it's frank cochrane, president of investment timing consultants. he joins us from troy, michigan. nice to see you. back back to the program. >> thank you, tom, great to see you. >> tom: why so bearish? you describe yourself as extremely bearish? why? >> well, i'm looking at, say, the next three or four years. i think, first of all, where we are now, the combination of economic stagnation and government austerity is not really a pill for a better economy. we have shifting demographics with people-- baby boomers are getting older. housing to me doesn't look like it's fixed yet. the employment levels look like they're going to get worse, unemployment levels and we see what the fed is doing. they basically told us we're giving you a free pass on interest rates the next couple of years, that combined with what's going on in europe the last couple of days i think is a real testimony to the issues and problems going on, in a global economy. these are not things that happen when the economy is doing well. these are things that-- this continued facilitation of money and money being thrown

also tomorrow, frank cochrane is our "market monitor" guest. he says we're in bear market 3.0, and this one will be long and nasty. the federal reserve bank of kansas city has named esther george to be its president and the region's voice on monetary policy. george has been the bank's first vice president and chief operating officer since 2009. she succeeds thomas hoenig, who turned 65 last week and has led the kansas city fed since 1991. his retirement, october 1, is mandatory under the fed's age restrictions. >> tom: united technologies' sikorsky helicopter unit will eliminate about 3% of its worldwide workforce. that's about 540 people. the company began notifying workers in connecticut and poland of the planned layoffs today. sikorsky did not say how many of the job cuts would come in the united states. the company, which makes both civilian and black hawk military helicopters, faces weakening demand as washington looks to cut its military budget. >> susie: in tonight's "kids and cash," teaching your college-age kids the ins and outs of ins