and up until that point, i knew oppenheim are only as everybody knows oppenheim infinity have a securityclearance taken away from him, that he was director of the institute of prints in. that's really all i knew. i didn't know that he wrote poetry. i didn't know that he wrote short tories, that he was an expert in french literature, that he taught himself sanskrit, that he was deeply interested in hinduism and that he taught himself sanskrit in order to read the hindu classics in their original language. neither did i know about his political activities in any detail in the 1930s or his relations with his friends and students and family members. all of which i find absolutely fascinating. i said in the review there is a really interesting biography to be written of oppenheimer. after this was published, publishers got in touch and saying well, why don't you do it? so i did. it took me 11 years. it is an incredibly rich and absorbing and fascinating life. there was in a single in those 11 years when i lost interest in my sub sites. i continue to find out new things about him. he has i gue

and oppenheimer said yes, of course that would be pretty easy.the senator, startled, said, what is our defense against this? oppenheimer could be rather rudely witty at times, and he stepped back, well, you could get a screwdriver and open up these crates and every suitcase and expecting. there is no defense. >> booktv now in its 15th year on c-span2 is looking back at authors, books and publishing news. you can watch all of the programs from the past 15 years online at booktv.org. >> up next on booktv, afterwards, i guess those this week is sally quinn. she is the cocreator of the "washington post" blog "on faith." she ended his richard dawkins about his latest book, "an appetite for wonder." this program is about one hour. >> host: so richard, i can't help but notice and admire your time. which has penguins on it. is the significance to that, and biological significance tragedy these are chinstrap england but it's hand-painted by

so he gets into manhattan project security, and he's the guy who's hounding robert oppenheimer, and all of oppenheimer's students because they were all from eastern european stock, and he was sure they were going to sell the bomb or give the bomb to the soviets. so he goes with the american army to europe with the liberation, and he was zooming around trying to find russia -- german scientists. and he billets with these nazis, nazis who were, you know, using prisoners as human subjects to test their theories on new drugs and supercolds, all that, and he likes these guys a lot. he didn't like oppenheimer, but he likes the nazi scientists because they're anti-semitic, they're nationalists, they're imperialists, and he gets them paper clipped to the united states, and they start working in american labs and companies throughout the country. there's 1500 of these guys. and then also a lot of nazi intelligence guys come in, because they knew the soviet union as they were fighting them. and what you find in the postwar period which is what i came on when i was writing this book is this strang

jerry webman, from oppenheimer funds will join us on that.bt deal does not change the shutdown and no lending or financial verifications. we have a ceo on the shutdown impact on homebuyers. twitter question of the day, so how long will the shutdown shuts down the nascent housing market recovery? tweet us at fox business #mkm. ashley: what it doesn't need. lady gaga, you know her, encouraging the little monsters to get covered. she doesn't cover up. hey,,but why celebs are jumping on the obamacare bandwagon. always a good show when you get lady gaga in. major averages moving because of a possible debt ceiling extension. we'll take any good news i guess. lauren simonetti down on the floor of the nyse. lauren? >> ashley, that is exactly what it is. we'll take any good news. we got hit hard over the past 10 days with the partial shutdown. the dow industrials are three or four paints away from the highs of the session. everything is sharply higher. even the nasdaq is popping 2%. financials, banks, credit card companies are leading this market. eve

. >> after that match, oppenheimer immediately lodged a protest with the german football association. they want me until the week after next to consider the case. the vice president was the first official to comment on what some are calling the ghost goal and he appeared to rule out the possibility of a replay. any footballer feels instinctively, as i do, that what happened was unfair. that goal should be not allowed to this band. -- to stand. pre-k's we cannot allow every single decision by referees to be called into question. the misleadert of -- and the rest of the -- esliga and you t an nierenberg reached 1-1. that leaves the table looking like this. with the top line continuing to set the pace. in the bottom half, moved to the bottom after their defeat. that is your lot. bye-bye from me. >> october is a busy time for one grower in germany's rheinhessen region. simon and adams makes her way to the grape harvest. -- simona adams makes her way to the grape harvest. it will be a tough day. but that is normal during harvest time. simona adams does everything by hand. work, but theing

