california talking with stanford professors adult their riding in joining us now is professor robert proctor from the history and science in stanford in this is his most recent book, "golden holocaust" origins of the cigarette catastrophe and the case for abolition" professor proctor when were cigarettes invented? >> the party take it is essential. a kid be either nicotine delivery device which they go back to the small cigar, or tobacco wrapped in paper in which case it begins in spain in the 17th century with people in spain rolling tobacco scrap into old newspapers but then in an 18th-century with the middle east they've run out of pipe tobacco so they start rolling tobacco is an old ammunition pieces of paper to smoke that. it is me in the 19th century phenomenon. the has grown really big in the 1860's then explodes with the invention of mechanize rolling of tobacco wear instead of having a limited role cigarettes you could have 500 per day now all the sudden they have 100,000. as a result you have a program of basically having disposed of a massive serb plus that are produced in such a

enkosh, proctor and gamble puts his chief execute officer back in the corner office. >>> ageing infrastructure. what needs to keep our roads and bridges safe. >>> beef prices soar. you'll be paying the price for your backyard barbecue. we have that and more tonight on "nightly business report" for friday, may 24th. >>> good evening. an executive shakeup at dow component proctor and gamble had all of wall street and the world of business buzzing today but the new boss is same as the old boss as the old song used to go. after just four years at the helm, bob mcdonald has resigned. the man who had the job before him again takes over the company as president, ceo and chairman. investors liked what they heard sending the dow component stock higher by 4% today at $81.88. so we're bringing back the former chief executive make p and g a better company and a better investment and does the strategy of bringing back the old boss ever work? >> reporter: proctor and gamble the largest consumer brand in the world, the maker of products we know and love like diapers, fabric softener and crest toothpaste repl

joining us now is professor robert proctor. he is a professor of the hit tree of science at stanford. this is his most recent book. "golden holocost." professor, when were cigarettes invented? >> it depends on how you look at this as essential. cigarette can be thought of as a nicotine delivery device we can think of it as a small cigar in which case they go even further back or you can talk about tobacco wrapped in paper, in which it begins really in spain in the 17th century with people in seville, spain, and then it doesn't really do much until the middle east runs out of pipe tobacco and they start rolling tobacco and ammunition pieces of paper. so it's mainly a 19th century phenomenon. this includes the rolling of tobacco. where instead of having these girls and women roll cigarettes, that they could roll 200 or 500 per day, suddenly these machines, they could roll 100 of them per day and you have to dispose of a massive amount of cigarette and such an enormous quantity it becomes attend of a price of massmarketing. >> how

i like colgate more than proctor. hedge, i recommend laffly, the three point jump would have only made sense if he had been relieved before the tough restructuring kicked in, in the 60s. after, it make no sense at all to me. even though that move has been repealed, i would us the misplaced euphoria, because despite mcdonald's herculean efforts, they weren't able to catch up to colgate and unilever, although it would have in months. the market wants to rotate out of the consumer package goods into more industrial financials that do better with real world growth coming back. that kind of rotation has been a time honored investment strategy. i embrace it. why not exit or short proctor again unilever or colgate or kimberly even if you think the world of laffly. there are better fish to fry and better toothpaste and soaps and diapers to own. stay with cramer. you hurt my feelings, todd. i did? when visa signature asked everybody what upgraded experiences really mattered... you suggested luxury car service instead of "stren

i like colgate more important than proctor.e 3 poin point jump would have only made sense if he had been relieved before the tough restructuring kicked in, in the '60s. after, it make nos sense at all to me. even though that move has been currently been repeeled, i wouldn't yield the missed euphoria, because despite mcdonald's herk lean efforts, they weren't able to catch up to colgate and unilever, although it would have in months. the market wants to rotate out of the consumer package goods into the more industrial financials that do better with real world growth coming back. that has been a time honored investment strategy. i embrace it. why not exit or insure proctor again unilever or colgate or kimberly even if you think the world of laffly. there are better frisch i fish to fry and better toothpastes and diapers to own. stay with cramer. >>> ben bernanke will not stop by. ly tell you why. no fifth amendment for lois lerner and senator tom coburn reports from oklahoma next up on the kudlow report. just like a tablet. so ea

