jpmorgan saying hardly any growth at all. that would mean that the deficit would get even bigger than it is now. because less money comes into the treasury, more money goes out in social services. now, if deficit gets bigger, that means we're in an even worse position with s&p and the ratings agencies because they downgraded because of our rotten debt situation. it also means that the president's jobs plan and that supercommittee have a lot more work to do to get the deficit down. a shrinking economy or a static economy means a much worse debt problem. megyn: the government is projecting 3-4% growth as a basis for what figures? >> okay. they say we're going to have 3 or 4% growth in the future, between 3 and 4%, that's what their projection is. based on that rate of growth, they say that our deficit will come down a little from this year's $1.65 trillion because a reasonable growth rate means a smaller deficit. that's been reversed. if jpmorgan's right and we're at a standstill or maybe going into a recession, you will not ge

chief equity strategist with jpmorgan here in hong kong. charles?in beijing, tensions are rising between rich and poor and it's starting to have an impact on the city's landscape. we'll look at how migrant workers say they're slow he getting pushed out of town. that's next. >>> cnn london, i'm charles hodson. >> and i'm andrew stevens at cnn hong kong. welcome back. you're watching "world business today." >>> let's return to european stock markets where all of the major indices apart from london are open for trade. obviously with the ftse, the largest index not open. a little thinner. how they stand right now with gains for all of these markets, the dax up by more than 1% as is it's cac. quite strong gains for the siouxic smi with big banks like british suite much to the fore. the whole of the european indices playing catch-up with the rally we saw on friday on wall street. andrew? >> yes, absolutely. similar story here. wall street keepings in asia in the start of the trading week, charles. investors digesting the news out of japan the new prime mi

he worked with jpmorgan chase. greg works for bank of america. from 2006 until 2008 he served as the first presidentially appointed assistant secretary for cyber security and communications at dhs. he oversaw the national cyber security division. also the national communications system. then we will have major-general heroin bergen -- major-general lowenberg. he has served as security adviser to the governor. he is the longest serving in the country. in addition, he served as a share of the generals association. he chairs the homeland security adviser council and chairs the governor's domestic securities subcabinet in washington state. then we will hear from randy molex, vice president for public affairs. a $4.3 million, and a in head -- headed in california. gov grandy is responsible for all public affairs for -- randy is responsible for all public affairs for conway and its subsidiaries. laura fought leadership in the visa, immigration, and order are hryvna to advance next- generation infrastructure -- and order -- border security. she worked a

there's no economic explanation, you know, economist after economist, most recently jpmorgan told itsoing to reduce the growth rate by over 1%, 1.5 maybe. jpmorgan, lawrence summers have been going around doing show after show saying that 1% increase in the growth rate over the next five years would have had a much greater impact on the deficit, not on jobs, not on anything, but on the deficit. any of the cuts being projected right now, so it makes absolutely no economic sense. as you just pointed out, it makes no political sense for the president, because if this was all intended to convince the independents that he's the most responsible grownup in the room, they are more upset by the deal than democrats are and democrats are going to stay with him, they are not going to go anywhere. young voters are not going to come out in the large numbers they came out in '08. independents are not going to come out for him in the large numbers they came out in '08, so it makes no political sense. it is disastrous for the country. i mean, the pain that's out there is really palpable with almost 2

jpmorgan chase down 1.5%. exxonmobil dropped slightly after announcing the company and russia's state-owned rosneft will develop oil and gas reserves in the russian arctic. boeing rose more than 2% on news the company was moving forward with plans to build a version of its 737 with a redesigned engine. dollar general was up almost 6% on a rise in quarterly earnings. at&t promised to bring 5,000 jobs back to america fp its deal to buy t-mobile usa wins regulators' approval. august employment data is expected to show the addition of 100,000 private sector jobs. >>> and, finally, this may not be too popular on main street. a study out today shows 25 of the 100 highest paid u.s. ceos earned more last year than their companies paid in federal taxes. many companies also spent more on lobbying than they did on taxes. >>> well, coming up, the tigers roar in extra innings. the hammer comes down on the hurricanes. and if you think the oldest trophy in sports, plus last night in boston a love affair between the yankees a