joining us is andrew from oppenheimer. very good morning to you. thanks for joining us. you think of this season? we've racheted down our expectations. a large number of firms are reporting early. what do you think? >> yeah. good morning. i think we're turning from the macro to the micro a little bit as we get past this dramg ma in washington, d.c. we're starting to see the flow of reports coming in. generally it's not the overall growth rates that are as important, but where they are relative to expectations. in this quarter, you know, we saw somewhat of a typical pattern which was coming into the quarter, expectations were racheted down pretty substantially from about 6.5% growth expected in the beginning of the quarter to the beginning of the quarter when the reports started flowing in, that was all the way down about 3%. that got cut in half essentially. we think when all is said and done there will probably be your typical 65 to 70% up side surprise in companies. so far it's been predominantly financials have been the big sector underway. we know they've had some pr

how does oppenheimer -- >> first of all puerto rico is improving. it is absolutely true that the finances are weaker than they are in the highest rated states but certainly not unique among municipalities. >> 45% unemployment, 45% unemployment, they have more puerto ricans living in the united states than on the island and roughly $70 billion in debt to gdp, that is $100 billion. >> it is a weaker credit which is why yields are so high but consider the very significant changes that have been occurring in pr to address these issues. the new administration there which arguably was more left of center administration and expected to be more populist has got religion. there are some parallels to what went on in brazil when lulu was elected a decade ago. those of us who are familiar with the emerging markets were quite worried about what was going to go on with this left of center administration but they had the credibility to make the tough decisions and we see that going on in pr. adam: we got a note today saying we should open up the federal reserve di

we mentioned the oppenheimer developing markets fund which is a well-managed and we vet it very thoroughlyar-rated fund, and it's performed well in it peer group. so we think that's a nice long-term play for individuals as well as our wealth management clients. liz: we're going to put both of those up on the web site, and i'm going to tweet out your favorite stock name right now. we've run out of time, so my apologies, but it's a chinese company, so follow me @liz claman, and i will tweet out his stock pick. ernie cecilia, great to have you. >> thank you, liz. liz: closing bell ringing just four minutes away. we have all our cameras trained on the hill and the white house for every single move. reporters on it. large or small on this final push for a debt deal, we have every piece of news. don't go away. ♪ muck [ male announcer ] once, there was a man who found a magic seashell. it told him what was happening on the tradg floor in real time. ♪ the shell brought him great fame. ♪ but then, one day, he noticed that everybody could have a magic seashell. [ indistinct talking ] [ male announce

oppenheimer funds which manages 12 of the top 14 fund with exposure to the commonwealth has sufferedutflows in the industry since mid september. that is according to lipper data. this comes as investors continue to shy away from port rekos' debt after yields surged as high as 17% earlier this month. oppenheimer fund president and ceo, art steimetz joined me friday for exclusive interview where he says he still sees upside. >> we see opportunities there. adam: the sec is investigating mutual funds with exposure to puerto rican debt including oppenheimer fund. >>> headed toward financial disaster and taking taxpayers along for the ride. lori: that is how financial services chairman committee jeb hensarling talking about the billion dollar fha bailout. he wants washington to stop writing blank checks. it's a growing trend in business: do more with less with ss energy.hp is help. soon, the world's most intelligent servers, designed by hp, will give ups over twice the performance, using forty percent less energy. multiply that across over a thousand locations, and they'll provide the same

let's call to the charts and get answers from carter braxtonworth of oppenheimer. hi, carter. >> we'll focus on chipotle. and the charts are important. i'm just going to zero in on this particular chart. it's the five year chart. what's important about it is this violent break, of course, you're talking about a 60% decline from roughly 450 to 220. and the rules of charting are as follows. when after taking a bad hit a stock returns to the level from which it sold off, you encounter memory -- two types. the guy who bought it here, who endured all that. he's now made whole. he wants his money back. so there is sellers from here. and then there's the person who bought here, this person wants to book gains. so more often than not, when you first return to a past top, you run into trouble. let me show you how this happened last time. this is the '07 high, the stock had a violent selloff. when it recovered, it got stuck at the prior top for exactly six months. we are now similar circumstance, we're back to the high, this is where, if one has gains, we would start to pull

