i don't know why you don't. >> since our report first aired, jeff immelt has remained a lightning rodor some critics. but immelt's brand of realistic optimism continues unabated. coming up, tough times in the american heartland. >> i wonder when you look forward now, what you think about rehiring people. >> when we hire somebody, we're definitely gonna need them. we're not gonna hire one person until we need two or three, and we're probably not gonna hire two until we need four or five. >> the economic struggles of newton, iowa, when 60 minutes on cnbc returns. up. a short word that's a tall order. up your game. up the ante. and if you stumble, you get back up. up isn't easy, and we ought to know. we're in the business of up. everyday delta flies a quarter of million people while investing billions improving everything from booking to baggage claim. we're raising the bar on flying and tomorrow we will up it yet again. those little things for you, life's about her. but your erectile dysfunction - that could be a question of blood flow. cialis tadalafil for daily use helps you be ready

i don't know why you don't. >> since our report first aired, jeff immelt has remained a lightning rod for some critics. but immelt's brand of realistic optimism continues unabated. coming up, tough times in the american heartland. >> i wonder when you look forward now, what you think about rehiring people. >> when we hire somebody, we're definitely gonna need them. we're not gonna hire one person until we need two or three, and we're probably not gonna hire two until we need four or five. >> the economic struggles of newton, iowa, when 60 minutes on cnbc returns. ♪ [ male announcer ] how do you turn an entrepreneur's dream... ♪ into a scooter that talks to the cloud? ♪ or turn 30-million artifacts... ♪ into a high-tech masterpiece? ♪ whatever your business challenge, dell has the technology and services to help you solve it. whatever your business challenge, and every day since, two years ago, the people of bp made a commitment to the gulf. we've worked hard to keep it. bp has paid over twenty-three billion dollars to help people and businesses who were affected, and to cover cleanup

an hour later, we have general electric chairman and ceo jeff immelt. arguably, no two men in the world have a better read on the consumer, business spending and the global economy. we have a lot to talk about with these gentlemen. first, we have steve leishman, he's going to join us with big news, some big changes for the adp report. stick around. ♪ [ male announcer ] every car we build must make adrenaline pump and pulses quicken. ♪ to help you not just to stay alive but feel alive. the new c-class is no exception. it's a mercedes-benz, through and through. see your authorized mercedes-benz dealer for exceptional offers through mercedes-benz financial services. >>> welcome back to "squawk." there are some very big changes coming for the very important adp report. steve leishman joins us now with more details. >> this is something a lot of analysts will want to follow. making a big change to its jobs report since he was launched six years ago. moody's analytics replacing macro economic advisers, and the chief economist says it will feature a bigger sam

ceo jeff immelt says the overall environment remains challenging.9%, of this little network. >> it's interesting with google the efficient market, wow, this stock it's telegraphing some really good things coming up. for the last month or two, nothing but going up. so why, what happened? why isn't the market anticipating all the news, congealing all the different things from everywhere, it's so efficient, and then, wow, it's telling you, it's telling you, look the market's telling thaw google is doing well and it totally blind sided. >> it could be blind sided by currency issues that, analyst comes as a big surprise the idea that would be a 600-basis point surprise. the motorola stuff, too. >> went from a $40 million loss to -- >> why do we think advertising was holding up for google? >> we thought it was a facebook problem. >> part of it is a mobile thing, part of it is this dollar issue. >> maybe jon fortt knows. wait a minute, he joins us from palo alto with more on yesterday's snafu. >> which you're not supposed to use. >> situation normally all

i don't know if you remember that there were 18 or so members and included people like jeff immelt, cherylandberg. they all went to washington. it was a big deal. they met three times in 2011. they met once in 2012. it was a listening session. i don't know who was talking and who was listening but i feel like not a whole lot came out of that. so should i be more hopeful about this, bart? >> aolutely not. this is clearly, this is clearly a political stunt. at late stages in the candidacy. it is meant to attract business owners to the obama presidency and i think it is actually turning business owners off because everybody, like carl mentioned, everybody that heard about this is just like, no. melissa: carl, i don't know, it's, do weneed, by saying we need a secretary of business is it almost like admitting the president doesn't know how to manage business so he will sort of outsource this part of the his job? maybe it is a step in the right direction. maybe he is admitting he can't do this and needs sort of a wing man to help him in the business community? >> again, who will that wing man b

leading the charge today, general electric chairman and ceo jeff immelt.ere's what he said earlier on "squawk box." >> we're a member of a group called fix the debt. there's almost 100 ceos a part of that. it basically endorses simpson-bowles. think everybody believes we'll be plus or minus 10% of simpson-bowles. let's get it done. >> let's get it done. >>> what's wall street looking for? back with cio of jpmorgan morgan private bank. sue will joining questioning in a moment. richard, over the next couple of weeks and certainly right after the election there are going to be lots of people out there saying, well, it looks like romney may win, so you should invest in this, you should buy this, you should sell that. well, obama won so you should sell that and buy this. is that any way to invest? is that any way to run a portfolio? is that anything you ever do? >> it's a great question. i'm going to distinguish between investing and trading. i'm sure there will be some pbrt trades around this. similar to the discussion whether bernanke will stay in the fed? i

