and bank of america themselves are doing. if you want to read on the global economy, go to jpmorgan's conference call. you want to read on the standard of both corporate and consumer, you listen to jp morgan. it's lively and straight forward. yes. the conference calls are actually entertain when they're from jpmorgan. i think jamie dimon will be thrilled to show how the company is performing and has put the whale behind him. that said, i don't want you to buy it or any of the banks ahead. it's too hard. especially after wells fargo dropped today. even though it reported a pretty darn good quarter. we get results from ebay. the longest time i have stood behind ebay, but my charitable trust recently sold it after a huge run-up. it kept going higher. this stock, though, did get hammered the last time it reported because the market failed to recognize the inherent value of pay pal. the on-line credit card company buried within ebay. be ready to buy if this this happens again. my trust might be there with you. next up, kinder morga

sure, all of the big banks and bank of america have run a lot lately. ks are still well off the all-time highs. and actually well off the highs of a couple of years ago. and i think as things get better in 2013, as people realize that so many of the worries that have held the banks down for so long are in the past, these stocks will continue to climb higher. the sector isn't the only reason i prefer bank of america to home depot. even though people are used to thinking of one went as a dog, there's a lot going for it. first of all the company's been restructuring, taking out huge costs. cleaning up the balance sheet under the excellent leadership, yes, i will anoint him as excellent because he's gotten through this period. most people couldn't, brian m e moynihan. analysts expect that bank of america is in good enough shape that it will get approval from the government to return more cash to shareholders in march. and either via bigger dividend, maybe a buyback, maybe both. plus bank of america's been taking share, starting to have low growth again, that

believe it or not, bank of america is heavily favored. 75% of you picked bank of america, despite the it lost people ba jillons of dollars over the years. if the viewer is right, it's a close call. i would go to twitter underdog pulte. the reason? pulte and bank of america took the honors, part of strong secular, groups that will do quite well in 2013, company sector accounts for 20%. sometimes higher in banks. this is a very important part of the allocatio the calculation. banking versus housing. i like both areas. banks have not suddenly become fabulous businesses. struggling with superlow interest rates, and a lack of loan growth. however, a ton of improvement here. and that is why bank of america, more than doubled last year and i think it will have a good 2013. ever since the recession, banks held back by a host of worries. the year where the years are a thing of the past. litigation over the mortgage putback issue and fanny mae, some outstanding legal issues, dodd/frank, and something that will finally get certainty or clarity on over the next nine months and the last three majo

the sector isn't the only reason i prefer bank of america to home depot. ople are used to thinking of bank of america as a dog, there's a lot going for it. first of all the company's been restructuring, taking out huge costs. cleaning up the balance sheet under the excellent leadership, yes, i will now anoint him as excellent because he's gotten through this period. most people couldn't, brian moynihan. analysts expect that bank of america is now in good enough shape that it will get approval from the government to return more cash to shareholders in march. either via bigger dividend, maybe a buyback, maybe both. plus bank of america's been taking share, starting to have loan growth again, that's a first. the company is a housing kicker. as they're a big player in the mortgage business and they still own a lot of foreclosed properties, that goes down almost every day. you know i prefer wells fargo for this particular business. we're only looking at the best performers in the dow so wells is not in the running. it reports friday. most people think it's not g

. >> reporter: it's an expensive time for bank of america. the company announced today it will pay out billions of dollars in two separate mortgage settlements. the first lays to rest a dispute between fannie mae and countrywide- the troubled mortgage giant bank of america bought in 2008. bank of america will pay $3.5 billion directly to fannie mae. and buy back almost $7 billion worth of bad mortgages that countrywide sold to fannie mae before the housing bust. bank of america will also sell servicing rights on two million mortgages, bringing the total value of the settlement to over $11 billion. the deals get most of countrywide's liability off the corporate balance sheet, a big step in moving bank of america past the housing crisis. >> i do think it's another quarter in which their shareholders aren't taking home any money, so it's painful, its costly, but it does get you closer to putting the whole thing behind you and not going to compromise the capital position of the bank in any way. >> reporter: also today, ten major banks, including b

