fiscal arguments to fuel ours here to talk about all of this is mike norman chief economist of john thomas financial and author and trader coral denning girl so gentlemen first thank you so much for being on the show today but you have me absolutely so let's just start i want to throw out a sound bite from gary johnson just to to play a little bit of what was discussed in terms of federal spending admonitory collapse let's take a listen. i promised a balanced budget to congress in the you're thirteen that is a one point four trillion dollar reduction in federal spending if we don't do this now we are going to find ourselves in a monetary collapse ok so not not focusing on gary johnson as a candidate or a politician but this this issue of a significant reduction in federal spending and balancing the budget is this necessary or not mike let's start with you. necessary i mean the question should be asking is this completely misguided or not and the answer is yes i mean little over the course of the history of this country we've practically never run a balanced budget in the few times that we

. >> good morning, chair chu, john thomas, project manager for the laguna honda hospital replacement program, you have modification before you to increase the contract from 16.196 million to 16.805 million dollars to provide construction management service to the remodel of the h wing, which is the existing facility at laguna honda hospital, work has been underway for several years, construction has extended beyond what was originally sants -- anticipated, this is to provide the funds for staffing for construction cost estimating and construction scheduling as well as administrative support to the program team for the remainder of the work on the h wing which we anticipate will be completed by the spring of next year. one other thing i would like to mention, the budget analyst has pointed out that modification 15 which was approved administratively brought the contract value to 16.6 million, so we are actually looking to modify the resolution here to reflect that, so the increase that we're asking for is just what is included in modification 16 in the -- sorry, from 16694421 to 16805

the city's department of public works is the project's sponsor to implement the construction, and john thomas of dpw is also here today. the city is supplying $5 millen to fund the work. in 2008 to 2010. the city planning department completed the fisherman's warf plan which includes the proposed jefferson street plan, jefferson street is the main commercial spine of fisherman's warf. the east end is near pier by powell street. jurisdiction includes all sidewalks and up to the building faces on the south side. the jefferson street plan is bold, for the two blocks before you it takes a 37 foot width street with two travel lanes and parking on each side and narrowing it to 24 feet. jefferson would also be changed from one way to two way, making it easier to understand and reach destinations. the street would not... the section, it shows it as much. the street would not have parking but could accommodate loading and service loading that would occur during the morning hours, bike access would also improve as they would gain two way access by using the street and mixing with slow-moving vehicles. t

john thomas gave an update. this involves jefferson street from hyde to jones. the street is currently 37 feet wide and is one way with two traffic lanes westbound and parking on both sides of the street. the project will narrow the street to 24 feet wide with one traffic lane in each direction and no street parking. there will be no dedicated bike lanes, bicycles will use the street. this project was originally conceived as a shared public way where motor vehicles, pedestrians and bikes would all share the same surface, but has been revised based partly on the input from the blind focus group that mod had, revised so it will be a traditional raised sidewalk so the pedestrians are separated from cars. there will be a pedestrian accessible signal at jones and jefferson. the signals at jefferson and hyde are not signalized anyway and that will remain the same. there are ramps to some of the restaurants, mostly restaurants and stores, because of the change in level. in front of some of those buildings they will also install stairs to improve general access and in s

the city's department of public works is the project's sponsor to implement the construction, and john thomas of dpw is also here today. the city is supplying $5 millen to fund the work. in 2008 to 2010. the city planning department completed the fisherman's warf plan which includes the proposed jefferson street plan, jefferson street is the main commercial spine of fisherman's warf. the east end is near pier

fiscal arguments to fuel ours here to talk about all of this is mike norman chief economist of john thomas financial and author and trader coral denninger are so gentlemen first thank you so much for being on the show today but you have me absolutely so let's just start i want to throw out a sound bite from gary johnson just to to play a little bit of what was discussed in terms of federal spending and monetary collapse let's take a listen. i promised a balanced budget to congress in the year two thousand and thirteen that is a one point four trillion dollar reduction.

cross border military operations moscow is calling for calm on both sides and to engage in dialogue john thomas has more on the russian foreign ministry's reaction the international community hasn't been quick to condemn the actions of syria but sergey lavrov calling on a more reasonable diplomatic and restraint a reserve approach if you will he says that both sides it's important for them to engage in dialogue specifically in the for the light of the recent events where turkey has approved military involvement to to go across the border now he also says that if that syria is to blame for this incident on wednesday then they should make a public statement saying that as much now damascus has in turn stopped short of claiming responsibility but has said that this was a tragic mistake and is assured that they will work hard to try and prevent mistakes of like this from happening in the future now this also comes out during a week of a much more violence in syria specifically in aleppo a town at near the border which saw four blasts and thirty people dead in relation to this and usually the west i