that is on our facebook question. >>> proctor & gamble is bringing back the old boss.ney. we remember steve jobs successful return at apple but can the charm work again? is this a successful formula? liz: plus one of country music's biggest stars is teaming up with outbreak -- outback steakhouse to support u.s. troops. jeff flock on boosting the spirit of u.s. veterans. you have to see this story. ♪ . with fidelity's new options platform, we've completely integrated every step of the process, making it easi to try filters and strategies... get a lt of equity opti.. evaluate them with our p&l calculator... and execute faster with our more intuitive trade ticket. i'greg stevens and i helped create fidelity's options platform. it's one more innovative reason serious investors are choosingng fidelity. now get 200 free trades when you open an account. welwhere new york state is... investing one billion dollars to attract and grow business. where companies like geico are investing in tecolog& finance. welcome to the state where cutting taxes for business... is our business.

that helped proctor & gamble along. it is up 4%.sitive dow points that helped to move this stock to higher levels ish by the way, that is new trend, bringing back old ceos the that we'll be talking about later this hour. tesla, we heard it here couple weeks ago, looks like the stock is going up to 100. it is only about three bucks away from there right now. >> it is doing well. traded as high as 97.95 year-to-date. it is up 185%. anybody investing will say, hey, i take 185% in just a few months and the year isn't even done yet. [closing bell rings] here we go with the closing bell, heading into a holiday weekend. david: guess what, folks? the dow turned around. it was who haver having around the flat line. looks like popping up above that line as we go into the weekend. all the other indices are down but just barely some look at the russell 2000. at the bottom. that was almost, as we talked about it went up to the green. everybody is hedging their bets going into a three-day weekend. not sure exactly how things will end up through t

. >> professor robert proctor you have some ads here is the lucky strikes at do you inhale? >> people don't realize prior to cigarettes especially with tyrtaeus -- turkish tobacco it was not inhaled and almost no long cancer prior to 1900 but only 142 cases of lung cancer known worldwide because tobacco smoke was not in pale but just in the united states alone we have 150,000 lung cancer deaths per year by far the most important cancer. these lung cancer epidemics her almost entirely the result of the making of cigarette's design to be inhaled that is why i consider the cigarette not to be inherently dangerous but dangerous by design. it is designed to be addictive why they keep nicotine and manipulated levels, designed to be inhalable and that is because of the low ph of the smoke but that creates the lung cancer so it is not inherently dangerous but it is by design. >> host: are dangerous -- cigarettes were dangerous with a filter? >> they make them slightly more dangerous although they have the same hazard. for a couple of reasons they are more dangerous. the filter reduc

>> reporter: proctor says he has been overlooked by many employers because he is not a college grad. >> my training came from instructors being sent to ships? the jungle, wherever they could find an instructor to come out and train us that's what we did. >> reporter: he hopes to use those skills with the right company in civilian life. anne makovec. >> the job fair is open to veterans and their spouses. >>> coming up a massive cookie order mistake that left one girl scout troop with a monster task and looming debt. >> i was lonely. its hard to be the one and only in some places. >> one woman's difficult experience has inspired a lifetime of working to make things easier for the next generation. what she is doing to inspire young people to achieve everything they can. >> hi, i'm meteorologist lawrence karnow in the kpix 5 weather center. lots of sunshine all the way to the coastline right now. we are getting ready for a heat wave! we'll talk about that coming up. ,,,,,,,,,,,,,,,, you may want to blame your that's according to a new sy >>> well, if you piled on some extra pounds, there