news from two giant banks: a big earnings miss from citigroup, and a big earnings drop at bank of america. investors dump the stocks. >> tom: that and more tonight on "n.b.r."! >> susie: hundreds of flights were canceled today and airlines rushed to make back-up plans after regulators around the world grounded boeing's 787 dreamliner. those actions came after the federal aviation association ordered the plane out of the air after two incidents where lithium ion batteries overheated. boeing says it is confident the 787 is safe and says it stands behind the plane's overall integrity. this is only the second time in more than 30 years that regulators have grounded a plane. darren gersh reports. >> reporter: boeing has spent more than $30 billion developing the 787 dreamliner. one reason for the high cost is boeing's decision to upgrade the hydraulics and other mechanical systems with next-generation technology that runs on electricity. >> you've got generators on board the aircraft that are powering the systems directly with electricity. that, of course, means a lot more juice is flowing thr

news from two giant banks: a big earnings miss from citigroup, and a big earnings drop at bank of america. investors dump the stocks. >> tom: that and more tonight on "n.b.r."! >> susie: hundreds of flights were canceled today and airlines rushed to make back-up plans after regulators around the world grounded boeing's 787 dreamliner. those actions came after the federal aviation association ordered the plane out of the air after two incidents where lithium ion batteries overheated. boeing says it is confident the 787 is safe and says it stands behind the plane's overall integrity. this is only the second time in more than 30 years that regulators have grounded a plane. darren gersh reports. >> reporter: boeing has spent more than $30 billion developing the 787 dreamliner. one reason for the high cost is boeing's decision to upgrade the hydraulics and other mechanical systems with next-generation technology that runs on electricity. >> you've got generators on board the aircraft that are powering the systems directly with electricity. that, of course, means a lot more juice is flowing thr

results at bank of america were also weighed down by that deal. but an even bigger hit to of b. of a.'s earnings came from a settlement with fannie mae to end a dispute over bad home loans. the bank earned 3 cents a share in the period, a big drop from the 15 cents earned in the same period last year. c.e.o. brian moynihan tried to put a positive spin on today's results. >> our strategies continue to work, were seeing growth across all the core businesses. were seeing that momentum continue to accelerate. >> reporter: but for today, at least investors weren't convinced. erika miller, "n.b.r.," new york. >> susie: our next guest says citi and bank of america investors have to be prepared for a few more bumpy quarters. nancy bush is banking analyst at s.n.l. financial. so nancy when are all of these mortgage problem goesing to go away. here we are in 2013 and we're still hearing from these banks will problems with mortgages and settlements and chargeoffs. you know, how many more year does we have to go through this or how many more quarters? >> well, i think that it is, indeed, a

we like bank of america and citi. ook at the intel upgrade, is there a way to think because of ultra books that hewlett-packard might be able to pull out of this tail spin? >> yes, there is a way. >> how would it happen? >> you subscribe part of it. but eshall see. when it comes to hewlett-packard, there are so many moving parts. the difficulty of the turn-around is so widespread from an organization that we pointed out many times has well over 300,000 employees. we'll see. will there be signs of progress in 2013, jim, i think is really the key question. because then you might give investors something to at least latch onto with the hopes that 2014 will be a real key -- not that this isn't. this is the key year for hewlett-packard. if they don't show signs of progress, i would expect towards the end of this year if not sooner we'll start to hear calls of breaking the company apart. i think you have a board that will at least listen to that idea in a significant way, and a ceo that wouldn't necessarily say no. >> this i

and god bless the united states of america! your heart, your passion, your intuition and you still-still operate on a level of excellence that's unparallel, anything can happen. >> they're at least a couple of things that people can take away from watching me run this campaign. uh, number one, i'm a pretty good manager. we had to start this organization from scratch, competing against organizations that had been built 20 years ago. uh, and i think it's fair to say that on most of the indicators how we've raised money, how we've spent money, how we built an organization. uh, how we've staffed, uh, that we've probably had the best managed champaign, uh, in either the republican or democratic field. we've really built a bottom up organization. our strength has been that we raise our money in $25 and $50 dollar donations from over a million donors, uh, using the internet as a way to-to, uh, uh, organize across the country. our organizations have built- been built through volunteers. and they're constantly giving us messages and ide