and james john thomas who is a former u.s. senate foreign policy analyst says the brotherhood's calls to seize jerusalem shows us exactly what its goals are but we were seeing a very rapid islamisation of the political structure in egypt and nobody should be surprised at this. there was a lot of discussion about the power struggle that would ensue between morsi and the military and it seems that morsi in the brotherhood have triumphed much quicker than anybody expected and nobody should doubt what their ultimate intentions are in terms of strict enforcement of sharia and they recreate the caliphate the khilafah so i think this statement about the jihad to recapture jerusalem should not come as any surprise to anyone i don't think the peace treaty with israel ultimately will be honored but we will see what form that takes and what it will take it i think the most important thing that strikes me is it shows the utter incoherence of american policy in the arab world by promoting the islamization of egypt to the removal of our lon

motivated by religious hatred after this station infamous stunt at russia's main cathedral artist john thomas has the details. court has wrapped up for the day and this is coming after you got that you know some would say you have it's the oldest of the three women requested a new lawyer and the court has granted that request which means she needs time to prepare the appropriate documents in the papers in order to let this specific hearing go through a new court date has been set for that hearing that is october tenth now again today many people here to see inside the courtroom it was packed in fact it spilled out into the corridors of the courtroom so that people could watch on television to see what was happening inside the courtroom outside the courthouse itself and many more people both pro and against suppose he rioted coming to let their voices be heard showing that this case specifically still has wait a minute still resonates inside russia a little bit about the details on february twenty first pussy riot performed what they called a punk prayer at christ the savior cathedral in centr

gentlemen so much for being on the show for a very spirited conversation mike norman chief economist of john thomas financial author and traitor karl denninger thank you. all right let's wrap of the list change dimitri lauren that was fun that was first like no arguing for the day so i let you have all this must be exhausted and i feel excited actually to talk about this because greg smith book is out well actually i don't know if it's out but some journalists have gotten copies now he's doing some press and we have some footage from the bloomberg interview with greg smith the goldman defector let's take a look. transparent organization you should be able to walk into the lloyd blankfein office and say i have these problems now i want you he would have taken off for you wrote this little five hundred million dollars settlement with us you see a member of the board being convicted for insider trading a judge in delaware kucing goldman of being on both sides of a deal like you know things that you have been on that understood goldman's position that in two thousand and eleven you want to double your

judge john thomas said the extradition may proceed immediately.he supporters clashed with police outside of the high court. he faces 11 charges in the united states, including conspiring in 1999 to set up an islam jihad training camp in oregon. rebel fighters shot down a helicopter over the the damascus country side. this video supposedly shows. cnn cannot verify its authenticity. another opposition group known as the local coordination committees for syria says 110 were killed by syrian forces across the country just today. former university of tennessee basketball coach pat summitt says she was not forced out of her job after being diagnosed with dementia. she says anyone who knows me knows that any such effort would have been met with resistance -- as the head coach of the lady vols. >>> it has been 428 days since the u.s. lost its top credit rating. what are we doing to get it back? the federal deficit has hit $1.1 trillion now for fiscal 2012. this is the fourth year in a row. that won't help us, that's for sure. our fourth story, developing

he with more, chief market analyst for john thomas financial. i want to start with apple. that everybody likes to believe in, but they are very good at managing expectations. what went wrong here? >> i'm not sure that that much went wrong. they may have some supply problems, but to me what is the biggest problem with the stock is i think you just said it. everybody likes apple, and at a point you get a stock that is over owned. institutions all on it, so if you didn't own apple, throughout all the big news this year, the big run-up to $700, as an investor, what were you waiting for? >> suspect is down. you know how wall street works. the company sort of lets people know what to expect out of an early season. there is a dialogue that goes on becomes very clear to the analysts following the company what you think the expectation is in that is what your report in the market likes the fact that there were no ugly surprises and your stock goes up. this did not happen. >> then missed by $0.8. it would appear they have supply problems, having a tough time getting as much as they

here is more, chief maket analyst at john thomas financial. great to see you.xpectations for earnings season, this quarter and next year, not entiely positive. you tend to disagree. >> well, i know that i do agree with that. bad expectations, but that has been in the media for a while. so i think investors have already positioned for that. everybody knows, i believe, that pre in mountain sub been running. the ratio of-the positive pronouncements has been running 41 verses the long-term average of two to one. so i think a lot of this -- gerri: the numbers. >> expected to the numbers. gerri: we have a lot of names coming up this week, everybody from j.p. morgan to yum brands. talking a little bit about the ture outlook ad 2013 for just a second. what is interesting is, while analysts have ratcheted back expectations for the upcoming quarter, they have not for 2013 necessarily for. s&p 500 earningsestimates at 13%. s&p 500 -- s&p small-cap sector of 25%. are those numbers going to come back down? and if that happens, who is going to disappoint? >> i think that is