proctor & gamble is a market company.rically a huge advantage. what we have seen the past couple of years while there have been successes, we haven't seen the type of disruptive innovation that we saw ten years ago so i think that goes back to the pace of change. is ag the guy to come in, rally the troops and get greater focus on a higher level of change? >> marion, we're spending the day looking at the past examples of this. michael dell. as a rule, are there second second acts in american life? >> i'm sorry. i can't hear the question. >> i'm wondering if a ceo who returns to his own company historically has a record of success? >> i'm sorry. i can't hear. a return to stability or big change? i think that bringing them back is wonderful. it's not only a return to stability but a return to a philosophy, a spirit. it's not just stability. i think we're going to see even more. i think it's going o be absolutely aspirational for the company going back to roger martin about question number one. what is the winning aspiration?

. >>> proctor & gamble topping the dow today after the company surprised the street and announce, it is appointing a new ceo. bringing back a.g. lafley, who replaces bob mcdonald effective immediately. buy, sell or hold this stock? karen, what do you say? >> i actually was thinking sell. the fact that they brought him in, sort of makes you wonder, is there a problem there? and it's not trading like there is a problem. >> they did say it doesn't actually indicate there's a problem there, but maybe -- >> maybe, maybe. >> how do you explain all the activism, though? >> the activist case, though -- the activist case, though, is that the company is distracted. the ceo is on 26 different boards. frankly, i think the ceo made a great trade. gotham fishing or another year of calls from gallackman. >> you need an innovator. mcdonald wasn't one. you need things that are going to steal market share -- >> this stock is number one, in, like, 20 categories -- >> these guys -- the criticism, though, is these guys have not been doing on margin. they have a high margin portfolio and mcdonald was goin

we put it up on the screen, involving intel against proctor and gamble.se two? >> well, intel. they popped 10% in the last month, trading at ten times earnings right now relative to, i want to say about 17 times earnings for proctor and gamble, and, you know, as investors really have chased safety, and i think they are paying too high a price for semiingly safe companies, but a safe asset at too high a price is not safe. lizly -- liz: next one, qualcom, and the pairs is? >> well, qualcom is a better buy than, you know, duke energy. it's a better buy, really, than a lot of the utilities and consumer staples and tobacco companies baa they get a royalty of the asset sold, and add vent is slowing price emotion, e enormous tail wind. liz: apple, what about that? >> a better buy, frankly, than most things right now. you know, apple's probably a better deal inn southern, app 8's a better deal than, again, any of the perceived safe stock. colgate a great example trading at 22 times cash flow, apple trading at 7 times cash flow with about the same yield, and so i

proctor if i wrote my hedge fund. proctor jumped 7 points. i'd buy 50,000, 49, flipped it at 59.didn't work. it broke down. the machines broke down. it's the greatest story never told. you will never know what happened there. >> there was no liquidation. there was no news. the p & g trade worked. people are thanking me for that one. i was glad the government attempted to figure out what really happened. like i said, it wouldn't, it wouldn't at the time, it never could. so-called circuit breakers involving declines would end these flash crashes. frankly, i like the circuit breakers. i didn't know that they worked. i say, get used to this these flash crashes could be the normal part, my advice, for individual investors, you should be profiting from these machines. put limit orders, not market order, underneath your favorite stocks. corporate treasurers listen to me. make sure have you your buyback orders, every price down, every order, so you can profit for your shareholders. don't be buffaloed. you can, indeed, take advantage of the chaos to get better price even tow your mignons

will places like proctor & gamble and jcpenney turn companies around? steve forbes joins us on the power of money. >>> plus how texas may have come up with the best solution for soaring college costs well, since college. we have got the details. more money coming up. ♪ . ♪ . melissa: call them the boomerang bosses. os wh leave their company and get called back to retake the helm aer their successor, well, performs a little poorly the latest two examples are newly repointed proctor & gamble ceo a.g. lafley and jcpenney ceo mike ullma. what is with the second chances especily, they were originally fired themselves. surely it is an example of the power of money or vintage money maybe. my next guest certainly knows a thing or two about all that. steve forbes is the chairman of forbes media. great to have you back on the show. >> thank you, melissa. melissa: have you noticed this trend? peop like old school, steve jobs, howard schultz, who invent a company, you know, and they get it off the ground. they leave and itort of wobbles and they have to come back a