this is not the idea of america. but, this is what america will become if we do not reorient our way of thinking right now. as our government grows ever larger, it will become what america's all about if we let it. this is our challenge, this is what we are here for. look at the debates that have dominated washington, d.c. the last couple of weeks. we add the fiscal cliff, the debt ceiling, the joe biden gun- control panel. we have allowed these to take center stage. we are falling into a sideshow trap. all these debates are about government. government is government power or the leading lady or leading man in our country today agreed to -- today's conservatism is wrapped up in solving the city's mass that is the federal budget, the burgeoning deficits, the mammoth federal debt, the shortfall in our entitlement programs. we seem to have an obsession. this is the long game for us to apply. today it is the fiscal cliff and to market will be the fiscal -- and tomorrow it will be the fiscal armageddon. our government has

you suddenly begin to realize what you're reading here is a description of america. at you're reading of all the people who sort of make up the pequod. of course they're all dudes. and, of course, they're all kind of written in that kind of disturbing 1800's sort of way of looking at it. but really at a metaphorical level, he's describing in many ways the stupendous diversity of the american character. and sort of how we live together, how we work together, and how like a ship a nation must have a common purpose. >> and do you still think that when you go back to it? because i know you go back to it. you refer to it, time and again. >> i think what's happened is that my community has become the country. i didn't realize that we were the future. i didn't realize that the pequod was itself a vision, an auger of what america would become. and i didn't realize that who we were together, living in this 64-building kind of neighborhood, that the rest of the country would begin to mirror us. i mean, the seeds of the new america that we've been talking about, you know, you ha

in the southern portion of the richest city in the richest state in america there's a cluster of neighborhoods the streets of new boulevards laid out in a grid between concrete ribbons of freeway. two miles of the west is a pacific coast highway and the beaches that money. five most of the north drilled they all drive in beverly hills. seven miles to the east to corner of hollywood by twenty five miles south those orange county and disneyland. surrounded by the california dream this region best known legs. on its streets there up to the country's most violent outbreak of civil unrest not once twice it's also the home of america's two most infamous african-american gangs crips and bloods is bloody forty year feud has taken five times as many lives as the long running sectarian conflict in northern ireland it was devastating body count continues today. but in south los angeles. life wasn't always this way. once to. the one nine hundred fifty s. three friends from south l.a. ron bird. grew up reaching for the piece of the american dream. the most significant thing was when i went to join the boy

in a few short years many of america's most influential. black leaders and either been incarcerated. or sas. they ran him down and chased him down and out of the down a murdered everybody they could and made their body else either go to exile or to lock them up in a penitentiary and when all that was over with a new development rose the call the crips. you see. in the late one nine hundred sixty s. and the black cop playgrounds of fremont high school emerged this new order led by south l.a. teenager raymond washington generally credited as the crips founding member. in response number of rival gangs formed an alliance calling themselves bloods moniker adopted by african-american soldiers serving in vietnam. the opposing armies now in place battle flags were raised blue for crips and red for bullets. exactly which set our neighborhood true first place and why you never be known. for the next four decades or encrypt and blood sets the car the streets of south l.a. into a grid of rival territories. today these fractured communities are home to

for more than 100 years, the boy scouts of america have been shaping young minds. but tonight, proof some of those young minds are now shaping the very leaders at the top. the boy scouts of america could soon lift the ban on gay scout leaders and gay scouts themselves. it would effect scouts like ryan andresen of florida, who started as a cub scout at 6, earning all 21 merit badges in his lifelong dream of becoming an eagle scout. but after 21 badges, he told ellen the answer was no. >> so, you did everything you had to do. but they're saying they won't give it to you. >> yeah, just because i'm gave. >> and your mom started a petition. >> yes. >> i love mothers like. that is your mother in the audience? good for you. >> reporter: his mom and his dad starting that petition -- "boy scouts, don't let your anti-gay policy deny my son his eagle award." late today, i asked ryan's father what he makes of the boy scouts on the verge of a major change. >> well, the short answer is, it's about time. one of the points of the scout law is you have to be honest and thus wore thi