go to the charts with the man some call the pick awes wroe in the y and x axis, and that's greg oppenheimert we have going on is something important. >> once in a do you understand trend, you stay in the down trend. unless you stay back above it. when you revisit, he that's the key. it hits that line, and it doesn't go back below it. it's the same circumstance of a down trend that now we've moved above that trend, and we have all the hallmarks of what i would characterize as a bearish to bullish reversal. just to put this down trend in context longer term and the move above it, take a look at the long-term chart. there is the same down trend, and there that's the key. we've now moved above what has been a well-defined disaster, frankly, for quite some time. then here also what's important, notice how that is happening at the 2009 lows. take a look at the charts. this is very important. the fact that this action here over the last six months is happening not randomly at a past low and in breaking the down trend line. that's big stuff. >> got to be long. >> mike, the put story really winds up

of oppenheimer. hi. >> it is a great smart board. it brings things to life. the steel story to life a little bit. what we have going on is something important at the weak end of the market. we know what's going on at the strong end. strong stocks are getting stronger, the linkedins and googles. there is development at the weak end, going on in a washed out area like steel. so this is the official steel index, as determined by standard and poors. it has newport, u.s. steel, alleghe allegheny, so forth. but what's important, just like apple, once you're in a down trend, you stay in a down trend. and if you do violate to the upside, that doesn't mean anything unless you stay back above it. when you revisit, that's the key. it stays above trend. and then bounces again. so the key is it hits that line and doesn't go back below it. now, take a look at cliff natural, which is one of the most beaten up of all stocks, literally having plunged from highs of 100 or better. but it's the same circumstance of a down trend, that now we've moved above that trend. and we have

then the mic was handed over to the oppenheimer cfo and said it was a new september quarter record. i will get back on the call and bring you headlines as i get them. >> thanks for that, josh. let's look and see how apple's component makers are reacting. all down in the afterhours session. for more on qualcomm's move, let's bring in mark on the fast line. great to have you with us. what if anything is your read through? >> the first take on the iphone numbers, i say positive on the margin for qualcomm. they beat the street forecast for revenue. and that drives royalty business. their guidance in december. >> mark, talk about the royalty revenues. they are 2/3 of where their profitability is coming from. it's 50%. in emerging it's 12%. that doesn't get me very excited here. i wouldn't be a major seller of the stock. if you look at where their royalties are coming from. >> qualcomm is a play on the whole industry. could be. >> the one thing, too, you got to look at. we factor that in. >> so mark, with apple at 5:15, qualcomm reports november 5 or 6. what's the play at qualcomm? is it

. >> reporter: the two-one win over oppenheim will not be replaced.ide and then it crept in the net in the hole of the side of the netting. there was an appeal for a rematch. >>> chelsea moved back second thanks to a late winner. giving chelsey the 2-1 win over manchester city, and the game's opening goal. equalizer rescued a point for city, but torres' effort as they slide to their third defeat of the season. >>> and the spanish league athleticco madrid easily beating real. they could not have bought a better start. they led their first game of the season last week. oliver torres with the goal. he was making his first league start. 5-0 athleticco. serena williams has ended her stunning season with yet another victory. serena has been showing signs of exhaustion throughout this tournament in instance bull and lost the first set to the chinese player. this was serena's 86th match before. the world number one was able to killing deep one last time to win in three sets to claim her 11th title of the year. >>> an egyptian kung fu champion will be de porte

remind every petty the authors will be in the signing tent i writer in austin my name is daniel oppenheimer take you for coming. i should have introduced myself in the beginning. [applause] [inaudible conversations] >> you're watching live coverage of the 2013 texas book festival on c-span2. the next panel will start in about 15 minutes or so with a panel of politics and president obama. in the meantime we will show you pass coverage from texas >> i was trained as a scientist but became richer later. for me when of the bigger responsibilities is asking tough questions of science is often in cheerleading. those who ask a lot of tough questions of lot of headlines are that science events is but not until later when people start to ask questions about what happened in the long ago so it is important to ask the questions of ethics but also not demonize science in the process. of this is portraying the people behind the science in sometimes well-intentioned scientists accidentally have negative effects. i thought it is important to present the issues but not a scare people so much of the story i

