neil: well antithat a kick in the fannie, not only do fridy freddie mac and fannie mae avoid gettingfor it they get rewarded for it. bank of america, is paying just freddy now, north of 400 million bucks to settle a mortgage lawsuit for misleading investors, that all but coined term, charlie gasparino said, stupidity did you not way? don't bet on it, amaze going it is. >> -- amazing. >> it is. it will keep ongoing on. you get bailed out, you wipe off debts on the book, some hedge fund managers are buying stakes in fannie and freddie. neil: i would too. >> who knows if they are ever going to get paid or profit. neil: what happens with this money that goes back and forth with finds? >> i think that federal government will keep it tragedy is that right now, the federal government is on a pr campaign saying that the banks caused financial crisis, no one but the banks and their greed, what they are missing, and trying to fool the public on, i wrote a control book on this. -- a whole book on that, is that at least the problem is the government's faulted, think about what fannie and freddie

christ the red line are what fannie and freddie -- and freddie are supposed to be doing.ave liquidity bring up more. then, they pull the package and prioritize them and get a guarantee insurance for that. fannie and freddie decided they wanted to become growth companies so they started investing. christ in other words, they have got a huge market share up here and the problem is the portfolio has flatlined. christ no peer the way to think about is portfolio is where they got most of losses. not secondary market players, but investors in the primary market so that when the mortgage market failed, fannie and freddie failed as well your it inadequately capitalized and they were running a hedge fund by buying and holding securities. it is similar to what we are watching. class when he put it that way, it sounds like they are vitally -- violating the charter. qwest they were certainly violating its intention. if we're trying to fix the mortgage market -- market, maybe theyould start by saying are responsive to that and the answer is no. they fail because of inadequate capital.

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our governor jerry brown funded a program to address their concerns and freddie mac and fannie mae will not be impacted by this. san francisco will be participating in the reserve fund so we're protect. and greenfinancesf will cement our role as a national leader in climate change and make it easy for property owners to make these changes and create jobs on local projects. we have more work to do with this program to make it successful and make sure everyone joins together to restart greenfinancesf. i have a number of people i want to thank and mayor lee, the department of finance, the commission on the environment and my staff and jess for his efforts on this project and we have a few speakers today so i will ask them to come up. i believe rich chin is here who is a program manager for greenfinancesf and within the department of the environment. >> chair farrell can i make a couple of comments? >> absolutely. >>i want to thank all of you supervisor farrell and bringing this newly fine tuned program forward. i did want to say after our pace program was knocked out a few years ago we wer

and now the government is forcing banks to pay fannie and freddie. is that serious?is just offensive. it is reckless and that is incredible. we're we act? over $100 billion in fines? i suspect the government that is more than happy to keep fooling him. charlie gasparino is here on those who point fingers and we can guess which finger. so i am saying that there is no government accountability. >> a less effective government perhaps? >> you know, people are running this now, and now a new officials show this. i am not a big fan and i didn't think the sec was going to survive as an agency coming out of that because it was complete and total insanity. they were told about this and people in the private sector. and they were out there investigating insider trading. which in my view is a different crime than us. the jpmorgan can't have it both ways. i really like jamie dimon, but if you want to keep the bank this big, it's hard to please every part of it. i am convinced that they knew about bernie madoff and it wasn't the right checks and balances because it was so bad. >>

mortgage or later to be sold to fannie and freddie. >> governor jerry brown's action reduces the risk to projects in san francisco that may move forward? >> exactly. and we're conforming to the state program and the rules that are plomb gaited from the state agency responsible for that. >> is there a simple way to say how our program differs from sonoma county? >> sure. they have been using pace for five years using primarily their county treasury funds as a source of financing so what we're contemplating and most other programs including the one in riverside county that i mentioned is work with private entities that negotiate administrative and financing agreements with the sponsoring government to basically provide capital to finance the improvements under our pace program in sort of a public private partnership model where the funds that are actually provided are coming from private investors at rates that are predetermined and agreed upon between the parties with other administrative rules in place, and where the city basically is able to uses it taxing authority to allow for this

