from democrats and republicans would say what that,. the world of fashion is split in two. you can either have high-end or low-price. or you can go to t.j.maxx and you can have it all for up to 50% off department store prices. t.j. maxx. welcome a time now a 712 in heavy monday to everyone. we're watching the heat that the bid weather story today is extreme and then he says with talking highs of 100 degrees. with all those on alert as well. 10 the children now are well met quickly and fair for a variance 77 degrees 69 and livermore 66 in san jose least. we're live in

bke] farrs,w lievwhatou d't kw the delicious tast of best foods, ke wfor insud drers?. k[pf. bke] lk tfarms t corage d gesmarr abt yo surae. ♪e arfarms bu- pa dum m - m - m - m♪ d gesmarr abt yo surae. th's aan tervwingor.aob. thatne.one. e onwho ems ke hs alrey gothe job 'cau he udieall e rit ursefromhe g-go. d th's aaccotant a mo a unersi of oeni sclarsp repient, who ed o unie --ratcthat awese caer-pnnintool and at's stunt, rkinlate th aay j, tang crseslign th t industry 's aing be . rey touildn edatio arnd t carr at y wan les geto wk. stories we're following year on the kron4 morning news. police are investigating the murder of a man in san francisco's mission district. around 10:00 last night they found a man on the street from 16th street between overall and valencia. that man died at the scene the investigation is ongoing. three militants from the islamic state of iraq and syria are carrying out the fence and large sections of northern iraq into government hands. president obama has now made a decision regarding any military strike against those militants. the pr

bke] farrs,w ke wfor insud drers? t corage [bl ris] [rot] oh. k[pf.lk tfarms t corage [bl ris] d gesmarr abt yo surae. ♪e arfarms bu- pa dum m - m - m - m♪ d gesmarr abt yo surae. safeway gets that staying on budget can be a real b that's why they've got lots of ways to save. real big club card deals, the safeway app and gas rewards. this week, dulcinea mini watermelons are just $2.50 each. mayonnaise is a must. best foods mayo is just $2.99. and get your spoons ready. ben & jerry's is a tasty $2.99. there's more savings to love... at safeway. ingredients for life. we live and where this morning were a house fire , , and a gunman opens fire on a college campus and seattle even one person dead and three injured. or watching the weather as redden to the weekend debakey spike with temperatures near triple digits. every five is a good friday good friday you an area. the step up the forecast would james fletcher para >>: we got caught conditions here in oakland and services go. the gutter cents in clause only exception is a very on the delta years turned s

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bke] farrs,w lievwhatou d't kw ke wfor insud drers? t corage [rot] oh. k[pf.lk tfarms t corage d gesmarr abt yo surae. ♪e arfarms bu- pa dum m - m - m - m♪ damages will be assessed today after storms ripped through the midwest. hi damages will be assessed today after storms ripped through the midwest. this is video of the storms claus yesterday in harrison county, missouri. storm spotters say they saw tornadoes in central and southwest iowa and into defeat reached for southwest kansas. these storms brought baseball sized hail and severe flooding in some areas. more storms are expected today in the ohio and tennesse valleys. first lady michelle obama is meeting with mayors and local officials today. to bring attention to a program aimed at helping get veterans off the streets. it's called the mayors challenge to end veteran homelessness. in 20-10, the obama administration set a goal of ending homelessness among veterans by 20-15. veterans by 20-15. [socr crd chting use ad fceflex, its diamd teure retcs to prent . ki it,t cataket. a broader mix of energies, worl