while american express and jpmorgan chase added 4%. >>> bank of america was the lone bluechip in the red sinking to a two and a half year low on growing concerns the nation's largest bank lacked enough capital to meet new global standards. meanwhile, shares of swiss banc ubs rose on news it's cutting back by slashing 3,500 jobs. >>> overseas moody's has cut japan's debt rating by one notch. thanks to growing government debt. >>> the "wall street journal" reports sprint nextel is next in line to sell apple's iphone 5 when it's released in mid-october. finally, if recent market crashes have you reaching for the nearest burger and fries, you're apparently not alone. a new study suggests that bad economic news can trigger a survival instinct that causes you to pick high calorie, life-sustaining foods over low cal alternatives. apparently the life sustaining foods, i didn't really need an excuse before, but i'm glad i have one now. >>> coming up, the red sox ride the long ball and the braves slam the cubs. >>> plus, earthquake at the ballpark in cleveland. your first look at sports is str

to make matters worse, economists at jpmorgan cut their forecast for u.s. economic growth and say there's a growing risk we'll slip back into recession. gold continues to be the market's shining asset. nervous investors consider the precious metal a safer place to park their money. gold hit a fresh high topping $1,850 an ounce. at the new york stock exchange, i'm alexis christoforous, cbs 5. >>> hp shares tanked by more than 20% today. today's dive marking the company's lowest level in six years. this is all after the palo alto company said it's giving up on making tablet computers and smart phones. hp may pin off its personal computer division -- spin off its personal computer division as part of the restructuring plan. >>> bank of america announced it is laying off employees by the thousands. the nation's biggest bank says it will cut 3500 workers in september. that's on top of 2500 cut earlier this year. and the long-term goal is to trim 10,000 jobs. bank of america employs more than a quarter of a million people. >>> well, as those jobless numbers in ca

jpmorgan chase down 1.5%.xxon mobil dropped slightly after announcing the company and russia's state-owned rozneft will develop gas reserves in the russian arctic. boeing rose more than 2% on news the company was moving forward with plans to build a version of its 737 with a redesigned engine. dollar general was up almost 6% on a rising quarterly earnings. at&t promised to bring 5,000 jobs back to america if its deal to buy t-mobile usa wins u.s. regulars' approval. later this morning, august employment data is expected to show the addition of 100,000 private sector jobs. >>> and finally, this may not be too popular on main street. a study out today shows 25 of the 100 highest paid u.s. krechceos earned more than they paid in federal taxes. many companies also spent more on lobbying than they did on taxes. >>> in health news this morning, a world health organization report shows babies in the u.s. have a higher risk of dying during their first month of life than babies born in 40 other countries. some of the c

2 1/2 year low tuesday, bank of america shot up 11%, calling speculation of a merger with rival jpmorgan chase baseless. >>> home builder toll brothers rose 4.5% on giant quarterly income. google will pay half a billion dollars to settle a criminal probe into ads it ran from online canadian pharmacies that led to illegal imports. collective brands, parent of payless shoe source and stride rite is closing almost 500 stores and looking to sell. and finally at 5,500 tweets per second, tuesday's east coast earthquake traffic set a twitter record, beating out news of osama bin laden. a lot of those, that photo of the lawn chair just tipped over, it was good. >>> coming up, a wild pitch, wild catches, and wild walk-off winners. plus, a baseball glove? who needs a glove? your first look at sports is straight ahead. you're watching "first look" on msnbc. [ vet ] your turn max. [ cat ] inside and out. and i'm not the only one who thinks so...right doc? [ female announcer ] vets agree, a healthy check up starts inside. our breakthrough iams premium protection formula is developed with vets... ...w

. >>> the heads of jpmorgan chase and citigroup -- investors are worried about the exposure. analysts say the banks have undergone changes and are safer. >>> california court employees are bracing for the possibility of more layoffs and reductions in the number of lours they work, but judges in the state do not have the same worries. the state constitution prohibits reducing judges salaries, a provision designed to protect judges who might make an unpopular ruling from backlash. >>> a battle is brewing between safe way stores and the people who are paid to gather signatures on petitions. safeway said signature gatherers borgt the customers, block the store entrances and ignore the store's solicitor rules. however, the signature gatherers are accusing safeway of violating their free speech right. safeway said they will go after the signature gatherers. >>> media giant ruche proof -- rupert murdoch said he will not step down but he is offering some new details into his succession plan. according to reuters, his son is not the top choice but instead his to lieutenant. >>> heavy

