you've heard, john, hugh johnson there. hugh thinks the oil price could be as high as $80 a year from now and john thinks it could go low as 30. question for you. what's the right price for oil in today's market, number one, and what's the logical rate of growth for the u.s. economy? is 5% sustainable? >> first of all, it's amazing to have people so different. i think the oil paradigm changed in a fundamental way. saudi arabia is no longer willing to be a swing producer. they don't want to lose market share. i don't see us getting back to $90 anytime soon. that is good overall for the u.s. economy. it will reinforce consumer spending. so that's good news. today's number tells me the stand alone basis is gaining momentum and if it continues to do that, you could unleash a lot of cash that's used defensively by companies. the one thing too, tyler, i keep my eye on is what's happening in the west of the world. and this divergence between the u.s. and the rest of the world is going to be the major issue for markets in 2015. >> a

general hugh johnson who headed the nra, selected by fdr, began to work on a cotton code will before fdr was even elected. business interested not expect would be in the national industrial recovery act is what you see in front of me here now. this was the seven a prediction -- condition of the national recovery act. it is very difficult for me to exaggerate just how electrifying these words were for american labor, and how disconcerting they were for american notstrialist room because only did it say that workers had a right to form a union, that was established a year earlier. mandate thateem to employers had to deal with their unions, they had to bargain with their unions, and they would need to address the issues of working conditions, and for textile workers, that meant overwhelmingly one thing. the stretch out. south carolina, husband john clarence taylor have grown out -- grown up in a mill town. he led the fight to get a limit on what was called machine load, with a stretch out. put into the context out code. the textile code received vastly more attention than any other of t

let's bring in hugh johnson. good to see you both. happy new year, mr. johnson. if we had this conversation last year we had such a good year in 2013 i know a lot of people were saying we couldn't repeat that again. we had a pretty good year in 2014. what about '15? can we continue the momentum? >> looking back to the beginning of this year i said we couldn't continue 2013 and we didn't. we had a real good year. i forecast up and didn't forecast up as much. i kind of start this year the same way. i say i ask myself what is going to drive the market higher? how are we going to get 10% to 15% this year. it will be earnings. i see the growth rate of earnings coming down maybe to 3% to 5% on the s&p 500 earnings. and the second thing is we have rising interest rates so you are not going to get an expansion of price earnings. i am kind of back where i started the year. i say we will have an okay year, a positive year but it will be single digit returns and the equity market will still beat the fixed income market but not anything like 2013 or 2014. it will be less. >>

financial expert hugh johnson says it underscores that lower oil prices present a trade-off. >> a declinethe price of gas at the pump is gonna free up a lot of money for consumption in the u.s. that's good news. we see it show up in an increase in consumer confidence. we see it show up in an increase in november retail sales. so there's a tradeoff. but believe me, the decline in the price of oil does reflect a decline or slowdown in the global economy, that's a worry and that's not going away anytime soon. >> woodruff: stocks were also hurt today by fresh concerns over economic growth in china. a new look at how the economic recovery is affecting individual americans, finds a growing wealth gap between whites and minorities in the u.s. the pew research center reported today that in 2010, white households had a net worth eight times greater than black households. by last year, it had grown to 13 times greater. the gap between whites and hispanics is slightly less, but still the largest it's been since 2001. the senate moved this evening to consider a giant spending bill that funds the gove

. >>> a couple of people better known than johnson for their singing are in the news, too. hugh swift the shirt off his back yesterday, literally. >> after a matinee performance of jackman's broadway play "the river," swift was the winning bidder for the shirt he wore in the show. she bid $6,000. jackman threw in another $6,000 and so did another person in the audience. >> that woman got to meet swift and jackman backstage. the money benefitted a broadway charity that fights aids. >>> time now for celebrity birthdays. >> that's right. in addition to jesus, christmas babies celebrating today, singer and leader of the parrot head faithful jimmy buffett turns 68. >> sissy spacek. >> singer annie lenox is walking in a winter wonderland turning 60. >> and baseball hall of famer rickey henderson turns 56. happy birthday, and merry christmas, baby jesus. jesus. ♪ >>> "here comes santa claus" is right making his way around the world right now, making dreams come true. >> just as it's done since 1955, the folks at norad are tracking santa's progress right now. we know that on the way to