citi and bank of america. we got into it exactly how much it owed, how many bad debts that had to absorb from fannie and freddie, citibank still too big to absorb. is it time to abandon them for the small regional banks? >> full disclosure i own bank of america personally, but to say i think most of the people that would argue they would rue the day bank of america ever accrued countrywide. we may have gotten by the fannie and freddie thing but we are not passed countrywide just yet. once you do, you can get a little bit more clear skies. the financials are a pure play against an improving economy. that is a procyclical type investment strategy looking at industrial financial technology. i think that is where we are. liz: american express, you also like leucadia as another pic. i guess it acts as a dow component. would love to know your perspective right now. >> they put out a good number today. again, here' here is another sin where management is running the business very well. additionally they have the righ

they will not be met easily or in a short span of time, that know this, america -- they will be met. heers and applause] on this day, we gather because we have chosen hope over fear, unity of her pace over conflict and discord. on this day we come to proclaim an end to the petty grievances and false promises, the recriminations and worn-out dogmas that far too long have strangled our politics. we remain a young nation, but in the words of scripture, the time has come to set aside childish things. that time has come to reaffirm our enduring spirit. to choose our better history, to carry forward that righteous gift, that noble idea passed on from generation to generation, the god-given promise that all are equal, all are free, and all deserve a chance to pursue their full measure of happiness. [cheers and applause] in reaffirming the greatness of our nation, we understand the greatness is never a given. it must be earned. our journey has never been one of shortcuts or settling for less. it has not been the path for the faint hearted, for those who prefer leisure over work, or seek only

while bank of america reaped a windfall, fannie and freddie were stuck with huge losses and foreclosed properties. in another major settlement, bank of america and nine other major lenders have agreed to pay $8.5 billion to settle claims of wrongfully foreclosing on millions of american homeowners. the settlement covers a number of foreclosure abuses including flawed paperwork, robosigning, and wrongly modified loans. the settlement will end in and in a review of all foreclosures, meaning the banks could be avoiding billions of dollars in further penalties. diane thompson, a lawyer with the national consumer law center, criticized the deal, telling the associated press -- opposition activists in bahrain are vowing to continue protests despite the court's decision to uphold the prison terms of 13

that's impious o wanting bank of america, they have settled with fannie mae, $10 billion. 6.8 billiony are buying back loans that are sold to settle mortgage claims with fannie mae. most of this comes out with countrywide. bankamerica purchased countrywide and this week investors will be all about earnings reports. the first report is due tomorrow, followed by wells fargo. the fourth quarter reports for the last three months of 2012 are very important because it gives investors an idea of how companies perform for last year. the futures are down 20. >> it looks like apple the company may be invading wine country. it looks like the storage heading to napa because the that giant is advertising retell the out for an application. no word yet on where the actual location of the new apple store might be but we will let you know. >> a look at current temperature is a 036 degrees and napa up. upper 50s, as close to 60 degrees for today and plenty of sunshine. we will be right back with weather. you can't move the tv there. yuh-huh. we have the wireless receiver. listen. back in my day, there

they will not be met easily or in a short span of time, that know this, america -- they will be met. ver fear, unity of her pace over conflict and discord. on this day we come to proclaim an end to the petty grievances and false promises, the recriminations and worn-out dogmas that far too long have strangled our politics. we remain a young nation, but in the words of scripture, the time has come to set aside childish things. that time has come to reaffirm our enduring spirit. to choose our better history, to carry forward that righteous gift, that noble idea passed on from generation to generation, the god-given promise that all are equal, all are free, and all deserve a chance to pursue their full measure of happiness. [cheers and applause] in reaffirming the greatness of our nation, we understand the greatness is never a given. it must be earned. our journey has never been one of shortcuts or settling for less. it has not been the path for the faint hearted, for those who prefer leisure over work, or seek only the pleasures of riches and fame. rather it has been the risk takers, th

bank of america will dive right in they know it is a cash cow for them in the end. neil: you know, ty, leaving aside the hypocrisy of this and everyone taking bows at fannie. that force ibly had to buy something from us and pay us it gets convoluted. how can wall street accept or continue to feel good about being very, very much joined at the hip with the same government it wants to break from? >> it is interesting, the market is trading on the government printing money. it is a hard relationship. the reality is -- >> what happened to the days when guys like you, used to espouse out of my backyard, out of my business, i'll make it on my own, i'll fail on my own. >> i agree. as far as fannie and freddie, we should pull their charter, sell their assets and not have the goal of lending money to people who are not creditworthy, if we continue on the same path we're on. we can ex pects the same results of last time. neil: what is it with freddie and fannie, the institutions that are never investigated. kept out of big laws, the executives either have compromising photos o