he's also got a former executive from jpmorgan as his chief of staff. those are people with real world experience. >> greta: those guys are at the top. how about somebody who has a country with 200 people and has hands on experience. not the guys at the top of these corporations. people who have really done it. >> who would you suggest? >> >> greta: there you go, you stumped me. on that note i'm getting out of this. >> thank you. >> greta: president obama has been teasing us he has a new jobs plan but won't tell us until after labor day the house republicans are trying to beat him to the punch. eric cantor announced the propose tald of the republicans. what is it? -- republicans are trying to beat the president to the punch. what is the republican house plan on jobs? >> greta, before i get to that, let me touch on the last clip in regard to this gentleman from princeton that is coming onboard with the obama administration the council of economic advisers. if he is going to recommend a consumption tax the senate should confirm him 100% and let's get this

jpmorgan has been reported as saying he's expecting france or even the united kingdom to join the unitedof countries that have been downgraded from a aaa credit rating status to aa. if that happens that would be significant for the markets. the markets already started pricing those kind of comments in yesterday. what we saw the credit default swap which is effectively the assurance contract on the french sovereign, that insurance contract rose enormously and also the yields on french debt rose as well. what we're seeing at the moment is a relief rally in the bond market. the ecb in its second day buying italian and spanish treasuries brought the yields down to just under 5%. >> thank you. we'll stay with you on this. how bad was monday by the way in the stock market? if it were a dog it would look something like this, tongue hanging out. the dow dropped 635 points. that's sixth biggest point drop in history. closed below 11,000 for the first time since november. s&p down 6.66%. the nasdaq down 6.9%. the market lost trillion dollars in value. the stock market is down 15% in the past two w

activity which you disclosed and city hall some well-known firms like morgan stanley, maryland, jpmorgan chasemo,, and as you characterize, seem to do the same from the less noble of interest not necessarily a caring about those but significant fees and re expenses to be paid and have a set rebate to the solvencyam, letter.ni >> sam zell nicknamed himself a grave b dancer. he wants to buy distressed assets. he was to pay a dime on the dollar to get ahold of your company then he can bring some expense out then sell it off for a lot of money. he was successful in some cases in and looked up good tribune company and he figured it wasand worth 16 a 17 million am byetta 13. all he had to do was to borrow a lot of money. he put 300 million down he is worth billions of dollarshe road to the speaking it was not that a great a risk for him.inki and goes out to buy the two be in thinking he will hold a while and make a killing. >> but it was a very complicated deal with it was a great fascination to a lot of people in the financial business. probably the first and the last time going out to park c

you had jpmorgan with their top clients this week saying that this deal is going to reduce growth by a point and a half. you had basically pretty reasonable consensus among economists, this is not the right policy long term to control the deficit. if this is a political play from obama, it failed because independents are turning on him and the deal. >> but rand, you see this very differently. you see this actually as a turning point in the growth of the american welfare state. >> i do. i think you made an important remark in your opening statement, talking about how this year, this fiscal year, it's a cut of $20 million, about $22 billion. that is not terribly disstimmive. we could complain that we should have more stimulus and we could talk about that at length. i think this debt limit deal doesn't do all that much of consequence. in fact, the cuts in it are smaller than what you saw in bowl simpson, granted it also created revenue sources. it's not really what people imagine it to be. >> couldn't you make the case though, joe, if you just play this out -- let's assume congress rema

then we had jpmorgan chase's ceo jamie dimon coming out everyone needs to relax. you saw the market move up and down a little bit. this market, look at that chart, that's one day's chart. look at the volatility there. people sell off. then bargain hunters come in and buy and then those who are worried about the market sell out. there's very little confidence in this market right now. as for whether or not banks are likely to fail, it's hard to say. premature right now. what we don't have that we had in 2008 was a credit crisis where banks in trouble couldn't even borrow money from other banks. we don't have that right now. we have a lot of money. nobody wants to borrow it and use it. different situation, piers. >> leigh gallagher, let's talk politics here. interestingly in britain where riots have been unfolding in the last four nights, all major politicians came back from their vacations, they were demanded back by the public and the media. i'm surprised given the scale of the volatility on wall street following the apparent solving of this debt crisis, which no

there's a view on wall street, jamie diamond said this publicly, the ceo of jpmorgan, he said, look,ere's a couple la sieve effect to what this administration has done to remedy the excesses of the financial system that resulted in collapse. that cumulative effect of regulation and capital requirements and all the rest may ultimately be depressing economic growth by keeping major corporations from making the sort of investments that austan say are crucial. what do you say? >> the evidence is reasonably strong that that is a correct evaluation. there's one thing we have never discussed, and that is how do we get what is really an excess of $500 billion in liquid assets held in nonfinancial corporations in the united states largely as a result that they refused or could not find profitable opportunities to invest in so they put in cash flow and liquid assets. how do you create a degree of certainty about the long-term future that would induce the people who hold the liquid assets to invest them in long-term assets because this is the only source of expansion, which is very large, in wh