the tech heavy nasdaq and given the focus on the debt ceiling, what's interesting is that john at oppenheimer said investors are become more cognizant to the debt companies carry. out of all the companies on the s&p 500 that are debt less 50% are in the technology space. technology has the lowest debt to total asset ratio. experts say that could be a catalyst for the tech sector in the coming months. lastly another bright spot for the nasdaq. biotech. in comeback mode. looking at reagain ron shares leading the index to new highs. >> all right. seema, thank you very much. joining us from capitol hill is representative james langeford of oklahoma, republican policy chair. thank you very much for taking time out and joining us today. you've heard the latest from john harwood. you probably know more even than we do. i gather your caucus is going to meet at roughly mid afternoon, 3:00 or thereabouts, what do you expect to happen there and do you expect that this senate hammered out deal will pass the house of representatives? >> i would expect it would pass. obviously looks like the senate is goin

makes their goods and services more competitive with local products and because of this, john at oppenheimer is recommending clients to diversify their portfolio. some of the big winners in the group include goodyear tire, cliffs natural, alex continue ion pharmaceuticals and tech giant apple, auto desk and applied materials. the terms of specific regions, europe continues to be a bright spot. companies with european exposure like priceline, harmon international and electronic arts are up double digits over the past three months and what's more is thompson -- or excuse me thomas lee at jpmorgan says the pick-up? european sales will be a trend to watch in the upcoming earnings season. tyler? >> all right. actually sue is going to take it away, i believe. sue? >> all right. last week we first told you about how the shutdown was holding up mortgage applications. diana olick had the story for us and now back with an update because we've gone a little further into this government shutdown now. >> we sure have, sue. the biggest issue is lenders can't get the irs to verify tax information on mortga

joining us right now, jerry webman, chief economist from oppenheimer funds.government shutdown are we doing real damage or psychological? >> i think it's more fear of what's going to happen. the fact we're not down further than we are, we're conditioned to think, oh, well, they'll pull off something at the last minute. >> that's always the condition. is that complacenccomplacency. should we really believe that. >> the other side of it, it's possible, we may see something valuable come out of it. entitlement reform for ee quest rags cuts. that's starting to get kicked around in the gossip mills. i don't think anybody wants to get too excited one way ort other right now. >> stocks are coming down. are they getting cheaper? are they getting more attractive? do we look at it that way? is it a glass half full thing here? >> i think if we come back -- we all want to talk about this political stuff. i've been able to hide that on the political side. i had that for most of my 30 years in this industry. we're probably paying too much attention to the politics and not

carter worth at oppenheimer says there are fewer s&p 500 companies that are trading above their 150 day that's their medium term batting average if you will. even as we hit record highs, fewer stocks are trading above their average marks. that's something to watch as well. also, number three, china. there's concerns there that the chinese stock market has been on a steady kind of drift up and down but downtrending throughout the course of the year. that might be a cause for some investors. the emerging markets especially china have been huge powerhouses. more of these warning signs on cnbc.com. go there and we have a lot more about what exactly the market is looking at for reasons why we could see a correction. >> dom, come sit down here with me. it really seems like the old school tech is shrugging off the red flags today. just today. amazon and microsoft reporting their earnings. mr. softy beating eps, amazon beating on revenue and both stocks getting a really nice definitely not red bounce. the tech sector itself is the second best performer this month as the nasdaq is hitting a 13-y

joining us is brian levit from oppenheimer funds. michael underhill from capital innovations. j.j. burns from j.j. burns & co. j.j., it's tough to focus on the markets on a day like this. it is instructive to see what the markets do with all of this. this is our first big down day we've had since the federal government shutdown. >> i think that investors are starting to feel the pinch of, are we going to go back into recession? if we continue this government shutdown for two weeks, possibly going on to three or four weeks, we're going to see an impact to gdp. it could be as much as 1.4% to 1.5%. that's pretty significant. the treasury yield curve is sending us some really positive signals. that is we don't see any recession that's going into play right now. >> the short end seems to reflect the risk going on right now but the long end doesn't seem to reflect that is what you're saying. >> absolutely. i think that with factories such as general motors in operation, 9 out of 17 are pulling 24-hour shifts, the u.s. economy is moving along. maybe not so briskly. but moving along pretty