will places like proctor & gamble and jcpenney turn companies around? steve forbes joins us on the power of money. >>> plus how texas may have come up with the best solution for soaring college costs well, since college. we have got the details. more money coming up. ♪ . (announcer) at scottrade, our clnts are always learning more . (ann) toelp me plan my next move, i take scottrade's free, in-branch seminars... (ann) toelp me plan my next plus, their live webinars. i use daily market commentary to improve my strategy. and my local scottrade office guides my learning every st of the way. because they know i don't tre like everybody. i trade like me. i'm with scottrade. (announcer) scottrade... ranked "highest in customer loyalty for brokerage and investment companies." ♪ . melissa: call them the boomerang bosses. ceos who leave their company and get called back to retake the helm after their successor, well, performs a little poorly the latest two examples are newly reappointed proctor & gamble ceo a.g. lafley and jcpenney ceo mike ullman. what is with

i want to let you no, no change in the holding on american express, coke, or proctor and gamble.the largest stock holding now, close to 90 billion. david: adam, ibm, have they changed positions on ibm at all? >> here's how we do it, david, when we go through the 13f, we add up, literally, the old-fashioned way we have not hit ibm yet. david: the first five holdings, biggest holdings represent 65% of all their holdings, and wells fargo, coca-cola, ibm, american express, and proctor and gamble represent the five stocks that represent 65% of their total. >> ad k, thank you. back to heather. andersons, this is a name that's not just in the food business, it's got brick and mortar stores. what do you like about this as the next pick? >> well, one of the biggest businesses is grain elevator business, and that business was greatly impacted negatively so by the drought last year that hurt volumes of corn, wheat, soybeans, ect., but we're supposed to get a very large corn crop this year, furthermore, anderson said the acquisition back in the fall of some elevator assets so we believe that

we do like whole foods and we do like johnson & johnson, proctor & gamble. we think that they have moved up enough and the new money is going into cyclicals. david: i understand. look for where the new money is going. by the way we have electronic arts numbers coming in. joe, what do the numbers look like -- jo. >> we're getting new numbers into the fox business newsroom. we're seeing 55 cents in adjusts earnings which is not exceeding, it is under the 57 cents that the analysts were expecting. stocks are late trading up about 5%. in terms of revenue coming in at 1.04 billion, which is in adjusted revenue which is just over the expected 1.03 billion. for electronic arts. david: by the way, electronic arts is riding on the coattails of disney. they signed a new deal with disney. they will spin off some of the lucas products disney bought into games. larry, what do you think of this? they missed on epa but after-hours they're trading up? >> trading up. the deal with disney is a really good thing. keep in mind the momentum they have had putting on to mobile pho

. >> host: booktv on c-span2 talking to professor robert proctor from stanford university from history and science professor his book "golden holocaust" origins of the cigarette catastrophe and the case for abolition" >> host: "in excellent health" setting the record straight on america's health care" the author dr. scott atlas but also a senior fellow here at the hoover institution at stanford what works about the american health care system when you looked at in the larger sense? >> that could take up the entire interview but what works rarely is what the book is about which is the actual medical care and availability or access as well as implementation or introduction of diagnostic and therapeutic treatment of diseases. in fact,, a lot of the impetus was to clarify the background information that people don't really have despite what has been said about the u.s. health care system and the bottom line is with both access and quality of care. >> host: cost? >> it is an issue in well-documented and i concur with the documentation that the u.s. is the most expensive system for health ca