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we're expecting representative sam farr to introduce an amendment to strip out the waiver language. he stride to do the same thing during markup and failed to get the support for that. and then it will turn to what happens in congress. >> in addition to the school lunch program issue, let's look at some he

farr: thank you very much, madam chair. and thank you for yielding.k, this bill is entitled, america that works. it doesn't work without this provision in it. i think year after year, failing and failing is what, a policy of upward failure? it doesn't make sense for all the federal agencies to coordinate. we do that in the military. this would be like restricting the ability of the military to coordinate between services. so we do it with shipping lanes. we do it with wildlife. we do it with habitat protection. it's just smart, and spatial planning and the national ocean policy for the first time saves a lot of money because all these federal agencies now sit down and talk about how they can carry out the policies that they're responsible for. you wipe all that out, no dialogue, no communication, no ability to reach agreements in a way by this crazy restrictive language. without this amendment, this proves america can't work. i urge the adoption of the amendment. the chair: the gentleman from california reserves. mr. lowenthal: yes, i reserve the bala

we're expecting representative sam farr to introduce an amendment to strip out the waiver language. he stride to do the same thing during markup and failed to get the support for that. and then it will turn to what happens in congress. >> in addition to the school lunch program issue, let's look at some of the other issues that you're looking for that will come up in debate in the agriculture bill. >> it's such a broad variety of issues. a ban on horse slaughter is now in the law. there could be some discussion over a rider in the bill that prevents usda from spending money on some key competitiveness and contract issues, specifically related to poultry farming. we might hear some debate about reforming sugar programs. you never know. it could be chinese chicken. >> one of the things what the he food stamp program. the assistance program known as food stamps is a mandatory program. for the most part that tends to stick to the farm bill as far as where that's debated out. you might hear lawmakers complaining about how the cuts have been implemented. they think states have made meanin

bke] farrs,w lievwhatou d't kw ke wfor insud drers? t corage [rot] oh. k[pf.k tfarms t corage d gesmarr abt yo surae. ♪e arfarms bu- pa dum m - m - m - m♪ d gesmarr abt yo surae. i'll have my usual ultimate cheeseburger. you can have that. or-two new versions of the ultimate cheeseburger. one has sliced jalapeños and creamy ranch sauce, the other has sweet and tangy barbecue sauce and grilled onions, plus double meat and cheese like the original. new versions...? two new versions! now, this was just a training video, but these twists on my ultimate cheeseburger will blow people's minds. is that guy ok? a quick look at the weather and the live look for more roof camera. you could see one of the top of the tower is there. clear, sunny, cool. it's really nice to be offside. it was check-in with the satellite view. barely any cause of the bay area. most of this sitting off shore. quick enough to clear conditions. the skies will stay clear. it at the moment there and that mid to upper 50s so it is slowly warming. 58 and concord. we're also seeing 60 degree weather

let's bring in matthew farr, a writer for "rolling stone" and a veteran who served in afghanistan.ld hostage for 5 1/2 years by a colombian militant group. keith, you've had a chance to see this video, yes? >> yes, i have. >> we'll roll it for the people at home. when you look at him, what do you see in terms of condition and things that the rest of us may miss in terms of how someone feels in a moment like this? >> for me it's his eyes. his eyes to me look like he's in bad shape. many of us, when we came out, some of us were heavy, some of us were emaciated. the eyes tell ourl health at all times. there's many things underneath that you can't see that aren't apparent to the cameras. looking at him in the back of the truck at his eyes does not lood good. >> what do you attribute it to? do you think it was dust, he was blindfolded or it's a sign of stress? what's your take? >> i don't know. i'm not a doctor. i can tell you my experience with us in the jungles, we'd call these marches we go on is death marches. it would be days with low food intake being marched around the jungle. ou

>> so close and yet so farr. >> no country is safe from that kind of spread of terror. >> bagdad is going haven't seen yet. >> this is a middle class issue and an american issue. we don't want people having to choose between family and work. >> pope francis has told members of the mafia they are excommunicated from the catholic church. >> good morning and welcome back to "new day." it is monday, june 23rd. i'm kate bolduan in new york. there are lots of big stories this morning including the stunning world cup finish between the team usa and portugal. the good news, the u.s. is still in it. enough said, mr. cuomo, in brazil. >> reporter: absolutely. i'm wearing the colors proudly this morning, kate. what an amazing experience, to be in brazil. it's the mecca of soccer, hosting the world cup, of course, and what a match between the u.s. and portugal. i'm going to focus on the positive because that's how i am. the u.s.a. made progress. yes, they should have won. but what a match. so many twists and turns and a last-second goal. this time the u.s. was victim to it as portugal wound up forcin