jpmorgan and bank of america.those four banks sitting on top with their foot on the throat of all the bond holders at pep c pimco, at fannie and freddie, in the ear of the treasury department, where they sell credit insurance off the exchange which prevents capital requirements. the fact of the matter is, we have a system driving speculation, david, and how can that have investment and jobs in a country that is basically only -- >> you're not going to have it. you're telling the banks load up with the five year, the ten-year bond. don't worry, the price isn't going to fall because the fed is going to do operation twist. adjust another smoke signal to wall street to buy the five-year, the çseven-year, th belly of the curve, as they say and buy it on 98% leverage that costs you seven basis points and you miss profit and that is how the banks are supposed to recover. now, this is what's wrong with the whole system. >> do you understand anything he just said? >> here what i understand. that the -- there's a whole oth

. >>> jpmorgan chase agreed to pay an $88 million fine, the largest on record, for breaking u.s. against iran, cuba, sudan, and liberia. >>> michele bachmann is in the early primary state of north carolina tonight for a town hall hosted by another tea party favorite republican congressman tim scott. there you see it in a live picture, michele bachmann, of course, one of the leading republican presidential hopefuls. >>> libyan rebels get a tip where moammar gadhafi may be hiding out. are they getting any closer? we'll go live to tripoli when we come back. ♪ [ country ] [ man ] ♪ gone, like my last paycheck ♪ gone, gone away ♪ gone, like my landlord's smile ♪ ♪ gone, gone away ♪ my baby's gone away with dedicated claims specialists... and around-the-clock service, travelers can help make things better quicker. will your auto and home insurer... be there when you need them most? for an agent or quote, call 800-my-coverage... or visit travelers.com. [ male announcer ] they'll see you...before you see them. cops are cracking down on drinking and riding. drive sober, or get pulled over

. >> secretary paulson, in early 2008, when brokering not deal between bear stearns and jpmorgan, you famously asked -- brokering an act to deal between bear stearns and jpmorgan, you famously asked about that moral hazard. why did you think the shareholders should take the punishment for moral hazard and not the managers? talke managers -- let's about moral hazard. i really believe in moral hazard. no matter how good regulation is -- it is not realistic to think regulators will uncover the problems that the banks did not uncover themselves, unless you thought the banks or intentionally trying to blow themselves up. you need every customer, every lender to the banks, every shareholder, every borrower to be focusing on that bank. i believe in that. but we did not have emergency authorities to deal with bear stearns. it was either bankruptcy or being taken over. if you do not think management lost their jobs, let me tell you, the management was gone, etcetera. there is no one at bear stearns who thought there was a bailout. i was conscious of the fact that the fed, the united states of

earlier in his career al worked for 30 years at jpmorgan chase and its predecessors chemical bank and texas commerce bank. welcome, al. next up we'll have greg garcia, greg is the partnership executive in the cybersecurity and identity management for bank of america from 2006 to 2008 he served as the first president l presidentially appointment at dhs. he led that department in strategic direction and oversaw the international cybersecurity as well as the national security system. then we'll have major general tim lohanberg. he was appointed addent. and he has done so since 9/11. he's the longest-serving homeland security advisor in the country. in addition he serves as the chair of homeland defense and security as the general's association. he chairs the national governors association homeland security advisory council and chairs the governor's domestic security subcabinet in washington state. then we'll hear from randy mullet. randi is the vice president of government affairs at conway oink a 4.3 billion freight logistics company head in california as the policy manager and represen

analysts at jpmorgan say gold could reach $2,500 an ounce bit end of this year. >> wow.you're going to have a lot more on this story. the market collapse today. that's coming up in a few minutes. a growing backlash against washington with many worried americans demanding answers from congress and the president over the debt crisis. so is this the time for our leaders to be in recess or taking vacation? plus verizon customers across the northeast. the latest casualties of a mass strike. just ahead, why phone lines are being snipped and cable boxes are being sabotaged. a kind. the authentic, the rare, the hard to define. to those always searching for what's pure and what's real from we who believe we know just how you feel. haagen-dazs. [ martin luther king jr. ] i still have a dream that one day on the red hills of georgia, the sons of former slaves and the sons of former slave owners will be able to sit down together at the table of brotherhood. i have a dream today! [ male announcer ] chevrolet is honored to celebrate the unveiling of the washington, d.c., martin luther