proctor & gamble dropping in 15 seconds. >> just in the last few weeks where stocks stay within a predefined trading range and can never trade outside. that's an example of the exchanges. working very closely with the sec. using technology. technology isn't the problem, it's the solution to making sure our markets work more efficiently. >> thank you for being with us. we appreciate your contribution. >> thank you. >> sue. >> tiler, thank you. when the markets started plummeting, jim cramer was on the set commenting. watch. >> machine is obviously broke. the system broke now. >> now -- look at this. >> but now it -- there should be an investigation. >> the machine is broke. you got your opportunity. monday the machine is broken. >> we should talk to duncan. >> let me just say -- >> credit where credit is due. jim is with me you were the first to spot the problem. do you think that flash trading contributes to a fair market system or not. >> the government has blessed it. there have been many investigations where it's a he said she said. i think that it has not really helped. there are certain

proctor i'll sell. i don't like the growth in campbell's soup. >> neither did i. >> we had a long talk about it. but the gatsby index that we set up and it's right the rich are different. i know that's fitzgerald and not gatsby, and that index was up double the s&p. someone upgraded tiffany today. look at michael kors. the rich people are even richer. this must drive obama crazy. i thought i nailed those people. no. >> it's never done. >> we're waiting for the trickledown. >> they've never done better. that is an irony. >> isn't it weird that they're happier than ever, buying tesla. >> going to costco. >> they had merchandise problem, but i still like costco. >> the dell special committee is recommending shareholders approve the buyout bid led by michael dell. the takeover bid of 1365 is the best alternative available and the special meeting to vote on the deal that's kind of news here set for july 18th, the record date, by the way, the date by which you have to hold the shares in order to vote them is

shares of proctor and gamble are jumping.oost after announcing some changes. p&g is bringing back former ceo. the tornadoes could cost as much as $5 billion. a bulk of the cost is tied to the deadly tornado that struck more, oklahoma. durable goods came in better than expected in april. orders for long-lasting and you factored goods climbed 3.3% from march. that is the latest from the fox business network. giving you the power to prosper. ♪ [ shapiro ] at legalzoom, you can take care of virtually all your imptant legal matters in just minutes. protect youramily... and launch your dreams. at legalzoom.com we put the law on your side. we don't let frequent heartburn come between us and what we love. so if you're one of them people who gets heartburn and then treats day afr day... block the acid with prilosec otc and don't get heartburn in the first place! [ male announcer ] e pill eachmorning. 24 hours. zero heartbur [ slap! ] [ male announcer ] your favorite foods fighting you? fight back fast with tums. calcium-rich tums star

a major ceo shake up at proctor & gamble. we're going to talk to a man who has been on the inside of that company. talking the talk and walking the walk when it comes to the taper, is the fed communicating clearly enough or is this already a big mess? see why the worry level is hitting new highs. finally danger zone. we're going to take a good look at how fragile and damaged america's infrastructure has become. >> good to see you. the douw right now is down. it will mark the first time that that index has fallen three consecutive days since the start of the year. but the big dough component story is the ceo shake up has traded up almost 4%, just a hair under 4%. since the market hit rock bottom in march of . >> first, of course, the legendary shoes, but also leading the consumer products giant through the economic downturn and fending off competition through name brands and private labels. mcdonald's was criticized as well for not doing enough to cut costs and to improve manufacturing productivity. the results unimpressive. t

proctor and gamble in a town he calls first class. >> thank you very much. >> you were talking abouting to come back and talk more about the art auction. >> a lot more wall power coming up. >> fantastic. in today's markets, a lot can happen in a second. with fidelity's guaranteed one-second trade execution, we route your order to up to 75 market centers to look for the best possible price -- maybe even better than you expected. it's all part of our goal to execute your trade in one second. i'm derrick chan of fidelity investments. our one-second trade execution is one more innovative reason serious investors are choosing fidelity. now get 200 free trades when you open an account. i work for 47 different companies. well, technically i work for one. that company, the united states postal service® works for thousands of home businesses. because at usps.com® you can pay, print and have your packages picked up for free. i can even drop off free boxes. i wear a lot of hats. well, technically i wear one. the u.s. postal service®, no business too small. well, technically i wear one. we asked