in its last few meetings ge has been the most bullish i have ever heard them since jeff immelt took over. it will be hard to believe he won't be upbeat on this call and talk about a bountiful boost. keep trying to be big ner the stock. honeywell also reports friday. this is about the only major industrial that has consistently guided above the street and will reaffirm with upside during this period of trouble. the world has slowed. i do fear the streak may be broken. if so, maybe you can get in the 50s. it would be a steal. are we ever going to go back to see where oil is at $80? so many bears tell me it's headed to 08. you know who will fill us in and who has the voice of authority? they hear -- they speak friday morning. this company will go major oil company by major oil company and country by country to give you its outlook and see who is spend and with what i think is a permanently higher oil price. i believe we'll be ready for a guide-up for 2013 of the stocks my charitable trust owns twlsh may be the cheapest as oil hangs out at $90 or above. one last thing. on tuesday we have the

general electric's ninth ceo jeff immelt also seen as teflon taking the helm in 2001 when ge's stock was richly valued. he's been through two global slowdowns and a financial crisis that cost the firm most its dividend and national debt rating. he's failed to make forward progress on the stock price until late last year. so what's the secret to their longevity? those that we spoke with cite their ability to manage up and down, meaning they can manage their boards and their employees. they have the respect of both sides. they've also remained very much engaged in the businesses. they are not aloof or unaware of the problems that they face. they've all managed challenges rather than bowing to them so they continue to have support of their underlings and overlings on the board. >> that is the key. okay, we can all learn from that, i guess. thank you, mary. >>> let's get out to jackie. what are you watching? >> watching shares of barnes & noble. really bucking the trend today. the stock up nearly 10% after some comments came out from the ceo at the liberty media investor meeting today. h

general electric slowing sales and chief jeff immelt says it will affect the company next year.goes ge. existing home sales down 1.7% month over month. the annual selling rate 4.75 million units. this confirms a very slow, modest but recovering housing market. coming back in 90 seconds with a look at more big-name stocks. microsoft, google, apple, should you buy, should you sell? a clean cut opinion in a moment. producers are committed to safely and responsibly providing generations of cleaner-burning energy for our country, drilling thousands of feets within self-contained wellystems. and, using state-of-the-art monitoring technologies, rigorous practices help ensure our operations are safe and clean for our communities and the environment. we're america's natural gas. he loves risk. but whether he's climbing everest, scuba diving the great barrier reef with sharks, r jumping into the marke he goes with people he trusts, which is why he trades with a company that doesn't nickel and dime him with hidden fees. so he can worry about other things, like what the market is doing and

among those signing it, jamie dimon and jpmorgan's jeff immelt, microsoft's steve palmer.e plan should include comprehensive and pro-growth tax reform which broadens the base, lowers rates, raises revenue, reduces the deficit. joining us now is grover norquist of americans for tax reform. you are the paramount opponent of any kind of tax increase. what do you make of that letter? >> didn't actually say tax increase. they said revenue increase. the taxpayer position is if you have more growth, if the economy grows 3% the year instead of 2% year for one decade you get $2.5 trillion of additional revenue. you want more revenue, had a pro-growth tax policy. take the top growth of 35 as obama wants to do upwards of 44 but down to 25. stuart: you approve of raising tax revenues if it is lowering tax rates. >> i am in favor of higher revenue from economic growth, not from higher taxes. what simpson-bowles has done, this is an attack on the president's position which is higher marginal tax rate, the pace to presents. stuart: that is your take away on this letter. >> somebody who w

move to territorial is supported by the president's council on jobs and competitiveness led by jeff immelt and supported by the export council, the president's export council led by paul volcker who had the advisory board in 2010 also believe in this and so does simpson-bowles so it has a lot of bipartisan support and it is time to move in that direction. lori: one thing that stuck out to me is the growing debt poses a serious threat to u.s. security. do you think that threat is imminent? >> i completely agree. unless you take care of business at home it limits our ability to be influential abroad and makes us more vulnerable. the former joint chiefs of staff admiral mullen said that as well. the growing debt is the number one issue of national security. we have to know our own line and get the fiscal house in order for investment, job creation, expansion, gdp growth, that will secure, take care of many things. lori: who is the best presidents to lead us out of this debt and deficit crisis? >> not to be evasive but it is less about the president as much as it is which president will be the

for jeff immelt to -- what it you pay last year in the u.s.? >> i don't know. >> you know what the wrap is on ge. so for jeff toed a met he might pay more -- >> i'll get you the number. i think it was up to about 11%. so the point is it will be -- >> but his point was if you mad a territorial system -- >> there were big bills in other countries. but no one else has this territorial system. they want to get rid of the territorial system, as well. >> i think you look at a lot of companies and these are ceos who say even if we end up paying more, even if loopholes that we use are taken away, we're okay with that because we need a more understandable tax system. >> this one wants to go back to the 50 and 60 percent marginal rates with all the deductions. >> it opens it up for the lobbyists to come looking for special interests. >> they find ways to get around it. you talk about back in the eisenhower years, the rich people weren't paying anything. >> the only reason i even make the comment is because certain politicians will say, look, i'm going to