jpmorgan and bank of american are getting a bit of a bounce back. we've got even retail numbers in and their out looks. macy's, polo, ralph lauren and kohl's have all come out with numbers, and they seem to think that the consumers will come shopping. last but not least we've been watching the neck-and-neck fight between apple anne exxonmobile. apple is the largest. 340billion products. that too is up today. jenna: it's remarkable to think about it. the largest company, or the company out there that has that medal of honor, being apple instead of an oil company. let me ask you more about the banks. earlier in the week we talked about questions about the french banks or banks in europe. we talked about that during the financial crisis as well. are there any lingering questions about how stable our banks are in the united states right now? is that something that traders are talking about on the floor of the exchange? >> reporter: there seems to be confidence in our own banks at home. it was really more of a european issue, particularly france. that wa

deutsche bank cut its growth outlook for china and jpmorgan cut its outlook for the united states. remember, the u.s. and european countries and china are biggest economies in the world so a slow down or a recession in any of these regions we all feel it. we would all feel it globally. this is why we are seeing this kind of sell-off. check out how the dow has done so far this year. down 5% on the dow. analysts say you don't see any positive news coming in the near term. without any good news coming, expect more of this selling. expect more of this downward trend. >> we are all buckled in. alison, we will be talking a lot more in 27 minutes. as she mentioned, while you were sleeping, markets in europe and asia, you know, have pretty much wallowed in the red, suffering big losses. lee oni is in london and watching the numbers for us overseas. >> absolutely. the markets are taking a pounding once again. as alison mentioned the global recession fears and in addition to that, the entire debt crisis that still is hanging over europe like a cloud. it just won't go away. when you speak to

megyn: apparently, some analysts at jpmorgan said if fed does nothing, it could be a disappointment,o some in the markets are waiting to see the fed do something, but what can it do at this point? >> i agree with you. they're going to have a huge temper tantrum if chairman says no more help is coming, the punch bowl is put away in the attic, and i'm not going to go upstairs and get it. they have already given up hope of any type of fiscal leadership on the part of the president or congress, so all eyes are on ben bernanke, and they want something from him. you know wall street, megyn, if it doesn't get its way, it has a way of pouting. it's worse than my kids, but we'll have to see what happens. i expect he'll make a nominal bow to them by hinting about buying some treasury notes and bonds, but that's about it. megyn: so it's, basically, it's going to buy us a drink, but that's all it's going to do. >> it'll calm the tantrum, but you know now with thesesetwo children, once you give into one demand, they come back with another. megyn: i am finding that out. if you give in to the one w

in fact jpmorgan issued an equity research report about the whole situation today saying we don't expecte in the organization. in our view the far-reaching successes much iphone, ipad, ipod, the macbook, do reflect the work of many and not one. rick, i think that's the whole point. steve jobs does not represent or solely represent the brain power that is apple. there are 40,000 other employees that want to get the credit. rick: shibani joshi with the fox business network. shibani, thank you. >> thanks. jenna: two presidential candidates are taking heat on their stances on evolution. what they're saying and why it could play a role in the 2012 election. so much talk about the economy but now evolution taking center stage. a new alert that hurricane irene will have impact far beyond the coastline here in the northeast. emergency officials, new warning for folks along the eastern part of the united states just ahead with diabetes, it's tough to keep life balanced. i don't always have time to eat like i should. that's why i like glucerna shakes. they have slowly digestible carbs to help mini

i mean, we have jpmorgan which has 800 homes that they're donating, wells fargo has a couple of thousand in the grand scheme of things it's not a lot, but it just shows you how distorted the housing market is. houses were meant as shelter for people, not as places to be bulldozed to the ground. the whole thing became distorted when the government sort of blew up the housing market into a distorted kind of subsidized bubble is what they did. they did that with cheap credit, the federal reserve providing cheap credit for too long, and they did it with housing programs subsidized by fannie mae and freddie mac. all of these programs created the housing bubble that we are still trying to destroy right now. jenna: well, if you're a homeowner, you're listening to thosebacks thinking they're the one -- banks thinking they're the ones that got the bailout money. and someone might bulldoze it rather than working with me to keep me in be my home. >> reporter: once again, they're getting subsidized by the government. again, these are the big banks. usually the smaller banks, the ones that are holdin