so when i get there, you wait in a line and then some lady, the projector g proctor gets in the car.test basically. >> jimmy: how did you do on the test? >> okay, i should probably not have my license and here's why. so first, she said -- by the way, the lady was so mean to me. she was really wildly mean to me. she was a real big c. plugging. so we get in the car and i'm driving. i already assume i'm going to fail this test. because most people fail it the first time. >> jimmy: they do? >> yeah, they do. >> i was fine with that being my story. i got nothing to prove. so we're driving and she tells me to -- pull over. i always forget that. pull over. >> jimmy: it's a bad sign if you don't know that term. >> i forgot what it's called when you pull over but don't park. she says you need to single. that's part of driving. i'm like you're right. i think i'm failing. then she tells me to parallel park. i hit the curb. she's like it's okay, keep going. i know i'm too far out. i try to fix it hp wh. so i start backing up. she said what are you doing! she said you're too far out. yes, we disc

proctor and gamble replaced the ceo. keep watching to find out. even when they say it is not , it is always about money. dennis: if writing story from "the wall street journal" that iranian hackers have launched attacks in to american energy companies to allow them to critical infrastructure like pipelines. there is a huge cyber threat comi from china as well and our next est thinks china and iran could be in cahoots helping them to launch attacks against the u.s. and here have chris from the institute of the study of war and cyber security expert morgan right. thank you for being with us. chris, is every and serious? >> it is a pleasure. yes, they are serious it is a strategic competitor to the united states. they oppose us at every level they can and the issue is cyber warfare i a serious threat i believe specifilly between iran and china and we see that in many other sector and the iranian military establiment. two months ago we saw ships visit china and after that weaw this super tanker and two months after that we saw the cyber warfare attack

[closing bell rings] david: proctor & gamble is the biggest drag on the dow as we go into the tradingg day, end of trading week, end of trading month, on a down day. this is the second week the market is down. as we settle, it looks like we may go below 200. yep, there it goes. this is the biggest 200 point drop in quite some time. this is the second week in a row where we've seen negative numbers. this may be the beginning, if not, middle part of this pullback that a lot of people have been predicting. it will be a long weekend for traders as they mull over what this last minute selling really amounted to. all of the indices are in the red. the s&p is the worst down almost 1 1/2%. a 200 point drop on the dow and all indices follow suit. liz: much of this happening in the last half hour of trading today. here is look at today east front page headlines t seems so long ago but

lori: talk about proctor & gamble. there you go. for the ad agencies here, that shill for its products is hurry up and wait. dennis kneale is here to explain. >> that is the message proctor & gamble is giving ad agencies when it comes time to pay the bills. p&g, one of the biggest advertisers, forces advertisers to wait 75 days for p&g to pay them. that is 25 days longer than old period of 45 days that is 66% longer delay. in grocery store chains wanted to force p&g to wait 75 days for what they on stocking up pampers, diapers, tide detergent and charmin toilet paper, not going to happen. p&g makes them wait because it can. it is one of the largest advertisers in the world. the stock fared well over the past year. they have 25 separate brands with each over a billion dollars in annual sales. where grocery stores earn a penny on dollar of sales. even that skimpy profit relies on payments from p&g other makers for premium product placement on store shelves. p&g late play delay from kraft spin-off mon dell lease. johnson & johnson, anh

. >> mary: these are your notes all right how long will it enkosh, proctor and gamble puts his chief officer back in the corner office. >>> ageing infrastructure. what needs to keep our roads and

proctor and gamble replaced the ceo. keep watching to find out. even when they say it is not

