. >>> crowds are turning out in newport beach, california, for the 107th christmas boat parade. this year 90 are participating from multimillion dollar yachts to inflatable dinghyiesdinghies. temperatures dipping down into the 40s. >>> now for a look at your morning road conditions. drivers will see flooding conditions in the pacific northwest and roads will be wet up and down the east coast from northern maine to south florida and as far inland as pittsburgh. >>> if you're flying airport delays possible in atlanta, charlotte, washington, d.c., philly and you have my paper here, new york. >> okay, thanks. i like sharing scripts as our relationship builds we can share things. >>> here's a serious story that is a sad end for a troubled secret service police officer. arthur baldwin was shot and killed in broad daylight in washington, d.c. city police say it appears to have been an attempted robbery. >> baldwin had been suspended last spring for an attempted burglary at his ex-girlfriend's house but that charge later dropped. it's uncertain whether he was back on active duty when he

. >>> vandalism as a mosque in arizona is putting some newport beach -- members in the community there on high alert. someone broke a window there. the vandalism could be as a result of the ban of muslims entering the u.s. about -- suggested by trump. >> it makes me sad. i've been in phoenix for almost 20 years. this is my home tone. i know there is a lot of support from the community but it takes one -- one person to do something like that to poison the atmosphere. >> some are scared to come and pray at the mosque now the director said no suspects are in that case. >>> local fire crews are helping santa this year. >>> a sea of red suits in the city can only mean one thing. we'll take a look at the annual santa-con tradition. >>> troche -- tracking rain up to our north. live camera in san francisco. heavy rain in save -- san francisco tomorrow and more rain clouds in the five-day forecast. ♪ let us share what we see ♪ just you and i ♪ ♪ grow old with me ♪ let us share what we see ♪ and oh the best it could be ♪ just you and i ♪ 0 >>> chances are you spotted more than one person dressed

>> newport beach, california, is a prime spot to catch some waves or just spend the day lounging on theut on the afternoon of august 3rd, 2011, a nightmare is unfolding below this idyllic beach. 17-year-old matt meena is trapped underneath six feet of sand when the hole he's digging collapses in on him. alerted by meena's cousins, lifeguards, including captain mike helfide, rush to his aid. witnesses capture the rescue attempt on camera. >> when i first came on scene, we had two lifeguards digging and then four or five of matt's cousins and friends that he was with. at that point we started getting more volunteers. >> helfide organizes the group into three concentric circles surrounding the spot where meena was last seen. >> the first rescuers are inside moving sand, trying to locate the patient. the second ring takes the sand from the rescuers and move it further out. the third ring is to take the sand and disperse it further out. >> as word ripples out that a teenager is trapped, bystanders start converging on the scene and the crowd grows. >> i just saw a whole row of moms just on th

the rich don't experience it oakland to knob hill they probably will not come to park avenue or newport beach. americans bear the cost of taxes, schools overburdened overburdened, school lunch programs, hospitals are going bankrupt. the ordinary americans paid accost it is african-americans and i as i have recently been instructed to stop say african-americans but american blacks. i am not talking about the guy whose father is a canyon. [laughter] american blacks. [applause] they, the socio-economic ladder getting a foothold in b.c. in the black teenage unemployment rate we have an obligation to our fellow americans and hispanic americans you were also competing for those low-wage jobs but the rich don't care they want a cheap labor they want you to pay for in the act like they are speaking for the maid. she will play for wages and raise. schaede decided to immigrate to america and not to honduras or pakistan. she wanted to live in america i want to live in america that is the of the peasant cultures to give the democrat'' the with the massive increase of income inequality. california which h