of drugs? because they're half your sponsors? america's number one cause of death is suicide. >> you accuse me of attacking the second amendment of the constitution. >> i want to get people off pills that the insert says will make you commit suicide and kill people. >> alex, alex -- >> i want to get to the real culprit, suicide pills, mass murder pills! >> let me ask a question. >> first time anyone has heard this, by the way. >> your belief, if i'm wrong, under the second amendment, your real concern is that you will be overrun by a tyrannical regime. either from somewhere else -- >> yes -- government -- look at mexico. total gun ban for the citizens. highest crime rate in the world. total gun ban for the citizens. switzerland has the lowest gun crime rate in europe. your country has the highest -- >> alex, alex, we have 35 a year. you have 11,000 -- >> let me ask you -- >> it's brains. it's people. >> i'm trying to get inside your brain. >> booers, piers, if you punched me right now, it would not be your fist but your brain. >> let me ge

morgan chase also bank of america wells fargo citi group p. and c. financial services. now the big banks agreed to pay eight point five billion dollars to make up for widespread abuse that led to thousands of americans being forced out of their homes when they in fact should have been allowed to keep those homes now here's a little bit of a breakdown for you three point three billion will go directly to eligible homeowners who were foreclosed upon in two thousand and nine in two thousand and ten and five point two billion will be used as assistance and loan modifications and reductions of principal balances now despite settlements like these today and another one in two thousand and eleven the foreclosure crisis is far from over and in some cases continues to get worse to talk more about this and he went as a director of economic research at the reason foundation hey there anthony you're joining us from los angeles is. normally east coast but the enjoying this sunny southern california california of course a place that has seen a record number of foreclosures so let's ta

of the hour. stocks now and every 15 minutes. gm investing heavily in north america. : remember the 2009 bankruptcy and saved by the u.s. taxpayer. general motors is up they have presented today. they are cutting down some of the cost that they face in the next generation volt. the dow jones industrials have been on the move here. bank of america has been a big lag or weighing on the dow jones industrials. jpmorgan wang on the dow also. the delay some good from general motors. back to you. connell: a lot more still to come. we will get to this manti te'o situation and algeria in a moment. let's talk about facebook. there are new signs that the phone may already be here. dagen: shibani, what are they? shibani: mark zuckerberg, at one point saying making a -- a very silent update that was upgraded overnight to facebook messenger. this will be a competitor to microsoft. the facebook phone may be here. it is just a software update, essentially. here is what happened over at night. it was upgraded to a brief call button on it. when you are looking for your friend, maybe you

austerity economic policies how do we convince congress that austerity isn't the answer to all of america's problems before a member of congress in just a few moments also all across america c.e.o.'s are defying the federal government and forcing their own religious beliefs on their employees the c.e.o.'s really have the right to deny their female employees access to health care what ever happened to freedom from religion and later in the show we'll have a your take my take wives segment your chance to call in and ask a question or make a comment live on the air. you need to know this ignoring the lessons in europe the united states is set to jump into an austerity economic death spiral this year already thanks to republican hostage scenarios over the last few years forcing deep spending cuts the united states is set to swallow three hundred forty eight billion dollars in austerity measures this year in two thousand and thirteen and includes two hundred billion in spending cuts and an additional one hundred twenty five billion from the expiration of the payroll tax cut these austerity measu

of the design of our government. america is not exceptional because of that. the genius of america is in our strength and power in growth that comes from individual actions. [applause] government does not order greatness. it cannot command outcomes. individuals, taking risks, building businesses, inventing things, and passing immutable values from one generation to the next, that is the root of america's greatness. [applause] and that is the mission as we build a new republican party. away from managing government and towards a mission of growth. it falls to us to show the younger generations the wisdom and the great benefits of the american path. it falls to us to unleash a new dawning of the american dream, the dream that our parents came to this great country for. prosperity and opportunity. it is our responsibility to seize this opportunity? it falls to us to dig the principles of freedom and apply them to the future. make no mistake. i am not calling for a period of introspection and navel gazing. winning the next elect