>> 49 1/4 bid for 50,000 proctor. proctor just jumped seven points when i said i liked it at 49.ould buy 50,049 and i just flipped it. i just paid 500 gs. the machines broke down. it's the greatest story never told. you'll never know what happened there. >> by the way, you never know what happened there. i couldn't tell you. >> the government doesn't care. i'm doing a 1 croc power lunch and that was one of those moments when the bids were pulled away. the buybacks don't exist on those days. if someone had a brain on a buyback they could have bought every share. >> how did you say that is not a real bid? how could you know? >> because i've seen the phoneiest of the market over multiple years. on the terrible tuesday, the day after the crash. >> this is one of those and this is the terminator 2 situation where you literally, the machines are smarter and faster and they're not run by anybody and the government is trying to figure out what is going and that's the way the cookie crumbles. it's just a shame. it's what happens. i knew it was all phony. a lot of people did the procter &

a major ceo shake up at proctor & gamble.been on the inside of that company. talking the talk and walking the walk when it comes to the taper, is the fed communicating clearly enough or is this already a big mess?

. >> stanford university professor robert proctor on tobacco's history and the continuing dangers ofsmoking, sunday night at 10:00 eastern, part a book-tv on c-span 2. gift that 13was a businessman i purchase to get to the grant family and appreciation for his service during the war. up theentioned coming hill and being presented this lovely velez she said was furnished with everything in good taste could offer. >> we are in the parlor which was the entertaining part of the home. all know that julia was an avid entertainer. the family spent quite a bit of time here in the parlor also. we know that mrs. grant and their daughter ellen played the piano. imagine a family sitting here and a general and his favorite chair and the other boys listen to their sister and mother plays songs for them. grant launched his plan is essential campaign from galnea. it was located at the desoto hotel. the day after his election, grant and julie opened up their home and the parlor for people, townsfolk to file through and congratulate both of them on his election and the next step of their lives. this i

poster children of separation of roles like proctor & gamble, john schmall one of the leaders. he served as secretary of gm. both gm and p & g drafted back to more uniform management. you named the european scandal. whether or not it was bp, hsbc, standard charter, barclays, whatever. they already had the separation of roles. it was not preventive in any way. nor is it ever predictive of better shareholder returns. the fact, it's a cliche -- cadbury came out with this celebration of separation of roles. his own company was a disaster, cadbury. 20 years ago, following off the old robert maxwell publishing empire. we went dancing naked off the ship. the people said who's in charge of this thing. >> wow, a walk down memory lane with jeff sonnenfeld. >> remember max well? >> of course. >> what you're saying if berkshire hathaway decides to do the split and warren buffett says that will occur when he leaves are you suggesting berkshire's returns are going to be less? >> i don't think it's hurt berkshire hathaway for warren buffett to have a unified role. i don't think it's hurt bob

. >> rubber proctors sat down to talk about his book, the history of the tobacco industry and the dangers

robert proctor sat down with book tv at stanford university to talk about his book, golden holocaust on the history of the tobacco industry and the dangers associated with smoking cigarettes. this is part of the book tv college series and is a little under half an hour. ..

[closing bell rings] david: proctor & gamble is the biggest drag on the dow as we go into the trading day and end of trading day, end of trading week, end of trading month, on a down day. this is the second week the market is down. as we settle, it looks like we may go below 200. yep, there it goes. this is the biggest 200 point drop in quite some time. this is the second week in a row where we've seen negative numbers. this may be the beginning, if not, middle part of this pullback that a lot of people have been predicting. it will be a long weekend for traders as they mull over what this last minute selling really amounted to. all of the indices are in the red. the s&p is the worst down almost 1 1/2%. a 200 point drop on the dow and all indices follow suit. liz: much of this happening in the last half hour of trading today. here is look at today east front page headlines t seems so long ago but this morning consumer sentiment came out as a good number. the number for may rose to the highest level in 2010 thanks to rosier outlook on economic conditions. confidence rose to 84.5, from