and, of course, that included john adams, thomas jefferson and james madison as well as washington and monroe. for slavery, the founding fathers bequeathed a more complicated legacy than lincoln reported, and evidently wanted to believe. in the crisis, lincoln never spoke publicly to the south, but he did write some private letters to a few southerners who had written to him. in these letters lincoln would talk about slavery and talk about right and wrong, telling the southerners that they thought of it as right, and he thought of it as wrong. this is not new language for lincoln. as early as 1850, he told a former law partner that the slavery question can't be compromised. that was a logical statement from a man who -- shackled slaves as a continual torment to me. lincoln compared slavery and freedom to to wild beasts in sight of each other, but chains held apart. someday he predicted these deadly antagonists will break their bonds and then the question will be settled. a key reason for his opposition to stephen a. douglas, the great democrat from illinois, lay in what he saw as dougl

john. that was the year grand daddy thomas died. left the family worse than broke. uncle john stole a ham from the meat market. he was 17. lost his taste for it locked up 14 years. ham, cured and earth bred sliced with the fat hanging on. yellow sunshine on a white plate. the ham bone cuts crosswise. a dark eye all in the skillet making aggressive for grits. lost his taste for all things salt much the ocean he has not seen. woman and man. he don't ever want to see no more ham on his plate. hates pigs. hard for him. time off for good behavior. they didn't hold him to the last 6. he is a hog farmer. only eats beef and chicken and turkey. fish, turtle and rabbit. squirrel, possum and coon and seasons greens with smoked ox tails. can't raise white folks for slaughter. [applause] >> for those of you who have not heard this in person a big beautiful surprises, she speaks at tremendous authority of feeling. and very uniquely agile intelligence. >> we are the memory of that place without measure. that filled all space that never was and ever will be. that place existing as t

the fact that governor romney, when questioned about his favorite justices, he said john roberts, alito, clarence thomasscalia, all four an absolute threat to roe versus wade and women's right to choose. for some reason, that makes no sense to me, it did not come up in the first debate. it has to come up tonight. how will it affect romney if, in fact, it surfaces tonight and he has to deal with the fact that he is on record saying he is for the repeal of roe versus wade and he would appoint judges in the light of roberts, alito, thomas and scalia? >> it does a lot to mobilize the democratic base. you know, we know four years ago president obama won by 13 points with women, a lot of that unmarried women, women who have never been married, women who have been married and divorced, women who have been married and widowed. for that poers of the democratic base it's a huge issue. you have the "usa today" poll out. when they asked men about the biggest issue in this election, open-ended question, most of them talked about the economy. when they pose the same question to women, 4 in 10 women saying it was abor

we've got, you know, thomas and john and larry too. a good team. >> take a short break, larry. we're going to continue our conversation. we're going to talk about allocating capital in a different way. stay withi inus. larry ellison joining us on "closing bell" after this. tdd#: 1-800-345-2550 let's talk about low-cost investing. tdd#: 1-800-345-2550 at schwab, we're committed to offering you tdd#: 1-800-345-2550 low-cost investment options-- tdd#: 1-800-345-2550 like our exchange traded funds, or etfs tdd#: 1-800-345-2550 which now have the lowest tdd#: 1-800-345-2550 operating expenses tdd#: 1-800-345-2550 in their respective tdd#: 1-800-345-2550 lipper categories. tdd#: 1-800-345-2550 lower than spdr tdd#: 1-800-345-2550 tdd#: 1-800-345-2550 and even lower than vanguard. tdd#: 1-800-345-2550 tdd#: 1-800-345-2550 that means with schwab, tdd#: 1-800-345-2550 your portfolio has tdd#: 1-800-345-2550 a better chance to grow. tdd#: 1-800-345-2550 and you can trade all our etfs online, tdd#: 1-800-345-2550 commission-free, from your schwab

james harrison and reginald thomas are accused of assaulting john mckenna. the two officers were indicted last year after a lengthy investigation. anne arundel county police have arrested 218-year-old men in connection with the fatal shooting outside a house party in pasadena. the shooting happened on saturday around 1:30 a.m. ronald li mcleod of columbia and daniel alex savage of glen burnie have been charged with first-degree murder and other charges. the second victim was taken to hospital with non life- threatening injuries. >> growing confidence in the economy as americans shopping and spending more. the commerce department said september retail sales showed strong gains for the second month in a row. economists are still urging caution. >> economists say the spending increase is in no way a consumer revival. the numbers are up, but still lower than they would like. consumers bought more just about everything last month, especially electronics. the commerce department says retailers reported more than four hundred billion dollars in sales last month. an