and freddie mac. 2014. expected to rival our top story this morning.least for the regular season.and did so in dramatic fashion. san francisco clinched a playoff berth. colin kaepernick threw for a touchdown and ran for another after the falcons built a 10-3 halftime lead. frank gore ran 21 times for 97 yards, including a one- yard plunge that put the niners ahead 27-17 with 5:04 left. navorro bowman returned an interception 89 yards for a game-clinching touchdown with 1:10 remaining to give the 49ers a 34-24 victory over atlanta. the falcons had just recovered an onside kick and were at the san francisco 10 when tramaine brock broke up a pass intended for harry douglas. bowman got his hands on the ball and took off to ice the 49ers' 11th victory. kron four's jackie sissel is pet live at candlestick park with more on last night's game. we had the chance to talk to some niners fans after the game. store lemma the 49ers have been playing here since 1971. if this is the last game at what a new way to go out. 69,000 fans poured into the state to say goodby

a director at the agency that oversees fannie mae and freddie mac reversing policy.ting out the story. what happened here? >> mandy, mel watt hasn't been sworn in yet to head the fhfa the agency that governs fannie and freddie but he's announcing big changes in an e-mail to handful of reporters he had said he would delay fannie and freddie fee hikes to lenders announced by the outgoing head of the fhfa ed d'marco. those are passed on to borrowers in the form of hire mitt romnor rates we know industry lobbyists came after him saying the increased fees were too much for the mortgage market which is about to implement a slew of complicated new rules. pricing now to incorporate the higher fees even though the fees weren't supposed to get charged until april of next year. guess what? they are readjusting them back. here's the conundrum. when the old fhfa director ed dimarco announced the new fees he said it was part of the administration's overall plan to bring pricing at fannie and freddie which now support two-thirds of the mortgage market in line with private label pri

governor jerry brown currently passed a program that will address the sf concerned and freddie mac and fannie mae won't be effected. we've, participating in the state fund to make sure our properties are fully protected. ultimately in the end green finance st. is the solution we've been searching for it creates local jobs. green finance sf will if you thought cement >> is a a natural leader to errors the effects of cloiment changes and make it easier for homeownership to refinance. we have more work to do in rolling out this program i hope you'll join me and those behind me in rolling out this program. i want to thank you for being here. i want to turn it over to mayor ed lee. >> (clapping.) >> thank you supervisor farrell. it's great to see homeownership's and our labor force and city agencies thank you for coming together. we all support our assignment. this program as supervisor farrell pass very adequately explains you you know we started pace with or my proximate in 2010. it's a pretty big announcement we you will including exclude that was tremendous barriers for folks taking ini

what deepak said about the change in fannie and freddie is true. one plan in our play book, subsidized mortgages, that will continue. i think it's going to be pretty flat in the real estate sector. what you're going to see in reits is an outflow of funds once we get volatility and the interest rate sensitive stocks out to growth and optimism. that should be a good thing. buying good real estate, reasonably leveraged in a cyclical environment is a great play. i don't think too much exciting. singles and doubles with pros there, that's what it is. >> what's holding back? is it that to play on your baseball metaphor, the pitcher against us too good? prices of homes went up too fast, more than expected? it just too expensive? >> not really. it's confusion. there's more confluence in the system than the market really reflects. if you look at supply and demand, what real estate is about, right? real estate the drunk driver on every highway and decade one time or another. but at the moment, there's not too much supply of anything. so, office product, indu

. >> and freddy runs a bar. it's noon on tuesday, but it's busy. here they toasted tata or father. >> respect, and what have we achieved because of him and what we learned, and how to live with other people. >> nelson mandela didn't only promise racial equality, he promised economic equality. >> the economic equality hasn't been fulfilled. unemployment is 60%, whites make more money than black people. >> this is where freddy lives, behind the bar. >> i sleep on that, cover with the blanket. >> you've been here 12 years and you sleep on the floor and have no bathroom. >> for sure. >> why do you stay? >> i don't have any option. s >> scratch beneath the surface, host are too worried about their daily lives to attend a memorial service. >> we don't have hope any more. since we voted, 18 to 19 years, we never achieved a better life for all. it's survival of the fittest. >> freddy shows me pictures of his five kids. he has come to try to make a living. his patience is wearing thin. >> we try to be patient, but we cannot take this any more. down the road