the exchange is all open, nyse, open to be trading and the big houses, jpmorgan, citigroup, they're allk from home today because some of the trains are not running, obviously. i guess you'll get more people up there than you'd guess. a lot of the insurance stocks will bounce today because of the cost of irene was not as bad as expected and they moved down in advance of that. home retailers should do well today. and you may see because of the high deductibles that people now have on their insurance policies, you may find that the back to school sector of the market does disproportionately badly because people may take the cash from that. i have good news for you, as well. >> really? >> yes. >> consumers spent far more than expected in the month of july. in fact, spending jumped 4.8%, the savings rate came down from 5.5% to 5%. which is an indication that ordinary americans felt much better about themselves and their prospects in july. remember, the big stock market fall towards the end of that month. but it's an indication that things may not be as bad in the general economy as we've ass

it in jpmorgan were the only two large banks that did. how did allison do it?ison happens to be an ayn rand fanatic. in 1985 when he became ceo he instituted a policy of having this whole executive group read out less shrugged. he created -- "atlas shrugged." he created a mission for values for bb&t. i have a copy of it here. this is a remarkable book. i am proud to say that this was an scribe to me by john. speaking of inscribe i john, after i'm done here there will be a book signing of my book as they lost a fair book and john allison who is here will be speaking at 10 time to 30 in the silver room on the financial crisis. he will join me for the book signing so if you would like to have not only the author of the book with the main subject of the book sign the book we would be happy to do it for you. john is a wonderful caring man and this is your opportunity to interact with him. "atlas shrugged" has been a best-selling book but they are 30,000 employees employees of bb and t. now and over 25 years who knows how many hundreds of thousands of copies of this

we have a huge financial services industry, everybody from jpmorgan chase, bank of america, citigroupre, and then we've got really exciting new things. we've got a gm plant that was closed. a new company that's making a plug-in hybrid there. we expect a new fuel cell company to be building a factory in newark and we have a big refinery that was closed and is just reopened. but, of course, as in most places, it's really small businesses, the primary economic engine for us. >> and small business, as in a lot of other states? have they been hurt, obviously, by the economic downturn? >> oh, it's been a very difficult time for businesses throughout the country, including right here in delaware. and so what we do is we really try to focus and put ourselves into the shoes of the people who create jobs and focus in on the things that they care most about. the schools, workforce, reasonable taxes, the like. >> as you go around the state, in your role as governor, who are people most angry at? >> well, i think there's a general frustration. i think everybody -- what we try to do in delaware is

and i have to tell you that we did have jpmorgan raising their target to $2,500 for the end of the yearfar as names to watch, certainly keep an eye on bank of america. yesterday it got creamed. down 20% in one trading day! today bank of america is looking to the upside. apple looking higher. apple still a winner. but i got to tell you, a lot of the names that got crushed yesterday, we'll be watching them today. but the commodities and the financials, those are some names that will be in focus today, steve. >> steve: all right, live on the floor of the new york stock exchange. buckle your seatbelt, it could be a bumpy ride. >> i'm ready. my seatbelt is very tight. >> steve: good to know. 17 minutes before the top of the hour. the president says pay no attention to that darn s & p. >> markets will rise and fall, but this is the united states of america. no matter what some agency may say, we've always been and always will be a triple a country. >> steve: are the american people themselves on the verge of giving their own downgrade to the president? joining us is fox news legal analyst, pe

it in jpmorgan were the only two large banks that did. how did allison do it?lison happens to be an ayn rand fanatic. in 1985 when he became ceo he instituted a policy of having this whole executive group read out less shrugged. he created -- "atlas shrugged." he created a mission for values for bb&t. i have a copy of it here. this is a remarkable book. i am proud to say that this was an scribe to me by john. speaking of inscribe i john, after i'm done here there will be a book signing of my book as they lost a fair book and john allison who is here will be speaking at 10 time to 30 in the silver room on the financial crisis. he will join me for the book signing so if you would like to have not only the author of the book with the main subject of the book sign the book we would be happy to do it for you. john is a wonderful caring man and this is your opportunity to interact with him. "atlas shrugged" has been a best-selling book but they are 30,000 employees employees of bb and t. now and over 25 years who knows how many hundreds of thousands of copies of this