something that bank of america and merrill agreed after the close tonight. about the housing recommended toll, that was my favorite chip in the housing game the other day. i already talked about housing as one of my favorite themes for 2013. and beyond earlier this week, it could be the preeminent thesis for 2013. we've worked through the huge oversupply of shadow inventory and mortgage rates are so low, housing prices have been rising steadily for the past months. and there's a huge backlog of people who want to stop living with their in-laws, been there, did that, and get their own home so they can start a family. pulte is not the best home builder out there, in my opinion. again, i like tol, but pulte has something the market likes, it may show tremendous improvement in earnings. go back to 2009, pulte was a mess, bought centex, a lower end home builder but massively overpaid because the housing market got crushed and they got stuck with a lot of bad land and lousy mortgages. since then, the company's been trying to get the house in order by cutting costs

on you depend the fortunes of america. you are to decide the important questions upon which rests the happiness and the liberty of millions yet unborn. act worthy of yourselves." well, i believe we, the americans of today, are ready to act worthy of ourselves, ready to do what must be done to ensure happiness and liberty for ourselves, our children, and our children's children. and as we renew ourselves here in our own land, we will be seen as having greater strength throughout the world. we will again be the exemplar of freedom and a beacon of hope for those who do not now have freedom. to those neighbors and allies who share our freedom, we will strengthen our historic ties and assure them of our support and firm commitment. we will match loyalty with loyalty. we will strive for mutually beneficial relations. we will not use our friendship to impose on their sovereignty, for our own sovereignty is not for sale. as for the enemies of freedom, those who are potential adversaries, they will be reminded that peace is the high

he's really one of the reasons i'm so concerned about the lack of gun control in america. who owns 50 weapons. he has sort of a path logical view about it. he seems unhinged to me. the irony of these gun rights guys saying to me that i'm rude to them won't be lost on my regular viewers, i'm sure. i try to stay calm, and really there's no other way to deal with him because he's sort of this ranting guy who doesn't want anybody to grab his guns, but no sense of awareness about the wider issue of a particular type of weapon being used to commit these mass outrages. >> we lawyers refer to people like that not as witnesses but as exhibits. he was an exhibit, like a piece of evidence. you see him speaking and you say to yourself, i don't want that man to have a gun. i wouldn't feel comfortable having an argument with him in his home where he had access to his 50 weapons, and if he got really mad at something i said or if i disputed his contentions or i told him he was lying about the fbi statistics, and that he was lying about the claim more guns equal less crime, i would be wor

debate at bank of america downgraded after leaving the dow in 2012. what is the best move days ahead of the earnings? two traders square off. first, the top story, the rebound. stocks coming back today after alcoa kicks off earnings season with a bet and raise. what does the start to the period mean for the markets? we are trading today's action with ryan, steven, joe, and mike. joe, everybody said alcoa doesn't matter. pete said it means nothing. i have 78 reasons on the dow today why it does matter. the tone is set and looks good off the start. >> yes. it does matter and for the industrial space and also pete flagged yesterday to his credit an told you that you were going to see significant appreciation. you're getting that today. now, why is that important? it's important because we go back to, again, where are you going to get the positive contribution? from financials. from materials. now if you can get it from industrials, as well, that just solidifies the reason that the vix is trading right now at 13.5 and you could buy cheap protection in this

this is the promise of america. ation and fifty years after the march on washington, we celebrate the spirit of our ancestors, which has allowed us to move from a nation of unborn hopes and a history of disfranchised to today's expression of a more perfect union. we ask too, almighty, that where our paths seem blanketed by forms of presentation, and rivelled by pains of despair, we ask for your guidance toward the light of deliverance. and that the vision of those who came before us and dreamed of this day, that we recognize that their visions still inspire us. they are a great cloud of witnesses unseen by the naked eye. but all around us, thankful that their living was not -- for every mountain. you gave us the strength to climb. your grace is pleaded to continue that climb for america and the world. we now stand beneath the shadow of the dome what reflects one nation indevizble with liberty and justice for all. approximately four miles from where we are a assembled, the hollowed remains of men and women rest in arl