start talkings numbers, carter worth, chief market technician at oppenheimer, zach kara vel, river twiceh, with you, down but you get my point about the constituents. either way do you believe housing is in trouble? >> i don't believe housing is going to have what it head from 2010 to 2012. this incredible collapse in the market, massive foreclosures, unemployment, people not being able to move, cats and dogs living together, you basically were going to see some sort of recovery barring an economic collapse and you've seen that. the question that is going forward, are you in anywhere in the position at the same kind of fundamental resurgens and i guess i have two answers to that. one is i hope not and two is no. i hope not because housing should not be leading the u.s. economy. it's a derivative of activity. and no in that there's only so much that people will do in terms of mobility and the job market and buying new and existing homes. when we saw the existing home sales were pretty bad today and derivatives are likely whirl pool is in this, hxp as well. these stocks have had a good run

in the late 40s we will hear oppenheimer's voice. the late 1940s he was invited to an executive session of the u.s. senate and he was asked by a senator -- this was about 1947, two years after hiroshima. would it be possible docked or oppenheimer for for five men to construct a crew atomic device and put it in a suitcase and smuggle it aboard a ship in the new york harbor the new york harbor? oppenheimer said yes of course. that would be pretty easy. the senator kind of startled said well what is our defense against this? oppenheimer could be rather rudely witty at times and he stopped and said well sir you could get a screwdriver and open up each crate and every suitcase and expect -- and inspect them there is no defense. >> visit booktv's live coverage of the texas book festival in austin texas and in just a few minutes we will continue our live coverage with alan weisman author of "countdown" our last best hope for a future on earth. >> visit booktv on c-span2. now life, alan weisman. >> hi. my name is juli berwald and i'm a scien

. >> now, he and oppenheim, the count, max von oppenheim? >> max von oppenheim. >> they actually put their heads together, and they said, hey, wait a minute, germ doesn't have any muslim -- germany doesn't have any muslim subjects. we should have muslim subjects, right? >> well, actually, what they came up with was a way to attack, a way to undermine the british and the french empires was today both had muslim colonies, essentially. germany didn't have any. so, and muslims just do not like to be ruled especially by europeans. and so oppenheim and proofer's idea was to create a global islamic jihad. >> so jihad by germans. instigated by -- >> instigated by germans and that would set the region aflame. so they were trying to -- they were some of the first people to talk about, you know, a pan-arab world jihad. >> very interesting. now that, of course, brings us to lawrence. now, i am -- how is it that these are all 20, 30-year-olds. >> right. >> they are acting way beyond their pay scale in terms of the influence that they're trying to exert a

joining us for more from washington, sara faghin and lauren oppenheimer. welcome to you both. the deal that i've just highlighted is what gets put in a bill, what would the house republicans make of it? >> well, i think that's the million-dollar question this morning in washington, ross. we do know that speaker boehner and the minority leader, mitch mcconnell here in the u.s. senate have been talking. they met yesterday and they had several conversations throughout the day. so we don't believe that the minority leader, mitch mcconnell, would put his caucus to a vote if he wasn't confident that the speaker was going to be able to get the senate package through the house. >> okay. so are you feeling confident, then? >> yeah. i feel, i would say, mildly optimistic that this deal can get through the house. we see a number of considerable smarting. but the prospect of having a set time frame for budget negotiations, which we believe would commence right after this package and go until the middle of december, with the promise of further cuts in social security, in medicare, medicaid

you know, it is what it is and, you know, i've been in management at oppenheimer's equity business.say it does happen that some quarters you miss it. but i suspect what happened here is you had this violent pullback in rates in june and july and when markets dislocate that much, it's easy for some company -- you never know which one it's going to be, but somebody is going to be stuck on the wrong side of the trade. >> compare the investment banks to commercial banks right now, chris. >> well, the commercial bank -- and i'm, in general, much more favorably disposed to either the commercial banks or the private equity companies. the investment banks, like i said, ten out of 15 quarters it's been negative comparisons. for the commercial banks, on the other hand, you have this tremendous tailwind from improving credit quality. so, you know, mortgage delinquencies peaked in january of 2010. and they've been coming down, you know, roughly a third si over the last 45 months. there's this enormous tailwind. it's probably going to keep getting better. as that happens, expenses will come down