>>> bank of america settling claims related to a decade's worth of bad mortgage loans it sold to freddie mac. they agreed to pay $400 million to the government-run mortgage giant, resolving all claims for defective loans that freddie mac said the bank knew would go back. >>> and 20 years ago, enron file food bankruptcy. the spectacular collapse inspired movies and sweeping regulatory reforms, but what if the world got the sweeping reform wrong, and enron could have been saved. >> reporter: enron was the wall street darling at the start of 2001, which is why its plunge into bankruptcy that year was such a scandal. >> i would say you were a carnival barker, except that wouldn't be fair to carnival barkers. >> reporter: there were congressional demands for reform. 31 people were charged, including the chairman, the chief financial officer, as well. the story that came out, enron was a house of cards, propped up by cheap tricks. but a month before, the enron shares hit a high mark. the day it filed for bankruptcy, it still had $2 billion in cash, and the one who served prison time said enron

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look at what fannie and freddie are doing.ulator their specified the interest rate charged on fannie and freddie loans is going to go up about 14 basis points next year plus a whole new set of risk-based pricing for people with credit scores 700w -- i think it is about -- 740 or so. i am not quite sure on that. if they don't have a down payment, they are looking at a much higher rate. it is going to be a double whammy when they go into the spring buying season. >> what about that partial shutdown of the u.s. government in october? did that have any impact on the drop in existing sales? >> i don't think so. some effect for government contractors. we hadn't really seen them in the washington area except to the extent that it added to uncertainty over the economy. if people are uncertain about where they are going, they are not going to be buying a house. that is one of the biggest overhangs right now. declined in all four regions of the united states. they were led by a slump in the west. slide, there are still on pace for their

more on-line at realty track.cnbc.com. >> what are fannie and freddie going to be, that's for another day. >>> so after years of negotiations, take a look at apple today. higher by more than 3% after the tech giant struck a major deal with china's biggest cell phone company. shares of apple are up just 6% this year, far below the market average. but a big move today. josh lipton in san jose with more on what this means for apple and i phone sales. the stock acting like it means a lot more sales. >> yeah. well no, listen apple bulls like what they hear. the company looking to show to boost its market share in china. china mobile serves over 760 million customers, it has added 50 million customers just this year. put that another way, that's more than double the entire american population. no information on what iphone will cost with a china mobile contract. but if apple prices phones in the mid end range, say $300 it could take share from rivals like sam sung and local players like zte. according to kanalis apple had 6% of the smartphone market in china. piper jaffray says the deal wou

. >> reporter: freddie runs a bar. it's noon on tuesday, but it's busy. here they toasted tata or father. >> what have we achieved because of him, and what we learned, how to live with other people. >> reporter: mandela didn't only promise racial equality, he also promised economic equality. >> overcoming poverty is not a gesture of charity. while poverty persists, there is no true freedom. >> reporter: as for this town of 100,000 say his legacy has fallen short. that economic vision still hasn't been realized. across the country whites make six times the amount blacks do and here unemployment is about 50% and most of the homes are no bigger than shacks. this township is only 30 miles from the memorial service, but this isn't the south africa the nearly 100 heads of state are talking about. no mattress in here? >> no, no mattress. >> reporter: this is where freddie lives, behind his own bar. >> this is my property. i have that plaque right there. >> reporter: you've been here 12 years and sleep on the floor and have no bathroom. >> for sure. >> reporter:

freddy runs a bar. it's noon, but they are busy, they toasting ta ta or father. >> respect for what we achieved because of him, and learning to live with other people. >> nelson mandela didn't only promise racial equality, but economic equality. economic vision hasn't been realised. whites make six times the amount that blacks do. employment is 50%. most of the homes are no bigger than shacks. >> this is where freddy lives. >> this one is mine. i kfr that with this. >> to sleep on. >> yes. >> you've been here it 12 years and sleep on the floor with no bathroom. >> for sure. >> why do you stay? >> i don't have anywhere else. >> scratch beneath the surface. most are too worried about their daily lives to attend a memorial. >> we don't have hope any more. we don't have hope. since we voted it's 18 or 19 years. we never achieved it's survival of the fittest. >> freddy showed picture of his five kids. he's here to try to make a living. his patients is wearing thin. >> we cannot take this any more. >> myriam