colery hit on the headlight by mitchell johnson with the first mall he faced, this is the first match ouz -- australia played since the death of phil hughes. colley was fine. >> england 65-5, trailing by 150 runs. two wickets apiece for mitchell johnson and nathan lyn. >> n.b.a. - the bulls handed brooklyn a third-straight loss. the nets starting, leading by 11 early on. chicago went in even at half time, leading the way for the bulls. after that the former mvp scoring 23 points as the bulls finished 105-80 winners. fifth in the east. >> freezing weather conditions couldn't stop hockey fans paying respects for an all-time great. wednesday saw the funeral of jean beliveau in montreal. he won 10 stanley cups with the montreal canadiens. jean beliveau dying last week aged 83 >>> okay, that is how your sport is looking. i'll hand you back >>> thank you. now, if you like the high life, this festival is for you. the kathmandu international mountain film festival is starting in nepal. 80 films about mountain sports, culture and others. we have been taking a look. >> reporter: it's international mountain day and the nepa lease capital is celebrat

chris hughes in 2012, there has been a mass exodus of employees citing a cultural disconnect between silicon valley and the media. what exactly happened at the new republic, joining us is cory johnsonor so editorial staff have resigned and there have been complaints. >> fairly amazing. >> there have been complained that chris hughes came in with this tech start-up mentality and it just didn't work. >> in the history of magazine publishing, there is no magazine that has been beloved by it's subscribers and more turmoil on its masthead in the st 40 years than the new republic. the drama -- bought it amongst incredible sort of opportunity because subscribers love it. it is enormously influential in washington dc. if faces a business problem as print publications have, but the notion that users are consuming information digitally and creating stuff in print isn't working for them. these attempts to make a new digital media company really upset a lot of the staffers that are there. they ran for the exit. not least of which because of the messaging around it and the way it was communicated. it sounded like it was no ifferent from a buzz feed or gawer or these buzz awards that are so belo

johnson. this of course the myself match australia has played since the death of hughes.l trail the home side by nearly 150 runs. >>> and hockey fans have been paying respect to [ inaudible ]. he died last week at age 83. okay. doreen that is how your sport is looking for now. >> andy thank you very much for that. for though of you who enjoy the high life, the kathmandu film festival is starting next week in nepal. >> reporter: it's international mountain day, and the capitol is celebrating with the film festival. audiences can watch 80 films, representing 20 countries on mountain sports, culture and adventure. the director has found that many of the local submissions reflect nepal's turbulent experiences in recent years. >> it reflects what is happening in our society. >> reporter: it is a part of the international alliance for mountain films. last year more than 25,000 people came to watch films during the festival. the festival is the only mountain festival in asia, ever since it started it has inspired many youngsters to make their own films. some have even gone on to

hugh are joining us on fox 29 weekend. on this last sunday before christmas. >> it's already the 21st. i can't believe it. i'm karen hepp. >> i'm lauren johnsonried to battle the crowds yesterday on walnut street. nightmare. >> a lot of news to get to including president barack obama responding to the murder of two new york city police officers. >> and that game yesterday you watched, your heart was breaki breaking. the jaw dropper eagles fall to the redskins making the playoff hopes slim, not impossible, but slim. >> all right. we begin this morning with your interactive weather taking a life look outside this morning and caitlin it wasn't as bad as i thought when i walk out there. a little chilly but not too bad. >> it's cold but we shall get a little more sunshine later this afternoon. you see the gray skies as we take a life view of center city and that's all we saw yesterday. temperatures struggled. we stayed in the mid 30s didn't see any sun but with more sun today i think we maybe get close to 40 degrees or above that here in philadelphia. outside right now pretty quiet. there were some flurries moving through northwestern suburbs alre