oppenheimer, dreyfus, franklin templeton, goldman sachs have it in large quantities. let's talk about that. i pulled one of them. franklin templeton connecticut tax-free income fund. sound very innocuous. sounds like they're buying debt of connecticut. buying muni bonds from bridge for the and somewhere in connecticut. the single greatest holding within that fund, $22 million worth of that, is puerto rican sales tax bond. that is troubling especially when you considering that puerto rico is on the verge of default with its bonds, is it not? >> yeah. there are about, to give another example, there are seven off pen himmer fund have 25 and 33% of their total portfolio exposure to puerto rico. they have names of different states. you're exactly right, adam. this is important for municipal bond and broad retail investors to take note, what is in your municipal bond portfolio. adam: it is not easy to find. what i dug into franklin templeton online two hours ago i had to go through different pages before i got to actual percent dollar holdings and figures. let me ask you th

jerry webman is the chief economist at oppenheimer funds. welcome to both of you. let's start off talking about this situation. peter. >> well, i think what was interesting to me -- i was disappointed, wall, by gene sperling's comment. he's a smart guy and a good guy. it crept into john's comments this morning in anticipation of the interview. the magic word that appears to be coming from the interview is complacency. a false sense of complacency about the market's response to the shutdown. i think it's an accurate sense of disgust. i think what you're going to see on, you almost have a situation where you're seeing the administration and washington generally trying to talk the market into a panic over this issue. because i think their view is if they can convince the market that the stakes are high enough, which they obviously are, and the likely consequences are disastrous enough, which they are not and will not be, that the market craters that will put greater pressure on the republican party to drop the complaints and move on and get a deal done. >> is this deb

oppenheimer says go for the internationals that are exposed, 3m, fedex, cummings. >> i mean consumergoing to have top line growth. those are going to do well because the middle class is going to grow. on a valuation basis, those sectors are trading at lower multiple than the market. that's the opportunity where you want to sell high into the consumer staples and ults and i cyclicals, discretionaries, industrials. >> good to talk to you. thank you for your time. >> we are watching shares of netflix, pretty upbeat outlook. the ceo addressing the euphoria, in his words, surrounding the stock price on the company's conference call. >> every time i read a story about netflix is the highest preeshating stock and the s&p 500, it worries me because that was the exact headline we used to see in 2003. up know, you can definitely we have a sense of momentum investors driving the stock price more than we might normally. there's not a lot we can do about it. >> we're gentlemen, good morning to you both. what do you make of a ceo coming out and saying the app priat wo? >> i have to say i share som

ken with an outperform rating and jason at oppenheimer has a market perform.irst you. outperform here. how much further do the shares have to go? >> i think they can continue to move. they've moved a little quicker than i was expecting but i haven't changed at all in terms of the conviction. when you're looking at what google has to offer, the fact that they make most of their money through services gives them an advantage in hardware and software and ultimately it stands to make them somewhat disruptive there. >> and what do you see -- have they hit your price target yet? >> we're at 1,100 right now. but i would say, look, there's still up side from there. google is doing a very good job putting a lot of platforms together, android, probe, youtube, search, everyone's doing logged in searches at this point. i think for the potential for it to be a gate way at some point, it's closing the loop between online and offline advertising. >> interesting. jason, what say you? why is that not feasible? >> part of it is we look at the fact that moves with the market. th

. >> joining us now, andrew berkeley, head of institutional portfolio strategy at oppenheimer and georgees. gentlemen, good morning. >> good morning. >> george, can you argue that fidelity is being conservative. but on the other hand, were there to be a default, it's binary for them and they would be accused of having stepped out in front of a train. that's essentially the situation. >> it's prudent to do risk mitigation. that's happening across the money market industry. interest rates moving much faster. if you look out the yield term, it's short-term rate markets that are critical. for every buyer, there's a seller. >> the fear is -- we should explain the bigger issue is these t-bills are like the s cement through the system, what people post at collateral. everybody is using these as the back bone. so the danger in the repo market, as they call it, is that a number of sellers emerged, false sellers perhaps, and that there aren't buyers nap is the nightmare scenario. are you telling me that's not an issue here because there are enough people like pimco who have longer time horizons? >