loans purchased by fannie or freddie on the secondary market. they want the borrower to be able to the afford the loan. they don't want the payment more than 43% of the what you make. private lenders, banks, can write loans at portfolios at any rate they want. adam: i can't imagine anyone issuing a regular mortgage at 41% debt to income level? is that happening now? i thought that went back south five years ago. >> in adam, certain areas of the country is it is happening, california, new york, housing is very expensive, 43% is the absolute max. most lenders try to stay well under that. to imagine what would be done in home loans all we have to go back to 2005 and 2006 to remember when anybody could get a loan, whether you had a job or not. you didn't have to pay all the principle and interest. you could go backwards or upside-down. adam: reverse amortization. >> yeah. adam: let me ask you this, do you know any financial institution issuing those loans at 43%, 43% debt to income? >> we know they're available. i don't have any documentation of any

tracy: wait until next year when fannie and freddie start charging more to get a mortgage.e bankers association is here on why he thinks this is really dangerous and misguided approach. ashley: bull's-eye, retailer target confirming a hack attack beginning on black friday weekend until this last sunday. why the secret service is now involved. tracy: that is so crazy. in today's tech minute, a new wave of interactive magazine ads that fingerprint, that is changing the print media. crazy. ashley: kind of cool, isn't it? tracy: yeah. ashley: first top of the hour, time for a look at these stocks. let's go straight to nicole petallides down on the floor of nyse. nicole, the dow, marginally higher today. >> that's right and the big story would really be the fact that yesterday we gained 300 points after ben bernanke and the fed decided to taper by $10 billion. the markets moved to record highs and today we're virtually flat even squeezing out an up arrow here on the dow. it shows we're heading those gains. right now the dow jones industrials are up about 12 points at 16,180. the

>> well he wants to increase role of private sector, their ability to compete with fannie and freddieis a view that private capital has been on the guideline because government is under pricing mortgages. concern that some folks raise, industry will fight this pretty aggressively, they do not like the idea of fees going up because it makes it harder to sell houses, they will have less volume, they will fight it. it will be interesting to see if they can make argument that win the day with new regulator that was confirmed. gerri: the new guy, mel watts, a democrat from north carolina, he has been a fan of the housing market the way it was before the during the boom, that is to say easy credited, easy money, vigorous government involvement everyone should have a house, i know a lot of people don't want to see us return to those days, but is this the right medicine? this will stop consumers. have you had bankers call you say, nick year getting into market now because of that attract quarter point. >> no one said that, i think that fee increase may not be enough, i talk to team who said t

fannie and freddie, we are seeing bruce berkowitz in the game. almost ludicrous to think the government is going to want to enter into anything where hedge fund managers went out and homeowners lose. is that a fair assessment? >> we modeled out the gse preferred. slightld model out increases in the gc, so when you look at what happened to fannie and freddie, they were unfairly penalize compared to the banks. when fannie and freddie were taken down, they were required to provision for the full cycle. fannie and freddie ended up using -- losing 320 basis points in their portfolios. they lost more than all of their money. if you were to raise the gse up gfee, you could model out that these would be good. after meeting with everyone that i could meet with, i decided i did not want to be involved because it is not going to be your fundamental analysis that wins this game. it is going to be how you handle the politics. i have no clue how to handicap politics. i do not know how it ends up. if it were a poor financial investment, i would be in. why did y

and freddie. 942.s a good ending. here's the live look at your approach to the bay bridge. you can make it over the bay bridge. i trust that you will make it. we will be bridge. i trust that you will make it. we will be right check it out. learning's fun now. yeah, back in our day, we didn't have u-verse high speed internet to play and learn online. all we had was that franklin fuzzypants. ah, the educational toy bear. remember when the battery went out? [ slow, deep voice ] give me your abc's. all i learned was a new definition of fear. i need some pudding. yeah, there's one left. [ male announcer ] connect all your wi-fi-enabled devices with u-verse high speed internet. rethink possible. >>george: will come back to the kron4 morning news. it's christmas eve party that just morning. if you're going to have out to do some traveling or some last- minute shopping you'll find easy conditions. all of the bridges look good. here's the bay bridge westbound. traffic has been this like all morning long. let's