is the bloomberg economics editor and joining us from newport beach is pimco managing director yet from cells. -- you come cells. tell us more about these moves because i think investors. ecb was going to overdeliver. maybe they did not quite get it. thisere was a callout morning from goldman sachs that the euro would be about 103 at the end of the day. happen in part because mario draghi appears to have disappointed. what he said is that he had a pretty substantial majority for him on the increase and the duration of time. he did not actually do anything on the amount of assets they are going to purchase. that is what is leading some of this market pessimism and is why we have this selloff in german. you've seen the dollar almost get up to 1.07. when my colleague in frankfurt asked mr. draghi if you still had confidence on the levers of -- if he still had confidence on the levers of -- here is how he responded. was have theyn been effective enough for us to be confident that we would reach our objectives about inflation within the horizon? we gave ourselves was not enough, so we have t

do we think we are in the west will meet important or newport beach or st. paul? evidence that western historians do not consider the city's western abounds. i'm not trying to call anybody, i found relatively few paper titles that named western cities even though it is possible that some titles do not include the name of cities because they don't to appear to parochial. hand there are numerous sessions and titles refer to spaces not coded as urban such as borderland in great plains. in light of the emphasis on agriculture i would argue that the very term " the west and the north american west" invokes open spaces were relatively few people lived. people think of the region in which six of the 10 largest cities are located. a number of scholars try to kill this zombie four years ago. >> you have one second. [laughter] nashwant to mention gerald . and i am now dead. [laughter] i have been dead for a while but keep rising. [laughter] >> any responses to that? go to the microphone please. moved to the microphones see you can anticipate the end of their minutes. we wan

the aspens, even salt lake city, park city, parts of california are still very strong, newport beach,an diego, la jolla, we have a record price there. it is a mixed bag. >> right. and it doesn't matter whether the fed raises rates to those markets, right? >> not really. a lot of our transactions are all cash and each the slight short-term interest increase really doesn't affect the mortgage rates in a significant way. >> but is it really the same luxury market that you saw before the crash in '08? >> you know, i think it's even stronger. >> is it? >> yeah, i think it's more stable. it's less erratic. you know, i think the long-term value is even stronger than it was then. it was two frothy as we all know from our experience back then. >> but what's also stronger and bill knows i'm going here. >> i was waiting for this. >> is the u.s. dollar which has detracted a lot of foreign buyers which was important in luxury markets like new york, right? >> we are seeing a little drop off with international buyers. the socioeconomic picture, political picture in some of the countries, even the we

it's like the pelicans on newport beach. they're driving down and picking out the fish.st loaded with bargains and the reason i say that is because closed end funds, illiquidii illiquid are trading at 10% discounts to their net asset values. you can find some relatively high quality assets in certain of these closed in funds, certainly municipal types of etfs or even corporate etfs, some being utility related. i would point out a few, utg, which is a utility fund. i would point out duff and phelps global which is a utility fund, dbg, and i would point out pimco. pimco has a corporate income fund, pci, that trades at a 1% to 18% discount, and so if you're looking to put $50,000 to $100,000 to work over the next 7 to 10 days as tax loss selling takes place in addition to this liquidity crisis, then these are the places to go because they trade at a 20% discount and they trade with yields of 8%, 9%, 10%. >> wow, last question -- and you're recommending a pimco fund there, bill. last question, do you believe for those of our viewers and listeners -- they buy the s.p.y. they'

. >>> crowds are turning out in newport beach, california, for the 107th christmas boat parade. this year 90 boats are participating from from multimillion dollar yachts to inflatable dihies. also this year you can forget your bathing suit. temperatures dipping down into the 40s. >>> now for a look at your morning road conditions. drivers will see flooding conditions in the pacific northwest, and roads will be wet up and down the east coast from northern maine to south florida and as far inland as pittsburgh. >>> and if you're flying, airport delays possible in atlanta, charlotte, washington, d.c., philly and -- you have my paper here -- new york. >> okay, thanks. i like sharing scripts. . as our relationship builds we can share things. >>> here's a serious story that is a sad end for a troubled secret service police officer. arthur baldwin was shot and killed in broad daylight in washington, d.c. have been an attempted robbery. >> baldwin had been suspended last spring for an attempted burglary at his ex-girlfriend's house, but that charge later dropped. it's uncertain whether