. >> michael ward of csx gave me a startling new statistic because people in cars don't believe the gates and try to go around them thinking they can beat the train. so aside from, i don't want to talk about only depressing things. aside from suicide by train there is also fatalities that are unnecessary but that is in because the tracks cross the roads because they're old. >> yes. >> and in chicago there has been a particular problem because a quarter of all rail traffic in america goes through chicago and it is an old system. >> right. >> and it also dates back to the time when the u.s. didn't have a system. they had a bunch of separate railroads all putting tracks wherever they wanted. >> wherever they wanted. >> wherever they wanted. they're all crossing at angles and sometimes multiple and commuter trains are using the same tracks. they have priority. commuter passenger and then well, light rail, commuter passenger, freight. >> freight. >> but a long freight train could tie up traffic for 20 minutes. >> right. >> so, more dire details but chicago is trying to untangle them. >> let me

michael ward is an auto analyst with stern agcrt.ig overarching question that's been so much in the conversation in the past month about consolidation. do you expect any of the major automakers to merge one with another any time soon? >> no. i think history has proven that that's fool's gold. we do not expect that to occur. >> let's talk about some of the stocks you like and don't like. i know you like ford. you think it is a buy. gm you think is a buy i gather with a price target of about $50. why those two? >> the north american industry underlying fundamentals are very strong. positive pricing, incentives are range bound. mix favors the detroit three. trucks are hot. pick-up trucks. the profitability, atvs are up 5% to 10%. gm ford and chrysler. they have no foreign competition. we should see a very strong earnings season coming out of detroit over the next few weeks. >> give me one more stock that you do like in the sector more broadly defined. >> boringg-warnerborg-warner. penske. those are buy rated at our company. company. pen

an employer that plays a strong roll in the jacksonville community, and the company and the ceo michael ward has been a long advocate for veterans in florida and throughout the united states. let me just say that i'm very proud of the wounded warrior program to give the first $1 million and they have received two yore years in a row from the president for over 33% of their employees are veterans. so with that i want to welcome frank and the other panelists and thank you for joining us today. >> thank you, member brown. and mr. chairman mr. ram, members of the committee thank you for the opportunity to be here. i'm frank len egg row, vp of service design at csx and since the passage the ptc mandate i have been the project owner the csx. i chair the committee tasked with ptc operability across 60,000 miles of railroad. given the recent amtrak tragedy and remembering those impacted by ptc preventible accidents i believe four issues are presented for resolution by this kmiety. number one why are railroads unable to meet ptc by 2015. number two why are a few able to meet 2015 and the remainder co