is terrible numbers coming out of the federal housing authority, finance authority and fannie and freddies that taxpayers are on the hook for are in terrible shape, aren't they? >> no, they're not, they're not. they're absolutely not in terrible shape. the fact of the matter is fha, they have money but they don't have it in the congressionally mandated reserve account which has to stay at 2.5%. if you look at problems in fha reserve account, on projections going forward, not losses they realized. primarily it is from reverse mortgage that is took place during the greatest downturn in the housing market in the history of our country. that is primarily behind us. changes have been made to reverse mortgages with fha which them going forward will be okay. david: hold on a second. all of the bad housing, frank, all the mistakes that were made, foreclose he sure, et cetera, that is all taken care of now? >> i would say a lot of it is taken care of absolutely 100%. not 100%. >> 94. >> 94%. definitely there is made corrections. we all know that. now we know that for sure. there has been definite

that the stocks from freddie and fannie are worthless, and american airlines is a very rare instanceht by u.s. airways that created tremendous synergies and success instantaneously unlike the stocks in fannie and freddie which i don't trust. the new american airlines group is fantastic. it soared. it was up more than 6% today. third, let's be real clear about this. vast majority of single digit stocks have not come back before. they've been total jokes. i mean no stock ever trades down to single digits because management has been doing something right. no one wants the stock down here, which brings me to rite-aid, alcatel, lucent, and nokia. they have all been victims of defeatist cultures. rite aid because of powerful competitors. alcatel, lucent, and nokia were one-time dominance of cisco. embraced high margin private label items and used ultralow interest rates to fix the balance sheet. nokia and alcatel and lucent also availed themselves of cheap financing. alcatel and lucent took some tough medicine while getting that balance sheet fixed. nokia got out of the handset business an

nine out of 10 mortgages come from fannie and freddie. so there's a change. nevertheless despite the change and rock and roll in the financial industry you're recommending two financial stocks, jpmorgan and wells fargo. why? >> i just think we have a long way to go. we have found a floor, not a ceiling. let's keep in mind wells fargo will produce stable returns. maybe not superior returns but also keep in mind that wells fargo is deriving their p&l from 89 different identical revenue streams. it is not just mortgages. mortgages are a big part but not the only part. jpmorgan, regulatory, legal, trading problems, every day we read the newspaper there is some kind of problem with jpmorgan. i think that is fully baked int. keep in mind, they're starting to expand much more into wealth management, credit card fees, revenue, the fee structure changed dramatically since 2009. their position as our economy continues to grow and continues to grow out of this deep dive we've taken they will do very, very well in the future. >> like owens corning. give us a line about w

. >> freddy iumtayeka rungs a bar. it's noon here they toasted tata or father. >> what had we achieved because of him and what we learned, how to live with other people. >> mandela didn't only promise racial equality. he also promised economic equality. >> that still hasn't been realized across the country. whites make six times the amount blacks do. here, unemployment is about 50%. most of the homes are no bigger than shacks. >> this is where freddy lives, behind his own bar. >> this one is mine. i cover with that. >> yes. been here 12 years. you sleep on the floor and you have no bathroom? why are you staying? >> i don't have electricity. >> scratched been eat the service. most say they are too worried about their lives to attend a memorial service. >> we don't have hope anymore. we don't have hope we have foo . freddy shows me pictures of his five kids. they live 200 miles away. he's come here to try to make a living, but his patience is wearing thing. >> we decide to be patient, but no more. we cannot take this any

. >> freddie? >> no, absolutely not. >> freddie, come on! we're just brin storming here. we're trying to figure out how to make the news less boring and you ago like we peed in your milk shake. >> the news is supposed to be boring, run. -- ron, it's serious stuff. >> i just don't know why we have to tell the people what they need to hear. why can't we just tell them what they want to hear. >> nine years ago the world was introduced to one of its most beloved newmen. he was a well dressed jazz musician with an incredible head of hair, hi name was ron burgundy. ron burgeony and his new team are back in a new movie called anchorman 2, the lenl end stands,-- continues it, here is the trailer. >> in the 7 days they were an-- 70s they were an ali shall shall elite unit, brick, brian and ron, they rose like the phoenix and then they were gone. the legend became the new whisper, told by the trees. until now. >> we're starting a 24 hour news channel and we want you. >> i'm going dot thing that god put ron burgundy on this earth to do. >> have salon quality hair and read the news.