presidential campaign in history, you could probably go back to 800 and john adams -- 1800 and john adams and thomas jefferson. particularly the followers against each other. so, um, but with president obama it's been attacks not on his policies so much as on him as a person. and we haven't seen that, i don't believe -- and i went back and did a lot of research in presidential campaigns and presidential history -- we haven't seen that severe that ugly directed against any president, pardon me, since abraham linson. we think -- lincoln. we think of lincoln, of course, as st. abraham. he wasn't thought of that way during his lifetime. it was only after he was assassinated. when he came to washington, he was bro deuced to the nation by the -- introduced to the nation by the kentucky statesman as follows: abraham lincoln is a man above the medium height. he passes the six-foot mark by an inch or two. he is raw-boned, bow-legged, knock-kneed, pigeon-toed, slob-sided, a shapeless skeleton in a very tough, very dirty unwholesome skin. his lips protrude beyond the natural level of the face but are pale and

and what was his connection to john adams and thomas jefferson. >> guest: i stumbled across this book, this project, when i was researching, where good ideas come from and i thought i was getting ready to write where good ideas come from and i stumbled across joseph priestly and i got so obsessed and i convinced my publisher to let me write another book before good ideas. priestly was a incredible figure of the 18th century. one of the great eccentric visionary minds of that period who not enough people know about. he's most famous for isolating oxygen for the first time. though he didn't actually do it for the first time and, when he did, instead of calling it oxygen he had called it defliscated air. which is not a very catchy title. he is in the britannica, that is his main claim to fame. he did number of other things. the most important one he was first person to truly realize, this was his first great breakthrough, he was the first person to realize plants were creating air. so the reason we have a breatheable atmosphere in the earth, actual oxygen, actual composition of oxygen on

presidential campaign in history, you could probably go back to 800 and john adams -- 1800 and john adams and thomas jefferson. particularly the followers against each other. so, um, but with president obama it's been attacks not on his policies so much as on him as a person. and we haven't seen that, i don't believe -- and i went back and did a lot of research in presidential campaigns and presidential history -- we haven't seen that severe that ugly directed against any president, pardon me, since abraham linson. we think -- lincoln. we think of lincoln, of course, as st. abraham. he wasn't thought of that way during his lifetime. it was only after he was assassinated. when he came to washington, he was bro deuced to the nation by the -- introduced to the nation by the kentucky statesman as follows: abraham lincoln is a man above the medium height. he passes the six-foot mark by an inch or two. he is raw-boned, bow-legged, knock-kneed, pigeon-toed, slob-sided, a shapeless skeleton in a very tough, very dirty unwholesome skin. his lips protrude beyond the natural level of the face but are pale and

. >> john, great to see you this morning. thank you. >> thanks, thomas. >>> here's a look at some of the stories topping the news right now for you. police in florida still haven't released the names of two people killing in a shooting at the vfw post just outside of orlando. a charity motorcycle ride was about to kick off when a gunman opened fire on the riders who were sitting down to breakfast. the third person was critically injured. >>> ten years after one of the killing sprees in history, lee boyd malvo is expressing regret for the crimes. he said, quote, i was a monster. 27 people you may recall were killed in the nearly month-long shooting spree. malvo is now 27 years old and serving a life sentence. >>> the boy scouts will begin bringing suspected sex abusers named in the organization's so-called perversion files to the attention of law enforcement. the scouts have come under fire recently for failing to report cases of alleged abuse dating back decades. these disclosures could mean a new round of prosecutions for offenders that had not been pre

luke johnson says john roberts is back from his island fortress. tonight our guest, thomas sargent.s, and one of the most cited economists in the world. professor sargent, can you tell me what cd rates will be in two years? no. if he can't, no one can. that's why ally has a raise your rate cd. ally bank. your money needs an ally. that make kids happy. and even fewer that ma moms happy too. with wholesome noodles and bite sized chicken, nothing brings you together like chicken noodle soup from campbell's. it's amazing what soup can do. woman: what do you mean, homeowners insurance doesn't cover floods? [ heart rate increases ] man: a few inches of water caused all this? [ heart rate increases ] woman #2: but i don't even live near the water. what you don't know about flood insurance may shock you -- including the fact that a preferred risk policy starts as low as $129 a year. for an agent, call the number that appears on your screen. >>> this morning the obama campaign is touting a milestone. 10 million people have donated to the president's re-election effort. about an hour ago, the