market orders are how people ended up selling proctor and game bell for $38 a share even though it wasorth $30 more on thursday, may 6 of 2010 when the machines took over and we tumbled a nearly thousand points. the flash crash. in the time it took me to walk out on the set and just sit there for "street signs". with all the nasty stories of conflicts of interest, you probably recognize while your broker may be a great and helpful person, his interests aren't necessarily aligned with yours either. his top priority isn't necessarily to get you the best possible price in your trades. that's how he's often paid. that's not what we do on "mad money." why i don't have any conflicts. i don't want your commission. have i ever asked for any fees? no. that's why you have to trust me. instead of placing market orders, i'm urging you to use limit orders, easiest thing in the world to do and doesn't cost a penny more. could save you a fortune. tell your broker the highest price you're willing to pay and lowest you're willing to accept if you're selling. that way you will get your price or if the s

now, if you take a look at what happened recently with proctor & gamble, they disappointed on earningswn about 6.5%. still, this group is trading at a good multiple over what the market is trading at, and i think that's probably going to revert. i don't think the overall market is expensive, but i think the staples are. i think this might be a good time to start rotating out of them. >> what did you notice from the options action in these names today? >> well, you know, it's interesting, dan has highlighted these types of trades for quite a few months now. today, one of the things we were seeing were buyers of the july 55 puts. l low volatility names. they were costing about 57 cents f. you own the stocks, i think you can finance these puts with the dividends you're collecting. otherwise, just sell them. the broad market or something underperforming. >> you think the staples are stretched, don't you? >> i do. i've thought that for a while. that's the safety play, it's the brand play. i think you've got to go to other places, not to the commodities, though, look at china's number under

sponsored by macneil/lehrer productions captioned by media access group at wgbh access.wgbh.org enkosh, proctor gamble puts his chief execute officer back in the corner office. >>> ageing infrastructure. what needs to keep our roads and

when lynn martin who had been the secretary of labor joined the proctor and gamble board, she said i don't remember this but she said you know coming you greeted me when i said i'm so glad, i waited 17 years for you because i always wanted to be one of two or more. the reason i was courted by the boards i think is because in the 70's, companies in particular were beginning to feel the pressure to put women on the board and there were not that many women that had the experience in the background that -- nowadays there are plenty of women ceos and higher ups in the companies there were not then. so i had these rather high-profile disability at the cea, suddenly the companies wanted me and i was courted by lots of companies and i got to take the cream of the crop. the manufacturers by the way work through three or four changes of what is now jpmorgan chase. and i was on the board through most of the changes. >> what were your observations about board service in general and the nature of the way they were being governed during this period? >> the first board on a joy and was hanover bank

the only losers, proctor and gamble, merck, american express cleiding -- leading the way.ou're a superstar well-republic the anchor, but if they bring back "the jersey shore," you can star in it. dagen: i have the tan working on it. >> i'll be the side kick. dagen: you did that naturally. i do this in a bed with bulbs and silicone lotion. that's too much. nicole, thank you so much. you look fan fantastic as always. home prices in rally mode. the home price index for 0 # -- 20 cities jumping 11% in march from a year ago, a gain in seven years. phoenix, san fransisco, and lass vegas up 20% from last year. joining us from the chief markty strategy, how long before we have a happenover from this, if at all? >> in our view, the definitive bottom was the fall of 2011, 18 months into the recovery that we think is going to five to seven years run. we had a huge deficit created just now digging out. there's bright spots in the economy. dagen: what happens if and when or when the federal reserve removes some of the -- just the bond buying, when they just start to back it off a littl

against another part of the group because then they will get together and you won't be able to charge proctor and gamble or mcdonald's all lot of money for the ad, right? it's all about money. modern media monetizes an issue. so modern media goes out and says, look, we're never going to get an audience the size of the finale of m*a s*h or the cosby show or what uncle walter used to draw from the cbs evening news so we will find a niche. we will find young males, young white males. we will create a channel called comedy central that specializes in human they love and we will superstar that lifestyle to the point where young white male to show up in droves. or we will target older women and will create a channel called lifetime that is filled with movies where they're constantly imperiled. and looking for men to come and save them, and that will be a channel that super service that lifestyle, right? but along the way there are some channels that use stereotyping and prejudice to draw in audiences. and also hold those audiences, and not delete them from going to other places. as a matter of fact