you and freddy helped get me through first years in the pros. and that is a lot of it here on the field we'll have to go down there and kiss the grass goodbye. >> we both decided to the not to cry on air. it's appropriate this game and stadium closes down on monday night football for the nation to see. but have to continue again to start thinking about being here next week. mike shumann, back to you in the studio. >> thank you very much. >> you can see the interview on our web site just look under see it on see it on tv. >> this couple shared a kiss there and fell in love. they have five >> coming up a puppy found in the nick of time this, puppy with a waiting list of phone shall owners. >> also, sheriff deputy walked away after getting hit by two bullets. how it happened. >> and michael finney uncorking >> and michael finney uncorking perfect wine. stay with good. good answer. check it out. learning's fun now. yeah, back in our day, we didn't have u-verse high speed internet to play and learn online. all we had was that franklin fuzzypants. ah,

. >> kyle bass has plenty to say about fannie, freddie, and a number of investments.ou can watch the entire interview on our website. you can also go to our app. kyle bass rocks at his job. so does the boss. we're going to show you the pieces that are selling at auction. but first, kobe's new kicks. the lakers star has a new line of shoes. will he be wearing them on the court anytime soon? we have the answers coming up next. ♪ >> the last time we saw the los angeles lakers superstar, kobe bryant, on court, he was limping. that was during the playoffs. he had a ruptured achilles tendon that kept him on the bench. he has unveiled his ninth signature shoe. as for what we will see him and his shoes on court together, some expected it tomorrow. now, it looks like sunday, at the earliest. >> i will probably be wearing them, but it probably will not be on the basketball court. >> after so many years on court, we had to ask him what his dream team would look like? >> magic, myself, darrell russell, kareem abdul-jabbar, and larry bird. >> no michael jordan? ouch. we will have

. >> settling claims related to a decades worth of bad mortgage loans it sold to freddie mac. >> jon:orry i committed systemic fraud for ten years. how about i give you a cut of it? in corporate america there's a way to cover up any wrong doing. >> that's what the money is for. >> jon: it's that old saying don't do the crime if you can't pay the nominal fine. >> ubs will settle charges it mislead investors. >> they've settled a case for $550 million. it's the largest settlement between the federal government and corporation. the justice department and jp morgan chase are expected to sign a $13 billion deal. >> jon: i know what you are thinking $13 billion that's like make john carter 52 times. [ laughter ] how is jp morgan going to come up with that kind of scratch. >> they earned over $20 billion last year so the $13 billion is affordable for them. [laughter] >> jon: was that dude staring at you guys, too? [laughter] all right. so let me see if i get. this let me do the math. it's costing them 52 john carters but they earned enough to make 80 john carters. money was so much easier to

and freddie put it together. >> so funny, some people say you're taking your book. you have to be saying how can i get people to drink more before they pass out? >> never hurts. >> you take this and mix it with a drink you. have some real estate -- recipes? >> yes. >> share a couple. >> the martin any. vodka, and a slight -- shaken, not stirred, a piece of lemon. >> and then you add a dollop of this to it. >> yes. it's a great mixer. >> can i start -- say i knock a few back and i forgot to add it. can i jug some of this down and catch up? >> absolutely. most important is to drink before, during, and after. >> on the screen we're putting up your recipes. pete is the mixologist here. which one did you come up with? >> i came up with the eon margarita. which we mix everything except for the lemon lime juice, is the -- >> so, instead of lemon lime, it's eon. >> how does it taste? >> the drink itself -- everyone says it tastes like franta, light citrusy player. >> out for two years? >> year and a half. >> why didn't you tell me a year ago. >> we heard about it and came d

. - and that's what freddie mercury died of? - no, he died of a.i.d.s. - right, he was poisoned by it. so it was mercury's poisoning. - i'm gonna prescribe a supplement for you of selenium, and then i would recommend that you stop eating all fish. - i don't have more than three dollops of tuna, you know, per meal. - two, three ice cream scoopers' worth? - yeah, i mean, about a hand's full is one dollop. - you have three meals of tuna fish per day? - you got to eat breakfast, lunch, and dinner, don't ya? - three squares. or rounds, if you're talking about tuna dollops. ♪ - i'm rejecting my tv show! katy perry's coming out? - yeah. - okay, not a big deal. ha, ha. huge deal. i see a little girl in need, and i want to straight-up help you, because i'm a villain, but i'm a good villain. uh, what's your favorite part about working with me? - oh, god. - hmm. - ha-ha. good at bizness. central's world news headquarters in new york, this is "the daily show" with jon stewart. ["daily show" theme song playing] [cheers and applause] >> jon: